摩根大通,花旗集团发出经济未走出困境的信号

2020-10-14 08:00

JPMorgan, Citigroup Signal Economy Not Out of the Woods EIH世界播

摩根大通,花旗集团发出经济未走出困境的信号EIH世界播


暂无EIH世界播

JPMorgan Chief Executive James Dimon warned that without more public assistance for the economy, it could grow worse. EIH世界播

摩根大通首席执行长戴蒙(James Dimon)警告称,如果不为经济提供更多公共援助,情况可能会变得更糟EIH世界播


A curious thing happened in the middle of the coronavirus crisis: America’s biggest bank posted a higher profit than it did a year ago, before the pandemic ravaged the economy. EIH世界播

在冠状病毒危机中发生了一件奇怪的事情:美国最大的银行公布了比一年前更高的利润,当时大流行还没有肆虐经济。EIH世界播


JPMorgan Chase & Co. said Tuesday that third-quarter profit rose 4% from a year ago, beating Wall Street estimates. Citigroup Inc., too, delivered better-than-expected results. EIH世界播

摩根大通公司(JPMorgan Chase&Co.)周二表示,第三季度利润同比增长4%,超出华尔街的预期。花旗集团(Citigroup Inc.)的业绩也好于预期。EIH世界播


Taken together, the two banks’ third-quarter results show that businesses and consumers held up surprisingly well in the months since the pandemic plunged the U.S. into recession. But the leaders of both banks warned that the economy isn’t out of the woods. EIH世界播

总而言之,这两家银行的第三季度业绩显示,自大流行导致美国陷入衰退以来的几个月里,企业和消费者表现得出人意料地好。但两家银行的领导人都警告说,经济还没有走出困境。EIH世界播


The results were boosted because the banks didn’t have to put aside as much money to cover future loan losses. But executives said they haven’t yet changed their views that significant losses are looming in the future. They continue to hold large reserves for potential losses and predicted that next year unemployment would remain high and more customers could start defaulting on their loans. EIH世界播

结果得到提振,因为银行不必留出那么多钱来弥补未来的贷款损失。但高管们说,他们还没有改变他们的观点,即未来将出现重大亏损。他们继续为潜在损失持有巨额准备金,并预测明年失业率仍将居高不下,可能会有更多客户开始拖欠贷款。EIH世界播


JPMorgan Chief Executive James Dimon warned that without more public assistance for the economy, it could grow worse. EIH世界播

摩根大通首席执行长戴蒙(James Dimon)警告称,如果不为经济提供更多公共援助,情况可能会变得更糟。EIH世界播


“A good, well-designed stimulus package will simply increase the chance we get better outcomes, but there is so much uncertainty we’re not saying that that’s definitive,” Mr. Dimon said on a call with reporters. EIH世界播

戴蒙在与记者的电话会议上说,“一个好的、精心设计的刺激计划只会增加我们获得更好结果的机会,但有太多的不确定性,我们不能说这是决定性的。”EIH世界播


JPMorgan has nearly $34 billion set aside for potential losses. If the economy recovers apace, that might be $10 billion more than it needs, Mr. Dimon said. In a double-dip recession, he said, the bank could need another $20 billion in reserves. EIH世界播

摩根大通为潜在亏损拨备了近340亿美元。戴蒙说,如果经济快速复苏,这可能比需要的多100亿美元。他说,在双底衰退中,该行可能还需要200亿美元的储备。EIH世界播


The coronavirus recession has unfurled like no other. A massive expansion of unemployment benefits, stimulus checks and other government measures passed early in the pandemic have buoyed U.S. consumers and businesses so far, keeping the economy afloat. But those measures are running out, and lawmakers remain at an impasse on a second round of stimulus. EIH世界播

冠状病毒衰退的展开是独一无二的。到目前为止,大规模扩大失业救济金、刺激措施和其他政府措施已经提振了美国消费者和企业,维持了经济的运转。但这些措施即将用完,立法者在第二轮刺激计划上仍处于僵局。EIH世界播


暂无EIH世界播

Trading revenue in the third quarter rose 17% at Citigroup. EIH世界播

花旗集团第三季交易营收增长17%EIH世界播


JPMorgan and Citigroup are the first big U.S. banks to report third-quarter results. Their connections to American consumers and companies around the world typically make them a bellwether for the larger economy. Their reflection, though, can be skewed: They and other large banks tend to serve relatively affluent Americans, and this quarter’s strength is partly a reflection of accounting rules that forced them to estimate more pain in prior quarters. EIH世界播

摩根大通(JPMorgan)和花旗集团(Citigroup)是首批公布第三季度业绩的美国大型银行。他们与美国消费者和世界各地公司的联系通常使他们成为更大经济体的领头羊。然而,他们的反映可能是扭曲的:他们和其他大型银行倾向于为相对富裕的美国人提供服务,本季度的强劲表现在一定程度上反映了会计规则,这些规则迫使他们估计前几个季度的痛苦程度更高。EIH世界播


For bank analysts and investors, the results offered hope that concerns of widespread loan defaults that have sent bank stocks plunging this year might be overdone. EIH世界播

对于银行分析师和投资者来说,这一结果带来了希望,即对今年导致银行股暴跌的普遍贷款违约的担忧可能过头了。EIH世界播


“There had been differences of opinion on the timing of when all this would fall apart,” said Kush Goel, an analyst at investor Neuberger Berman. “Now, everyone seems to think we can get through this, especially if there is more stimulus.” EIH世界播

投资者Neuberger Berman的分析师Kush Goel表示:“对于这一切何时分崩离析,各方意见一直存在分歧。”“现在,所有人似乎都认为我们能挺过这一关,特别是如果出台更多刺激措施的话.”EIH世界播


The coronavirus economy has been hard to parse. Many people with secure jobs, stuck at home and with fewer places to spend money, have fared well. But millions of Americans are out of work or even going hungry. Companies including Walt Disney Co. and Allstate Corp. have announced a glut of layoffs in recent days. More shutdowns, and a potential second wave of coronavirus infections, could also harm the economy. EIH世界播

冠状病毒经济一直很难分析。许多人有稳定的工作,呆在家里,花钱的地方更少,过得很好。但数以百万计的美国人失业,甚至挨饿。包括华特迪士尼公司(Walt Disney Co.)和好事达公司(Allstate Corp.)在内的公司最近几天宣布了大量裁员。更多的关闭,以及潜在的第二波冠状病毒感染,也可能损害经济。EIH世界播


One sign of the uneven recovery: JPMorgan made a record number of auto loans in the third quarter, as borrowers took advantage of low interest rates to finance big purchases. Mortgage fees rose, too. EIH世界播

复苏不均衡的一个迹象是:摩根大通在第三季度发放了创纪录数量的汽车贷款,因为借款人利用低利率为大额购买提供资金。抵押贷款费用也上升了。EIH世界播


Yet customers are still spending less on their credit cards than a year ago, with total spending volume down 8% at JPMorgan and 10% at Citigroup. (Both have risen nearly 20% from the second quarter.) EIH世界播

然而,与一年前相比,客户在信用卡上的支出仍然较少,摩根大通和花旗集团的总消费额分别下降了8%和10%。(两者均较第二季上涨近20%。)。EIH世界播


So far, loans have remained relatively healthy for the banks. JPMorgan wrote off $1.18 billion in loans and Citigroup wrote off $1.92 billion, both down from the second quarter. EIH世界播

到目前为止,银行的贷款仍然相对健康。摩根大通冲销11.8亿美元贷款,花旗冲销19.2亿美元,均较第二季下降。EIH世界播


For instance, credit-card loans, the area both banks say is most susceptible to the pandemic, are performing better than a year ago, with only 0.69% of JPMorgan’s loans and 1.01% of Citigroup’s 90 days late. JPMorgan, Citigroup and others have temporarily let customers skip payments on credit cards and other debt, but both banks have said the majority of their card customers are out of those programs and paying on time. EIH世界播

例如,两家银行都表示最易受疫情影响的领域--信用卡贷款的表现好于一年前,摩根大通的贷款中只有0.69%,花旗集团90天的贷款中只有1.01%的逾期。摩根大通(JPMorgan)、花旗集团(Citigroup)和其他银行暂时允许客户跳过信用卡和其他债务的支付,但这两家银行都表示,他们的大多数信用卡客户都退出了这些计划,并按时付款。EIH世界播


Bank executives said, though, that they expect more consumers to fall behind on loans next year. It wasn’t clear, they said, if the government stimulus measures so far had rescued the economy or merely delayed a sharper fallout. EIH世界播

不过,银行高管表示,他们预计明年将有更多消费者拖欠贷款。他们说,目前还不清楚政府的刺激措施到目前为止是拯救了经济,还是只是推迟了更严重的后果。EIH世界播


“The question [is] whether the bridge will be long enough and strong enough to bridge people back to employment and bridge small businesses back to normalcy,” JPMorgan Chief Financial Officer Jennifer Piepszak said. “I think it remains to be seen.” EIH世界播

摩根大通财务长Jennifer Piepszak称,“问题(在于)这座桥梁是否足够长、足够坚固,足以让人们重新就业,并让小企业恢复正常.”“我认为这还有待观察.”EIH世界播


JPMorgan’s forecast for the U.S. economy improved slightly, but it still expects unemployment to remain above 7% for all of 2021. Citigroup’s outlook for the U.S. economy next year grew more dour than it had been, though it is still rosier than JPMorgan’s with unemployment falling to 6.4%. EIH世界播

摩根大通对美国经济的预估略有改善,但仍预计2021年全年失业率将保持在7%以上。花旗集团(Citigroup)对明年美国经济的展望比以往更加黯淡,但仍比摩根大通(JPMorgan)的前景乐观,失业率降至6.4%。EIH世界播


Both banks beat analysts’ expectations, though their results were far apart. JPMorgan’s profit rose 4% and revenue slipped 0.5%. Citigroup’s profit slumped 34%, and revenue fell 7%. EIH世界播

这两家银行的业绩都超出了分析师的预期,尽管它们的业绩相去甚远。摩根大通获利增长4%,营收下滑0.5%。花旗集团的利润下降了34%,收入下降了7%。EIH世界播


Profits were boosted by the slowing reserve builds. JPMorgan set aside $611 million for potential future loan losses, far less than expected and the $10.47 billion it booked in the second quarter. Citigroup set aside $2.26 billion, down from more than $7 billion in each of the past two quarters. Both banks were able to release some of their previous reserves. EIH世界播

利润受到储备建设放缓的提振。摩根大通为未来潜在的贷款损失拨备6.11亿美元,远低于预期,也低于第二季度计入的104.7亿美元。花旗集团拨备22.6亿美元,低于过去两个季度每个季度的逾70亿美元。这两家银行都能够释放之前的一些准备金。EIH世界播


At both banks, the Wall Street operations fared better than the consumer units. That follows a pattern that has shaped the banking industry throughout the recession. Consumers have struggled. But traders have benefited from uncertain markets and investment bankers have profited as nervous companies raise cash and sell stocks and bonds to ride out the downturn. EIH世界播

在这两家银行,华尔街业务的表现都好于消费者部门。这遵循了在整个经济衰退期间塑造银行业的模式。消费者一直在苦苦挣扎。但交易员从不确定的市场中受益,投资银行家也从中获利,因为紧张的公司筹集现金并出售股票和债券,以安然度过经济低迷。EIH世界播


Trading revenue jumped 30% at JPMorgan and 17% at Citigroup. EIH世界播

摩根大通和花旗的交易营收分别跳增30%和17%。EIH世界播

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