“That’s a specific bit of jargon that is actually meant to be unintelligible because it’s the first bit of jargon you hear in the show, and it’s the first bit that Harper hears,” adds Down. “I think it’s a technical term about the price of an option over time, but I have literally no idea what it means beyond that.” “That’s prime financial gibberish from season one,” Kay laughs. “It’s seen as a place where you can put older salespeople out to pasture because you can basically promote them into an ambassadorial role and pay them less money because they’re not client-facing anymore.” “Harper talks about looking at client relationships from a 35,000-foot view,” says Kay. “It’s so funny because CRMS actually exists,” says Kay, “and when I say it out loud, it sounds so dystopian, like something you’d make up.” CRMS is a type of ambassadorial role where they take someone off the trading floor and give them the responsibility of looking after holistic strategy for the bank. CRMSĬlient Relationship Management Services. Basically, “if you short something, you want it to go down rather than go up,” says Down. SHORTING/SHORT SELLINGĭown doesn’t think we actually need to know the technical mechanics of short selling to understand it, but feels it deserves a spot on the list just the same. Both the CPS (cross product sales i.e they sell everything) team and FX (foreign exchange/currencies) team would fall under FICC. FICCįixed Income Currencies and Commodities is the group within an investment bank that handles fixed income instruments (bonds), currencies, and commodities. It’s a good way of showing that you have what it takes to become an MD. Eric (Leung) is an MD Danny aka DVD (Akpobome) is an ED, so is junior to Eric, but ambitious EDs sometimes run desks if there isn’t an MD to do so. Of course, there are positions higher than that, like Bill Adler (Trevor White) who is global head of FICC. “After that, you’d usually become a partner,” Down says. In an American bank, at the bottom would be an analyst, then associate, then vice president, then executive director, and then managing director. Managing director and executive director are not unique titles, as there can be more than one MD or ED on a team. “At the end of episode six, says, ‘Do you think we’re a bid away?’ which means, ‘Do you think we, as a team, are worth enough for you to pay for our services to leave.’ But to a layman, is that even English?” MD and ED “This is quite a weird way of saying, ‘garnering attraction’ from a rival to the point where they might pay for your services to leave the bank and go somewhere else,” says Kay. To help you out, Esquire quizzed Down and Kay on all the terms, phrases, acronyms you need to know (beware, slight spoilers below). The series is now available in full on BBC iPlayer, and is released weekly on BBC One. The cast is also joined by Jay Duplass – an American billionaire with a talent for making money off Covid-19 who catches the keen eye of ambitious Harper Stern (Herrold) – and Alex Alomar Akpobome – a New York colleague looking to trim the London office’s fat in a possible restructuring. Industry is set in the world of international banking and stars Myha’la Herrold, Marisa Abela, Harry Lawtey, David Jonsson, and Ken Leung, among others, and in its second season we get to go deeper into the characters’ backstories. Sometimes, the simpler the business story, the better the episode.” “We were so obsessed with detail and reality in season one, I think what we’ve learned over the course of two seasons is that we can still tell interesting, complex, workplace stories without convoluting them too much. “There’s a lot to be said for the simplicity of a bit,” Kay tells us. The two Londoners got in and out of high stakes transactional dealings young, and subsequently wrote a TV show about it. Mickey Down and Konrad Kay are ex-fledgling finance bros. Which is exactly where the show’s creators come from. Whether you found Industry in the depths of the pandemic like the OG followers of the BBC/HBO investment bank-based workplace drama, or caught on sometime after, there’s one experience shared by all: confusion over the show's flummoxing finance jargon.
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