当然,出现这种状况的部分原因在于客户们的紧张情绪(尤其是对欧债危机的担心)引起市场状况恶化。但这不是全部原因。摩根士丹利的业绩也落后于同行。比如说,高盛(Goldman Sachs)的同类固定收益业务只下跌了37%。
Morgan Stanley tried to point the finger at Moody’s, the rating agency, whose impending downgrade on the bank (from A2 to Baa1) cost the bank $225m – and supposedly kept bankers busy reassuring clients and counterparties, rather than drumming up new business.
摩根士丹利也试图把这种状况归咎于评级机构穆迪(Moody's)。穆迪宣布要调低摩根士丹利的评级(从A2调降到Baa1),导致该行付出了2.25亿美元的成本。此举据称还使银行家忙于安抚顾客和交易对手,无暇拓展新业务。
The broker’s turnround strategy includes refocusing the fixed-income business on flow trading rather than structured products, which will require more capital under the new regulations. Then there is the tie-up of its wealth management business with Smith Barney, the retail brokerage. This should benefit from scale and will be a nice earner if markets recover.
这家经纪商为扭转经营状况而制定的战略之一是,将固定收益业务的重心由结构性产品重新转向“流交易(flow trading)。按照新的监管规则,这种做法需要更多资本。此外,该行将其财富管理业务与零售经纪商美邦(Smith Barney)进行了整合。整合将产生规模效应,在市场复苏时将体现出良好的盈利能力。
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