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Wells Fargo’s boss stands down富国银行CEO辞职下台
Stumpfed当斯坦普已成为往事
What a scandal says about Americans’ attitude towards banks丑闻中窥视美国对银行的态度
Oct 15th 2016 | NEW YORK | From the print edition
Wells Fargo 富国银行;美国富国银行集团
Retired hurt退休的痛
WHEN you consider the hundreds of billions of dollars of losses and fines that the banking industry has made or incurred over the past decade, the affair that has just ended the career of John Stumpf, the boss of Wells Fargo, may at first seem innocuous. In September Wells admitted that its retail-banking sales people had been too pushy, and agreed to pay regulators a $185m fine, a tiny sum by recent standards (Deutsche Bank is presently in negotiations to pay a fine of perhaps $5 billion to American regulators). Mr Stumpf probably thought that he had a couple more happy years to go as the head of the world’s most valuable bank.
当你注意到银行业在过去十年间引起的数十亿美元的损失和罚款时，乍看之下让富国银行的老板约翰-斯坦普下台的丑闻似乎显得无关紧要。在九月份，富国银行承认，其零售银行业务销售人员过于急于求成，并且同意向有关管理者缴纳1.85亿美元的罚款，按最新标准来看这只是小额罚款(德意志银行目前在就向美国政府缴纳50亿美元的罚款进行谈判)。斯坦普先生曾经可能认为他还能够多享受几年作为世界上最富有银行老板的好日子。
Incurred：遭受，招致innocuous adj. 无害的;无伤大雅的;平淡无味的retail banking 小额银行业务pushy adj. 有进取心的;爱出风头的;有冲劲的;固执己见的Deutsche Bank n. 德意志银行(公司名，财富500强公司之一，总部所在地德国，主要经营银行)
But on October 12th, he stepped down after being roasted alive for weeks in an inferno of criticism. Wells’s transgressions have caught the public mood far more thanesoteric abuses in the mortgage-backed-security market ever did. The bank admitted that its staff created up to 2m bogus accounts, without customers’ permission, in order to meet aggressive sales targets. To many Americans fed up with banks’ red tape andlousy service that seemed reckless, unforgivable and possibly criminal.
但是10月12日这天，在批评声如潮的人间炼狱中活生生煎熬了数周后他下台了。公众对于富国银行的罪行的咒骂声和关于住房抵押贷款证券市场不为人知的辱骂相比，有过之而无不及。富国银行承认，其员工在没有经过客户的许可的情况下，捏造了200万个虚假账户，目的是为了完成激进的销售任务。对于许多受够了银行的形式主义以及糟糕服务的美国人来说，这看上去似乎是胆大妄为的，不可原谅的，甚至可能是罪大恶极的。
inferno n. 阴间，地狱transgression 犯罪;违反esoteric adj. 秘传的;限于圈内人的;难懂的mortgage-backed-security 抵押担保债券bogus adj. 假的;伪造的red tape n. 繁文缛节;官样文章lousy adj. 讨厌的;多虱的;污秽的;极坏的reckless adj. 鲁莽的，不顾后果的;粗心大意的
Wells had already sacrificed some lambs, having fired over 5,000 employees involved in the fake accounts, and engineered the retirement, in July, of the executive in charge of its retail arm. But over the course of the past month the pressure grew on Mr Stumpf, whoforfeited $41m in compensation. He was savaged in a congressional hearing, where he said that he, as chief executive, was accountable to the board, of which he was chairman. Politicians asked why bank regulators took the mass fabrication of accounts so lightly. Chicago’s city council said it would boycott the bank. Eventually the episode began tosqueeze the bank where it really hurt: its share price. Wells’s market capitalisation has dropped by $25 billion since the start of September, and it has lost the global top spot toJPMorgan Chase.
富国银行牺牲了一些替罪羔羊，裁掉了逾5000名涉及虚假账户的员工，同时在7月份决定让掌管零售部门的主管退休。但是，在过去的一个月里，舆论压力开始爬上被处罚了4100万美金作为补偿的斯坦普先生肩头。他在一场国会听证会上饱受抨击，会上他发表了言论。他说，作为首席执行官，他应该对他担当主席的董事会负责。政治家质问到，为什么银行监管人员把如此大量的账户伪造行为看得如此轻松。芝加哥的市议会说到，他们会联合抵制这家银行。最终，这一事件开始让发酵，让富国银行受挫：尤其是它的股价。富国银行股票的市值从9月初开始已经下降了250亿美金，并且它丢掉了全球最佳金融服务机构的头衔给摩根大通集团。
forfeit n. 罚金;没收物;丧失的东西compensation n. 补偿;报酬;赔偿金savage vt. 乱咬;粗暴的对待congressional adj. 国会的;会议的;议会的be accountable to 对……负有责任fabrication n. 制造，建造;装配;伪造物council n. 委员会;会议;理事会;地方议会;顾问班子boycott n. 联合抵制episode n. 插曲;一段情节;插话;有趣的事件squeeze vt. 挤;紧握;勒索capitalisation n. 市值(等于capitalization);(英)资本化JPMorgan Chase 摩根大通公司
Wells will hope that the scandal will now pass. Mr Stumpf has been replaced as chief executive by Tim Sloan, a bank veteran. Unusually for a big American bank, it will now have a non-executive chairman, Stephen Sanger. Despite the fake accounts scandal, the bank is in decent condition. It sailed through the 2008-10 crisis, buying a distressed competitor,Wachovia, and is profitable and well capitalised. It is relatively simple and focused on America.
富国银行希望能够快点平复丑闻的影响。斯坦普先生的首席执行官职位已经由富有银行管理经验的蒂姆-斯隆取代。他们现在将有一位无决策权的主席，史蒂芬-桑格，这对于一家大型美国银行来说显得不寻常。尽管发生了虚假账户丑闻，富国银行还是运转正常。它撑过了2008-2010年的金融危机，同时收购了羸弱的美联银行，最终保证了盈利的同时资金充裕。它是一家相对简单的银行，并且主要集中美国市场。
Non-executive n. 非执行董事;非执行理事Wachovia n. 美联银行well capitalised：资金充裕的。
Even so, investigations and legal cases relating to the affair will simmer for years. The hostility comes from both left and right. Elizabeth Warren, a left-wing senator, hasdenounced the bank in furious terms. But so has Jeb Hensarling, alibertarian congressman in charge of the House Financial Services Committee, who has previously argued that banks are over-regulated. He has said his committee’s inquiry into the bank will continue.
即使如此，关于这种时间的调查和法律诉讼将持续发酵数年。会遭受来自左翼和右翼的愤怒反抗。一名左翼参议员，伊丽莎白-沃伦，用一种极其愤怒的语气公开指责了富国银行。但是，一名掌管众议院金融服务委员会的自由党国会议员，杰布-亨萨灵也做出了相同的举动，不过他先前认为银行是被过度束缚的。他一直强调，他的委员会对银行的审查将会持续下去。
Simmer vi. 炖;内心充满;即将爆发denounce vt. 谴责;告发;公然抨击;通告废除furious adj. 激烈的;狂怒的;热烈兴奋的;喧闹的libertarian adj. 自由的;自由论者的;持自由论的
For the rest of the industry, the Wells affair has three lessons. First, the cumulative effect of bank scandals and a mood of populism means (说明主语为the effect)that the environment may still be as dangerous as immediately after the 2008-10 crisis. Investors are worried that scandals they once would have viewed as minor can spiral out of control. Amesh of litigation, boycotts and bad publicity can damage long-term profits.
对银行业的其他同行来说，富国银行的丑闻有三点启发。第一，银行丑闻和平民主义氛围的累加效应意味着， 在2008-2010年的金融危机过后，金融市场环境依然可能立马变得危机四伏。期待您的翻译。陷入官司、遭遇联合抵制以及公关不利的窘境都可能破坏长期的利益。
Cumulative：累积的;加重的。Populism：平民主义，平民论。Mesh n. 网眼;网丝;圈套litigation n. 诉讼;起诉
Second, banks may need to make their boards more independent, to create afirebreak when executives mess up. Wells Fargo is not the first big bank to split the chairman and chief-executive roles—Citigroup did in 2007. But JPMorganChase, Morgan Stanley, Bank of America and Goldman Sachs are still ruled by all-powerful figures, such as Jamie Dimon (JPMorganChase) and James Gorman (Morgan Stanley). That is now harder to justify
.第二，银行业可能需要让他们的董事会更加独立，从而在执行官们做出糟糕决定的时候能够创造出一堵防火墙。富国银行不是第一家把董事会主席和首席执行官职位分开的大型银行—花旗集团在2007年就开始了。但是，摩根大通集团、摩根史坦利集团、美国银行以及高盛集团依然实行集权制，例如杰米-戴蒙(摩根大通集团)和詹姆斯-戈尔曼(摩根史坦利集团)。现在更难去证明孰轻孰重。
Firebreak：防火墙。Citigroup n. 花旗集团(金融公司，总部设于美国)
The final lesson is for those all-powerful figures. Mr Stumpf was a highly regarded figure in the industry, and Wells viewed as a well-run firm. Yet, at best, he seems to have been unable to control the workings of his organisation, with its $2 trillion balance-sheet and 265,000 staff. Several other banks are as big as Wells and almost all are more complex than it, straddling lots of different countries. It seems unlikely that Wells Fargo is the only one that has become a nightmare to manage.
最后一点就是对于那些专权的人物。斯坦普先生过去是一位业内备受尊重的人物，同时富国银行也被认为是一家经营得当的公司。然而，充其量看来，他似乎并不能够去管理好一家收支平衡2万亿美元且拥有265,000名职员的公司。其他几家银行和富国银行规模一样大，并且运作几乎都更加复杂，因为它们的业务横跨许多不同的国家。因此，这似乎不太可能去说富国银行是唯一一家管理者的噩梦。