全球银行无意撤出亚洲市场

 　　Twenty-six banks involved in a single equity¹ raising sounds like a foolhardy strategy in most parts of the world.

　　在世界大部分地区，26家银行参与一笔股权融资交易听起来像是鲁莽的策略。

　　But not in Asia.

　　但在亚洲，情况并非如此。

　　Here it makes sense to cram² on to the ticket of Postal³ Savings⁴ Bank of China’s $8bn initial public offering with more than two dozen rivals.

　　在这里，与20多个对手扎堆参与中国邮储银行(PSBC) 80亿美元首次公开发行(IPO)是有道理的。

　　A crowded market is not the only thing banks have to contend with in the populous⁵ and diverse continent.

　　在这个人口多、差异大的大洲，市场拥挤并非银行要应对的唯一问题。

　　Growth is slowing, costs and risks are higher and bankers face difficult negotiations⁶ with clients that refuse to pay the going international rate.

　　增长在放慢，成本和风险在增加，银行家与客户谈判很困难，因为客户拒绝按当前国际标准付费。

　　So why are most of the world’s top banks determined⁷ to stay in the region — where they invested heavily from the start of the millennium⁸ — when they can make easier money back home?

　　那么，当大多数世界顶级银行在本土赚钱更容易时，它们为何决定留在亚洲呢？从本世纪初开始，世界顶级银行对亚洲进行了大笔投资。

　　Many would argue that they are not.

　　很多人会辩称，这些银行并没有决心坚守亚洲。

　　Big banks’ cuts in Asia — from Goldman Sachs’ recent cull⁹ of 15 per cent of its Asia ex-Japan investment bankers to the sharp reductions that Barclays, Deutsche Bank and Royal Bank of Scotland have taken to their businesses — have been well documented.

　　各大银行近来纷纷缩减亚洲业务：高盛(Goldman Sachs)把亚洲（不含日本）投资银行家人数减少15%，巴克莱(Barclays)、德意志银行(Deutsche Bank)和苏格兰皇家银行(RBS)更是大幅缩减业务。

　　Eight of the top foreign banks in the region cut front office headcount by between 10 and 15 per cent from 2012 to 2015, according to data compiled by consultant¹⁰ McLagan.

　　咨询机构麦理根(McLagan)汇编的数据显示，从2012年到2015年，落户亚洲的8家顶级外资银行把前台员工数量减少了10%至15%。

　　Guy Mozokowski, a US banking¹¹ analyst¹² at Autonomous¹³, says: Asia is not something the firms have spoken about much of late — but actions speak louder than words, and we’ve seen reports?.?.?.?that make it pretty clear that the firms are downsizing in Asia investment banking.

　　Autonomous的美国银行业分析师盖伊.莫佐科夫斯基(Guy Mozokowski)说：亚洲并非各公司近来谈论很多的话题——但事实胜于雄辩，我们看到很多报告表明……各公司在削减亚洲投行业务。

　　But reports of scaling back do not capture the full story, with banks once again looking to grow in certain sectors¹⁴ and countries in Asia Pacific.

　　但是，有关缩减的报告并未体现全貌，因为有些银行再度寻求在亚太地区的某些行业和国家扩大业务。

　　This is perhaps unsurprising in a region where revenues at 12 of Europe’s and the US’s biggest banks have risen by about 15 per cent — to $81bn — in the past decade, according to data from Capital IQ.

　　对亚太而言，这或许并不令人意外。资本智商公司(Capital IQ)数据显示，过去10年期间，12家欧美大银行的亚太营收增长了约15%，至810亿美元。

　　Barclays is selectively hiring.

　　巴克莱正在有选择地招聘员工。

　　Credit Suisse and UBS are aggressively expanding, particularly in wealth management.

　　瑞信(Credit Suisse)和瑞银(UBS)正在大举扩张，尤其是在财富管理领域。

　　Standard Chartered is upgrading its talent so that it can serve a broader range of industries.

　　渣打(Standard Chartered)正进行人才升级，以便能为更多行业服务。

　　Even Goldman, home to the most recent cuts, will not countenance¹⁵ the idea that it is in retreat.

　　甚至最近削减业务的高盛，也不会支持它在撤退的说法。

　　We have to be nimble, it’s absolutely not about pulling back, says one senior executive.

　　我们必须变得灵活，我们绝对不是要后撤，一名高管表示。

　　We have not pulled out of a single business or region.

　　我们没有撤出任何业务或地区。

　　There’s a fascination¹⁶ with the business that does not seem to go away, says Gokul Laroia, Morgan Stanley’s co-chief executive for Asia Pacific on banks’ staying power.

　　银行业务具有一种魔力，看起来不会消失，摩根士丹利(Morgan Stanley)负责亚太业务的联合首席执行官高浩澧(Gokul Laroia)在谈到银行的后劲时表示。

　　There is no denying that the market has some unattractive features.

　　这并非否认该市场存在某些不招人喜欢的特点。

　　Fees in Asia are typically 45 to 60 per cent lower than in the US and Europe across deal sizes, according to Dealogic data.

　　Dealogic数据显示，无论交易规模大小，亚洲投行业务的收费通常比美欧低45%至60%。

　　Lower fee income is exacerbated¹⁷ by the high cost of operating across several jurisdictions¹⁸, languages and legal systems and the compliance¹⁹ risks, and it is not hard to see why Asia is perceived as a profitability desert.

　　在多个司法管辖区运营、应付多种语言、司法体系以及合规风险的高昂成本，加重了收费低的困难，我们不难看出，为何亚洲被视为一块盈利沙漠。

　　So what do Asia-based investment bankers see in the region? To begin with, bankers do not have to make money in Asia for their Asian strategies to work.

　　那么，常驻亚洲的投资银行家在当地看到了什么？首先，银行家们未必在亚洲赚到钱，才算是亚洲战略奏效。

　　There is an explicit²⁰ understanding and appreciation²¹ that you cannot be a global investment bank without an Asian presence, says Reid Marsh²², head of APAC investment banking at Barclays, which has made big cuts in Asia.

　　有一种大家心知肚明的观点是，你必须有亚洲业务，才算得上一家全球投行，巴克莱亚太投行业务主管里德.马什(Reid Marsh)说。该行已大幅削减了亚洲业务。

　　Bankers say that means the real economics of their businesses is better than the published numbers.

　　银行家们表示，这意味着，他们业务的实际经济效益要好于公布的数字。

　　Others point out that banks can find fee sweet spots — for instance, by advising the US buyer of Chinese assets instead of the (penny-pinching) Chinese seller.

　　其他银行家指出，银行可以找到收费甜蜜点——比如，在美国企业收购中国资产时，向美国买方而不是（吝啬的）中国卖方提供咨询。

　　As for rising competition, while Chinese banks dominate the league tables for total Asian investment banking fees, once Chinese activity is stripped out, the data tells a different story.

　　至于说竞争加剧，尽管在总体亚洲投行收费排行榜上占主导地位的是中资银行，但把中资银行参与的交易剔除后，数据就呈现出不同的面貌。

　　For example, in Asia excluding China, US and European banks have the top four places in the Mergermarket league table that ranks banks by the value of the deals they have worked on so far this year.

　　例如，欧美银行在今年迄今的Mergermarket亚洲（不含中国）交易排行榜上占据了前四名。该榜单的排名依据是银行参与的交易规模。

　　Western banks argue for the exclusion²³ of China on the basis that they do not contest much of the domestic Chinese business, either for M&A or for raising money.

　　西方银行支持在排名时把中国剔除掉，理由是它们并不参与大部分中国国内业务，无论是并购(M&A)还是融资业务。

1 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

2 cram   

v.填塞，塞满，临时抱佛脚，为考试而学习

参考例句：

• There was such a cram in the church.教堂里拥挤得要命。
• The room's full,we can't cram any more people in.屋里满满的，再也挤不进去人了。

3 postal   

adj.邮政的，邮局的

参考例句：

• A postal network now covers the whole country.邮路遍及全国。
• Remember to use postal code.勿忘使用邮政编码。

4 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

5 populous   

adj.人口稠密的，人口众多的

参考例句：

• London is the most populous area of Britain.伦敦是英国人口最稠密的地区。
• China is the most populous developing country in the world.中国是世界上人口最多的发展中国家。

6 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

7 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

8 millennium   

n.一千年，千禧年；太平盛世

参考例句：

• The whole world was counting down to the new millennium.全世界都在倒计时迎接新千年的到来。
• We waited as the clock ticked away the last few seconds of the old millennium.我们静候着时钟滴答走过千年的最后几秒钟。

9 cull   

v.拣选；剔除；n.拣出的东西；剔除

参考例句：

• It is usually good practice to cull the poorest prior to field planting.通常在实践上的好方法是在出圃栽植前挑出最弱的苗木。
• Laura was passing around photographs she'd culled from the albums at home.劳拉正在分发她从家里相册中挑选出的相片。

10 consultant   

n.顾问；会诊医师，专科医生

参考例句：

• He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
• Originally,Gar had agreed to come up as a consultant.原来，加尔只答应来充当我们的顾问。

11 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

12 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

13 autonomous   

adj.自治的；独立的

参考例句：

• They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
• This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。

14 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

15 countenance   

n.脸色，面容；面部表情；vt.支持，赞同

参考例句：

• At the sight of this photograph he changed his countenance.他一看见这张照片脸色就变了。
• I made a fierce countenance as if I would eat him alive.我脸色恶狠狠地，仿佛要把他活生生地吞下去。

16 fascination   

n.令人着迷的事物，魅力，迷恋

参考例句：

• He had a deep fascination with all forms of transport.他对所有的运输工具都很着迷。
• His letters have been a source of fascination to a wide audience.广大观众一直迷恋于他的来信。

17 exacerbated   

v.使恶化，使加重( exacerbate的过去式和过去分词 )

参考例句：

• The symptoms may be exacerbated by certain drugs. 这些症状可能会因为某些药物而加重。
• The drugs they gave her only exacerbated the pain. 他们给她吃的药只是加重了她的痛楚。 来自《简明英汉词典》

18 jurisdictions   

司法权( jurisdiction的名词复数 )； 裁判权； 管辖区域； 管辖范围

参考例句：

• Butler entreated him to remember the act abolishing the heritable jurisdictions. 巴特勒提醒他注意废除世袭审判权的国会法令。
• James I personally adjudicated between the two jurisdictions. 詹姆士一世亲自裁定双方纠纷。

19 compliance   

n.顺从；服从；附和；屈从

参考例句：

• I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
• She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。

20 explicit   

adj.详述的，明确的；坦率的；显然的

参考例句：

• She was quite explicit about why she left.她对自己离去的原因直言不讳。
• He avoids the explicit answer to us.他避免给我们明确的回答。

21 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。

22 marsh   

n.沼泽，湿地

参考例句：

• There are a lot of frogs in the marsh.沼泽里有许多青蛙。
• I made my way slowly out of the marsh.我缓慢地走出这片沼泽地。

23 exclusion   

n.拒绝，排除，排斥，远足，远途旅行

参考例句：

• Don't revise a few topics to the exclusion of all others.不要修改少数论题以致排除所有其他的。
• He plays golf to the exclusion of all other sports.他专打高尔夫球，其他运动一概不参加。