Haunted Manses and Second Chances: ‘Industry’ Season 4, Episode 2 Recap

The Ringer • January 19, 2026 • entertainment

Key Points:

In the second episode of Industry’s fourth season, titled “The Commander and the Grey Lady,” the story focuses on Henry Muck’s turbulent 40th birthday, exploring themes of legacy, trauma, and personal crisis away from the usual financial drama.
Henry struggles with depression and self-destructive behavior following his loss of a parliamentary seat, while his wife Yasmin deals with loneliness and frustration, culminating in a volatile birthday party filled with confrontations and revelations.
The episode reveals the haunting presence of Henry’s deceased father, the “Commander,” who symbolizes Henry’s inner demons and family legacy, leading Henry to a near-suicidal moment before choosing to live and accept a new career opportunity.
Yasmin emerges as a strong character focused on