Wednesday, April 22, 2009

投資要綵排

見到創興銀行(1111)由5月4日起,逢周一至周五,分行經營時間縮短半小時,提早至5時關門,與其他大銀行關門時間看齊。或許生意淡薄,以往比對手遲關門的優勢也變成作用輕微,相反縮減經營時間,卻可以節省成本,故倒不如早作調整,變相讓員工可以早點回家享家庭樂。

雖然政府落力向市場揼水,資金重新由緊張變充裕,但不代表市況好轉,只是資金亂竄,一有壞消息就讓淡友有藉口,即時推低大市,如美國銀行業績「水份」多,相信大家不會感到意外,那裡賣點業務,這裡拼些特殊收益,至於核心業務表現根本難即時改善過來。

獅子銀行選擇在此時向香港私人銀行同事落手,裁減100名員工,反映情況有多嚴峻,因為連招呼大戶的生意也縮減,才向該部門開刀,意味資產管理、託管等利潤相對零售銀行豐厚的業務肯定已受影響,只是現在才浮現出來而已。

其實,一場雷曼兄弟迷你債券風波,零售銀行同樣艱難作戰,前線員工就更頓成驚弓之鳥,銷售投資產品的就怕孭飛,奈何非利息收入減少也會影響業務表現,唯有跟足監管機構的方法作調整。商界朋友便同禤中怡談到近日在銀行碰上的投資奇遇,話說相熟大型銀行職員推介一隻債券基金,若果以前走入銀行,職員只需輕鬆講解,然後簽約完成手續,兼付鈔落實後,禮成!

不過,今日就大陣仗了,首先要做風險評估,能否買有關投資產品,然後要問清楚投資目的,究竟是要現金回報、或是資本增值等,依足金管局指引,然後進入戲肉,真的是演戲般,朋友話要先與銀行職員作綵排,然後職員將有關講解投資的談話內容錄音,絕對不能馬虎,職員還要讀甚麼重要風險警告等大堆文字,偶然NG的話,更要重錄,朋友話,會面途中還有香濃咖啡奉上,表面似慢慢歎,卻以為被廉署請去飲咖啡!

好了,錄音完畢,銀行職員還要重聽一次!確認所有內容無誤,令整個交易擾攘逾1個小時,認真費時失事,試問日後怎樣向客戶推介和銷售產品呢?朋友更打趣說,既然如此,倒不如用錄影方法就更徹底。更令禤中怡忍俊不禁的是,朋友話,究竟客戶買投資產品時的精神狀態是否清醒呢?如有弱聽,日後能否「踢合約」呢?日後投資失利,能否以這些理由追究責任,要求回水呢?真是天曉得!

這是執行新政策的第一步,銀行分行未來還需將存款客戶和投資客戶明確分開處理,如重新裝修,設置兩個門口等,相信有助響應特首的呼籲,提供小型工程讓大家有工開。但監管機構應注意其中一個核心問題,就是銀行管理層應如何制訂政策,選擇甚麼投資產品讓客戶選購,像雷曼迷債屬衍生產品,奈何前線員工或無法向上層抗議所推銷產品有超高風險,意味日後衍生產品再當道時,銀行職員仍然要照賣,有錄音都無用。

(4月22日刊於《am730》)

12 Comments:

At 1:54 PM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At 6:50 PM, Anonymous Anonymous said...

迷債系列19實際是跟132個公司的信貸掛鈎,共有132個CDS信貸破產掉期合約。
- 為甚麼銀行只講跟那7個著名公司的CDS信貸破產掉期合約的情況以及那7個著名公司的介紹,
- 為甚麼銀行只字不提跟抵押品的那125個公司的CDS信貸破產掉期合約的情況? 為甚麼也從不給客戶任何介紹那125個公司的評級等情形的資料? 發行章程對那7個著名公司有諸多介紹,卻只字不提那125CDS和相關資料。抵押品資料是完全欠奉。
迷債持有人願意承受7間主體掛鉤公司風險,是對它們認識及有信心唔會破產,
如果講明還要揹埋完全唔認識的125間北美企業信貸風險,『125』間風險喎,嚇都嚇死啦!一定無人會敢買迷債,回報與風險根本唔相稱。
所有的銀行,在2004-2008年內賣了許多類似性質的迷你債卷系列,在銷售的時候, 都一致地只跟客戶宣講“跟7個著名公司信貸掛鈎”,都一致地從來沒有跟客戶披 露 CDO抵押品和100多個掛鈎公司的的相關特徵和風險.
為甚麼? 若非為系統性失誤, 那麼,則是系統性地集體欺騙?

 
At 6:33 PM, Anonymous Anonymous said...

事實擺在眼前, 銀行的蓄意隱瞞無疑是"系統性地集體欺騙".

 
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