In the first quarter of this year, as global capital markets soared, Morgan Stanleyreceived a big boost from bond sales and trading, which propelled earnings past expectations and inspired optimism that the bank’s turnround was progressing.
今年第一季度,随着全球资本市场上涨,摩根士丹利(Morgan Stanley)的业绩通过债券销售和交易获得大幅提升,盈利情况超过预期。这激发了投资者的乐观情绪,他们认为该行情况正在好转。
Sadly, the market rally, and the good feelings that came with it, evaporated in the second quarter. The US bank’s sales and trading revenues from fixed income and commodities were just $770m (excluding benefits from changes in the value of Morgan Stanley’s own debt). That is down from $2.6bn in the first quarter.
遗憾的是,市场止跌回升的势头以及随之而来的乐观情绪,在第二季度消失得无影无踪。这家美国银行通过固定收益和大宗商品业务取得的销售和交易收入仅7.7亿美元(其中不包括摩根士丹利自身债务价值变化带来的收益)。这个数字比第一季度的26亿美元低70%左右。
Of course, some of that 70 per cent decline can be pinned on a market downturn driven by client anxiety, in particular over Europe’s debt crisis. But not all of it. Morgan Stanley underperformed peers, too. The comparable fixed-income business across at Goldman Sachs, for example, fell just 37 per cent.
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