Name: 在美國銀行中獨佔鰲頭的「摩根大通」是如何在銀行業戰爭中勝出的？ (How J.P. Morgan Won the Banking Wars)
Uploaded: 2024-07-04T07:08:03.000Z
Duration: 10 min 5 s

基礎被動語態

情態副詞

For most of its history, America has probably had the most fragmented banking system in the world.

在歷史上的大部分時間裡，美國的銀行體系可能是世界上最分散的。

而這是一個深思熟慮的政策選擇。

To avoid concentrating financial power in the hands of a few bankers, Congress designed regulations to favor smaller, regional banks.

為了避免金融權力集中在少數銀行家手中，國會制定了有利於小型地區性銀行的法規。

And anytime a bank got too big, it would be promptly broken up.

只要銀行規模過大，就會被迅速解散。

However, today there's one American bank that stands head and shoulders above the rest.

然而，如今有一家美國銀行在其他銀行中獨佔鰲頭。

Morgan the biggest bank in America by any metric, it's also become systemically important to a historically unprecedented degree.

摩根銀行是美國最大的銀行，其系統重要性也達到了歷史上前所未有的程度。

It's the only bank big enough to bail out its struggling peers.

它是唯一一家足以救助陷入困境的同行的銀行。

And its CEO, Jamie Dimon, is almost a politician in his own right.

其首席執行官傑米-戴蒙（Jamie Dimon）本身幾乎就是一位政客。

So in this video, we thought we'd take a look at how J.P.

是以，在這段視頻中，我們想看看 J.P.

Morgan became the banking behemoth it is today, why this is a violation of American history, and why J.P.

摩根成為今天的銀行業巨頭，為什麼這違反了美國曆史，為什麼 J. P.

Morgan's size, combined with its systemic importance, presents a difficult dilemma for regulators.

摩根大通的規模及其系統重要性，給監管機構帶來了棘手的難題。

Before we start, if you haven't already, please consider subscribing and ringing the bell to stay in the loop and be notified when we release new videos.

在我們開始之前，如果您還沒有訂閱，請考慮訂閱並按鈴，以便在我們發佈新視頻時及時收到通知。

Morgan's boom era really begins with the arrival of Jamie Dimon as CEO in 2005.

摩根大通的繁榮時代始於 2005 年傑米-戴蒙（Jamie Dimon）出任首席執行官。

Morgan was one of a handful of big American banks, but by no means the biggest, and it specialized in investment banking and wealth management rather than retail banking.

摩根是美國為數不多的大銀行之一，但絕不是最大的銀行，它專門從事投資銀行和財富管理，而不是零售銀行業務。

Over the course of the next two decades or so, however, who is still CEO today, has transformed J.P.

然而，在接下來的二十多年裡，如今仍擔任首席執行官的 J.P. 公司發生了翻天覆地的變化。

Morgan into both America's largest and most systemically important bank.

摩根已成為美國最大和最具系統重要性的銀行。

Dimon made his plans clear almost immediately after taking charge.

戴蒙上任後幾乎立即明確了自己的計劃。

In his first letter to shareholders in early 2006, he wrote, size, scale, and staying power matter, and announced his intention to create what he described as a fortress balance sheet.

在 2006 年初致股東的第一封信中，他寫道："規模、尺度和持久力很重要"，並宣佈他打算創建一個他稱之為 "堡壘 "的資產負債表。

Morgan so big and so safe that it could weather any crisis.

摩根如此之大，如此之安全，可以抵禦任何危機。

And following this announcement, Dimon did three things that helped J.P.

在宣佈這一消息後，戴蒙做了三件對 J.P. 有幫助的事

The first was to cut costs and bureaucracy.

Now, Dimon made his name as the austere but effective CEO of Bank One in the early 2000s, and he pulled a similar trick at J.P.

本世紀初，戴蒙作為第一銀行（Bank One）嚴厲但高效的首席執行官一舉成名，他在 J.P. 銀行也玩過類似的把戲。

Morgan, cutting back stuff like consultant fees and executive perks.

摩根，削減顧問費和高管津貼。

The second thing he did was to take advantage of the liberalisation of American banking laws.

他做的第二件事是利用美國銀行法的自由化。

For context, for basically its entire history, America has had banking laws that have tried to prevent big bank monopolies and instead encouraged smaller regional banks.

從背景來看，基本上在整個歷史上，美國的銀行法都試圖防止大銀行的壟斷，而是鼓勵較小的地區性銀行。

Now, this is for a variety of reasons, including a general anti-elitist wariness of bankers.

原因有很多，其中包括人們對銀行家的普遍反感。

But it's also because one of the lessons learned by the American political class from the 19th and 19th centuries was that banks didn't actually lend enough, and especially not to poorer rural areas.

但這也是因為美國政治階層從 19 世紀和 19 世紀吸取的教訓之一是，銀行實際上沒有提供足夠的貸款，尤其是沒有向較貧困的農村地區提供貸款。

In a sense, this is still true today, and smaller regional banks still account for an outsized fraction of small business loans, unlike in other developed economies.

從某種意義上說，這種情況如今依然存在，與其他發達經濟體不同，較小的地區性銀行在小企業貸款中所佔的比例依然很大。

Now, banks were also rarely allowed to operate outside of their home state, in part because states used to receive significant revenues from taxing their chartered banks.

現在，銀行也很少被允許在本州以外的地方開展業務，部分原因是各州曾經從對其特許銀行徵稅中獲得大量收入。

Even today, America has probably the most fragmented banking system in the developed world.

即使在今天，美國也可能是發達國家中銀行系統最分散的國家。

No bank holds more than 15% of all deposits, and there are over 4,100 commercial banks spread across the country, compared to about 350 in the UK and 260 in Germany.

全國共有 4100 多家商業銀行，而英國和德國分別只有 350 家和 260 家。

America has also never really had a national bank per se, like Deutsche Bank in Germany or BNP Paribas in France, which have both historically cooperated with their respective governments.

美國本身也從未有過真正意義上的國家銀行，就像德國的德意志銀行或法國的法國巴黎銀行，它們在歷史上都曾與各自的政府合作。

However, beginning in the 90s, many of these regulations were relaxed, allowing American banks to grow in scale.

然而，從上世紀 90 年代開始，這些法規中的許多規定被放寬，使得美國銀行的規模不斷擴大。

The first banker to take advantage of this trend was Citibank, which established itself as America's largest retail bank in the early 2000s.

花旗銀行是第一家利用這一趨勢的銀行，它在 2000 年代初成為美國最大的零售銀行。

But Diamond was quick to catch up, and JP Morgan would overtake Citigroup only a few years after his arrival.

但戴蒙德很快就迎頭趕上，摩根大通在他上任後僅幾年就超越了花旗集團。

The third thing that Diamond did, and perhaps the thing he's most known for, was anticipate the 2008 financial crisis.

戴蒙德做的第三件事，或許也是他最著名的一件事，就是預測了 2008 年的金融危機。

Diamond has always held weekly meetings with the heads of JP Morgan's main businesses to discuss potential risks.

戴蒙德總是每週與摩根大通的主要業務主管舉行會議，討論潛在的風險。

And in 2006, in one of these meetings, Diamond and members of JP Morgan's management identified risks involved with subprime mortgages, which allowed them to reduce their exposure 18 months before other banks did.

2006 年，在其中一次會議上，戴蒙德和摩根大通的管理層成員發現了次級抵押貸款的風險，這讓他們比其他銀行提前 18 個月減少了風險敞口。

In a letter to shareholders in early 2007, Diamond presciently warned about a, quote, industry excesses and mismanagement in subprime home loans, and that the ultimate impact could get ugly.

在 2007 年初致股東的一封信中，戴蒙德先知先覺地警告說，次級住房貸款行業存在過度和管理不善的問題，最終的影響可能會很難看。

This meant that when the crisis struck, JP Morgan was sort of the only bank left standing, which is why it was able to rescue two failing smaller banks in Bear Stearns and Washington Mutual.

這意味著，當危機爆發時，摩根大通是唯一一家屹立不倒的銀行，這也是摩根大通能夠拯救貝爾斯登和華盛頓互惠銀行這兩家倒閉的小銀行的原因。

Diamond also claims that JP Morgan neither wanted nor needed a bailout, but agreed to tap into a Treasury Department emergency support to remove the stigma for other firms.

戴蒙德還聲稱，摩根大通既不想也不需要救助，但同意利用財政部的緊急支持，以消除其他公司的汙名。

Diamond and other JP Morgan executives have said since that they regret the acquisitions, and apparently made massive losses on both of them.

戴蒙德和摩根大通的其他高管後來都表示，他們對這些收購感到後悔，而且顯然在這兩次收購中都蒙受了巨大損失。

But this was the beginning of both JP Morgan's industry dominance and its special relationship with the federal government as their go-to bailout guy.

但這既是摩根大通佔據行業主導地位的開始，也是摩根大通與聯邦政府建立特殊關係，成為聯邦政府救助對象的開始。

This became apparent again last year when JP Morgan bailed out First Republic Bank after it suffered a bank run a few days after the collapse of Silicon Valley Bank.

去年，在硅谷銀行倒閉幾天後，第一共和銀行遭遇擠兌，摩根大通對其進行了救助，這一點再次顯現出來。

And that's because JP Morgan was basically the only big bank that could absorb First Republic.

這是因為摩根大通基本上是唯一一家能夠吞併第一共和銀行的大銀行。

Bank of America apparently couldn't take the risk, and Citigroup and Wells Fargo weren't even invited because of ongoing regulatory issues.

美國銀行顯然不能冒這個險，而花旗集團和富國銀行由於目前的監管問題甚至沒有受到邀請。

This deal was a win for both the FDIC and JP Morgan.

這筆交易對聯邦存款保險公司和摩根大通來說都是雙贏。

The FDIC were able to maintain financial stability without costly or politically controversial bailout, while JP Morgan were able to buy up a whole load of assets on the cheap and circumvent the FDIC's anti-monopoly regulations that would normally ban acquisitions for any bank that controls more than 10% of all deposits.

聯邦存款保險公司能夠在不付出高昂代價或在政治上引起爭議的情況下維持金融穩定，而摩根大通則能夠廉價收購大量資產，規避聯邦存款保險公司的反壟斷規定，該規定通常禁止任何控制超過全部存款 10%的銀行進行收購。

Anyway, after the acquisition of First Republic, JP Morgan is now by far and away the biggest bank in America, and it does everything.

總之，在收購了第一共和銀行之後，摩根大通現在是美國最大的銀行，而且無所不能。

Retail banking, commercial banking, investment banking, trading, payment processing, card services, wealth management, you name it, JP Morgan does it.

零售銀行、商業銀行、投資銀行、交易、支付處理、銀行卡服務、財富管理，只要你能想到的，摩根大通都能做到。

JP Morgan now has subsidiaries across the world too, and it banks not just other countries, but also other governments, the IMF, and even the World Bank.

摩根大通現在在世界各地也有子公司，它不僅向其他國家提供銀行服務，還向其他國家政府、國際貨幣基金組織甚至世界銀行提供銀行服務。

JP Morgan has also emerged as a de facto market merger in the U.S.

摩根大通也已成為美國事實上的市場合並者。

Treasury market, which is a lucrative business in its own right, but also makes JP Morgan especially important to the American government.

國債市場本身就是一項利潤豐厚的業務，同時也使摩根大通對美國政府尤為重要。

All in all, JP Morgan is now the largest non-Chinese bank in the world, with nearly $4 trillion of assets under management, and they now hold more deposits than any other U.S. bank, despite paying interest on a lower overall fraction of deposits.

總之，摩根大通現在是世界上最大的非中資銀行，管理著近 4 萬億美元的資產，儘管他們支付的利息佔存款總額的比例較低，但他們現在持有的存款比任何其他美國銀行都多。

Not only that, but JP Morgan's market cap is now more than the next two biggest American banks combined, and last year they made more profit than any American bank ever, breaking in nearly $50 billion.

不僅如此，摩根大通的市值現在已經超過了緊隨其後的兩家美國最大銀行的市值總和，去年他們的利潤超過了有史以來任何一家美國銀行，達到近 500 億美元。

Unsurprisingly, some politicians and regulators now worry that JP Morgan's size is both monopolistic and inconsistent with America's long tradition of decentralizing banking.

不難理解，一些政治家和監管者現在擔心摩根大通的規模既是壟斷性的，也不符合美國銀行業分權的悠久傳統。

Elizabeth Warren, for instance, described the First Republic deal as deeply troubling, and other analysts have drawn parallels to the Panic of 1907, where JP Morgan's founder and namesake, J.

例如，伊麗莎白-沃倫（Elizabeth Warren）認為第一共和國的交易令人深感不安，其他分析家則將其與 1907 年的大恐慌相提並論。

Pierpoint Morgan, locked rival financiers in his library and cajoled them into propping up struggling institutions to prevent a rash of bank runs.

皮爾潘-摩根（Pierpoint Morgan）將競爭對手的金融家們鎖在自己的圖書館裡，勸說他們支持陷入困境的機構，以防止銀行擠兌事件的發生。

While Morgan was widely credited with saving the American banking system, the episode prompted Congress to create the Federal Reserve so that the system would never again be so reliant on one banker.

摩根因拯救了美國銀行系統而廣受讚譽，而這一事件也促使國會成立了美聯儲，使美國銀行系統再也不會如此依賴一個銀行家。

And 30 years later, JP Morgan was broken up by the Glass-Steagall Act.

30 年後，摩根大通因《格拉斯-斯蒂格爾法案》而解體。

But taking on JP Morgan again today could be difficult, both because of its systemic importance, and because taking on Jamie Dimon, who's been a vocal critic of banking regulation, is just no easy task.

但是，今天再次與摩根大通交手可能會很困難，一是因為摩根大通的系統重要性，二是因為與傑米-戴蒙（Jamie Dimon）交手並非易事，因為他一直是銀行監管的忠實批評者。

That's not the end of the story though, and if you want to continue more, then you should check out Nebula News.

但這並不是故事的結束，如果你想繼續瞭解更多，那麼你應該去看看《星雲新聞》。

Nebula News is our joint venture with Nebula, where the TLDR team curates a selection of videos that matter most in the world right now.

星雲新聞是我們與星雲的合資企業，TLDR 團隊在這裡精選了當下世界上最重要的視頻。

No more feeling out of touch or not knowing what to say at events.

在各種活動中，再也不會感到與他人格格不入或不知說什麼好了。

On Nebula News, we guide you through the news that matters most, using videos from a huge variety of creators, helping you to find stories and better avoid burning out.

在星雲新聞中，我們將引導您使用來自眾多創作者的視頻，瞭解最重要的新聞，幫助您找到故事，更好地避免焦頭爛額。

It's not just curated news content brought to you by us though.

不過，我們為您提供的不僅僅是經過策劃的新聞內容。

Nebula also features loads of exclusive original content.

星雲還提供大量獨家原創內容。

That's things like Real Life Lore's brand new series, War Room, which every month runs you through a whole load of ongoing conflicts to keep you in the loop.

比如《真實生活傳說》的全新系列 "戰爭室"，它每個月都會向您介紹大量正在發生的衝突，讓您隨時瞭解最新情況。

You can also watch every TLDR video on Nebula ad-free, and in many instances, before they land on YouTube.

您還可以在星雲上觀看所有無廣告的 TLDR 視頻，而且在很多情況下，這些視頻在 YouTube 上發佈之前就可以觀看。

Now, if you're already subscribed to Nebula, then you can check out the new Nebula News section at nebula.tv forward slash news, and be sure to bookmark it or save that link, so you can use it as your TLDRified news homepage.

現在，如果您已經訂閱了星雲，那麼您可以在 nebula.tv forward slash news 上查看新的星雲新聞板塊，並確保將其添加到書籤或保存該鏈接，以便將其作為您的 TLDR 化新聞主頁。

If you're not a member already, then you can click the link in the description to sign up now.

如果您還不是會員，可以點擊說明中的鏈接立即註冊。

And if you do, you'll get 40% off an annual plan by using that link.

如果您使用該鏈接，您就可以享受年度計劃 40% 的折扣。

 Plus, Nebula will know that you came from us, which really helps us out.

另外，星雲會知道你來自我們這裡，這對我們很有幫助。

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在美國銀行中獨佔鰲頭的「摩根大通」是如何在銀行業戰爭中勝出的？ (How J.P. Morgan Won the Banking Wars)

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