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2021-09-14
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Deutsche Bank Looks Beyond Lost Decade as Merkel Era Ends<blockquote>随着默克尔时代的结束，德意志银行展望失去的十年</blockquote>
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But the public outcry that followed, after the government was forced to support the industry with bailouts and vouch for savers’ deposits, held a key lesson for Merkel early on in her tenure: there’s little to gain in German politics from being seen as too close to the country’s top bankers.</p><p><blockquote>菜单不起眼，炸肉排和芦笋，还有一瓶10美元的白葡萄酒。但在政府被迫通过救助和担保储户存款来支持该行业后，公众的强烈抗议为默克尔在任期初期吸取了重要的教训：被视为过于接近德国政治不会有什么好处。该国的顶级银行家。</blockquote></p><p> As her era ends this month, Frankfurt’s once-powerful investment banks have been diminished by years of negative interest rates and tighter regulation that Merkel helped drive. How they will emerge from that long decline depends not least on who will take over and whether the next chancellor can complete a key project that has remained unfinished: Europe’s banking union.</p><p><blockquote>随着她的时代本月结束，法兰克福曾经强大的投资银行因默克尔帮助推动的多年负利率和更严格的监管而受到削弱。他们将如何摆脱长期衰退，尤其取决于谁将接任，以及下一任财政大臣能否完成一个尚未完成的关键项目：欧洲银行业联盟。</blockquote></p><p> The frontrunner, Olaf Scholz of the left-leaning Social Democrats, has been an unlikely ally of Germany’s large banks as finance minister under Merkel. He brought on a former Goldman Sachs Group Inc. executive as adviser and backed merger talks between Deutsche Bank and Commerzbank AG when both lenders struggled with their turnaround plans. He also started a fresh effort to revive negotiations about a joint European deposit insurance, the missing leg of the bloc’s banking union.</p><p><blockquote>领先者是左倾社会民主党的奥拉夫·朔尔茨，在默克尔领导下担任德国财政部长时，不太可能成为德国大型银行的盟友。他聘请了一位前高盛集团高管担任顾问，并在德意志银行和德国商业银行的扭亏为盈计划陷入困境时支持了这两家银行之间的合并谈判。他还开始了新的努力，以重启欧洲联合存款保险的谈判，这是欧盟银行业联盟缺失的一条。</blockquote></p><p> The SPD’s Plan for the Finance Industry:</p><p><blockquote>社民党对金融业的计划：</blockquote></p><p> Make Germany a driver of sustainable finance by issuing more green bonds Ensure regulation is tough enough to prevent taxpayer-funded bank bailoutsComplete European banking union and set up a capital markets unionHire staff for money-laundering watchdog, give fellow regulator BaFin more powers“Our task is to create a framework for a successful finance industry in Europe” -- Olaf Scholz, in a speech Sept. 9.</p><p><blockquote>通过发行更多绿色债券使德国成为可持续金融的推动者确保监管足够严格，以防止纳税人资助的银行救助完成欧洲银行业联盟并建立资本市场联盟为洗钱监管机构雇用工作人员，赋予监管机构BaFin更多权力“我们的任务是为欧洲成功的金融业创建一个框架”——奥拉夫·朔尔茨在9月9日的一次演讲中。</blockquote></p><p> But his hands-on approach has yielded few results -- in part, say people familiar with the matter, because of a lack of enthusiasm by Merkel, a member of the conservative Christian Democratic Union who has kept lenders at arm’s length since being forced to rescue several during the financial crisis.</p><p><blockquote>但他的亲力亲为的做法收效甚微——知情人士称，部分原因是默克尔缺乏热情。默克尔是保守派基督教民主联盟的成员，自被迫以来，她一直与贷款机构保持一定距离。在金融危机期间救助了几家银行。</blockquote></p><p> The chancellor championed regulation that prompted institutions to dial back risk and focus on the bread and butter business of lending, but she failed to create a functioning single market for banking services that would have made it easier for Europe’s investment banks to compete with Wall Street.</p><p><blockquote>财政大臣支持监管，促使机构降低风险并专注于贷款业务，但她未能为银行服务创建一个正常运转的单一市场，使欧洲投资银行更容易与华尔街竞争。</blockquote></p><p> “Merkel and her governments saw the banking sector as a servant to the industrial sector,” said Axel Wieandt, a former Deutsche Bank executive who went on to lead Hypo Real Estate Holding AG after its bailout. “The banking sector is now in better shape in terms of capital and liquidity buffers, but when it comes to competitiveness, German banks haven’t caught up.”</p><p><blockquote>“默克尔和她的政府将银行业视为工业部门的仆人，”德意志银行前高管阿克塞尔·维安特(Axel Wieandt)表示，他在救助后继续领导海波房地产控股公司(Hypo Real Estate Holding AG)。“银行业现在在资本和流动性缓冲方面状况更好，但在竞争力方面，德国银行还没有迎头赶上。”</blockquote></p><p> Hypo Real Estate’s near-collapse in 2008, along with the worsening credit crisis, forced Merkel to come out with a public statement guaranteeing all savers that their deposits were safe, a key moment that helped shape her resolve to pursue stricter bank rules. Merkel set the tone for Germany’s support of international standards for banks to hold more capital with which to absorb losses, as well as the establishment of a European fund for winding down failed lenders.</p><p><blockquote>2008年，Hypo Real Estate几近崩溃，加上日益恶化的信贷危机，迫使默克尔发表公开声明，向所有储户保证他们的存款是安全的，这一关键时刻帮助她下定决心推行更严格的银行规则。默克尔为德国支持国际标准，要求银行持有更多资本来吸收损失，以及建立一个欧洲基金来清理倒闭的银行定下了基调。</blockquote></p><p> While Wall Street banks also had to contend with stricter and costlier regulation, firms like JPMorgan Chase & Co. and Goldman Sachs Group Inc. won market share from Europe’s investment banks after the U.S. forcibly recapitalized major lenders in the financial crisis. Under Merkel’s stewardship, banks took longer to build up their financial reserves, and they weren’t able to consolidate in a meaningful way beyond national deals.</p><p><blockquote>尽管华尔街银行还必须应对更严格、成本更高的监管，但在美国在金融危机中强行对主要银行进行资本重组后，摩根大通和高盛集团等公司从欧洲投资银行手中赢得了市场份额。在默克尔的领导下，银行需要更长的时间来建立财务储备，而且它们无法在国家交易之外以有意义的方式进行整合。</blockquote></p><p> Europe also had a longer hangover because the ensuing sovereign debt crisis, which put a spotlight on the “doom loop” between heavily indebted governments and the banks that held their bonds. In 2012, the region’s leaders decided the answer was a banking union that could raise the bar on oversight, jointly handle failed lenders and pool protection for deposits. But that final leg hasn’t been completed because of disagreements over how to tackle risks.</p><p><blockquote>由于随之而来的主权债务危机，欧洲也有更长的后遗症，这场危机让人们关注到负债累累的政府和持有其债券的银行之间的“厄运循环”。2012年，该地区领导人决定，答案是建立一个银行业联盟，可以提高监管标准，共同处理倒闭的贷款机构，并共同保护存款。但由于在如何应对风险方面存在分歧，最后一步尚未完成。</blockquote></p><p> “Germany took a pretty half-hearted approach to banking union,” said Valeriya Dinger, a professor of economics specialized in banking at the University of Osnabrueck. “Merkel took action in the 2008 crisis, but pretty quickly it became clear that this isn’t an industry she has a burning interest in.”</p><p><blockquote>“德国对银行业联盟采取了相当半心半意的态度，”奥斯纳布吕克大学专门研究银行业的经济学教授瓦莱里娅·丁格(Valeriya Dinger)表示。“默克尔在2008年危机中采取了行动，但很快就发现这并不是她最感兴趣的行业。”</blockquote></p><p></p><p> People who have worked with the chancellery say the events after the Ackermann dinner convinced Merkel that business executives, and bankers especially, were fair-weather friends. The tenuous nature of Ackermann’s loyalty to the chancellery was on display later in 2008, when he said that it would be “a shame” to accept state aid. The comments were criticized by German lawmakers as unhelpful while the government sought to stabilize the banking sector.</p><p><blockquote>曾与总理府共事过的人士表示，阿克曼晚宴后发生的事件让默克尔相信，企业高管，尤其是银行家，是全天候的朋友。阿克曼对总理府忠诚的脆弱本质在2008年晚些时候得到了体现，当时他表示接受国家援助将是“一种耻辱”。在政府寻求稳定银行业之际，这些言论被德国议员批评为于事无补。</blockquote></p><p> To be sure, Germany’s large banks also had a hand in their own decline. Deutsche Bank’s aggressive expansion as a global investment bank landed it with the highest legal bills of any European lender, and Commerzbank’s foray into shipping loans and commercial real estate saddled it with soured debt. For years, both banks pursued piecemeal overhauls that failed to decisively cut costs.</p><p><blockquote>可以肯定的是，德国的大型银行也是自身衰落的原因之一。德意志银行作为全球投资银行的积极扩张使其获得了欧洲银行中最高的法律账单，而德国商业银行进军航运贷款和商业房地产则使其背上了坏账。多年来，两家银行都在进行零敲碎打的改革，但未能决定性地削减成本。</blockquote></p><p> In 2019, with turnaround efforts at both lenders stalling, they held merger talks that were backed by officials in Scholz’s finance ministry, which oversees the government’s Commerzbank stake. But inside the chancellery, there wasn’t much enthusiasm to push for a deal, people with knowledge of the matter said. The negotiations eventually fell apart.</p><p><blockquote>2019年，随着两家银行的扭亏为盈努力陷入停滞，他们举行了合并谈判，并得到了朔尔茨财政部官员的支持，财政部负责监管政府在德国商业银行的股份。但知情人士表示，在总理府内部，并没有太多推动达成协议的热情。谈判最终破裂。</blockquote></p><p> Scholz also sought to end a years-long impasse in discussions over European banking integration by saying Germany was ready to consider a form of joint deposit insurance. But the proposal failed to gather much support in Berlin, which has long been concerned that the mass of small German savings and cooperative banks could be on the hook for risks at lenders in southern Europe.</p><p><blockquote>朔尔茨还试图结束欧洲银行业一体化讨论长达数年的僵局，称德国准备考虑某种形式的联合存款保险。但该提议未能在柏林获得太多支持，柏林长期以来一直担心德国大量小型储蓄和合作银行可能会因南欧银行的风险而受到影响。</blockquote></p><p> Merkel’s designated successor as candidate of the CDU, Armin Laschet, has given little indication that he’d deviate from viewing the banking sector primarily as a source of credit for industry. And with pressing challenges like climate change, the pandemic and the debacle in Afghanistan, banking regulation has taken a backseat for other candidates in the election.</p><p><blockquote>默克尔指定的基民盟候选人继任者阿明·拉舍特(Armin Laschet)几乎没有表示他会偏离将银行业主要视为工业信贷来源的观点。随着气候变化、疫情和阿富汗灾难等紧迫挑战，银行业监管在选举中已让位于其他候选人。</blockquote></p><p> Should he win, Scholz would have to overcome that indifference, not only at home but across Europe.</p><p><blockquote>如果朔尔茨获胜，他将不得不克服这种冷漠，不仅在国内，而且在整个欧洲。</blockquote></p><p> Banking union “is a topic that can only succeed if it has political priority,” he said last week. “I for one am prepared.”</p><p><blockquote>他上周表示，银行业联盟“是一个只有在政治上优先考虑才能成功的话题”。“我已经准备好了。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank Looks Beyond Lost Decade as Merkel Era Ends<blockquote>随着默克尔时代的结束，德意志银行展望失去的十年</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank Looks Beyond Lost Decade as Merkel Era Ends<blockquote>随着默克尔时代的结束，德意志银行展望失去的十年</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-09-14 15:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- To understand German banks’ lost decade, start with a now infamous birthday dinner for then-Deutsche Bank AG chief Josef Ackermann, held in April 2008 by Chancellor Angela Merkel.</p><p><blockquote>（彭博社）——要了解德国银行业失去的十年，可以从2008年4月德国总理安格拉·默克尔为时任德意志银行首席执行官约瑟夫·阿克曼举办的臭名昭著的生日晚宴开始。</blockquote></p><p> The menu was inconspicuous, schnitzel and asparagus along with a $10 white wine. But the public outcry that followed, after the government was forced to support the industry with bailouts and vouch for savers’ deposits, held a key lesson for Merkel early on in her tenure: there’s little to gain in German politics from being seen as too close to the country’s top bankers.</p><p><blockquote>菜单不起眼，炸肉排和芦笋，还有一瓶10美元的白葡萄酒。但在政府被迫通过救助和担保储户存款来支持该行业后，公众的强烈抗议为默克尔在任期初期吸取了重要的教训：被视为过于接近德国政治不会有什么好处。该国的顶级银行家。</blockquote></p><p> As her era ends this month, Frankfurt’s once-powerful investment banks have been diminished by years of negative interest rates and tighter regulation that Merkel helped drive. How they will emerge from that long decline depends not least on who will take over and whether the next chancellor can complete a key project that has remained unfinished: Europe’s banking union.</p><p><blockquote>随着她的时代本月结束，法兰克福曾经强大的投资银行因默克尔帮助推动的多年负利率和更严格的监管而受到削弱。他们将如何摆脱长期衰退，尤其取决于谁将接任，以及下一任财政大臣能否完成一个尚未完成的关键项目：欧洲银行业联盟。</blockquote></p><p> The frontrunner, Olaf Scholz of the left-leaning Social Democrats, has been an unlikely ally of Germany’s large banks as finance minister under Merkel. He brought on a former Goldman Sachs Group Inc. executive as adviser and backed merger talks between Deutsche Bank and Commerzbank AG when both lenders struggled with their turnaround plans. He also started a fresh effort to revive negotiations about a joint European deposit insurance, the missing leg of the bloc’s banking union.</p><p><blockquote>领先者是左倾社会民主党的奥拉夫·朔尔茨，在默克尔领导下担任德国财政部长时，不太可能成为德国大型银行的盟友。他聘请了一位前高盛集团高管担任顾问，并在德意志银行和德国商业银行的扭亏为盈计划陷入困境时支持了这两家银行之间的合并谈判。他还开始了新的努力，以重启欧洲联合存款保险的谈判，这是欧盟银行业联盟缺失的一条。</blockquote></p><p> The SPD’s Plan for the Finance Industry:</p><p><blockquote>社民党对金融业的计划：</blockquote></p><p> Make Germany a driver of sustainable finance by issuing more green bonds Ensure regulation is tough enough to prevent taxpayer-funded bank bailoutsComplete European banking union and set up a capital markets unionHire staff for money-laundering watchdog, give fellow regulator BaFin more powers“Our task is to create a framework for a successful finance industry in Europe” -- Olaf Scholz, in a speech Sept. 9.</p><p><blockquote>通过发行更多绿色债券使德国成为可持续金融的推动者确保监管足够严格，以防止纳税人资助的银行救助完成欧洲银行业联盟并建立资本市场联盟为洗钱监管机构雇用工作人员，赋予监管机构BaFin更多权力“我们的任务是为欧洲成功的金融业创建一个框架”——奥拉夫·朔尔茨在9月9日的一次演讲中。</blockquote></p><p> But his hands-on approach has yielded few results -- in part, say people familiar with the matter, because of a lack of enthusiasm by Merkel, a member of the conservative Christian Democratic Union who has kept lenders at arm’s length since being forced to rescue several during the financial crisis.</p><p><blockquote>但他的亲力亲为的做法收效甚微——知情人士称，部分原因是默克尔缺乏热情。默克尔是保守派基督教民主联盟的成员，自被迫以来，她一直与贷款机构保持一定距离。在金融危机期间救助了几家银行。</blockquote></p><p> The chancellor championed regulation that prompted institutions to dial back risk and focus on the bread and butter business of lending, but she failed to create a functioning single market for banking services that would have made it easier for Europe’s investment banks to compete with Wall Street.</p><p><blockquote>财政大臣支持监管，促使机构降低风险并专注于贷款业务，但她未能为银行服务创建一个正常运转的单一市场，使欧洲投资银行更容易与华尔街竞争。</blockquote></p><p> “Merkel and her governments saw the banking sector as a servant to the industrial sector,” said Axel Wieandt, a former Deutsche Bank executive who went on to lead Hypo Real Estate Holding AG after its bailout. “The banking sector is now in better shape in terms of capital and liquidity buffers, but when it comes to competitiveness, German banks haven’t caught up.”</p><p><blockquote>“默克尔和她的政府将银行业视为工业部门的仆人，”德意志银行前高管阿克塞尔·维安特(Axel Wieandt)表示，他在救助后继续领导海波房地产控股公司(Hypo Real Estate Holding AG)。“银行业现在在资本和流动性缓冲方面状况更好，但在竞争力方面，德国银行还没有迎头赶上。”</blockquote></p><p> Hypo Real Estate’s near-collapse in 2008, along with the worsening credit crisis, forced Merkel to come out with a public statement guaranteeing all savers that their deposits were safe, a key moment that helped shape her resolve to pursue stricter bank rules. Merkel set the tone for Germany’s support of international standards for banks to hold more capital with which to absorb losses, as well as the establishment of a European fund for winding down failed lenders.</p><p><blockquote>2008年，Hypo Real Estate几近崩溃，加上日益恶化的信贷危机，迫使默克尔发表公开声明，向所有储户保证他们的存款是安全的，这一关键时刻帮助她下定决心推行更严格的银行规则。默克尔为德国支持国际标准，要求银行持有更多资本来吸收损失，以及建立一个欧洲基金来清理倒闭的银行定下了基调。</blockquote></p><p> While Wall Street banks also had to contend with stricter and costlier regulation, firms like JPMorgan Chase & Co. and Goldman Sachs Group Inc. won market share from Europe’s investment banks after the U.S. forcibly recapitalized major lenders in the financial crisis. Under Merkel’s stewardship, banks took longer to build up their financial reserves, and they weren’t able to consolidate in a meaningful way beyond national deals.</p><p><blockquote>尽管华尔街银行还必须应对更严格、成本更高的监管，但在美国在金融危机中强行对主要银行进行资本重组后，摩根大通和高盛集团等公司从欧洲投资银行手中赢得了市场份额。在默克尔的领导下，银行需要更长的时间来建立财务储备，而且它们无法在国家交易之外以有意义的方式进行整合。</blockquote></p><p> Europe also had a longer hangover because the ensuing sovereign debt crisis, which put a spotlight on the “doom loop” between heavily indebted governments and the banks that held their bonds. In 2012, the region’s leaders decided the answer was a banking union that could raise the bar on oversight, jointly handle failed lenders and pool protection for deposits. But that final leg hasn’t been completed because of disagreements over how to tackle risks.</p><p><blockquote>由于随之而来的主权债务危机，欧洲也有更长的后遗症，这场危机让人们关注到负债累累的政府和持有其债券的银行之间的“厄运循环”。2012年，该地区领导人决定，答案是建立一个银行业联盟，可以提高监管标准，共同处理倒闭的贷款机构，并共同保护存款。但由于在如何应对风险方面存在分歧，最后一步尚未完成。</blockquote></p><p> “Germany took a pretty half-hearted approach to banking union,” said Valeriya Dinger, a professor of economics specialized in banking at the University of Osnabrueck. “Merkel took action in the 2008 crisis, but pretty quickly it became clear that this isn’t an industry she has a burning interest in.”</p><p><blockquote>“德国对银行业联盟采取了相当半心半意的态度，”奥斯纳布吕克大学专门研究银行业的经济学教授瓦莱里娅·丁格(Valeriya Dinger)表示。“默克尔在2008年危机中采取了行动，但很快就发现这并不是她最感兴趣的行业。”</blockquote></p><p></p><p> People who have worked with the chancellery say the events after the Ackermann dinner convinced Merkel that business executives, and bankers especially, were fair-weather friends. The tenuous nature of Ackermann’s loyalty to the chancellery was on display later in 2008, when he said that it would be “a shame” to accept state aid. The comments were criticized by German lawmakers as unhelpful while the government sought to stabilize the banking sector.</p><p><blockquote>曾与总理府共事过的人士表示，阿克曼晚宴后发生的事件让默克尔相信，企业高管，尤其是银行家，是全天候的朋友。阿克曼对总理府忠诚的脆弱本质在2008年晚些时候得到了体现，当时他表示接受国家援助将是“一种耻辱”。在政府寻求稳定银行业之际，这些言论被德国议员批评为于事无补。</blockquote></p><p> To be sure, Germany’s large banks also had a hand in their own decline. Deutsche Bank’s aggressive expansion as a global investment bank landed it with the highest legal bills of any European lender, and Commerzbank’s foray into shipping loans and commercial real estate saddled it with soured debt. For years, both banks pursued piecemeal overhauls that failed to decisively cut costs.</p><p><blockquote>可以肯定的是，德国的大型银行也是自身衰落的原因之一。德意志银行作为全球投资银行的积极扩张使其获得了欧洲银行中最高的法律账单，而德国商业银行进军航运贷款和商业房地产则使其背上了坏账。多年来，两家银行都在进行零敲碎打的改革，但未能决定性地削减成本。</blockquote></p><p> In 2019, with turnaround efforts at both lenders stalling, they held merger talks that were backed by officials in Scholz’s finance ministry, which oversees the government’s Commerzbank stake. But inside the chancellery, there wasn’t much enthusiasm to push for a deal, people with knowledge of the matter said. The negotiations eventually fell apart.</p><p><blockquote>2019年，随着两家银行的扭亏为盈努力陷入停滞，他们举行了合并谈判，并得到了朔尔茨财政部官员的支持，财政部负责监管政府在德国商业银行的股份。但知情人士表示，在总理府内部，并没有太多推动达成协议的热情。谈判最终破裂。</blockquote></p><p> Scholz also sought to end a years-long impasse in discussions over European banking integration by saying Germany was ready to consider a form of joint deposit insurance. But the proposal failed to gather much support in Berlin, which has long been concerned that the mass of small German savings and cooperative banks could be on the hook for risks at lenders in southern Europe.</p><p><blockquote>朔尔茨还试图结束欧洲银行业一体化讨论长达数年的僵局，称德国准备考虑某种形式的联合存款保险。但该提议未能在柏林获得太多支持，柏林长期以来一直担心德国大量小型储蓄和合作银行可能会因南欧银行的风险而受到影响。</blockquote></p><p> Merkel’s designated successor as candidate of the CDU, Armin Laschet, has given little indication that he’d deviate from viewing the banking sector primarily as a source of credit for industry. And with pressing challenges like climate change, the pandemic and the debacle in Afghanistan, banking regulation has taken a backseat for other candidates in the election.</p><p><blockquote>默克尔指定的基民盟候选人继任者阿明·拉舍特(Armin Laschet)几乎没有表示他会偏离将银行业主要视为工业信贷来源的观点。随着气候变化、疫情和阿富汗灾难等紧迫挑战，银行业监管在选举中已让位于其他候选人。</blockquote></p><p> Should he win, Scholz would have to overcome that indifference, not only at home but across Europe.</p><p><blockquote>如果朔尔茨获胜，他将不得不克服这种冷漠，不仅在国内，而且在整个欧洲。</blockquote></p><p> Banking union “is a topic that can only succeed if it has political priority,” he said last week. “I for one am prepared.”</p><p><blockquote>他上周表示，银行业联盟“是一个只有在政治上优先考虑才能成功的话题”。“我已经准备好了。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/deutsche-bank-rivals-look-beyond-040003770.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-rivals-look-beyond-040003770.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165441419","content_text":"(Bloomberg) -- To understand German banks’ lost decade, start with a now infamous birthday dinner for then-Deutsche Bank AG chief Josef Ackermann, held in April 2008 by Chancellor Angela Merkel.\nThe menu was inconspicuous, schnitzel and asparagus along with a $10 white wine. But the public outcry that followed, after the government was forced to support the industry with bailouts and vouch for savers’ deposits, held a key lesson for Merkel early on in her tenure: there’s little to gain in German politics from being seen as too close to the country’s top bankers.\nAs her era ends this month, Frankfurt’s once-powerful investment banks have been diminished by years of negative interest rates and tighter regulation that Merkel helped drive. How they will emerge from that long decline depends not least on who will take over and whether the next chancellor can complete a key project that has remained unfinished: Europe’s banking union.\nThe frontrunner, Olaf Scholz of the left-leaning Social Democrats, has been an unlikely ally of Germany’s large banks as finance minister under Merkel. He brought on a former Goldman Sachs Group Inc. executive as adviser and backed merger talks between Deutsche Bank and Commerzbank AG when both lenders struggled with their turnaround plans. He also started a fresh effort to revive negotiations about a joint European deposit insurance, the missing leg of the bloc’s banking union.\nThe SPD’s Plan for the Finance Industry:\nMake Germany a driver of sustainable finance by issuing more green bonds Ensure regulation is tough enough to prevent taxpayer-funded bank bailoutsComplete European banking union and set up a capital markets unionHire staff for money-laundering watchdog, give fellow regulator BaFin more powers“Our task is to create a framework for a successful finance industry in Europe” -- Olaf Scholz, in a speech Sept. 9.\nBut his hands-on approach has yielded few results -- in part, say people familiar with the matter, because of a lack of enthusiasm by Merkel, a member of the conservative Christian Democratic Union who has kept lenders at arm’s length since being forced to rescue several during the financial crisis.\nThe chancellor championed regulation that prompted institutions to dial back risk and focus on the bread and butter business of lending, but she failed to create a functioning single market for banking services that would have made it easier for Europe’s investment banks to compete with Wall Street.\n“Merkel and her governments saw the banking sector as a servant to the industrial sector,” said Axel Wieandt, a former Deutsche Bank executive who went on to lead Hypo Real Estate Holding AG after its bailout. “The banking sector is now in better shape in terms of capital and liquidity buffers, but when it comes to competitiveness, German banks haven’t caught up.”\nHypo Real Estate’s near-collapse in 2008, along with the worsening credit crisis, forced Merkel to come out with a public statement guaranteeing all savers that their deposits were safe, a key moment that helped shape her resolve to pursue stricter bank rules. Merkel set the tone for Germany’s support of international standards for banks to hold more capital with which to absorb losses, as well as the establishment of a European fund for winding down failed lenders.\nWhile Wall Street banks also had to contend with stricter and costlier regulation, firms like JPMorgan Chase & Co. and Goldman Sachs Group Inc. won market share from Europe’s investment banks after the U.S. forcibly recapitalized major lenders in the financial crisis. Under Merkel’s stewardship, banks took longer to build up their financial reserves, and they weren’t able to consolidate in a meaningful way beyond national deals.\nEurope also had a longer hangover because the ensuing sovereign debt crisis, which put a spotlight on the “doom loop” between heavily indebted governments and the banks that held their bonds. In 2012, the region’s leaders decided the answer was a banking union that could raise the bar on oversight, jointly handle failed lenders and pool protection for deposits. But that final leg hasn’t been completed because of disagreements over how to tackle risks.\n“Germany took a pretty half-hearted approach to banking union,” said Valeriya Dinger, a professor of economics specialized in banking at the University of Osnabrueck. “Merkel took action in the 2008 crisis, but pretty quickly it became clear that this isn’t an industry she has a burning interest in.”\nPeople who have worked with the chancellery say the events after the Ackermann dinner convinced Merkel that business executives, and bankers especially, were fair-weather friends. The tenuous nature of Ackermann’s loyalty to the chancellery was on display later in 2008, when he said that it would be “a shame” to accept state aid. The comments were criticized by German lawmakers as unhelpful while the government sought to stabilize the banking sector.\nTo be sure, Germany’s large banks also had a hand in their own decline. Deutsche Bank’s aggressive expansion as a global investment bank landed it with the highest legal bills of any European lender, and Commerzbank’s foray into shipping loans and commercial real estate saddled it with soured debt. For years, both banks pursued piecemeal overhauls that failed to decisively cut costs.\nIn 2019, with turnaround efforts at both lenders stalling, they held merger talks that were backed by officials in Scholz’s finance ministry, which oversees the government’s Commerzbank stake. But inside the chancellery, there wasn’t much enthusiasm to push for a deal, people with knowledge of the matter said. The negotiations eventually fell apart.\nScholz also sought to end a years-long impasse in discussions over European banking integration by saying Germany was ready to consider a form of joint deposit insurance. But the proposal failed to gather much support in Berlin, which has long been concerned that the mass of small German savings and cooperative banks could be on the hook for risks at lenders in southern Europe.\nMerkel’s designated successor as candidate of the CDU, Armin Laschet, has given little indication that he’d deviate from viewing the banking sector primarily as a source of credit for industry. And with pressing challenges like climate change, the pandemic and the debacle in Afghanistan, banking regulation has taken a backseat for other candidates in the election.\nShould he win, Scholz would have to overcome that indifference, not only at home but across Europe.\nBanking union “is a topic that can only succeed if it has political priority,” he said last week. “I for one am prepared.”","news_type":1,"symbols_score_info":{"DB":0.9}},"isVote":1,"tweetType":1,"viewCount":1812,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/886534462"}
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