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Taking the Floor: Models, Morals and Management in a Wall Street Trading Room

by Faculty Events

Presentation

Tue, 19 Nov 2019

6:00 PM – 7:30 PM

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REGISTRATION: 5:30PM - 6:00PM

Cass Business School, 106 Bunhill Row
LG001

106 Bunhill Row, London EC1Y 8TZ, UK

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Wall Street banks need to rethink their use of financial models according to Daniel Beunza in his new book Taking the Floor: Models, Morals and Management in a Wall Street Trading Room, which he will talk about in this lecture. A decade after the global financial crisis, a narrow emphasis on structural reform has left a problematic bank culture largely unchanged. Based on extensive research in a Wall Street derivatives trading room, Taking the Floor considers how financial organizations should be redesigned to address the moral shortcomings that culminated in the crisis. Beunza’s talk first considers instances in which financial models are effectively used, tracing the presence of extraordinary returns to the integration of traders across desks, which reduced the risk of blind spots posed by the models. Second, Beunza warns that the use of models in risk management can create perceptions of injustice, leading to moral disengagement. Beunza argues for strengthening informal norms and supervisory relationships in banks, bringing elements of traditional investment banking partnerships back into contemporary Wall Street.

Daniel Beunza is Associate Professor of Management at Cass Business School

Registration - 5:30PM - 6:00PM
This event is free and open to all however pre-registration is required. Entry is on a first come, first served basis.

Twitter hashtag- #CASSBeunza



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Where

Cass Business School, 106 Bunhill Row
LG001

106 Bunhill Row, London EC1Y 8TZ, UK

Speakers

Daniel   Beunza 's profile photo

Daniel Beunza

Cass Business School

https://uk.linkedin.com/in/daniel-beunza-5012356

Daniel Beunza is Associate Professor of Management at Cass Business School and a member of the Centre on Charity Effectiveness.

Beunza's research explores the ways in which social relations and technology shape financial value. His award-winning study of a derivatives trading room on a Wall Street bank traced the roots of extraordinary returns to the use of space and internal organization.

Beunza obtained his PhD from New York University, and has previously taught at Columbia University, the London School of Economics and Copenhagen Business School. His research has been published in Organization Science, Organization Studies and Economy and Society.

Beunza is a leading contributor to the social studies of finance literature, and editor of the blog Socializing Finance. He has served as Chair of the Academic Network of the Principles of Responsible Investment, and collaborated with the UK Banking Standards Board on the use of ethnography and grounded theory research to enhance professional standards in the UK’s financial sector.