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Bloge at Dresdner Kleinwort Wasserstein (A)

transfer files to servers or learn HTML1. With these tools, people simply used their Internet browser to enter text, links to websites, and the other elements of a standard blog.

Standardized tools contributed to standardized products, and many blogs converged to a format similar to that shown in Exhibit 1. Entries (also called 'posts') were listed in reverse chronological order, with the most recent at the top of the page. The sides of the page often contained a search box and Links to other sites, archives of previous posts, an overview of the blog and its writer, a FAQ2 or other related content. Posts usually consisted of some text (often a paragraph or less), linlcs to other sites or posts, and/or a photo. Many blogs also included advertisements, and the ability for readers to add comments to posts.

The power of blogs became clear in December of 2002 when Trent Lott, who was then the US Senate's majority leader, made remarks in support of Strom Thurmond's 1948 candidacy for president, a cornerstone of which was continued legal segregation of races in America. Lott's remarks were initially ignored by the mainstream media, including newspapers and TV news, but were highhghted by political blogs, especially Talking Points Memo3 by Josh Marshall. Subsequent days highlighted three important aspects of blogs. First, they could continue to focus on a single issue as long as their authors wanted to; they were not subject to the same deadlines and pressures for new stories as were more traditional media. Second, they could supply a rich mix of supporting information, including the results of background research, links to other online materials, copies of documents, and photographs. Third8 they had no space restrictions; they could post or linl< to all relevant information. In Iate 2002 blogs made a compelling case that Lott had repeatedly expressed views that many people found offensive, and mainstream news organizations picked up the story. President George Bush condemned Lott's remarks on December 12; on December 20 Lott resigned as Senate majority leader.

The Madrid train bombings in March of 2004 showed just how quickly blogs could disseminate information; they were the first to post pictures of the damage done. The American presidential campaign of that year reinforced that blogs were able to post news, opinions, reactions, confirmations, and refutations more quickly than other publication channels. They also relied heavily on each other. Bloggers linked to other blogs, posted about other posts, tracked how popular they were, and collectively created the blogosphere.

The Blogosphere in 2005

In early 2005, there were an estimated 9 million blogs in the world, with 40,000 new ones going online each days4 (See Exhibit 2 for the growth of blogs.) The universe of blogging was still evolving rapidly in 2005, but a few trends were clear. Technologies to support blogging were widespread and often free, which allowed anyone to participate. Blogs were firmly established in some domains, and were catching on in many more. Media corporations were experimenting heavily, and other companies were also figuring out how to best exploit blogging, both internally and externally.

HTML was the programming language used to format websites

A FAQ was a list of frequently asked questions and their answers.

Available at www. talkingpoinkmemo.com.

Stephen Baker and Heather Green, "Blogs Will Change Your Business," BusinessWeek, May 2,2005 cover story, available at h r p : / / w w w . b u s i n e s s w e e k . c o m / m a g a z i n e / c o n t e n t / ~ accessed May 2005

Technology

By 2005 several companies hosted blogs at no cost to users, and free browser-based software existed to let people create blogs and add posts that mixed text, links, photos, sound files, and other media. These tools helped the blogosphere to grow tremendously: in April of 2005 the social networking and blogging site MySpace passed even Goagle in number of pages ~ iewed .~

The blogosphere eventually became so large and dynamic that many participants found it difficult to keep up with all the new content; it was simply too time consuming to visit all blogs and websites of interest to see if new posts had been added. To address this issue, technologists developed a set of tools grouped together as 'RSS' (which most commonly stood for 'really simple syndicationt6) that allowed a blogger or any other WWW content provider to send out an automatic notification whenever she added new material. The notification usually consisted of a headline that linked to the full post. Readers around the world used software called an 'RSS aggregator' to collect these headlines from all blogs and sites they were interested in. The headline gave an idea what the post was about; if the reader clicked on it, her Internet browser was directed to the full post. By 2005, many popular browsers and email clients included RSS aggregators. (See Exhibit 3 for an example of an RSS aggregator in an email client.) Web sites and search engines devoted to tracking the blogosphere, such as Technorati, also became popular.

Blogging and the Media

In August of 2002 the former journalist Nick Denton launched Gizmodo, a blog devoted to electronic gadgets, and to malag money. Gizmodo genereit4 revenue by selling ads and was the first site in the Gawker Media company's family of blogs, which in 2005 had over a dozen properties including Wonktte (devoted to Washington DC news and gossip), Kokatu (video games), and Gridskipper (travel). of these were quite different from most mainstream print and broadcast media offerings. They were each generated by a single blogger rather than a team, and as a result had a distinct voice. These voices were opinionated, cynical, and jaundiced, yet enthusiastic about the topics they covered. Their tone resonated with the young adults who were Gawker's target audience.

Large mainstream media companies saw that blogs were both powerful and popular, and began generating them. The New York Times, CNN, ESPN, MTV, and even the Weather Channel incorporated blogs within their websites. These were typically written by journalists who already worked for the company. Posts often gave their author's opinion, or offered a behind-the-scenes look at the company.

Corporate Uses

Media companies were not the only ones making use of blogs in 2005. Many high tech companies, for example, hosted blogs written by their employees. Sun Microsystems had by the end of 2004 over 650 blogs written by employees, including one by the company's CEO and President.' At

Alex WilkunsI "Do You MySpace?", Nezu York T i m , 28 August 2005, available at h t t p : / / w w w . n y t i a e s . c o m / 2 0 0 5 / 0 8 / 2 8 / f a s ~ accessed August 30,2005.

d The RSS abbreviation had several interpretationsI all making reference to summarizing or syndication of existing

information. Common interpretations were RDF Site Summary, Rich Site Summary or Really Simple Syndication.

' Rob Mitchell, The new companies on the blo&" Financial Times, 22 December 2004

software maker Macromedia, a group of trusted employees (referred to as "community managers") ran blogs in which they interacted with the company's customers. Staff at software giant Microsoft were free to write public blogs about Microsoft technologies. Most known among those was the blog by Robert Scoble, a "technical evangelist" at Microsoft who discussed issues related to his work in his blog, both promoting and criticizing Microsoft products. (See Exhibit 1 for a sample screenshot from Scoble's site.) In writing about the negative as well as the positive, many outside analysts believed Scoble not only created a loyal following but also helped raise awareness within Microsoft of issues that needed attention, which made him more effective at his job. Publicly available employee blogs contained technical solutions, tips, and tricks that could not be found in product domentation, and their creators were often w i h g to answer questions.

It was uncommon for companies to let their employees post with complete freedom. Sun introduced its collection of employee blogs by saying "This space is accessible to any Sun employee to write about anything"9 but also provided some guidelines for employees about proper blogging (See Exhibit 4 for Sun's policy on public discourse.) Microsoft's Scoble summarized his own approach to corporate blogging as: "Really, the policy is: don't piss off your boss.'lo

There were examples, however, of employees who had evidently not taken such policies to heart. An employee at the bookseller Waterstone's store in Edinburgh, Scotland, was laid off in January 2005 after eleven years with the company for comments he made in his private blog. In the blog he referred to his "sandal-wearing" "Evil Boss" and not getting a day off for his birthday, which led to his dismissal for "gross misconduct" and "bringing the company into disrepute"." In the US, search engine Google fired 22-year old programmer Mark Jen only weeks after hiring him for statements he made about the cmpany in its blog. Allegedly he called the company's staff perks "thinly veiled timesavers to keep you at work."12 In Sweden, reporter and freelance producer Per Gudmundsson was asked by his employer, state-run Swedish Television, to cease his blog of political commentary because of potential and perceived ccmflids with the company's role as a neutral broadcaster. Gudmundsson promptly stopped blogging. l3

By late 2004, several companies had started "bbg monitoring" activities to mine the Internet's blogs for customer sentiments about the company and its products. Some found this to be a more rapid technique than the traditional customer surveys, press monitoring, and focus groups. Other companies saw blogs as a new tool in their marketing arsenal. Beauty and home care giant Procter & Gamble (P&G) launched in May 2005 an online campaign for a new teen-focused body spray product. As part of the campaign, four imaginary teenage girls-characters created by P&G to fit

Ibid.

Sun Corporate Website, "Sun Blow," available at http://blogs.sun.com/mUer/&do, accessed September 23,2005.

lo Robert Scoble, "A little more on the Mark Jen story," post on blog "Scobleizer", February 9, 2005, available at http:/ /radio.weblogs.corn/0001011/2005/02/09.hhl, accessed 23 September 2005.

l1 Patrick Barkham, "Blogger sacked for sounding off", The Guardian Unlimited, January 12, 2005, available at http://books.guardian.co.uk/news/articles/0,,1388290,00.hhnl, accessed 23 September 2005; and Richard Lawson, "UK firms warned over employees' blogs," The Guardiun Unlimited, January 13, 2005, available at h t t p : / / w w w . g u a r d i a n . c o . u k / o n l i n e / w e b l o ~ accessed May 2005.

l2 Philipp Lenssen, "Mark Jen Indeed Fired for Blogging ", post on blog "Google Blogoscoped," February 9,2005, available at http:/ /blog.outer-courtcom/archive/2005-02-09-n30.hW, accessed 23 September 2005. * l3 Per Gudmundsson, "Den stora illusionen," post on blog "gudmundson", 29 November 2004, available at http://gudmundson.blogspot.com/2004/11/den-stora-fl~~ionen.html); and N i a s O d u s , "SVT-anstiillda forbjuds blogga," Sydsvenskan, 2 December 2004, available at http://sydsvmskan.8e/samtidigt/article~ accessed May 2005.

Bloge at Dresdner Kleinwort Wssge~llein (A)

with the line's four scents-each keep their own blog, written by advertisers in a tone and language to match the brand.14 (See Exhibit 5 for a sample screenshot.)

Dresdner Kleinwort Wasserstein (DrKW)

DrKW was the investment banking arm of Germany's second largest bank, Dresdner Bank AG, and the result of two takeovers. In 1995 Dresdner Bank bought Kleinwort Benson of the U.K, which it combined in 2001 with Wasserstein Perella, a U.S. investment bank and M&A specialist. Later that same year, Dresdner Bank itself was bought by the German insurance company Allianz, making DrKW a part of the Allianz Group.

Immediately following the merger, rumors stated that Allianz planned to float off DrKW as a separate unit. However, the new owner restructured the investment bank, redefined its business model, and appointed a new CEO. The changes helped move the bank from loss-making in 2002 to 10 consecutive quarters of profitability beginning in 2003.15

DrKW was headquartered in London and Frankfurt and had offices in New York and Tokyo. Like all traditional investment banks, it helped clients raise funds in the public markets through both equity and debt, and also provided strategic advisory services for mergers, acquisitions and similar transactions. DrKW described itself as a European based investment bank with international reach.

With 6,000 employees (down from 8,000 at the time of the AUianz acquisition) DrKW was organized around two main divisions, Capital Markets (combining its equity and debt franchises) and Corporate Finance & Origination. To compete with much larger rivals like Goldman Sachs, M d Lynch and Deu* Bank, DrKW emphasized innovation and expertise m specific product areas such as debt capital markets.

By 2005, DrKW had worked on deals such as the IPO of Partygaming in the UK, the $13bn merger of Gazprom and Sibneft in Russia (Russia's largest M&A deal ever), and several acquisitions for WalMart. It had a h worked on bond deals for companies such as Volkswagen, KfW, DrKW's parent company Allianz, and the Republic of Poland. In the first half of 2005, DrKW ranked second for completed M&A deals in Germany and fifteenth in global M&A by revenue. In October 2005 DrKW was voted as the "Best Place to Work" in the global financial markets survey.16

Collaboration and l n f m t i o n Sharing

Although investment banks were not renowned for internal collaboration and information sharing, Rangaswami believed that this behavior was becoming a thing of the past. He explained:

Traditionally, there were separate fiefdoms for every major asset class and activity, such as Equities, Fixed Income, Treasury, F3reign Exchange, Corporate Finance, Equity Capital Markets, M&A, Loan Origination, Bond Origination, and so on. There was little or no

l4 "The Secret Is Out: Secret Sparkle Body Spray Launches New Website", Interactive Agency IMC2 press release, (Dallas, TX, May 16,2005), available at http://www.imc2.com/AboutUs/PR13.aspx, accessed September 23,2005

l5 Employer Profile of DrKW at hnkhg Technology's website, available at http://news~fin~lca~eer~.mrn /019/EMPLO~PR0FILE~/na~s1temld-16500~15983, accessed September 23,2005.

l6 "Best Place To Work In The Global Financial Markets Is...... ," Here Is The Best - Online Journul, 20 October 2005, available at h t t p : / / n e w s . h e r e i s t h e c i t y . ~ ~ m / n e w s / b ~ , accessed October 25,2005

Blogs at Dresdner meinwort Wasserstein (A)

interaction or cooperation between the fiefdoms. Also traditionally, these fiefdoms were replicated at each location, so that regional isolation was also common. Information was very tightly held within each silo, and used to protect job tenure. A series of regulations dating back all the way to the Great Depression helped perpetuate this behavior.

Over the last five years or so, investment banks have started to undergo a massive transformation. Instead of being a collection of proprietary trading silos, they have become sigdicantly more client- focused in their strategy and coverage, with organizational structures following suit.

In addition to client demand, there have been three drivers for this transformation: sharply reducing margins as a result of the growing importance of electronic markets; shareholder and analyst pressure for more consistent and less volatile earnings; and the continued global war for talent.

We've had to change the mindset of people who were traditionally not disposed to collaborate across functions, cooperate, or share information. Once people worked out that by leveraging the talent and experience of their colleagues, they made more money, resistance to the idea of collaboration dropped.

l n f m t i o n Technology

JP Rangaswami had been with DrKW since 1997, and had became its global CIO in 2001. (For more on Rangaswami's background, see Exhibit 6.) In response to cost reduction pressures he downsized the bank's IT department from a $1.5 billion17 budget and 2,00018 staff in 2001 to $700 million and about 1,000 staff by 2005 (See Exhibit 7 for an organizational chart of DrKW's IT department.).

Even at this lower level DrKW's IT staff accounted for 13% of total employees, but this was not atypical for the industry. Investment banks had large and complicated IT infrastructures to support the high volume of transactions that had to be executed, recorded, and backed-up with great speed and 100% reliability. Transactions usually involved multiple applications, which had to be integrated and maintained; DrKW had around 900 IT applications running on aver 3,000 servers worldwide.19 The bank's IT staff was also responsible for supporting users' desktop machines and software.

In many companies with complex IT infrastructures the CIO tried to sirnphfy and standardize wherever possible, starting with desktops. Rangaswami, however, had a different philosophy. He believed that users should have the computing environments that they wanted (they should, for example, be free to use either Macs or PCs), and so did not rigidly impose standards. As he explained, "we cannot come with topdown mandates on what programs to use. Instead, we want the best-of-breed to emerge almost out of natural selection."

l7 JO Faragher, "Budgets down, prices plummet," Infoconomy, 7 January 2003, available at ~.infoconomy.com/pages/inf~ram~n-a- accessed May 2005

l8 Estimation based on Dianne See Morrison, "CIO Of The Year JP Rangaswami," Riskruaters, December 1 2003, available at http://db.riskwater~.~0m/public/sh0~Page.hhnl?pagec129216, accessed September 23,2005

l9 Nick Huber, "German bank to cut lT support costs by 85%: Computer Weekly, 27 August 2004, available at http:/ /www.computerweekly.com/articles/article.asp?lel329&cleTl&liCatego'y~l&liChanne1ID =9&liFlavourID=l&sSearch=&nPage=l, accessed May 2005

L Rangaswami was also a firm believefin the open source development model.20 Since his arrival as CIO, over half the company's Unix applications had been 'ported' to the open source operating system Linux. More surprising to some, however, was Rangaswami's willingness to make intemally developed applications available to the open source community. DrKW had developed "openadaptor" as a platform-independent messaging system for integrating disparate systems. The idea behind the system was that DrKW would be able to qdckly and easily connect its systems over the Internet, often without writing a line of code. After initially developing the system for use only at the bank, Rangaswami and the DrKW board decided to formally make the technology open source, in order to expand the utilization of the system and also benefit from external contributions to its devel~pment.~~

Blogging at DrKW

Rangaswami's interest in blogging at DrKW grew out of two trends--one technical, one organizational-that he had observed over his career. As he said:

When corporate computing got started users saw information from internal applications on a screen, but they couldn't manipulate it. Then their desktop terminal got replaced by a PC, which eventually incorporated the WIMP paradigm and WYSIWYG applicati~ns.~ Now users had great freedom to create digital information, but it was still hard to share beyond the PC or generate collaboratively. Third came the World Wide Web, which allowed users to access huge amounts of information, in many formats, from all over the world. But most people didn't contribute much to this sea of information, because they didn't have the tools to do so. As a fourth step, I now believe well see that blogs and technologies like RSS will let us all start producing information and sharing it easily and widely.

This will be a big deal, and it's arriving just in time to help with our collaboration challenges. The internal DrKW blogosphere is a record of our organization's thoughts and conversations. This record is searchable and consultable, and I am confident that it can help make us more collaborative.

The blogging technology solution that the IT department chose was an intemally hosted open- source blogging platform called B2Evolution. Rangaswami and his team selected a small group of users, mostly IT staffers, to test the new technology. The IT department then made blogging available as a tool to a larger group at DrKW. Said Rangaswami:

"Open source dweloprnent" normally referred to open-source software, such as the operating system Linux, where a program's sowee code was publicly available for anyone to modify, repackage and sell, Open source software was collaboratively creaSive, with the programming code available for all to see and provide improvements. In a wider sense, however, the open source model referred to all sources of information, data, pichues, texts, etc. being publicly viewable and modifiable.

21 "New agreement for DrKW with Collabnet to enhance support of the bank's Open Source Community site", Dresdner Kleinwort Wasserstein press release, (London, December 6 2004), available at http.//w~w.drkw.com/eng/l232~2632.php, accessed September 23,2005

22 WIMP denoted a style of human-computer interaction-"window, icon, menu, pointing deviceM-which was the base for the first graphical user interfaces. WYSIWYG ("What You See Is What You Get"; pronounced "wizzy-wig") meant that what a user saw on the screen would also be what was printed; the edited and final product would look the same. This is mostly true for word processors but for instance not for Hl'MLdito~s.

Blogs at Dresdner Kleinwort Wasserstein (A)

We rolled out the first blogs in 2003. For the first 15 m o n ~ , we had some 30 blogs with about 100 postings a month. Very stable usage and nothing spectacular in the numbers we saw. Then something happened in Q4 of 2004. It was a tipping point, and we are actually still not sure why it happened, but all of a sudden, blogging grew rapidly. We now have some 331 blogs with 180 postings a month and 373 comments. Most of these are still IT driven, but about 15 blogs are coming from the business-side.

The bloggers were encouraged to share ideas, requests and criticisms, and to consider the blogs as a forum for people to venture their professional opinions. In Rangaswarni's view, a good blogger was "an expert on the subject, had a clear and passionate voice, and above all showed maturity in the writing." Many blogs also had frequent posts about blogging itself. Commented Malcolm Dick, Head of Sales & Trading Systems:

Although it might look tedious to blog about blogging, I believe it is part of the psogression. We are developing a new way of communicating, and naturally a lot of the early energy goes to agreeing exactly how this new method, or language if you will, is going to work.

Making BZogging Grow

The IT department frequently updated and revised the blog creation software, trying to boost its popularity by making it easer to use. Myrto Lazopoulou, the head of User Centered Design at DrKW, recalled that,

We had a senior director who was very skeptical about blogs. Then he saw that they were actually starting to be used and started following several of them on a daily basis himself. But he thought that it was too hard to get to them, so he asked us to add a blog-icon in the telephone list we have on the intranet. Great input, and something we could easily do. (Figure A below shows an example from the intranet phone List.)

Figure A: Information about one staff member as listed on DrKW's intranet phone list

Link to personal blog added to individual's phone listing

Sou&: DrKW. (Personal information disguised.)

At a presentation to the bank's top management in early 2005, Stuart Berwick, head of IT research, summarized the reasons why blogging would be useful to DrKW. He made three arguments. First, there was ample evidence that blogging was a growing collaborative phenomenon around the world. Second, blogs would help internal knowledge sharing. Third, the aspect of self-gratification sl:auld not be underestimated. An avid blogger himself, Berwich also put blogging in a larger context.

In a way, blogs are websites, version 2.0. The original ideas b e h d the web called for a read and write environment. The web we know so far has been read-only. The write portion is catching up now.

Rangswami added:

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:~eq padm p~~se%m .pnoidde so3 qnnqns uaq ampiq 3ugayzew e io asealar ssaid a amdasd ppoa liueduoa aq ugp~ auodw 1eq anq jou dwaa WM g 'pa* dq 'T@ raw .PI.IOM aplqno aw 01 Sqsod ,s~a%So~q 30 durn, ue 30 eapl aq qw qgepopnoxrn alaM dq MOWJOM qpw uana 1q pqe3q~ dpeaqe ptq aaag~o a~ugduoa put? @%q S,M>IW JO auos

Blogs at Dresdner Kleinwort Wasserstein (G)

Exhibit 1 Sample Blog: Screenshot from Robert Scoble's blog "ScabkW

I Scobleizer: Microsoft Geek Blogger - Microsoft Internet Explorer

@ Tuesday, May 17,2005

M o t h mnounees new Tablet PC The bUpL is going arqund abord a m- Motion Tablet PC: the LE16M. Tablet PC Buzz has a thtead on i t

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IWI"s SVP t nh abad chamhm for amOeot Miutin Nisenholtz, senior vice president of digitat operations at The New York T b Company just was on stage and explained why the NYT is cbarPinn for access ta its amtent now.

Some things that stuck out m my mind

1) Theyarepreparingfw~deathofprint.Itmightnevercame,butthey know that its possible, and are looking to find revenue so that they can contimte in the bosiness ofjournalism.

2) Search eqbes like USN and Google today don% index mtatthat =&w *lCds'h.-s '

people have t~ pay to see. That's an opprhity for search engines. 1 x A a a , @ ? ~oneenghehasrmexclusiveto searchtheNYTscontcnt k u anrr

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If11 be inter- to see how journalism c c m h m to change in reaction to 88 n8 81

the online world d p h

I Me? llLl pay the f 50 a year.

Source: Adapted by case writer from "Scobleizer", available at www.scobleizer.com, accessed 17 May 2005

Exhibit 3 RSS Readers

folders integrated into the email client

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Blogs at Dresdner Klemwort Wasserstein (A)

N O ~ An RSS reader is integrated into the email client, in this case MS Outlook. New posts are automatically downloaded into the specified folder. Here the reader has subscriptions to four newspapers; the right hand side of the screen shows the latest RSS feed from French newspaper Le Monde. The feed shows the headline of a new article and a link to access the article online.

Source: Case Writer

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Blogs at' Dresdner meinwort Waesemtein (A)

Euhbit 5 Sample Screenshot from Procte~ Q Gamble's "Sparkle Boay W y " B l q site < , . . - . , - -

Sparkle Body Spray - Microsoft Internet Explorer I

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Source: Adapted by case writer &om P'QG w M k Sp&e Body SpIy, w w w . ~ k l e ~ t L ~ y . c o n , acc& May 2005

- Exhibit 6 Background: JP Rangaswami, Group CIO, Dresdner Kleinwort Wasserstein

Global CIO of DrKW since May 2001, and was made responsible for all corporate and institutional technology in Dresdner Group since 2003.

A graduate in Fkondcs and Statistics from St Xavier's College, University of Calcutta, Rangaswami specialized in Developmental Economics. Originally a financial journalist, he was Editor of Indian Finance, a weekly journal published from Calcutta. After moving to the United Kingdom, he joined Burroughs Corporation (now Unisys), and also held a number of roles in financial technology with Data General (now EMC) and Cap Gemini before joining Dresdner. Rangaswami has over 20 years experience in financial technology.

Rangaswami has been with Dresdner since early 1997. At Dresdner he was originally responsible for managing the Euro, Minimum Req,uirements and Year 2000 (Y2K) programs globally. He was later appointed CEO of the Technology-Business Incubator, seeking to commercialize and spin off technology products cr&ted in-house. Three such companies were fonned since 2000.

Besides regular speaking engagements, he works closely with early-stage investors in technology as an independent advisor, adopting emerging technologies wherever relevant.

Sourc&Adapted from UK Technology Forum's infbrmation on 2004 speakers, available at http:/ / w w w . c n e t n e t w o r k s . ~ ~ . u l r / e t I / ~ / ~ r ~ a m i h ~ accesed September 23,2005

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Exhibit 7 DrKW Support IT: 0 r g ~ & i o n a 1 Chart

I DrKW Support Motmation Technology

I DrKW Deputy CZlU I

Chief Infarmalirn Of6eer

~eq$$~f Germany i;s*~&ntinenta~ ;.~~A$Euiotle

Source: DrKW