MBA英语热点阅读：摩根大通

成就未来管理者 深圳华章www.szhzmba.com MBA英语热点阅读：摩根大通 　　The challenges facing America’s least tainted large bank 　　美国受损最轻的大银行面临的挑战 　　ASK Jamie Dimon if he wants to be America’s next treasury secretary, a job for which the head of JPMorgan Chase (JPM) is a dark-horse candidate, and he clams up. Ask him about almost anything else in finance and he is far less reticent. In an industry whose leaders remain scared to lift heads above the parapet, Mr Dimon has been unusually vocal in criticising the regulatory overhaul of finance. He recently grilled Ben Bernanke, the chairman of the Federal Reserve, in public about the unintended consequences of America’s Dodd-Frank reforms. 　　现任摩根大通（JPM）总裁的杰米?戴蒙很意外地成为了下一任美国财政部长的候选人。当被问及是否愿意担此大任时，他就三缄其口。无论问他关于金融的任何事，他的回答都留有余地。在金融领域，领导者们都畏畏缩缩，默不作声，只有戴蒙敢于批判金融监管改革中出现的问题。最近，他就公开质问美联储主席本.伯南克关于美国《多德.弗兰克改革》中可能出现的不可预期的结果。 　　Mr Dimon’s assertiveness is explained by both congenital self-confidence and the success of his firm. JPM came through the crisis largely unscathed, making a profit in every quarter (not even Goldman Sachs managed that). Last year it made a record $17 billion after tax. It was expected to report second-quarter profits of close to $5 billion after The Economist went to press. 　　戴蒙的自信心和公司的成就体现了他卓越的韧性。摩根大通在经济危机中几乎未受影响，且每个季度都有盈利（高盛都没能做到）。去年，它又创下了税后170亿美元的盈利 记录 混凝土 养护记录下载土方回填监理旁站记录免费下载集备记录下载集备记录下载集备记录下载 。第二季度，正值《经济学人》付梓之际，其预计盈利将达到50亿美元。 　　Having invented some of the most radioactive instruments of the crisis, including credit-default swaps, the bank knew what to avoid. This left Mr Dimon free to snap up tottering rivals including Bear Stearns, an investment bank, and Washington Mutual, a thrift. These deals cemented his reputation for being part of the solution, not the problem. Since the crisis the bank has increased its market share in all its main businesses, from retail and investment banking to asset management. It could soon pass Bank of America as the nation’s largest bank by assets—though by shrinking less rather than growing more. 　　摩根大通善于扬长避短，并创造了信用违约掉期等一系列极具影响力的金融工具。这使得戴蒙能够毫无顾忌地抢购风雨飘摇中的对手，包括投行贝尔斯登，华盛顿互助储蓄银行等。戴蒙签署的收购协议提升了他解决问题的能力，巩固了他在风险应对中的地位。金融危机以来，摩根大通从零售和投行到资产管理等主要业务活动的市场份额都有提高。它很快将超越美洲银行成为美国资产最雄厚的银行，虽然业务量有减无增。 　　JPM has thus become the emblematic Wall Street bank of the age, just as the newly formed Citigroup (which Mr Dimon also helped to build) captured the spirit of the times in the late 1990s and Goldman was the envy of all before the crisis. It is more coherent than Citi was, more diversified than Goldman. But it faces steeper challenges than the punchy Mr Dimon or his well-oiled PR machine cares to admit. 　　大摩因此而成为这华尔街最具时代性的代 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 银行，就如同20世纪末新成立的花旗银行（戴蒙协助建立）主宰了时代的精神，高盛在危机之前为众人艳羡一样。它的发展比花旗更协调，比高盛更具多样性。然而，它却面临更加严峻的挑战，连戴蒙以及他动力十足的公关机器都不能确定有多严峻。 　　First, some big crisis-era headaches are still to clear. The purchases of Bear and WaMu extended its investment-banking clout and branch network (by over 2,000 outlets) but also brought with them piles of duff assets. About $30 billion of WaMu’s loans are in run-off, which is why the bank’s overall loan book is shrinking. 　　首先，危机时期的几个大难题还有待理清。对贝尔和华互的收购提升了其投行业务的影响力并扩张了分支机构网（增加了2000多营业部），与此同时也增加了一些不必要的无用资产。大约有300亿美元的华互贷款正在流失，缩减了其贷款账项的总额。 　　This “detritus of the storm”, as Mr Dimon calls it, will be expensive to clear up. The bank’s giant retail division made a loss in the first quarter, thanks to mortgage write-offs and legal costs. A recent $154m settlement with regulators over collateralised debt obligations was nothing compared with what is to come once the firm agrees terms with investors and attorneys-general over dodgy mortgage securities and mishandled foreclosures. Another hefty payout could be required to settle a $19 billion damages claim from the trustee for Bernie Madoff’s collapsed businesses, whose main bank JPM was. 　　戴蒙称其为“暴风雨的残渣”，其清理的成本相当昂贵。它最大的零售部门在第一季度遭到亏损，主要原因是抵押贷款坏账冲销和法务成本的增加。最近，大摩与监管机构签署了一亿五千四百万美元的债务协议，这都不算什么，一旦他与投资者和检查总长在风险抵押证券和止赎权的错误处理方面达成一致将相当危险。另外它将为伯纳德?麦道夫生意的失败支付给信托公司190亿美元的巨额赔偿费用，因为它承担了其主要的银行业务。 　　Once all this is dealt with and the environment is more “normal”, Mr Dimon thinks JPM could earn $22 billion-24 billion a year. At home, where its retail business is concentrated, growth by acquisition will be hard because it is already bumping up against regulatory market-share limits. Mr Dimon envisages strong organic growth as the economy recovers, helped by the opening of another 2,000 branches over five years. But loan growth will remain weak while households pay down debt. 　　随着这些问题都迎刃而解，且金融环境趋于“正常”以后，戴蒙认为大摩盈利将在每年220到240亿美元左右。在国内，其核心是零售业务，要想通过并购达到扩张的目的比较困难，因为它已经发展到市场份额的监管极限了。在近五年内，戴蒙将开设2000个分支机构，这将促使大摩完成经济复苏期强劲的渐进增长的设想。随着越来越多的家庭选择现金支付的方式，贷款增长的势头将减缓。 　　The bigger challenge is to strengthen its presence abroad, where around a quarter of group revenues are earned. JPM is formidable in global investment banking and private banking. But there are yawning gaps. It is, for instance, behind Citigroup in cash management and other “transaction services” for multinationals—a boring but lucrative business. 　　虽然大摩在国外的业务为其赚取了近四成的利润，要巩固国外的地位它将面临更大的挑战。不过它在全球的投行业务和私人银行业务的地位不容小觑。现金管理业务和针对跨国公司的“交易服务”（单调却获利多的业务）的地位也仅次于花旗银行。 　　Keen to boost its presence in emerging markets, JPM last year bought a majority stake in Gávea, a Brazilian investment firm. As part of a big push in commodities, it spent $1.7 billion on RBS Sempra. The commodities division reportedly made a loss of $200m-400m last year, thanks to hefty costs and sagging markets. “We planned for ups and downs. We’re in for the long haul,” insists Mr Dimon. 　　急于扩大新兴国家市场份额的大摩去年注资控股了巴西投行公司Gávea。继而又掷17亿美元收购RBS Sempra，在商品业务方面迈出一大步。去年，由于高昂的成本和市场的疲软，导致其商品业务出现2亿到4亿美元的亏损。“前面的目标任重而道远，我们准备好了，”戴蒙坚定地说道。 　　Questions hang over the impact of regulation on returns, too. Dodd-Frank could have been worse for JPM, which will, for instance, be able to hold onto its sizeable private-equity investments. But Mr Dimon lost some key battles over things like card fees. (In contrast, Citi in the 1990s had regulators eating out of its hand.) Margins are also under pressure in derivatives, which account for a third of the firm’s investment-banking revenues. The Basel rules will force it to hold much more equity than it had going into the crisis. 　　利润管制也给它造成了一些困扰。多德-弗兰克法案对大摩的影响比预期的要好，它庞大的私募股权投资业务将得到保全。但戴蒙在银行卡收费方面却打了败仗（相反，20世纪末，花旗却幸免于难）。金融衍生品占据投行收入的三分之一，现也面临较大的盈利压力。根据巴塞尔协议的规定，它必须掌握更多的股权以避免陷入危机。 　　Investors might also wonder if JPM, with 240,000 employees, 110 trading desks and a $2.2 trillion balance-sheet, has grown too complex to manage. Mr Dimon is passionate about the benefits of bigness, insisting that “anyone who says [economies of scale] don’t exist is crazy.” It helps that he does not try to impose a monolithic culture on the firm’s disparate businesses, and that he encourages his lieutenants to confront bad news, not bury it. The list of potential successors, should he fall under a limo, is impressive. Still, some worry that the firm will be less potent without him. 　　大摩拥有24万名职工，110个交易柜台，以及22000亿美元的总资产，如此庞大的公司规模令投资者对其管理的复杂性颇为关注。庞大的规模带来的好处使戴蒙激动不已，他坚称：“那些认为[规模经济]不存在的人是疯子。”在公司多样的业务中，他并没有倡导单一的文化，这对公司的发展大有裨益。而且他鼓励员工积极面对负面新闻，而非消极掩饰。他若隐退江湖，潜在继承人的名单将激荡人心。当然，在很多人看来，公司若没有他竞争力也将随之减弱。 　　American banks face the added challenge of relative decline versus European and Asian rivals. In 1990 all of the ten leading firms in American investment banking were home-grown. Last year only five were. The number could fall to just a couple by 2020, says Mr Dimon. Naturally, he thinks JPM will be on the list. But uneasy lies the head that wears Wall Street’s crown these days, however brash. 　　与欧洲和亚洲的竞争对手相比，美国的银行企业面临相对市场份额减少的压力。1990年间，美国所有的 10家投资银行都是本土企业。到2020年这个数字将下降到聊聊几个，戴蒙说道。当然，他认为大摩将会位列其中。但这些天华尔街笼罩在一些不稳定的因素之中，虽然这种不稳定性将会不攻自破。