The revelation over the summer that banks had manipulated the Libor interest rate so outraged shareholders that in one case – that of Barclays – they ejected the entire top management team (which was dominated by investment bankers). Meanwhile, the spiralling cost of mis-selling scandals in the UK – for payment protection insurance and interest rate derivatives – has emphasised the threat posed to still-weak balance sheets by aggressive transaction-based banking.
今年夏季曝光的多家银行操纵伦敦银行间同业拆借利率(Libor)的丑闻令股东们非常愤怒,其中巴克莱(Barclays)的股东们甚至罢免了整个高层管理团队(主要由投资银行家组成)。与此同时,英国违规销售支付保护保险和利率衍生品丑闻持续发酵,由此造成的影响突显出以激进交易为基础的银行业务对仍然疲弱的资产负债表构成的风险。
But it is not only scandals that have changed the mood. Tightening regulation has started to unpick elements of the pre-crunch model. By forcing investment banks to run with less leverage and driving up the marginal cost of funding, the new rules are progressively driving some banks out of trading. Last week, UBS of Switzerland acknowledged the writing on the wall and announced plans to shut down parts of its investment bank, shedding 10,000 jobs.
但导致态度改变的不仅仅是丑闻。监管收紧也开始消除危机前银行业模式的一些元素。通过迫使投行降低杠杆率和推高边际融资成本,新规正逐渐促使部分银行退出交易业务。上周,瑞银(UBS)承认前景不妙,并宣布计划关闭部分投行业务和裁员1万人。
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