Review: Industry, “Il Mattino ha L'Oro in Bocca” | Season 3, Episode 1

Welcome to Episodic Medium’s coverage of the third season of HBO’s drama Industry, which like The Gilded Age has been upgraded to the Sunday slot after originally debuting as a Monday show. To follow along with our reviews, become a paid subscriber—to learn more about our coverage and get updates on shows we’re covering in the future, see our About Page and become a free subscriber.

A sesquicentennial is a moment for reflection. 150 years of anything is staggering in general, let alone for a banking institution like Pierpoint and Co., whose existence is so tethered to the outcomes of the financial markets. There was a chance Pierpoint wouldn’t survive the various global economic crises, as nothing is promised in an environment as mercurial as finance. Yet here it stands—perhaps a shadow of its former self through all the cuts in recent years, but alive nonetheless. But what do the next 150 years look like, and how does an institution define itself for the future?

These ruminations serve as a helpful metaphor for Industry, which returns for a third season with much on its mind about the identity of itself and its characters. In the press lead-up to the premiere, I haven’t seen much from co-creators Mickey Down and Konrad Kay about whether or not they actively knew Industry would land the coveted HBO Sunday spot post-House of the Dragon, but it feels like the show is aware of what landing in that spot does to expectations. As such, “Il Mattino ha L'Oro in Bocca” opens not on the trading floor of Pierpoint but in the middle of the ocean, with Yasmin (Marisa Ablea) quite literally adrift on a ship that bears her name. Pierpoint, like any institution, can feel cramped and alien despite its openness. Still, few things feel as overwhelmingly crushing as being on a yacht with your (sexually active) father, which is where Yasmin finds herself: miserable despite all the privilege she’s enjoyed all her life. 

The privilege is fleeting, and the dour attitude only increases, as her current circumstances show when we jump forward to the present day, where it turns out that Yasmin actually needs her job at Pierpoint to live. Although, that’s a tenuous proposition at best, as her ability to survive at Pierpoint is immediately threatened by a handful of factors. The most pressing is Sir Henry Muck (Kit Harington) and his company, Lumi. Pierpoint, looking to refashion itself for the future, has bet big on the green energy company. In addition to spearheading the initial public offering for Lumi, Pierpoint sent Robert (Harry Lawtey) to act as the bank’s eyes, ears, and manager to Muck to ensure everything goes as smoothly as possible. While Robert seemingly handled the job as well as he could, there’s an increasing concern from outside investors that Pierpoint’s reach may have extended its grasp. Alder’s (Trevor White) pointed insistence that Lumi’s stock hits £4.80 feels like an acknowledgment that this has to work. So when Muck calls up Yasmin for some IRL-facetime, she can’t refuse. Nor can she refuse time with Eric (Ken Leung) when she and her new lawyer catch his eye in the middle of a restaurant, as she needs to impress him to stay on the desk. 

While Yasmin’s story might be the anchor for the season thus far, her colleagues each face their own iterations of the theme. Eric’s landed in the same space due to the unmoored nature of his own life. Despite landing a much overdue promotion, Eric is in the midst of a diforce, but kept ticking because Kenny (Conor MacNeill) of all people took pity on him. It’s never confirmed directly, but it certainly seems that Eric’s life has turned upside down in the wake of firing Harper (Myha’la)—Industry’s not the show to that sort of direct connection, but the implication hangs in the air like a ghost. Without his “wrecking ball,” Eric’s losing days to Jim Beam. Pierpoint’s all he’s got left, too, which is why the speech he gives to Rob at the end of the episode is more for himself than it is for Rob. Restlessness is the only thing driving him now. As much as he insists that Harper’s not a good person, it’s not like Eric is a shining example of morality either — especially in how abruptly and coldly he handles Kenny’s dismissal. 

When paired with the sudden death of Nicole (Sarah Parish), Kenny’s dismissal sets the tone for this premiere. It’s a relentless division of the show’s past self to make way for this future. Structure-wise, it makes sense. Kenny and Nicole represent two halves of Pierpoint’s willingness to bury harassment and buy silence, both of which Industry spent considerable time exploring in past seasons, albeit with diminishing returns. Nicole and Rob’s co-dependent relationship with one another served as a rich text last year and is touched again here as the two openly discuss why they continue to see one another. It’s a closing of the loop, but one that I’m not sure we entirely needed. One of Industry’s great strengths is its ability to trust the audience, and given the way the finale ended things with Rob and Nicole, we could have ascertained that things with the two just ended. But, on the other hand, one of Industry’s best qualities is that it doesn’t forget anything, leveraging history to drive things forward. 

The sudden reversal of Yas and Kenny’s relationship is compelling and would have made for an interesting story to mine throughout the season. So, of course, the bolder choice is to remove it immediately.  Having been through the wringer with how Kenny treated Yas, seeing him defend her repeatedly throughout this episode felt too good to last. It’s a great character beat, but it’s clear that Down and Kay are interested in pushing Yas to her limits this season, and firing her one ally on the floor makes it all the more difficult for her to get ahead. 

But what of Harper? Thanks to assistance from Yasmin, she’s found her way into Anna Gearing’s (Elena Saurel) FutureDawn, where she’s forced to play personal assistant with no real stakes in the game—but not without losing her edge. Harper’s already seeing the angles as they relate to this ESG play and is worried about the fund over-leveraging itself.  “Il Mattino ha L'Oro in Bocca” shows that Harper’s ejection from Pierpoint has allowed her to take more ownership of what she wants. While everyone inside the bank questions what they want, playing silly power games that amount to…what? An overdue executive promotion? The admiration of leadership who wouldn’t hesitate to cut you? Being on the outside looking in is a powerful tool, and as everyone questions where they belong, Industry uses this uncertainly to declare a new future for itself in its new timeslot.

Stray observations

• As mentioned, this premiere—written by co-creators Mickey Down & Konrad Kay and helmed by long-term director Isabella Eklöf—may function as a metaphorical IPO for new viewers diving into the show for the first time. I’ll be curious to see if that post-Dragon bump (and rave reviews) helps to drive more viewers, some of whom may well be reading this review!

• We only learn a little about Kit Harington’s Muck—who might be one of the youngest knights ever—but he’s shaping up to be quite the series of contradictions regarding his individuality. He comes from old money but carries himself like a new money disrupter. He gets angry enough to have a public outcry but not enough to throw a sandwich at a wall. Harington is quickly leveraging some great charm, and it’s easy to see why he’s been such an effective figurehead of Lumi and why Pierpoint is keen to invest in him.1

• Additionally, an even quicker introduction for Sarah Goldberg’s Petra, but having her as a dissenting voice of the ESG play pairs well with the suggestion that Lumi may have overinflated its value. 

• I love characters who understand their own bullshit. Sweetpea (Miriam Petche, new to the show this season) immediately undercuts her influencer mentality by talking about how silly the sheer act of it is. Industry loves to introduce minor characters like this and then give them great stuff, like the moment she shares with Rishi (Sagar Radia) about how she actually likes to be flirted with on the trading floor. Her understanding of what it means to be a woman in this day and age and in this space is clear. 

• The episode draws its name from an Italian movie starring Ello Germano, whose life spirals out of control as his addiction to gambling leaves him in debt. It also roughly translates to “The early bird catches the worm.” 

• The entirety of the law office sequence is excellent, but the hard cut to Marisa Abela in a barrister wig is the episode’s best visual gag. I certainly hadn’t considered the frequent use of barrister’s wigs and will consider them differently now. Another MVP moment? Eric’s “I haven’t done blow since 9/11” line made me laugh so hard that my wife texted me from the other room to ask what was so funny. 

• Shoutout to Harper’s boy toy for his fantastic taste in films and streaming services and for the reminder that I still need to find the time to watch Decision to Leave. 

• In a blink and you’ll miss it moment when he’s signing for his promotion, we learn Eric’s full name to be Alvin America Tao. Leung talked about this during a press event last week that I sat in on over Zoom, stating that it was an idea he’s batted around for a while now. The idea came from the fact that Eric had immigrant parents who took that literally in hopes of the American dream and gave him the country’s name as his middle name. Lueng mentioned he’d never go by Alvin and therefore took “Eric” as a reworked version of his middle name. Tremendous stuff to reveal for the first time on a panel, especially when paired with the flabbergasted giddiness from Myha’la, who couldn’t quite believe what she was hearing.

• Finally, I’m happy to be joining the extended Episodic Medium family. I’ve done a lot of coverage on Industry for those interested in reading it, but otherwise, I'm happy to be here as we all hit the trade floor together for this excellent season.