Despite being one of the most talked-about shows at the start of the year, Industry was widely rumored to end with season 4. To the fans' relief, HBO renewed the series only days before the finale. Season 5 will officially be the last, a fitting choice considering 90% of the core cast is gone ahead of the season finale.
As for Industry season 4 finale, titled "Both, And," we got what may be the meanest TV episode of the year — and it's only February. Rob is gone, so are Rishi, Eric, Whitney, and possibly Henry, too. We are now left with only Harper and Yasmin pulling the strings of the narrative, and judging by where the episode goes in its final minutes, Industry's final season may get even darker than this one. Is that even possible?
The collapse of Tender and the end of Yas and Henry
Industry season 4 episode 8 opens with the aftermath of the Tender scandal: Bevan goes live on television in an attempt to clean the Labour Party's image, Henry faces public shame once again, Tony Day is arrested, and the police storm Tender's headquarters.
Henry and Yasmin reunite, but not for long: she admits not loving Henry anymore, and asks — or rather, demands — a divorce. At SternTao, Harper and her team score £110 million from their Tender short and decide to expand their office. A tearful Harper calls Eric to share the news, but it goes straight to voicemail.
What was the last time Henry received any good news? No one suffered more than him in season 4's final stretch, but, well, he's simply reaping the consequences of his own stupidity. Yet for the first time in forever, Henry decides to stand his ground following a cryptic call from Whitney inviting him to board a plane to Lithuania with him.
In a brilliant moment of role reversal, Henry refuses to abandon his identity and violently throws his fake Lithuanian passport in Whit's face, snapping, "I'd rather die as me than run as you." Back at home, the police are waiting for Henry to arrest him.
New beginnings
No one knows what to do about Russia's involvement in the Tender scandal. Bevan wants to investigate it further, while Henry intends to make it part of his testimony. The two eventually realize that digging deeper isn't worth the risk, as it could cost their lives. Henry's grandfather, Otto Mostyn, advises him to accept a plea deal for breach of fiduciary duty and place the blame squarely on Whitney, which he does.
Against all odds, Henry gets kind of a happy ending — at least by Industry's standards. His public image is destroyed by the media, but he ends up in house arrest, reconnecting with his family and fishing joyfully to the sound of "For He Is An Englishman."
As for Yasmin, oh boy. She hosts a fundraising event in Paris and welcomes all sorts of extremists, including the Nazis we met in Industry season 4 episode 3, all of which she hopes to exploit by carrying on Whitney's sexual extortion scheme with Hayley's support. Among the guests is the underage girl who was caught on tape with Eric. Just when we thought the HBO show couldn't get any darker...
Harper is disgusted at what Yas has become, but still tries to talk some sense into her.
"We both know that this world will own you if you don't harden up", Yasmin says.
Blinded by her newfound power, Yas is convinced that what she's doing is justified. To support her argument, she shows Harper the video Eric fought so hard to conceal from his former associate, claiming he knew the girl was underage.
An appalled Harper leaves the party and finds comfort in Kwabena, confessing she no longer recognizes those closest to her. The next day, Yasmin finds herself alone, trying to soothe a panic attack by replaying a voicemail from her dad over and over. Industry season 4 ends with Harper contemplating her future while being interviewed about her successful Tender short.
Industry season 4 finale review
In the season 4 finale, there are even more similarities between Yasmin and Ghislaine Maxwell. Rumors of Yas' storyline mirroring Maxwell's life started in season 3, when Charles Hanani's death bore eerie similarities with Robert Maxwell's demise: both the fictional and real-life characters died under mysterious circumstances aboard yachts named after their daughters.
In that sense, it's not entirely surprising that Yasmin's arc has come down to leading an extortion scheme rooted in the exploitation of underage girls in the hands of powerful men.
Industry's season 4 finale is a solid and very by-the-book conclusion to a bleak succession of episodes. The hour is enveloped in a cynical atmosphere that perfectly captures the apathy running through the veins of this declining financial world. Every glimpse of joy comes paired with a tragic realization: Henry enjoys an idyllic day in the countryside, but it's as an outcast from the life he once knew. Harper secures a major win at SternTao, but Eric isn't there to see it. The list goes on...
At a certain point, "Both, And" stops feeling like a conclusion and begins resembling a preparation for season 5. The clash between Harper and Yasmin sure feels like stepping into a new phase of their frenemy dynamic. Up until this point, they repeatedly repelled each other, yet never lost a sense of respect. There was a shared sympathy for everything they've been through individually. That ends here, as respect gives way to disgust.
Stay tuned for more news about Industry season 5!