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Deutsche Bank
德意志银行
Two’s company
两人成伴
Hard questions loom for the new bosses of Germany’s national banking champion
德国最大银行的新总裁们面临着隐隐出现的棘手问题
Dual passports
双重护照
IN THE entrance to Deutsche Bank’s London office is a giant silver ball with a hole in the middle that offers an inverted reflection of the viewer and bank. The sculpture, which is called “Turning the World Upside Down III”, is a fitting metaphor for the changes sweeping the banking industry. Deutsche itself has had a good crisis, eschewing direct help from the German government and rebuilding its balance-sheet to regain its place as the biggest bank in Europe by total assets. Yet its world is turning upside down, too.
德意志银行伦敦分行的入口处有一巨型银球，球中有洞，窥洞中可见观者与德行的倒影。这尊名为“颠倒世界III”的雕塑对于席卷银行业的变革浪潮是一个贴切的暗喻。德意志银行独善其身，很好的度过了危机，他们避开德国政府的直接援助，重建自己的资产负债表，欲借资产总额重归欧洲最大银行之席。然而，德行的世界也正发生着翻天剧变。
The most obvious upheaval is in the executive suite. On June 1st two new co-chief executives, Jürgen Fitschen and Anshu Jain, will take over from Josef Ackermann, who has run the bank for a decade. Mr Fitschen, the boss of Deutsche’s German operations, is a far less controversial figure than Mr Jain, an Indian-born, American-educated British citizen who has propelled Deutsche’s rise in investment banking. Mr Jain’s elevation is a remarkable one in a corporate culture as crusty as Germany’s: most bosses are either German or native German-speakers from Switzerland or Austria. His appointment has also provoked a backlash from an “old guard” within Deutsche who fear the growing influence of the investment bank, which is based almost entirely in London and is staffed largely by non-Germans.
管理层的剧变尤为明显。新任联合首席执行官安舒·贾恩(Anshu Jain)和尤尔根·菲茨岑(Jurgen Fitschen)将于6月1日走马上任，从执掌德意志银行十年的约瑟夫·阿克曼（Josef Ackermann）的手中接过大权。论争议性人物，德行德国业务主管菲茨岑先生远不如贾恩先生。英国人贾恩先生出生于印度，求学于美国，他一手推动了德意志银行在投资银行中的崛起。德国企业文化素来顽固保守，高层大都以德国人或瑞士、奥地利的德语区人士为主，故贾恩先生的高升着实令人惊叹。这次任命同样也激起了德行内部“保守派”的对抗情绪——德行的投行部几乎完全设立在伦敦，员工多为非德裔，投行部日益增大的影响力令“保守派”担忧。
Yet the focus on Mr Jain is a distraction. The bank’s biggest task is not to convince investors that it has the right executives in place—big investors and fund mangers see the new team as more shareholder-friendly than the old one. It is to prove that it has enough capital and liquidity to satisfy regulators and that it can adapt its business model to a topsy-turvy landscape.
然而对贾恩先生的关注是件分心事。 依大投资者和基金管理人之见，新领导团对股东比上任要友好的多，因此德行目前的最大任务不是说服投资者，自己选对了领导人选，而是向他们证明，自己有足够的资本和流动资金来满足监管机构的要求，并能在业界一片颠倒混乱的情况下调整自己的业务模式。
Start with capital Deutsche has total assets of close to 2.1 trillion ($2.7 trillion), and total equity of 56 billion.In terms of simple leverage, the bank has just 1 in equity backing every 38 of assets.
先谈谈资本。德行的资产总额约2.1万亿欧元（2.7万亿美元），权益总额560亿欧元。而就简单杠杆率而言，德行每38欧元的资产仅兑换1欧元股本。
The bank argues that these figures are misleading. By netting off derivatives that offset each other and making a few other adjustments, it calculates its leverage ratio at 21 times, still considerably higher than most peers in Europe and America.
德行辩称上述数据有误导性。在扣掉了可互相抵消的衍生品，进行其他几项微调之后，德行自我估算的杠杆率为21倍，这仍旧远高于多数欧美同类银行。
Like other banks, Deutsche also argues that a simple leverage ratio is not much use in assessing the risks that lenders take.
与其他银行一样，德行也争论道，说简单杠杆率在评估贷方承担的风险时并无大用。
So a second measure to consider is its levels of risk-weighted assets (RWAs), in which the size of the balance-sheet is adjusted to reflect its riskiness.
如此一来，第二种要考虑的评估方法就是银行的风险加权资产等级，即通过资产负债表的规模标准推算贷方的风险。
Using RWAs as a lens is like looking at Deutsche Bank through its lobby sculpture, with the picture turned on its head.
以风险加权资产为透镜，就如同透过伦敦分行的大堂雕塑审视德意志银行，所见景象皆颠倒。
On this view Deutsche is a midsized and reasonably well-capitalised bank, ranking just eighth in size in Europe. Deutsche’s risk-weighted assets are calculated to be a mere 17% of its gross assets, compared with 53% at JPMorgan Chase and 25% at Barclays.
依此观点看，德行就是一家中型、资本相当雄厚的银行，论大小仅位列欧洲第八。德行的风险加权资产仅占其总资产的17%，与之相比，摩根大通为53%，巴克莱银行为25%。
Different accounting standards and the high quality of German corporate and mortgage lending explain some of this gap, but not all. “Deutsche is the most complex institution I have to deal with,” confesses one banking analyst. The question many investors ask is which of these two pictures is more accurate.
不同行的会计准则，高质量的德国企业和德国抵押贷款只能解释这些差距中的部分原委，却无法解释全部。一名银行分析师坦诚的说，“德意志银行是我遇到过的最复杂的机构。”众投资者需要问的问题是，以上两种情况哪一个更贴近事实。
Part of the answer is already being provided by regulators, who are tightening the definitions of what counts as core capital, capping total leverage and carefully scrutinising the risk-weightings that banks apply.
监管机构早已给出了部分解答。近日来，监管机构一直在紧缩核心资本的界定标准，压制全部杠杆作用，并谨慎详核银行上报的风险加权资产。 翻译：王葭苇
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