BV1DL7W6wENN · 浑水摸鱼清源1 00:00:00,660 --> 00:00:01,760 在二零零九年 2 00:00:01,760 --> 00:00:02,220 美国 3 00:00:02,220 --> 00:00:02,399 司 4 00:00:05,089 --> 00:00:10,330 瑞银参与了历史上最大规模的离岸逃税计划 5 00:00:12,599 --> 00:00:14,160 今天的企业新闻中 6 00:00:14,160 --> 00:00:17,239 联邦检察官正在调查一百五十名美国人 7 00:00:23,789 --> 00:00:27,809 瑞银将保密作为服务对象，迎合寡头 8 00:00:27,809 --> 00:00:30,160 CEO和罪犯同样如此 9 00:00:30,160 --> 00:00:32,579 但当华盛顿的压力增大 10 00:00:32,579 --> 00:00:36,990 瑞士被迫在主权与生存间抉择 11 00:00:36,990 --> 00:00:39,549 接下来的并非只是丑闻 12 00:00:39,549 --> 00:00:42,049 而是清算时刻 13 00:00:42,049 --> 00:00:46,789 瑞银同意向美国移交近四千五百名账户持有人的姓名 14 00:00:46,789 --> 00:00:46,950 美 15 00:00:46,950 --> 00:00:47,229 国政府 16 00:00:54,659 --> 00:00:55,960 一个多世纪以来 17 00:00:57,560 --> 00:00:59,969 中立与保密 18 00:00:59,969 --> 00:01:02,950 但瑞银将谨慎变为主导 19 00:01:08,680 --> 00:01:09,719 本质上 20 00:01:09,719 --> 00:01:13,390 银行保密等同于犯罪勾结 21 00:01:13,390 --> 00:01:14,790 瑞士政府 22 00:01:14,790 --> 00:01:19,599 及每位瑞士私人银行家都是共犯 23 00:01:20,900 --> 00:01:21,299 美 24 00:01:21,299 --> 00:01:24,900 国高管明知瑞银跨境业务违法 25 00:01:24,900 --> 00:01:26,879 却拒绝停止此类活动 26 00:01:26,879 --> 00:01:28,000 原因在于利益 27 00:01:28,000 --> 00:01:30,900 这项业务利润太高无法放弃 28 00:01:44,920 --> 00:01:47,000 通过最新赤裸攻击 29 00:01:47,000 --> 00:01:49,540 希特勒不仅对波兰犯下罪行 30 00:01:49,540 --> 00:01:52,000 更对全人类犯下罪行 31 00:01:52,480 --> 00:01:53,920 一九三九年 32 00:01:53,920 --> 00:01:55,620 希特勒入侵波兰 33 00:01:55,620 --> 00:01:57,359 欧洲陷入战争 34 00:01:58,400 --> 00:02:00,560 整个国家在数周内崩溃 35 00:02:00,560 --> 00:02:04,930 一种新型恐怖开始蔓延大陆 36 00:02:05,370 --> 00:02:08,069 瑞士被轴心国包围 37 00:02:08,069 --> 00:02:10,030 宣布中立 38 00:02:10,030 --> 00:02:13,110 但在征服与灭绝的战争中 39 00:02:13,110 --> 00:02:14,789 中立并非安全 40 00:02:15,830 --> 00:02:17,150 而是风险 41 00:02:18,639 --> 00:02:20,800 当城市燃烧边境消失 42 00:02:20,800 --> 00:02:25,370 瑞士成为人们和财富的避难所 43 00:02:25,370 --> 00:02:27,030 害怕失去一切 44 00:02:27,030 --> 00:02:28,189 贵族 45 00:02:33,068 --> 00:02:34,848 早在二十世纪初 46 00:02:34,848 --> 00:02:38,319 瑞士的银行保密制度已是常态 47 00:02:38,319 --> 00:02:39,919 国家的中立立场 48 00:02:39,919 --> 00:02:44,680 法律与静谧文化使其成为欧洲精英的安全港湾 49 00:02:44,680 --> 00:02:46,599 国王与富豪家族 50 00:02:50,740 --> 00:02:52,960 更在于守护其隐秘性 51 00:02:54,240 --> 00:02:54,800 黄金 52 00:02:54,800 --> 00:02:57,639 现金和债券涌入瑞士 53 00:02:57,639 --> 00:02:58,329 金库 54 00:02:58,329 --> 00:03:00,049 编号账户激增 55 00:03:00,049 --> 00:03:01,868 这项商业模式最初 56 00:03:01,868 --> 00:03:04,909 银行保密制度如今成为盾牌 57 00:03:04,909 --> 00:03:06,830 得益于法律与地理位置 58 00:03:06,830 --> 00:03:10,270 瑞士成为欧洲最后的安全金库 59 00:03:11,348 --> 00:03:13,968 并非所有存款都在逃离专制 60 00:03:13,968 --> 00:03:16,149 有些在资助它 61 00:03:17,239 --> 00:03:18,878 二十世纪四十年代初 62 00:03:18,878 --> 00:03:22,679 关键角色浮现瑞士联合银行 63 00:03:22,679 --> 00:03:24,469 UBS 64 00:03:25,069 --> 00:03:26,669 UBI的前身 65 00:03:26,669 --> 00:03:29,069 成立于十九世纪六十年代 66 00:03:29,069 --> 00:03:30,349 当时 67 00:03:30,349 --> 00:03:36,039 已从地方银行成长为瑞士最重要银行之一 68 00:03:36,439 --> 00:03:37,719 战争期间 69 00:03:37,719 --> 00:03:38,259 UBS 70 00:03:38,259 --> 00:03:38,620 开始转型 71 00:03:39,680 --> 00:03:40,819 不再只是处理资金 72 00:03:40,819 --> 00:03:41,939 而是转移资金 73 00:03:41,939 --> 00:03:44,439 隐藏并清洗 74 00:03:45,199 --> 00:03:46,500 在征服过程中 75 00:03:46,500 --> 00:03:51,000 希特勒需要寻找合作伙伴存储和清洗劫掠的黄金 76 00:03:52,819 --> 00:03:53,620 瑞士 77 00:03:53,620 --> 00:03:58,379 凭借保密法规与中立立场成为理想伙伴 78 00:03:59,069 --> 00:04:01,610 UBS接受纳粹德国的黄金 79 00:04:01,610 --> 00:04:03,110 将其熔炼 80 00:04:03,110 --> 00:04:05,419 加盖中立标记 81 00:04:05,419 --> 00:04:07,620 再重新投入流通 82 00:04:07,620 --> 00:04:08,460 洗钱 83 00:04:08,460 --> 00:04:10,039 将赃物变为洁净资产 84 00:04:10,039 --> 00:04:12,009 可流通货币 85 00:04:12,650 --> 00:04:14,500 他们深知所为 86 00:04:14,500 --> 00:04:17,860 内部报告显示至1940年 87 00:04:17,860 --> 00:04:21,439 银行将犹太资产存入军事掩体 88 00:04:21,439 --> 00:04:26,240 即便处理从集中营遣送的犹太人黄金 89 00:04:26,759 --> 00:04:30,519 这些并非1939至1945年间的小规模操作 90 00:04:31,920 --> 00:04:33,139 瑞士国家银行 91 00:04:33,139 --> 00:04:36,939 从纳粹德国购入价值四亿美元的黄金 92 00:04:36,939 --> 00:04:40,300 这是帝国银行总销售额的三分之一 93 00:04:48,720 --> 00:04:54,040 胜利的苏联军队穿过纳粹最后抵抗的废墟 94 00:04:54,910 --> 00:04:57,689 二战结束时欧洲满目疮痍 95 00:04:57,689 --> 00:05:00,209 但瑞士几乎毫发无损 96 00:05:01,250 --> 00:05:02,370 它的城市安然无恙 97 00:05:02,370 --> 00:05:03,670 货币保持稳定 98 00:05:03,670 --> 00:05:05,480 银行资金充裕 99 00:05:05,480 --> 00:05:09,069 得益于战乱期间的外国存款积累 100 00:05:09,069 --> 00:05:12,970 瑞士远离战火纷飞 101 00:05:12,970 --> 00:05:15,290 却对双方都保持实用价值 102 00:05:15,290 --> 00:05:16,408 他们达成协议 103 00:05:16,418 --> 00:05:22,910 保持中立并保护银行安全（1956-1975） 104 00:05:22,910 --> 00:05:27,730 UBS通过收购全国中小银行迅速扩张 105 00:05:27,730 --> 00:05:28,310 悄然无声地 106 00:05:28,310 --> 00:05:30,410 成为瑞士最大金融力量 107 00:05:31,889 --> 00:05:36,769 UBS利用瑞士中立地位应对冷战 108 00:05:36,769 --> 00:05:42,059 人们将资金存入这里躲避政治动荡和制裁 109 00:05:42,059 --> 00:05:48,259 UBS借此声誉在1960年代吸引全球富豪 110 00:05:48,259 --> 00:05:50,319 这家银行巨头做出大胆举措 111 00:05:50,319 --> 00:05:53,098 却收购了Argor公司 112 00:05:53,098 --> 00:05:55,620 国家顶级金锭精炼厂 113 00:05:55,620 --> 00:05:57,120 Argor为UBS提供 114 00:05:57,120 --> 00:06:03,879 极少银行能掌控的黄金流动与全球金融命脉 115 00:06:03,879 --> 00:06:05,019 黄金不仅是商品 116 00:06:05,019 --> 00:06:06,459 更是基础资产 117 00:06:06,459 --> 00:06:08,100 持有的实物黄金越多 118 00:06:08,100 --> 00:06:10,000 掌握的信任度越高 119 00:06:10,000 --> 00:06:13,060 但精炼工艺对UBS是全新领域 120 00:06:13,060 --> 00:06:15,480 收购Argor不只是垂直整合 121 00:06:15,480 --> 00:06:20,870 这是1970年代建立黄金控制权的战略布局 122 00:06:20,870 --> 00:06:24,870 苏黎世超越伦敦成为全球最大黄金交易中心 123 00:06:24,870 --> 00:06:28,129 而UBS正是核心枢纽 124 00:06:31,819 --> 00:06:33,079 信任才是根本 125 00:06:33,079 --> 00:06:35,220 崩盘可能瞬间发生 126 00:06:35,220 --> 00:06:37,649 随着1990年代临近 127 00:06:37,649 --> 00:06:40,879 UBS将面临清算 128 00:06:44,579 --> 00:06:46,240 到1980年代末 129 00:06:46,240 --> 00:06:49,918 UBS任命罗伯特·施泰勒为新CEO 130 00:06:49,918 --> 00:06:51,399 施泰勒作风严谨 131 00:06:51,399 --> 00:06:53,699 谨慎的内部晋升者 132 00:06:53,699 --> 00:06:55,550 自1960年代起 133 00:06:55,990 --> 00:06:57,610 他并非华尔街掠夺者 134 00:06:57,610 --> 00:06:59,310 也不是政治掮客 135 00:06:59,310 --> 00:07:01,350 施泰勒是军事训练出身的技术专家 136 00:07:01,350 --> 00:07:05,033 他信奉系统化、流程化和共识决策 137 00:07:05,860 --> 00:07:08,160 成为CEO前 138 00:07:08,160 --> 00:07:10,230 曾在多国工作多年 139 00:07:10,230 --> 00:07:11,370 首先在纽约 140 00:07:11,370 --> 00:07:12,649 随后在贝鲁特 141 00:07:12,649 --> 00:07:15,610 他提拔了一名巴勒斯坦副手担任高层职位 142 00:07:15,610 --> 00:07:18,230 这一举动在地区内颇为罕见 143 00:07:18,870 --> 00:07:22,129 如今掌权者清晰预见未来 144 00:07:22,129 --> 00:07:24,589 如果瑞银要实现全球竞争 145 00:07:24,589 --> 00:07:26,399 必须快速扩张 146 00:07:27,480 --> 00:07:31,279 这意味着打破旧习惯建立新型银行 147 00:07:31,930 --> 00:07:35,449 因此他开始构建不同的管理体系 148 00:07:35,449 --> 00:07:38,470 将银行拆分为区域银行 149 00:07:38,470 --> 00:07:42,639 每个区域均由斯图尔特担任CEO 150 00:07:42,639 --> 00:07:47,079 希望这种架构能保持敏捷又不失控 151 00:07:47,689 --> 00:07:53,279 但他不知其领导矩阵终将彻底毁掉瑞银 152 00:07:53,279 --> 00:07:57,100 对于历经近百年战火与危机的银行 153 00:07:57,100 --> 00:08:02,418 崩溃将比预期更快更剧烈 154 00:08:11,180 --> 00:08:15,060 麻烦的最初迹象来自意想不到之处 155 00:08:18,319 --> 00:08:20,579 瑞银正在尝试现代化转型 156 00:08:20,579 --> 00:08:23,660 冉升起的新星是瑞·戈德斯坦 157 00:08:23,660 --> 00:08:27,819 这位美以交易员以数字天赋著称 158 00:08:28,290 --> 00:08:33,029 专攻复杂期权和可转债套利 159 00:08:33,029 --> 00:08:35,379 尤其在日本市场 160 00:08:35,379 --> 00:08:37,039 他的交易充满异域特色 161 00:08:37,039 --> 00:08:43,179 长期久期且基于少数人能理解的复杂模型 162 00:08:44,309 --> 00:08:46,350 但账面显示盈利 163 00:08:46,350 --> 00:08:48,029 数额巨大 164 00:08:49,580 --> 00:08:51,679 但数字背后存在隐患 165 00:08:51,679 --> 00:08:55,279 风险被误判且严重低估 166 00:08:55,279 --> 00:08:58,679 戈德斯坦部门按内部模型确认利润 167 00:08:58,679 --> 00:09:00,179 而非市场价格 168 00:09:00,179 --> 00:09:04,250 仓位实际未对冲 169 00:09:05,259 --> 00:09:09,220 这得益于瑞银管理结构的薄弱 170 00:09:09,220 --> 00:09:12,909 斯图尔特将银行拆分区域和产品线 171 00:09:12,909 --> 00:09:18,830 无人能同时阻止他且具备权威与知识 172 00:09:20,299 --> 00:09:22,320 风控部门提出担忧 173 00:09:22,320 --> 00:09:26,379 但分散的汇报体系使其无能为力 174 00:09:26,580 --> 00:09:28,600 戈德斯坦游走灰色地带 175 00:09:28,600 --> 00:09:31,828 在监管之外创造利润 176 00:09:31,948 --> 00:09:34,068 他的部门成为黑箱操作 177 00:09:34,068 --> 00:09:36,788 无人质疑其行为 178 00:09:39,679 --> 00:09:42,120 灾难正在酝酿 179 00:09:43,169 --> 00:09:46,659 但此刻斯图尔特最大威胁不在银行内部 180 00:09:46,659 --> 00:09:49,919 来自外部一位无头衔之人 181 00:09:49,919 --> 00:09:50,820 无办公室 182 00:09:50,820 --> 00:09:53,370 不效忠旧体制 183 00:09:53,730 --> 00:09:55,710 他的名字是马丁·埃伯纳 184 00:09:55,710 --> 00:09:59,090 他即将彻底颠覆瑞银 185 00:10:04,399 --> 00:10:06,679 90年代初当瑞银 186 00:10:06,679 --> 00:10:06,980 S 187 00:10:06,980 --> 00:10:10,779 高管们仍沉迷图表与保守重组 188 00:10:10,779 --> 00:10:14,419 新威胁悄然浮现——马丁·埃伯纳 189 00:10:14,419 --> 00:10:17,460 埃伯纳是转型为激进投资者的金融家 190 00:10:17,460 --> 00:10:22,899 他经营着一家银行并创立了一支名为BK Vision的强大投资工具 191 00:10:24,210 --> 00:10:27,970 他曾是瑞士保守银行业界的掠夺者 192 00:10:27,970 --> 00:10:29,779 在瑞士保守的银行业世界中 193 00:10:29,779 --> 00:10:31,820 他完全不同 194 00:10:31,820 --> 00:10:32,759 声音洪亮 195 00:10:32,759 --> 00:10:33,720 咄咄逼人 196 00:10:33,720 --> 00:10:36,120 毫不掩饰的资本主义者 197 00:10:36,120 --> 00:10:38,440 他相信结果 198 00:10:39,779 --> 00:10:43,580 到1991年他开始收购UBS股份 199 00:10:43,580 --> 00:10:45,179 不是为了悄然获利 200 00:10:45,179 --> 00:10:47,340 而是要引发革命 201 00:10:47,379 --> 00:10:53,539 很快他成为UBS最大个人股东并获董事会席位 202 00:10:54,649 --> 00:10:56,210 UBS正在膨胀 203 00:11:00,289 --> 00:11:02,549 成本激增60% 204 00:11:02,549 --> 00:11:04,350 但利润远远落后 205 00:11:04,350 --> 00:11:08,629 银行仅靠维持现状就在烧钱 206 00:11:08,629 --> 00:11:10,389 UBS不仅仅是一家银行 207 00:11:10,389 --> 00:11:11,990 它是一头沉睡的巨兽 208 00:11:11,990 --> 00:11:16,230 臃肿迟缓且对快速变化的世界视而不见 209 00:11:16,399 --> 00:11:19,799 他知道该为这一切负责的人是罗伯特 210 00:11:19,799 --> 00:11:21,639 施泰特 211 00:11:22,700 --> 00:11:25,919 瑞士最大金融机构控制权争夺战 212 00:11:25,919 --> 00:11:27,440 瑞士联合银行 213 00:11:27,440 --> 00:11:29,009 已进入新阶段 214 00:11:29,009 --> 00:11:34,769 导致银行信誉受损并使投资者蒙受60亿美元账面损失 215 00:11:38,399 --> 00:11:43,000 马丁·埃伯纳的攻势对罗伯特·施泰特不利 216 00:11:46,299 --> 00:11:47,220 数月来 217 00:11:47,220 --> 00:11:50,399 UBS CEO罗伯特·施泰特无视埃伯纳 218 00:11:50,399 --> 00:11:53,440 认为他只是在制造噪音 219 00:11:53,440 --> 00:11:54,639 固执坚持 220 00:11:54,639 --> 00:11:56,980 但并非真正危险 221 00:11:57,490 --> 00:12:00,090 但埃伯纳突然出手 222 00:12:00,090 --> 00:12:03,490 向UBS股东提出惊人提案 223 00:12:03,490 --> 00:12:07,509 UBS应与瑞士信贷合并 224 00:12:08,230 --> 00:12:11,190 瑞士信贷是UBS最大竞争对手 225 00:12:11,190 --> 00:12:12,070 规模较小 226 00:12:12,070 --> 00:12:19,658 行动更快且已在90年代拓展海外 瑞士信贷已领先行业 227 00:12:19,658 --> 00:12:21,818 尤其在交易和投资银行领域 228 00:12:21,818 --> 00:12:23,739 他们建立了世界级衍生品部门 229 00:12:23,739 --> 00:12:26,250 并积极拓展纽约和伦敦市场 230 00:12:28,710 --> 00:12:30,450 瑞士信贷在追逐全球市场 231 00:12:30,450 --> 00:12:33,230 招聘顶尖人才并明智冒险 232 00:12:33,230 --> 00:12:34,149 他们显得现代 233 00:12:34,149 --> 00:12:36,509 UBS内部显得迟缓 234 00:12:36,509 --> 00:12:37,169 整个行业都看在眼里 235 00:12:37,169 --> 00:12:38,629 瑞士信贷代表未来 236 00:12:38,629 --> 00:12:41,350 UBS却无法承认 237 00:12:41,470 --> 00:12:47,679 合并将意味着摒弃UBS传统的银行业模式 238 00:12:47,679 --> 00:12:51,320 这将是他策略失效的公开承认 239 00:12:52,399 --> 00:12:56,039 更糟糕的是可能意味着他在顶端的统治终结 240 00:12:56,659 --> 00:13:01,879 瑞士联合银行今日拒绝与竞争对手CS控股展开并购讨论 241 00:13:01,879 --> 00:13:06,169 运营瑞士信贷和CS第一波士顿的金融服务公司 242 00:13:06,169 --> 00:13:12,730 称此类合并将形成全球最大银行之一，会过度消耗财务与管理资源 243 00:13:13,340 --> 00:13:15,139 埃伯纳未能达成并购 244 00:13:15,139 --> 00:13:16,679 但他得到了其他东西 245 00:13:16,679 --> 00:13:22,669 他向瑞银董事会暴露了罗伯特·施泰特的弱点，施泰特的沉默 246 00:13:22,669 --> 00:13:30,169 他拒绝回应的行为发人深省，到1996年 247 00:13:30,169 --> 00:13:31,869 决策已定 248 00:13:31,869 --> 00:13:35,349 罗伯特·施泰特悄然卸任CEO 249 00:13:35,349 --> 00:13:37,469 他仍担任董事长 250 00:13:37,469 --> 00:13:41,500 但影响力逐渐减弱 251 00:13:46,070 --> 00:13:49,870 为压力下需变革的银行注入新面孔 252 00:13:56,580 --> 00:14:01,779 马蒂斯·卡贝拉·维埃是经济学家，曾在拉桑大学深造 253 00:14:01,779 --> 00:14:05,039 他大部分职业生涯都在瑞银工作 254 00:14:10,729 --> 00:14:12,428 被视为理想领导者 255 00:14:12,428 --> 00:14:15,399 瑞银需要更年轻现代的形象 256 00:14:15,399 --> 00:14:17,340 能够重塑银行形象 257 00:14:17,340 --> 00:14:22,179 并平息马丁·埃伯纳日益增长的激进投资者压力 258 00:14:22,419 --> 00:14:23,899 1996年 259 00:14:23,899 --> 00:14:26,960 卡贝拉·维埃成为瑞银总裁 260 00:14:26,960 --> 00:14:28,809 他迅速行动 261 00:14:28,809 --> 00:14:32,129 开始推动银行在全球竞争 262 00:14:33,250 --> 00:14:36,389 积极拓展证券与交易业务 263 00:14:36,389 --> 00:14:38,129 但要真正留下印记 264 00:14:38,129 --> 00:14:39,909 他需要的不只是改革 265 00:14:39,909 --> 00:14:42,259 需要颠覆性变革 266 00:14:42,259 --> 00:14:45,379 不久卡贝拉·维埃找到了关键举措 267 00:14:49,610 --> 00:14:53,240 瑞银最强大的竞争对手 268 00:14:55,720 --> 00:14:58,139 SBC总部位于巴塞尔规模较小 269 00:14:58,139 --> 00:14:59,240 人数更少 270 00:14:59,240 --> 00:15:00,720 分行更少 271 00:15:00,720 --> 00:15:01,840 但更具竞争力 272 00:15:01,840 --> 00:15:02,919 盈利能力更强 273 00:15:02,919 --> 00:15:05,039 而瑞银内部仍在挣扎时 274 00:15:05,039 --> 00:15:07,600 SBC已在新市场占据优势 275 00:15:10,559 --> 00:15:13,549 卡贝拉·维埃看到机会 276 00:15:13,909 --> 00:15:18,830 将瑞银庞大的财富管理帝国与SBC的交易优势结合 277 00:15:18,830 --> 00:15:22,068 可打造全球超级银行 278 00:15:22,749 --> 00:15:23,369 对他而言 279 00:15:23,369 --> 00:15:24,708 这不仅是策略 280 00:15:24,708 --> 00:15:26,068 更是救赎 281 00:15:26,068 --> 00:15:28,048 击败埃伯纳的机会 282 00:15:28,048 --> 00:15:31,708 重塑瑞银形象并留下印记 283 00:15:33,019 --> 00:15:36,278 将执掌全球最大银行的两位瑞士高管 284 00:15:36,278 --> 00:15:38,370 昨日在纽约笑容满面 285 00:15:38,370 --> 00:15:41,309 当他们开始一天的会议来宣传他们的新创项目 286 00:15:41,309 --> 00:15:43,870 瑞士联合银行 287 00:15:43,990 --> 00:15:44,870 在90年代 288 00:15:44,870 --> 00:15:46,009 几乎成了一种潮流 289 00:15:46,009 --> 00:15:49,529 各地银行都在合并，大家都想要规模效应 290 00:15:49,529 --> 00:15:54,409 但大多数合并缺乏战略意义 291 00:15:55,570 --> 00:15:57,970 就在交易即将完成之际 292 00:15:57,970 --> 00:16:01,490 定时炸弹引爆了，它一直在内部计时 293 00:16:01,490 --> 00:16:03,370 从瑞士联合银行开始 294 00:16:06,399 --> 00:16:07,519 为了制作这个视频 295 00:16:07,519 --> 00:16:11,850 我花了数周阅读报告和观看所有采访 296 00:16:11,850 --> 00:16:12,809 要讲好这个故事 297 00:16:12,809 --> 00:16:14,169 我需要深入挖掘 298 00:16:14,169 --> 00:16:18,649 这意味着我要尽可能快速高效地剪辑 299 00:16:19,110 --> 00:16:20,909 虽然我从事这项工作多年 300 00:16:20,909 --> 00:16:22,009 当我刚开始时 301 00:16:22,009 --> 00:16:23,710 会变得非常令人应接不暇 302 00:16:23,710 --> 00:16:27,669 让我介绍一下NVIDIA的AI视频技术 303 00:16:27,669 --> 00:16:31,490 你可以用AI虚拟形象制作完整长视频 304 00:16:31,490 --> 00:16:33,399 仅通过文本提示 305 00:16:33,399 --> 00:16:34,580 看起来像你 306 00:16:34,580 --> 00:16:35,419 听起来像你 307 00:16:35,419 --> 00:16:37,440 这将是任何工具中最高质量的视频 308 00:16:37,440 --> 00:16:39,059 你能在任何工具中获得 309 00:16:39,059 --> 00:16:40,080 不仅如此 310 00:16:40,080 --> 00:16:42,059 还能用你自己的声音创作 311 00:16:42,059 --> 00:16:45,899 并支持任何语言，只需在这里创建你的虚拟形象 312 00:16:45,899 --> 00:16:50,889 我可以这样说：创建一个30秒的视频解释瑞士联合银行如何运作 313 00:16:52,889 --> 00:16:56,909 瑞士联合银行自1862年起就是瑞士金融巨头 314 00:16:56,909 --> 00:16:59,970 是全球最富有的人的财富存放地 315 00:16:59,970 --> 00:17:01,029 无需重拍 316 00:17:01,029 --> 00:17:02,110 无需麦克风测试 317 00:17:02,110 --> 00:17:03,429 无需布光设置 318 00:17:03,429 --> 00:17:05,130 纯粹的故事叙述 319 00:17:05,130 --> 00:17:07,789 甚至可以随时编辑内容 320 00:17:07,789 --> 00:17:12,730 比如让虚拟形象更多出现或在5秒时切换场景 321 00:17:12,730 --> 00:17:15,710 现在你可以完全专注于自己的创意 322 00:17:15,710 --> 00:17:18,519 而NVIDIA AI负责繁重工作 323 00:17:18,519 --> 00:17:20,279 前往描述中的链接 324 00:17:20,279 --> 00:17:25,059 今天体验InVideo AI并创建免费虚拟形象 325 00:17:34,480 --> 00:17:38,849 蕾·戈德斯坦在伦敦负责瑞银的权益衍生品部门 326 00:17:38,849 --> 00:17:44,410 这个部门复杂程度极高，苏黎世总部几乎无人完全理解 327 00:17:45,150 --> 00:17:47,329 只要数字看起来良好 328 00:17:47,329 --> 00:17:49,390 没人会问问题 329 00:17:49,809 --> 00:17:53,230 蕾·戈德斯坦团队在账面上持续盈利 330 00:17:53,230 --> 00:17:56,049 这就足以让苏黎世保持沉默 331 00:17:57,309 --> 00:18:00,609 包括期权、债券和可转换债券 332 00:18:00,609 --> 00:18:01,829 尤其是在日本 333 00:18:01,829 --> 00:18:05,099 那里的市场低迷且利率极低 334 00:18:05,099 --> 00:18:09,619 这些交易看似巧妙地利用了面包和股票之间的价格差 335 00:18:09,619 --> 00:18:12,930 但被复杂的衍生品包装起来 336 00:18:13,569 --> 00:18:17,069 随后市场在1997年末发生转变 337 00:18:17,069 --> 00:18:21,299 日本股市出现意外波动 338 00:18:21,299 --> 00:18:23,559 利率波动性逐渐上升 339 00:18:23,559 --> 00:18:29,019 支撑戈德斯坦头寸的假设开始崩塌 340 00:18:30,440 --> 00:18:31,680 亏损迅速累积 341 00:18:32,759 --> 00:18:36,059 模型再也无法掩盖敞口风险 342 00:18:36,900 --> 00:18:38,700 1998年初 343 00:18:38,700 --> 00:18:43,529 瑞银被迫公开披露6.5亿瑞士法郎亏损 344 00:18:43,529 --> 00:18:45,890 约合9.59亿美元 345 00:18:45,890 --> 00:18:46,670 美元 346 00:18:46,670 --> 00:18:50,009 几乎全部来自戈德斯坦部门 347 00:18:51,200 --> 00:18:53,140 这不仅仅是一场金融冲击 348 00:18:53,140 --> 00:18:55,569 更是一场声誉危机 349 00:18:59,650 --> 00:19:02,190 这只黑天鹅不仅动摇信心 350 00:19:02,190 --> 00:19:04,930 更威胁整个并购进程 351 00:19:08,099 --> 00:19:09,740 1997年末 352 00:19:15,170 --> 00:19:18,970 对于马蒂斯·卡巴·维拉而言这是战略核心 353 00:19:18,970 --> 00:19:23,690 大胆举措旨在现代化瑞银并平息批评 354 00:19:24,170 --> 00:19:26,289 正当交易接近完成时 355 00:19:26,289 --> 00:19:29,420 1998年初灾难降临 356 00:19:29,420 --> 00:19:30,119 瑞银 357 00:19:30,119 --> 00:19:34,599 披露伦敦衍生品交易导致6.5亿瑞士法郎亏损 358 00:19:34,599 --> 00:19:39,390 与莱·戈德斯坦夜间的交易相关 359 00:19:39,390 --> 00:19:45,449 瑞银从主导地位变为伤痕累累 360 00:19:52,000 --> 00:19:53,640 1998年中期 361 00:19:53,640 --> 00:19:55,380 合并完成 362 00:19:55,380 --> 00:19:58,200 但结果显而易见 363 00:20:04,130 --> 00:20:09,469 瑞银CEO卡比拉·维亚被解职 364 00:20:09,469 --> 00:20:11,929 看似平等合并 365 00:20:15,539 --> 00:20:18,219 尽管瑞银规模更大 366 00:20:18,219 --> 00:20:19,778 仍保留瑞银名称 367 00:20:22,439 --> 00:20:26,699 这对瑞银而言结局凄凉 368 00:20:27,640 --> 00:20:31,140 新瑞银成为全球最大银行之一 369 00:20:31,140 --> 00:20:36,410 仅居花旗集团之后，马塞尔·奥佩尔居首 370 00:20:36,410 --> 00:20:39,279 准备将瑞银推至榜首 371 00:20:39,319 --> 00:20:40,720 但他未察觉 372 00:20:40,720 --> 00:20:46,599 无人察觉瑞银的过去即将反噬 373 00:20:52,660 --> 00:20:55,220 瑞士及银行的时间紧迫 374 00:20:55,220 --> 00:20:59,720 需向大屠杀幸存者赔偿暴利所得 375 00:20:59,720 --> 00:21:03,700 瑞士机构曾资助纳粹战争机器 376 00:21:03,700 --> 00:21:07,980 并持有大屠杀受害者存款 377 00:21:09,079 --> 00:21:12,740 正当瑞银崛起为全球金融巨头 378 00:21:12,740 --> 00:21:18,519 过去的阴影重现，九十年代末期冲击强烈 379 00:21:18,519 --> 00:21:19,140 一段漫长的 380 00:21:19,140 --> 00:21:23,009 瑞士历史隐秘篇章逐渐揭开 381 00:21:23,450 --> 00:21:28,299 核心是乌比斯银行及其在二战中的角色 382 00:21:29,099 --> 00:21:31,880 文件与调查显示，乌比斯银行 383 00:21:31,880 --> 00:21:36,269 与其他瑞士大银行接受了纳粹德国的黄金 384 00:21:36,269 --> 00:21:37,869 不仅仅是国家储备 385 00:21:37,869 --> 00:21:42,569 但在更多令人不安的案例中掠夺了占领国的黄金 386 00:21:42,569 --> 00:21:44,309 其中包括个人物品 387 00:21:44,309 --> 00:21:45,170 珠宝 388 00:21:45,170 --> 00:21:46,170 牙科填充物 389 00:21:46,170 --> 00:21:50,869 集中营中从犹太受害者身上取下的婚戒 390 00:21:51,390 --> 00:21:53,670 乌比斯银行不仅接受了这些黄金 391 00:21:53,670 --> 00:21:57,659 还忽视或关闭了数千个休眠账户 392 00:21:57,659 --> 00:22:00,679 战前犹太家庭存入的存款 393 00:22:00,679 --> 00:22:04,160 其中许多人永远未能从集中营返回 394 00:22:07,920 --> 00:22:11,519 世界犹太复国主义者联盟并非普通倡导组织 395 00:22:11,519 --> 00:22:14,019 它拥有法律权力 396 00:22:14,019 --> 00:22:17,599 外交关系与全球影响力 397 00:22:18,130 --> 00:22:19,170 总部设在纽约 398 00:22:19,170 --> 00:22:23,078 世犹联发起协调性游说行动 399 00:22:23,078 --> 00:22:23,259 S 400 00:22:23,259 --> 00:22:23,979 立法者 401 00:22:23,979 --> 00:22:28,439 威胁诉讼并引发全球媒体关注 402 00:22:29,599 --> 00:22:32,779 压力持续增大，高管被传唤作证 403 00:22:32,779 --> 00:22:34,119 公开听证会开始 404 00:22:36,880 --> 00:22:37,119 S 405 00:22:37,119 --> 00:22:38,480 办公楼外爆发 406 00:22:42,660 --> 00:22:44,140 瑞士 407 00:22:44,140 --> 00:22:47,690 商业银行代表与大屠杀幸存者昨日宣布达成和解 408 00:22:47,690 --> 00:22:50,130 银行同意支付12.5亿 409 00:22:50,130 --> 00:22:54,210 五亿美元赔偿二战时期受害者 410 00:22:56,539 --> 00:22:59,119 这是同类规模最大的和解之一 411 00:22:59,119 --> 00:23:00,539 但对于乌比斯银行 412 00:23:00,539 --> 00:23:02,640 这不仅是财务处罚 413 00:23:02,640 --> 00:23:07,809 更是公开清算，过去的罪孽已追上银行 414 00:23:07,809 --> 00:23:10,470 正如它试图主导未来 415 00:23:11,190 --> 00:23:13,950 而风暴才刚刚开始 416 00:23:19,720 --> 00:23:20,400 乌比斯 417 00:23:20,400 --> 00:23:21,059 A G 418 00:23:21,059 --> 00:23:22,299 欧洲最大银行 419 00:23:22,299 --> 00:23:27,349 今日宣布预计第三季度亏损高达十亿瑞郎 420 00:23:27,349 --> 00:23:29,349 目前七百二十一点 421 00:23:29,349 --> 00:23:30,700 六百万美元 422 00:23:30,700 --> 00:23:32,819 与新兴市场损失相关 423 00:23:32,819 --> 00:23:33,579 股票 424 00:23:33,579 --> 00:23:36,059 及长期资本管理公司濒临崩溃 425 00:23:36,059 --> 00:23:38,180 这家美国对冲基金 426 00:23:41,000 --> 00:23:41,859 银行内部 427 00:23:41,859 --> 00:23:43,920 一场深层的文化战争悄然蔓延 428 00:23:43,920 --> 00:23:49,259 老牌UBS与激进的SBC团队已无法兼容 429 00:23:50,499 --> 00:23:55,240 到2000年初，UBS已在内部运营超过20年 430 00:23:55,240 --> 00:23:56,480 他感到疲惫 431 00:23:56,480 --> 00:24:00,279 他富有且准备好退居二线 432 00:24:00,799 --> 00:24:04,000 但他留下的却是脆弱的根基 433 00:24:04,279 --> 00:24:06,859 从外部看UBS显得团结一致 434 00:24:06,859 --> 00:24:10,720 但内部已濒临分崩离析 435 00:24:11,930 --> 00:24:15,930 一位男子即将掌舵力挽狂澜 436 00:24:15,930 --> 00:24:19,039 他的名字是彼得·沃尔夫莱 437 00:24:23,559 --> 00:24:28,240 1957年出生，就读于圣加仑大学的彼得 438 00:24:28,240 --> 00:24:31,809 沃尔利并非来自瑞士传统金融世家 439 00:24:31,809 --> 00:24:33,609 他在麦肯锡接受训练 440 00:24:33,609 --> 00:24:34,150 敏锐 441 00:24:34,150 --> 00:24:35,130 分析能力强 442 00:24:35,130 --> 00:24:39,480 1990年代初加入UBS时 443 00:24:39,480 --> 00:24:42,519 十年末期迅速晋升 444 00:24:42,519 --> 00:24:47,910 担任集团CFO，是UBS全球扩张的幕后推手 445 00:24:48,619 --> 00:24:53,880 沃尔菲认为银行最大优势在于管理全球最富人群的财富 446 00:24:53,880 --> 00:24:57,779 2000年初他做出大胆举措 447 00:24:58,420 --> 00:25:02,660 UBS以115亿美元收购Penweber 448 00:25:02,819 --> 00:25:07,259 这家美国顶级经纪公司一夜崛起 449 00:25:07,259 --> 00:25:11,460 UBS成为全球最大财富管理机构之一 450 00:25:12,109 --> 00:25:15,849 此次收购助沃尔菲2001年登顶 451 00:25:15,849 --> 00:25:19,059 接下来五年他成为CEO 452 00:25:19,059 --> 00:25:25,900 将UBS打造为国际化的风险偏好型盈利银行 453 00:25:25,900 --> 00:25:29,388 最大收入来源来自交易业务 454 00:25:29,388 --> 00:25:32,229 尤其是抵押贷款证券 455 00:25:32,229 --> 00:25:36,660 当时市场看似不可阻挡的沃尔菲 456 00:25:36,660 --> 00:25:39,500 团队想复制华尔街的成功 457 00:25:39,500 --> 00:25:42,619 抵押产品似乎是实现目标的途径 458 00:25:42,619 --> 00:25:46,930 一段时间内资金持续涌入 459 00:25:47,730 --> 00:25:52,500 但表层风险在复杂交易中不断累积 460 00:25:52,500 --> 00:25:54,019 模糊的投资组合 461 00:25:54,019 --> 00:25:58,819 无人愿检查的庞大抵押贷款仓库 462 00:25:59,750 --> 00:26:01,950 这次没有违规交易员 463 00:26:01,950 --> 00:26:05,740 系统本身即是风险，而彼得 464 00:26:05,740 --> 00:26:07,319 沃尔菲精准严谨 465 00:26:07,319 --> 00:26:11,099 纪律严明的数据驱动者即将面临风暴 466 00:26:11,099 --> 00:26:13,730 任何模型都无法容纳 467 00:26:20,559 --> 00:26:24,150 2006年UBS看似势不可挡 468 00:26:24,150 --> 00:26:27,009 管理资产超3万亿美元 469 00:26:27,009 --> 00:26:30,240 成为全球财富管理的皇冠明珠 470 00:26:30,240 --> 00:26:34,400 投资银行主导债务与股权承销 471 00:26:34,559 --> 00:26:39,920 私人银行部门服务三大洲的亿万富翁 472 00:26:42,539 --> 00:26:45,940 但随后一切土崩瓦解 473 00:26:47,440 --> 00:26:48,240 重量级对手 474 00:26:48,240 --> 00:26:48,759 法国银行 475 00:26:48,759 --> 00:26:49,319 BNP 476 00:26:49,319 --> 00:26:54,220 巴黎银行冻结了三个涉及次贷的对冲基金提现 477 00:26:54,220 --> 00:26:54,460 S 478 00:26:54,460 --> 00:27:00,799 这一决定几乎一夜之间让世界意识到次级市场危机的严重性 479 00:27:00,799 --> 00:27:05,220 彼得·沃尔利帮助建立的帝国开始崩塌 480 00:27:06,240 --> 00:27:08,160 瑞银押注房贷业务 481 00:27:08,160 --> 00:27:11,200 支持证券和资产抵押债券 482 00:27:11,200 --> 00:27:14,640 数十亿资金涌入被认为安全的产品 483 00:27:15,109 --> 00:27:16,670 它们并不安全 484 00:27:18,599 --> 00:27:23,380 被宣传为复杂的风险管理最终是脆弱的结构 485 00:27:23,380 --> 00:27:25,829 依赖次级抵押贷款支撑 486 00:27:25,829 --> 00:27:27,589 复杂的信贷衍生品 487 00:27:27,589 --> 00:27:30,509 和对有缺陷模型的盲目信任 488 00:27:30,919 --> 00:27:31,479 当美国 489 00:27:31,479 --> 00:27:31,699 S 490 00:27:31,699 --> 00:27:33,118 房地产市场崩盘 491 00:27:33,118 --> 00:27:35,059 这些资产随之崩溃 492 00:27:35,059 --> 00:27:41,160 瑞银被迫计提超过欧洲其他银行的五十亿美元 493 00:27:41,160 --> 00:27:42,839 银行濒临崩溃边缘 494 00:27:42,839 --> 00:27:44,279 流动性迅速枯竭 495 00:27:44,279 --> 00:27:46,940 瑞士投资者陷入恐慌 496 00:27:46,940 --> 00:27:52,309 担忧该国最大金融机构可能自身难保 497 00:27:52,309 --> 00:27:55,690 拖累整个国家经济 498 00:27:56,450 --> 00:27:57,529 无计可施 499 00:27:57,529 --> 00:28:00,730 瑞士政府被迫介入 500 00:28:07,579 --> 00:28:11,130 到2008年末瑞银陷入危机 501 00:28:11,130 --> 00:28:16,369 瑞士政府注入六亿美元资本并转移 502 00:28:16,369 --> 00:28:20,730 九亿美元有毒资产至政府接管基金 503 00:28:20,730 --> 00:28:25,440 瑞士当局今日迟滞出手救助两大银行 504 00:28:25,440 --> 00:28:28,200 持有瑞银近10%股权 505 00:28:28,200 --> 00:28:32,549 并迫使其与瑞信增加资本储备 506 00:28:33,029 --> 00:28:36,470 曾象征实力与审慎的银行 507 00:28:36,470 --> 00:28:39,539 这成为公开的耻辱 508 00:28:40,299 --> 00:28:43,269 瑞银虽获政府救助 509 00:28:43,269 --> 00:28:47,470 2008年灾难性失败将引发持续影响 510 00:28:47,470 --> 00:28:49,679 难以摆脱 511 00:28:49,919 --> 00:28:52,699 这次威胁并非来自市场 512 00:28:52,699 --> 00:28:55,869 竞争对手或激进股东 513 00:28:56,109 --> 00:29:01,880 而是来自有权揭露瑞银机密的政府 514 00:29:02,200 --> 00:29:04,200 美国 515 00:29:10,519 --> 00:29:11,220 Ub 516 00:29:11,220 --> 00:29:11,920 A g 517 00:29:11,920 --> 00:29:13,380 瑞士最大银行 518 00:29:13,380 --> 00:29:16,140 签署暂缓起诉协议 519 00:29:16,140 --> 00:29:18,900 涉嫌合谋欺诈美国 520 00:29:18,900 --> 00:29:20,839 阻碍国税局调查 521 00:29:26,839 --> 00:29:29,099 在2008年金融危机后 522 00:29:29,099 --> 00:29:31,690 美国民众情绪转变 523 00:29:31,690 --> 00:29:36,549 政府紧急稳定市场平息民愤 524 00:29:36,549 --> 00:29:39,609 华盛顿开始针对富人 525 00:29:39,609 --> 00:29:43,269 许多财富藏匿海外 526 00:29:44,069 --> 00:29:48,949 没有任何机构比瑞银更能体现这种保密性 527 00:29:49,669 --> 00:29:50,528 数十年来 528 00:29:50,528 --> 00:29:53,348 瑞银完美掌握了隐秘的艺术 529 00:29:53,348 --> 00:29:58,284 它建立了一套保护全球最富有的人的系统 530 00:29:59,210 --> 00:30:03,690 随后这个系统被布拉德利·比肯费尔德击破 531 00:30:03,690 --> 00:30:04,569 前瑞 532 00:30:04,789 --> 00:30:05,369 银行家 533 00:30:05,369 --> 00:30:06,369 走进瑞 534 00:30:10,199 --> 00:30:13,159 当我将担忧书面提交给瑞士法律合规部门 535 00:30:13,439 --> 00:30:15,638 瑞士的法律与合规部门 536 00:30:15,638 --> 00:30:18,839 他们拒绝回应任何我的担忧 537 00:30:19,200 --> 00:30:22,099 我意识到公司存在掩盖行为 538 00:30:22,099 --> 00:30:24,720 我决心联系瑞 539 00:30:25,000 --> 00:30:28,380 当局揭露丑闻 540 00:30:28,380 --> 00:30:30,619 我确实这么做了 541 00:30:31,099 --> 00:30:36,079 他揭露美国富人试图隐瞒数百万税款 542 00:30:36,079 --> 00:30:39,319 并通过复杂的离岸架构引导他们 543 00:30:39,319 --> 00:30:44,829 瑞银银行家精通隐秘与逃税 544 00:30:44,829 --> 00:30:48,630 因此帮助他们在瑞士开户 545 00:30:48,630 --> 00:30:50,470 账户无姓名 546 00:30:50,470 --> 00:30:53,750 仅用识别代码 547 00:30:54,819 --> 00:30:56,660 进一步掩盖所有权 548 00:30:56,660 --> 00:30:59,720 他们设立壳公司和巴拿马等司法管辖区 549 00:30:59,720 --> 00:31:02,660 列支敦士登或英属维尔京群岛 550 00:31:02,660 --> 00:31:05,700 这些公司充当法律账户持有人 551 00:31:05,700 --> 00:31:08,839 隔离客户直接关联 552 00:31:10,420 --> 00:31:12,319 而保密更深入 553 00:31:12,319 --> 00:31:12,940 美 554 00:31:13,180 --> 00:31:16,039 银行家受训避免留下文件痕迹 555 00:31:16,039 --> 00:31:17,079 他们飞往美 556 00:31:17,359 --> 00:31:18,660 使用旅游签证 557 00:31:18,660 --> 00:31:20,240 违反移民法 558 00:31:20,240 --> 00:31:22,160 在酒店 559 00:31:22,160 --> 00:31:24,720 大堂或私人活动秘密会面 560 00:31:25,839 --> 00:31:27,519 携带加密笔记本电脑 561 00:31:27,519 --> 00:31:28,579 避免使用邮件 562 00:31:28,579 --> 00:31:31,269 依赖暗语和电话联络 563 00:31:31,269 --> 00:31:33,009 部分客户收到瑞士 564 00:31:33,009 --> 00:31:34,109 发行的借记卡 565 00:31:34,109 --> 00:31:38,769 允许他们访问离岸资金同时看似使用本地账户 566 00:31:38,769 --> 00:31:43,170 另一些客户被告知拆分大额存款为小额转账 567 00:31:43,170 --> 00:31:45,099 以规避国税局报告门槛 568 00:31:45,579 --> 00:31:46,660 这是刻意为之 569 00:31:46,660 --> 00:31:47,819 这是系统化的 570 00:31:47,819 --> 00:31:49,440 而且有利可图 571 00:31:49,440 --> 00:31:50,279 瑞银集团 572 00:31:50,279 --> 00:31:51,220 收取费用 573 00:31:51,220 --> 00:31:52,819 忠诚与声望 574 00:31:52,819 --> 00:32:00,160 客户想要政府保护的隐私，直到某天一切都崩溃 575 00:32:02,920 --> 00:32:04,279 我很好 576 00:32:07,420 --> 00:32:08,880 在二零零八年 577 00:32:14,490 --> 00:32:15,829 幕后 578 00:32:15,829 --> 00:32:19,970 瑞士和美国外交官紧急应对危机 579 00:32:20,130 --> 00:32:22,410 数十年精心维护的秘密 580 00:32:22,410 --> 00:32:27,710 如今在二零零九年悬而未决 瑞银妥协了 581 00:32:32,710 --> 00:32:35,109 这是瑞士 582 00:32:35,109 --> 00:32:40,549 银行业史首次同意移交四千多名美国客户的姓名 583 00:32:41,009 --> 00:32:41,569 瑞士 584 00:32:47,500 --> 00:32:47,700 S 585 00:32:47,700 --> 00:32:54,180 客户以解决协助美国富豪逃税的刑事指控 586 00:32:54,920 --> 00:32:56,779 后果立竿见影 587 00:32:56,779 --> 00:32:57,480 瑞士 588 00:32:57,480 --> 00:32:59,519 立法者进入危机模式 589 00:32:59,519 --> 00:33:03,180 银行家辞职或逃离 数千客户 590 00:33:03,180 --> 00:33:04,440 撤回资金 591 00:33:04,440 --> 00:33:06,880 担忧曝光 592 00:33:08,279 --> 00:33:11,099 不可触碰的保密时代终结了 593 00:33:11,099 --> 00:33:14,299 瑞银成为崩塌的中心 594 00:33:14,619 --> 00:33:18,619 与美国政府对抗导致灾难性后果 595 00:33:18,619 --> 00:33:21,119 瑞银放弃最大优势 596 00:33:21,119 --> 00:33:22,380 保密性 597 00:33:26,440 --> 00:33:28,900 谨慎与匿名 598 00:33:28,900 --> 00:33:31,329 此时已不复存在 599 00:33:31,329 --> 00:33:33,869 客户流失信任消失 600 00:33:33,869 --> 00:33:35,980 世界收到明确信号 601 00:33:35,980 --> 00:33:41,339 地球上最隐秘的银行也无法再保全你的财富 602 00:33:43,720 --> 00:33:44,759 至二零一一年 603 00:33:44,759 --> 00:33:47,519 瑞银内部动荡分裂 604 00:33:47,519 --> 00:33:48,779 外部备受关注 605 00:33:48,779 --> 00:33:50,740 需要的不只是CEO 606 00:33:50,740 --> 00:33:52,549 需要一位修复者 607 00:33:53,220 --> 00:33:55,839 于是银行聘请塞里奥·马蒂 608 00:33:55,839 --> 00:34:01,789 一位瑞士籍高管 与瑞银以往高管截然不同 609 00:34:07,240 --> 00:34:11,019 塞尔吉奥·埃里出生于一九六零年在卢加诺 610 00:34:11,019 --> 00:34:13,960 瑞士意大利语区 611 00:34:13,960 --> 00:34:17,789 未就读苏黎世或日内瓦精英学校 612 00:34:18,389 --> 00:34:20,550 而是从基层做起 613 00:34:20,550 --> 00:34:22,929 从当地银行学徒起步 614 00:34:22,929 --> 00:34:24,050 积累资质 615 00:34:27,349 --> 00:34:29,989 他在高盛和美林证券工作多年 616 00:34:29,989 --> 00:34:33,009 最终升任瑞银投资银行联合负责人 617 00:34:33,009 --> 00:34:34,528 以纪律著称 618 00:34:34,528 --> 00:34:36,563 而非靠花哨表演 619 00:34:37,559 --> 00:34:41,440 2011年他被任命为CEO时，瑞银正陷入危机 620 00:34:41,440 --> 00:34:45,099 刚因违规交易损失23亿美元 621 00:34:45,099 --> 00:34:47,420 三年内第二起重大丑闻 622 00:34:47,420 --> 00:34:49,179 公众信任濒临崩溃 623 00:34:50,679 --> 00:34:53,489 投资银行臃肿且鲁莽 624 00:34:53,489 --> 00:34:54,429 内部而言 625 00:34:54,429 --> 00:34:55,449 士气低落 626 00:34:55,449 --> 00:34:56,349 外部而言 627 00:34:56,349 --> 00:34:59,019 品牌声誉严重受损 628 00:35:00,260 --> 00:35:02,320 如果拉梅迪无法扭转局面 629 00:35:02,320 --> 00:35:07,380 瑞银可能面临崩盘或被小银行收购 630 00:35:08,750 --> 00:35:12,150 他制定了一项大胆计划稳定银行 631 00:35:12,320 --> 00:35:13,900 大幅缩减投资银行业务 632 00:35:13,900 --> 00:35:22,059 重新聚焦瑞银传统优势财富管理，但在其策略初见成效时 633 00:35:22,059 --> 00:35:23,960 另一场危机爆发 634 00:35:23,960 --> 00:35:27,699 这可能毁掉整个计划 635 00:35:34,940 --> 00:35:38,280 在瑞银马兰奇办公室39层 636 00:35:38,280 --> 00:35:39,059 一名20 637 00:35:39,059 --> 00:35:45,360 六岁的交易员汤姆·海耶斯在押注利率 638 00:35:45,760 --> 00:35:48,360 社交 awkward 但数字天才 639 00:35:48,360 --> 00:35:50,579 海耶斯有秘密武器 640 00:35:50,579 --> 00:35:53,119 他不押注市场走势 641 00:35:53,119 --> 00:35:56,398 每天悄然操控市场 642 00:35:56,398 --> 00:36:00,998 几家大银行提交了彼此借贷利率报价 643 00:36:00,998 --> 00:36:02,818 那些报价被平均计算得出 644 00:36:02,818 --> 00:36:07,619 LIBOR利率 645 00:36:07,619 --> 00:36:07,840 B 646 00:36:07,840 --> 00:36:08,019 O 647 00:36:08,019 --> 00:36:08,500 R 648 00:36:08,500 --> 00:36:12,699 作为抵押贷款和信用卡利率基准 649 00:36:12,699 --> 00:36:15,139 到企业贷款和衍生品 650 00:36:16,860 --> 00:36:19,860 但在瑞银这个数字是谎言 651 00:36:19,860 --> 00:36:20,679 海耶斯 652 00:36:20,679 --> 00:36:21,099 贿赂 653 00:36:21,099 --> 00:36:21,739 经纪人 654 00:36:21,739 --> 00:36:22,980 依靠同事 655 00:36:22,980 --> 00:36:25,230 甚至玩笑和闲聊 656 00:36:27,679 --> 00:36:30,739 操纵持续了三年 657 00:36:30,739 --> 00:36:37,440 海耶斯及其圈子通过0.01或0.0 658 00:36:37,440 --> 00:36:38,809 2个百分点微调LIBOR 659 00:36:38,809 --> 00:36:40,170 这看似微小 660 00:36:40,170 --> 00:36:42,630 但涉及数十亿交易 661 00:36:42,630 --> 00:36:45,570 每微小变动意味着百万利润 662 00:36:46,460 --> 00:36:47,519 在巅峰期 663 00:36:47,519 --> 00:36:52,059 利博会影响超过300万亿美元的金融合约 664 00:36:52,059 --> 00:36:53,340 而在幕后 665 00:36:53,340 --> 00:36:55,500 瑞银正在操纵它 666 00:37:02,860 --> 00:37:03,460 前高管 667 00:37:03,460 --> 00:37:05,159 瑞银投资银行负责人 668 00:37:05,159 --> 00:37:10,679 今年1月在英国议会听证会上就利博会操纵案作证 669 00:37:10,800 --> 00:37:13,039 数十名员工涉案 670 00:37:13,039 --> 00:37:14,619 合规系统失效 671 00:37:14,619 --> 00:37:16,599 文化本已脆弱 672 00:37:16,599 --> 00:37:18,318 证明极具破坏性 673 00:37:18,838 --> 00:37:20,338 瑞银支付15亿美元罚款 674 00:37:20,338 --> 00:37:22,119 五亿美元罚款 675 00:37:22,119 --> 00:37:25,239 成为历史上最大的银行罚单之一 676 00:37:26,260 --> 00:37:27,920 汤姆·黑斯一度 677 00:37:27,920 --> 00:37:32,820 作为利博会操纵丑闻中心的天才交易员被逮捕 678 00:37:32,820 --> 00:37:33,739 被引渡 679 00:37:33,739 --> 00:37:39,579 成为金融犯罪史上具有里程碑意义的审判案例 680 00:37:41,579 --> 00:37:46,260 利博会丑闻不仅是瑞银交易员的重大失误 681 00:37:46,260 --> 00:37:48,619 同时也是一次巨大机遇 682 00:37:48,619 --> 00:37:52,619 熟练交易员可利用外汇对突然波动 683 00:37:52,619 --> 00:37:55,980 如欧元/美元和英镑/美元 684 00:37:55,980 --> 00:37:57,280 由新闻引发 685 00:38:00,300 --> 00:38:02,489 可捕捉日内大幅波动 686 00:38:02,489 --> 00:38:04,409 源于市场信任动摇 687 00:38:04,409 --> 00:38:07,710 这种时刻正是优秀交易员的黄金期 688 00:38:07,710 --> 00:38:10,090 若他们拥有充足资本 689 00:38:10,090 --> 00:38:14,260 做市商为熟练交易员提供公司资本进行交易 690 00:38:14,260 --> 00:38:16,019 若业绩优异且风控得当 691 00:38:16,019 --> 00:38:17,760 可保留大部分利润 692 00:38:17,760 --> 00:38:20,579 公司负责资金管理 693 00:38:20,579 --> 00:38:21,980 资本市场是一家做市商 694 00:38:21,980 --> 00:38:22,420 我曾 695 00:38:22,420 --> 00:38:25,940 与曾打造美国最成功交易台的交易员共同创立 696 00:38:25,940 --> 00:38:26,800 我们 697 00:38:27,079 --> 00:38:31,619 为交易员提供最高15万美元账户进行交易 698 00:38:31,619 --> 00:38:33,099 期货和外汇 699 00:38:33,099 --> 00:38:34,000 你表现 700 00:38:34,000 --> 00:38:34,800 我们出资 701 00:38:34,800 --> 00:38:38,699 并保留90%利润作为启动资金 702 00:38:38,699 --> 00:38:42,139 我们为凤凰城社区做一件特别的事 703 00:38:42,139 --> 00:38:45,818 我们免费赠送10万美元账户 704 00:38:45,818 --> 00:38:46,938 如果你有优势 705 00:38:46,938 --> 00:38:48,398 你毫无损失 706 00:38:48,398 --> 00:38:51,579 立即申请参与选拔 707 00:38:58,400 --> 00:38:59,639 为塞尔吉奥·赫尔马迪 708 00:38:59,639 --> 00:39:01,159 这次挫折堪称灾难性 709 00:39:01,159 --> 00:39:04,778 前任留下的问题正在深深影响他 710 00:39:04,778 --> 00:39:08,938 利博会丑闻在他2011年接任后仅数月爆发 711 00:39:09,938 --> 00:39:11,369 他本人并未直接参与 712 00:39:11,369 --> 00:39:14,489 但这对整体造成了损害 713 00:39:14,489 --> 00:39:16,130 但阿马迪不轻言放弃 714 00:39:16,130 --> 00:39:17,630 他知道自己的愿景 715 00:39:17,630 --> 00:39:18,489 一个更小的 716 00:39:18,489 --> 00:39:19,309 更安全的客户 717 00:39:19,309 --> 00:39:22,639 专注的瑞银仍可实现 718 00:39:22,840 --> 00:39:24,699 回归其根本 719 00:39:24,699 --> 00:39:26,340 不再是交易巨头 720 00:39:26,340 --> 00:39:30,648 而是财富管理和私人银行的世界领导者 721 00:39:31,048 --> 00:39:32,708 他果断行动 722 00:39:32,708 --> 00:39:34,329 裁减数千岗位 723 00:39:34,329 --> 00:39:36,128 关闭薄弱交易部门 724 00:39:36,128 --> 00:39:38,760 彻底改革臃肿的固定收益部门 725 00:39:38,760 --> 00:39:40,679 他强化资本纪律 726 00:39:40,679 --> 00:39:45,840 清理资产负债表 逐步重建客户信任 727 00:39:49,980 --> 00:39:51,219 到2018年 728 00:39:51,219 --> 00:39:53,000 瑞银完成了一次低调的 729 00:39:53,000 --> 00:39:54,400 果断转型 730 00:39:54,400 --> 00:39:56,380 其投资银行精简高效 731 00:39:56,380 --> 00:39:57,519 风险可控 732 00:39:57,519 --> 00:39:58,989 成本受控 733 00:39:59,239 --> 00:40:02,159 瑞银成为全球最大财富管理机构 734 00:40:02,159 --> 00:40:03,699 管理资产超过两 735 00:40:05,969 --> 00:40:07,170 更重要的是 736 00:40:07,170 --> 00:40:08,690 它已恢复盈利 737 00:40:08,690 --> 00:40:15,355 随着客户回归与信任重建 实现49亿美元利润 738 00:40:15,900 --> 00:40:19,559 阿马迪完成了看似不可能的真正转型 739 00:40:19,559 --> 00:40:21,019 并非靠 flashy 手段 740 00:40:21,019 --> 00:40:22,280 而是专注深耕 741 00:40:22,280 --> 00:40:25,630 让瑞银再次变得稳健 742 00:40:25,630 --> 00:40:26,409 可预测 743 00:40:26,409 --> 00:40:28,260 高盈利 744 00:40:29,059 --> 00:40:30,460 完成使命后 745 00:40:30,460 --> 00:40:33,260 阿马迪于2020年卸任 746 00:40:33,969 --> 00:40:37,449 瑞银集团首席执行官塞尔吉奥·奥马伊宣布卸任 747 00:40:37,449 --> 00:40:39,210 将由拉尔夫·哈默接任 748 00:40:42,909 --> 00:40:49,079 但赫马迪的退休不会持续 因不久后又将爆发危机 749 00:40:49,320 --> 00:40:53,880 瑞银再次求助于昔日拯救者 750 00:41:00,880 --> 00:41:02,360 现在信贷社股份 751 00:41:02,360 --> 00:41:04,820 全球最重要的系统性银行之一 752 00:41:04,820 --> 00:41:07,000 股价一夜暴跌超9% 753 00:41:07,000 --> 00:41:10,710 硅谷银行崩盘后 754 00:41:10,710 --> 00:41:14,110 硅谷银行突然崩盘引发全球市场震荡 755 00:41:15,110 --> 00:41:19,429 焦点转向最薄弱环节 那就是信贷社 756 00:41:19,429 --> 00:41:20,469 数日内 757 00:41:20,469 --> 00:41:21,969 濒临崩溃边缘 758 00:41:21,969 --> 00:41:23,610 流动性迅速消失 759 00:41:23,610 --> 00:41:24,150 信心 760 00:41:26,179 --> 00:41:28,860 瑞士国家银行注入五十亿瑞士法郎 761 00:41:28,860 --> 00:41:29,980 大约五 762 00:41:29,980 --> 00:41:33,179 当时相当于四亿美元紧急信贷 763 00:41:33,179 --> 00:41:34,639 但为时已晚 764 00:41:34,639 --> 00:41:38,000 信任的损害是永久性的 765 00:41:38,519 --> 00:41:40,559 唯有单一机构具备 766 00:41:40,559 --> 00:41:43,559 资本与信誉可挺身而出 767 00:41:46,918 --> 00:41:49,518 尽管瑞银当时经营尚可 768 00:41:49,518 --> 00:41:55,130 信贷体系崩溃仍可能严重困扰瑞士 769 00:41:58,429 --> 00:42:03,469 因此秘密安排单周末完成交易 770 00:42:03,469 --> 00:42:07,760 瑞银同意以三亿瑞士法郎收购瑞信 771 00:42:07,760 --> 00:42:09,079 约合三点 772 00:42:09,079 --> 00:42:10,599 当时约两亿美元 773 00:42:10,599 --> 00:42:12,480 仅为原值的极小部分 774 00:42:12,480 --> 00:42:13,960 这不是合作 775 00:42:13,960 --> 00:42:16,528 而是被迫收购 776 00:42:21,668 --> 00:42:26,690 包括促成瑞银收购瑞信巨头的巨额交易 777 00:42:26,690 --> 00:42:29,449 此举既是救援亦是重生 778 00:42:29,449 --> 00:42:32,108 消除唯一本土竞争对手 779 00:42:32,108 --> 00:42:35,268 拓展全球版图并巩固 780 00:42:35,268 --> 00:42:39,318 在财富管理和投资银行的主导地位 781 00:42:39,559 --> 00:42:42,759 这是九十年代的完整循环时刻 782 00:42:42,759 --> 00:42:45,380 瑞银与瑞信曾几乎合并 783 00:42:45,380 --> 00:42:47,420 但当时交易未能达成 784 00:42:47,420 --> 00:42:52,130 瑞银当时弱小而瑞信实力强劲 785 00:42:52,130 --> 00:42:53,969 如今角色已互换 786 00:42:53,969 --> 00:42:56,809 而此次合并成功推进 787 00:42:56,809 --> 00:42:58,289 并非作为合作伙伴 788 00:42:58,289 --> 00:43:00,135 而是作为救援行动 789 00:43:09,119 --> 00:43:13,159 瑞银董事会深知新合并公司需领导者 790 00:43:13,159 --> 00:43:18,119 能整合并妥善处理瑞信不良资产 791 00:43:18,730 --> 00:43:21,050 在混乱之中 792 00:43:21,050 --> 00:43:26,420 瑞银召回曾浴火重生的同一个人 793 00:43:26,420 --> 00:43:28,289 塞尔吉奥·马蒂 794 00:43:28,289 --> 00:43:29,869 我们先谈谈瑞银 795 00:43:29,869 --> 00:43:30,309 这就是 796 00:43:30,309 --> 00:43:32,710 我认为这肯定是两者中更大的 797 00:43:32,710 --> 00:43:33,730 塞尔吉奥·阿玛尼 798 00:43:33,730 --> 00:43:38,420 当时在场并带领银行走出金融危机 799 00:43:38,420 --> 00:43:41,519 缩减投资银行规模实施多项改革 800 00:43:41,519 --> 00:43:44,889 市场视为对公司有利的举措 801 00:43:44,889 --> 00:43:47,010 这听起来像是陈词滥调 802 00:43:47,010 --> 00:43:53,519 但在商业领域顶级领导者的抉择关乎企业生死 803 00:43:53,519 --> 00:43:56,599 同样适用于国家层面 804 00:44:02,460 --> 00:44:04,820 在塞尔吉奥二度掌权期间 805 00:44:04,820 --> 00:44:08,050 瑞银再次展现强劲复苏迹象 806 00:44:08,050 --> 00:44:10,690 瑞士信贷的混乱整合 807 00:44:10,690 --> 00:44:13,809 一度被认为难以承受的沉重负担 808 00:44:13,809 --> 00:44:16,630 正逐渐走向平息 809 00:44:17,230 --> 00:44:19,510 瑞银正在实现稳健盈利 810 00:44:19,510 --> 00:44:24,670 快速削减重叠业务并稳定运营超出预期 811 00:44:26,608 --> 00:44:31,688 周二公布创纪录的18亿美元第一季度利润震惊投资者 812 00:44:31,688 --> 00:44:34,050 宣布将继续实施股票回购计划 813 00:44:34,050 --> 00:44:40,650 缓解了瑞士计划2024年提高资本要求的担忧 814 00:44:40,650 --> 00:44:46,568 该行发布优于预期的财报，财富管理业务扩张贡献显著 815 00:44:46,568 --> 00:44:49,369 如今已成为全球最大 816 00:44:49,860 --> 00:44:50,579 在亚洲 817 00:44:50,579 --> 00:44:51,500 中东地区 818 00:44:51,500 --> 00:44:52,059 以及美国 819 00:44:52,059 --> 00:44:52,500 S 820 00:44:52,500 --> 00:44:54,780 新统一的瑞银正在展现 821 00:44:54,780 --> 00:44:59,820 这家银行曾多次濒临崩溃 822 00:44:59,820 --> 00:45:00,880 但最终 823 00:45:00,880 --> 00:45:07,130 瑞银认识到应专注于真正擅长的核心业务 824 00:45:07,130 --> 00:45:10,289 瑞银是全球最大财富管理机构 825 00:45:10,289 --> 00:45:14,550 管理着数万亿美元资产，遍布各大洲 826 00:45:14,550 --> 00:45:20,070 这一成功表明全球精英仍信任该行管理财富 827 00:45:20,070 --> 00:45:24,760 如今瑞银已变得大到不能倒 828 00:45:24,760 --> 00:45:28,400 但在银行业这种护甲可能瞬间崩裂 829 00:45:28,400 --> 00:45:30,739 只需一次失误 830 00:45:30,739 --> 00:45:32,579 一个被忽视的风险 831 00:45:32,579 --> 00:45:33,380 一场风暴 832 00:45:34,500 --> 00:45:37,940 即使全球最大银行也可能一夜崩塌
评论采集失败
采集完成，该视频无弹幕