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托福阅读材料:银行与虚无(经济学人文章)

2016-07-25 12:45:36来源：网络

　　本文是The Economist: Banking and nothingness. 这篇文章中“But American investment banks also have lower costs, having trimmed staff sooner. ”这句话里的trim staff表示的是“裁减员工”的意思。托福阅读材料:银行与虚无(经济学人文章)希望对大家托福备考有所帮助。更多精彩尽请关注新东方在线托福网!

　　Banking and nothingness

　　Europe’s dithering banks are losing ground to their decisive American rivals

　　Oct 17th 2015 | From the print edition

　　YOU wait ages for a European bank to send a clear signal on its future strategy and then it gives two in as many days—saying seemingly opposite things. On October 11th the chairman of Barclays hinted its investment-banking unit might be flogged to a rival for want of scale. Investors intrigued by the prospect of a simpler Barclays focused on dull-but-reliable retail banking had but a few hours to ponder the prospect. By the next day reports emerged that the same chairman had plumped for a former J.P. Morgan investment banker, Jes Staley, to be the bank’s next boss.

　　Seven years after the height of the financial crisis, Europe’s large banks still behave as if they are in the thick of the storm. Plans for radical restructurings are shelved before they are even implemented, often accompanied by management defenestrations—Barclays is one of four big European banks with new leaders. And they have dithered on the most basic questions, for example on how much capital they need or whether to scale back misfiring investment-banking arms.

　　In this section

　　Banking and nothingness

　　Collateral damage

　　Pegs under pressure

　　Transfer window

　　The unstimulating stimulus

　　Reality cheque

　　ReprintsEuropean indecisiveness stands in sharp contrast to America’s large banks, which restructured more quickly. Returns are below pre-crisis levels, but their balance-sheets are stronger and management teams bedded in. European banks are still weighed down by non-core units and dud loans; America’s banks have moved on.

　　Investors have noticed. Most big European banks, including Deutsche Bank and HSBC, trade at a discount to tangible book value: in theory, they would be better off wound up and money returned to shareholders. Bar Citi, America’s largest banks trade at a premium to book value. Shareholder returns for big American and European banks used to track each other; now a chasm has opened up (see chart 1).

托福阅读材料:银行与虚无(经济学人文章)

　　In investment banking, Wall Street is relentlessly gaining market share at Europeans’ expense (see chart 2). The business of helping companies raise money on capital markets, trading bonds and generally shifting money around is one that European banks are not keen to give up. But fund-raising clients are deserting the likes of Barclays and Credit Suisse for Goldman Sachs and J.P. Morgan.

托福阅读材料:银行与虚无(经济学人文章)

　　Many factors help explain the disarray of European banks. Profits across all their lines of business have been hit by years of anaemic economic growth; America’s banks have been lending in a more buoyant environment. Interest rates in the euro zone are set to stay lower for longer, making it harder to generate decent net interest margins from lending. Europe’s banking market is fragmented and includes politically controlled lenders, such as Landesbanken in Germany, which sap profits for everyone.

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