2016年经济学人 德意志银行深陷经济漩涡 总裁们手足无措(上)

（单词翻译）

Deutsche Bank

德意志银行

Two’s company

两人成伴

Hard questions loom¹ for the new bosses of Germany’s national banking² champion

德国最大银行的新总裁们面临着隐隐出现的棘手问题

Dual³ 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 inverted⁴ reflection of the viewer and bank. The sculpture, which is called “Turning the World Upside Down III”, is a fitting metaphor⁵ for the changes sweeping⁶ the banking industry. Deutsche itself has had a good crisis, eschewing⁷ direct help from the German government and rebuilding its balance-sheet to regain⁸ 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 upheaval⁹ is in the executive suite¹⁰. 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 elevation¹¹ is a remarkable¹² one in a corporate¹³ 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 entirely¹⁴ 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(Jürgen 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 distraction¹⁵. The bank’s biggest task is not to convince investors¹⁶ 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 liquidity¹⁷ 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。