Why commuter trains are the best place to gather market intelligence
From overheard conversations to poorly concealed laptop screens, the morning commute is a rich source of leaked information, says Sam Turvey
Every year my communications consultancy puts out a global M&A leaks report highlighting where in the world leaks are most prevalent, and speculates on why people leak confidential information.
A debate normally ensues about who, specifically, is doing all the leaking. Is it the investment bankers, the corporate lawyers, a company’s c-suite or the financial PR advisor? Indeed, we have dedicated entire industry events to this topic and I suspect we still don’t know who is doing it. It’s all best guess really.
There is another prime candidate for the source of business leaks, however, whether deal related or otherwise. Many of you will be familiar with these people too.
The humble overland train commuter, distinct from the silent tube traveller, is a surprisingly chatty soul. Bumping into friends and the occasional matey colleague on the platform, conversation often ensues about work and life with little regard for the public setting.
Train carriages are not an extension of the office
Then you have the Airpodded person who seems to think the train carriage is an extension of their office, or that because we can’t hear the other person speaking we can’t hear them; or at least can’t understand what’s going on. We can!
Most days, I and about 40 other people within earshot on my carriage will pick up a nugget of confidential information thanks to the half hour in and out of London we share. This morning it was the expected 2024 bonus for a city banker. I got his first name but not the surname. Drinks are on him by the way.
The train of course has a long history of leaked information. Most famously the left behind briefcase full of papers and these days the laptop or iPad. A quick Google of the subject throws up bountiful examples. Apparently, a civil servant left Al-Qaida documents on the train in 2008. Theresa May left her travel diary in 2017. Robert Jenrick was accused of leaving a ministerial red box in 2023. And in the same year a gentleman called Graham sat next to a noisy lawyer and could have ransomed his law firm with the information, according to a Law Society article.
While everyone knows the train is not a private place, it is amazing how many work screens can be easily seen from the seat next door and how many open conversations still takes place. Perhaps it’s because the train carriage is the spiritual transition venue for commuters as they morph from domestic demeanour to business professional. The process sadly emits information that would otherwise be considered private.
The train carriage is the spiritual transition venue for commuters as they morph from domestic demeanour to business professional. The process sadly emits information that would otherwise be considered private.
Whatever the reason, the commuter train remains a haven for leaks. So when journalists call me up hustling for intelligence – which they often do given my profession – I should really start suggesting they simply join some Great Western Rail trains in the morning or evening and seek out the middle aged person in suit talking with Airpods pressed in. They’ll get far more useful scoops doing that than calling me!
Sam Turvey is managing partner at H/Advisors Maitland