从财报看高利率如何影响美国银行股的业绩

巴伦周刊04-18

商业银行的业绩开始明显反映出长期高利率带来的双刃剑影响。银行家们非常讨厌失败，他们讨厌失去令人羡慕的上市公司领先地位，他们讨厌在费用上吃亏，他们讨厌把大企业客户及经营这些客户的管理团队拱手让给竞争对手，银行家们更喜欢赢。对于摩根士丹利(Morgan Stanley)和高盛(Goldman Sachs)等机构的投资银行家们来说，这是一个好消息：在经历了一段时间低迷的资本市场IPO后，他们似乎有望...

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href=https://new.qq.com/rain/a/20240418A09FPM00><strong>巴伦周刊</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>商业银行的业绩开始明显反映出长期高利率带来的双刃剑影响。\n银行家们非常讨厌失败，他们讨厌失去令人羡慕的上市公司领先地位，他们讨厌在费用上吃亏，他们讨厌把大企业客户及经营这些客户的管理团队拱手让给竞争对手，银行家们更喜欢赢。\n对于摩根士丹利(Morgan Stanley)和高盛(Goldman Sachs)等机构的投资银行家们来说，这是一个好消息：在经历了一段时间低迷的资本市场IPO后，他们似乎有望...</p>\n\n<a href=\"https://new.qq.com/rain/a/20240418A09FPM00\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0211328371.USD","symbol_name":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   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Mason)在谈到投行部门业绩复苏时表示:“我们看到整个市场的投行业务开始复苏，我们也是复苏的其中一分子。”\n投资者如今对债券和股票承销等资本市场投行业务的复苏表示认可，并对净息差收窄的商业银行业务进行抛售。\n高盛股价上涨3%，此前该机构公布了被摩根士丹利分析师贝齐•格拉塞克（Betsy Graseck）称为“井喷式”的一季度收益报告。她写道，这只是高盛资本市场投行业务复苏的“开始”，高盛一季度完成的并购交易业务较上年同期增长24%，股权资本市场和债券资本市场业务分别增长45%和38%。\n摩根士丹利的一季度收益报告显示其同期投行业务收入增长了16%。摩根士丹利首席执行官泰德·皮克（Ted Pick）对分析师表示：\"我们正处于一个持续多年的资本市场并购周期的开端，在此背景下，我们会继续看到各种各样的承销业务。”摩根士丹利当天的股价上涨了2.5%，而标普500指数则持平。\n与此同时，美国最大的商业银行——摩根大通(JPMorgan Chase)上周公布了较为稳健的一季度业绩，但并未达到市场对其净利息收入的预期，股价应声下跌。摩根大通的消费者和社区银行业务的净收入较上年同期下降15%，而投资银行业务收入则增长27%。\n当然，华尔街以牺牲大众消费者银行业务为代价而获取竞争优势的想法可能有点过于简单化了。对于投资银行来说，并购业务预计将出现持续好转，但还存在不确定性，而且也无法避免利率上升对其投行业务的影响。\n对于商业银行来说，尽管面临极高的通货膨胀，美国消费者的支出仍处于健康水平，而且美国经济衰退的预期也有所下降。更重要的是，面向日常消费者的美国四大商业银行都有专注于大公司和高净值人群的投行业务。\n尽管如此，市场还是开始更加有利于投资银行，而以消费者为核心的商业银行更加强烈地感受到了利率上升的刺痛，这暴露出不同商业模式的命运分化，至少在一个季度是这样。\n基于保守的预期但有迹象表明正受益于市场复苏，银行家们并没有什么可损失的。\n文 | 丽贝卡·温加里诺\n编辑 | 康国亮\n版权声明：\n《巴伦周刊》（barronschina）原创文章，未经许可，不得转载。英文版见2024年4月17日报道“A Big Takeaway From Bank Earnings? Wall Street Is Winning Again.”。 \n（本文内容仅供参考，不构成任何形式的投资和金融建议；市场有风险，投资须谨慎。）\n#公司行业","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428251680"}