2019年经济学人 敦促合并(2)

 

Cutting costs—for instance by closing branches—might take out 30% of Commerzbank's cost base, according to Magdalena Stoklosa of Morgan Stanley.

削减成本—例如关闭分支—或许可以节省德国商业银行30%的基本开支，摩根史坦利投资公司的Magdalena Stoklosa表示。

Should the pair come to talking about takeover terms,

两家银行应该开始谈论收购条款，

Commerzbank's bargaining position looks far stronger than it could have dreamed of a few years ago.

德国商业银行的谈判地位看起来比几年前就能梦想到的更加牢固。

Neither bank can be called highly valued: the stockmarket prices Deutsche at a paltry¹ 24% of net book value and Commerzbank at 31%.

两家银行都不能被称为高价值：德意志银行股票市场价格不足帐面净值的24%，德国商业银行是31%。

But so far has Deutsche fallen that its market capitalisation is now just twice Commerzbank's, against six times as much in 2013.

但到目前为止德意志银行市场总值在2013年下跌6次，现在其市场总值仅为德国商业银行的两倍。

Even taking into account Deutsche's talent for attracting trouble, for Commerzbank the ratio may not get better than this.

即便是将德意志银行引起麻烦的天赋考虑在内，对德国商业银行而言，这一比率或许也不会比这个更好。

Besides extra bulk and the chance to serve more of the Mittelstand—Germany's myriad², mainly family-owned, companies—

除了额外买卖和服务更多中小型企业的机会之外—德国无数的、主要是家族所有的公司—

Commerzbank offers Deutsche improved funding. Commerzbank relies more than Deutsche on deposits,

德国商业银行能提供给德意志银行增加的资金。德国商业银行比德意志银行更依赖于存款，

which are cheaper and stickier than funds from financial markets.

存款比金融市场上的资金更便宜且难对付。

Its 311bn euros ($363bn) of deposits at the end of September were worth 63% of its adjusted assets; Deutsche's 553bn euros, 52%.

截止9月，其3110亿欧元（3630亿美元）的存款占其调整后资产63%；德意志银行为5530亿欧元，占52%。

So deep have been Deutsche's woes³ that for most of the past three years its five-year credit-default-swap spreads—

德意志银行的悲痛如此深沉—在过去三年中的大部分时间中，其5年信用违约交换利差—

the cost of insurance against its failure to honour a bond—have been wider, often by half a percentage point or more, than those of the smaller bank.

因没能遵守兑现债券而支付的保险成本—已经扩大，通常是半个百分点或比那些小型银行要多。

Last month it sold bonds at steepish yields.

上个月，它以起伏陡峭的收益率出售了其债券。

Although a merged⁴ bank would have more heft at home,

虽然一家合并银行在国内更具重要性，

it is hard to see what a takeover could do to restore Deutsche's fortunes as a global investment bank.

但很难看清一次收购能为恢复德意志银行作为一家全球投资银行的地位做些什么。

Having wisely given up its own international investment-banking ambitions, Commerzbank has little to offer.

已经明智放弃国际投资银行雄心的德国商业银行已经没什么能够提供的了。

Admittedly, Deutsche is not alone: since 2012, notes a new report by Morgan Stanley,

无可否认，德意志银行并不孤单；自2012年以来，摩根史坦利投资公司在一份新报告中写道，

European investment banks have lost nine percentage points of market share in America,

欧洲投资银行已经失去了美国9%的市场份额，

while Wall Street firms have gained the same amount in Europe.

而华尔街公司已经在欧洲获得了同等的份额。

Though Deutsche is still Europe's biggest, as well as its homeland's flag-bearer, it will need more than a merger⁵ to patch its tattered⁶ standard.

虽然德意志银行仍是欧洲最大的，也是德国最大的旗手，但要修补其破碎的标准，需要的不仅仅是一次合并。

1 paltry   

adj.无价值的，微不足道的

参考例句：

• The parents had little interest in paltry domestic concerns.那些家长对家里鸡毛蒜皮的小事没什么兴趣。
• I'm getting angry;and if you don't command that paltry spirit of yours.我要生气了，如果你不能振作你那点元气。

2 myriad   

adj.无数的；n.无数，极大数量

参考例句：

• They offered no solution for all our myriad problems.对于我们数不清的问题他们束手无策。
• I had three weeks to make a myriad of arrangements.我花了三个星期做大量准备工作。

3 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

4 merged   

（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中

参考例句：

• Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
• The small shops were merged into a large market. 那些小商店合并成为一个大商场。

5 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

6 tattered   

adj.破旧的，衣衫破的

参考例句：

• Her tattered clothes in no way detracted from her beauty.她的破衣烂衫丝毫没有影响她的美貌。
• Their tattered clothing and broken furniture indicated their poverty.他们褴褛的衣服和破烂的家具显出他们的贫穷。