经济学人下载:瑞士银行 谭天忠的微调(2)

He now intends to bring in SFr4bn through a rights issue. (Share sales in 2015 raised SFr6bn.)
他现在打算通过供股来注入四十亿瑞郎。（2015年的股权交易筹集了六十亿瑞郎。）

Shareholders had never been keen on the flotation, which would have diluted their returns from the division that contributes most to Credit Suisse's profits.
股东们从来不会热衷于增发新股，因为这将会稀释他们从红利分配中获得的收益，而红利分配占瑞士信贷利润的比重最大。

A climb in the share price, by more than 50% since July, has made a rights issue more attractive.
自7月来，股价增幅超过50%并正处于高点，这使得增发更加吸引人。

The issue will lift Credit Suisse's ratio of common equity to risk-weighted assets (a key gauge of banks' strength) from 11.7% to 13.4%.
股票发行会将普通股在风险加权资产中的比重（衡量银行实力的关键指标）从11.7%提高至13.4%。

That boosts it from a middling position among its European peers, but still leaves it behind Deutsche and UBS, its bigger Swiss neighbour.
这样的做法会使瑞信在处于中等位置的欧洲同行里脱颖而出，但是仍然排在德银和瑞银（瑞士联合银行）之后，而瑞银是瑞信在瑞士最大的邻居。

Mr Thiam claimed the quarterly figures endorsed a strategic shift towards Asia which he announced 18 months ago.
谭天忠宣称，季度数据确保了他在十八个月前曾宣布的面向亚洲的战略转移。对许多人来说，这种结构看起来不太平衡，但是谭天忠确信它正在见效。

He considers the region's newly rich to be ideal clients for a bank which can meet the needs of both their businesses and their families.
他把该地区的新富人视作银行的理想客户，这样的银行要能够满足他们来自企业与家庭的需求。

Credit Suisse's Asian division, like the Swiss universal bank, provides wealth management and investment banking locally.
瑞士信贷的亚洲分部，如瑞士环球银行，因地制宜地提供财富管理与投资银行服务。

Functional divisions serve the rest of the world.
各职能部门服务于世界其他地区。

To many, this structure looks lopsided.
对于很多人来说，这种结构看起来有点儿不平衡。

Mr Thiam is sure that it is working.
但谭先生确定这会起作用的。

The Asian wealth-management business saw profits rise by two-thirds in the year to the first quarter.
亚洲财富管理业在今年第一季度增长了三分之二。

The region's markets business tumbled into loss, but Mr Thiam insists that a change of management will help turn it around.
而该地区的市场业务陷入亏损，但是谭天忠坚持称管理方式的改变会有助于扭转现状。

All this should placate shareholders, who have had plenty to grumble about—and whom Mr Thiam faces at the annual meeting on April 28th.
所有这些消息都应该会安抚股东的情绪，他们已经有一大堆的抱怨了，而谭天忠会在4月28日的年度大会上面对这些人。

This month he and other executives gave up 40% of their latest bonuses, which had been criticised by advisers to institutional investors.
本月，他与其他高管放弃了最近一次奖金的40%，这次高额奖金早已受到机构投资者的顾问的批评。

The bosses had hit their targets, but the bank lost money in 2015 and 2016.
在2015与2016年，老总们达到了拿高薪的目的，但是银行却发生了亏损。

Better luck this year.
祝今年好运