银行业需要新的企业文化

Banks need new culture

Remuneration structures linked to short-term performance have createdincentives for dishonesty and must be changed
与短期表现挂钩的报酬结构已为欺诈创造了诱因，必须被改变

There has been a lot of focus recently on a long and growing list of scandalsinvolving some of the biggest global banks. Barclays has been in the spotlightfor manipulating the London inter-bank offered rate and has been fined $460million by regulators in the United States and United Kingdom.
最近一系列不断爆出的丑闻将世界几大银行卷入其中，受到很多关注。巴克莱银行因操纵伦敦银行间贷放利率而处在风口浪尖，已被美国和英国的管理者罚款4.6亿美元。
But Barclays is not alone, the list of other banks involved includes some ofthe best-known global banks, from Citigroup, JPMorgan Chase, and Deutsche Bankto HSBC, RBS and UBS.
不过巴克莱银行不是唯一的，被卷入丑闻名单的还包括其他一些全球最著名的银行，比如花旗银行，摩根大通银行，德意志银行，汇丰银行，苏格拉皇家银行和瑞士联合银行。
In addition, JPMorgan Chase announced a fresh assessment of losses in thetrading positions of its London-based unit, which have now been revised upwardto $5.8 billion. Meanwhile, HSBC faces the threat of being fined up to $1billion by the US authorities for allegations of laundering money and financingterrorists, and Standard Chartered has been accused by the US financial watchdogof violating anti-money laundering rules.
另外，摩根大通公司将伦敦分部在交易中的损失估算更新为58亿美元。同时，汇丰银行因为洗钱和资助恐怖分子的指控而面临美国当局多达10亿美元的罚款威胁，渣打银行被美国金融监督机构指控违背反洗钱法令。
It is not surprising that the banking sector, already under attack in themidst of the global financial crisis, has been hit by a new wave of criticism.But most worryingly, trust and confidence in the financial system have reached arecord low.
早已身受全球金融危机打击的银行业被新一波的批评攻击并不令人惊讶。但最令人担心的是，人们对金融体系的信任和的信心达到了历史的最低点。
Although there are many reasons why the banking sector collectively hasperpetrated so many misdeeds and broken ethical norms, greed is one of the rootcauses. Therefore, to fix the banking sector requires reshaping its corporateculture.
虽然银行业共同犯下如此多罪行和打破道德规范有很多原因，但贪婪无疑是根本原因之一。因此，整顿银行业需要重塑其企业文化。
The values of an organization are shaped by its corporate culture. Of course,any business aimed at maximizing shareholders' values must strive to make aprofit, but the profit-making activities must be legal and morally acceptable.Experience shows that misbehavior in the banking sector often stems from thebelief that only bonuses can reward people. Remuneration structures, oftenlinked to short-term performance, have created incentives for dishonesty.
一个组织的价值是被其企业文化塑造的。当然，任何旨在将股东的价值最大化的企业一定会努力追求利润，但是营利活动必须是合法且道德允许的。经验表明银行业中的不端行为常常是因为人们认为，得到嘉奖的唯一方式就是奖金。通常与短期表现挂钩的报酬结构已为欺诈创造了诱因。
But as Greg Smith, who resigned as a Goldman Sachs executive director andhead of the company's US equity derivatives business, wrote in an article, "WhyI am leaving Goldman Sachs": "people who care only about making money will notsustain this firm – or the trust of its clients – for very much longer".
但是高盛投资公司的前执行董事和该公司美国股票衍生品业务的前掌门人 Greg Smith在题为《我为什么离开高盛集团》的文章中写道：“只关心赚钱的人是不会长时间维持这家公司或是客户的信任的。”
Leadership plays an important role in shaping the culture of a bank. Clearly,the "tone at the top" is a key factor influencing how a bank operates. Moreover,qualified leaders motivate subordinates to work for the good of a bank, not justfor themselves. In particular, executives of a bank should have a specialresponsibility to create an environment where people cannot do bad things. AsBob Diamond, Barclays' former chief executive, once declared, "the evidence ofculture is how people behave when no one is watching".
领导阶层在一个银行的文化塑造中发挥着重要作用。很明显，高层的声音是影响一个银行如何运作的关键因素。而且，合格的领导者激励下属为银行的利益而不是为他们自己工作。特别是银行的高管应该有一种特殊的责任感去创造一种人们不能做坏事的环境。正如巴克莱银行的前任董事长BobDiamond 曾经宣称的：“文化的证据就是当没人看到时人们如何表现。”
Financial regulatory reforms will help banks change their culture. Imposinghigher standards of capital adequacy and liquidity management can lower leverageratios and increase loss-absorbing capabilities, thus reducing the appetite fortaking risks and limiting profits in the banking system.
金融监管的改革将帮助银行改变它们的企业文化。征收更高的资本充足率标准和流动性管理可以降低杠杆比率和增加吸收亏损的能力，从而降低冒险的欲望和限制银行系统的利润。
The scandals of the past months may have been a watershed in policymakers'attitudes toward regulating banking services in many countries. From the VolckerRule in the US, which prohibits proprietary trading business in banks, to theVickers Recommendations in the UK, which separate banks' retail business fromtheir investment business, restrictive measures could force banks to be moretransparent and change the incentives driving their behavior. It is importantthat banks stick to their core mission of supporting the real economy.
过去几个月的丑闻可能已成为许多国家决策者对调节银行业服务的态度的转折点。从美国的禁止银行自营交易业务的沃尔克规则，到英国的将银行零售业务与投资业务分离的维氏建议，这些限制性措施可以促使银行更透明，改变推动他们行为的激励机制。银行坚持他们支撑实体经济的核心使命很重要。
Regulators in Western countries should learn from their mistakes. TheFinancial Service Authority in the United Kingdom has reportedly tracked theprice-rigging back to 2005. In April 2008, a Barclay's employee told an analystat the Federal Reserve Bank of New York that the UK bank was deliberatelymanipulating LIBOR, which was then briefed to the Bank of England and theBritish Bankers' Association. But the regulators did not respond quickly andthus missed the opportunity to reform the system.
西方国家的管理者应当从他们的错误中吸取教训。据报道英国金融服务局已追踪价格操纵至2005年。2008年4月，巴克莱银行的一个雇员告诉一位在纽约联邦储备银行的分析师，英国银行故意操纵伦敦银行间拆放款利率，它之后被摘要至英格兰银行和英国银行家协会。但是管理者没有尽快回复，因此错过了改革系统的机会。
The effects of these scandals will stretch far beyond developed countries.Chinese banks and regulators must seriously consider how to further promote ahealthy corporate culture and enhance the sector's internal controlmechanisms.
这些丑闻的影响将远远延伸出发达国家。中国的银行和管理者必须认真地考虑如何进一步提升健康的企业文化和增强行业的内部控制机制。
Usually, financial crises occur when what was thought to be low risk turnsout to be very high risk. For this reason, the banking sector requires specialregulation, because its failures have very big economic, political and socialfallouts. In this respect, the nation's top bankers must be accountable and ofhigh integrity, no matter how intensified the competition becomes.
通常，金融危机都发生于那些被认为是低风险事物转变为高风险时。为此，银行业需要特殊的规则，因为它的失败会带来非常大的经济、政治和社会的消极后果。在这方面，无论竞争变得多么激烈，国家的顶级银行家必须负责任和正直。
It is understandable that the recent scandals have enraged the public.Nevertheless, it is useless to direct perpetual "blame and shame" at the banks.Instead, the focus should be on how to inspire and encourage banks to fulfilltheir responsibilities and redefine their culture.
最近的丑闻激怒了公众是可以理解的。然而，针对银行的不断的“责备和羞耻”是没有用的。焦点反而应放在如何激励和鼓舞银行履行他们的责任和重新定义他们的文化。
The banking business involves risks and its corporate culture cannot bemanaged by outside regulation alone. It must be cultivated internally step bystep.
银行业务包含风险，它的企业文化不能被外部规则单独管理，而必须在内部逐步地发展。
The author is chairman of the Board of Directors of Bank ofChina.
本文作者系中国银行董事会主席。

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