2012年财富美国500强：利润之年

    华尔街的朋友们或许正在抱怨奖金缩水，但金融服务业正在经历一场称得上是东山再起的复苏。2011年，该领域利润为1,500亿美元，较2010年增长19%。这远远低于2005年前后达到的峰值，但较之2008年危机时期的巨亏2,130亿美元已有长足进步。风光不再的美国国际集团（AIG）（排第33位）全面复苏。2011年，美国国际集团实现利润178亿美元，较上一年大增100亿美元。与福特一样，利润增长的大部分也来自其税务损失价值的增记。但美国国际集团也通过剥离资产和销售股票将其长期债务从1,780亿美元降到了750亿美元，与此同时，在首席执行官罗伯特•本默切的领导下扩张核心的保险业务。另外，大宗商品经纪公司INTL FCStone（排第30位）也搭上了全球大宗商品价格大涨的顺风车，成为500强公司中每位员工营收、每美元资产创造营收和每美元净资产创造营收这三项指标排名第一的公司。

    在金融领域中，大型商业银行的业务也出现了复苏。2011年，美国银行（Bank of America）（排第13位） 实现14亿美元利润，扭转了上一年巨亏22亿美元的局面。美国银行得益的因素包括出售资产（包括部分建设银行股份），以及经济环境改善导致其信贷成本大幅下降。

    科技领域没有像前些年那样成为利润机器。科技业利润仅增长50亿美元，不过1,560亿美元利润仍使之成为贡献利润最高的行业，略高于复苏之中的金融业。行业的整体状况掩盖了苹果（Apple）（排第17位）和微软（Microsoft）（排第37位）这两大巨头的光芒。苹果利润激增85%至259亿美元，受史上最热销的两款消费电子产品iPhone和 iPad的推动，这两款产品一起贡献了670亿美元的销售额，是2010年数额的两倍多。

    微软也鸿运当头，利润大增23%至232亿美元。利润贡献来自其热销的视频游戏主机Xbox 360销售额大增48%，商业软件和服务利润跃升23%。科技股中拖后腿的是美国电话电报（AT&T）（排第11位）。这家电信公司2010年利润是通过出售资产而虚增的。相比之下，2011年美国电话电报公司受到两项沉重打击：未能完成T-Mobile 交易而支付42亿美元的分手费，养老金记账调整造成63亿美元支出。

    尽管我们的大公司看起来可能庞大而无特色，它们也遵从创造性破坏的逻辑。与2010年不同，财富美国500强公司里面没了房屋建筑商或教育公司的身影。相反，采矿、金属和能源生产贡献了新入围26家公司中的7家。财富500强公司的状况起起伏伏。但如今值得关注的是，大多数公司如此努力推动员工用更少的资源创造更多的价值。未来数年，请注意风向将转向对员工有利。情况向来如此。这就是财富美国500强公司。

    译者：早稻米

    Your friends on Wall Street may be complaining about smaller bonuses, but financial services are experiencing a comeback of sorts. For 2011, the sector posted $150 billion in earnings, up 19% over 2010. That's far from its peak in the mid-2000s, but a big stride from the $213 billion loss that the industry suffered in the crisis year of 2008. One tarnished name, AIG (No. 33), is enjoying a remarkable revival. AIG earned $17.8 billion in 2011, up $10 billion over the previous year. Most of that gain came, like Ford's, from a write-up in the value of its tax losses. But AIG (AIG) has also shed assets and sold stock to lower its long-term debt from $178 billion to $75 billion, while growing its core insurance franchises under CEO Robert Benmosche. Meanwhile, commodities broker INTL FCStone (No. 30) rode a global surge in commodity prices, topping the list in revenues per employee, revenues per dollar of assets, and revenues per dollar of equity. 

    The financial sector also saw a revival in the fortunes of the big commercial banks. Bank of America (No. 13) swung from a $2.2 billion loss to a $1.4 billion profit last year. BofA (BAC) benefited from selling assets, including part of its stake in China Construction Bank, and from a sharp drop in its credit costs, a gift from the improving economy.

    Technology wasn't quite the profit machine that it's been in past years. Sector earnings rose by just $5 billion, although tech remains the largest profit-maker at $156 billion, narrowly edging the resurgent financials. The overall picture masks the giant contributions of two trophy names, Apple (No. 17) and Microsoft (No. 37). Apple (AAPL) boosted earnings by 85%, to $25.9 billion, helped by two of the bestselling consumer products in history, the iPhone and the iPad, which together generated $67 billion in sales, more than double the figure in 2010.

    Microsoft (MSFT) also enjoyed a banner year, lifting earnings by 23%, to $23.2 billion. Swelling its results were a 48% gain in sales on its Xbox 360, the bestselling videogame console, and a 23% jump in its profits from business software and services. One soft spot in tech: AT&T (No. 11). The telco's 2010 profits were artificially swollen by asset sales. By contrast, AT&T's (T) 2011 earnings were hit by a $4.2 billion breakup fee for failing to complete the T-Mobile deal, and a $6.3 billion charge for a change in its pension accounting.

    Although our biggest companies may appear monolithic, they're subject to the logic of creative destruction. Unlike 2010, there are no homebuilders or education companies on the Fortune 500. By contrast, mining, metals, and energy production contributed seven of the 26 additions to the list. Good times come and go across the 500. What's remarkable is how well most companies have fared by pushing workers to create more value with fewer resources. In coming years, look for the tide to shift in the workers' favor. It always does. That's the Fortune 500 for you.