经济类文章精选:WIELDING THE AXE

时间:2006-09-13 02:46:16

(单词翻译:单击)

14 WIELDING2 THE AXE3

  Investment banks cut with a vengeance4

  THE 25,000 or so jobs cut by international investment banks so far this year have been presented as judicious5 pruning6, though they were really more panicky than that. Privately7, the banks admit that, if business does not pick up soon, then the serious axe-wielding will have to start, on Wall Street and in the City of London. Some banks would have liked to act more aggressively before now, but were restrained by a desire not to be first with the bad news. This week's announcement of 3,500 fresh job losses at Citigroup, followed immediately by reports that J.P. Morgan Chase is about to slash8 its investment-banking operations, may mark the point at which the blood really starts to flow.

  As they decide whom to shed, executives face a tricky9 question. How quickly might they be able to hire workers in the event that business recovers faster than most people now dare hope? Merrill Lynch suffered badly after it fired workers, including technical staff, as financial markets stumbled in late 1998. When the markets rebounded10 soon after, not only were these workers loth to return, but employees at other firms would not join a firm that had shown itself to be a fickle11 employer.

  Today, worries about "doing a Merrill" are fading fast. Jobless investment bankers are legion, though few are willing to admit to being "unemployed13". New York now has nearly as many "resting" bankers as actresses, though they do not yet have to wait at tables. Senior executives are being fired at a rate not seen since 1990, says Laura Lofaro of Sterling14 Resources, a firm of head-hunters. They are paid so much that the revenues they bring in for the firm fall short of their pay--even before other overheads are taken into account.

  Banks are also eagerly searching out ways to shed workers through increasing use of technology. Curiously15, firms like Merrill Lynch may view electronic brokerage with greater enthusiasm now than at the height of the online investing fad12. Goldman Sachs has sought efficiencies by centralising its human-resources activities, cutting staff. It came as a shock to learn that Goldman Sachs had 300 human-resource professionals to fire. But when even personnel people are being canned, times really are hard.

  The task facing investment banks is complicated by the consequences of their behaviour during the stockmarket boom of blessed memory. For instance, many bankers, notably16 in equity17 underwriting and analysis, were recruited on lucrative18 contracts with several years of guaranteed salary and bonus. Attempts to negotiate release from these guarantees are taking place--notably at CSFB, which handed out more of these contracts than most.

  No investment-banking activity has been more idle this year than underwriting initial public offerings (IPOs). The bursting of the Internet bubble has scared off punters and, for another year at least, there are unlikely to be many IPO candidates with a record of profitability (now regarded as essential). Yet job losses in this business have been remarkably19 low. Could this have anything to do with the way regulators and law firms are courting disaffected20 and former employees who might be willing to dish the dirt on their bank's abuses of the IPO process?

  Economist21; 8/18/2001, Vol. 360 Issue 8235, p55, 2p

  词汇注释

  wield1 [wi:ld] vt. 挥舞(剑等);使用;支配, 行使,如:

  vengeance [5vendVEns] n. 复仇, 报仇; 报复

  inflict22 [take, wreak] vengeance (up) on sb. 对... 报仇[雪恨]

  with a vengeance [口]猛烈地, 厉害地; 彻底地; 过度地

  judicious [dVu:5dIFEs] adj. 明智的;有判断力的;有见识的

  pruning [5pru:nIN] n. 修枝, 剪枝, 修剪

  tricky [5trIkI] adj. 难处理的;棘手的;微妙的;奸诈的;狡猾的

  loth [lRW] (=loath) adj.憎恶的, 勉强的;不愿意的

  fickle [5fIk(E)l] adj.(在感情等方面)变幻无常的, 浮躁的, 薄情的

  legion [5li:dV(E)n] adj. 大批的,大量的,

  fad n. 流行一时的狂热,时尚,风气

  can vt. (canned; canning) [美]把...装成罐头;[俚]把...灌制唱片, 把...录音;[美俚]解雇, 辞退, 抛弃, 开除(学生), 监禁, 停止, 停用

  lucrative [5lu:krEtiv, lju:-] adj. 有利的, 赚钱的, 合算的, 待遇好的

  underwriting initial public offerings (IPOs)首次公开发行股票;新股上市

  punter n. 顾客;嫖客

  court vt. 求爱,献殷勤;谋求;获得;招致;奉承,讨好;引诱,如:

  disaffected [dIsE5fektId] adj. (对政府)不忠的;不满的;愤愤不平的

  dish the dirt [美俚]散布流言蜚语

  参考译文

  挥舞裁员之斧

  投资银行大裁员

  今年,迄今为止,国际投资银行已裁减25,000多个工作岗位,此举被描述成“明智的修剪”, 尽管裁员的真实情况比这更可怕。银行私下承认, 如果银行业务不能很快好转, 那么,华尔街和伦敦市真正的裁员不得不开始。有些银行想采取比现在更大胆的行动, 但由于不想成为第一个带来坏消息的样板而有所克制。花旗集团本周宣布再裁减3,500 工作岗位后,马上又有这样的报道:J. P. 摩根•蔡斯投资银行即将大幅度削减它的投资银行业务。这可能就是银行真正开始换血的起点。

  由于他们要决定谁留谁走, 经理们将面临一个棘手的问题。万一业务恢复的速度比他们现在敢于设想的快,那么,他们多久才能雇到合适的员工?由于1998年后半年金融市场时好时坏,所以,美林证券在解雇了大批员工(包括技术人员)后吃尽了苦头。过了不久,当金融市场开始好转后, 不仅是这些员工不愿意回去, 就连其他公司的雇员也不愿加盟那些视员工为草芥的势利雇主。

  今天, 人们对 “成为下一个美林”的担心正快速减退。失业投资银行家多如牛毛,举不胜举, 虽然他们中几乎无人愿意承认自己“失业”。纽约目前的“休眠”银行家几乎跟女演员一样多,虽然他们大可不必翘首等待。斯特林人力资源公司——一家猎头公司——的劳拉罗法洛说,自1990以来,高级经理主管人员正以前所未有的速度被炒鱿鱼。他们的薪水太高,以至于他们为公司所创的收入还不及他们的工资水平——即使不考虑其它日常开支亦是如此。

  银行正急切地寻找通过增加技术的使用来裁减工人的途径。奇怪的是, 像美林集团这样的公司目前可能以比在线投资时尚盛行的巅峰时期更大的热情来看待电子中介业。戈德曼•萨克斯公司试图通过对人力资源的工作进行集中管理和裁员的方法来提高员工的工作效率。当得知戈德曼•萨克斯公司解雇了300 个专业人员时,人们感到非常震惊。但当管人事的人也被解雇时,我们确实感受到世态之艰难。

  投资银行所面临的伤脑筋的事由于人们有幸记得的股市暴涨时期的投机行为所造成的后果而变得更加复杂化。比如, 多家投资银行曾经通过优厚的待遇——好几年有保障的薪金和奖金——的合同,招聘了许多在股权认购和股权分析方面享有极高声誉的银行家。目前,试图取消这些承诺的谈判正在进行——尤其是在瑞士信贷第一波士顿银行(CSFB), 它随意发出的类似合同比任何银行都多。

  今年,没有哪家投资银行的业务比认购首次公开发行的股票(IPOs)更为无效。国际互联网泡沫的破碎吓退了众多客户,至少将又有一年的时间, 不太可能会出现很多有良好收益记录的首次公开发行股票(目前这一点被认为是至关重要的)的候选公司。但这一行业中的下岗率极低。这与公司行为监督委员会委员和律师事务所的做法是否有关系?这些委员和律师事务所努力讨好那些愿意对原雇主银行滥用首次公开发行股票的过程散布流言蜚语的愤愤不平的前银行雇员。

 


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1 wield efhyv     
vt.行使,运用,支配;挥,使用(武器等)
参考例句:
  • They wield enormous political power.他们行使巨大的政治权力。
  • People may wield the power in a democracy.在民主国家里,人民可以行使权力。
2 wielding 53606bfcdd21f22ffbfd93b313b1f557     
手持着使用(武器、工具等)( wield的现在分词 ); 具有; 运用(权力); 施加(影响)
参考例句:
  • The rebels were wielding sticks of dynamite. 叛乱分子舞动着棒状炸药。
  • He is wielding a knife. 他在挥舞着一把刀。
3 axe 2oVyI     
n.斧子;v.用斧头砍,削减
参考例句:
  • Be careful with that sharp axe.那把斧子很锋利,你要当心。
  • The edge of this axe has turned.这把斧子卷了刃了。
4 vengeance wL6zs     
n.报复,报仇,复仇
参考例句:
  • He swore vengeance against the men who murdered his father.他发誓要向那些杀害他父亲的人报仇。
  • For years he brooded vengeance.多年来他一直在盘算报仇。
5 judicious V3LxE     
adj.明智的,明断的,能作出明智决定的
参考例句:
  • We should listen to the judicious opinion of that old man.我们应该听取那位老人明智的意见。
  • A judicious parent encourages his children to make their own decisions.贤明的父亲鼓励儿女自作抉择。
6 pruning 6e4e50e38fdf94b800891c532bf2f5e7     
n.修枝,剪枝,修剪v.修剪(树木等)( prune的现在分词 );精简某事物,除去某事物多余的部分
参考例句:
  • In writing an essay one must do a lot of pruning. 写文章要下一番剪裁的工夫。 来自《现代汉英综合大词典》
  • A sapling needs pruning, a child discipline. 小树要砍,小孩要管。 来自《现代汉英综合大词典》
7 privately IkpzwT     
adv.以私人的身份,悄悄地,私下地
参考例句:
  • Some ministers admit privately that unemployment could continue to rise.一些部长私下承认失业率可能继续升高。
  • The man privately admits that his motive is profits.那人私下承认他的动机是为了牟利。
8 slash Hrsyq     
vi.大幅度削减;vt.猛砍,尖锐抨击,大幅减少;n.猛砍,斜线,长切口,衣衩
参考例句:
  • The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
  • Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。
9 tricky 9fCzyd     
adj.狡猾的,奸诈的;(工作等)棘手的,微妙的
参考例句:
  • I'm in a rather tricky position.Can you help me out?我的处境很棘手,你能帮我吗?
  • He avoided this tricky question and talked in generalities.他回避了这个非常微妙的问题,只做了个笼统的表述。
10 rebounded 7c3c38746f183ba5eac1521bcd358376     
弹回( rebound的过去式和过去分词 ); 反弹; 产生反作用; 未能奏效
参考例句:
  • The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回,欧文头球将球攻进。
  • The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。
11 fickle Lg9zn     
adj.(爱情或友谊上)易变的,不坚定的
参考例句:
  • Fluctuating prices usually base on a fickle public's demand.物价的波动往往是由于群众需求的不稳定而引起的。
  • The weather is so fickle in summer.夏日的天气如此多变。
12 fad phyzL     
n.时尚;一时流行的狂热;一时的爱好
参考例句:
  • His interest in photography is only a passing fad.他对摄影的兴趣只是一时的爱好罢了。
  • A hot business opportunity is based on a long-term trend not a short-lived fad.一个热门的商机指的是长期的趋势而非一时的流行。
13 unemployed lfIz5Q     
adj.失业的,没有工作的;未动用的,闲置的
参考例句:
  • There are now over four million unemployed workers in this country.这个国家现有四百万失业人员。
  • The unemployed hunger for jobs.失业者渴望得到工作。
14 sterling yG8z6     
adj.英币的(纯粹的,货真价实的);n.英国货币(英镑)
参考例句:
  • Could you tell me the current rate for sterling, please?能否请您告诉我现行英国货币的兑换率?
  • Sterling has recently been strong,which will help to abate inflationary pressures.英国货币最近非常坚挺,这有助于减轻通胀压力。
15 curiously 3v0zIc     
adv.有求知欲地;好问地;奇特地
参考例句:
  • He looked curiously at the people.他好奇地看着那些人。
  • He took long stealthy strides. His hands were curiously cold.他迈着悄没声息的大步。他的双手出奇地冷。
16 notably 1HEx9     
adv.值得注意地,显著地,尤其地,特别地
参考例句:
  • Many students were absent,notably the monitor.许多学生缺席,特别是连班长也没来。
  • A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小,一头银发,每周都会和他的员工一起打几次篮球。
17 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
18 lucrative dADxp     
adj.赚钱的,可获利的
参考例句:
  • He decided to turn his hobby into a lucrative sideline.他决定把自己的爱好变成赚钱的副业。
  • It was not a lucrative profession.那是一个没有多少油水的职业。
19 remarkably EkPzTW     
ad.不同寻常地,相当地
参考例句:
  • I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
  • He made a remarkably swift recovery. 他康复得相当快。
20 disaffected 5uNzaI     
adj.(政治上)不满的,叛离的
参考例句:
  • He attracts disaffected voters.他吸引了心怀不满的选民们。
  • Environmental issues provided a rallying point for people disaffected with the government.环境问题把对政府不满的人们凝聚了起来。
21 economist AuhzVs     
n.经济学家,经济专家,节俭的人
参考例句:
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
22 inflict Ebnz7     
vt.(on)把…强加给,使遭受,使承担
参考例句:
  • Don't inflict your ideas on me.不要把你的想法强加于我。
  • Don't inflict damage on any person.不要伤害任何人。

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