The third series of BBC One's acclaimed drama Industry has returned, drawing attention for its depiction of drug- and sex-fuelled lives of young City workers. Written by former banking employees Konrad Kay and Mickey Down, the show follows employees at the fictional investment bank Pierpoint & Co. But how realistic is it?
One former investment banker, who worked in Canary Wharf in the early 2000s, said that while he recognised some bedhopping from his early years, “things have changed dramatically” since the 2008 financial crisis. Compliance became paramount, and banks clamped down on erratic behaviour. “The environment became very, very strict,” he said, noting that “legitimate” relationships had to be declared to HR. He felt the characters’ drugtaking did not match his experience: “I didn’t see much of that happening around me.” He also thought bosses’ reactions were unduly lenient; in reality, consequences ranged from warnings to dismissal.
However, he found the long hours believable. People on deals and trading floors put in at least 12-hour days, often working weekends. Another former investment banker, who worked at an elite boutique firm, said sex among office workers “definitely happened a few times”, usually between new recruits. He recalled a nightclub incident where staff from a US bank ran up a £10,000 bill and never paid, reflecting an “untouchable” attitude. He said drugs were more prevalent on the investment banking side due to long hours, while traders were “far more tame and regulated”.
He criticised the show’s jargon, saying it often used “buzz words to sound clever”, and gave an example where a unicorn valuation estimate was well out. “Most of the situations never would have happened because the person would have just been fired,” he said. “That’s the part that’s missing from the show. The complete replaceability of everyone.” A City investment manager still working in London was less impressed, finding the drama unrealistic.
