摩根大通如何逃出次贷危机

　IT的英文是Information

Technology，即信息产业的意思，较为广泛：目前IT业的划分方法有各式各样，其中以美国商业部的定义较为清楚和合理，它将国民经济的所有行业分成IT业和非IT生产业。其中IT业又进一步划分为IT生产业和IT使用业。IT生产业包括计算机硬件业、通信设备业、软件、计算机及通信服务业。至于IT使用业几乎涉及所有的行业，其中服务业使用IT的比例更大。由此可见，IT行业不仅仅指通信业，还包括硬件和软件业，不仅仅包括制造业，还包括相关的服务业，因此通信制造业只是IT业的组成部分，而不是IT业的全部

IT=

information

technology

信息技术实际上有三个层次：

第一层是硬件，主要指数据存储、处理和传输的主机和网络通信设备；

第二层是指软件，包括可用来搜集、存储、检索、分析、应用、评估信息的各种软件，它包括我们通常所指的ERP(企业资源计划)、CRM(客户关系管理)、SCM(供应链管理)等商用管理软件，也包括用来加强流程管理的WF(工作流)管理软件、辅助分析的DW/DM(数据仓库和数据挖掘)软件等；

第三层是指应用，指搜集、存储、检索、分析、应用、评估使用各种信息，包括应用ERP、CRM、SCM等软件直接辅助决策，也包括利用其它决策分析模型或借助DW/DM等技术手段来进一步提高分析的质量，辅助决策者作决策(强调一点，只是辅助而不是替代人决策)。

基本资料

中文译名

科林·摩根英文名Colin Morgan生日1986年1月1日身高[1]IMDB:6英尺(183cm)tumblr:5英尺11英寸(18034cm)天朝:185cm~186cm(求各种信息来证实)出生地北爱尔兰阿马郡人（Armagh )星座摩羯座人物简介科林·摩根，2007年毕业于皇家苏格兰音乐戏剧学院,同年在“新维克”剧院由英国布克奖获得者

DBC皮埃尔的小说《维农少年》的改编剧目中担任男主角。科林·摩根还在一些电视剧集节目中客串角色，如2007年度的《凯瑟琳·塔特喜剧秀》以及2008年度的《神秘博士》。因领衔主演BBC系列连续剧《梅林传奇》而闻名，并凭借梅林一角获得第18届英国国家电视奖最佳剧集男演员。[2]2013年客串BBC新剧《Quirke》，计划在4月到8月出演莎翁舞台剧《暴风雨》。琐事Colin从小的志愿就是当演员，这一点可以从他的履历上看出来，不过在一次采访中曾被问到如果不当演员，他可能选择的另一个职业可能是记者。他最想演的角色是特里·普拉切特(Terry Pratchett)"碟形世界(The Disc world)"系列小说中的死神学徒莫特(Mort)。当问到他最喜欢的演员时，他提到了和他一起演出All About My Mother的Lesley Manville, Mark Gatiss 和Diana Rigg他还提到了doctor who的主演David Tennant，以及和他合作过的Corey Johnson, Sean Chapman以及Matthew Marsh。最喜欢的导演;他提到了Rufus Norris和Sam Mendes，当记者问他如果可以和某人交换身份一天，colin说他愿意变成蒂姆 波顿。(I’d like to see what it’s like to be inside the head of Tim BurtonThe guy just fascinates me I’m a fan of most of his films andalso his book, The Melancholy Death of Oyster Boy He has such an interesting perspective on things )最喜欢的书：《深夜小狗神秘事件》（The Curious Incident of the Dog in the Night-time），The Life of Pi以及特里·普拉切特（Terry Pratchett）几乎所有的书。目前最喜欢的一句台词：当他的角色偷了一把抢，警察让他把q放下的时候，他说 “I don’t know, but maybe not”Colin说他就是喜欢这句词，不知道为什么( just love that line, I don’t know why)Colin是素食主义者　Colin是个语言天才　Colin得过英国田径联合会一星级的格斗证书（BAF 1 Star Stage Combat Certificate）　Colin喜欢Bloc Party乐队　Colin是一名出色的宝思兰鼓手（Bodhran player）　Colin最爱的演员是Sean Penn　Colin是个游泳能手, 身体状况良好　Colin属于乳糖不受人群　Colin喜欢黑色幽默　Colin超级爱干净　Colin害怕在很多人面前唱歌　Colin在2002年为RTé talent“You’re A Star”节目试音

At this rate, Jamie Dimon may soon have to start being nice about JPMorgan Chase's investment bank自2004年进入摩根大通以来，戴蒙经常对该公司投行业务的表现感到失望，而这位首席执行官也常常公开表达他的这种不满。Since he arrived in 2004, Mr Dimon has often been disappointed with the investment bank's performance And JPMorgan's chief executive has been characteristically unbuttoned in sharing that disappointment in public不过，摩根大通发布的第四季度业绩报告显示，该公司比一些同行更好地度过了这次信贷市场动荡。But JPMorgan's fourth-quarter figures next week are expected to confirm that it has steered through the credit market turmoil much better than some of its rivals相比于花旗(Citigroup)、美林(Merrill Lynch)、瑞银(UBS)和摩根士丹利(Morgan Stanley)等竞争对手，摩根大通的损失规模要小。The figures will not be pretty, with analysts expecting heavy credit-related writedowns But JPMorgan will have suffered much less damage than rivals such as Citigroup, Merrill Lynch, UBS and Morgan Stanley摩根大通投行业务联席首席执行官比尔�6�1温特斯(Bill Winters)表示，这一切归功于判断，而非运气。该行在受打击最严重的领域并没有太多风险敞口，“因为我们做出了这样的选择”。Bill Winters, co-chief executive of JPMorgan's investment bank, says that is down to judgment, not luck The bank did not have big exposures in the worst-hit areas "because we chose not to"例如，摩根大通放弃了结构性投资工具(SIV)。事实证明，这种表外基金让竞争对手花旗集团头疼不已。For example, JPMorgan gave a pass to structured investment vehicles, the off-balance-sheet funds that have proved such a headache for rival Citigroup2003年，当摩根大通收购总部位于芝加哥的美一银行(Bank One)时，也接管了一只位于伦敦的结构性投资工具。当时，戴蒙是美一银行的首席执行官。In 2003, when JPMorgan acquired Bank One, the Chicago-based bank run by Mr Dimon, it inherited a London-based SIV温特斯表示：“我们对它进行了研究。我们试图搞清楚它是一个好设想的原因，但未能找到答案。”因此，摩根大通在2005年将它卖给了渣打银行(Standard Chartered)，而后者现在正被迫解散它。"We looked at it We tried to work out why it was a good idea and couldn't," Mr Winters says So in 2005, JPMorgan sold it to Standard Chartered, which is now being forced to unwind it摩根大通在信贷紧缩时期取得的相对较好的业绩，出乎很多观察人士的意料，他们原本以为，该公司的表现会与它“易于发生事故”的名声相符。JPMorgan's relatively good performance during the credit squeeze has surprised many observers who presumed it would live up to its accident-prone reputationBut Mr Winters, and his co-chief executive at the investment bank, Steve Black, say it has learnt from those past accidents不过，温特斯与另一位投行业务联席首席执行官史蒂夫�6�1布莱克(Steve Black)表示，该公司从过去的事故中汲取了教训。The most important single choice JPMorgan made was not to be big in the business of selling collateralised debt obligations based on residential mortgage securities摩根大通做出的一个最重要的选择就是：不要把基于住宅按揭证券的债务抵押债券(CDO)销售业务做得太大。It would have been a natural thing for JPMorgan to do One of the pioneers of structured credit in the 1990s, JPMorgan is a leader in parts of the CDO business But in the mortgage-backed side, it was second division本来，对于摩根大通而言，把这块业务做大做强是自然而然的事。作为上世纪90年代结构信贷的先驱之一，摩根大通是CDO部分业务领域的领导者。不过在按揭抵押证券方面，它仅位居第二集团。"We saw other firms doing massive business and we put pressure on our people to figure out where we were going wrong," Mr Winters says“我们看到其它公司开展了大量此类业务，于是要求手下人员找出我们出错的地方，”温特斯表示。"We ran the numbers every way we could But when you factored in the riskiness of what you have to hold, we couldn't figure out how you would make any money"“我们尽可能到处收集数据。不过，当你把自己不得不承担的风险考虑进来的时候，我们看不出你怎么能赚钱。”Other banks, such as Citigroup and Merrill, have suffered billions of dollars of losses on the senior tranches of CDOs they retainedThe generous yield provided by those tranches suggested they were much riskier than widely assumed And so it proved其它投行，例如花旗和美林，因为手中持有的高级CDO而蒙受了巨额损失。Mr Winters says JPMorgan's experience securitising corporate loans in the late 1990s underlined the danger of such assumptions这些CDO提供高额回报率，意味着它们的风险比人们普遍假设的更大。事实也证明了这一点。The group later discovered the risks of holding too much of anything when Chase's exposure to telecoms start-ups cost it dearly when the tech bubble burst温特斯称，JP摩根(JPMorgan)上世纪90年代在企业贷款证券化方面的经历，凸显了这种假设的危险性。Those losses, together with the costs of the group's involvement with Enron and WorldCom, seriously hampered efforts to create a top-tier investment bank from the merger of Chase Manhattan and JPMorgan in 2000该集团后来发现了过多持有任何东西的风险。当科技泡沫破裂时，大通曼哈顿(Chase Manhattan)在电讯初创企业方面的风险敞口令其损失惨重。The banks lost talent after the bubble burst, then again in 2004 when heavy litigation payments slashed the bonus pool Learning another lesson, the investment bank is expected to pay healthy bonuses for last year, in spite of the downturn这些损失，再加上受安然(Enron)和世通(WorldCom)牵连而付出的成本，严重影响了该集团在2000年借助合并大通曼哈顿和JP摩根而创建一流投资银行的努力。Mr Winters, a JPMorgan veteran, and Mr Black, who had joined from Citibank shortly before the merger, were made co-chief executives in 2004 They have since changed most of the senior management on the markets side, overhauled the trading businesses in an attempt to reduce volatility and improve productivity, and invested in areas where the bank was weak在科技泡沫破灭后，以及在2004年，当巨额诉讼赔付严重影响了奖金水平时，银行都损失了不少人才。痛定思痛，尽管去年业绩下滑，但预计JP摩根还是会发放丰厚奖金。These included commodities trading - which JPMorgan had exited in 1997 - and equities, where neither bank had been strong "We have built out most of the gaps we had Right now, we are a top-three player across every asset class across the globe"JPMorgan's trading business lagged behind many of its rivals during the boom, which ended last summer, partly because value at risk was kept flat温特斯是JP摩根的老员工，而布莱克则是在JP摩根和大通合并前不久，从花旗银行(Citibank)跳槽过来的。他们两人在2004年成为联席首席执行官。从那以后，他们更换了市场方面的多数高层管理人员；改革了交易业务，以降低波动性、提高收益率；同时，还在该行的薄弱领域进行了投资。This was not because Mr Dimon does not like risktaking, which Mr Winters insists is a myth, but because he wanted to concentrate on improving productivity of risk capital JPMorgan can claim to be the world's leading corporate finance bank, generating investment banking revenue of $6bn last year, according to Dealogic, ahead of Goldman Sachs, Citi and Morgan Stanley这些领域包括大宗商品交易（JP摩根1997年退出了这项业务）、股票业务（JP摩根和大通曼哈顿无一擅长）。“我们弥补了多数缺口。现在，在全球范围内，在所有资产类别，我们都是行业前三名。”Like other Wall Street banks it has been investing heavily outside the US It remains underweight in Asia, where it generated 13 per cent of its revenue in the first nine months of 2007, though Mr Winters says it is "closing the gap quickly"But it is very strong in Europe and the Middle East, which accounted for 40 per cent of its revenue在结束于去年夏季的信贷繁荣期，摩根大通的交易业务落后于很多对手，部分原因就是风险价值一直比较平稳。Its position in Europe has been bolstered by the tie-up with Cazenove in London in 2004, which has been much more successful than many sceptics predicted这不是因为戴蒙不喜欢冒险（温特斯坚称这是谣传），而是因为他想集中精力提高风险资本的收益率。摩根大通可以自称是全球领先的企业金融银行，Dealogic的数据显示，该行去年的投行业务收入达60亿美元，超过高盛(Goldman Sachs)、花旗和摩根士丹利。Mr Winters, who spent a long time courting Cazenove, was always confident but says "it worked a little better than we hoped"Mr Winters and Mr Black argue that the investment bank is well-placed to thrive in these more challenging times It has an enviable client list, a strong brand, and thanks to Mr Dimon's pursuit of a "fortress balance sheet", it is part of a very well capitalised group Some of its rivals are not in such a happy position与其它华尔街银行一样，摩根大通也一直在大举投资海外。它的亚洲业务依然比例薄弱，在2007年前9个月的收入中，只有13%来自亚洲。温特斯表示，该行正在“迅速弥补差距”。不过，该行在非洲和中东的业务非常强大，其总收入的40%来自于此。它在欧洲的地位，很大程度上得益于2004年与伦敦嘉诚(Cazenove)的合作。这笔交易的成效比很多怀疑人士的预期好得多。温特斯曾经花了很多时间游说嘉诚，他对这笔交易始终抱有信心，但他也说：“这笔交易比我们的预期还要稍微好一点。”温特斯和布莱克认为，这家投行有能力面对这些更具挑战性的时局。它拥有令人羡慕的客户群、一个强大的品牌，而且，得益于戴蒙对“坚实资产负债表”的追求，该行现在是一个资本非常充足的大集团的一部分。《FT商学院》

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