Doubling Down on Racial Capitalism during COVID-19: Qualitative Interviews with Bank Employees. Issue 1 (November 2021)

• Record Type: Journal Article
• Authors: Friedline, Terri; Wood, Anna K.; Wheatley, Mikal; Oh, Seyoung; Zheng, Haotian
• Other Names: Grinstein-Weiss Michal guest-editor.; Graham Carol guest-editor.; Lawlor Edward F. guest-editor.
• Is Part Of: Annals of the American Academy of Political and Social Science. Volume 698:Issue 1(2021)
• Page Start: 163
• Page End: 184
• Publication Date: 2021-11
• Subjects: banks -- finance -- racialized organizations -- discrimination -- public banking; Social sciences -- Periodicals; Social sciences -- United States -- Periodicals; Political science -- Periodicals; United States -- Politics and government -- Periodicals; 300
• DOI: 10.1177/00027162211061277
• Languages: English
• ISSNs: 0002-7162

Abstract

The COVID-19 Pandemic Recession has revealed examples of systematic discrimination within a wide range of industries, including banking. Using data from interviews conducted with bank employees in March and April 2020, we explore how private banks exemplify racialized organizations and operate within the broader economic system of racial capitalism that prioritizes pursuit of profits over the interests of their customers. We explain how the banking industry's responses to the pandemic reflect the logic of racial capitalism, and we develop the theme of doubling down to illustrate this logic and to explain the patterns revealed in employees' narratives. Subthemes included pursuit of profits, bureaucratic mundane, forced choices, history limits imagination, and dissonance. We conclude with implications for the banking industry.