花旗为什么没能通过美联储压力测试

    压力测试只是花旗最近遇到的麻烦之一。上个月，花旗承认自己的墨西哥分公司Banamex数年来一直被人骗贷，并因此重新公布了业绩。官方调查正在进行之中，而且看来至少可能有一名花旗员工参与了骗贷。美联储一位官员表示，否决花旗的资本计划和此项调查无关。周三盘后交易中，花旗股价下跌了近3美元，跌幅为6%，勉强维持在47美元上方。

    资本计划遭到美联储否决后，美银表示，按照修改后的计划，它第二季度分红仍将从目前的每股0.01美元升至0.05美元。据此估算，美银的全年股息收益率约为1.16%。美银还表示，明年它计划回购40亿美元的股票，少于今年的105亿美元。美银首席执行官布莱恩•莫伊尼汉在一份公告中称，这样的结果让他感到“满意”。高盛也是在修改资本计划之后才通过了压力测试，但这家银行拒绝透露在可以提高分红的情况下将增加多少，以及获准将多少资金用于回购股票。

    富国银行（Wells Fargo）是上周压力测试中表现最好的大型银行，它表示，计划将第二季度分红水平从一年前的每股0.30美元提高到0.35美元。富国银行同时称，公司董事会已经同意明年再回购股票3.5亿股。

    摩根大通（JPMorgan Chase）称，它的分红将从目前的每股0.38美元提高到0.40美元。它还表示，公司董事会已经授权回购65亿美元股票，基本相当于摩根大通过去两年的股票回购总规模。摩根士丹利（Morgan Stanley）称公司分红水平将翻番，达到每股0.10美元，而且明年将斥资10亿美元回购股票。

    资本计划被美联储否决的三家外国银行的美国子公司分别为汇丰北美分行（HSBC North America）、苏格兰皇家银行的美国子公司RBS Citizen's Financial和桑坦德美国控股有限公司（Santander Holdings USA）。美联储只考察了这些银行在美国的业务。还不清楚美联储对这些海外银行有多大的管辖权。但美联储的发现可能意味着这些银行整体上出现了问题。比如说，过去两年Santander一直都很难实现自己制定的财务目标。

    美联储理事丹尼尔•塔鲁洛在一份公告中称：“每一年，我们都能看到银行业全面提高了对压力之下自身资金需求的评估能力，也能看到风险衡量和风险管理措施的持续改善，这为制定良好的资本计划提供了支持。不过，随着我们不断提高对国内一线银行风险管理质量的期望值，银行和监管机构都有更多的工作要做。”（财富中文网）

    译者：Charlie

    The stress tests only adds to Citi's recent problems. Last month, Citi was forced to restate its earnings after admitting that its Mexican unit, Banamex, had been the victim of a multi-year loan fraud. Officials are investigating and it appears at least one Citi employee may have been in on the fraud. A Fed official said the rejection of the bank's capital plan had nothing to do with that inquiry. Citi's shares dropped nearly $3, or 6%, to just above $47 in after hours trading.

    Despite the Fed's initial rejection, Bank of America said it will increase its dividend to $0.05 a share, from a current $0.01, in the second quarter, based on its revised plan. That will give the bank an annual dividend yield of about 1.16%. It also said it planned to buy back $4 billion worth of its own stock in the next year. That was down from $10.5 billion a year ago. CEO Brian Moynihan said in a statement that he was "pleased" with the results.

    Goldman, which also passed the test only based on its revised plan, declined to say how much it would increase its dividend, if at all, or what it was approved to spend on share repurchases.

    Wells Fargo (WFC), which came out of last week's stress test looking the strongest of the big banks, said it plans to up its dividend to $0.35 a share in the second quarter, up from $0.30 a year ago. The firm also said its board had approved the bank to buyback an additional 350 million shares in the next year.

    JPMorgan Chase (JPM) said it was upping its dividend to $0.40 a share, from a current $0.38. It also said its board had authorized $6.5 billion in stock buybacks, which roughly equal to what the bank has spend repurchasing shares over the past two years. Morgan Stanley (MS) said it would double its dividend to $0.10 a share, and spend $1 billion buying back shares in the next year.

    The three U.S. subsidiaries of foreign banks that had their capital plans rejected were HSBC North America, RBS Citizen's Financial and Santander Holdings USA (SOVPRC). The Fed only looked at the U.S. divisions of those banks. And it is unclear how much authority the Fed has over the overseas banks. But the Fed's finding might signal troubles at those firms in general. Santander, for instance, has struggled to meet its own financial projects during the past two years.

    "With each year we have seen broad improvement in the industry's ability to assess its capital needs under stress and continuing improvements to the risk-measurement and -management practices that support good capital planning," said Federal Reserve governor Daniel Tarullo in a statement. "However, both the firms and supervisors have more work to do as we continue to raise expectations for the quality of risk management in the nation's largest banks."