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原文
(1). Two’s company
两人成伴
(2). Hard questions loom for the new bosses of Germany’s national banking champion
德国最大银行的新总裁们面临着隐隐出现的棘手问题
(3). Dual passports
双重护照
(4). 1:IN THE entrance to Deutsche Bank’s London office is a giant silver ball with a hole in the middle that offers an inverted reflection of the viewer and bank.
2:The sculpture, which is called “Turning the World Upside Down III”, is a fitting metaphor for the changes sweeping the banking industry.
3:Deutsche itself has had a good crisis, eschewing direct help from the German government and rebuilding its balance-sheet to regain its place as the biggest bank in Europe by total assets.
4:Yet its world is turning upside down, too.
2:The sculpture, which is called “Turning the World Upside Down III”, is a fitting metaphor for the changes sweeping the banking industry.
3:Deutsche itself has had a good crisis, eschewing direct help from the German government and rebuilding its balance-sheet to regain its place as the biggest bank in Europe by total assets.
4:Yet its world is turning upside down, too.
1:德意志银行伦敦分行的入口处有一巨型银球，球中有洞，窥洞中可见观者与德行的倒影。
2:这尊名为“颠倒世界III”的雕塑对于席卷银行业的变革浪潮是一个贴切的暗喻。
3:德意志银行独善其身，很好的度过了危机，他们避开德国政府的直接援助，重建自己的资产负债表，欲借资产总额重归欧洲最大银行之席。
4:然而，德行的世界也正发生着翻天剧变。
2:这尊名为“颠倒世界III”的雕塑对于席卷银行业的变革浪潮是一个贴切的暗喻。
3:德意志银行独善其身，很好的度过了危机，他们避开德国政府的直接援助，重建自己的资产负债表，欲借资产总额重归欧洲最大银行之席。
4:然而，德行的世界也正发生着翻天剧变。
(5). 1:The most obvious upheaval is in the executive suite.
2:On June 1st two new co-chief executives, Jürgen Fitschen and Anshu Jain, will take over from Josef Ackermann, who has run the bank for a decade.
3:Mr Fitschen, the boss of Deutsche’s German operations, is a far less controversial figure than Mr Jain, an Indian-born, American-educated British citizen who has propelled Deutsche’s rise in investment banking.
4:Mr Jain’s elevation is a remarkable one in a corporate culture as crusty as Germany’s: most bosses are either German or native German-speakers from Switzerland or Austria.
5:His appointment has also provoked a backlash from an “old guard” within Deutsche who fear the growing influence of the investment bank, which is based almost entirely in London and is staffed largely by non-Germans.
2:On June 1st two new co-chief executives, Jürgen Fitschen and Anshu Jain, will take over from Josef Ackermann, who has run the bank for a decade.
3:Mr Fitschen, the boss of Deutsche’s German operations, is a far less controversial figure than Mr Jain, an Indian-born, American-educated British citizen who has propelled Deutsche’s rise in investment banking.
4:Mr Jain’s elevation is a remarkable one in a corporate culture as crusty as Germany’s: most bosses are either German or native German-speakers from Switzerland or Austria.
5:His appointment has also provoked a backlash from an “old guard” within Deutsche who fear the growing influence of the investment bank, which is based almost entirely in London and is staffed largely by non-Germans.
1:管理层的剧变尤为明显。
2:新任联合首席执行官安舒·贾恩(Anshu Jain)和尤尔根·菲茨岑(Jurgen Fitschen)将于6月1日走马上任，从执掌德意志银行十年的约瑟夫·阿克曼（Josef Ackermann）的手中接过大权。
3:论争议性人物，德行德国业务主管菲茨岑先生远不如贾恩先生。英国人贾恩先生出生于印度，求学于美国，他一手推动了德意志银行在投资银行中的崛起。
4:德国企业文化素来顽固保守，高层大都以德国人或瑞士、奥地利的德语区人士为主，故贾恩先生的高升着实令人惊叹。
5:这次任命同样也激起了德行内部“保守派”的对抗情绪——德行的投行部几乎完全设立在伦敦，员工多为非德裔，投行部日益增大的影响力令“保守派”担忧。
2:新任联合首席执行官安舒·贾恩(Anshu Jain)和尤尔根·菲茨岑(Jurgen Fitschen)将于6月1日走马上任，从执掌德意志银行十年的约瑟夫·阿克曼（Josef Ackermann）的手中接过大权。
3:论争议性人物，德行德国业务主管菲茨岑先生远不如贾恩先生。英国人贾恩先生出生于印度，求学于美国，他一手推动了德意志银行在投资银行中的崛起。
4:德国企业文化素来顽固保守，高层大都以德国人或瑞士、奥地利的德语区人士为主，故贾恩先生的高升着实令人惊叹。
5:这次任命同样也激起了德行内部“保守派”的对抗情绪——德行的投行部几乎完全设立在伦敦，员工多为非德裔，投行部日益增大的影响力令“保守派”担忧。
(6). Start with capital Deutsche has total assets of close to 2.1 trillion ($2.7 trillion), and total equity of 56 billion.In terms of simple leverage, the bank has just 1 in equity backing every 38 of assets.
先谈谈资本。德行的资产总额约2.1万亿欧元（2.7万亿美元），权益总额560亿欧元。而就简单杠杆率而言，德行每38欧元的资产仅兑换1欧元股本。
(7). The bank argues that these figures are misleading. By netting off derivatives that offset each other and making a few other adjustments, it calculates its leverage ratio at 21 times, still considerably higher than most peers in Europe and America.
德行辩称上述数据有误导性。在扣掉了可互相抵消的衍生品，进行其他几项微调之后，德行自我估算的杠杆率为21倍，这仍旧远高于多数欧美同类银行。
(8). Like other banks, Deutsche also argues that a simple leverage ratio is not much use in assessing the risks that lenders take.
与其他银行一样，德行也争论道，说简单杠杆率在评估贷方承担的风险时并无大用。
(9). So a second measure to consider is its levels of risk-weighted assets (RWAs), in which the size of the balance-sheet is adjusted to reflect its riskiness.
如此一来，第二种要考虑的评估方法就是银行的风险加权资产等级，即通过资产负债表的规模标准推算贷方的风险。
(10). Using RWAs as a lens is like looking at Deutsche Bank through its lobby sculpture, with the picture turned on its head.
以风险加权资产为透镜，就如同透过伦敦分行的大堂雕塑审视德意志银行，所见景象皆颠倒。
(11). On this view Deutsche is a midsized and reasonably well-capitalised bank, ranking just eighth in size in Europe. Deutsche’s risk-weighted assets are calculated to be a mere 17% of its gross assets, compared with 53% at JPMorgan Chase and 25% at Barclays.
依此观点看，德行就是一家中型、资本相当雄厚的银行，论大小仅位列欧洲第八。德行的风险加权资产仅占其总资产的17%，与之相比，摩根大通为53%，巴克莱银行为25%。
(12). Different accounting standards and the high quality of German corporate and mortgage lending explain some of this gap, but not all. “Deutsche is the most complex institution I have to deal with,” confesses one banking analyst. The question many investors ask is which of these two pictures is more accurate.
不同行的会计准则，高质量的德国企业和德国抵押贷款只能解释这些差距中的部分原委，却无法解释全部。一名银行分析师坦诚的说，“德意志银行是我遇到过的最复杂的机构。”众投资者需要问的问题是，以上两种情况哪一个更贴近事实。
(13). Part of the answer is already being provided by regulators, who are tightening the definitions of what counts as core capital, capping total leverage and carefully scrutinising the risk-weightings that banks apply.
监管机构早已给出了部分解答。近日来，监管机构一直在紧缩核心资本的界定标准，压制全部杠杆作用，并谨慎详核银行上报的风险加权资产。 翻译：王葭苇
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