Behind the Money

Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Workers getting share in windfalls as private equity firms soften imagePrivate equity groups’ assets struggling under hefty debt loads, Moody’s saysBlackstone plans to list some of its largest investments - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@antoinegara) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On November 5, voters in the US will head to the polls to decide who should be the next president: Donald Trump or Kamala Harris. But over the past several months, people from around the world have been placing millions of dollars on who will win that race. As interest in betting on US politics reaches a new high, the FT’s Oliver Roeder and Sam Learner explain how these markets work and what can (and can’t) be learned from them. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Prediction markets can tell the future. Why is the US so afraid of them?Take political betting markets literally, not seriouslyWhat the polls can’t tell us about America’s election- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Activist investors tend to rely on an element of surprise to catch their target company off guard: quietly building up a stake and swooping in with a slide deck full of strategic changes at just the right moment. That’s not what happened at the beginning of a recent campaign led by the hedge fund Starboard Value against pharmaceutical giant Pfizer. The FT’s Oliver Barnes, US pharmaceutical and biotech correspondent, and Maria Heeter, US deals correspondent, examine what went awry and what happens next. Clips from CBS, ABC, CNBC, NBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Starboard plotted a campaign against Pfizer’s chief. Then a blank email dropped in his inboxWhy Pfizer sorely needs the activist treatment Starboard-Pfizer battle strains Guggenheim’s relationship with drugmaker- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Oliver Barnes (@mroliverbarnes), Maria Heeter (@HeeterMaria) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains. Clips from Lionsgate- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:New titans of Wall Street: how trading firms stole a march on big banksNew titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches‘King of the geeks’: how Alex Gerko built a British trading titan The limits of bond market electronification- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.