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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

　　European bank bosses also blame changing regulations for their vacillating strategies. They have had a tougher job adapting to new global rules, which have moved them towards an American model. The introduction of a leverage ratio, which limits the amount banks can borrow in order to make loans, is a transatlantic import. It punishes big banks holding relatively safe assets such as mortgages or government bonds—the essence of European banking. By contrast, American banks act as conduits to capital markets and hold relatively few mortgages on their balance-sheets, thanks partly to government agencies like Fannie Mae and Freddie Mac.

　　Some of the finer print of regulation in Europe has indeed been a long time coming. A new euro-zone banking regulator—a direct consequence of the euro crisis—is only now getting into its stride, nearly a year after it was created. Swiss rules on leverage and British ones on “ringfencing” retail arms, both out this week, have taken ages to emerge.

　　But Europe’s bankers have also been in denial, confident their political masters would sooner row back on regulation than force them to retrench. Having dithered, they now have to make up ground, most obviously by further slimming down their investment banks. These guzzle capital, and have a knack for attracting multi-billion dollar fines to boot. UBS, a Swiss outfit that throttled its investment bank, is a darling among both regulators and investors.

　　Rivals unready to go down the same road—not every bank has a lucrative wealth-management franchise like UBS’s to fall back on, after all—stress that investment banks are needed to help firms and governments raise capital. Policymakers want to lean less on banks and more on capital markets. But at current rates, bankers warn, only Wall Street titans will be able to help Europe’s companies find investors or advise them on mergers. Frédéric Oudéa, the boss of Société Générale, a French bank, argued in a Financial Timesarticle this week that having a Europe-based investment bank was a matter of “economic sovereignty”.

　　That is obviously self-serving. The prosaic truth is that American investment bankers are more efficient. A large part of that is home-turf advantage: half of all global investment-banking revenues are generated in America. Size also matters in banking: market-share gains are going to the bigger firms (see chart 3). Europe’s investment banks tend to be smaller.

托福阅读材料:银行与虚无(经济学人文章)

　　But American investment banks also have lower costs, having trimmed staff sooner. Around 70% of European investment banks’ income is soaked up by staff costs, about 15 percentage points higher than in America. That, at least, is starting to be addressed. Deutsche Bank’s new boss, John Cryan, has a reputation as a ruthless cost-slasher and is expected to announce massive job cuts soon.

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