Industry season 3 episode 6 recap: It all comes crashing down in "Nikki Beach, or: So Many Ways to Lose"

HBO's investment banking drama Industry has grown a lot since its first season, and with that has come new characters, locations, and complicated storylines. But this show is at its best when depicting betrayal and cunning schemes right in the office, which is why "Nikki Beach, or: So Many Ways to Lose," the sixth episode of the third season, is arguably one of the best of the whole show. This feels like the most Industry of episodes that we've gotten in a while, and I can't wait to see what's next.

Industry season 3 episode 6 premiered tonight, Sunday, Sept. 15 on HBO and Max. We break down all the biggest moments below! WARNING: Major spoilers are ahead.

In the final moments of last week's episode, Yasmin casually tells Robert while lying in bed together that she killed her father. If you had questions about that moment like I did, don't worry; tonight's episode clears it all up. "Nikki Beach, or: So Many Ways to Lose" opens up with that day on the boat in a flashback scene as we see the fallout of the fight between Yasmin and Charles.

What really happened to Charles

Father and daughter continue to fight as Charles follows Yasmin up to the upper level of the boat and forces a hug on her. She tells him that she knows he wanted her to catch him having sex with the deckhand and they spew really nasty things at each other. Charles tells his daughter that people see her as a "w***e" and that she is "spectacularly talentless." To this, Yasmin tells her dad that he wishes he was dead, and he jumps off the side of the boat. Regretting his decision, he calls for help in the ocean but the boat moves too fast and suddenly it's too late. He's gone.

Yasmin explains what happened to Harper, who comforts her and helps her cover it up. Back in the current timeline, Yasmin decides to see her father's dead body and is immediately disturbed by what she sees. He's unrecognizable.

Harper is onto her next scheme now that she overheard the big Pierpoint secret, and she finds an investor named James Ashford running in the park to speak with. She asks him about the ESG trend and in their conversation, Harper discovers that he met Petra in rehab. This alarms Harper, who wonders why her colleague was there.

Harper finally tells Petra what she heard about Pierpoint, though she doesn't say the bank by name, choosing to keep it general. Petra wants to know where she's gotten her information but Harper doesn't tell the truth, instead telling her only about her conversation with James and reinforcing her belief that the banks are exposed right now. Still thinking about the rehab thing, Harper asks Petra if she's doing okay, which confuses Petra.

Harper and Petra are on the hunt for information

Harper and Yasmin meet up and Yasmin tells her about seeing her dad's body. Yasmin feels like her dad has won because she's never going to get that image out of her mind, but Harper reassures her that's not true. During their outing, Petra calls Harper and tells her to set up a meeting with Pierpoint through Yasmin. Not wanting to involve Yasmin in their ploy, however, Harper says she doesn't want to. Petra doesn't understand and tells Harper they need to set up meetings to test her thesis.

Harper and Petra set up fake interviews and meetings to learn about potential debt that banks are in. They start with Sweetpea, who they lure in with a fraudulent job interview. But Sweetpea understands soon enough she's been tricked when Harper starts asking her about Pierpoint's debt and questions she doesn't feel comfortable answering Harper pushes Sweetpea, which annoys her enough to leave, but as she walks out the door, Harper intimidates her.

Alexander North gives Yasmin a call and mentions a story that's going to be run through a source who worked closely with her father. He says he's giving her a "courtesy call" about it and seems to threaten her to get back together with Henry over it. He can try to put a stop to the article going out if she straightens things out with Henry. Yasmin doesn't seem receptive.

Things don't look good at Pierpoint

It's getting a little chaotic over at Pierpoint now that they have a new CEO, and Rishi asks Eric if he should be worried. Eric gives a non-answer, though it's evident he's sweating it out, too. Eric invites Yasmin to a steak lunch, telling her he can tell she looks upset. Yasmin interprets this as a kind gesture, but does he have ulterior motives? He always does, doesn't he?

Sweetpea confides in Anraj in the kitchen at the office, telling him about the interview and the fact that she believes something bad is coming Pierpoint's way. Anraj advises her to tell Eric or at least someone about it, and when Robert comes into the room she tries to alert him to her worries. But when she tells him the company might be "f**ked," all Robert has in response is a laugh and a "What else is new?"

Harper and Petra take meetings to try and figure out which banks have distressed debt and what it is exactly. They trick one bank into giving them a list, and later Harper becomes angry when she finds out Petra went behind her back and set up a meeting with Pierpoint next through Yasmin. In a heated conversation, Harper asks if Petra has a substance abuse problem, referencing James' comment about rehab. Petra is shocked by this and tells her that she met James in the lobby of a rehab facility when she was dropping off her son.

Harper tells Petra that they should be more vulnerable with each other but Petra shoots that idea down fast, telling her they are simply colleagues.

Eric creeps out Yasmin

Eric and Yasmin go out to lunch, where Eric orders a cocktail, starting to feel hungover, but Yasmin doesn't drink. He admits to being drunk that morning in the office and opens up about his family troubles. Yasmin asks if Pierpoint is in trouble, mentioning that Sweetpea found something, but Eric dismisses her and says Sweetpea doesn't know anything before changing the subject.

Eric brings up Henry and tries to find out when their relationship began, but Yasmin is saved by the bell when Denise calls her, telling her that Charles' autopsy photos have been leaked. When she hangs up, Eric starts talking about desires which freaks her out, and she yells at him and leaves. Before he leaves the restaurant, Eric masturbates in the bathroom.

Back at the desk, Yasmin asks Eric if he wants to join the meeting with Harper and Petra but he ignores her. During the meeting, the other Pierpoint employee who joins is confused as to why a hedge fund would be interested in distressed credit, seemingly suspicious. But Yasmin gets assertive and tells him if the bank wants to sell it, they should just sell it to Harper and Petra without all the questions. Harper asks if they can see the list, and they give it to her. Clearly, Yasmin doesn't know what she's just done.

Time to take down Pierpoint

Harper and Petra then pay a visit to a very integral bank in their plan, taking a meeting with their former co-workers Daria, Kenny, and Jackie. They have a proposition for them — to trade Pierpoint's distressed debt. If this plan works, Harper and Petra buy the debt for a significant discount and sell it once its price rises again. Of course, Daria, Kenny, and Jackie all have personal reasons for wanting to short Pierpoint given their history with the company, and Harper and Petra know this.

At Pierpoint, Yasmin tells Eric about the meeting, explaining that Harper and Yasmin believe their debt is trading below value and will eventually sort itself out. Eric is in disbelief at what Yasmin has done, and still not understanding what's happened, she tells him she gave them a list. Eric immediately leaves and goes to confront Harper. He finds her working at her office and tells her that what she's doing is going to hurt a lot of people, including Yasmin.

Harper tells Eric that his philosophy all along is that people are just a means to an end, so it's hypocritical that he's angry that she's following it now, too. Petra eavesdrops from the other room as Harper and Eric throw low blows at each other and Eric storms out.

Eric returns to the office to find everyone gone for the evening, and when he looks at his screen he sees Pierpoint's share price is starting to go down. And it begins! He calls Yasmin and fires her, telling her that Harper screwed her over. While getting fired, paparazzi continually snap photos of Yasmin and she eventually grabs their camera and throws it. Eric calls Adler and tells him he better be on his way to London.

Harper and Yasmin's big fight

Harper goes home and finds Yasmin in the kitchen, who asks why she protected her that day on the boat. Harper says it was the human thing to do, to which Yasmin says that the person on the boat loved her. But it's not the same person she's looking at now. Harper tells her she does love her, and Yasmin curses her out. "My pain was useful to you," Yasmin tells her. Harper rationalizes what she did by telling Yasmin it's just the business they're in. The two characters continue to fight in a really, really strong scene. They hurl cruel insults at each other back and forth, including comments about their relationships with Robert.

Harper calls Yasmin "talentless," "useless," and a "w***e," using Charles' same words to hurt her again. Yasmin snaps and slaps Harper across the face, and is met with a slap from Harper in response. Harper then leaves.

The final scene of the episode is another flashback to the boat, a scene we've seen before but now have much more context for. We see that partygoer snap photos of Yasmin and the deckhand try to apologize to her. When they're finally alone, Yasmin and Harper pour out some of their champagne over the boat, knowing Charles is likely dead.

Marisa Abela and Myha'la are absolutely stellar in tonight's episode of Industry; I missed their drama! This show can get downright brutal, and "Nikki Beach, or: So Many Ways to Lose" is a well-crafted, entertaining example of that. Onwards to the penultimate episode of Industry season 3, which premieres next Sunday, Sept. 22. The season finale is set for Sunday, Sept. 29.

Keep reading our coverage of Industry season 3 and other HBO titles here at Show Snob!