Salvage ethnography in the financial sector the path to economic crisis in scotland

Salvage ethnography in the financial sector New Ethnographies This book explores the merger between the Bank of Scotland and Halifax, revisiting ethnographic data collected in 2001–2 from the perspective of the present – that is, after the global financial crisis around 2008 and the associated devastating effects on several banks It contributes to our understanding of the stereotypes and mutual perceptions that shape Scottish and English national identities, while using the interpenetrating national and organisational contexts to critically examine the concept of culture Ethnographic data was collected during a year’s fieldwork in the Bank of Scotland and HBOS The book focuses on the year in which the Bank of Scotland merged with Halifax to form HBOS, scrutinising an encounter between two very different organisational cultures embedded in Scottish and English national identities that are often symbolically opposed Through this ethnographic setting, it explores how bank staff coped with and made sense of rapid organisational change, and how those changes prefigured the crisis that was to come That change was part of wider social and economic changes often associated with neoliberalism heightened competition and embattled social solidarity The study salvages a record of a disappearing banking culture that is symptomatic of wider social change It also engages in an innovative way with the perennial problem of relating smallscale ethnographic data to large-scale historical change Written clearly and concisely with narrative momentum, the book will appeal to students and scholars interested in the banking and economic crisis, national identity in Scotland and the UK, the nature of culture and the challenges of ethnographic research Cover image: HBOS corporate HQ, Edinburgh Flickr: Secret Pilgrim CC BY-SA 2.0 Cover design: riverdesign.co.uk ISBN 978-0-7190-8799-8 HEARN Jonathan Hearn is Professor of Political and Historical Sociology at the University of Edinburgh New Ethnographies Salvage ethnography in the financial sector The path to economic crisis in Scotland 780719 087998 www.manchesteruniversitypress.co.uk JONATHAN HEARN Salvage ethnography in the financial sector Salvage Ethnography.indb 24/05/2017 15:07:33 New Ethnographies Series editor Alexander Thomas T Smith Already published The British in rural France: Lifestyle migration and the ongoing quest for a better way of life  Michaela Benson Ageing selves and everyday life in the north of England: Years in the making  Cathrine Degnen Chagos Islanders in Mauritius and the UK: Forced displacement and onward migration  Laura Jeffery Factories for learning: Producing race and class inequality in the neoliberal academy  Christy Kulz South Korean civil movement organisations: Hope, crisis, and pragmatism in democratic transition  Amy Levine Environment, labour and capitalism at sea: 'Working the ground' in Scotland  Penny McCall Howard Integration in Ireland: The everyday lives of African migrants  Fiona Murphy and Mark Maguire An ethnography of English football fans: Cans, cops and carnivals  Geoff Pearson Iraqi women in Denmark: Ritual performance and belonging in everyday life  Marianne Holm Pedersen Loud and proud: Passion and politics in the English Defence League  Hilary Pilkington Literature and agency in English fiction reading: A study of the Henry Williamson Society  Adam Reed International seafarers and transnationalism in the twenty-first century  Helen Sampson Tragic encounters and ordinary ethics: Palestine-Israel in British universities  Ruth Sheldon Devolution and the Scottish Conservatives: Banal activism, electioneering and the politics of irrelevance  Alexander Smith Exoticisation undressed: Ethnographic nostalgia and authenticity in Emberá clothes  Dimitrios Theodossopoulos Immersion: Marathon swimming, embodiment and identity  Karen Throsby Enduring violence: Everyday life and conflict in eastern Sri Lanka  Rebecca Walker Performing Englishness: Identity and politics in a contemporary folk resurgence  Trish Winter and Simon Keegan-Phipps Salvage Ethnography.indb 24/05/2017 15:07:33 Salvage ethnography in the financial sector The path to economic crisis in Scotland Jonathan Hearn Manchester University Press Salvage Ethnography.indb 24/05/2017 15:07:33 Copyright © Jonathan Hearn 2017 The right of Jonathan Hearn to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988 Published by Manchester University Press Altrincham Street, Manchester M1 7JA www.manchesteruniversitypress.co.uk British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data applied for ISBN  978 7190 8799   hardback First published 2017 The publisher has no responsibility for the persistence or accuracy of URLs for any external or third-party internet websites referred to in this book, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate Typeset in Minion and Futura by R J Footring Ltd, Derby, UK Salvage Ethnography.indb 24/05/2017 15:07:33 Contents List of figures and tables page vi Acknowledgementsvii Series editor’s foreword viii Introduction: ethnography, history and the vagaries of research History: from the Bank of Scotland’s origins to HBOS and crisis Theory: explaining financial crisis and conceptualising capitalism Culture: nations, banks and the organisation of power and social life Change: discourses of agency and progress in organisational change Identity: struggles with personhood, nationhood and professional virtue Comparison: doing ethnography and thinking comparatively 8 Conclusion Epilogue 14 34 49 71 87 108 123 132 References139 Index146 Salvage Ethnography.indb 24/05/2017 15:07:33 Figures and tables Figure 1.1 The basic organisational structure of HBOS, 2001–2 Figure 1.2 Timetable of fieldwork methods Table 4.1 Characterisations of delegates on the 'Assertiveness’ course  Salvage Ethnography.indb 6 59 24/05/2017 15:07:33 Acknowledgements This book has been a long time coming: not just from the original fieldwork in 2001–2 on which it is based to the idea of the book, but also from that conception to the delivery of the manuscript to Manchester University Press The first gap happened because I had largely given up on producing a book out of this body of research, the moment having passed and my research having moved on But then the economic crisis of 2008 happened, and I began to consider returning to the data in that light, and eventually arranged a contract with MUP for a contribution to the New Ethnographies series However, even then various other research projects and professional obligations already in train made it difficult to find time to return to the data, new supplementary research, and write So my first expression of gratitude goes to my editors at MUP, Tony Mason and Tom Dark, and Alex Smith, series editor, for their patience and support In addition, Ralph Footring’s assiduous editing has improved the text I would also like to thank the entire team who worked on the Nations and Regions Research Programme (1999–2005), and the Leverhulme Trust for funding that programme and this study as part of it In particular, I would like to thank David McCrone, the programme coordinator, and Tony Cohen, who led the ethnographic portion of it In 2013–14 I enjoyed a Mid-Career Fellowship from the Independent Social Research Foundation to begin a new line of research into the history and institutionalisation of competition in liberal forms of society Although doing that work was one of the things that delayed the delivery of this book, the ideas generated there shaped the book, and I think thanks to the ISRF are also due here Jeremy Peat and Ray Perman kindly agreed to discuss the state of banking in Scotland post-crisis with me as I was beginning to plan the book, and I am grateful to them Of course, I must also thank the many staff members of the Bank of Scotland, the Halifax and HBOS who gave their time and allowed me into their lives for a bit all those years ago None of these has any responsibility for the contents of this book, which falls to me alone Although I have wandered away from my anthropological roots, and discuss my ambivalence about the ethnographic method in these pages, nonetheless I would like to thank and dedicate this book to two anthropologists and teachers whose influence was intellectually formative for me, Mario Bick and Jane Schneider Salvage Ethnography.indb 24/05/2017 15:07:33 Series editor’s foreword When the New Ethnographies series was launched in 2011, its aim was to publish the best new ethnographic monographs that promoted interdisciplinary debate and methodological innovation in the qualitative social sciences Manchester University Press was the logical home for such a series, given the historical role it played in securing the ethnographic legacy of the famous ‘Manchester School’ of anthropological and interdisciplinary ethnographic research, pioneered by Max Gluckman in the years following the Second World War New Ethnographies has now established an enviable critical and commercial reputation We have published titles on a wide variety of ethnographic subjects, including English football fans, Scottish Conservatives, Chagos islanders, international seafarers, African migrants in Ireland, post-civil war Sri Lanka, Iraqi women in Denmark and the British in rural France, among others Our list of forthcoming titles, which continues to grow, reflects some of the best scholarship based on fresh ethnographic research carried out all around the world Our authors are both established and emerging scholars, including some of the most exciting and innovative up-and-coming ethnographers of the next generation New Ethnographies continues to provide a platform for social scientists and others engaging with ethnographic methods in new and imaginative ways We also publish the work of those grappling with the ‘new’ ethnographic objects to which globalisation, geopolitical instability, transnational migration and the growth of neoliberal markets have given rise in the twenty-first century We will continue to promote interdisciplinary debate about ethnographic methods as the series grows Most importantly, we will continue to champion ethnography as a valuable tool for apprehending a world in flux Alexander Thomas T Smith Department of Sociology, University of Warwick Salvage Ethnography.indb 24/05/2017 15:07:33 Introduction: ethnography, history and the vagaries of research This book takes a body of ethnographic data collected in 2001–2, during a year’s fieldwork at the Bank of Scotland and HBOS, and revisits it from the perspective of the present, that is, the time of writing this book (c.2014–16) That present is one in which the global banking and financial crisis that emerged around 2008 has had devastating effects on several banks, including this one My original research had been planned to take place in the Bank of Scotland (BoS) but earlier in 2001, before the research began, BoS had merged with the Halifax to form HBOS In September 2008, massively overexposed by the crisis, HBOS was acquired by Lloyds TSB, in a deal orchestrated by the British Labour government to prevent a second bank failure after the collapse of Northern Rock a few months earlier The time between my fieldwork (and the merger) and the acquisition of HBOS was a mere seven years – of rapid growth followed by spectacular failure My overarching aim is to explore the tension between the ‘ethnographic present’ of the original research and the unavoidable alteration of perspective on that data that the economic crisis has created I am interested in how many aspects of the research findings anticipated and prefigured what was to come, and yet can be understood in these terms only from the later vantage point Larger structural and historical explanations of what went wrong in the financial sector will be drawn on to frame the study, but these are ultimately beyond the immediate scope of this ethnography Instead, I have tried to make a virtue of the necessarily micro-level body of data generated by ethnography focused on a relatively narrow slice of staff, in a single organisation, over one year, by treating it as something that gains meaning, and depth, precisely by distance, the passage of time and changed ­historical perspective In this way I attempt to contribute to our understanding of how to the ethnography of organisations and institutions in a way that achieves depth of analysis I have tried to produce a book that brings together ethnographic detail and longitudinal perspective, and that provides through its examples a different way to think about how nationalism and national identities operate in everyday life And I have sought to use this particular case to gain insight into how the economic crisis triggered in 2008 came about, and was implicated in a more general process of social transformation Salvage Ethnography.indb 24/05/2017 15:07:33 136 Salvage ethnography in the financial sector those more fortunate in the ‘new economy’, while taking the more marginalised as either captive or electorally non-essential Whether it is Scotland seeking to leave the UK or the UK seeking to leave the EU, several imponderable problems present themselves In the former case, there is the question of how much of the growing national debt, on the rise since the financial crash and ensuing slow growth, a departing Scotland would take with it, and how the smaller country would manage this liability on its own Also, oil production is a significant but volatile aspect of the Scottish economy In the run-up to the 2014 referendum the independence campaign argued for the social good that could be done by taking oil revenues more fully under Scottish control But thereafter oil prices declined substantially, leaving a large hole in speculative budgets for an independent Scotland Finally, for many years it has been assumed that an independent Scotland would quickly rejoin the EU and adopt the euro as its currency But in the wake of the financial 2008 crisis, the viability of the euro as a means to integrate diverse national economies has been called into question (e.g Stiglitz 2016) Without a centralised European fiscal policy and discipline, lending has led to vast imbalances between creditors such as Germany and its banks, which are loathe to accept losses, and debtors such as Greece, which are unable to generate sufficient growth to pay back impossibly high debts The euro, once a haven, has become dysfunctional Finally, if the UK leaves the EU, and Scotland splits from the UK to rejoin the EU, this would create a border that would impede trade between the two The UK was always an aloof member of the EU and has avoided some of the problems of Europe by staying out of the eurozone, and not signing up the Schengen agreement, which entailed maximally open borders within the EU But even with these opt-outs, too many people were too unhappy with EU membership, and Brexit succeeded In addition to the crisis of the euro, the EU is indeed a vast elite-led bureaucracy, its key governing bodies democratically remote from the people it governs And there are deeper contradictions While it includes ideological commitments to something like a social democratic model, this runs alongside a commitment to a European version of capitalism that has been eroding the conditions for social democracy Having said this, through the sheer facts of contiguity and history, Europe is an economic and political entity, which must negotiate the relations among its parts, whether they are formally ‘in’ or ‘out’ of the EU Realistically, the UK can only leave up to a degree and, like it or not, the most effective way to shape the UK’s fate may be through membership, despite the EU’s weaknesses There is also a much more abstract argument, which says the world’s fate will be shaped by the contending forces of multiple major centres of capital formation, and the world is better off with a unified Europe counterpoised to the US and China, not to mention secondary powers such as Russia, India and Brazil But this is not the scale on which the costs and benefits of EU membership have been contemplated in the UK In public political discourse these dilemmas and complexities tend to get papered over by rhetoric: Scotland’s escape from the UK will allow it to move towards a European social democratic norm; the UK’s escape from the EU will unleash a Salvage Ethnography.indb 136 24/05/2017 15:07:40 Epilogue 137 home-grown, can-do capitalism that has been stifled by ‘red tape’ The burdens of post-2008 debt and austerity will be lifted, and new vistas of prosperity discovered, if the shackles of the UK or the EU were thrown off Unfortunately, none of this is very plausible As suggested in Chapter 3, the challenges of a maturing capitalism that can no longer compete with capitalism ‘red in tooth and claw’, at least not without turning the clock back to nineteenth-century Dickensian conditions, have not been fully confronted by the politicians of Europe, let alone those of the UK The abnormality of record economic growth after World War II, and the new normality of stagnation and cycles of over-speculation, have not sunk in What might all this say about the lives of the people encountered in this study, and its peculiar historical setting and moment? I have no way of knowing how my various informants of so many years ago might have voted in the Scottish independence and Brexit referendums If I had to guess, based on my experiences with them, I suspect most of the Scottish residents would have voted against independence, probably in greater proportion than the population at large did And I suspect they followed the trend in Scotland and were much more likely to vote to remain in the EU Statistically, living in a large city, especially Edinburgh, and being in professional/managerial employment made these results more likely However, it is interesting to consider some of the ambiguities of this group On the one hand, they matched the profile of those I have described as more ‘fortunate’ in the deep economic shift of recent decades They were more urban, professional/ managerial and educated They were part of the ‘new knowledge economy’, in which banks and the financial sector have been central and expanding On the other hand, the discourse I encountered, especially among BoS staff, was often one of alienation from a business and banking world that was abandoning older values many identified with In this regard, they appear in some respects to be among those ‘left behind’ by the new economy And of course this tension reached a kind of breaking point in the collapse of HBOS in the banking crisis The differences in organisational culture between BoS and the Halifax were emblematic of this wider historical shift These two organisations seemed to embody ‘the past’ and ‘the future’ respectively, and HBOS revealed the hazards that that future would bring We saw a rough mapping of organisational culture onto national culture, with similar attributions of backwardness and progressiveness We also saw changing patterns of identification The changes under way encouraged staff to loosen older senses of identity embedded in organisational solidarity and allegiance, and to think of themselves more as autonomous individuals, responsible for their own self-promotion Thus a change in the nature of the organisation and the relationship it called for from its staff had ramifications for people’s sense of themselves – their personal identities, their national identities and how these were invested in the organisations that shaped their lives Something broadly similar was going on in these constitutional referendums, a complex mixture of personal and national identities invested in movements, parties and states, which in turn were making various claims on people’s identities Perhaps the most revealing aspect of how this data relates to wider and subsequent events is in the recursion of certain fundamental patterns of discourse Salvage Ethnography.indb 137 24/05/2017 15:07:40 138 Salvage ethnography in the financial sector about social change – patterns both in what gets said and in how it relates to perspectives and positions I described how ‘change’ in the corporate banking discourse was not just an objective fact but a value in itself The powerful, vibrant organisation, as with its employees, is one that seeks out and seizes change, one that does not let itself get left behind While the people I studied were manifestly on the receiving end of ‘change’, buffeted about by the imperatives of merger and an increasingly competitive banking industry, they were summoned to talk, think and act as though their destinies were in their own hands As did their organisational leaders, until the banking crisis knocked the wind out of their sails Paradoxically, coping with the unpredictability and risks of major social changes always invites a kind of ‘noble lie’ We claim to be more in command of our situation than we are, as a strategy for gaining what command we can over events The story of the HBOS merger and its eventual crisis illustrates this at one scale, and the recent referendums on constitutional matters illustrate it at another The fate of the European political economy (let alone the global political economy), and how best to place nation-states, whether Scotland or the UK, within in it, are ponderous questions No one really knows the future and there is limited agreement on the relevant parameters But the political discourse that surrounded these referendums elicits the same kind of language Those arguing to remain in the UK or the EU tended to invoke the economic risks that would ensue from departure and advocated the safe haven of the status quo This was the way to have the surest control over one’s fate Those championing independence, whether from the UK or the EU, tended to present this as a matter of taking back control over one’s fate, having the guts and the optimism to seize the future At both scales, there is an argument about agency in the face of events that exceeds and outbids actual understanding I am not making an argument here for or against any of these political positions, any more than I would judge the personal beliefs about the good and the bad in the 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Scotland take-over of NatWest 28 Act of Parliament 2013 38, 131n.1 Act of the Scottish Parliament 1695 18, 131n.1 agency (and structure) 2, 15, 18, 29, 34–5, 36, 37, 39, 47–8, 71, 73, 77, 79, 80, 85–6, 97–8, 101, 116, 129, 130, 138 relation between agency and structure 80, 128 Amsterdam 17 Argentina, 41 Arrighi, Giovanni 43 ‘asset-backed securities’ 30 austerity 38, 44, 45 ‘bank note war’ 19, 20, 32 Bank of Amsterdam 17, 43 Bank of England 17, 19, 21, 24, 31, 38, 43 Bank of Scotland contrast with Halifax 65, 66, 81–3, 89–90, 99–101, 137 culture 50, 51–2, 64–5, 66, 72, 73, 81, 89, 99 100, 101, 105, 121, 123, 124 history 17–19, 21, 23–6 identity 88–9, 90 relation with Scottish economy 23–4 Barclays 26, 27 Bechhofer, Frank 93, 94 Salvage Ethnography.indb 146 Becker, Howard 121–2, 126 ‘Big Bang’ 25, 43 Billig, Michael 4, 87 Blair, Tony 133 Boas, Franz 124 boom and bust see business cycles Boswell, James 20 Bourdieu, Pierre 49, 95 Brexit 133, 135 British Linen Company 19, 20, 27 Brown, Gordon 22, 31, 133 Brubaker, Rogers 49, 94–5 building societies 21, 25 Building Societies Act (1986) 25 Burt, Peter 28, 31, 50, 92 business cycles 21, 36, 38, 39–40, 41, 46, 120 Butler, Judith 94 Cameron, David 133, 134 Capital Bank (NWS) 26, 28, 29, 56, 66, 71, 74, 76, 77, 79, 81 capitalism 11–12, 15–16, 24, 32, 36, 41, 44–5, 69, 78, 86, 118, 124, 125, 127, 136–7 Carr, Edward H 14, 35, 40 case study 108, 121–2, 127 Cerny, Phil 44–5, 46 Chester, England 26, 71 China 43, 46 City of London 22, 25, 26, 28, 31, 43 civil society 4, 15, 23, 69 Clarke, Peter 27 Clydesdale Bank 20, 21 24/05/2017 15:07:40 Index CME see coordinated market economy ‘collateralised debt obligations’ (CDO) 30, 36, 37 colonialism 124, 125 Company of Scotland see Darien Company comparison 49, 64, 68–9, 108, 128 Scotland and England 61–2, 110–12 university and banking culture 110, 113–19 competition 14, 16, 22, 23, 25, 26, 28, 32, 46, 79, 101–2, 117, 119, 126, 130–1, 135 Competition and Credit Control Act (1971) 24 ‘competition state’ 44–5 Conservative Party 19, 22, 23, 27, 29, 38, 133, 134, 135 coordinated market economy 42 core/periphery model 32, 43, 46, 119 corruption 37, 40, 123 ‘creative destruction’ 11, 125 credit default swaps 36 Crosby, James 28, 30, 38, 114 Crouch, Colin 37–8 culture banking 26, 29, 30, 37, 48, 49–50 conceptualisation 53–6, 60–1, 128, 130 national 56, 60–4 organisational 2, 3, 4, 11–12, 49, 55–6, 64–7, 77, 79, 127 organisational, relation with national 68–9, 72, 81, 84, 137 Darien Company 18, 19 Darling, Alistair 27, 31 Darwin, Charles 131 de Tocqueville, Alexis 78 debt national (public) 38, 39–40, 136, 137 private 39–40 Department of Trade and Industry 28 devolution 3, 10, 23, 87, 132, 133, 135 Diversity Team 7, 52, 102, 115 dot.com bubble 42 Durkheim, Emile 78 economic crisis of 2008 1, 12, 14, 29, 30–1, 34–5, 37–9, 41–2, 43, 44, 45, 46, 47, 119–20, 124, 126, 127, 133, 136, 137 Salvage Ethnography.indb 147 147 Edinburgh 2, 8, 17, 19, 28, 51, 52, 72, 74, 107, 137 ‘elective affinity’ 54–5, 68–9 empire 18, 20, 32, 124, 125 English economy 21 English Parliament 17 Eriksen, Thomas Hylland 94 Erikson, Erik H 94, 97 ‘ethnographic present’ 1, 11, 12, 29 European Union 134, 135, 136 EU see European Union evolution 14–15, 83, 126 Federal Reserve (US) 38 Financial Conduct Authority 38, 114 Financial Services Authority (FSA) 30, 32, 38, 39, 114 Forsyth, Michael 27 Foucault, Michel 97 Friedman and Rosenman scale 72 Galbraith, James K 45, 46 Geertz, Clifford 53 gender 102–4 Germany 53, 136 GL&D see Group Learning and Development Glasgow 19, 20 globalisation 16, 44, 134 Glorious Revolution of 1688 17 Gove, Michael 134 Great Depression of 1929 23, 41 Greece 136 Group Learning and Development 5, 49–50, 57, 66, 74, 75, 84, 98, 104–5, 107, 115, 117 location change 5, 51–2, 107 renamed 104, 114 Gruber, J W 11, 124 Halifax culture 83–4, 90, 92, 99, 100 history 21, 25–6 identity 81–2, 92 Halifax Permanent Building Society 21 history 10–11, 12–13, 14, 34–5, 43, 46, 84, 121–2, 126, 128, 129 Hofstede, Geert 56 Holmes Rahe Social Readjustment Scale 73 24/05/2017 15:07:40 148Index Hornby, Andy 30, 31, 36, 82 HPBS see Halifax Permanent Building Society Hume, David 108 identity conceptualisation 93–8, 128–9 national 1, 2, 3–4, 11, 56, 57–64, 87–90, 91, 92–3, 95–6, 97, 98, 112, 125, 127, 129–30, 132, 133, 137 personal 2, 57, 87, 90, 91, 95–8, 100–1, 106–7, 128, 137 ‘identity making’ 127 ideology 16, 54–5, 77, 95 innovation (financial, technological) 36, 41 internal news magazines 113 video communication 114–15 Jacobite 17, 19, 28 James VI/I 18 James VII/II 17 Japan 41 Jenkins, Richard 94, 96 Johnson, Boris 134 Johnson, Samuel (Dr) 20 joint-stock bank (company) 20, 21, 25, 32 Keynesian economics 37–8, 41–2, 45, 134 Kingston Financial Services (Clyde) Ltd 23 KPMG 30 Krugman, Paul 36, 41–2 Kuper, Adam 53 Labour Party 22, 23, 27, 29, 38, 69, 133, 134, 135 Latin America (debt crisis) 25, 41 Layder, Derek 96, 97 Lehman Brothers 31, 35 Liberal Democrat Party 29, 38, 133, 134, 135 liberal market economies 42, 44 Liberal Party 20 liberal society 15, 40, 46, 95, 113, 118 130, 131 Lloyds (TSB, plc) 1, 11, 31, 37, 123, 124, 131n.1 London 8, 17, 19, 25, 69, 91, 101, 133 Salvage Ethnography.indb 148 London Stock Exchange 24 Loyal Georgian Society of Halifax 21 Malešević, Sinisa 93, 95 MacKenzie, Donald 36 Marx, Karl 54, 55, 78, 80 Masterton, Gavin 28, 31, 67, 75, 114 May, Theresa 133, 134 McCrone, David 4, 93, 94 meme 15 mercantilism 46 merchant bankers 17, 24 mergers Bank of Scotland and British Linen Bank 26 Bank of Scotland and Halifax 1, 4, 11, 28, 69, 72, 76, 77, 79, 81, 85, 87, 91, 101, 103, 117, 125, 126 Bank of Scotland and Union Bank 26 Clydesdale Bank and North of Scotland Bank 26 Commercial Bank and National Bank 26 Halifax Building Society and Leeds Permanent Building Society 25, 83, 92, 101 Halifax Permanent Building Society and Halifax Equitable 25 micro/macro relationships 11, 12, 14, 34, 47–8, 68–9, 80, 127 mode of production 36, 54–5 modernity 78 Monopolies and Mergers Commission 27 Napoleonic War 21 nation-state 16, 138 nationalism 1, 92, 97, 129, 130, 131 nationalist movement 10 NatWest 27, 114 neoliberalism 16 22, 29, 44, 125, 134 ‘new economy’ 35–6, 40, 135–6, 137 New Labour see Labour Party North Sea oil 24 North West Securities see Capital Bank Northern Rock 30, 31 NWS see Capital Bank Office for Fair Trading 27 oil industry 23, 24, 136 24/05/2017 15:07:40 Index 149 Osborne, George 134 Özkirimli, Umut 92 Royal Bank of Scotland 19, 20, 26, 28, 31, 72, 90, 107 Parliamentary Commission on Banking Standards 31 Parsons, Talcott 53–4 Patterson, Owen 53 Patterson, William 18 Pattullo, Bruce 23, 25, 27, 88 performative 36, 40, 94 Perman, Ray 2, 30–1 petrodollars 25 Polanyi, Karl 44 power and culture 55, 69 conceptualisation 55, 97–8, 116, 130 and identity 97–8, 128 and legitimacy 15, 55, 130, 131 Presbyterian (Church, mind-set) 50, 51, 60, 69, 72, 75, 87 ‘privatised Keynsianism’ 37–8 provincial banks 20 Prudential Regulation Authority 38, 114 Salmond, Alex 27 salvage ethnography 11–12, 124–5 savings banks 21 Schularick, Moritz 46 Scottish economy 8, 17, 18–21, 23–4, 26, 29, 136 Scottish National Party 4, 22, 27, 29, 134, 135 Scottish Parliament 3, 17, 23, 29, 135 ‘secondary banking crisis’ 24–5 Smith, Adam 39, 78, 131 Smith, Anthony 92 SNP see Scottish National Party social change (and cultural) 15, 24, 29, 35, 36, 37, 39, 47–8, 52, 54–5, 65–6, 67–8, 68–9, 71–2, 77–9, 82, 84, 85, 88, 101, 104–5, 110, 116–17, 117–18, 119, 120–2, 125, 134, 138 social democracy 22, 29, 44, 46, 125, 135, 136 social evolution (and cultural) 14–15, 32, 46, 55, 78, 80, 110, 125, 128, 129–31, 132, 138 Social Investment Scotland South Sea Bubble 41 Spencer, Herbert 78 Standard Life 27 state–economy relationship 35–6, 37–8, 39–40, 71, 77, 86, 109, 118, 130, 137 Streeck, Wolfgang 44, 46 subprime mortgages 30, 37 RBS see Royal Bank of Scotland recession 21 referendum on Scottish independence (2014) 4, 29, 133–4, 137 referendum on UK membership of the European Union (2016) 4, 133, 134, 137 ‘reflexive competition’ 16 Reform Acts 20 ‘regulatory capture’ 38 research methods archival 8, 92, 113 email questionnaire 7–8, 56, 59–64, 65–7, 81–4, 87–8, 89, 90, 91, 98, 99–100, 101–2, 111–12 ethnography 3–4, 10–11, 12–13 14, 34, 47–8, 71, 87, 93, 98, 104, 108–9, 117, 121, 126, 128, 129 interviews 8, 56–7, 67, 84–5, 90, 91, 98, 100 participant observation 4–7, 58–9, 72–7, 84, 89–90, 100, 102–4, 105–6, 109, 114–16 retail banking 48 Robertson, Pat 50, 75 Salvage Ethnography.indb 149 Tajfel, Henri 94 Thailand 41 Thatcher, Margaret 22, 24 ‘The Foundation’ 71 The Mound 28, 88 The Walkers 2, 106 Therborn, Goran 78, 86 Tocqueville, Alexis de see de Tocqueville, Alexis Tory Party see Conservative Party training courses 3, 7, 51–2, 57, 71 ‘Assertiveness’ 7, 58–9 ‘Coping Strategies’ 72–3 24/05/2017 15:07:41 150Index ‘Creativity and Innovation’ 7, 73–7, 79, 80 ‘Dealing with Differences’ 7, 57, 71–2 ‘Managing the Team’ 115, 116 ‘Negotiation Skills’ 103–4 ‘Practical Teamwork’ 84, 89 TSB, plc see Lloyds (TSB, plc) Turner, Adair 39 UK economy 25, 29, 120, 123, 134 UKIP see United Kingdom Independence Party Union Bank of Scotland 20 Union of 1707 18, 19, 69 Union of the Crowns 18 Salvage Ethnography.indb 150 United Kingdom Independence Party 132, 135 University of Edinburgh 4, 50, 52, 117 varieties of capitalism 42, 43, 46, 86 Wales 132 Weber, Max 34–5, 50, 53–4, 78, 79 welfare state 22, 23, 44, 45, 125 Whig Party see Liberal Party William and Mary of Orange 17 Wolf, Eric R 10 World War I 21, 32 World War II 16, 23, 32, 44, 137 Wrong, Dennis 96 24/05/2017 15:07:41 ... Keegan-Phipps Salvage Ethnography. indb 24/05/2017 15:07:33 Salvage ethnography in the financial sector The path to economic crisis in Scotland Jonathan Hearn Manchester University Press Salvage Ethnography. indb... with the franchise in the UK increasingly extended to the developing middle classes in the Reform Acts of 1832, 1867 and 1884, the last of these extending the vote to the new industrial working... records keeping, procurement (1) Group Finance and Risk Financial reporting, regulatory compliance, auditing risk Group 6 Salvage ethnography in the financial sector 24/05/2017 15:07:34 Introduction