Behind the Money

Can Wells Fargo make it in investment banking?

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy.Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells FargoThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Wells Fargo wants to be taken seriously as an investment bank. Will it succeed? Wells Fargo has finally shed its dunce capNetflix leans on $59bn bank loan to fund Warner Bros takeover - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joshua Franklin on X (@ftjfranklin). Akila Quinio is 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 Hosted on Acast. See acast.com/privacy for more information.

The rapid collapse of Saks Global

Saks Global, the parent company of the historic luxury department store Saks Fifth Avenue, recently filed for Chapter 11 bankruptcy protection. The move occurred a little more than a year after the company purchased Neiman Marcus and Bergdorf Goodman in a debt-fuelled takeover. The FT’s Wall Street editor Sujeet Indap and the US investment editor Eric Platt walk through how that acquisition played a role in the bankruptcy and whether more highly leveraged companies will seek bankruptcy protection in 2026. Clips from ABC, Bloomberg, CNBC, Warner Brothers The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Death of a dream: Saks’ crisis exposes luxury department store woes Leveraged luxury: fall of Saks Global to scorch US business stars Saks divisive debt reshuffle shows a retail sector under strain - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Eric Platt is on X (@EricGPlatt), or on Bluesky (@ericgplatt.ft.com). 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 Hosted on Acast. See acast.com/privacy for more information.

Davos’ fight for relevance

Every January a collection of the world’s top business and political leaders head to the Swiss town of Davos for the annual meeting of the World Economic Forum. The event is a week of panels and networking meant to promote dialogue among elites. But a scandal last year threatened to overshadow the 2026 meeting, which begins in a few days. Critics have also questioned the event’s relevance in a changing world. The FT’s Switzerland and Austria correspondent, Mercedes Ruehl, explains the problems the WEF has faced and shares her reporting on how this year’s event is shaping up. Clips from the World Economic Forum, Instagram: @christinelagardeThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Microsoft and McKinsey pay up to $1mn each to back Donald Trump’s Davos hub Davos assured Trump ‘woke’ topics were off the agendaThe Davos set in decline: can the World Economic Forum save itself?‘A family enterprise’: WEF founder Klaus Schwab on alleged wrongdoing at Davos - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Mercedes Ruehl on X (@mjruehl), or on Bluesky (@mjruehl.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 Hosted on Acast. See acast.com/privacy for more information.

Martin Wolf on the economy in 2026

From the artificial intelligence bubble to trade policy, Michela asks Martin Wolf, the FT's chief economics commentator, how the biggest stories of last year will affect the economy in 2026. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Forecasting the world in 2026 Why the world should worry about stablecoinsTrump’s tariffs will damage the world- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Martin Wolf on X (@martinwolf_). 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 Hosted on Acast. See acast.com/privacy for more information.

As digital scams surge, who’s responsible?

The surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that question to executives from Citi, KPMG and Open Banking Excellence. The conversation was recorded on December 2, 2025.The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:We have to be able to hold tech platforms accountable for fraud The rise of deepfake scams — and how not to fall for oneAt Singapore’s anti-fraud convention, even the experts get scammed- - - - - - - - - - - - - - - - - - - - - - - - - - Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Hosted on Acast. See acast.com/privacy for more information.