大股东敦促巴克莱削减投行业务

Some of Barclays’ biggest investors have urged Antony Jenkins, the bank’s new chief executive, to take an axe to its investment bank.

巴克莱(Barclay)部分大股东已敦促该行新任首席执行官安东尼·詹金斯(Antony Jenkins)削减投资银行业务。

At meetings with investors in recent weeks, at least three of the 30 biggest shareholders told Mr Jenkins and other executives that the UK bank should consider following the example of Switzerland’s UBS, which last month unveiled a dramatic retreat from the fixed-income side of its investment bank business and 30,000 job cuts.

在最近几周的几场投资者会议上，在巴克莱的前30大股东中，起码有三名对詹金斯和其他高管表示，巴克莱应当考虑效仿瑞银(UBS)的做法。上月，瑞银宣布大幅削减其投行部门的固定收益业务，并裁员3万人。

“The 20 per cent pop in the UBS share price has got investors’ juices flowing, said one bank insider, suggesting that the idea of closing Barclays’ equities business or spinning off the whole investment bank was gathering investor support.

一位巴克莱内部人士表示：“瑞银股价上涨20%，让投资者感到十分振奋。他认为，终止巴克莱股票业务或者剥离整个投行部门的想法，在投资者中获得越来越多的支持。

Mr Jenkins, who became chief executive in August, has been garnering investors’ views ahead of a strategy overhaul in February. Part of that is a performance analysis, breaking the bank down into 75 operating units and assessing each one’s cost of capital and return on equity. He is undecided on what to do with the investment bank, say people close to him.

今年8月出任首席执行官的詹金斯最近一直在征集投资者意见，因为明年2月巴克莱将开始战略大调整。调整措施将包括推出一项绩效分析制度，具体做法是把整个银行分解为75个业务单元，然后逐一评估每个单元的资金成本和股本回报率。与詹金斯关系密切的人士表示，他还未决定如何调整投行业务。

Investors say the direction of regulation and political sentiment have added to the logic of separating retail and investment banking.

投资者表示，把商业银行业务与投资银行业务分离开来的做法更加吻合当今监管和政治气氛的变化态势。

The UK’s Vickers reforms, and their central idea of ringfencing, are due to be implemented through legislation next year. The EU is also considering a different ring-fencing plan proposed by the Liikanen review.

在英国，以“圈护理念(ringfencing，意指将风险程度较高的投行业务与风险较低的零售业务加以区隔——译者注)为核心的维克斯(Vickers)改革将于明年立法实施。欧盟(EU)也在考虑实施利卡宁(Liikanen)评估结果中提出的另一种圈护方案。

One top-10 investor in the bank said: “We have had discussions with Barclays and other banks over ring-fencing or splitting up investment banking and retail.

巴克莱前十大股东之一表示：“我们已同巴克莱以及其他银行讨论过圈护或把投行与商业银行分开的问题。

However, one person close to Barclays said it would be misleading to suggest such views were representative: “The feedback from most investors is that they like the mix of the business because it adds stability.

但一位接近巴克莱的人士表示，如果说这些观点很有代表性，将会令人产生误解：“来自大多数投资者的反馈是，他们喜欢混业模式，因为那有利于增加稳定性。