美國銀行業

AMERICA SEES A SHRINK

Big has never been badder. In the US, President Barack Obama wants to add to the existing 10 per cent cap on a bank's share of deposits. Another cap, targeting total liabilities, is on the cards. If 10 per cent remains the magic number for whatever reason, it does not really matter what is targeted – assets, liabilities or even size relative to economic output – the top three US banks would probably exceed the cap. Together they even have a bigger share of total liabilities, say, at about 45 per cent, than they do of deposits, at 30 per cent.

In spite of the tub-thumping, the US is not planning to force the largest banks to shrink. Nor will it prevent big banks growing organically. This seems perverse. If banks' sheer bulk is a systemic problem, then a new cap that preserves the status quo is merely window dressing. But even insisting that banks become smaller on a relative basis as the sector grows would stifle loan growth from the big boys while allowing the whippersnappers to go for broke. What is more, market concentration is a poor guide to potential risks. Canada and Australia's highly concentrated bank systems, say, sailed through the crisis.

So there is an irrational fear of big. But there is an aversion to some small businesses too. Former Federal Reserve chairman Paul Volcker's disdain for proprietary trading stems from the principle of what a government safety net should protect. In reality, prop desks played little part in the crisis. Goldman Sachs estimates that plain old bad lending accounted for 95 per cent of bank losses. A 2008 World Bank study found that greater market power can actually reduce risk-taking as a bank's franchise becomes more secure. The study did suggest that risk within loan books increased with banks' relative size. But that can be controlled by upping equity capital requirements, limiting leverage and forcing assets back on balance sheet. Reforms are already taking this path. Regulators should remain focused on risk and capital – bigness is a sideshow.

訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。

中東期待沙烏地阿拉伯制衡川普

阿拉伯國家希望穆罕默德王儲和美國當選總統川普的密切關係能夠緩和川普政府的中東政策。

投資者押注防務支出增加,Palantir成爲「川普交易」贏家之一

彼得•蒂爾創立的數據公司的最大客戶是美國政府,自川普本月當選以來,其市值增加了230億美元。

Lex專欄:成長來之不易,雀巢前景平淡

要實現其成長目標,這家瑞士集團需要增加行銷投資。

Lex專欄:便宜商品是沃爾瑪股價上漲的基礎

沃爾瑪通過吸引高收入顧客和增加其他收入來源,出色地應對了經濟不景氣和通膨帶來的挑戰。

Lex專欄:奢侈品品牌寄希望於自己的美國夢

奢侈品在美國越來越具有吸引力,可能爲該行業提供新的成長跑道。

諾和諾德準備下一代減肥藥的試驗結果

這家丹麥公司預計,最新數據將顯示CagriSema可在一年多的時間內減輕25%的體重。
設置字型大小×
最小
較小
默認
較大
最大
分享×