双语阅读｜德意志银行拟融资调整战略
THREE times since the financial crisis, Deutsche Bank’s bosses have turned to its shareholders for cash: €10.2bn ($13.6bn) in 2010, €3bn in 2013 and €8.5bn in 2014. Since becoming chief executive in 2015, John Cryan has had no plans to ask for more. Deutsche still needed to thicken its equity cushion, but disposals, cost cuts and earnings (if any: it has made losses for the past two years) would provide the stuffing.
自金融危机以来，德意志银行管理层三次向股东伸手要钱：2010年融资102亿欧元（136万美元），2013年30亿欧元，2014年85亿欧元。自2015年出任首席执行官以来，约翰·克莱恩（John Cryan）一直没有计划进行更大数额的融资。德银仍需充实资本，不完，通过出售资产，削减成本以及盈利（如果有盈利的话：过去两年德银一直处于亏损状态）等方式来实现。
Well, plans change. On March 5th Mr Cryan announced an €8bn rights issue. Some comfort for investors: the price, €11.65 a share, is 39% below the previous close; and Mr Cryan, who had suspended the dividend, promises a return to “competitive” payouts next year. In another reversal, Deutsche will keep rather than sell Postbank, a mass-market retail business that was once part of the post office. Deutsche has owned it since 2010.
不过，计划有变。3月5日，克莱恩宣布德银将发行80亿欧元股票。让投资者稍感安慰的是：每股11.65欧元的发行价较上周五收盘价折价39%；此前克莱恩暂停了分红，但承诺明年将恢复分红，股息“很有竞争力”。另一个变化是德银不会出售德国邮政银行。德国邮政银行曾属德国邮政，经营面向大众市场的零售业务，在2010年起纳入德意志银行麾下。
Postbank and the posher “blue” Deutsche Bank brand will be more closely integrated—notably, sharing computer systems. Mr Cryan is also selling a slice of Deutsche’s asset-management division and some lesser assets. And he is reorganising its corporate and investment bank to concentrate on serving multinational companies, taking charge of the American business himself.
德国邮政银行与金融巨头德意志银行的整合将会更为紧密——尤其是两家银行将共享电脑系统。克莱恩还将出售德银资产管理业务的少数股权以及一部分不重要的资产。同时，他还要重组企业和投资银行，将业务重心集中于服务跨国企业，并且他还将直接负责德银的美国业务。
The shifts on Postbank and the share issue are two sides of a coin. Selling Postbank had been part of Deutsche’s plan to raise its ratio of equity to risk-weighted assets—an important gauge of resilience—above 12.5% by 2018. With the capital increase, Deutsche says, the ratio would have been 14.1% at the end of last year, rather than 11.9%. It should stay “comfortably” above 13%.
放弃出售邮政银行和发行新股这两大战略改变犹如一枚硬币的正反两面。德银计划到2018年将资本充足率（衡量银行风险抵御能力的重要标准）提高至12.5%以上，出售邮政银行曾是此计划的一部分。德银表示，随着资本充实，资本充足率去年底本该达到14.1%，而非11.9%。保持在13%以上是很“轻松”的事。
Mr Cryan may be making virtue out of necessity: he was struggling to get the price he wanted for Postbank. However, Deutsche says altered circumstances have made Postbank a better prospect.
克莱恩可能是不得已而采取了这些行动：他在努力为德国邮政银行争取他要求的收购价格。不过，现在德银表示由于形势发生变化，邮政银行前景向好。
Supervisors demand a higher leverage ratio (of equity to total liabilities) of Deutsche than of the many smaller institutions, chiefly municipally owned savings banks or co-operatives, where most Germans stow their cash. But this has turned out to be lower than first expected—so that retaining Postbank requires less equity. Mr Cryan also reckons that the miserable, ultra-low-interest-rate economics of German retail banking are improving and that there is strength in scale in a land of more than 1,600 lenders. Postbank and the blue brand each have around 5% of retail deposits.
根据监管部门要求，德银杠杆率（总负债与权益资本比率）应高于其它规模更小的金融机构，即各城市储蓄银行或合作社，大部分德国人将积蓄储存在此。不过，杠杆率实际上却低于预期值——因此，德银继续保留邮政银行所需要的资本变少。克莱恩认为，虽然在超低利率的经济环境里，德国零售银行曾苦不堪言，不过，现在状况正在好转；1600多家银行已形成了有规模的力量。现在邮政银行以及德银各自拥有约5%的零售存款。
A deal in January with America’s Department of Justice has also made it easier to tap shareholders. In September the DoJ demanded $14bn to settle claims that Deutsche mis-sold residential mortgage-backed securities in its swashbuckling pre-crisis days, and sent the shares plummeting. The eventual bill, $7.2bn, less than half of it in cash, came as a relief.
在一月，德银与美国司法部达成的和解同样使得德银向股东融资变得更为容易。去年九月，针对德银在泡沫满天飞的金融危机前不当销售住房抵押贷款证券的行为，美国司法部开出了140亿美元的和解要求，使得德银股票大跌。最终敲定的金额为72亿美元，不到总额的一半，实让德银松了口气。
Though Deutsche still claims “global corporate-and investment-banking ambitions”, feeding the domestic roots looks wise: America’s big banks show that domestic strength begets strength abroad. But there is another lesson. Like many European lenders, Deutsche has taken too long to choose a course. Meanwhile, the Americans have marched into the distance.
虽然德银“全球企业及投资银行之雄心”仍未动摇，然而，稳固其国内根基似乎更为明智：美国各大银行先例表明，银行只有在本土市场拥有强大地位才能确保在海外市场也能势头强劲。不过，德银还要吸取另一教训。与很多欧洲银行一样，德银在选定路线上花费了太长时间。在他们忙着研究路线的时候，美国人甩开他们很远了。
编译：覃思晓
审校：郭娜
编辑：翻吧君
来源：经济学人