Beyond Organizational Change Structure, Discourse and Power in UK Financial Services Glenn Morgan and Andrew Sturdy BEYOND ORGANIZATIONAL CHANGE This page intentionally left blank Beyond Organizational Change Structure, Discourse and Power in UK Financial Services Glenn Morgan and Andrew Sturdy First published in Great Britain 2000 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library ISBN 0–333–52699–6 First published in the United States of America 2000 by ST MARTIN’S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y 10010 ISBN 0–312–23188–1 (cloth) Library of Congress Cataloging-in-Publication Data Morgan, Glenn Beyond organizational change: structure, discourse and power in UK financial services / Glenn Morgan and Andrew Sturdy p cm Includes bibliographical references and index ISBN 0–312–23188–1 (cloth) Financial services industry—Great Britain Organizational change— Great Britain I Sturdy, Andrew II Title HG186.G7 M63 2000 332 1′068′4—dc21 00–021165 © Glenn Morgan and Andrew Sturdy 2000 All rights reserved No reproduction, copy or transmission of this publication may be made without written permission No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 0LP Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources 10 09 08 07 06 05 04 03 02 01 00 Printed in Great Britain Contents vi vii List of Tables Acknowledgements Part I Introduction The Social Approach to Organizational Change Part II The Organizational Field of UK Financial Services Money, Financial Institutions and the Social Order National and International Money: Restructuring British Financial Institutions Part III 43 72 Changing Discourses: Process and Outcomes Introducing Strategic Discourse Strategy Discourse and Financial Services: Enter the Management Consultants and IT Marketing Discourse: Its Emergence and Contradictions Changing Work Experiences and Practices: From Black Coats to Service Smiles Part IV 121 137 160 190 The Emerging Organizational Field Transformation and Change in Financial Services Conclusion 221 252 Bibliography Index 271 299 v List of Tables 7.1 Changes in retail financial services 7.2 Average weekly salaries of banking and insurance clerks, London 1929–30 vi 193 195 Acknowledgements This book is the product of many years’ work since we started exploring financial services in the mid-1980s In this time, we have conducted research projects in numerous companies and with a number of colleagues in different universities in the UK and overseas Over that period, we have published a number of papers on aspects of financial services in the UK and elsewhere Many of the arguments of those papers have been incorporated in this book However, the book goes further in developing a historical and theoretical account of processes of change in financial services Therefore, we hope that even for those familiar with our previous work, this book will provide a new perspective on the theoretical and empirical problems which we address This work began at the Financial Services Research Centre (FSRC) at UMIST in the late 1980s when we both spent a number of years working there David Knights who led the FSRC has undoubtedly done more than anybody else in the UK to show that the study of retail financial services organizations can be made ‘critical’ Many of the ideas in the book have arisen out of conversations, debates and arguments with David over the years We would also like to thank other colleagues in and around the FSRC during those years for their comments and support, particularly Hugh Willmott, Helen Dean, Fergus Murray, Chris Grey and Deborah Kerfoot Since we both left UMIST in 1992, our ideas have been influenced by confrontations and debates with other perspectives Glenn Morgan would particularly like to thank Richard Whitley (Manchester Business School), Peer Hull Kristensen (Copenhagen Business School) and Sigrid Quack (Wissenschaftszentrum, Berlin) for their advice and support Similarly, Andrew Sturdy is grateful to Barry Wilkinson and Stephen Fineman (Bath School of Management) Last, but by no means least, we are grateful for the invaluable support of family and friends, Alison Morgan and Heather McCallum in particular G LENN M ORGAN A 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127, 140, 156 Ashforth, B E 211, 213, 215 Ashton, F 196 Austin, N 10 Axa 244 Bain, G S 196–7 Baldwin, P 249 bancassurance 88, 203, 214, 242 bank managers 199, 203–4 Bank of England 49–50, 55, 66 control of clearing banks 81–2 credit management 80–1 formation 52–3 ‘lifeboat’ 84–5 Bank Officers’ Guild 196 banking crisis (1878) 58 banks amalgamations 57–8, 82 cartels 82, 95 competition 87–8 foreign 80 foreign currency deposits 76 foreign owned assets 78–9 joint stock 57–9 overseas lending 85–6 relationship with Bank of England 58–9, 81–2 see also merchant banks Barclays 83, 92 Baritz, L 19 Barley, S R 14 barriers to entry 92, 132, 184 BAT 244 Bate, P 5–6, 18 Bauman, Z 33, 73, 223 Beckhard, R Beer, M 11 Bennett, R 139, 147–8, 154 Best, A 149 Bierstecker, T J 26 Bjarnar, O 133 Blackburn, R 247, 249 Blackburn, R M 190, 194–5, 197–8 Blair, T 238–9, 248, 264 Blau, P M 216 Block, F 74–5 Bloomfield, B P 143, 149–50 Boddy, D 16–17 Boje, D 30, 267 Booth, C 164 Boston Consulting Group (BCG) 131, 141 Boxall, P 11, 190 Bradford and Bingley BS 244 Braverman, H 19 Brearley, R A 80 Bretton Woods system 74, 77, 94 Broadbent, J 24 Brownlie, D 163 Buchanan, D 16–17 Budd, A 247 building societies 64, 66, 69, 87, 214 Building Societies Act (1986) 87 Bulmer, M 164 Burawoy, M 212 Burnes, B 14, 152, 266 299 300 Burrell, G 14, 112, 190 Burton, D 4, 37, 113, 170, 178, 180–1, 184, 199–200, 202, 204, 206–7, 210, 212–14, 216 business process reengineering (BPR) 12–13 Byrne, J A 142 Campbell, N 247 Campbell Keegan 182 Canny, N 51 capital controls 77–8 need for 240 careers 194–6, 199–202 see also employment Carter, R L 180 Case, P 13, 19 Casey, C 21, 23, 28, 32, 190, 263 Cash, W B 155 Cassis, Y 51, 58–9 Castle, B 249 Cedar Holdings 84 Chamberlain, E H 163 Champy, J 12 Chandler, A D 122–4 Chang, H J 250 Channon, D F 165 chaos theory Chapman, C 202 Cheadle, N 140–2 Child, J 20, 162, 175–6, 179, 215 choice, individual 97 citizenship rights 93–4 City of London 49–50, 258 emergence of 51–6 Clark, J 14 Clark, P 27 Clark, T 140, 151, 155, 157, 164 Clarke, J 24, 97, 127, 249 Clarke, M 83–4, 101, 236 Clarke, P D 166–8, 176–7, 179 Clerical and Medical 243 Co-operative bank 200, 201 Co-operative movement 65 Coates, D 93, 95 Cockburn, C 19 Index Cohen, P S 7, 26 Coleman, W D 78 Colley, L 51 Collins, D 14, 16–19, 40, 268 Collins, M 58 Colville, I Commercial Union 243 commodity brokers 52 Competition and Credit Control (CCC) 82–3 conflict between stakeholders 15 within capital 20 within management 128 Consumers Association 103, 113–14, 186 consumption, meanings of 180 Cool, K 123–4 Cooley 22 Corbett, J M 144, 147, 150 Corbridge, S 44 core competencies 131–3 Cornford, D S 143, 146 corporate finance 78 credit facilities 51–2 Credit Suisse 92 Cressey, P 190, 192, 197–9, 201–2, 210, 212, 214 critical realism 32–3 Crompton, R 190–1, 195–8, 205, 207 cross-selling 183 Crouch, C 68, 75 Crowdy, P A 22, 214 cultural engineering 17 culture change 9–12, 203–4, 210–17 national 214 prevailing 213–15 currency 1973 crisis 77 trading 77–8 see also eurodollars customer-service cultures 190, 204–17, 236 customers classified 164 convenience and confidence 180–3, 207 Index expectations 216–17 inertia 181–3 interests of 161 need for protection 101–4 orientation 190 selection 177–8, 207, 261 sovereignty 174, 179–80, 259 Daft, R D’Alessio, N 71 Danieli, A 143, 149–50 Davidoff, L 62 Davies, H 214 Davison, H 166–7, 182 Dawson, P 16–17 debt expenditure through 110 LDC 85–6 national 66–7 personal 106 Deetz, S 267 Delbridge, R 223 demography 106 deregulation 77–8, 92, 225 dialectics 20, 250 DiMaggio, P 23–6, 47–8, 134 discourse 18–19, 33 of change 268–9 clashing 36 nature of 31–2 Thatcherite 96–7, 104 see also marketing discourse; selling; strategic discourse Dixon, D F 163, 179–80 Djelic, M.-L 133, 140 Dodd, N 43–4, 222 Donaldson, L 32 Doorewaard, H 146 du Gay, P 18, 28, 30–1, 174–5, 199, 204, 211 Duncombe, J 215 Dunphy, D C 5, 9, 12, 15 Durkheim, E 27 Eagle Star 244 Eaglesham, J 183 East Asian crisis 223, 224, 250 Easterby-Smith, M 10, 132 301 economic factors 25–6 economic growth 105 Eden, C 266 Edwards, P 13, 30, 210–13 Edwards, R 20 Egan, C 165–7, 176, 180, 190, 204, 206, 210, 217 Elden, M 15 employee–service–profit chain 207 employees commitment 212–13 mental distancing 211–13 performance appraisal 206 privileged 191 response to changes 210–17, 261–2 specialist 201 employment 106 changing conditions 191–2, 261–2 distributional effects 231–2 gendered 192, 202, 205, 207, 262 power relations 256 practices 190–218 reductions 198–9 segmented 194–6, 201 see also careers Enderwick, P 197 Engel, J F 164 Engwall, L 269 Ennew, C T 166–7, 173, 176, 181 equal-opportunity legislation 196 Esping-Anderson, G 66, 247, 249 Etzioni, A 212 eurobonds 79–80 eurodollars 75–6, 79 see also currency Evans, P 181–2 exchange rates, floating 76–7 Falkingham, J 109–10, 112 Featherstone, M 174 Felstead, A 223 Ferlie, E 17 Filby, M P 215 finance houses 81 financial advisers 103–4 302 Index Financial Intermediaries and Brokers Regulatory Association (FIMBRA) 103 financial services changing rules 35–6, 193–6, 236–7, 239–45 conservatism 169, 171 as consultants 143 context 36–7, 38, 49–71, 257 costs 241 demise of paternalism 197–8 evolution of 56–64 foreign entrants 244 hierarchically organized 50–1 internationalized 78 marketing orientation 165–75 new entrants 186, 237, 239–45, 244 organizational fields 47–51 politicization of 246–9, 251 restructuring 239–45, 250–1, 263–4 retail 56–64, 193–4, 225, 227–33, 241 takeovers and mergers 241–4 trustworthy 227–8 wholesale markets 222, 224–5, 240–1 Financial Services Act (FSA) 102, 178, 233 Financial Services Authority 238–9, 248 Fincham, R 144, 146 Fineman, S 8, 21 firms federal or network 13 market-driven 166–7 marketing typology 167–8 performance 225–6 product-led 163, 165–6 five-forces model 131, 134, 227 flexibility 267 Fligstein, N 26 Ford 170 Ford, H 124 Ford, J 106 Ford, J D 4, Ford, L W 4, Foucauldian approaches 29, 253–4 Foucault, M 18, 28 Fox, A 15 Friedland, R 23, 26 Friedman, A L 143, 146 friendly societies 65, 66, 214–15 Friesen, P Frost, P J 22 Fuller, L 211 fund management 89–90 Gabriel, Y 180 Gall, G 197, 199, 212 Gallie, D 223, 231 Gandy, A 202 Garratt, R 139 Garvin, D 10 General Accident 243 George, S 85 Gergen, K J 23 Gerlach, N Giddens, A 21, 27, 30, 32, 72 Gill, J 14, 19, 21, 138–9, 151, 154–5 Gladstone 62–3 Gleick, J Goffee, R 22, 156, 211, 223, 231 Goffman, E 22 gold standard 75 Goldthorpe, J 111 Goodman, J B 77, 105 Gosden, P 65–7 government changing role 115–16 debt 52–3 and financial institutions 95 Gower, J 101–3 Grafton-Small, R 163, 216 Granovetter, M 25 Greenland, S J 167, 173, 180, 204 Greenwood, R 5–6, 23 Grint, K 12–13, 19, 26, 139, 142, 151, 154 Gronroos, C 174 Grosvenor, J 142 Guardian Royal Exchange 244 Gubar, G 164 Guild of Insurance Officials 196 Index Guillen, M F 20, 25, 133, 138, 140–1 Gumby, J 181–2 Guthrie, J 24 Hacking, I 127 Halford, S 192, 194–6, 198–203, 205, 207, 262 Halifax Building Society 243 Hall 246 Hall, C 62 Hall, E J 215 Hamel, G 132–3 Hamilton, A 88 Hammer, M 12 Hamnett, C 111 Handy, C 10, 13 Hannah, L 98, 109, 247 Harris, H J 27 Harris, J 68 Harris, R Hart, J A 85 Hassard, J 29 Hatch, M J 26 Hay, C 96–7, 246 hedging 78 Held, D 222 Helleiner, E 77–8 Henderson, J 250 Heritage, J 197 Herriot, P 190, 199 Heskett, J L 10 Hinings, C 5–6, 23 Hobson, J 53–4 Hochschild, A R 22, 211–13, 215 Holland, J F 125 Hollway, W 22, 28, 140–1 home ownership 100–1, 105 council houses 107 crisis 231–2 and savings 106–7 service class 111 see also property Hong Kong and Shanghai Bank 86, 243 Hooley, G J 162, 166–8, 178, 216 Hopkins, E 65–6, 68 Houston, F S 162–3, 176, 184 303 Howcroft, B 204, 216 Howe, G 215 HRM 190, 192, 199, 262 Huczynski, A A 9, 11, 14, 19, 21–2, 138, 142, 147, 149, 153–4 Humphrey, R H 211, 213, 215 Hyman, R 197 identity 28, 37 Ilinitch, A Y 266 Individual Savings Accounts (ISAs) 239 industrial democracy 15 industrialization 56 inequality 46–7, 54, 105–6, 254–5, 258 inflation 95–6 information and communication technology (ICT) 202 information technology (IT) 138, 143–7 and career patterns 200, 202 and company success 145–6 and consultancy 142 investment 240 Ingham, G 51 insider trading 90 institutional investors 89–90 institutional isomorphism 24–5 institutional theory 23–7, 31, 34, 255–6 insurance collectors 171 customers’ inertia 181–3 facilities 52 risk segmentation 177 intermediation 46 International Monetary Fund (IMF) 74, 78, 85, 94, 224 international monetary system 76–7 interorganizational field 168–70 Investment Management Regulatory Organisation (IMRO) 103 Jackall, R 21, 139, 148–9, 154–6 Jacques, R 4, 18–19, 28, 31, 138, 267 James, N 215 Japan 125 304 Index Jessop, B 246 Jewson, N 223 job descriptions 206 Johnson, G 17 Johnson Matthey Bank (JMB) 84–5 Johnson, P 109–10, 112 Jomo, K S 250 Jones, G 190–1, 196 Joseph, L 166 Kanter, R M 4, 9–10, 15, 17, 133 Kaplanis, E 80 Kapsteni, E 85–6 Kay, J 132–3 Keat, R 174, 179–80, 211 Keenoy, T 14 Keith, R J 163, 168 Kerfoot, D 19, 196, 202–3, 207, 215, 267 Keynes, J M 94 Keynesianism national 74–6, 80 welfarism 94–5 Kinnie, N 212 Kipping, M 133, 140 Kirkpatrick, I 214 Kleinwort Benson 91 Klingender, F D 190 Knights, D 10, 13, 19, 28, 30, 32, 37–9, 49, 73, 121, 124, 138, 144–7, 164, 178, 180, 184, 203, 205–7, 228, 231, 234, 247, 267, 269 knowledge 28–9 Kondo, D K 22 Kotler, P 177 Kotter, J P 9–10, 12 Kristensen, P H 26 Kunda, G 11, 14, 22, 154, 211–13, 216 Kynaston, D 51, 55, 59 Lang, T 180 language 28, 174, 253 Lawson, N 98, 100 Lazonick, W 126 leadership 9–12, 13 learning organization 132 Leeds Permanent Building Society 243 Legge, K 12, 262 legitimacy and consensus 26–7 Leidner, R 204, 212, 215 Levitt, T 164 Levy, A Lewin, K Lewis, B R 166–7, 181, 204–6 Leyshon, A 44, 46, 221–2 liberalization 77–8, 92, 225 Life Assurance and Unit Trust Regulatory Organization (LAUTRO) 103, 234 life insurance 59–61, 64, 215 competition 87–8 investment 107–8 tax relief 62, 100 life-cycle model 130–1 Littler, C R 27, 140–1 Lloyd George, D 71 Lloyds Bank 85, 86, 240 Lloyds insurance market 52, 55, 101 Lockwood, D 112, 190–1, 194–5, 197–8 Lowe, J 223 Lury, A 185 Lynch, J E 166–7, 174–5 Mabey, C 22, 211 McCabe, D 13 Macchiavelli 17 McDonald, O 234 McDowell, L 203, 215, 223 McGivern, C 150, 155 McGoldrick, P J 167, 173, 180, 204 Mackay, L 154 McKechnie, S 167, 180–1 McKee, L 17 McKinsey 141, 148 Macnicol, J 69, 109 Madigan, C 131 management consultants 260, 262, 267 active listening 149–50 anxiety 157–8 and IT 142, 146–7 process and resource 147–8 Index professionalization 141 reasons for using 147 reassuring 148–51, 152–3 relationship with clients 138, 148, 154–8 role 138 and strategy 142 technical rationality 150–1 threat from 156–7 UK industry 140–3 management of subjectivity 28 managers anxiety 139 relationship with consultants 138, 148, 155 socially produced discourse 253 uncertainty 151–3 Mann, M 54, 62 Mann, S J 166–7, 178, 216 March, J G 5–6 Marglin, S A 20, 124 market research 167, 205–6 marketing definition 162–3 internal 174–5, 206 language 174 legitimacy 165 a modernizing process 172–3 and profitability 176–87 role 174 and selling 169–70 strategic 176 and strategy 160–1, 173, 187–8 see also selling marketing discourse 160–89, 260–1 tensions in 161, 176–87, 188 markets 48–9, 259 benefits of 171 efficient 95 free 221, 224–5, 250 segmentation 163–4, 166, 177–8, 180, 183 Markham, C 140, 142, 154 Marsden, D 215 Marshall, C E 176 Marshall, P J 51 Marshall, T H 93 Marx, K 7, 72 305 Marxism 19–21, 29–30, 34, 253, 255 May, T 22, 214 Mayon-White, B 22 Mead, G H 22 Meiksins, P 20, 133 merchant banks 88–9, 91–2 Merrill Lynch 88, 92 Mexico 86 Meyer, A D Meyer, J W 25, 27, 48 Meyer, M W 24, 240 Michie, R 51 middle class 104 rise of 111–14, 116–17 Victorian 61–4 see also service class Midland Bank 83, 85, 86, 92, 200, 243 Miller, D 5, 175 Mills, C Wright 211, 213, 216 Minter, R L 155 Mintzberg, H 17, 129, 212 Mitchell, J 180–1 Mitchell, V W 154 modernism 267 money of account 44, 45–6 changing nature of 221, 258, 263 distribution 222–4 internationalization of 72–3, 74–93, 115 mad 222 personal 73 power from 45, 258 state credit 44 supply 83 virtual 72–3, 221–4, 226 Moran, M 81–2, 84–5 Morgan, Gareth 4, 7–8, 19 Morgan, Glenn 10, 24–5, 28, 38, 49, 75, 88, 93, 124, 144, 146–7, 162, 178, 180, 203–4, 206–7, 225, 228, 233–4, 240, 269 Morgan Grenfell 91 Morgan, N 165–7 Morrison, L 140 mortgages 230 endowment 107–8 tax relief 100–1 306 Moser, C A 164 Mueller, F 27 Mulkay, M 215 Murray, F 39, 138, 144–7 mutual insurance societies 241 Nadler, D 7, national debt 66–7 National Health Service 69, 98 NatWest 83, 84, 92, 168, 240 neo-liberalism 175, 225 Newman, J 24, 97, 129, 249 Newman, K 165, 167, 176, 183 Nonaka, I 132 Norwich Union 243 Oates, D 140–3, 147, 152, 157–8 Oberbeck, H 71 O’Brien 215 O’Connor, J 96 Office of Fair Trading 186, 188, 229, 234 Ogbonna, E 205, 211, 214–15 oil crisis 80, 95 Oliver, C 25–7 O’Reilly, J 202 organizational change context 15–16 culture, meaning and identity 22–3 defined 4–6 genealogy, discourse and change 28–30, 31 institutional theory 23–7, 31, 34, 255–6 levels of 5–6 literature review 8–30 managerialist approach 8–15 Marxist approach 19–21, 29, 30, 34, 253, 255 motors of political approaches 15–18 process management 16 psychodynamic approach 21–2, 256 social approach 18–30, 30–4 unanticipated outcomes 17, 20 vision 16–17 Index organizational field 269 defined 47–8 free market 221 O’Shea, J 131 O’Sullivan, M 126 Ott, J S Packard, V 174 Parker, M 6, 22, 27, 215 Partnership in Pensions 239 Pascale, R 12 Pauley, L W 77 Penn, R 139 pensions 239 distribution of 112 occupational 98–9, 109–10, 111–12, 247–8 personal 99, 230, 232, 248 SERPS 98–9 state 98–9, 109 PEPs 230, 239 performance-related-pay (PRP) 200 Perkins, H 61 Personal Investment Authority (PIA) 235–6 Peters, T 9–11, 266–7 Pettigrew, A M 16–17, 23, 35, 129–30, 149 Pfeffer, J 15 Phills, J A 156 Piercy, N F 165–7, 211 planning and fire-fighting 266 Podolny, J 26 Poole, M S Porter, M 78, 124–5, 130–2, 134, 227 Porter, T 78 Post Office Savings Bank 65, 67 post-modernism 267 post-structuralism 32–3 Povall, M 196 Powell, W W 23–6, 47–8, 134 power 163, 245 balance 228 concentration 263 distribution 46–7 fields of 48 from knowledge 29 Index from money 45 inequality 254–5, 258 relations 256 and strategy 124–6, 146 Power, M 24, 127 Prahalad, C K 132–3 Prandy, K 197 Price, R 197 Price Waterhouse 141 pricing cost-plus 229 disclosure 184–7, 235 front-end loading 229–30, 232, 235 structure 184, 185–6, 234–5 private ownership 243–4 privatization 99–100 product differentiation 183 selection 178–9, 207, 261 professional institutes 199 profitability and marketing 176–87 property boom 83–4 see also home ownership public expenditure 93, 98 Purcell, J 190 Quack, S 25, 38, 49, 93, 225, 240 qualifications 196 Rafaeli, A 212, 215 Rajan, A 196 Ramsay, H E 20, 154 Rassam, C 140–3, 147, 152, 157–8 Recognized Professional Bodies (RPBs) 103 Reed, M 18, 23, 26–7, 32, 268 regulation 188, 249, 260 and free markets 224, 245 and monitoring 236 of sales force 172–3, 233–9, 260 and strategy 227–33 under Thatcherism 101–4 resistance 29–30 resource-based theory 131–3 Roberts, J 51, 77 Rodrigues, S 215 307 Rose, N 28–9, 140–1 Rosenthal, P 30, 211, 215–16 Roslender, R 144, 146 Rothman, J 164 Rowan, B 24–5, 27 Rowntree, B S 164 Royal Commissions (1874) 65, 66 (1877–78) 55 (1892) 68 Rucci, A 10–11, 207 Ruggie, J 75 Russia 224 Salaman, G 28, 174, 211 Salancik, G R 15 Salomons 88 Sanderson, K 195–6, 205, 207 Saren, M 163 Sassen 245 Saunders, P 83 Savage, M 112 savings efficient markets 95 and home ownership 106–7 investment 109–10 middle class 61–4 and national debt 66–7 working class 64–70 Scarbrough, H 112, 144, 147, 150, 190 Scase, R 22, 156, 211, 223, 231 Schaffer, R H 11 Schendel, D 123–4 Schmidt, V 78 Schneider, B 216 Scholes, K 17 Scott, J 51, 223 Scott, P 190, 192, 197–9, 201–2, 210, 212, 214 Scott, W R 25, 48, 148 Seccombe, W 65 Securities Association see TSA Securities and Investment Board (SIB) 102–3, 186, 234 self-help 230, 246 Thatcherite 97, 104 Victorian 63–4, 64, 66, 68, 70 308 Self-Regulatory Organizations (SROs) 103 sell-on 152, 153 selling 161, 260 cross- 183 culture 227 discourse 209 failure of 173 hard- 171–2, 187, 228–9, 231 and marketing 169–70 soft 208 strategy 231 see also marketing Senior, B 9, 268 service class 111–14 service objectives 206 S G Warburg 79 Shapiro, E C 154–5, 158 Shearson Lehman 88 Shelton, D 184 Shepherd, M 86 Shipley, D 165–7, 176, 180, 190, 204, 206, 210, 217 Slater, J 84 Slater Walker 84 Sloan, A 170 Smith, A M 204–6 Smith, C 20, 133 Smith, G 166, 176, 178–9 Smith, N C 180, 184 Smith, V 211 Smith, W R 163–4, 183 social identities 214 social mobility 112 social structure 254–6 social welfare 93, 264 crisis 246–7, 249 expenditure 69 management problems 73 redistributive effects 249 targeted 97–8 Soin, K 233 Speed, R 166, 176, 178–9 Spero, J E 85 Stace, D A 5, 9, 12, 15 Stacey, R D 7, 266 staff associations 196–7 Stanley, T J 166 Index STEP model 131 Stevens, M 139, 152 Stock Exchange 60, 125 Big Bang 91 establishment 54–5 reform 90–1 Storey, J 190–2, 197–202, 206, 210 Strange, S 86, 222, 245 strategic discourse 121–36, 245, 259 implications 135–6 integration of IT 143–7 paradox in 153 truth 121, 123, 125, 126, 130, 133, 192, 224, 226, 250, 255 strategic HRM 190, 192 strategic marketing control 176 strategic necessity 137 strategy and consultancy 142 derivation 122 establishing 129 implementation 126–7, 134–5 processes of 129–30, 132–3 makers 128 and marketing 160–1, 173, 187–8 measurement and control 126–7, 134–5 naturalizing 126–7 and operation 124–5 and order 138 and power 124–6, 146 a set of frameworks 126, 130–4 and specialisms 127–9 and success 125, 130, 138, 225–6 and uncertainty 266–7 unintended effects 237–8, 263–4 a way of looking at the world 126, 127–30 Sturdy, A J 11, 19–22, 30, 37–9, 73, 133, 139–40, 142, 144, 147, 149–50, 154–7, 164, 167, 174, 181, 183, 204–6, 211–12, 215 Sun Alliance 243 Supple, B 195 Sutton, R I 212 309 Index SWOT model 131 Sykes, J 56–7 Takeuichi, H 132 Tansik, D A 216 taxation 53–4, 62–3, 69, 100–1 telephone banking 202 TESSAs 239 Thatcher, Margaret 78, 246 Thatcherism 95, 96–101, 101–4 The Securities Association (TSA) 103 Therborn, G 105 Thomas, A B 10 Thompson, P 29–30 Thomson, H A 11 Thrift, N 44, 46, 72, 129, 139, 221–2 Thwaites, D 166–7, 174–5 Tiratsoo, N 133, 141 Tisdall, P 140–1, 147, 154 Tolbert, P S 25 Tomlinson, J 133, 141 total quality management (TQM) 13 trade unions 68, 196–7 training 208–9, 233–4 Treasury 80 trialectics Trustee Savings Bank (TSB) 66, 69, 240 Tushman, M UBS 92 uncertainty, and strategy unemployment 106 United States dollar 75–6 Regulation Q 75 266–7 Van Bijsterveld, M 146 Van de Ven, A H Van Maanen, J 211–13 Veneroso, F 78, 250 Wade, R 78, 250 Waine, B 98 Walker, D.S 162, 175–6, 179 Walker, P 84 Warburgs 91 Warde, A 180 Waterman, R H 10–11 Watkins, J 146 Watkins, T 176, 181–2 Watson, T J 14, 22, 154, 156–7, 167, 190, 211 wealth distribution 54, 254–5, 263 Weatherly, K A 216 Weber, A 71 Weber, M Webster, C 69 Weick, K E 9, 152, 266 Weisner, H 180–1 Weiss, L 53–4 welfare state see social welfare Wells, H G 62 Wells, W D 164 Wharton, A S 212 Whipp, R 16, 35, 122, 124, 129–31, 175, 178, 184, 216 Whitley, R D 23, 25–6 Whittington, R 20, 22–5, 27, 124–5, 152–3, 175, 178, 184, 215–16 Whittle, S 14, 19, 21, 138–9, 151, 154–5 Whyte, W 212 Wilkinson, A 13 Wilkinson, B 20, 26–7, 205, 211, 214–15 Williams, M J 142 Willmott, H 13, 20–2, 24, 30, 127, 139, 162–3, 216, 267 Wilson, F 20 Winward, J 180 Wood, D 154 working class 64–70 World Bank 78, 85, 224, 250 World Trade Organization 224 Wright, M 182 Yorke, D A 166 Zelizer, V 44 Zimmeck, M 62–3 Zucker, L G 24–5 Zurich Life 244 ... Congress Cataloging -in- Publication Data Morgan, Glenn Beyond organizational change: structure, discourse and power in UK financial services / Glenn Morgan and Andrew Sturdy p cm Includes bibliographical.. .BEYOND ORGANIZATIONAL CHANGE This page intentionally left blank Beyond Organizational Change Structure, Discourse and Power in UK Financial Services Glenn Morgan and Andrew Sturdy First... Money: Restructuring British Financial Institutions Part III 43 72 Changing Discourses: Process and Outcomes Introducing Strategic Discourse Strategy Discourse and Financial Services: Enter the