经济学人:瑞士银行 谭天忠的微调(2)

 　　He now intends to bring in SFr4bn through a rights issue. (Share sales in 2015 raised SFr6bn.) 他现在打算通过供股来注入四十亿瑞郎。（2015年的股权交易筹集了六十亿瑞郎。）

　　Shareholders¹ had never been keen on the flotation, which would have diluted² their returns from the division that contributes most to Credit Suisse's profits. 股东们从来不会热衷于增发新股，因为这将会稀释他们从红利分配中获得的收益，而红利分配占瑞士信贷利润的比重最大。

　　A climb in the share price, by more than 50% since July, has made a rights issue more attractive. 自7月来，股价增幅超过50%并正处于高点，这使得增发更加吸引人。

　　The issue will lift Credit Suisse's ratio of common equity³ to risk-weighted assets (a key gauge⁴ of banks' strength) from 11.7% to 13.4%. 股票发行会将普通股在风险加权资产中的比重（衡量银行实力的关键指标）从11.7%提高至13.4%。

　　That boosts it from a middling position among its European peers, but still leaves it behind Deutsche and UBS, its bigger Swiss neighbour. 这样的做法会使瑞信在处于中等位置的欧洲同行里脱颖而出，但是仍然排在德银和瑞银（瑞士联合银行）之后，而瑞银是瑞信在瑞士最大的邻居。

　　Mr Thiam claimed the quarterly figures endorsed⁵ a strategic shift towards Asia which he announced 18 months ago. 谭天忠宣称，季度数据确保了他在十八个月前曾宣布的面向亚洲的战略转移。对许多人来说，这种结构看起来不太平衡，但是谭天忠确信它正在见效。

　　He considers the region's newly rich to be ideal clients for a bank which can meet the needs of both their businesses and their families. 他把该地区的新富人视作银行的理想客户，这样的银行要能够满足他们来自企业与家庭的需求。

　　Credit Suisse's Asian division, like the Swiss universal bank, provides wealth management and investment banking⁶ locally. 瑞士信贷的亚洲分部，如瑞士环球银行，因地制宜地提供财富管理与投资银行服务。

　　Functional⁷ divisions serve the rest of the world. 各职能部门服务于世界其他地区。

　　To many, this structure looks lopsided. 对于很多人来说，这种结构看起来有点儿不平衡。

　　Mr Thiam is sure that it is working. 但谭先生确定这会起作用的。

　　The Asian wealth-management business saw profits rise by two-thirds in the year to the first quarter. 亚洲财富管理业在今年第一季度增长了三分之二。

　　The region's markets business tumbled into loss, but Mr Thiam insists that a change of management will help turn it around. 而该地区的市场业务陷入亏损，但是谭天忠坚持称管理方式的改变会有助于扭转现状。

　　All this should placate⁸ shareholders, who have had plenty to grumble⁹ about—and whom Mr Thiam faces at the annual meeting on April 28th. 所有这些消息都应该会安抚股东的情绪，他们已经有一大堆的抱怨了，而谭天忠会在4月28日的年度大会上面对这些人。

　　This month he and other executives gave up 40% of their latest bonuses, which had been criticised by advisers¹⁰ to institutional investors¹¹. 本月，他与其他高管放弃了最近一次奖金的40%，这次高额奖金早已受到机构投资者的顾问的批评。

　　The bosses had hit their targets, but the bank lost money in 2015 and 2016. 在2015与2016年，老总们达到了拿高薪的目的，但是银行却发生了亏损。

　　Better luck this year. 祝今年好运。

1 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

2 diluted   

无力的，冲淡的

参考例句：

• The paint can be diluted with water to make a lighter shade. 这颜料可用水稀释以使色度淡一些。
• This pesticide is diluted with water and applied directly to the fields. 这种杀虫剂用水稀释后直接施用在田里。

3 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。

4 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

5 endorsed   

vt.& vi.endorse的过去式或过去分词形式v.赞同( endorse的过去式和过去分词 )；在（尤指支票的）背面签字；在（文件的）背面写评论；在广告上说本人使用并赞同某产品

参考例句：

• The committee endorsed an initiative by the chairman to enter discussion about a possible merger. 委员会通过了主席提出的新方案，开始就可能进行的并购进行讨论。 来自《简明英汉词典》
• The government has broadly endorsed a research paper proposing new educational targets for 14-year-olds. 政府基本上支持建议对14 岁少年实行新教育目标的研究报告。 来自《简明英汉词典》

6 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。

7 functional   

adj.为实用而设计的，具备功能的，起作用的

参考例句：

• The telephone was out of order,but is functional now.电话刚才坏了，但现在可以用了。
• The furniture is not fancy,just functional.这些家具不是摆着好看的，只是为了实用。

8 placate   

v.抚慰，平息(愤怒)

参考例句：

• He never attempts to placate his enemy.他从不企图与敌人和解。
• Even a written apology failed to placate the indignant hostess.甚至一纸书面道歉都没能安抚这个怒气冲冲的女主人。

9 grumble   

vi.抱怨；咕哝；n.抱怨，牢骚；咕哝，隆隆声

参考例句：

• I don't want to hear another grumble from you.我不愿再听到你的抱怨。
• He could do nothing but grumble over the situation.他除了埋怨局势之外别无他法。

10 advisers   

顾问，劝告者( adviser的名词复数 )； （指导大学新生学科问题等的）指导教授

参考例句：

• a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
• She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会