近期，华尔街的大银行陆续公布了其2012年第四季度和全年的财报。财报显示，各大银行的业绩都出现了大幅上升，但银行付给员工的薪酬正在降低，同时还伴随着裁员的消息。很难期望这一华尔街业态将在短期内扭转，一种新“常态”似乎正在蔓延。

recent,The big Wall Street bank has released its 2012 fourth quarter and full year's earnings.Results show,Each big bank performance has soared,But the bank to pay the staff salary is lower,Also with the news of job cuts.It is difficult to expect this Wall Street format will be in the short term torsion,A new"normal"Seems to be spread.

　　薪酬“急刹车” salary"Slam the brakes on"

　　高盛素以发送员工高薪闻名，其财报显示，2012年第四季度该行对薪酬紧急“刹车”。其薪酬支出在净收入中占比下降11%至19.8亿美元。这一时期薪酬占净收入的比重为21%，为1999年上市以来最低。2012年全年薪酬和福利支出占净收入的比重为37.9%，为129.4亿美元。这一比例是高盛2009年以来最低百分比，2011年为42.4%。

Goldman sachs are sending employees is famous for its high salary,The results show,The fourth quarter of 2012 the bank to pay the emergency"brake".The salary spending in the net income of $1.98 billion to more than 11% decline.This period accounted for the proportion of net salary is 21%,For 1999 years the lowest since listing.2012 annual salary and welfare spending accounts for the proportion of net income is 37.9%,For 12.94 billion dollars.This proportion is Goldman sachs since 2009 the lowest percentage,42.4% in 2011.

　　摩根大通第四季度薪酬占净收入的比重为29%，与上年持平。2012年全年其投资银行部的薪酬在净收入中所占比重为 33%，2011年为34%。其企业和投资银行部门员工2012年全年拿到的平均薪酬为21.6928万美元，略低于2011年的21.76万美元。在摩根大通节省下的薪酬支出中，其首席执行官詹姆斯·迪蒙贡献了1150万美元。迪蒙因为2012年5月“伦敦鲸”事件而薪酬折半。“伦敦鲸”事件导致摩根大通亏损62亿美元，至今美国监管方仍在对此事进行调查。在财报发布当日，摩根大通同时发布一份关于“伦敦鲸”事件的申报文件，该文件指出：“作为首席执行官，迪蒙先生背负着首席投资办公室成败的最终责任。”

Jpmorgan chase the fourth quarter net salary account for the proportion is 29%,Flat with the previous year.The investment in the whole year of 2012 k salary in net income accounts for 33%,34% in 2011.The enterprise and investment bank employees in the whole year of 2012 to the average salary for 216928 dollars,Slightly less than $2011 in 217600.In jpmorgan save compensation costs,Its chief executive James dean have contributed us $11.5 million.Dean have because in May 2012"London whale"Events and salary binary."London whale"Events which jpmorgan losses of $6.2 billion,So far the United States regulators had still in investigating.In the earnings release,Jpmorgan chase at the same time to release a about"London whale"The events of the documents submitted,The file points out that:"As CEO,Mr Di have carried the chief investment office ultimate responsibility for success or failure."

　　摩根士丹利第四季度的薪酬支出从前一年的38亿美元降至36亿美元。该行将其高薪员工2012年的奖金延期发放。如果员工的奖金高于5万美元，他们的奖金将被分成金额相等的四等份，第一批在2013年5月支付，最后一批在2016年1月支付。如果员工在此期间辞职或者被解雇，将拿不到延期发放的奖金，除非他们与公司单独达成协议。

In the fourth quarter of Morgan Stanley had salary spending $3.8 billion a year fell to $3.6 billion.The bank will be the high pay staff 2012 bonus extension issue.If the employee bonus above $50000,Their bonuses will be divided into four equal parts of equal value,The first in May 2013 to pay,The last batch of in January 2016 to pay.If employees in this period to resign or be dismissed,Will take less than delay extending bonus,Unless they reached an agreement with the company alone.

　　在薪酬“刹车”的同一时间，这几家银行的业绩呈现上升，甚至是大幅上升。

In the salary"brake"At the same time of the,This a few Banks performance showed a rising,Even have risen sharply.

　　高盛第四季度净盈利是2011年同期的接近3倍，至28.9亿美元，摊薄后普通股每股盈利5.60美元，2011年同期为1.84美元；2012年全年高盛净盈利74.8亿美元，摊薄后普通股每股盈利14.13美元，2011年为4.51美元。

Goldman sachs fourth quarter net profit over the same period of 2011 is nearly three times,To $2.89 billion,After diluted earnings per share common stock at $5.60,The same period in 2011 for $1.84;In the whole year of 2012 Goldman sachs net earnings of $7.48 billion,After diluted earnings per share common stock at $14.13,In 2011 for $4.51.

　　摩根大通第四季度净利润57亿美元，相比于2011年的37亿美元有大幅上升，摊薄后每股盈利也从2011年同期的0.90美元上升至1.39美元。2012年全年该行净盈利达213亿美元，2011年为190亿美元。

Jpmorgan chase the fourth quarter net profit of $5.7 billion,Compared to $2011 in 3.7 billion has increased greatly,After diluted earnings per share from the same period of 2011 $0.90 up to $1.39.In 2012 the annual net profit of $21.3 billion,$2011 in 19 billion.

　　摩根士丹利则在2012年第四季度扭亏为盈，从2011年摊薄后每股亏损0.58美元变成每股盈利0.28美元。

Morgan Stanley is in the fourth quarter of 2012 turnaround,From 2011 after diluted loss per share earnings per share 0.58 dollars into $0.28.

　　股东收益 Shareholder earnings

　　随着银行业绩的提升，股东回报率在第四季度有了显著的提升。

Along with the ascension of the performance of the bank,Shareholder returns in the fourth quarter have markedly improved.

　　高盛在2012年第四季度普通股股东权益回报率（ROE）达到16.5%，2011年同期的 ROE为5.8%。2012年全年ROE为10.7%。在金融危机爆发前，高盛的ROE经常超过30%，但是自危机以来，ROE常为个位数。

Goldman sachs in the fourth quarter of 2012 return on common Stockholders' equity(ROE)Up to 16.5%,The same period in 2011 to 5.8% of the ROE.In 2012 the ROE is 10.7%.In the financial crisis before the outbreak,Goldman's ROE often more than 30%,But since since the crisis,ROE is often singly.

　　哈维·施瓦茨将在1月底担任高盛的首席财务官，他在一个电话会议上表示，高盛之所以能够将ROE提高至此，是因为“过去两年在经营管理费用方面采取的控制措施和相当有纪律的财务管理，”哈维·施瓦茨说，“我们不想给任何一个人发过多的薪酬。”

Harvey Schwartz will be at the end of January as Goldman's chief financial officer,He is in a telephone conference on Wednesday,Goldman sachs is able to improve this ROE,because"In the past two years in the business management to cost control measures and quite disciplined financial management,"Harvey Schwartz said,"We don't want to give any one hair too much salary."

　　高盛在2011年推出了一项涉及金额14亿美元的成本削减计划，并计划在此基础上到2012年末再努力削减5亿美元成本。其中包括裁员，2012年高盛员工减少3%。

Goldman sachs in 2011 launched a us $1.4 billion of cost cutting plan,And plan based on this to the end of 2012 to efforts to cut the cost of $500 million.Including layoffs,In 2012 Goldman sachs employee reduced by 3%.

　　摩根大通第四季度的有形普通股权益回报率从2011年同期的11%上升至15%。迪蒙奖金的大幅削减，一定程度上缓解了投资者对“伦敦鲸”事件的不满。加州教师退休基金发言人Ricardo　Duran表示，“长期以来我们都主张薪水与业绩挂钩，我们认为这次做到了这一点。”该基金持有摩根大通股票。

Jpmorgan chase in the fourth quarter of tangible common equity returns from 2011 in the same period of 11% to 15%.Dean have bonus slash,A certain extent to ease the investors"London whale"Event dissatisfaction.California teachers pension fund spokesman Ricardo Duran said,"For a long time we advocate performance-related salary,We think the doing it."The fund shares holding jpmorgan chase.

　　摩根士丹利首席执行长詹姆斯·戈尔曼是延期支付奖金的坚定支持者。其支持者认为，这将更符合股东的利益，如果交易员知道公司还欠他们数百万奖金，他们参与高风险交易的可能性就会降低。在谈到延期奖金的计划时，摩根士丹利发言人提到戈尔曼此前的讲话，“股东需要钱，公司不能只为自己赚钱。”摩根士丹利在1月初已经公布了其1600人的裁员计划，但一位曾在摩根士丹利从事财务工作的分析人士表示，仅靠裁员是不够的，员工薪资也可能要调降，他估计华尔街企业交易部门的平均薪资可能会下降20%。

Morgan Stanley chief executive James GeErMan is deferred payment staunch supporters of the bonus.Its supporters believe,This will be more in the best interest of shareholders,If traders know the company still owe their millions of bonus,They participate in high risk the possibility of trading will reduce.In talking to delay bonus plan,Morgan Stanley spokesman referred to GeErMan after speech,"Shareholders need money,The company not only for his own money."In early January, Morgan Stanley has released its 1600 people of the planned layoffs,But a former Morgan Stanley in engaged in financial analysts said,It is not enough only by layoffs,Employees' wages are also likely to a reduction in,He estimates that Wall Street enterprise trading department average salary may drop 20%.

　　新常态 The new normal

　　银行业大量裁员，让银行家和交易员很难提出获得更多奖金的要求，华尔街奖金的减少将持续一段时间。

Banking lay-offs,Let the bankers and traders to get more difficult to put forward the requirement of bonus,Wall Street bonuses reduction will continue for a period of time.

　　中国社科院金融所研究员闫小娜认为，虽然美国大银行第四季度的业绩看起来不错，但部分原因是政策因素，即美联储低利率和债券购买政策带来的，并非完全来自私人部门的增长，私人部分的恢复还需要一段时间。华尔街银行业绩的上升受益于2012年活跃的债券市场和美联储宽松政策带来的资产价格上升，薪酬支出的减少也做出部分贡献。

By the Chinese academy of social sciences financial the leap XiaoNa think,Although the big Banks in the fourth quarter performance looks good,But part of the reason is the policy factors,That is the fed low interest rates and bond purchase policy brings,Is not entirely from the growth of the private sector,Private part of the recovery still need a period of time.The Wall Street bank performance benefits rise in 2012 active bond market and the federal reserve loose policy brings the property price rise,Salary expenditure and the reduction in part to make contribution.

　　欧洲政策研究中心首席执行官卡雷尔·莱诺认为，无论在欧洲还是在美国，奖金的发放已经被监督，监管者将会观察银行的资金是否充分到发放这样的奖金。

European policy research center chief executive carrel laetitia's thought,No matter in Europe or in the United States,Bonus distribution has been supervision,Regulators will observe the bank funds sufficient to issue such a bonus.

　　尽管摩根大通第四季度获利上升，但其正在收缩2013年的股票回购计划，以增强资本基础，达到更加严格的标准。当被问到该行的计划更加保守是否也因为“伦敦鲸”交易导致监管增强时，迪蒙回答称：“不是这样的。”不过新的监管法案使华尔街很多企业盈利减少。

Although Morgan chase the fourth quarter profit increase,But its are shrinking 2013 stock repurchase program,In order to enhance the capital base,To achieve more stringent standards.When asked the bank plan is more conservative because"London whale"Trading leads to increased supervision,Dean have answer say:"Is not this."However, the new regulation would make Wall Street a lot of enterprise profit reduce.

　　奥巴马曾在第一任期内推动加强对金融业监管的《多德-弗兰克法案》。在第二届就职典礼的演讲中，奥巴马提到：“如果只有越来越少的人获得成功，而越来越多的人难以成功，那我们的国家就无法成功。美国的繁荣必须建立在不断崛起的中产阶级的宽阔臂膀上。”

Obama had in the first period to promote to strengthen supervision of the financial industry[Dodd - frank act].In the second inauguration speech,Obama spoke of:"If only fewer and fewer people are successful,And more and more people can't succeed,That our country can't succeed.The prosperity of the United States must be based on the rising middle class on broad arms."

　　一位曾供职于摩根士丹利的银行家认为，华尔街普遍削减薪酬除了经营环境困难和结构性调整外，还有部分原因是奥巴马上任后将可能对银行业进行更严格的监管，这些银行必须减少部分投资行为，增加持有资金量以对抗风险。

A once worked for Morgan Stanley bankers think,Wall Street universal cut compensation in addition to business environment difficult and structural adjustment outside,And part of the reason is barack Obama after taking office will be more strict on banking supervision,The Banks have to cut part of the investment behavior,There is increase hold against risk.

　　“我的前同事们现在不开心，他们需要做出决定是否要接受这一现实。”上述曾供职于摩根士丹利的银行家说。

"My former colleagues are not happy now,They need to make a decision whether to accept the reality."The above has worked for Morgan Stanley bankers said.

　　分析人士称，摩根士丹利延期支付奖金的方案很可能在华尔街被效仿。2011年摩根士丹利同样执行了延期支付计划，不过当时被延期支付的是奖金超过12.5万美元的员工。纽约一间顾问公司调查显示，2011年，约40%的固定收益交易员、15%的股票交易和10%的投资银行雇员有50%~75%的奖金被延期支付。

Analysts say,Morgan Stanley delay payment bonus scheme is likely on Wall Street modeled.In 2011, Morgan Stanley also carried out the deferred payment plan,But was delay in payment is worth more than $125000 employees.New York a consulting company survey,In 2011,,About 40% of the fixed income traders/15% of the stock market and 10% of the investment bank employees 50% ~ 75% of the money is delay in payment.