FlyTitle: Banks and the economy

In a topsy-turvy economy Wall Street banks book giant trading profits and giant bad-debt charges

经济混乱不堪之时,华尔街银行录得巨额交易利润和巨额坏账拨备

IF YOU WANT a sense of what is happening to America’s economy during one of the most unusual periods in its modern history, a decent place to start is its banks. Several of the very largest firms, including JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs, have just updated investors. Together they have trillions of dollars of assets and dealings with many of the households and firms hit by the pandemic. The message is that Wall Street is booming even as Main Street is suffering.

要想了解美国在其现代史上最不寻常的时期之一经济状况如何,银行是个不错的起点。包括摩根大通、花旗集团、富国银行和高盛在内的最大的几家银行刚刚向投资者公布了最新数据。它们的资产合计达数万亿美元,与大量受疫情打击的家庭和企业有业务往来。这传达出的信息就是在“民生街”(Main Street)遭受苦难之时,华尔街欣欣向荣。

When the pandemic struck, markets collapsed but the Federal Reserve started buying up government debt and promised to purchase all sorts of private assets, including corporate debt. Shares and bond prices soared and many companies, facing a shortfall in revenue because of the lockdowns, rushed to raise capital, mainly by issuing new bonds to investors but also by selling shares. In total some $5.4trn has been raised worldwide so far this year.

疫情爆发时市场崩溃,但美联储开始购买政府债务,并承诺购买包括公司债在内的各种私有资产。股票和债券价格飞涨,因封城而面临收入不足的许多公司连忙筹集资金,主要方式是向投资者发行新债券,但也出售股份。今年到目前为止,全球融资总额约为5.4万亿美元。

This has created a windfall on Wall Street. In the second quarter markets revenues at Citibank, Goldman Sachs and JPMorgan were higher than at any time since the global financial crisis, almost doubling over the same period in 2019. Goldman Sachs, one of the two remaining big stand-alone investment banks, saw revenues jump by 41%. True to form, it wasted no time in handing over more to its staff. Their 35% pay increase meant that its indulgent and long-suffering shareholders saw profits rise by only 2%.

这让华尔街大赚意外之财。第二季度,花旗、高盛和摩根大通在资本市场的收入创下全球金融危机以来的最高水平,比2019年同期将近翻了一番。仅存的两个大型独立投资银行之一的高盛收入大增41%。一如往常,它马上就把更多的钱发给了员工。35%的薪资增长意味着它们那些宽容但长期饱受煎熬的股东只看到了2%的利润增长。

经济学人双语版-美国之窗 A window on America

The real world is less reassuring. Under accounting and supervisory rules, bankers have to prepare for expected losses on loans that go sour, by making provisions now. The sums involved are staggering. The four big banks that have reported set aside $30bn, on top of the $20bn they earmarked in the first quarter. In total the bad-debt reserves they hold are equivalent to 2-4% of their consumer and corporate loan books. Provisions for bad loans now exceed those set aside at the height of the financial crisis. This dragged overall profits down by 50-70% year on year at the big banking conglomerates. Wells Fargo, which does not have a large Wall Street operation to offset charges for dud loans, recorded its first loss since 2008.

现实世界就没那么让人安心了。根据会计和监管规则,银行人员必须现在就做准备,以应对预期的坏账损失。准备金的数额很惊人。据报道,已公布业绩的四大银行在第一季度拨备了200亿美元的基础上又拨备了300亿美元。它们持有的坏账准备金总计相当于其个人和企业贷款总额的2%至4%。现在的不良贷款准备金规模已经超过了金融危机最严重的时段。这让大型银行集团的整体利润同比下降了50%至70%。富国银行没有大型投行业务来抵消不良贷款拨备,自2008年以来首次录得亏损。

What about the outlook? Few investment-bank bosses expect Wall Street to see such stellar results in the second half of the year. Trading volumes have already fallen back and, now that big businesses have their war chest, they will not need to raise so much new money. But the most striking signal from the banks is just how much depends on whether the virus can be controlled—and what the government does. Asset prices have been lifted because of the extraordinary, and necessary, interventions made by the Fed to restart activity. Main Street is staying afloat thanks to generous government handouts. It is unprecedented that unemployment has jumped to post-war highs while income and savings are rising. Half of the consumers who requested deferrals for credit-card and mortgage payments from JPMorgan have kept paying their bills. Whether they will still do so when the government stimulus tapers is another matter. Ominously, Michael Corbat, the boss of Citigroup, admitted that “We are in a completely unpredictable environment.”

那前景又如何呢?没几个投行老板指望华尔街在下半年也能有如此出色的业绩。交易量已经回落,而且大企业既然已经有了资金储备,也就不需要再度筹集大笔资金。但是,银行发出的最引人注目的信号是事情在很大程度上取决于新冠病毒能否被控制住以及政府如何行动。由于美联储采取了非常且必要的干预措施以重启经济,资产价格上涨。多亏政府慷慨的救济,“民生街”得以维持。失业率已跃升至战后最高水平,与此同时收入和储蓄又在上升,这是前所未有的。向摩根大通申请推迟信用卡和抵押贷款还款的消费者中有一半人一直在支付账单。政府的刺激措施逐渐减少后他们是否还会继续支付就是另一回事了。不祥的是,花旗银行的老板迈克尔·科巴特(Michael Corbat)承认:“我们处于一个完全不可预测的环境中。”

That the banks are not sharing the pain in a time of hardship may stick in the craw. But it is better than weak lenders dragging down the rest of the economy, as in the financial crisis. The idea of letting lenders run investment banks no longer looks as risky as it did, given that Wall Street revenues generate profits which can offset Main Street losses. And America’s banking system sits on a vast capital buffer worth a total of $1.2trn. The message from banks is not reassuring. The state of banks is more so.■

银行在困难时期竟没有分担痛苦,这可能会让人不爽。但这总比让疲弱的贷款机构拖累整个经济要好——金融危机期间就是如此。鉴于华尔街的收入所产生的利润或许能抵消“民生街”的损失,任由贷款机构经营投资银行的想法看起来不再像从前那样有风险了。而且美国的银行系统拥有总值1.2万亿美元的庞大资本缓冲。银行发出的信号不能让人安心。银行的状况更是如此。