Disciplining Investment Bankers, Disciplining the Economy: Wall Street's Institutional Culture of Crisis and the Downsizing of "Corporate America":
Countering the "mystique" of finance as abstract and disembedding, in this article I approach the financial market from the site of investment banking corporate culture to concretize large-scale processes and access its effects in the world. By investigating Wall Street investment banks' role in two pivotal socioeconomic phenomenarampant downsizings throughout "corporate America" and the financial bubble and bust of 2001I explore whether financial crises and corporate downsizing can be better understood via Wall Street's quotidian practices. I draw theoretical inspiration from the figure of the downsized investment banker, who embodies and connects Wall Street's rationales for downsizing as well as "the effects." Although shareholder value and externalized market justifications are Wall Street's models for understanding downsizing, I move beyond these dominant assumptions, demonstrating that bankers' own work experiences, market temporalities, and organizational culture serve as an incisive model to explain Wall Street's role in downsizing and financial crisis. [Keywords: Wall Street, corporate downsizing, financial markets, shareholder value, organizational culture]
Access to this content is restricted.
- If you are a AAA member please login to obtain full-text access.
- If you are not a AAA member you can find out more information and join here https://avectra.aaanet.org/eweb/DynamicPage.aspx?webcode=verify.
- If you are a library patron of an academic institution, and are experiencing an access issue please contact your library administrator for assistance.
- If you would like to purchase online access to this single article please locate the article on Wiley Online Library or contact a Wiley-Blackwell customer service representative at email@example.com.