The chaos at Pierpoint might be a thing of the past, but the financial world of Industry has never been more dangerous. The sixth episode of Season 4, titled “Dear Henry,” delivered a brutal hour of television where personal secrets became weapons and partnerships shattered beyond repair. As Harper Stern finally took the stage to expose Tender’s fraudulent dealings, the celebration was cut short when Eric Tao received a text message that destroyed everything.
Harper’s Warning to Yasmin Goes Unheard
The episode opened with Harper and Yasmin crossing paths at Tender headquarters, marking their first real interaction in weeks. Harper came with what seemed like genuine concern, warning her former friend about the danger Whitney Halberstram posed to both Yasmin and her husband Henry Muck .
Harper laid out the evidence her team had gathered about Tender’s fake acquisitions and manipulated finances. She told Yasmin that Whitney had built the entire company on lies and was positioning Henry to take the fall when everything collapsed .
But Yasmin refused to listen. She accused Harper of trying to destroy Henry again, just as she had with his previous company Lumi. “You always pick apart at my stability,” Yasmin told her, dismissing the warning as jealousy over their success . Harper left with a simple statement: she would present her findings at the upcoming ALPHA conference, and Yasmin could pretend she wasn’t warned.
Whitney and Henry’s Dangerous Night
Whitney had been circling Henry all season, and this episode finally revealed the full extent of their twisted dynamic. After a business dinner where Whitney encouraged Henry to break his sobriety with wine, the pair ended up at a gay club in London .
In a scene that quickly went viral across social media, Whitney guided Henry to a back room where Henry used a glory hole while Whitney stood behind him, stroking his hair and whispering affirmations . The Industry title card flashed on screen precisely as Henry reached climax, a bold storytelling choice that highlighted how their professional relationship had fully merged with something far more complicated.
Fans flooded social media with reactions. One viewer wrote on X, “Is Jon Snow…. Bottoming?!!!” while another admitted, “Whole time I’ve thought this show was about stocks” . The scene sparked intense conversation about power, manipulation, and how Whitney collects people’s darkest moments for future leverage.
Afterward, as dawn broke by the river, Henry revealed he saw through Whitney’s carefully constructed persona. He pointed out inconsistencies in Whitney’s backstory, saying, “Don’t worry, I’ve got plenty of middle-class friends” . The moment exposed the class dynamics underlying their relationship—Whitney could never truly be what Henry was born into, but he could ensure they were equally compromised.
Harper Destroys Tender at ALPHA Conference
The episode’s centerpiece arrived when Harper took the stage at the ALPHA conference wearing a power suit with massive shoulder pads, ready to deliver the kill shot . With Sweetpea and Kwabena’s investigation from Ghana providing the evidence, Harper laid out SternTao’s case against Tender.
She told the assembled journalists and executives that Tender’s share price should be valued at zero. The company’s African acquisitions were fake, their finances were manipulated, and they had been deceiving investors, users, and even the government . Yasmin sat in the audience watching her friend systematically destroy her husband’s company, finally realizing the warning had been real.
The market reacted immediately. Tender’s stock began sliding, and SternTao’s clients started profiting from the short position they had built all season. For a brief moment, Eric and Harper allowed themselves to celebrate. Eric called it his favorite day in finance, ever .
Tony Day’s Last-Minute Betrayal
But Whitney wasn’t finished fighting. The key to SternTao’s plan was getting Tony Day, Tender’s Africa CFO, to go public as a whistleblower. Sweetpea had convinced Tony to fly to London and meet with FinDigest to finalize the deal.
Whitney, however, had been flying between Accra and London trying to track Tony down. When he learned Tony had already left for the meeting, he raced to the café where the whistleblower was scheduled to appear . He arrived minutes before Sweetpea and the journalist Burgess, pulling Tony aside for a five-minute conversation.
Whitney made a simple argument: if Tony became a whistleblower, he might get legal protection, but he would never work in finance again. If he stayed loyal to Tender, they could bury the investigation together and he could keep his career . When Tony appeared on the news panel later, he defended Tender and dismissed SternTao’s findings as racist misunderstandings of African business practices.
Sweetpea and the SternTao team had lost their smoking gun.
Hayley Exposes Whitney’s Criminal Operation
The episode’s most disturbing revelations came from Hayley Clay, Whitney’s executive assistant. After Whitney refused to pay her $750,000 in hush money, Hayley went directly to Yasmin’s house to spill everything .
Hayley explained that she wasn’t a trained assistant at all. Whitney had hired her from an escort agency, just as he had hired every assistant who worked for him. Her real job was to get close to important clients and business partners, sleeping with them and secretly recording their encounters so Whitney would have material for blackmail .
When Yasmin asked the obvious question, Hayley confirmed it: the threesome in Austria involving Yasmin, Henry, and Hayley had been recorded. Whitney now had video of the married couple in a compromising position, ensuring they could never escape his control.
The revelation also explained what happened to Whitney’s previous assistant, the one James Dycker had been investigating before his death. Hayley hinted that the woman had tried to expose Whitney and had simply disappeared .
Eric Receives the Blackmail Video
While Harper celebrated their victory, Eric was having dinner with his daughter, finally allowing himself a moment of genuine connection. Then his phone buzzed.
The message contained video footage of Eric’s intimate encounters with the young woman he had been seeing, the one he had saved in his phone as “Hotel Girl.” Along with the video was a photo of her passport. Her birth date was March 2011 . She was fourteen years old.
Eric’s face shifted from confusion to horror to complete devastation as he realized what the video meant. He had unknowingly paid a minor for sex, and someone now had proof. The implication was clear: Whitney had orchestrated the entire situation, using the same network of escorts and hidden cameras that had trapped so many others .
Eric Walks Away from Harper and SternTao
The next day, Eric arrived at their hotel office with a lawyer. He told Harper he was leaving SternTao immediately due to “reputational risks” that he refused to explain . In one of the most emotionally raw scenes the show has ever produced, Eric signed his entire share of the fund over to Harper with no strings attached, asking only that his initial investment be placed in a trust for his daughters if the fund became profitable.
Harper was confused, then angry, then devastated. She had finally allowed herself to trust him, to see him as a father figure, and he was abandoning her just like everyone else. “I’ll remember you as you are right now,” she told him, tears streaming down her face .
In an interview with The Hollywood Reporter, actors Ken Leung and Myha’la broke down the scene. Leung explained that Eric subconsciously sees Harper as more of a daughter than his biological children, which made the separation even more painful . Myha’la added that for Harper, this felt like the worst betrayal yet because she had chosen Eric, allowed him to bully her into vulnerability, and he still left.
The episode ended with Eric walking down a long, barren road away from the camera as Judy Collins’ version of “Both Sides Now” played. It was the first time Industry has used an end-credits scene, and it felt very much like a goodbye .
Leung confirmed to TV Insider that, to his knowledge, there is no plan for him to return. His final scene was actually filmed earlier—the intimate encounter with Dolly where he tells her to “make me feel big”—and the wrap party involved the cast waiting outside while Leung finished shooting in his underwear .
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The Russian Intelligence Connection
As if the episode hadn’t delivered enough twists, a subplot involving Tender board member Ferdinand revealed an even darker layer to the conspiracy. Ferdinand told Whitney that the mysterious forces backing Tender were actually the tech arm of Russia’s Foreign Intelligence Service and Federal Security Service .
The implication that a British financial technology company had been infiltrated by Russian intelligence added a geopolitical dimension to what had seemed like straightforward corporate fraud. Whitney may have thought he was running a con, but he was apparently working for people with much bigger agendas.
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