Banking
銀行業(yè)
Big U.S. banks get even bigger
美國(guó)銀行巨頭進(jìn)一步擴(kuò)張
Looking at them now, nursing self-inflicted wounds from the financial crisis, it seems hard to believe that America's big banks could be even bigger and stronger a decade from now. But that's the scenario many industry analysts envision.
美國(guó)的大型銀行自作自受，眼下正在舔舐著金融危機(jī)帶來(lái)的創(chuàng)傷。眼前的情形很難讓我們相信，在未來(lái)的十年內(nèi)，美國(guó)的大型銀行將進(jìn)一步擴(kuò)大規(guī)模和勢(shì)力。但是，這確實(shí)是行業(yè)分析師們的預(yù)見(jiàn)到的情形。
Once the euro crisis clears and America fixes its mortgage mess, giants like J.P. Morgan will enter a new era of expansion. Yes, new regulations will impose higher costs and reduce once-lucrative trading profits, resulting in far slower growth for the largest players. But those regulations will also make it tougher for others to challenge their top positions. Investment banks Goldman Sachs and Morgan Stanley won't be able to use the levels of leverage they once did to boost revenue-generating trading operations, making them prey for the megabanks.
等到歐元危機(jī)平息，美國(guó)解決抵押市場(chǎng)的混亂狀態(tài)之后，摩根大通銀行（J.P. Morgan）等大型銀行將進(jìn)入擴(kuò)張的新時(shí)代。誠(chéng)然，新出臺(tái)的法規(guī)將增加它們的成本，壓縮一度十分豐厚的營(yíng)業(yè)利潤(rùn)，從而導(dǎo)致這些最大型銀行的增長(zhǎng)放緩。但是，這些法規(guī)也使其他銀行無(wú)力挑戰(zhàn)這些行業(yè)巨頭的地位。高盛投資銀行（Goldman Sachs）和摩根士丹利（J.P. Morgan）等投資銀行將無(wú)法故技重施，繼續(xù)利用杠桿比率來(lái)刺激產(chǎn)生收入的交易，最終，它們將淪為銀行業(yè)巨頭的獵物。
Think of tomorrow's banks as highly regulated public utilities: They'll hold lots of capital, eke out profits, and hire managers who shun risk. Welcome to the big and boring future of banking.
其實(shí)，我們不妨把未來(lái)的銀行想象成受到政府高度監(jiān)管的公用事業(yè)：它們將持有大量的資金，勉強(qiáng)維持盈利，并且會(huì)聘用經(jīng)理人來(lái)回避風(fēng)險(xiǎn)。如果果真如此，未來(lái)的銀行將會(huì)進(jìn)入龐大但缺乏生機(jī)的新階段。
—Scott Cendrowski
——斯科特·森多維斯