2019年经济学人汇丰银行的最新计划(1)（打印版）

When NOEL QUINN took over as interim chief executive of HSBC from John Flint,

奎恩接替约翰·范宁（8月他被董事会罢免）出任汇丰银行临时首席执行官时，

ousted by the board in August, analysts expected a change in style.

分析师们认公司风格将发生改变。

Whereas Mr Flint was seen as a cerebral introvert, Mr Quinn is forthcoming, verging on blunt.

范宁被认为是一个理性内向的人，而奎恩则很直率，近乎直言不讳。

On that front, at least, HSBC's first quarterly-results announcement on his watch did not disappoint.

至少在这个方面，汇丰银行在他任期内发布的首份季度业绩报告没有让人失望。

Although its Asian business "held up well in a challenging environment",

奎因10月28日表示，尽管其亚洲业务“在充满挑战的环境中表现良好”，

performance in other areas was “not acceptable”, Mr Quinn said on October 28th.

但在其它领域的表现“令人无法接受”。

Third-quarter net profits, down by 24% on the same period last year, to $3bn, undershot pundits' forecasts by 14%.

第三季度净利润为30亿美元，比去年同期下降24%，比专家预测的低14%。

Revenues fell by 3.2%, to $13.4bn, missing expectations by 3%.

营业收入下降3.2%，至134亿美元，低于预期3%。

Return on tangible equity (ROTE), its chief measure of profitability, reached 6.4%, compared with analysts' forecast of 9.5%.

其主要衡量盈利能力的指标——有形资产收益率（ROTE）达到6.4%，而分析师的预测为9.5%。

Investors agreed with Mr Quinn: the bank's shares dropped by 4.3% on the news in London.

投资者同意奎因的观点：伦敦消息传出后，该银行股价下跌了4.3%。

They have fallen by about 11% in the past six months.

在过去六个月内，股价下跌了约11%。

HSBC's woes can be blamed in part on broader conditions: low interest rates, a slowing global economy,

汇丰银行的困境可部分归咎于更广泛的情况：低利率、全球经济放缓、

business uncertainty in Brexit-hit Britain and trade tensions (HSBC is the world's largest provider of trade finance).

英国脱欧带来的商业不确定性以及贸易紧张（汇丰银行是全球最大的贸易融资提供商）。

Yet that is hardly likely to reassure investors.

然而，这很难让投资者安心。

Tom Rayner of Numis Securities, a broker, points out that although some of these trends may be reversed,

努米斯证券公司的汤姆·雷纳指出，尽管其中一些趋势可能会逆转，

others, such as Brexit and the trade wars, may linger. Interest rates may well fall further.

但其他情况，如脱欧和贸易战争可能会持续。利率很可能进一步下降。

Investors are not yet pricing in any impact from protests in Hong Kong, where HSBC is the largest lender.

投资者尚未消化香港抗议活动的影响，汇丰是香港最大的银行。

That is too optimistic, says Fahed Kunwar, at Redburn, another broker.

另一家证券公司Redburn的Fahed Kunwar说，这太乐观了。

Mr Quinn does not deny the scale of the challenge.

奎因并不否认挑战的规模。

HSBC is ditching its rote target of 11% for 2020, and there are hints of a radical overhaul.

汇丰银行正在放弃其到2020年达到11%的既定目标，并且有迹象表明将进行彻底的改革。

Mr Quinn spoke of accelerating plans to "remodel" poorly performing businesses.

奎因谈到了加速“重塑”经营不善业务的计划。

In August the bank announced a plan to complete 4,700 redundancies by the end of this year.

今年8月，该银行宣布了一项计划，计划在今年年底前完成4700项裁员。