It is a hard slog running a major European investment bank these days. New rules from the U.S. Federal Reserve won't help much. But they could have been a lot worse.
如今，经营一家欧洲大型投资银行可是件苦差事。美国联邦储备委员会(Federal Reserve, 简称：美联储)刚刚颁布的新规没有带来多大帮助，但是它们已经比外界之前的预期宽松得多。
The Fed is trying to increase its oversight of large foreign banks including Deutsche Bank and Barclays so that their U.S. units don't fall short on capital or liquidity. That means, for example, that foreign banks with large U.S. operations will have to hold qualifying equity equivalent to 3% of their assets.
美联储力图对包括德意志银行(Deutsche Bank)和巴克莱(Barclays)在内的大型海外银行加强监管，以保证它们的美国分行不会出现资本或者流动性不足的状况。比方说，新规要求在美国业务规模庞大的外资银行必须达到3%的最低杠杆率要求。
On the face of it, banks that have run capital-light models could have to raise new funds. But they will have until 2018 to meet the rules, rather than until mid-2015 as previously feared. Banks could make up capital shortfalls by accumulating retained earnings or shrinking their balance sheets steadily.
从表面上看，以“轻资本”模式运营的银行可能需要筹措新资金。但它们只要在2018年前达到要求即可，而不是之前担心的2015年年中。充足的时间使银行可以通过积累留存收益或逐步缩小资产负债表的方式来填补资本缺口。
Other potential headaches look manageable. One worry was that the Fed might force foreign banks to rely more on funding themselves within the U.S., rather than relying on cheap loans from their parents. But the final rules suggest such parent-to-subsidiary funding won't be penalized, according to analysts at J.P. Morgan.
其他一些可能令外资银行头疼的问题似乎也很好解决。市场曾经担心美联储会强迫外资银行更多地通过美国境内渠道进行融资，而不是依靠从母公司获得低息贷款。但摩根大通(J.P. Morgan)的分析师说，最终版本的规定暗示，母公司向子公司提供融资的这类行为不会受到惩罚。
Sure, foreign banks will have to set up local holding companies with their own risk committees and a chief risk officer. Another bureaucratic issue, yes. But a game-changing imposition, no.
当然，外资银行在美国当地成立的控股公司必须有自己的风险管理委员会和首席风险长。这又是官僚化的做法没错，但却不是什么过分的要求。
Still, all this may prove only temporary relief. U.S. banks have in general made more progress in repairing their balance sheets and adjusting their business models than their European peers. Banks such as Deutsche and Barclays are still in the middle of substantial deleveraging programs, while weighing which business lines they can and can't afford to be in.
不过，外资银行或许只能暂时松一口气。总体而言，美国的银行在修复资产负债表、调整业务模式方面的进步要比欧洲银行大。德意志银行、巴克莱等欧洲银行仍处于大规模去杠杆化的进程之中，正在权衡哪些业务有能力参与，哪些必须舍弃。
That is having an impact. Both Barclays and Deutsche lost market share in the all-important fixed income, currencies and commodities business last year. Rivals J.P. Morgan, Goldman Sachs and Citigroup all gained, based on data from brokerage Jefferies.
这就带来了一个问题。从券商杰富瑞(Jefferies)提供的数据来看，在重要的固定收益、外汇和大宗商品业务领域，巴克莱和德意志银行去年的市场份额流失，其竞争对手摩根大通、高盛(Goldman Sachs)和花旗(Citigroup)的市场份额均有所增长。
And while the Fed's rules may not be as problematic as feared, they still add to growing worries about the Balkanization of global banking. Already, European politicians have objected to the Fed imposing tougher rules on European banks than U.S. banks face in Europe. That raises the prospect of regulatory tit for tat.
虽然美联储颁布的新规可能不像外界之前担心的那样严苛，但它依然加剧了人们对银行业分化的担忧。关于美联储对欧洲银行提出的监管要求严于欧洲对美资银行提出的监管要求这一点，欧洲政客已经颇有微词。这也增加了两地监管部门将来针锋相对的可能性。
Six years on from the global financial crisis, the banking world is still pulling apart.
在全球金融危机过去六年之际，全球银行业仍在分崩离析。