高盛业绩下滑谁之过

Goldman sachs performance decline the who

　　引言：欧美主要金融机构第二季度财报披露完毕。受整体影响，各家在“营收能力”和“投资活动”上表现均不佳。“三大”投行中，摩根大通净利润50亿美元，同比下降7.4%；摩根斯坦利营业净收入下跌24%，而净利润下降了50%之多；资产负债情况最好的高盛集团，也未能避免业绩下滑。但好在，这些最终公布的数字都好于市场预期

introduction：Europe and the United States the main financial institutions the second quarter earnings the disclosure。The overall influence，Houses in“Revenue ability”and“Investment activity”The performance is not good。“three”Investment Banks in，Jpmorgan chase net profit of $5 billion，7.4% year-on-year drop；Morgan Stanley business net income fell 24%，And net profit fell as much as 50%；Balance sheets of the best Goldman sachs group，Also failed to avoid performance decline。But fortunately，The final figures are better than market expectations

　　陈磊 编译

Chen lei compile

　　据当地媒报道，高盛公司最新公布的2012年第二季度数据显示，由于全球金融市场波动导致整体交易量下滑，该公司第二季度净收入下滑9%，跌至66.3亿美元，净盈利9.62亿美元，摊薄后普通股每股盈利1.78美元，低于2011年同期的1.85美元和2012年第一季度的3.92美元。

According to local media reports，Goldman sachs latest released by the second quarter of 2012 data display，Because of the global financial market fluctuation cause the overall volume decline，The company the second quarter net income fell 9%，Fell to $6.63 billion，Net profit of $962 million，After diluted earnings per share common stock at $1.78，Lower than the same period in 2011 $1.85 and the first quarter of 2012 of $3.92。

　　大环境堪忧，自身投资失利 Environment is，Their own investment loss

　　针对业绩不理想这一事实，高盛集团CEO贝兰克梵在财报声明中表示，第二季度市场情况出现持续性恶化，投资者由于对欧洲持续不稳定性和全球经济增长感到担心，企业和客户的交易活动均出现下滑，进而拖累了高盛业绩。

According to the fact that performance is not ideal，Goldman sachs group CEO BeiLan grams of brahman in earnings statement said，The second quarter market conditions appear continuous deterioration，Investors due to Europe continued instability and global economic growth felt worried，Enterprise and customer's transaction activities are dropped，And then drag the Goldman sachs performance。

　　除大环境影响外，市场分析师表示，高盛第二季度业绩下滑还还受到贷款及投资部门所累。高盛第二季度对中国工商银行(601398,股吧)的投资亏损1.94亿美元，对其他股票的投资又亏损1.12亿美元，导致贷款与投资部门第二季度净收入下滑81%，从去年同期的逾10亿美元下滑至2.03亿美元。高盛投资银行部门净收入也因市场活动放缓下降17%。

In addition to the environment influence，Market analysts said，Goldman sachs the second quarter performance declines have but also by the loans and investment department tired。Goldman sachs for the second quarter and commercial bank of China(601398,guba)Investment loss of $194 million m，For other stock investment and losses of $112 million，Lead to loan and investment department second quarter net income fell 81%，From the same period last year more than 1 billion dollars down to $203 million。Goldman sachs investment bank department net income also because market activity slowed down 17%。

　　对Facebook的投资判断失误，也是亏损的重要原因。第二季度高盛通过出售部分Facebook的股票获利2.35亿美元。这几乎是高盛一年前投资额的两倍。但像其他银行一样，不管是否出售，高盛都需要定期对这些投资的账面价值进行调整。Facebook IPO之前的一年，其股票在非公开交易市场的价格已经出现了上涨。从一些非公开交易来看，Facebook的股价甚至一度超过最终于今年5月IPO时的价格38美元。IPO之后，Facebook股价最近已跌至27.50美元。这一价格可能低于高盛在第一季度末给予这项投资的估值，结果造成了损失。

Facebook to investment judgement，Is also the important reason for the losses。The second quarter by selling part of Goldman sachs shares of Facebook made a profit of 235 million dollars。It is almost a year ago the Goldman sachs investment two times。But like other Banks，No matter whether to sell，Goldman sachs need on a regular basis these adjust the book value of the investment。Facebook ipo a year before，Its shares in the open market prices have appeared rise。From some not publicly traded to see，Facebook's share price or even more than once finally in May this year ipo price of $38。After ipo，Facebook share price has recently fell to $27.50。The price may be lower than Goldman sachs in the end of the first quarter to give this investment valuation，It caused a loss。

　　或将持续裁员 Or will continue to layoffs

　　金融危机以来，高盛流失了很多一流的交易员，这些人纷纷转投对冲基金或其他公司。如今，这个问题的后果可能终于开始显现。由于人才流失导致的公司操作投资操作失误，高盛看来已不是曾经的利润大户了。

Since the financial crisis，Goldman sachs lost many first-class traders，These people are heading for hedge funds or any other company。now，The problem of the consequences may finally began to appear。Due to the loss of talented people in the company's operating investment operation error，Goldman sachs seems to has not had the profits of the large。

　　为了扭转公司的颓势，高盛将采取一系列措施。高盛首席财务官戴维?温纳（Dave Winer）

In order to reverse the company's flagging，Goldman sachs will adopt a series of measures。Goldman sachs chief financial officer David?wenner（Dave Winer）

　　告诉分析师们，他预计年底前公司前将削减5亿美元费用，主要将通过裁员大量高薪雇员来实现。而高盛在今年的第二季度已经通过裁员100人以及其他费用削减计划，使运营开支削减4.5亿美元。在第二季度财报出来后，高盛将其2012年削减成本计划从此前的14亿美元，增加到19亿美元。因此，可以预计的是，在下半年高盛还将持续性地裁减公司员工，降低运营成本。

Tell analysts，He is expected before the end of the year before the company will cut out the $500 million cost，Mainly through a large number of employees to achieve high salary job cuts。And in the second quarter of this year's Goldman sachs has been through the cut 100 jobs and other cost cutting plan，Operation expenses by $450 million。In the second quarter earnings after coming out，Goldman sachs will its 2012 cost cutting plan from previous $1.4 billion，Increased to 1.9 billion dollars。therefore，One would expect，In the second half of Goldman sachs will also constant cuts the employee of the company，Reducing the operation cost。

　　业务方面，高盛也将更关注传统业务。据外媒报道，高盛正在打造私人银行业务，希望把贷款规模从120亿美元提高到1000亿美元。高盛董事长兼首席执行官劳尔德?贝兰克梵表示：“在审慎管理资本、流动性和风险的同时，将继续专注于满足客户的需求。”

business，Goldman sachs will also pay more attention to the traditional business。According to the media reported，Goldman sachs is build private banking，Hope that the size of the loan from $12 billion increased to 100 billion us dollars。Goldman sachs chairman and chief executive officer raul DE?BeiLan g brahman said：“In the prudent management of capital、Liquidity and risk at the same time，Will continue to focus on satisfies the customer the demand。”

　　（综合编译自《华尔街日报(博客,微博)》、《纽约时报》、美联社、彭博社报道）

（Comprehensive compilation from《The Wall Street journal(blog,Micro bo)》、《The New York times》、The Associated Press、Bloomberg reported）

　　数据点：高盛公司2012年第二季度净收入下滑9%，跌至66.3亿美元，净盈利9.62亿美元，摊薄后普通股每股盈利1.78美元，低于2011年同期的1.85美元和2012年第一季度的3.92美元。?

Data point：Goldman sachs the second quarter of 2012, net income fell 9%，Fell to $6.63 billion，Net profit of $962 million，After diluted earnings per share common stock at $1.78，Lower than the same period in 2011 $1.85 and the first quarter of 2012 of $3.92。?

　　Hotmail更名Outlook Hotmail style Outlook

　　路透社报道称，微软（Microsoft ）7月31日对其Hotmail邮箱进行修正，更名为Outlook，以期能扭转因谷歌快速增长的Gmail所造成的邮件市场份额的丢失。更名后，微软做了一些调整，如：提供社交网络连接、加入解决困扰用户的垃圾邮件和邮件量过多的功能。comScore的数据显示，直至今年6月，Hotmail仍是全球最大的在线邮箱服务商，共计有3.24亿的用户，约占36%的市场份额。

Reuters reported，Microsoft（Microsoft ）On July 31, the Hotmail email for correction，Renamed Outlook，In order to can reverse for Google the fast growth the Gmail caused by the loss of mail market share。After the name，Microsoft made some adjustment，if：Provide social network connection、To solve the problems of user spam E-mail or quantity too much function。ComScore data display，Until June，Hotmail is still the world's biggest online mail services，A total of 324 million users，About 36% of the market share。

　　印度发生全球最大停电事故 India, one of the world's largest blackouts happened

　　据路透社报道，印度7月31日发生了全球迄今为止规模最大的停电事故，有6.8亿人受到影响，事故原因是输电网络出现故障。这也是最近发生的第二次大规模停电。事故使印度北部和东部的18个邦和两个联邦属地受到影响。事故造成印度大片地区火车停运，数千家医院和工厂不得不依靠备用发电机供电来维持运转，数千名煤矿工人暂时被困井下，给企业造成的损失估计达数亿美元。这一事故暴露出印度破旧的基础设施现状，引发了部分投资者对于印度经济发展的担忧。

Boston (Reuters) -，India on July 31 happened so far the largest global blackouts，There are 680 million people affected，The cause of the accident is transmission network failure。This is the recent second power outages。The accident made in northern India and eastern 18 bond and two federal territorial affected。Accident caused a great areas of India in the train，Thousands of hospitals and factories have to rely on standby generator power supply to keep running，Thousands of coal mine workers temporarily trapped underground，To the enterprise, the loss resulting from the estimate that up to hundreds of millions of dollars。The accident exposed India dilapidated infrastructure status，Cause some investors to India economic development concerns。

　　渣打专注新兴市场 Standard chartered focus on emerging market

　　据美联社报道，渣打集团亚洲区首席执行长Jaspal Bindra8月2日表示，公司认为能源、交通和采矿这三个行业存在业务机会，这些行业在亚洲新兴市场增长潜力巨大，而渣打集团计划在欧洲同业退出之际扩大在亚洲新兴市场的占有率。渣打关注在亚洲新兴市场前景广阔的行业的举动表明，美国银行业为了找到新的利润增长点，开始尝试多重经营。

According to the Associated Press reported that，Standard chartered group Asia chief executive Jaspal Bindra8. 2, said，The company believes the energy、Traffic and mining the three industry business opportunities exist，These industries in the Asian emerging market growth potential is tremendous，And standard chartered group in the European trade exit plans to expand in the Asian emerging markets。Standard chartered attention in Asian emerging market prospect of industry move shows that，The United States banking in order to find the new profit growth point，Began to try to multiple business。

　　中金试水FOF Zhongjin test the waters FOF

　　据《南华早报》8月1日报道，中金子公司中国国际金融香港资产管理有限公司表示，该公司将与美国对冲基金巨头Brevan Howard联合推出一支基金中的基金（FOF），以吸引亚洲投资者，其投资对象为Brevan Howard管理的一系列基金。新基金将提供以宏观交易策略为主的多资产类别投资机会，也是中金在基金市场的新尝试。

According to《South China morning post》August 1st，Zhongjin subsidiary China international financial Hong Kong asset management co., LTD., the company said，The company will with the United States Brevan Howard giant hedge fund jointly launched a fund of funds（FOF），To attract investors in Asia，Its investment object for Brevan Howard a series of fund management。The new fund will provide to the macro trading strategy mainly asset class of investment opportunity，Also zhongjin in new attempt of fund market。

　　泛欧交易所考虑新设“创业交易所” Euronext consider new set“Venture exchange”

　　据英国《金融时报》(FT)网站8月5日报导，纽约泛欧交易所集团(NYSE Euronext ,NYX)正考虑新设一个面向小企业的证券交易所。报导称，新的交易所将允许企业通过发行债券和股票两个渠道融资。与此同时，企业还可以在进行首次公开募股(IPO)前发行可转换债券。

According to the British《Financial times》(ft)Website reported on August 5，New York euronext group(NYSE Euronext ,NYX)Considering the new set for a small business stock exchange。Report says，The new exchange will allow enterprise through the issuing of bonds and stocks two financing channels。meanwhile，Enterprise can also in initial public offerings(ipo)Before the issuance of convertible bonds。

　　预计，届时约900家市值低于10亿欧元的公司，及在纽约泛欧交易所集团旗下创业板Alternext上市的公司将移师至新的证券交易所。

Is expected to，At the appointed time about 900 market value less than 1 billion euros company，And in New York euronext group's gem Alternext listed company will be relocated to new stock exchange。

　　谷歌着眼汽车行业债券 Google look forward to the auto industry bonds

　　谷歌(Google Inc., GOOG)为其400亿美元的巨额流动资金找到了新去向。据《华尔街日报》8月8日报道，近月来谷歌已向资产支持证券投入了数亿美元，其中主要是汽车贷款和消费者信用卡还款相关证券。谷歌买入的证券有：本田(Honda Motor Co., HMC)和现代(Hyundai co., 011760.SE)发行的AAA评级债券。此前，该公司将投资对象限制在美国国债、高质量公司债和其他低风险证券的范围内。谷歌此举再度表明，流动性较高的美国国债长期以来都是企业司库的备选投资品，但现在其超低利率促使美国公司为资金的保存寻找新出路。

Google(Google Inc., GOOG)For its us $40 billion huge liquidity to find the new。According to《The Wall Street journal》On August 8 days of reports，In recent months to Google already to asset-backed securities into the hundreds of millions of dollars，Mainly car loan and consumer credit card payments related securities。Google to buy securities have：Honda(Honda Motor Co., HMC)And modern(Hyundai co., 011760. SE)Issue of the AAA rating bonds。after，The company will invest object restrictions on us treasuries、High quality bonds and other low risk within the scope of the securities。Google move that again，Liquidity higher us treasuries have long is the enterprise treasurer's alternative investment，But now its ultra-low interest rates make the American company for capital preservation looking for a new way out。

　　日本计划上调消费税 Japan plans to raise consumption tax

　　据共同社报道，日本首相野田佳彦8月8日表示，他已与主要反对党自民党总裁谷垣祯一就通过日本消费税上调法案和近期举行大选达成一致意见，但双方没有就更具体的时间表作进一步讨论。自民党此前表示，除非野田佳彦给出更具体的大选时间表，否则该党不会同意支持日本消费税上调法案的最终通过。围绕消费税法案，野田内阁已与在野党进行了多轮博弈，但均没有达成共识。

According to kyodo news agency reported，Japan's prime minister wild tian jia "said on August 8，He has and the main opposition Democratic Party (LDP) sadakazu tanigaki through Japan raised the consumption tax bill and recent elections come to an agreement，But the two sides did not just more specific timetable for further discussions。The LDP has previously stated，Unless the wild tian jia "given more specific election timetable，Otherwise the party won't agreed to support the Japanese consumption tax increase the final bill by。Around the consumption tax bill，YeTian cabinet already and opposition to the several rounds of game，But all did not reach a consensus。

　　韩国设立中小企业基金 South Korea set up small and medium-sized enterprise fund

　　据韩联社报道，韩国企划财政部8月5日发布公告称，政府将设立一只总额为5000亿韩元的基金，用于帮助中小企业进行低成本融资。该基金将由韩国中小企业银行和韩国国民银行负责运营，将提供给有发展前途的企业。韩国政府还要求上述两家银行将目前面向知名企业的贷款利率下调一或两个百分点。企划财政部预计有2000家中小企业将从中受益。

According to the Korea association said，South Korea planning the ministry of finance issued on August 5, said，The government will set up a total of 500 billion won the fund，Used to help small and medium-sized enterprise the low cost financing。This fund will be from south Korean small and medium-sized enterprise bank and South Korea national bank is responsible for the operation，Will provide a promising enterprise。The south Korean government also requires the above two Banks will now face famous enterprise loan interest rate cut one or two percent。The ministry of finance project is expected to have 2000 home small businesses will benefit from it。