For decades, anthropologists have been telling us that it’s often the informal, unplanned interactions and rituals that matter most in any work environment. So how much are we missing by giving them up?
In the summer of 2020, Daniel Beunza, a voluble Spanish social scientist who taught at Cass business school in London, organised a stream of video calls with a dozen senior bankers in the US and Europe. Beunza wanted to know how they had run a trading desk while working from home. Did finance require flesh-and-blood humans?
Beunza had studied bank trading floors for two decades, and had noticed a paradox. Digital technologies had entered finance in the late 20th century, pushing markets into cyberspace and enabling most financial work to be done outside the office – in theory. “For $1,400 a month you can have the [Bloomberg] machine at home. You can have the best information, all the data at your disposal,” Beunza was told in 2000 by the head of one Wall Street trading desk, whom he called “Bob”. But the digital revolution had not caused banks’ offices and trading rooms to disappear. “The tendency is the reverse,” Bob said. “Banks are building bigger and bigger trading rooms.”
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