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Resolving Identities: Successive Crises in a Trading Room after 9/11
by Daniel Beunza and David Stark

Abstract
How do organizations cope with extraordinary crisis? In this paper we study the case of a
Wall Street investment bank that lost its entire office and trading technology in the terrorist
attack of September 11. th The paper documents the six months the traders spent in a
makeshift trading room in the New Jersey suburbs as they had to deal with fears and
insecurities inside the company as well as outside it: anxiety about additional attacks,
questions of professional identity, doubts about the future of the firm, and ambiguities
about the future re-location of the trading room. The trading room did not face one crisis –
the immediate aftermath of September 11 th – but many. A given crisis was resolved by
restoring identities; but identities, once restored, redefined the situation and lead to new
crises. That is, the successive waves of crisis were produced by each success in managing
crisis.