Brave new world? The global financial crisis' impact on Scandinavian banking's sales rhetoric and practices

Forseth, U; Røyrvik, EA; Clegg, S

Brave new world? The global financial crisis' impact on Scandinavian banking's sales rhetoric and practices

Forseth, U Røyrvik, EA Clegg, S

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Publication Type:: Journal Article
Citation:: Scandinavian Journal of Management, 2015, 31 (4), pp. 471 - 479
Issue Date:: 2015-01-01

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Field	Value	Language
dc.contributor.author	Forseth, U	en_US
dc.contributor.author	Røyrvik, EA	en_US
dc.contributor.author	Clegg, S https://orcid.org/0000-0001-6083-4283	en_US
dc.date.issued	2015-01-01	en_US
dc.identifier.citation	Scandinavian Journal of Management, 2015, 31 (4), pp. 471 - 479	en_US
dc.identifier.issn	0956-5221	en_US
dc.identifier.uri	http://hdl.handle.net/10453/41702
dc.description.abstract	© 2015 Elsevier Ltd. The paper explores how the global financial crisis wrought changes in the financial industry, even far from the crisis' epicentre, in sales orientation, rhetoric and practices. We draw on accounts from managers and employees gleaned from a strategic sample of Scandinavian financial institutions. Framing our analysis on the concept of environmental jolts, we identified a shift in accounts in relation to sales as the context changed: from blame games, through the nurturing of conceptual plurivocality, culminating in embellishment. Initially bankers blamed external actors and factors. When they had to confront customer's complaints about mis-selling and critiques from regulatory authorities, a new discourse on "right selling" and changes in sales practices emerged, but the pressure to sell continued. Financial advisors and union representatives were critical to the development and the rhetoric involved. Revolutionary changes were few and far between in a context of piecemeal changes to rebuild image and trust.	en_US
dc.relation.ispartof	Scandinavian Journal of Management	en_US
dc.relation.isbasedon	10.1016/j.scaman.2015.06.003	en_US
dc.subject.classification	Business & Management	en_US
dc.title	Brave new world? The global financial crisis' impact on Scandinavian banking's sales rhetoric and practices	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	31	en_US
utslib.for	1503 Business and Management	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	open_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	31	en_US

Abstract:

© 2015 Elsevier Ltd. The paper explores how the global financial crisis wrought changes in the financial industry, even far from the crisis' epicentre, in sales orientation, rhetoric and practices. We draw on accounts from managers and employees gleaned from a strategic sample of Scandinavian financial institutions. Framing our analysis on the concept of environmental jolts, we identified a shift in accounts in relation to sales as the context changed: from blame games, through the nurturing of conceptual plurivocality, culminating in embellishment. Initially bankers blamed external actors and factors. When they had to confront customer's complaints about mis-selling and critiques from regulatory authorities, a new discourse on "right selling" and changes in sales practices emerged, but the pressure to sell continued. Financial advisors and union representatives were critical to the development and the rhetoric involved. Revolutionary changes were few and far between in a context of piecemeal changes to rebuild image and trust.

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http://hdl.handle.net/10453/41702