经济学人下载:汇丰银行的最新计划(2)

Reports suggest HSBC could seek to cut an additional 8,000-10,000 jobs from its headcount of 238,000
有报道称，汇丰银行可能会在其238,000员工的基础上再裁员8,000到10,000人

(a spokesperson declined to confirm the number of jobs to go).
(一位发言人拒绝证实裁员人数)。

Yet after years of cost-cutting, analysts are divided as to whether much more fat can be trimmed.
然而，在经历了多年的成本削减之后，分析师们对是否可以削减更多的成本产生了分歧。

Daniel Tabbush of Tabbush Report, an Asia-based research firm, says HSBC "is not particularly bloated".
亚洲研究公司Tabbush Report的丹尼尔·塔布希表示，汇丰“并不是特别臃肿”。

The bank may also partially exit some share-trading activities in Western markets, and wants to sell its French retail operations.
该行也可能部分退出西方市场的某些股票交易活动，并希望出售其在法国的零售业务。

But a hasty disposal of badly performing units, which also include its American wholesale arm,
但是草率处理表现不佳的部门，其中也包括其美国批发业务部门，

may force it to write down part of their value.
可能会迫使其贬低他们的部分价值。

So hopes must be placed in the second prong of HSBC's grand reform—
因此，必须把希望放在汇丰银行重大改革的第二个方面—

to move capital away from the dreariest businesses and towards "higher growth and return opportunities".
将资本从最惨淡的业务中转移出来，转向“更高的增长和回报机会”。

HSBC's cost-to-income ratio is 104% in Europe, compared with 43% in Asia, where it generates nearly 90% of its profits.
汇丰银行在欧洲的成本收入比为104%，而在亚洲这一比例为43%，在亚洲汇丰银行创造了近90%的利润。

It makes only a quarter of its lending in Britain, yet the country generates 35% of its non-performing loans, says Mr Tabbush.
塔布希表示，虽然其英国的贷款只有四分之一，但却产生了35%的不良贷款。

Its $98bn of risk-weighted assets allocated to America produce only $527m in annual profit.
其分配给美国的980亿美元风险加权资产仅产生5.27亿美元的年度利润。

The bank's management has so far declined to provide any guidance as to where newly released capital might be sent.
迄今为止，该行管理层拒绝就新发布的资本可能投向何处提供任何引导。

HSBC is already the largest corporate lender in Asia by market penetration, according to Greenwich Associates, a research firm.
研究机构Greenwich Associates的数据显示，按市场渗透率计算，汇丰银行已经是亚洲最大的企业贷款机构。

And getting more deeply into China may prove tricky.
并且更加深入中国可能会很棘手。

Other dynamic markets, like Vietnam and Indonesia, are tiny by comparison.
相比之下，其他充满活力的市场，如越南和印度尼西亚，规模很小。

There are also limits to how much HSBC can rejig its various lines of business.
汇丰调整其各项业务的程度也有限制。

Its strength in trade finance has so far failed to translate into clout in investment banking.
迄今为止，中国在贸易融资方面的实力未能转化为在投资银行业的影响力。

Global capital markets are more lucrative, but volatile. In 2018 HSBC launched a new motto, "Together We Thrive".
全球资本市场利润更高，但波动性更大。2018年，汇丰银行推出了新的口号“共同繁荣”。

Its difficulties may have more to do with this grand ambition than with external forces.
它的困境可能更多地与这一宏伟抱负有关，而不是与外部力量有关。

By trying to do too much for too many people in too many places, it has seen its returns diluted.
在太多地方试图为太多的人做太多的事，结果其回报被稀释了。

Yet even for its candid interim boss, that conclusion may be rather too blunt.
然而，即使是对其直率的临时老板来说，这个结论也可能过于直接。