These changes are welcome. While lucrative for practitioners, the pre-crunch banking model brought precious few social benefits. Little if any value was created for investors. It is telling that news of UBS’s withdrawal precipitated a strong rally in its shares.
这些变化是受欢迎的。危机前的银行业模式尽管让从业者有利可图,对社会却没有多大益处,也没有为投资者创造多少价值。瑞银削减投行业务的消息推动其股价大幅上涨,就很能说明问题。
But if it is welcome that banks are pulling back from some “me too trading activities, this will not in itself end the hard-driving short term culture that has come to characterise banking institutions. More still needs to be done if the system is to be run in the interests of shareholders, customers and the economy rather than bankers themselves.
但尽管银行退出某些“模仿交易活动令人欢迎,这种做法本身并不会终结银行业机构作风强硬的短期文化。如果要让银行业体系的运营符合股东、客户和整体经济(而不是银行家自身)的利益,我们还需要更加努力。
Managements must be more realistic about the returns that banks can achieve, and more responsive to efforts to cut gearing and raise capital over time. Bonuses and pay should be more modest. The service culture must be restored in high street banking. These are not things that can be fixed by a few rule-tweaks, or by bolstering the capital that banks are required to hold. They require a real change of heart and expectation. If this cannot be achieved by the current leadership, a new generation will have to be sent for. For until there is real cultural change, the banker bashing will not end.
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