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A nightmare on Wall Street

机译:华尔街的噩梦

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In the 1980s the first of what was to become a procession of European banks began an assault on Wall Street. Credit Suisse bought First Boston in 1988. Deutsche Bank swallowed Bankers Trust a decade later. After the turn of the century, ubs, rbs, Barclays and others also waved their chequebooks. The motive was partly to follow customers as business globalised, but also defensive: a response to American rivals' charge into Europe. This week Europe's dream of going toe to toe with homegrown investment banks in the world's deepest capital market came to a shuddering end with the capitulation of Deutsche Bank. Its overdue restructuring will involve 18,000 job losses, mostly in London and New York. The retreat is a humiliation for a bank that once signalled a desire to knock Goldman Sachs off the top of global investment-banking league tables. Before the financial crisis Deutsche was the biggest-spending and brashest of bulge-bracket firms. In 2007 it was in second place, snapping at Goldman's heels. Now it languishes outside the top five—and it may have farther to fall.
机译:在1980年代,最初成为欧洲银行游行的组织开始对华尔街发动袭击。瑞士信贷于1988年收购了第一波士顿。十年后,德意志银行吞并了Bankers Trust。世纪之交后,ubs,rbs,Barclays等人也挥舞着支票簿。这样做的动机部分是为了在业务全球化的同时关注客户,但也要采取防御措施:对美国竞争对手向欧洲收费的回应。本周,随着德意志银行的投降,欧洲梦见与世界上最深的资本市场中的本土投资银行并驾齐驱的梦想破灭了。其逾期未完成的重组将导致18,000人失业,其中大部分在伦敦和纽约。撤退对一家曾经屈服于将高盛(Goldman Sachs)从全球投资银行业排行榜的首位淘汰的银行表示屈辱。在金融危机爆发之前,德意志银行是支出最大,最勇敢的一家鼓舞人心的公司。在2007年,它紧随高盛之后排名第二。现在,它跌落到前五名之外了,而且可能还要进一步下降。

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    《The economist》 |2019年第9151期|15-16|共2页
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