Behind the Money

US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will trigger a sweeping rethink of the Fed’s role at the centre of the world’s biggest economy. The FT’s US economics editor Claire Jones explains who Warsh is, what he wants to do at the Fed, and how it might go.Clips from Fox Business, Group of Thirty The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Kevin Warsh’s nomination as Fed chair to spark rethink of bank’s roleKevin Warsh, the Fed chair nominee shaped by the 2008 financial crisisHow Kevin Warsh won the race to become Donald Trump’s new Federal Reserve chair- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X (@senoj_erialc). 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.

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.

Sujeet Indap, Wall Street editor at the Financial Times, and Eric Platt, U.S. investment editor, dive into Saks Global's stunning Chapter 11 bankruptcy. They unravel how Saks' recent Neiman Marcus acquisition fueled its downfall amid declining luxury demand and crushing debt. The duo also explores the implications of lax due diligence by asset managers, the looming wave of bankruptcies in 2026, and the pressures faced by highly leveraged companies in today's market. It's a captivating conversation on the fate of a legendary retail icon.

Mercedes Ruehl, the Financial Times' correspondent for Switzerland and Austria, provides insights into the World Economic Forum's challenges ahead of its annual meeting in Davos. She discusses how the event has become less relevant amid global shifts and criticisms of its elitism. Ruehl covers the implications of high attendance, including prominent figures like Donald Trump, and the pressures for concrete outcomes. The future of Davos hinges on whether it can adapt to maintain its significance in a rapidly changing world.

Martin Wolf, Chief Economics Commentator at the Financial Times, brings his deep insights into the economic landscape of 2026. He dissects the potential bubble of AI stocks and the uncertainty surrounding market corrections. Wolf discusses the radical shifts in global trade policy and predicts increasing protectionism, particularly in Europe. He raises alarms about the risks posed by deregulation in finance and cryptocurrency, while suggesting that political dynamics may overshadow economic factors. Surprises could arise from technological advancements or unforeseen developments in China.

In a dive into the world of digital fraud, Carolina Garces, Global Head of Financial Crime Risk at Citi, highlights the challenges of cross-border scams and the need for enhanced digital literacy. Helen Child, CEO of Open Banking Excellence, discusses establishing trust frameworks for the fintech ecosystem. Elliot Smither shares eye-opening real-world scam stories, while Ethan Salathiel from KPMG advocates for a collaborative approach to fraud detection using AI. Together, they explore who's responsible for consumer protection in this dangerous online landscape.

Richard Thaler, a Nobel Prize-winning economist and a pioneer in behavioral economics, discusses the quirky ways humans make decisions. He emphasizes how traditional economic models fail to account for irrational behavior, like sunk-cost fallacies, using humorous anecdotes about concert tickets. Thaler introduces the ultimatum game, highlighting that fairness often trumps greed. He explains how simple nudges, like automatic enrollment in pension plans, can lead to better financial outcomes, transforming our understanding of economic behavior.

Emma Dunkley, an asset management reporter at the Financial Times, dives into the fascinating world of Fidelity Investments. Despite its low profile, Fidelity's revenues surpass BlackRock's by over 50%. Dunkley discusses how its innovative approach to retail brokerage and strong 401(k) partnerships have set it apart. She highlights Abigail Johnson's leadership and the firm's ability to adapt to attract younger investors. The conversation also covers potential challenges with private capital in retirement plans and the evolving landscape of crypto investments.

Nick Ephgrave, a former senior Metropolitan Police officer and current director of the UK Serious Fraud Office, advocates for a national whistleblowing reward system to enhance fraud enforcement. He emphasizes learning from the U.S. model, warning that the UK is losing valuable tips. Suzi Ring, a Financial Times legal correspondent, discusses cultural resistance to paying whistleblowers but notes a shift in attitudes, especially following high-profile cases like Post Office and Grenfell. Both guests highlight the need for clarity in reward structures and a unified approach to whistleblowing.

In this insightful discussion, Stephen Witt, an author and journalist who wrote The Thinking Machine about NVIDIA, dives into the extraordinary rise of the company under Jensen Huang's leadership. He reveals Huang's relentless drive, characterized by a culture of urgency and constant demands for more. Witt explains how NVIDIA transformed gaming chips into a scientific powerhouse and created the AI hardware market from scratch. He also addresses the current competitive landscape and ethical concerns around AI, offering a compelling look at the mind of a visionary leader.