Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year - a record high that shows compensation is rebounding despite regulatory scrutiny of Wall Street's pay culture.
美国主要银行和证券公司今年有望支付员工约1,400亿美元薪酬，这一创纪录的水平显示出，尽管华尔街薪酬文化受到了监管部门的严格审查，薪酬却在回升。
Workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did in 2007, according to an analysis of securities filings for the first half of 2009 and revenue estimates through year end by The Wall Street Journal. Total compensation and benefits at the publicly traded firms analyzed by the Journal are on track to increase 20% from last year.
据《华尔街日报》对2009年上半年提交给监管机构的证券文件及全年估计收入的一份分析报告，美国23家顶级投行、对冲基金、资产管理公司、股票和大宗商品交易所的员工预计可获得比2007年还要高的薪酬。《华尔街日报》分析的这些上市公司的总薪酬和福利有望较去年增加20%。
These companies paid $130 billion in compensation and benefits in 2007, at the stock market's peak. That fell to $117 billion last year.
2007年股市见顶时，这些公司支付了1,300亿美元的薪酬和福利。去年减少至1,170亿美元。
The growth in compensation reflects Wall Street firms' rapid return to pre-crisis revenue levels. Even as the broader economy remains sluggish and unemployment approaches 10%, these firms have been boosted by a stronger stock market, thawing credit market, a resurgence in deal making and the continuing effects of various government aid programs.
薪酬的增长反映了华尔街公司迅速恢复到危机前的收入水平。尽管整体经济依然低迷、失业率接近10%，但随着股市上涨、信贷市场解冻、交易恢复活力和各种政府救助计划持续发挥效果，这些企业却获得了提振。
The firms' total revenues are projected to hit $437 billion, surpassing 2007's high of $345 billion, according to the Journal analysis. The rise is in part a function of higher revenues at Bank of America Corp. (BAC) and J.P. Morgan Chase & Co. (JPM), which acquired Merrill Lynch & Co. and Bear Stearns Cos., respectively.
据《华尔街日报》的分析，预计这些企业的总收入将触及4,370亿美元，超过2007年3,450亿美元的高点。原因之一是美国银行(Bank of America Corp.)和摩根大通(J.P. Morgan Chase & Co.)的收入增长。这两家公司分别收购了美林(Merrill Lynch & Co.)和贝尔斯登(Bear Stearns Cos.)。
The rebound also reflects growing confidence by Wall Street firms that they can again pay top dollar for top talent, especially once they have repaid the taxpayer-funded capital infusions they received at the height of the financial crisis. So far, regulators and lawmakers have focused on making sure pay practices discourage excessive risk-taking, leaving to companies the question of how much is too much.
这还反映出华尔街企业不断增强的信心，它们认为自己能为顶尖人才支付高薪，尤其是在这些企业返还了金融危机最深重时获得的纳税人的资金后。到目前为止，美国监管部门和国会议员一直专注于确保薪酬支付做法制约过度冒险，而把什么才算过度的衡量标准问题留给了企业。
In addition to banking giants Bank of America and J.P. Morgan, the Journal's analysis includes Citigroup Inc. (C). It also includes securities firms such as Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS); asset managers BlackRock Inc. and Franklin Resources Inc.; online brokerages Charles Schwab Corp. (SCHW) and Ameritrade Holding Corp.; and exchange operators CME Group Inc. (CME) and NYSE Euronext Inc. (NYX).
除银行业巨头美国银行和摩根大通外，《华尔街日报》的分析还包括花旗集团(Citigroup Inc.)。此外，还包括高盛集团(Goldman Sachs Group Inc.)和摩根士丹利(Morgan Stanley)等证券公司、资产管理公司贝莱德(BlackRock Inc.)和富兰克林资源公司(Franklin Resources Inc.)、在线经纪公司嘉信理财(Charles Schwab Co.)和Ameritrade Holding Corp.，以及交易所运营商芝加哥商业交易所控股公司(CME Group Inc.)和纽约泛欧交易所集团(NYSE Euronext Inc.)。
Companies' final compensation figures could be affected by a slowdown in trading or investment banking, or by political pressure. Companies may also set aside more money for compensation at the beginning of the year, in order to avoid shortfalls, and ratchet back later. Pay experts cautioned that at least some companies could decide to ratchet down pay levels as financial results for the rest of 2009 become clearer. Major financial firms companies report third-quarter results starting this week.
企业的最终薪酬数据可能会受到交易或投行业务放缓的影响，或受政治压力的影响。企业还可能在年初拨备更多的资金用于发放薪酬，以便避免资金不足，晚些时候再减少这些资金。薪酬专家提醒说，随着2009年剩余时间的业绩越来越清晰，至少有些企业可能会决定降低薪酬水平。主要金融企业本周开始公布三季度收益。
Another wild card is whether financial firms will bend to public and political pressure to rein in pay. 'Compensation played a role in the financial crisis, and yet nothing has changed,' says J. Robert Brown, a professor at University of Denver's law school and an expert on corporate governance.
另外一个不确定因素是，金融企业是否会向公众和政治压力低头而限薪。丹佛大学法学院教授、公司治理专家布朗(J. Robert Brown)说，薪酬在金融危机时起了一定作用，不过什么都没有改变。
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