Overcoming a corporate crisis: The role of a hegemonic elite – The Banco Ambrosiano case (1982)

Abstract

This article explores how an elite was able to facilitate the recovery of one of the greatest European banks, the Banco Ambrosiano, from a corporate crisis which led it to bankruptcy. Drawing on Gramsci’s theory of ‘intellectual and moral leadership’ or ‘hegemony’, this study undertakes a critical analysis of the role played by an elite, mainly composed of public servants, in enabling financial and political forces to avoid the loss of the great heritage of the bank, built over decades of success and public commitment. The study reveals how this elite positively constructed the path to allow the recovery process, using accounting data to identify the forward-looking solutions. This research helps expand historical and critical studies on crises, pointing out how accounting has been an instrument enabling new governing technologies while Gramsci’s theory has been applied extensively to interpret an institutional setting and an action towards an apt solution for protecting public interest.