The critical consequences of project drift – a case study in the UK banking sector

Purpose – The objective of this paper is to identify the change model being used by a UK bank to implement and embed a major regulatory‐driven initiative (the Basle Capital Accord) into it is business operations. Design/methodology/approach – A naturalistic paradigm was adopted for this research although an element of triangulation was incorporated. Findings – This critical change management initiative was started at a relatively benign time in the business world. The consequences are a warning to current organisations that if they do not address basic project and change management principles, these issues will not have any chance of assimilation within their firms. Research limitations/implications – The key limitations of the paper are that it focused on one particular change initiative within a single organisation, driven by one particular senior management team. As a result, the informal change model identified will not necessarily reflect the informal change model being used in other functional areas of Bank “A”. Originality/value – Although this paper was undertaken at an organisation at the centre of the banking crisis in the UK, it is important to highlight that the study commenced prior to the evolution of the current UK banking crisis.