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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 banks also look more likely to catch up on capital, where they have been deficient compared with their American rivals. Tidjane Thiam, the new boss of Credit Suisse, is expected to raise billions from shareholders. Deutsche Bank is shedding assets, notably its stake in Postbank, an underperforming German retail lender. It has also warned it may forgo a dividend this year for the first time in decades. French banks lag in this regard.

  “In any other industry with excess capacity, you’d have consolidation,” says Huw van Steenis, an analyst at Morgan Stanley. Merging two big beasts, or at least fusing their investment banks, would be a way to cut costs. The euro zone’s new regulatory bodies are not opposed: cross-border mergers would be a show of European financial-market integration. But post-crisis rules designed to rein in “too big to fail” banks mean that larger firms attract even higher capital ratios, crimping returns.

  As for clients, the need for a European banking champion is hard to see. Excess banking capacity, if anything, serves European businesses well: they pay much less in fees than their American peers for things like listing shares on a stockmarket. Few seem to mind tapping a Goldman Sachs or Merrill Lynch for operations that require global reach. That may annoy European bankers, but is hardly a reason to mollycoddle them. If their investment banks cannot pay their way under the current rules, it is the banks that must change, not the regulations.

  From the print edition: Finance and economics

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