Behind the Money

The competition for junior talent between private equity and Wall Street banks reached a new peak this summer. That’s thanks to a controversial recruiting practice that is causing both industries to find talent earlier and earlier.Now, powerful figures such as JP Morgan Chase CEO Jamie Dimon are publicly decrying the strategy. The FT’s Wall Street editor Sujeet Indap and banking editor Ortenca Aliaj explain the origins of this friction and what it says about the future of Wall Street and private equity’s top firms.  Clip from the Psaros Center for Financial Markets and Policy  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Wall Street vs private equity: can anyone stop the grad recruitment creep?Is investment banking still a jewel in Wall Street’s crown?Private equity abandons early recruiting after Jamie Dimon fightback- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Ortenca Aliaj on X (@OrtencaAl) and Bluesky (‪‬‪@ortenca.bsky.social‬), and Sujeet Indap on X (@sindap) and Bluesky (‪@sindap.bsky.social‬‪‬). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

Can Tim Cook save Apple from the trade war? Has Mark Zuckerberg really been a fan of Donald Trump all along? And is the bromance between Elon Musk and the president really over? In a new season of Tech Tonic, Murad Ahmed explores the relationships between Trump and some of the titans of the tech world. What is really driving those relationships, and what might they mean for the future of technology in the US and beyond?Free to read:‘He is power’: billionaires line up for Donald Trump’s inaugurationDonald Trump lashes out at Apple over plan to ship US iPhones from IndiaHow Jeff Bezos made peace with Donald TrumpWhat has Elon Musk’s Doge actually achieved?How Joel Kaplan became Mark Zuckerberg’s most trusted political fixerHow Peter Thiel and Silicon Valley funded the sudden rise of JD VanceThis season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT’s acting co-heads of audio.

Top consulting firms have repeatedly found themselves facing a reputational crisis. The most recent example was in early July, when a Financial Times investigation revealed that Boston Consulting Group had modelled a plan to ‘relocate’ Palestinians from Gaza after entering into a multimillion-dollar contract to help launch an aid scheme for the enclave. In this week’s episode, the FT’s US accounting editor, Stephen Foley, explains his reporting and examines what these events say about how effective the consulting industry’s ability to avoid reputational scandals is.   Clips from the UN  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:BCG modelled plan to ‘relocate’ Palestinians from GazaInside Gaza’s ‘death traps’The little-known group poised to take over Gaza’s aidBCG gets caught up in a scandal in Gaza - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Stephen Foley on X (@stephenfoley) and Bluesky (‪@stephenfoleyft.bsky.social‬). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all imports and a higher tariff on China, economists predicted the American economy would feel the heat pretty quickly. But the sky hasn’t fallen yet – the world’s largest economy is holding strong. The FT’s US economics editor Claire Jones explains why that is and when markets may start to feel the effects of Trump’s tariffs. Clips from CBS News, CNBC, TODAY- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Donald Trump renews threat to hit trading partners with steep tariffsTariffs on household goods bring home costs of Trump’s trade warsUS tariff receipts surge in Donald Trump’s trade warUS narrows trade focus to secure deals before Donald Trump’s tariff deadline- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X (@senoj_erialc) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity that surges at the first sight of conflict in the Middle East. This time though, oil traders bet that the conflict involving Iran, Israel and the US would be short-lived. The FT’s energy editor Malcolm Moore explains how traders called the outcome correctly. Clips from ABC News, Al Jazeera, Associated Press, CBS News, Fox 9 Minneapolis St Paul, ITV News, KTLA 5, NBC News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How oil traders called the Middle East conflictFuel and fury: energy becomes a Middle East battlefieldWhy oil traders are watching the Strait of HormuzWhy is the oil price not surging?- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Malcolm Moore (@MalcolmMoore) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

The Royal Bank of Scotland was once the biggest bank in the world. Then, hubris got the best of it. During the financial crisis the UK government spent £46bn to bail out the bank. Seventeen years and a rebrand to NatWest Group later, the government just sold its last shares in it and officially ended the country’s “bailout era”. The FT’s Akila Quinio analyses what this means for the economy and for NatWest.  Clips from ABC News, BBC, NBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The RBS story: how the world’s biggest bank was nationalised and then rebornNatWest’s freedom dividend has already been cashedNatWest must not forget its chequered past- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Akila Quinio on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and whether the division can make a comeback. Clips from Olympics- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Moët Hennessy’s crisis: dubious deals, soaring prices and hubris Alcohol groups face a sobering cultural shiftMoët Hennessy to cut 10% of workforce as luxury slowdown bites- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Adrienne Klasa on X (@AdrienneKlasa). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

A decade ago, Indonesia produced only 6% of the world’s supply of refined nickel. Now, it has a de facto monopoly on the market. How did it happen? The FT’s Jakarta correspondent A. Anantha Lakshmi and FT’s commodities correspondent Camilla Hodgson examine what propelled this explosive growth and how China helped it happen. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘The Opec of nickel’: Indonesia’s control of a critical metal‘Production first, safety later’: inside the world’s largest nickel siteWestern miner Eramet sees no profits in nickel processing without Chinese partners- - - - - - - - - - - - - - - - - - - - - - - - - - Follow A. Anantha Lakshmi and Camilla Hodgson on X (@AnanthalakshmiA) (@CamillaHodgson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack here