经济学人84:花旗集团 付讫前行

 Citigroup花旗集团Paying up and moving on付讫，前行The perennial¹ basket-case of American banking² at last shows signs of life数年崩溃下美国银行业终于显现生机THERE were many reasons why Citigroup's earnings³ for the second quarter, released on July 14th, might have elicited⁴ familiar groans⁵. Revenues from its North American retail⁶ operations plunged⁷ by 26%, thanks in part to an abrupt⁸ drop in the refinancing of mortgages due to rising interest rates. Worse, the bank agreed to a $7 billion settlement with prosecutors⁹ over its dealings in mortgage-backed securities before the financial crisis, twice what analysts¹⁰ had initially¹¹ expected and 20 times what Citi had first offered. Yet in the wake of all this bad news, Citi's shares rose.

7月14日，花旗集团发布其第二季度盈利，这可能又会引发一片熟悉的呻吟声，之所以会如此，原因众多。花旗的北美零售业务收入锐减26%，部分原因是由于利率上升，抵押贷款再融资急剧下降。更糟的是，该银行同意就其在金融危机之前的抵押贷款支持证券交易支付70亿美元，与检方达成和解。这个金额是分析师此前初步预计值的两倍，更是花旗最初愿意支付金额的20倍。但是，紧随所有的这些坏消息之后，花旗的股价上涨。

In part, that is because Citi's troubles are, for the most part, reassuringly¹² typical of American banks. Wells Fargo, America's biggest bank by valuation, had previously¹³ announced its first decline in earnings per share since the financial crisis thanks largely to the refinancing drought. By the same token, Citi's income from trading bonds, currencies and derivatives¹⁴ fell no more dramatically than that of its rivals.

某种程度上，这是因为花旗的麻烦在很大程度上使众多典型的美国银行放下了心。受金融危机影响，美国市值最高的富国银行此前首次宣布每股收益下降，很大程度上要归结于再融资的干涸。同样的道理，花旗买卖债券、货币和衍生品的收入下降，其竞争对手也没讨到什么好。

花旗集团.jpgEven the settlement may have cheered investors¹⁵. Although the accompanying statement of facts fingered the bank for giving misleading information about the quality of the mortgages that underpinned¹⁶ securities it sold, there was little to fuel private lawsuits¹⁷ seeking compensation. The most incriminating element was an e-mail from an unnamed trader saying, “I would not be surprised if half of these loans went down.” No employees have been charged with any sort of fraud related to the sales. Moreover, a provision of the settlement protects Citi from prosecution¹⁸ on similar grounds for its sales from 2005 to 2007 of another sort of toxic¹⁹ financial instrument, collateralised debt obligations.

和解协议可能会使投资者们感到振奋。尽管随附的声明已指出银行故意歪曲抵押贷款质量，提供误导性资料而出售支持证券，但几乎没有激起要求赔偿的私人诉讼。大部分控诉材料来自于一位不愿透露姓名的交易员，他发电子邮件称“这些贷款即使有一半贬值，我也不会感到惊讶。”没有员工被指控犯有任何形式的与销售相关的欺诈行为。此外，和解协议中的一项条款将花旗从类似起诉中解救出来，花旗被控自2005年到2007年间销售债务抵押债券（另一类有毒金融资产）。

Attention is now shifting to Citi's future. Michael Corbat, its boss since 2012, has concentrated on cutting costs and selling unprofitable businesses. But there are also hints of growth: lending rose by 4%, thanks to strong demand from European and American companies. Profits from advising on mergers²⁰ and underwriting stocks and bonds were up too—possibly a sign of bigger banking opportunities ahead.

现在，众人都将注意力转至花旗的未来上。2012年以来，花旗CEO迈克尔?考伯特一直专注于削减成本以及出售无利可图的业务。然而集团业务也有增长的迹象：得益于欧、美公司的强劲需求，银行贷款上升了4%。而为兼并和承销股票及债券提供咨询服务产生的利润亦同比增长—这可能标志着银行业更大的机会即将到来。

Citi's market capitalisation remains²¹ far lower than its accounting²² value, suggesting concerns remain about hidden problems. But the disparity has begun to shrink, as has the premium²³ it pays to borrow. As one fund manager puts it, the debate over Citi's prospects²⁴ has shifted from whether it might die to how it might survive.

花旗集团的市值仍远远低于其账面价值，意味着仍需关注其潜在问题。但因为它为保证金支付的借款，两数值之间的差距已经开始缩小。正如一位基金经理所说的那样，花旗的前景之争已然从它是否会就此消亡转至它该如何存活下去。

1 perennial   

adj.终年的；长久的

参考例句：

• I wonder at her perennial youthfulness.我对她青春常驻感到惊讶。
• There's a perennial shortage of teachers with science qualifications.有理科教学资格的老师一直都很短缺。

2 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。

3 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

4 elicited   

引出，探出( elicit的过去式和过去分词 )

参考例句：

• Threats to reinstate the tax elicited jeer from the Opposition. 恢复此项征税的威胁引起了反对党的嘲笑。
• The comedian's joke elicited applause and laughter from the audience. 那位滑稽演员的笑话博得观众的掌声和笑声。

5 groans   

n.呻吟，叹息( groan的名词复数 )；呻吟般的声音v.呻吟( groan的第三人称单数 )；发牢骚；抱怨；受苦

参考例句：

• There were loud groans when he started to sing. 他刚开始歌唱时有人发出了很大的嘘声。 来自《简明英汉词典》
• It was a weird old house, full of creaks and groans. 这是所神秘而可怕的旧宅，到处嘎吱嘎吱作响。 来自《简明英汉词典》

6 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

7 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

8 abrupt   

adj.突然的，意外的；唐突的，鲁莽的

参考例句：

• The river takes an abrupt bend to the west.这河突然向西转弯。
• His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。

9 prosecutors   

检举人( prosecutor的名词复数 )； 告发人； 起诉人； 公诉人

参考例句：

• In some places,public prosecutors are elected rather than appointed. 在有些地方，检察官是经选举而非任命产生的。 来自口语例句
• You've been summoned to the Prosecutors' Office, 2 days later. 你在两天以后被宣到了检察官的办公室。

10 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

11 initially   

adv.最初，开始

参考例句：

• The ban was initially opposed by the US.这一禁令首先遭到美国的反对。
• Feathers initially developed from insect scales.羽毛最初由昆虫的翅瓣演化而来。

12 reassuringly   

ad.安心，可靠

参考例句：

• He patted her knee reassuringly. 他轻拍她的膝盖让她放心。
• The doctor smiled reassuringly. 医生笑了笑，让人心里很踏实。

13 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

14 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

15 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

16 underpinned   

v.用砖石结构等从下面支撑（墙等）( underpin的过去式和过去分词 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强

参考例句：

• The report is underpinned by extensive research. 这份报告以广泛的研究为基础。
• The statue of Diana was underpinned with charred piles. Diana雕像是建造在炭化了的木桩上的。 来自辞典例句

17 lawsuits   

n.诉讼( lawsuit的名词复数 )

参考例句：

• Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权，耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
• I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多，赢的也多，输的也多。 来自辞典例句

18 prosecution   

n.起诉，告发，检举，执行，经营

参考例句：

• The Smiths brought a prosecution against the organizers.史密斯家对组织者们提出起诉。
• He attempts to rebut the assertion made by the prosecution witness.他试图反驳原告方证人所作的断言。

19 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

20 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

21 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

22 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

23 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

24 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。