财富管理公司——越来越多的人如此称呼私人银行——已放弃了以出售一系列产品来获取佣金的经纪模式。

Wealth managers - as private Banks are increasingly called - have shifted away from the brokerage model of selling a range of products in return for commissions.

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与此同时，信贷市场其他领域的高息差和定价不一致也使得很多银行的存量资产缩水，很可能完全抵消了经纪佣金。

Meanwhile, wide spreads and incongruent pricing in the rest of the credit markets led to many Banks to take negative inventory marks, which will most likely outweigh broker commissions.

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更糟的是，支付这么多银行所需的佣金可能会导致它扩大新股规模并降低价格。

Worse still, to generate the amount of commissions needed to satisfy such a large pool of Banks, the offering size may be stretched and its price diminished.

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