The Changing Face of the Global Financial Elite
a Relational Perspective on Power Configurations in Transnational Finance
In our paper, we aim at contributing to recent debates with an analysis of changes in elite configurations of global finance over the last two decades. We take a dynamic perspective on financial elite development by accounting for the emergence and evolution of personal ties of financial actors, as well as the relations between organizations established through such personal links. Using board interlock data of the world’s 30 largest banks and exchanges since 1995, we seek to identify patterns of social relationships between these organizations and their environment. In addition, we analyze biographical data of the core individuals and the organizations’ senior staff that complements the network analysis. With our analysis, we aim to contribute to debates on transnationalization and shifting power configurations in finance focusing on changes in elite composition.