曾经的美国传奇高盛已盛况不再

2014-10-23 14:40:26来源：可可英语

　　Goldman Sachs enjoys a mystique rivaling the élanof the New York Yankees. It’s the classiest name inthe financial leagues; a sterling organization thatmay disappoint now and then, but whose heavyhitters you shouldn’t bet against; and the ultimateimproviser in finding fresh ways to make money.

　　和纽约洋基队(New York Yankees)一样，高盛(Goldman Sachs)公司也是一个传奇。它是金融界最响亮的名号;虽然偶尔会让人失望，但这支明星团队战绩彪炳;而且它总能发掘出新的捞金手段。

　　Right now, the fabled 145-year old investment bankis leading the news on Wall Street. For good or ill, Goldman remains an object of intensefascination. It’s getting pounded in the press over a whistleblower’s charges that it receivedspecial treatment from regulators at the New York Fed. According to a story on the publicinterest website ProPublica, Fed officials were so intimidated by the Goldman brass that theyfailed to block transactions that were as suspicious as they were lucrative—allegationsGoldman vehemently denies. At the same time, Goldman recently confirmed its stature byoverseeing early trading for Alibaba’s historic IPO.

　　现在，这家拥有145年历史的老字号投资银行成了华尔街的新闻焦点。无论新闻是正面还是负面，高盛依然牢牢吸引着人们的关注。有检举人指控高盛在纽约联储(New York Fed)获得了监管机构的特殊待遇，导致该公司遭到媒体的口诛笔伐。公众利益网站ProPublica的一篇报道则称，屈从于高盛的强大势力，联储官员未能阻止一些利润巨大的可疑交易，但是高盛对此则极力否认。与此同时，该公司最近监管了阿里巴巴(Alibaba)历史性IPO的早期交易，再次证明了自己的地位。

　　But how good, really, is Goldman Sachs? An analysis of its recent performance reveals that,for the present at least, Goldman is nowhere near the champion of old. Its record rankssomewhere between pretty good and mediocre. Its businesses, and the environment inwhich it operates, have shifted dramatically, and not in Goldman’s favor. The kind ofadventurous investments that once swelled its earnings are now off-limits.

　　但是现在的高盛到底有多好?最近一次的业绩分析显示，至少从目前来看，高盛往日的王者地位已不再，它的业绩仅属于中等偏上。高盛的业务及其经营环境已经发生重大转变，并且局势对高盛不利。曾经刺激其利润大幅飙升的冒险性投资现在已成为禁区。

　　“In contrast to the past, they’re being extremely conservative in the way they’re managing,and it will take a couple of years to see how they adapt to the new environment,” says KeithDavis, a portfolio manager with Farr, Miller & Washington, which holds $20 million inGoldman shares.

　　“和过去相比，他们现在的管理方式非常保守，还要等几年才能知道他们对新环境适应的怎么样。”投资管理公司Farr, Miller & Washington的基金经理基思o戴维斯说道。该公司持有价值2,000万美元的高盛股份。

　　The fear is that Goldman has run out of moves.

　　人们担心的是，高盛已经招数用尽。

　　Goldman’s path forward is restricted by two barriers. First, its main franchise is now trading, abusiness that, for the time being, isn’t terribly profitable. The dominance of trading—makingmarkets in stocks, bonds, commodities and currencies—represents a sharp break with the past.In 2000, 60% of its sales came from advising on mergers and acquisitions, raising money forcorporations, and asset management. In 2013, those high-margin businesses accounted forjust 37% of Goldman’s $34 billion in revenues. So the mix is now tilted toward a field that’sdepressed, where a long-awaited rebound just isn’t happening.

　　高盛未来的前进道路面临两大障碍。首先，现在它主要的特许经营业务是交易，就当下来说，这是一项不太暴利的业务。交易，即买卖股票、债券、大宗商品和外汇，这项业务的比重与过去相比陡然上升。在2000年时，高盛有60%的销售额来自兼并和收购咨询、企业融资和资产管理。而到了2013年，这些高利润的业务在高盛共计340亿美元的营收中仅占37%。该混合业务结构目前看来使高盛业绩表现低迷，众人期待已久的反弹并未出现。

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