Historically, the margins of retailers and manufacturers have been remarkably stable, says Carsten Stendevad of Citigroup's corporate-advisory arm.

花旗企业咨询机构的卡斯藤•斯坦戴福表示，从历史上来看，零售商和制造商的收益一直非常稳定。

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"Around 90% of the productivity growth in corporate America has come from cost-cutting, and that is now reaching its limit," says Carsten Stendevad of Citigroup's corporate-advisory arm.

“公司化的美国大约90%的生产力增长是由于削减成本，而这已达极限。”花旗的企业顾问Carsten Stendevad说道。

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“Around 90% of the productivity growth in corporate America has come from cost-cutting, and that is now reaching its limit, ” says Carsten Stendevad of Citigroup’s corporate-advisory arm.

“公司化的美国大约90%的生产力增长是由于削减成本，而这已达极限。” 花旗的企业顾问Carsten Stendevad说道。

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Although the conglomerate discount is not usually as extreme as that, its sharp increase in the past year is one of the main reasons companies are regaining their enthusiasm for spin-offs, says Carsten Stendevad of Citigroup.

ECONOMIST: Breaking up companies is back in fashion

Although the capital markets are now open to more or less any firm, they are far more favourable to those that were already in relatively good financial health, says Carsten Stendevad of the financial-strategy arm of Citigroup.

ECONOMIST: Corporate finance