As the dust starts to settle, which banks deserve the most plaudits?
当尘埃开始落定，哪家银行将贏得最多喝彩？
Trying to work out which banks are the world’s best is a bit like awarding the prize for prettiest war-torn village. It is a title that carries little kudos. It is also likely to prompt further shelling. Winners of industry awards in the past three years include Ken Lewis, the chief executive of Bank of America, for banker of the year (2008); Soci6t6 G6n6rale for its risk management; and Angelo Mozilo of Countrywide, a failed mortgage3 lender, for a “lifetime of achievement”.
想要评出哪家银行是世界上最好的，有点像从饱受战争蹂躏的村庄中评选出最美的村庄,这是一个并不光彩的头衔,也可能弓I发对企业的刨根问底。在过去三 年间，金融行业的优胜者包括美国银行的首席执行官肯?刘易斯,获评为2008年锒 行家,法国兴业银行因其风险管理获奖，以及失败了的破产抵押人，美国国家金融 服务公司的安吉罗?莫奇罗’因终身成就而获奖。
Still, the question is becoming more pertinent. After months of indiscriminate fear, widespread losses and government hand-holding, the banking industry is gradually stabilising. Money markets are steadily calming. American banks that got a clean bill of health in this month’s stress tests are queuing up4 to repay government money. A first wave of escapees5 is likely to include Goldman Sachs, Morgan Stanley and JPMorgan Chase. Those banks that emerge from this crisis with reputations and franchises strengthened will find it increasingly easy to raise funds, win clients, attract employees and buy assets.
然而，问题变得越来越集中。经过几个月的无所不在的恐惧，广泛的损失以及 政府调控后，银行业正在逐步企稳。金融市场正逐渐恢复平静。美国的一些银行经 过了这个月的压力测试,表明其财务状况良好,正在排队等候偿还政府的贷款。第 一波的幸存者可能包括包括高盛、摩根斯坦利和摩根大通公司。在危机中脱颖而出 的这些公司,声望和政府的特殊照顾都有所加强，这些公司筹集资金、贏得客户、吸 纳人才，以及购买资产会比以前容易。
However the pack is shuffled, a few names keep resurfacing — in America, Goldman Sachs and JPMorgan Chase; and in Europe, Credit Suisse, Deutsche, BNP, Barclays and Santander. They can be vdiittled down‘ further. In Europe, concerns over what lies on the balance-sheets of Deutsche and Barclays are ebbing but are not gone. The British bank’s willingness to consider a sale of BGI, its asset -management arm, suggests worries over capital. Both banks still have lots of legacy assets, many of them tucked in the banking book.
银行业正在洗牌，一些公司将继续其荣耀一美国的高盛和摩根大通公司、欧 洲的瑞士信贷集团、德国德意志银行、法国巴黎银行、英国巴克莱银行，以及西班牙 桑坦德银行。这些名字未来可能会减少。在欧洲，人们对德国德意志银行和英国巴 克莱银行资产负债表的担忧正在减少，但却没有消失。英国银行正考虑卖掉BGI，其 资产管理的左膀右臂，也表明对资产情况非常焦虑。这两个银行都有很多遗产资 产，这些资产来自开户人的存折。
In America, Goldman still has legions of admirers. It has posted losses of less than $8 billion to date, a performance not nearly as bad as those of its direct peers. Its focus on risk management is a template for others to follow. But its renewed swagger should not conceal the fact that itneeded to convert into a bank-holding company in order to survive the market storm — nor the questions that hang over its future earnings in a re-regulated industry.
在美国，髙盛公司仍然备受倾慕。到目前为止,髙盛公司公布了只有不到80亿美元的损失,表现比其它同行要好 些。高盛专注与风险管理的现念是 其他银行学习的样板。然而这些成 绩不能掩盖这样的事实:它需要成 为银行持股公司，以便躲过市场风 暴银行业的再规范也为其未 来盈利带来了重重疑问。
That leaves Credit Suisse and JPMorgan Chase to take the grand prizes. Credit Suisse has had its share of mishaps during the crisis but it was quick to scale down its balance-sheet, has plotted a credible strategy for its investment bank and pulled well ahead of UBS, its main rival inwealth management. As for JPMorgan Chase, it has kept a tight rein on risk, managed capital well and acquired sensibly. None of this is much comfort for weary Swiss and American taxpayers, of course. Well-run or not, both banks present the problem of being far too important to fail.
瑞士信贷银行和摩根大通拔 得头筹。瑞士信贷银行在这场危机中虽然有些损失，但它迅速对资产进行减值准 备,为投资银行标明信用对策,并遥遥领先于其资产管理方面的主要对手瑞士联合 银行。至于摩根大通公司，它严格控制风险，对资本管理得当，且投资理性。这两家 银行对萎靡的美国和瑞士纳税人心存蒈锡。不论经营情况如何,两家银行的问题是 都太重要而不能倒闭。