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Wells Fargo’s investment banking operations grew faster than all its rivals in the first quarter and knocked Switzerland’s UBS out of the top 10 table of global fee earners, according to Thomson Reuters.
据汤森路透(Thomson Reuters)的数据，今年第一季度，富国银行(Wells Fargo)的投行业务比其他所有对手都增长更快，改行还将瑞士的瑞银(UBS)挤出了全球投行佣金收入前十名之列。
Best known for being the dominant US retail bank, Wells has been quietly building up its investment bank since it acquired Wachovia during the financial crisis in 2008.
2008年金融危机期间收购美联银行(Wachovia)后，原来以零售银行业务著称的富国银行悄然做大了投行业务。
It earned $544m of fees from underwriting the issue of bonds, equity and loans as well as advising on mergers and acquisitions in the first three months of 2015, a year-on-year increase of 21.4 per cent.
2015年第一季度，富国银行通过承销债券、股票和贷款及并购咨询服务赚取了5.44亿美元的佣金收入，同比上升21.4%。
The San Francisco-based lender earned most of its investment banking fees in the US from capital markets activity and loan syndication. It earned a relatively small proportion from advising on M&A and less than 7 per cent of its fees came from outside the US.
富国银行总部在旧金山，其在美国本土的投行业务佣金大部分来自于资本市场活动和银团贷款。来自并购咨询业务的佣金占比相对较低；美国以外的投行业务佣金占比则不到7%。
Under Tim Sloan, who stepped up from chief financial officer to run the wholesale banking group last year, Wells has sought to make more profitable use of its many corporate relationships, which include about 95 per cent of Fortune 500 companies.
前首席财务官蒂姆•斯隆(Tim Sloan)去年接管批发银行业务后，富国银行寻求利用与众多企业的关系，更好地从中谋利，这些企业包括约95%的《财富》(Fortune)500强公司。
In the first quarter Wells moved up to ninth place in the global investment banking fee table, unseating UBS, which fell to 11th place as its fees declined a fifth to $434m.
今年第一季度，富国银行升至全球投行佣金收入排行榜的第9位。佣金收入下降五分之一至4.34亿美元的瑞银则跌至11位，无缘前十名。
UBS, which is overhauling its investment bank, improved its position in Europe thanks to its work on big deals, such as the $15.4bn sale of Telefónica’s UK operation. But it lost significant ground in the Americas, where its fees fell 40 per cent. A person close to the bank said it was “more focused on returns than revenue”.
正在整改投行业务的瑞银因大额交易方面的业务提升了在欧洲的地位，比如西班牙电话公司(Telefónica)出售英国业务的154亿美元交易。但瑞银在美洲明显失利，佣金收入下降了40%。熟悉该银行内情的人士表示，瑞银“更专注于回报而非收入”。
Swiss banks had a poor quarter, as Credit Suisse also fell two places to eighth place, as its fees fell 23 per cent to $707m.
今年首季度，瑞士各家银行表现都不佳，瑞信(Credit Suisse)佣金收入下降23%，至7.07亿美元，在排行榜上下降了两位至第8位。
Overall the top five investment banks were stable, with JPMorgan Chase in top slot with $1.49bn of fees, Goldman Sachs close behind in second, followed by Bank of America, Morgan Stanley and Citigroup.
总体上，佣金收入前五名的银行排名较为稳定，摩根大通(JPMorgan Chase)以14.9亿美元的佣金收入居于榜首，高盛(Goldman Sachs)紧随其后，之后则是美国银行(Bank of America)、摩根士丹利(Morgan Stanley)和花旗(Citigroup)。
The top European banks were Deutsche Bank in sixth place and Barclays in seventh.
上榜的欧洲银行是分列第六、第七位的德意志银行(Deutsche Bank)和巴克莱(Barclays)。
In total, investment banking fees fell 8 per cent year-on-year to $20bn in the three months to March. They were flat in the Americas, but down in Europe and Asia. The drop in investment banking fees contrasts with the trading operations of many banks, which enjoyed a resurgent quarter.
总体而言，2015年头3月，投行佣金收入同比下降8%，降至200亿美元。在美洲的佣金收入与去年同期持平，但在欧洲和亚洲出现下降。相较投行佣金收入下降，许多银行的交易业务在该季度出现复苏。
Wells’s wholesale banking unit, which includes investment banking as well as many other activities such as commercial mortgages, treasury management and asset-backed financing, earned $7.6bn of net profit last year. That is treble what it earned in 2007, before the Wachovia acquisition.
富国银行的批发银行部门除投行以外还包括其他许多业务，如商业抵押贷款、财资管理以及资产支持融资。批发部门去年实现净利润76亿美元，比2007年水平增长两倍，当时富国银行还没有收购美联银行。
According to one senior executive at the bank, there is “an all-points bulletin for quality loan growth. [But] if it means scooping up the remnants of other people’s wholesale or investment banking activities, we won’t do it.”
富国银行一位高管透露：“我们希望看到贷款质量全面优化。（但）如果这意味着要把别人剩下的批发银行或投行业务统统弄进我们的篮子里，我们不会去做。”
Wells worked on large equity issues for several companies in the first quarter, including Actavis and Citizens Financial Group.
今年一季度富国银行经手了多家公司的大规模股票发行，包括阿特维斯(Actavis)和公民金融集团(Citizens Financial Group)。
Wells is also the sole corporate bank for about three-quarters of the Fortune 2000 companies in its mid-market business. “Even where we are killing it, we have a 10 per cent share,” the executive said. “Going from 10 to 15 to 20 per cent — those are big steps.”
富国银行还是约四分之三的《财富》(Fortune)2000强企业的中间市场业务的唯一企业银行。这位高管称：“即便在我们做得不顺利的地方，我们都有10%的份额。从10%到15%到20%，这是很大的进步。”
Doug Burtnick, a US portfolio manager at Aberdeen Asset Management, said he has long held Wells for its domestic orientation and the spread of its businesses, across basic lending, capital markets and wealth-management activities.
安本资产管理(Aberdeen Asset Management)的美国投资组合经理道格•波特尼克(Doug Burtnick)表示，他一直持有富国银行，因为该行以美国国内市场为重心，业务范围广泛，覆盖基本贷款、资本市场以及各类财富管理活动。
“We like how they’re able to manage their credit in a way that adjusts for the growth rates of various parts of their books,” he said. “Where other overcapitalised banks have started to see opportunities, they can get out before profitability compresses.”
他说：“我们喜欢他们管理信贷的方式，他们能够根据账面上各个部分的增长速度作出调整。当其他投资过度的银行在某个领域才看到商机，富国银行能够在盈利压缩前脱身。”
Wells’s investment bank is heavily reliant on the oil and gas sector. In a recent presentation to investors, it said the two sectors provided $200m-$300m of average annual revenue from loan syndications and debt and equity underwriting.
富国银行的投行业务严重依赖石油和天然气行业。在最近对投资者的介绍中，富国银行表示这两个行业为银团贷款和证券承销的平均年收入贡献了两、三个亿的美元。
The recent drop in the oil price has left some banks vulnerable to higher defaults on loans made to companies in the energy sector. But it said in its presentation that its 675 energy sector clients, more than half in exploration and production, had “deep relationships” with the bank, with an average of seven products each.
近期油价下跌，让部分贷款给能源业公司的银行面临较高的违约风险。但富国银行向投资者表示，与自己“关系深厚”的能源业客户有675家——其中一半以上集中在勘探生产环节——平均每家有7样富国银行产品。
Another big client is Warren Buffett’s Berkshire Hathaway holding company, which is the bank’s biggest shareholder with 9 per cent.
富国银行的另一个大客户是沃伦•巴菲特(Warren Buffett)的伯克希尔哈撒韦(Berkshire Hathaway)，该公司持有这家银行9%的股份，是其最大的股东。
