HBO’s ‘Industry’ Creators on Banking Culture, Risk, Fraud and Short Selling

9 snips

Jan 11, 2026

Guest

Konrad Kay

Guest

Mickey Down

Mickey Down and Konrad Kay, former bankers and co-creators of HBO's Industry, delve into the gritty realities of banking culture and the show's evolution. They discuss how fintech and short selling have shaped Season 4, alongside the mental health struggles of junior bankers. The duo also explores the allure of financial fraud and the intricate dynamics of real-world trading. Finally, they evaluate a hypothetical trade that tests the moral compass of their characters, Harper and Eric, in a high-stakes scenario.

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INSIGHT

Ambition Drives Banking Culture

Banking attracts highly motivated people driven by ambition, money, and status.
Mickey Down says that ambition among juniors creates rich dramatic stakes and real-world pressure.

ANECDOTE

Stage Fright On The Trading Floor

Konrad Kay recounts his trading-floor awkwardness and fear of cold-calling clients.
He says he had stage fright picking up the phone to talk to experts when he started.

INSIGHT

Show Moves With Market Shifts

Season four shifts focus from the trading floor to fintech, short sellers, and media disruption.
Mickey Down links that move to creative reasons and the changing real-world financial landscape.

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In this special edition of WSJ’s Take On the Week, co-host Miriam Gottfried and WSJ banking reporter Alexander Saeedy go inside the high-stakes world of HBO’s financial television drama “Industry.” They are joined by Mickey Down and Konrad Kay, former bankers turned co-creators of the show, to unpack how real-world market dynamics inspire the series.

Down and Kay reflect on their early careers at Morgan Stanley and Rothschild, and explain why season 4 shifts away from the fictional trading floor of Pierpoint to the new frontiers of fintech, short selling and media.

The group compares the financial series’ plotlines to real-world reporting on 100-hour workweeks and the mental health toll on junior bankers. They also take a look at the gamification of finance—from meme stocks to Polymarket—how a new generation is redefining risk, and the "cult of personality" driving financial fraud.

Later, the creators weigh in on a hypothetical "cutthroat" trade: How would the show’s characters Harper Stern and Eric Tao play the Venezuela reopening trade?

Polymarket has a data partnership with Wall Street Journal parent Dow Jones.

This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

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