美國銀行 (BAC) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to the Fourth Quarter Bank of America Earnings Announcement Call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions) It is now my pleasure to turn today's conference over to Lee McEntire. Please go ahead.

大家好，歡迎來到美國銀行第四季度財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明）現在我很高興將今天的會議交給 Lee McEntire。請繼續。

Thank you, operator. Thank you for joining our quarterly earnings call. Good morning to everybody. I'm sure by now, you've all had a chance to review the earnings that were released before 7 this morning. As usual, they're available, including our earnings presentation that we will refer to during the call on the Investor Relations section of the bankofamerica.com website.

謝謝你，接線員。感謝您參加我們的季度收益電話會議。大家早上好。我敢肯定，到目前為止，你們都有機會查看今天早上 7 點之前發布的收益。像往常一樣，它們是可用的，包括我們將在 bankofamerica.com 網站的投資者關係部分的電話會議期間參考的收益報告。

I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments; and then we will hear from Alastair Borthwick, our CFO, who will cover the details of the quarter.

我將首先將電話轉給我們的首席執行官 Brian Moynihan，以徵求一些開場白；然後我們將聽取我們的首席財務官 Alastair Borthwick 的意見，他將介紹本季度的詳細信息。

Before I turn the call over to Brian and Alastair, let me just remind you that we may make some forward-looking statements and refer you to the non-GAAP financial measures during the call regarding various elements of our financial results. Our forward-looking statements that may be made are based on management's current expectations and the assumptions therein and are subject to risks and uncertainties. Factors that may cause our actual results to materially differ from expectations are detailed in our earnings materials and the SEC filings that are available on the website. Information about the non-GAAP financial measures, including reconciliations to those, can also be found in our earnings materials that are available on the website.

在我將電話轉給布賴恩和阿拉斯泰爾之前，讓我提醒您，我們可能會做出一些前瞻性陳述，並在電話會議期間向您推薦有關我們財務業績的各種要素的非 GAAP 財務指標。我們可能做出的前瞻性陳述是基於管理層當前的預期和其中的假設，並受到風險和不確定性的影響。可能導致我們的實際結果與預期存在重大差異的因素在我們的收益材料和網站上提供的 SEC 文件中有詳細說明。有關非公認會計原則財務措施的信息，包括與這些措施的對賬，也可以在我們網站上提供的收益材料中找到。

So with that, let me turn it over to Brian. Take it away.

因此，讓我把它交給布賴恩。把它拿開。

Thank you, Lee, and good morning to everyone, and thank you for joining us again. I hope all of you continue to manage safely through the new variant.

謝謝你，李，大家早上好，感謝你再次加入我們。我希望你們所有人繼續安全地通過新變體進行管理。

First, I'd like to start this call by recognizing that Paul, our CFO for many years, has now moved on to help us with our efforts helping our customers make a just transition to a low carbon footprint, and I want to thank him for his many years of service. And welcome, Alastair, to the call. Our new CFO has been in that role since November 1 and he's off to a great start, and you're going to hear from him in a minute.

首先，我想通過承認我們多年的首席財務官保羅現在繼續幫助我們幫助我們的客戶公正地過渡到低碳足跡來開始這個電話，我要感謝他為他多年的服務。歡迎阿拉斯泰爾來電。我們的新首席財務官自 11 月 1 日起擔任該職位，他的開端很好，您將在一分鐘內收到他的來信。

So just stepping back on the cover slide. Today, we reported $7 billion in after-tax net income or $0.82 per diluted share. That's up significantly from the year-ago period. This quarter was a repeat of the themes we discussed with you in the last few quarters: The pre-pandemic organic growth engine that is Bank of America is fully back in place and producing success. We had strong organic and responsible growth across all our businesses. We grew revenue and produced positive operating leverage. We continue to see very strong asset quality metrics. We support our clients and our need for capital. And we made further progress in support of local community efforts across all our markets.

所以只是回到封面幻燈片上。今天，我們報告了 70 億美元的稅後淨收入或每股攤薄收益 0.82 美元。這比去年同期顯著增加。本季度重複了我們在過去幾個季度與您討論的主題：大流行前的美國銀行有機增長引擎已完全恢復並取得成功。我們在所有業務中都有強勁的有機和負責任的增長。我們增加了收入並產生了積極的經營槓桿。我們繼續看到非常強勁的資產質量指標。我們支持我們的客戶和我們對資金的需求。我們在支持我們所有市場的當地社區努力方面取得了進一步的進展。

I want to congratulate you -- congratulate, importantly, and thank our 200,000 teammates around the globe for all the great work they did in 2021 that enable us to deliver for our clients, our team, our shareholders and our communities.

我要祝賀你——祝賀你，重要的是，並感謝我們在全球的 200,000 名隊友在 2021 年所做的所有偉大工作，使我們能夠為我們的客戶、我們的團隊、我們的股東和我們的社區提供服務。

Let's go to start on Slide 2 and a few comments about our full year results. This quarter capped a record year of $32 billion in earnings for 2021 and represented significant growth in net income over 2020. We even saw a more significant growth in EPS as share count dropped. We generated more than $7 billion of earnings in every quarter in 2021. Revenue grew 4% year-over-year and activity gained momentum throughout the year. NII grew well in the second half of the year, which complemented fee growth, especially in our markets-related businesses. Wealth management, investment banking and sales and trading revenues were all strong in '21.

讓我們從幻燈片 2 開始，並對我們的全年業績發表一些評論。本季度為 2021 年創造了創紀錄的 320 億美元收益，代表了 2020 年淨收入的顯著增長。隨著股票數量的下降，我們甚至看到每股收益的增長更為顯著。 2021 年，我們每個季度的收入都超過 70 億美元。收入同比增長 4%，全年活動勢頭強勁。 NII 在下半年增長良好，這與費用增長相輔相成，尤其是在我們與市場相關的業務中。財富管理、投資銀行業務以及銷售和交易收入在 21 年都表現強勁。

Pausing in NII. Recall that in the first quarter 2021, we noted at the time that our expectation is that quarterly NII could progress up by $1 billion per quarter as we entered the fourth quarter. And in fact, we have recorded fourth quarter NII that is $1.2 billion or 12% better than first quarter '21. Our teams managed well through the rate volatility, and we grew loans and deposits with our customers as the year progressed. That sets us up nicely for 2022, and Alastair is going to talk about that in a minute.

在 NII 中暫停。回想一下，在 2021 年第一季度，我們當時指出，隨著我們進入第四季度，我們預計季度 NII 可能每季度增加 10 億美元。事實上，我們記錄的第四季度 NII 比 21 年第一季度高出 12 億美元或 12%。我們的團隊在利率波動中管理得很好，隨著時間的推移，我們與客戶的貸款和存款有所增加。這讓我們為 2022 年做好了準備，阿拉斯泰爾將在一分鐘內談到這一點。

Expense was well-managed, but expense did go up as we continue to invest for growth. That's axiomatic. Our COVID-related costs remained elevated and revenue-related costs grew. So while we do not see full year operating leverage, we did, however, return to strong operating leverage in each of the last 2 quarters of the year, restarting our streak that we had before the pandemic.

費用管理得當，但隨著我們繼續投資增長，費用確實增加了。這是不言而喻的。我們與 COVID 相關的成本仍然很高，與收入相關的成本也在增加。因此，儘管我們沒有看到全年的經營槓桿，但我們確實在今年最後兩個季度的每個季度都恢復了強勁的經營槓桿，重新開始了我們在大流行之前的連續性。

Credit remains stellar through 2021. Charge-offs consistently improved each quarter. Our commitment to responsible growth remains well-placed. We are growing faster than the market and keeping credit costs in check. The economic improvement and our strong credit allowed us to release much of the reserves we built in 2020.

到 2021 年，信貸依然強勁。每個季度的沖銷情況都在持續改善。我們對負責任增長的承諾依然到位。我們的增長速度超過了市場，並控制了信貸成本。經濟改善和我們強大的信用使我們能夠釋放我們在 2020 年建立的大部分儲備。

When you look at the balance sheet, we grew deposits $270 billion in 2021. That was on top of the $360 billion of growth we had in 2020. Our loan growth accelerated throughout the year. Fourth quarter represented the strongest quarter of organic loan growth we have experienced at Bank of America. Now of course, that's absent the first quarter of 2020 at the start of COVID, which had $70 billion of panic drawdowns in a few weeks. At the end of the day, we produced strong ROA and a 17% ROTCE for you, our shareholders, and we returned $32 billion in capital during the year.

當您查看資產負債表時，我們在 2021 年增加了 2700 億美元的存款。這是我們在 2020 年增長 3600 億美元的基礎上的增長。我們的貸款增長全年加速。第四季度是我們在美國銀行經歷的最強勁的有機貸款增長季度。當然，現在還沒有 2020 年第一季度 COVID 開始時的情況，在幾週內恐慌縮水 700 億美元。最終，我們為您和我們的股東創造了強勁的 ROA 和 17% 的 ROTCE，我們在這一年返還了 320 億美元的資本。

Let's go to Slide 3. The best way to highlight the drivers behind the earnings success is to look at the momentum in client activity across the businesses. This shows organic growth engine is running hard. More and more of this client activity is powered by our digital transformation, which is foundational to everything we do. We are proud of our digital stats and continue to spotlight our results later in the materials as usual, see Pages 24 to 28. But some key stats on this page: Consumers logged into our digital channels more than 2.7 billion times in the fourth quarter alone. Erica, our digital financial assistant, completed more than 400 million requests from our clients in year 2021. Half our consumer sales were digital in the fourth quarter. 86% of all the check deposit transactions are now digital. Customers use Zelle to transfer $65 billion in the most recent quarter. The number of Zelle transactions now surpasses the checks written by our consumers. Cash flow approvals by our commercial and corporate clients to move money grew 240% since the pandemic. So the digital journey continues, and that supercharged our relationship manager-driven model. And together, that has driven the growth in loans and deposits and fees.

讓我們轉到幻燈片 3。突出盈利成功背後的驅動因素的最佳方法是查看整個企業客戶活動的勢頭。這表明有機增長引擎正在努力運行。越來越多的客戶活動由我們的數字化轉型提供支持，這是我們所做一切的基礎。我們為我們的數字統計數據感到自豪，並繼續像往常一樣在後面的材料中突出我們的結果，請參閱第 24 至 28 頁。但此頁面上的一些關鍵統計數據：僅在第四季度，消費者登錄我們的數字渠道的次數就超過 27 億次.我們的數字財務助理 Erica 在 2021 年完成了來自客戶的 4 億多份請求。第四季度，我們一半的消費者銷售額是數字化的。現在，86% 的支票存款交易都是數字化的。客戶在最近一個季度使用 Zelle 轉移了 650 億美元。 Zelle 交易的數量現在超過了我們消費者所寫的支票。自大流行以來，我們的商業和企業客戶批准的用於轉移資金的現金流量增長了 240%。因此，數字之旅仍在繼續，這增強了我們以客戶關係經理為主導的模式。這共同推動了貸款、存款和費用的增長。

Net new checking accounts have grown in each of the past 12 quarters. This contributes to the continued growth in our core deposits. This also demonstrates the extent of our leadership position with U.S. consumers and deposits. We have $1.4 trillion in deposits from all American consumers.

在過去的 12 個季度中，每個季度的淨新支票賬戶都在增長。這有助於我們的核心存款持續增長。這也證明了我們在美國消費者和存款方面的領先地位。我們有來自所有美國消費者的 1.4 萬億美元存款。

On credit cards, at roughly 1 million new accounts in the fourth quarter alone, that's now operating at the same level of new card production as it was pre-pandemic. We're going to continue to drive that opportunity.

在信用卡方面，僅在第四季度就有大約 100 萬個新賬戶，現在的新卡生產水平與大流行前相同。我們將繼續推動這一機會。

When you think about consumer investments, Merrill Edge, as we call it, we opened 525,000 new accounts in the year 2021. Those accounts carried when they renew at opening, $70,000 in balances for each of those accounts. This demonstrates the deep penetration of the mass affluent customer base of America.

當您考慮消費者投資時，我們稱之為 Merrill Edge，我們在 2021 年開設了 525,000 個新賬戶。這些賬戶在開設時更新，每個賬戶的餘額為 70,000 美元。這表明美國大眾富裕客戶群的深度滲透。

Sales of bank products in both Merrill and our Private Bank teams have remained strong. Now when you combine Merrill, the Private Bank and consumer investments, they produced more than $170 billion in net client flows in 2021. In Global Banking, we had record years of investment banking fees combined with strong GTS results. In Global Markets, we saw record equity sales and trading revenue. These are just a few examples of the types of client activity that are driving market share gains for our company.

美林和我們的私人銀行團隊的銀行產品銷售保持強勁。現在，當您將美林、私人銀行和消費者投資結合起來時，它們在 2021 年產生了超過 1,700 億美元的淨客戶流量。在全球銀行業務中，我們的投資銀行費用創歷史新高，加上 GTS 業績強勁。在全球市場，我們看到了創紀錄的股票銷售和交易收入。這些只是推動我們公司獲得市場份額的客戶活動類型的幾個例子。

As I've done in the past, I want to spend a few minutes on the broader economy, and I'll use our own customer data to make a few points. Let's go to Slide 4.

正如我過去所做的那樣，我想花幾分鐘時間研究更廣泛的經濟，我將使用我們自己的客戶數據來說明幾點。讓我們轉到幻燈片 4。

First, on consumer spending, I'd offer a few thoughts. We are a provider of choice for individuals and businesses when paying for goods and services. Our award-winning and easy-to-use capabilities across all forms help clients budget, save, spend and borrow carefully and confidently. We look at all forms of consumer spending, including ACH wires bill pay, P2P cash and checks. Many firms focus -- many firms and many people discuss credit and debit spending, but as you look at the chart on the lower left-hand side of Page 4, you can see that 80% of the money moves in other form.

首先，關於消費者支出，我想提出一些想法。在支付商品和服務費用時，我們是個人和企業的首選供應商。我們屢獲殊榮且易於使用的各種形式的功能可幫助客戶謹慎而自信地進行預算、儲蓄、支出和借貸。我們研究所有形式的消費者支出，包括 ACH 電匯賬單支付、P2P 現金和支票。許多公司關注——許多公司和許多人討論信貸和借方支出，但是當您查看第 4 頁左下方的圖表時，您可以看到 80% 的資金以其他形式移動。

So what happened in 2021? Well, consumers spent record amounts in context in comparing '21 against the pre-pandemic period of '19, and you can see that in the upper chart on both sides of the page. Bank of America's 67 million clients made $3.8 trillion in total payments during 2021. That was an increase of 24% over pre-pandemic levels, an all-time high. Fourth quarter in December payments also reached record highs. Fourth quarter payments were up 28% over 2019. The December payments were up 30% over 2019. These are the dollar volume payments, but likewise, the numbers of payments were up double digits also and showing more and more activity.

那麼2021年發生了什麼？好吧，消費者在比較 21 年和 19 年大流行前時期的背景下花費了創紀錄的金額，您可以在頁面兩側的上圖中看到這一點。美國銀行的 6700 萬客戶在 2021 年的總付款額為 3.8 萬億美元。這比大流行前的水平增長了 24%，創歷史新高。 12 月第四季度的付款也創下歷史新高。第四季度的付款比 2019 年增長了 28%。十二月的付款比 2019 年增長了 30%。這些是美元數量的支付，但同樣，支付的數量也增長了兩位數，並且顯示出越來越多的活動。

Just focus on debit and credit spending, for the holiday period of November and December, spending was up 26% over 2019. This data confirms that consumers continue to spend into the holiday season. And so far this year, that strength continues. For all the spending of all types through January 17, 2022, we have seen it up over 11% versus the start of '21, which is well up over '20 and '19. That bodes well for the rest of the year and quarter.

僅關注借記卡和貸記卡支出，在 11 月和 12 月的假期期間，支出比 2019 年增長了 26%。該數據證實，消費者在假期期間繼續消費。今年到目前為止，這種力量仍在繼續。對於截至 2022 年 1 月 17 日的所有類型的所有支出，我們看到它與 21 年初相比增長了 11% 以上，遠高於 20 和 19 年。這對今年和本季度的剩餘時間來說是個好兆頭。

Focusing on the channels of payment in the lower right-hand chart that you'd expect cash and check volumes are down 24% for 2021 compared to '19. This simply means more and more customers are using our digital capabilities to achieve their goals each year. Now importantly, though, this allows us to grow our consumer business with lower cost. We believe there's lots of potential spending capacity left as average deposit balances continue to move up to the end of the year despite the heavy spending you see.

關注右下方圖表中的支付渠道，您預計 2021 年的現金和支票數量將比 19 年下降 24%。這僅僅意味著每年都有越來越多的客戶使用我們的數字能力來實現他們的目標。不過，現在重要的是，這使我們能夠以更低的成本發展我們的消費者業務。儘管您看到大量支出，但隨著平均存款餘額繼續上升到年底，我們認為仍有大量潛在的支出能力。

We had 1 segment, 1 cohort of deposits that dipped for 1 month out of the last part of the year. In November, we had a small dip in customers who had $2,000 or less in their balances pre-pandemic. They dipped by 1%. Other than that, every cohort from June, July, August, September, October, November and December all grew every month. And what's striking is that the balances for people who had less than $2,000 average balances before the pandemic, they're now sitting with 5x the balances they had pre-pandemic. For those customers at $10,000 in accounts before the pandemic, they're now sitting with 2x in their accounts. The teams track this data carefully and it shows the spending power left in the American consumer.

我們有 1 個部分，1 個存款隊列，在今年最後一部分下降了 1 個月。 11 月，大流行前餘額為 2,000 美元或更少的客戶數量略有下降。他們下跌了1%。除此之外，從 6 月、7 月、8 月、9 月、10 月、11 月和 12 月開始的每個隊列都每個月都有增長。令人震驚的是，在大流行之前平均餘額低於 2,000 美元的人的餘額，現在是大流行前餘額的 5 倍。對於那些在大流行之前賬戶中擁有 10,000 美元的客戶，他們現在的賬戶中只有 2 倍。團隊仔細跟踪這些數據，它顯示了美國消費者的消費能力。

Another economic signpost worth noting with our customer activity was acceleration of loan growth in the fourth quarter. Earlier this year, we -- earlier last year, we talked about the green shoots of loan growth we saw in the first quarter, and we saw that turn into growth as we move through the quarters, culminating with $50 billion in record loan growth this quarter. We note these borrowers, both consumer and commercial, have strong capacity to continue to borrow if they so desire as lines across the border in low-usage status.

我們客戶活動中另一個值得注意的經濟跡像是第四季度貸款增長加速。今年早些時候，我們 - 去年早些時候，我們談到了我們在第一季度看到的貸款增長的萌芽，我們看到隨著季度的推進，貸款增長轉為增長，最終實現了 500 億美元的創紀錄貸款增長25美分硬幣。我們注意到，這些借款人，包括消費者和商業借款人，如果他們希望跨越邊境的線路處於低使用率狀態，他們有很強的繼續借款的能力。

We provide Slide 5 to show you the daily outstanding loans again this quarter, which gives you a sense of progression across time. Every loan category saw improvement this quarter except for home equity. What I would draw your attention too on Slide 5 is the addition of the pre-pandemic starting point to give you some reference.

我們提供幻燈片 5 再次向您展示本季度的每日未償還貸款，讓您有一種跨越時間的進步感。除房屋淨值外，本季度每個貸款類別都有所改善。在幻燈片 5 上，我也會提請您注意的是增加了大流行前的起點，以給您一些參考。

Some of the growth this quarter was in Global Markets, and that business ebbs and flows with the market activity. $35 billion of that $50 billion was in the core consumer and commercial books. So far in January, the businesses other than Global Markets continue to show growth over the end of the year.

本季度的一些增長來自全球市場，並且隨著市場活動的發展而起起落落。在這 500 億美元中，有 350 億美元用於核心消費和商業書籍。到 1 月份為止，除全球市場以外的其他業務在年底繼續呈現增長態勢。

So let's start and talk about the commercial portfolio where we have moved above the pre-pandemic level for the most recent growth. Commercial loans, excluding PPP, grew $43 billion or 9% linked quarter. Compared to quarter 3, growth this quarter was broad-based across all segments of commercial lending. We saw improvement in both new loans as well as improving utilization from existing clients. This reflects the intense relationship manager effort our teams have done and -- across the last couple of years and adding more and more relationship managers.

因此，讓我們開始討論我們已經超過大流行前水平以實現最近增長的商業投資組合。不包括購買力平價的商業貸款增長了 430 億美元或 9% 的關聯季度。與第三季度相比，本季度商業貸款所有領域的增長基礎廣泛。我們看到新貸款和現有客戶的利用率都有所改善。這反映了我們的團隊在過去幾年中所做的大量客戶關係經理工作，並且增加了越來越多的客戶關係經理。

Commercial loans of wealth management clients extended their growth trend this quarter as these customers barred for various liquidity needs for asset purchases. In small business lending, the all-important small business segment, lending activity is running consistently above pre-pandemic levels. And especially in our Practice Solutions Group that supports medical, dental and veterinary practices, we continue to see continued momentum and finished one of the best years across all small business with our Business Advantage rewards cards.

理財客戶的商業貸款在本季度延續了增長趨勢，因為這些客戶被禁止購買資產的各種流動性需求。在小企業貸款這一最重要的小企業部門中，貸款活動一直高於大流行前的水平。尤其是在我們支持醫療、牙科和獸醫實踐的實踐解決方案組中，我們繼續看到持續的勢頭，並憑藉我們的商業優勢獎勵卡完成了所有小型企業中最好的年份之一。

Turning to consumer loans. Card loans grew $4.6 billion or 6% from quarter 3 levels. This occurred as spending increased and even occurred as payment rates -- paying off the card completely trended higher for the quarter. Card balances still remain well below the pre-pandemic levels of $95 billion, and we continue to push that opportunity. Mortgage loan levels grew 2% linked quarter as origination remained at high levels and paydown slowed down.

轉向消費貸款。信用卡貸款較第三季度增長 46 億美元或 6%。隨著支出的增加，甚至隨著支付率的增加而發生這種情況——本季度還清信用卡的完全趨勢。卡餘額仍遠低於大流行前 950 億美元的水平，我們將繼續推動這一機會。抵押貸款水平在相關季度增長 2%，因為發放量保持在高水平並且還款速度放緩。

On the next, Slide 6, I would like -- I would say that while we deliver capital back to our shareholders, $32 billion, and we invested in our teammates, we also continue to invest in our communities through our local teams across the country focused on our markets. I call out the reference in the bottom of the slide, middle -- bottom-middle of Slide 6 to the sweeping changes we announced last week in our NSF policies. These updates continue the work we began over a decade ago to simplify our product set and allow a great experience for our clients and an efficient capability for our operations. Eliminating NSF fees and reducing the overdraft charge per occurrence from $35 to $10 and the other changes we're making is a big win for our clients. It's going to have an obvious impact on those fees, which have fallen dramatically since 2009 and 2010, but currently run about $1 billion in '21, and we'd expect them to drop by 75% over the next year or so.

在下一張幻燈片 6 中，我想說的是，雖然我們將 320 億美元的資本返還給股東，並且我們投資於我們的隊友，但我們也繼續通過我們在全國各地的當地團隊投資於我們的社區專注於我們的市場。我在幻燈片底部，中間 - 幻燈片 6 的底部中間提到了我們上週在 NSF 政策中宣布的全面變化。這些更新延續了我們十多年前開始的工作，以簡化我們的產品集並為我們的客戶提供出色的體驗並為我們的運營提供高效的能力。取消 NSF 費用並將每次發生的透支費用從 35 美元降低到 10 美元以及我們正在進行的其他更改對我們的客戶來說是一個巨大的勝利。這將對這些費用產生明顯的影響，這些費用自 2009 年和 2010 年以來急劇下降，但目前在 21 年運行約 10 億美元，我們預計它們將在明年左右下降 75%。

With that, let me turn it over to Alastair.

有了這個，讓我把它交給阿拉斯泰爾。

Thank you, Brian, and good morning, everyone. I'm going to take us to our fourth quarter results on Slide 7, focusing on comparisons against the prior year quarter. And I'll also talk through the high-level commentary on Slide 8.

謝謝你，Brian，大家早上好。我將在幻燈片 7 上介紹我們的第四季度業績，重點是與去年同期的比較。我還將通過幻燈片 8 的高級評論進行討論。

As Brian noted, we produced $7 billion in net income, which grew 28% from fourth quarter '20, while earnings per share of $0.82 improved at a faster 39% pace due to our share repurchases. Looking at our top line improvement on a year-over-year basis, revenue rose 10%. The improvement was driven by a $1.2 billion increase in NII and a little more than $800 million increase in noninterest income. Each business segment produced strong noninterest income results. And as you look at significant components of revenue, it was pretty consistent through the quarters in 2021.

正如布賴恩所說，我們產生了 70 億美元的淨收入，比 20 年第四季度增長了 28%，而由於我們的股票回購，每股收益 0.82 美元以更快的 39% 的速度增長。從我們的收入同比增長來看，收入增長了 10%。這一改善是由 NII 增加 12 億美元和非利息收入增加 8 億多美元推動的。每個業務部門都產生了強勁的非利息收入結果。當您查看收入的重要組成部分時，它在 2021 年的各個季度中非常一致。

One important aspect of responsible growth has been to grow consistently and sustainably. And I think we executed on that in 2021 with investment banking over $2 billion each quarter; sales and training -- trading near or above $3 billion each quarter; investment and brokerage services revenue over $4 billion each quarter.

負責任增長的一個重要方面是持續和可持續地增長。我認為我們在 2021 年執行了這一目標，每個季度的投資銀行業務超過 20 億美元；銷售和培訓——每季度交易額接近或超過 30 億美元；每個季度的投資和經紀服務收入超過 40 億美元。

With regard to expenses, our revenue-related costs increased and we continue to make investments in our people and our capabilities to grow the franchise. At the same time, lower COVID costs and further digital engagement have helped to offset some of those increases. In the fourth quarter, revenue growth outpaced expense growth on a year-over-year basis, which produced operating leverage of 400 basis points and a 19% year-over-year improvement in pretax pre-provision income to $7.3 billion. With regard to returns, our ROTCE was 15%, ROA was 88 basis points, both of which improved nicely over the year.

在費用方面，我們與收入相關的成本增加了，我們繼續對我們的員工和我們發展特許經營權的能力進行投資。同時，降低 COVID 成本和進一步的數字參與有助於抵消其中的一些增長。第四季度，收入增長超過了同比支出增長，這產生了 400 個基點的經營槓桿，稅前撥備收入同比增長 19%，達到 73 億美元。在回報方面，我們的 ROTCE 為 15%，ROA 為 88 個基點，兩者在一年中都有很好的改善。

Moving to Slide 9. During the quarter, the balance sheet grew $85 billion to a little less than $3.2 trillion, and this reflected the $100 billion of growth in deposits. These deposits funded $51 billion of loans growth. And we also added $14 billion in securities, and so our cash increased by $68 billion. Partially offsetting these increases were typical year-end moves in our Global Markets balance sheet.

轉到幻燈片 9。在本季度，資產負債表增長了 850 億美元，略低於 3.2 萬億美元，這反映了存款增長了 1000 億美元。這些存款為 510 億美元的貸款增長提供了資金。我們還增加了 140 億美元的證券，因此我們的現金增加了 680 億美元。我們全球市場資產負債表中典型的年終變動部分抵消了這些增長。

Our liquidity portfolio grew to $1.2 trillion or a little more than 1/3 of our balance sheet, and shareholders' equity declined $2.4 billion from Q3, driven by the $8.9 billion of capital distributions, which once again outpaced earnings in the fourth quarter as it did in Q3.

我們的流動性投資組合增長至 1.2 萬億美元，略高於資產負債表的 1/3，股東權益較第三季度下降 24 億美元，這主要得益於 89 億美元的資本分配，這再次超過了第四季度的收益，因為它在第三季度做了。

With regard to our regulatory ratios, CET1 under the standardized approach was 10.6% and remains well above our 9.5% minimum requirement. The CET1 ratio declined 50 basis points from Q3, driven by excess capital reduction as well as an increase in our RWA due to the strong loans growth. And we're happy to see that capital usage increasingly needed to support customers and to fuel their growth, while still producing plenty of capital to return to our shareholders.

關於我們的監管比率，標準化方法下的 CET1 為 10.6%，仍遠高於我們 9.5% 的最低要求。 CET1 比率較第三季度下降 50 個基點，原因是資本減少過多以及貸款增長強勁導致我們的風險加權資產增加。我們很高興看到越來越需要資本使用來支持客戶並推動他們的增長，同時仍然產生大量資金來回報我們的股東。

Earnings alone in the most recent quarter contributed 45 basis points to our CET1 ratio before the other capital impacts of share repurchase. Given our deposit growth, our supplemental leverage ratio declined to 5.5% versus a minimum requirement of 5%, which still leaves plenty of capacity for balance sheet growth. And our TLAC ratio remained comfortably above our requirements.

在股票回購的其他資本影響之前，僅最近一個季度的收益就為我們的 CET1 比率貢獻了 45 個基點。鑑於我們的存款增長，我們的補充槓桿率從 5% 的最低要求降至 5.5%，這仍然為資產負債表的增長留下了充足的空間。而且我們的 TLAC 比率仍然遠遠高於我們的要求。

Turning to Slide 10. We included the schedule on average loan balances, but in the interest of time, I don't have anything to add beyond what Brian noted earlier.

轉到幻燈片 10。我們包括了平均貸款餘額的時間表，但為了時間的緣故，除了布賴恩之前提到的內容之外，我沒有什麼要補充的。

Moving to deposits on Slide 11. We continue to see significant growth across the client base as we deepened relationships and added net new accounts across our deposit-taking businesses. Combining both consumer and wealth management customer balances, I would highlight that retail deposits grew $48 billion from Q3. Our retail deposits have now grown to nearly $1.4 trillion, and we lead our competitors. We also saw continued strong growth with our commercial clients. And remember, the deposits we're focused on and are gathering are the operational deposits of our customers in both consumer and wholesale.

轉到幻燈片 11 上的存款。隨著我們加深關係並在我們的存款業務中增加淨新賬戶，我們繼續看到整個客戶群的顯著增長。結合消費者和財富管理客戶餘額，我要強調的是，零售存款比第三季度增長了 480 億美元。我們的零售存款現已增長到近 1.4 萬億美元，我們領先於競爭對手。我們還看到商業客戶的持續強勁增長。請記住，我們關注和收集的存款是我們客戶在消費和批發方面的運營存款。

Turning to Slide 12 and net interest income. On a GAAP non-FTE basis, NII in Q3 was $11.4 billion. But I know, as investors, you tend to focus on the FTE NII number, which was $11.5 billion. So focusing on the change on an FTE basis, net interest income increased $1.2 billion from Q4 '20 or 11%, driven by deposit growth and related investing of liquidity.

轉向幻燈片 12 和淨利息收入。在 GAAP 非 FTE 基礎上，第三季度的 NII 為 114 億美元。但我知道，作為投資者，您傾向於關注 FTE NII 數字，即 115 億美元。因此，專注於 FTE 基礎上的變化，在存款增長和相關流動性投資的推動下，淨利息收入比 20 年第四季度增加了 12 億美元或 11%。

NII versus Q3 of '21 was up $319 million, driven by deposit growth and then higher securities levels as well as loans growth. Premium amortization declined roughly $100 million to $1.3 billion in Q4, and the positive NII impact of lower premium amortization offset lower PPP fees. Given continued deposit growth and low rates, our asset sensitivity to rising rates remains significant. It's modestly lower quarter-over-quarter as long-end rates moved higher, and we recognized some of that sensitivity in our now higher reported level of NII.

NII 與 21 年第三季度相比增加了 3.19 億美元，這是由存款增長、更高的證券水平以及貸款增長推動的。保費攤銷在第四季度下降了大約 1 億美元至 13 億美元，較低的保費攤銷對 NII 的積極影響抵消了較低的 PPP 費用。鑑於存款持續增長和低利率，我們的資產對利率上升的敏感性仍然顯著。隨著長期利率走高，季度環比略有下降，我們在現在更高的 NII 報告水平中認識到了其中的一些敏感性。

So I'd like to give you a couple of thoughts on NII expectations for 2022. First, I want to start by reiterating Paul's comment last quarter that we expect to see robust NII growth in 2022 compared to 2021. That assumes we see continued loans growth and the rising rate expectations embedded in the forward curve.

因此，我想就 2022 年的 NII 預期給您一些想法。首先，我想首先重申保羅上個季度的評論，即我們預計 2022 年的 NII 將比 2021 年強勁增長。假設我們看到持續的貸款增長和上升的利率預期嵌入遠期曲線。

And in the first quarter specifically, we expect 2 headwinds. First, there are 2 less interest accrual days in the quarter. And as a reminder, we picked those back up in the subsequent 2 quarters. Second, we expect less PPP fee benefits. Combined, those 2 headwinds add to about $250 million. Despite those headwinds, we would still expect Q1 to be up about a couple of hundred million from Q4 and should grow nicely each subsequent quarter in 2022. Again, that's, of course, dependent upon the realization of the forward curve and some loans growth.

特別是在第一季度，我們預計會有兩個不利因素。首先，本季度的計息天數減少了 2 個。提醒一下，我們在隨後的兩個季度中將其重新拾起。其次，我們預計 PPP 費用收益會減少。加起來，這兩個不利因素增加了約 2.5 億美元。儘管存在這些不利因素，我們仍預計第一季度將比第四季度增加約數億美元，並且在 2022 年的每個後續季度都應有良好的增長。當然，這取決於遠期曲線的實現和一些貸款增長。

Lastly, as we see the forward curve now expecting a new rate hiking cycle to begin, we added Slide 13, as we thought it might be helpful from a historical context to see the trend of NII across the years since the last rate hike cycle. And what I'll draw your attention to is the stark difference in the size of our balance sheet today. And because of that balance sheet differential, today's NII is already at the NII level we saw when we were well into the middle of the last rate cycle. And importantly, our short-end asset sensitivity today is twice what it was in the third quarter of 2015 as that cycle began.

最後，由於我們看到現在預期新的加息週期開始的遠期曲線，我們添加了幻燈片 13，因為我們認為從歷史背景來看，了解自上次加息週期以來多年來 NII 的趨勢可能會有所幫助。我要提請您注意的是我們今天資產負債表規模的明顯差異。由於資產負債表的差異，今天的 NII 已經處於我們在上一個利率週期中間時看到的 NII 水平。重要的是，我們今天的短期資產敏感性是 2015 年第三季度該週期開始時的兩倍。

Okay. Let's turn to costs, and we'll use Slide 14 for that discussion. Our Q4 expenses were $14.7 billion, an increase of $291 million from Q3. Higher revenue-related costs, and to a lesser degree, seasonally higher marketing costs, drove the increase. As Brian noted at the mid-quarter conference, our Q4 expenses were a bit higher than we anticipated when we ended the last quarter. Revenue continued to hold up well, and the company had a good year, both resulting then in higher incentive costs. Compared to the year-ago period, expense growth was driven by incentive costs associated with all of our markets-related improvements.

好的。讓我們談談成本，我們將使用幻燈片 14 進行討論。我們第四季度的支出為 147 億美元，比第三季度增加了 2.91 億美元。與收入相關的成本增加，以及季節性較高的營銷成本在較小程度上推動了增長。正如布賴恩在季度中期會議上指出的那樣，我們第四季度的開支比我們在上一季度結束時的預期要高一些。收入繼續保持良好狀態，公司度過了美好的一年，這兩者都導致了更高的激勵成本。與去年同期相比，費用增長是由與我們所有與市場相關的改進相關的激勵成本推動的。

As we look forward, we continue to invest in technology and people at a high rate across our businesses, and we continue to add new financial centers in expansion and growth markets. So let me say 2 things about 2022 expenses. First, relative to Q4 expense, we expect Q1 to include 2 elements of seasonality. We typically experience seasonally higher payroll tax expense, and that was about $400 million in 2021. Also, Q1 is typically our best period of sales and trading revenue which results in modestly higher associated costs.

展望未來，我們將繼續在我們的業務中高速投資於技術和人員，並繼續在擴張和增長市場中增加新的金融中心。所以讓我說兩件關於 2022 年費用的事情。首先，相對於第四季度的費用，我們預計第一季度將包括 2 個季節性因素。我們通常會經歷季節性更高的工資稅支出，到 2021 年約為 4 億美元。此外，第一季度通常是我們最好的銷售和交易收入時期，這導致相關成本適度增加。

Second, with regard to full year 2022, our best expectation currently is we can hold expenses flat compared to 2021, which finished just below $60 billion. This guidance incorporates our expected continuing investments, strong revenue performance and the inflationary costs we experienced in the second half of 2021. It also relies upon our continued expense discipline, operational excellence improvements and the benefits of digital transformation to deliver the operating leverage we seek.

其次，關於 2022 年全年，我們目前的最佳預期是，與 2021 年相比，我們可以將支出保持在略低於 600 億美元的水平。該指南包含了我們預期的持續投資、強勁的收入表現和我們在 2021 年下半年經歷的通脹成本。它還依賴於我們持續的費用紀律、卓越運營改進和數字化轉型的好處，以實現我們尋求的運營槓桿。

Turning to asset quality on Slide 15. The asset quality of our customers remains very healthy and net charge-offs this quarter fell to a historical low of $362 million or 15 basis points of average loans. They continued a steady decline through the quarters of 2021, with Q4 down $100 million from Q3 and down more than $500 million from Q4 last year. Our credit card loss rate was 1.42%, and that's less than half of the pre-pandemic rate. It improved each quarter during the year. Several other loan product categories have been in recovery positions throughout the year.

轉向幻燈片 15 上的資產質量。我們客戶的資產質量仍然非常健康，本季度的淨沖銷額降至 3.62 億美元或平均貸款 15 個基點的歷史低點。到 2021 年各個季度，它們繼續穩步下降，第四季度比第三季度下降 1 億美元，比去年第四季度下降超過 5 億美元。我們的信用卡丟失率為 1.42%，還不到大流行前的一半。它在一年中的每個季度都有所改善。其他幾個貸款產品類別全年都處於恢復狀態。

Provision was a $489 million net benefit in Q4, driven primarily by asset quality, and macroeconomic improvement and was partially offset by loans growth. This included a reserve release of $850 million, primarily in our commercial portfolio. And on Slide 16, we highlight the credit quality metrics for both our consumer and commercial portfolios.

第四季度撥備為 4.89 億美元的淨收益，主要受資產質量和宏觀經濟改善的推動，但部分被貸款增長所抵消。這包括釋放 8.5 億美元的儲備金，主要用於我們的商業投資組合。在幻燈片 16 中，我們強調了我們的消費者和商業投資組合的信用質量指標。

Turning to the business segments, let's start with Consumer Banking on Slide 17. I'll start by acknowledging what a strong year the Consumer Bank has had as they generated nearly $12 billion of earnings, which is 37% of record year results for the company. Consumer opened over 900,000 net new checking accounts. And in fact, this quarter represents their 12th consecutive quarter of net new consumer checking account growth. And in turn, consumer grew deposits by more than $140 billion. They opened 3.6 million credit cards and grew card accounts in 2021 by more than any of the past 4 years. This helped card balances grow in Q4 despite payments remaining high. They also opened 525,000 new consumer investment accounts. And that helped us to reach a new record for investment balances of $369 billion, growing 20% year-over-year as customers continue to recognize the value of our online offering. Yes, market valuations grew balances, and we also saw $23 billion of client flows since Q4 '20.

轉向業務部門，讓我們從幻燈片 17 上的個人銀行業務開始。我首先要承認個人銀行業務的強勁表現，因為他們創造了近 120 億美元的收益，占公司創紀錄年度業績的 37% .消費者開設了超過 900,000 個淨新支票賬戶。事實上，本季度是他們連續第 12 個季度淨新增消費者支票賬戶增長。反過來，消費者的存款增加了超過 1400 億美元。他們在 2021 年開設了 360 萬張信用卡，信用卡賬戶的增長超過了過去 4 年中的任何一年。儘管付款仍然很高，但這有助於卡餘額在第四季度增長。他們還開設了 525,000 個新的消費投資賬戶。這幫助我們達到了 3690 億美元的投資餘額的新紀錄，隨著客戶繼續認識到我們在線產品的價值，同比增長 20%。是的，市場估值餘額增長，自 20 年第四季度以來，我們還看到了 230 億美元的客戶流量。

So Q4 was a strong finish to these results. And in the quarter, the business produced $3.1 billion of earnings off $8.9 billion of revenue and managed costs well. Our 8% revenue growth was led by NII improvement as we continue to recognize more of the value of our deposit book. And while revenue grew, expense declined by 1% year-over-year, generating over 900 basis points of operating leverage. Lower COVID costs and increased digital adoption by clients more than offset our continued investments in people and our franchise. This expense discipline has now driven our cost of deposits to an industry-leading 111 basis points.

因此，第四季度是這些結果的有力終結。在本季度，該業務從 89 億美元的收入中產生了 31 億美元的收益，並且很好地管理了成本。我們 8% 的收入增長是由 NII 改善帶動的，因為我們繼續認識到我們的存款賬簿的更多價值。在收入增長的同時，費用同比下降 1%，產生了超過 900 個基點的運營槓桿。降低 COVID 成本和增加客戶對數字化的採用遠遠抵消了我們對人員和特許經營權的持續投資。這種費用紀律現在已將我們的存款成本推高至行業領先的 111 個基點。

Net charge-offs declined and we had $380 million of reserve release in the quarter. And as you can see, and as I already noted, deposits continued to grow strongly both year-over-year as well as linked quarter. Importantly, our rate paid remained low and stable.

淨沖銷下降，我們在本季度釋放了 3.8 億美元的儲備金。正如你所看到的，正如我已經指出的那樣，存款同比和相關季度都繼續強勁增長。重要的是，我們支付的費率仍然很低且穩定。

Turning to the wealth management business. Bank of America continued to deliver wealth management at scale across a full range of client segments. The continued economic progress, strong market conditions and the efforts of our advisers contributed to strong client flows and net new household growth. This allowed Wealth Management to generate more than $4 billion in earnings in 2021, up more than 40% from 2020.

轉向財富管理業務。美國銀行繼續為所有客戶群提供大規模的財富管理服務。持續的經濟進步、強勁的市場條件和我們顧問的努力促成了強勁的客戶流量和新家庭的淨增長。這使得財富管理在 2021 年創造了超過 40 億美元的收入，比 2020 年增長了 40% 以上。

In Q4, this powerful combination of Merrill Lynch and our Private Bank produced records for revenue, earnings, investment balances and asset management fees as well as record levels of loans and deposits. In fact, with regard to loans, this is the 47th consecutive quarter of average loans growth in the business. It's consistent and it's sustained.

在第四季度，美林和我們私人銀行的強大組合創造了收入、收益、投資餘額和資產管理費用以及貸款和存款水平的記錄。事實上，在貸款方面，這是該業務連續第47個季度平均貸款增長。它是一致的並且是持續的。

Q4 net income was $1.2 billion, improving 47% year-over-year and driven by strong revenue growth, good expense controls and lower credit costs. Revenue growth of 16% was led by strong improvements in both AUM and brokerage fees as well as higher NII on the back of solid loan and deposit increases.

第四季度淨收入為 12 億美元，同比增長 47%，這得益於強勁的收入增長、良好的費用控制和較低的信貸成本。收入增長 16% 是由於資產管理規模和經紀費用的強勁改善，以及在穩健的貸款和存款增加的支持下更高的 NII。

Expenses increased 8% in alignment with the higher revenue and resulted in 800 basis points of operating leverage. Client balances of $3.8 trillion rose $491 billion, up 15% year-over-year, driven by higher market levels as well as very strong net client flows of $149 billion. Within these flows, deposits grew $68 billion year-over-year to $390 billion, and loans grew $21 billion year-over-year to $212 billion. And that loan and deposit growth is further evidence that more and more Merrill and Private Bank clients are using the bank's products broadly.

隨著收入的增加，費用增長了 8%，並導致了 800 個基點的運營槓桿。 3.8 萬億美元的客戶餘額增加了 4910 億美元，同比增長 15%，這得益於更高的市場水平以及非常強勁的 1490 億美元的淨客戶流量。在這些流動中，存款同比增長 680 億美元至 3900 億美元，貸款同比增長 210 億美元至 2120 億美元。貸款和存款的增長進一步證明，越來越多的美林和私人銀行客戶正在廣泛使用該銀行的產品。

Net new household generation is getting closer to pre-pandemic levels as advisers are meeting in person more with clients and are building their pipelines back following the shutdown during the pandemic. This quarter, Merrill Lynch's net new households of 6,700 and Private Banking relationships net new of 500 were both up more than 30% from the year-ago period. The clients of this business continue to lead our franchise in digital adoption, utilizing digital tools to access their investments and also for other banking needs like mobile check deposits and lending. The evolution is forming a modern Merrill, which is adviser-led and powered by digital.

隨著顧問們更多地與客戶親自會面，並在大流行期間停工後重建他們的管道，淨新家庭一代正接近大流行前的水平。本季度，美林淨新增 6,700 個家庭和 500 個新私人銀行關係，均較去年同期增長 30% 以上。該業務的客戶繼續引領我們在數字化應用方面的專營權，利用數字工具訪問他們的投資，並滿足其他銀行業務需求，如移動支票存款和貸款。這種演變正在形成一個現代的美林，它以顧問為主導，由數字驅動。

Moving to Global Banking on Slide 19. The business momentum through the back half of the year was strong. Net interest income grew on the back of accelerating loans growth. Investment banking fees reached record levels and deposits continued to grow as clients navigated the pandemic. We also saw strong demand from our clients around ESG investments driving improvements in bottom line results. Net income for the full year was a record $9.8 billion or 31% of the company's overall net income.

在幻燈片 19 上轉向全球銀行業務。今年下半年的業務勢頭強勁。淨利息收入因貸款增長加快而增長。隨著客戶度過疫情，投資銀行費用達到創紀錄水平，存款繼續增長。我們還看到客戶對 ESG 投資的強勁需求推動了盈利結果的改善。全年淨收入達到創紀錄的 98 億美元，占公司整體淨收入的 31%。

The business earned $2.7 billion in Q4, improving nearly $1 billion year-over-year, driven by higher revenue and lower provision costs, partially offset by higher expenses. Revenue improvement of 24% year-over-year reflected more than 30% growth in investment banking fees in this segment, and net interest income increased 18%.

該業務在第四季度的收入為 27 億美元，同比增長近 10 億美元，這主要是由於收入增加和撥備成本降低，部分被費用增加所抵消。收入同比增長 24%，反映出該部門的投資銀行費用增長超過 30%，淨利息收入增長 18%。

This investment banking performance allowed us to gain market share and record #3 ranking in overall fees in what was a very strong Q4 market. We ranked #1 in investment grade and #2 in leverage finance with market share improvement compared to the year-ago period. And we also saw another record M&A period. And most importantly, our investment banking pipeline remains quite healthy.

這種投資銀行業務的表現使我們能夠在非常強勁的第四季度市場中獲得市場份額並在總費用中排名第三。與去年同期相比，我們的投資等級排名第一，槓桿融資排名第二，市場份額有所提高。我們還看到了另一個創紀錄的併購時期。最重要的是，我們的投資銀行渠道仍然相當健康。

Provision expense reflected a reserve release of $435 million, compared to a $266 million release in the year-ago period. And what I'd draw your attention to here is the reduction in net charge-offs year-over-year from $314 million in Q4 of '20 to small recoveries in Q4 '21. That year-ago period included some losses from clients in those industries that were heavily impacted by COVID. Finally, given the strength of revenue we saw expenses increase by 12%, which is still only half of our increase in revenue.

撥備費用反映了 4.35 億美元的準備金釋放，而去年同期為 2.66 億美元。我在這裡提請您注意的是，淨沖銷額同比減少，從 20 年第四季度的 3.14 億美元減少到 21 年第四季度的小額回收。去年同期包括那些受 COVID 嚴重影響的行業的客戶的一些損失。最後，鑑於收入的強勁勢頭，我們看到費用增長了 12%，這仍然只是我們收入增長的一半。

Switching to Global Markets on Slide 20. Full year net income of $4.6 billion reflects another solid year of sales and trading revenue. This included a record year for equities, up 19% versus 2020. Investments made in this part of the business are seeing good results as our financing clients are doing more business with our company.

在幻燈片 20 上切換到全球市場。全年 46 億美元的淨收入反映了銷售和交易收入又一個穩健的一年。其中包括股票創紀錄的一年，與 2020 年相比增長了 19%。隨著我們的融資客戶與我們公司開展更多業務，對這部分業務的投資取得了良好的效果。

As we usually do, I'll talk about the segment results, excluding DVA, even though net DVA was negligible in both Q4 '21 and Q4 '20.

正如我們通常所做的那樣，我將談論不包括 DVA 的細分結果，即使在 21 年第四季度和 20 年第四季度，淨 DVA 都可以忽略不計。

In Q4, Global Markets produced $667 million in earnings, $167 million lower than the year-ago quarter. Focusing on year-over-year, revenue was modestly down, driven by sales and trading. Sales and trading contributed $2.9 billion to revenue, a decline of 4% year-over-year. FICC, down 10%, while equities improved 3%. FICC results reflect a weaker credit trading environment in Q4 '20, and the strength in equities was driven by growth in client financing activities and the multiplier effect. The year-over-year expense move was driven by investments in revenue-related sales and trading costs, partially offset by the absence of costs associated with the realignment of liquidating business activity to the all other units in Q4.

第四季度，全球市場產生了 6.67 億美元的收益，比去年同期減少了 1.67 億美元。專注於同比，在銷售和交易的推動下，收入略有下降。銷售和貿易為收入貢獻了 29 億美元，同比下降 4%。 FICC 下跌 10%，而股市上漲 3%。 FICC 的結果反映了 20 年第四季度較弱的信貸交易環境，而股票的強勢是由客戶融資活動的增長和乘數效應推動的。與去年同期相比的費用變動是由與收入相關的銷售和交易成本的投資推動的，部分被第四季度清算業務活動重新調整到所有其他部門相關的成本所抵消。

Finally, on Slide 21, we show All Other, which reported a loss of $673 million, which declined a little more than $250 million from the year-ago period. Revenue declined as a result of higher volume of deals, particularly solar, and partnership losses on ESG investments. That's offset by the tax impact in this reporting unit.

最後，在幻燈片 21 上，我們展示了 All Other，它報告了 6.73 億美元的虧損，比去年同期減少了 2.5 億多美元。由於交易量增加，尤其是太陽能，以及 ESG 投資的合作夥伴損失，收入下降。這被該報告單位的稅收影響所抵消。

Expense increased as a result of costs now recorded here after the fourth quarter realignment out of Global Markets, which was partially offset by a decrease in various other expenses in the segment. That realignment obviously had no bottom line impact on our company overall. As a reminder, for the financial statement presentation in this release, the business segments are all taxed on the standard fully taxable equivalent basis. And in All Other, we incorporate the impact of our ESG tax credits and any other unusual items.

由於全球市場第四季度重新調整後現在記錄在此的成本導致費用增加，這部分被該部門各種其他費用的減少所抵消。這種調整顯然對我們公司的整體沒有底線影響。提醒一下，對於本新聞稿中的財務報表列報，所有業務部門均按標準完全應稅等值基礎徵稅。在所有其他方面，我們納入了 ESG 稅收抵免和任何其他不尋常項目的影響。

For the full year, the effective tax rate was 6%. And excluding the second quarter '21 positive tax adjustment triggered by the U.K. tax law change, and other discrete items, the tax rate would have been 14%. Further adjusting for ESG tax credits, our tax rate would have been 25%. And looking forward, we would expect our effective tax rate in 2022 to be between 10% and 12%, absent any tax law changes or unusual items.

全年有效稅率為6%。不包括英國稅法變化引發的 21 年第二季度積極稅收調整和其他離散項目，稅率將為 14%。進一步調整 ESG 稅收抵免，我們的稅率為 25%。展望未來，我們預計 2022 年的有效稅率將在 10% 到 12% 之間，沒有任何稅法變更或不尋常的項目。

And with that, I think I'll stop and we'll open it up for Q&A.

有了這個，我想我會停下來，我們會打開它進行問答。

(Operator Instructions) Our first question today comes from Glenn Schorr with Evercore. .

（操作員說明）我們今天的第一個問題來自 Evercore 的 Glenn Schorr。 .

Okay. I'll try to ask this as easy as possible, but in the wave of a couple of other companies in the space talking a lot about comp inflation and stepped-up investments, I think a lot of shareholders would love to see and hear your comments about, all else equal, flattish expenses in '22. And so the simple enough question is what -- how do people take comfort to know that you're making all the right investments to continue to compete and take share and migrate digitally, like you have been doing, but we're seeing so much competition across all your business lines. So just looking for some warm, fuzzy blanket words of encouragement.

好的。我會盡量簡單地問這個問題，但是在該領域的其他幾家公司談論補償通脹和加大投資的浪潮中，我認為很多股東都希望看到和聽到你的在其他條件相同的情況下，關於 22 年支出持平的評論。因此，一個足夠簡單的問題是什麼——人們如何知道您正在做出所有正確的投資以繼續競爭、分享和數字化遷移，就像您一直在做的那樣，但我們看到了這麼多跨您所有業務線的競爭。所以只是尋找一些溫暖，模糊的鼓勵的話。

Well, I'll just start, Glenn, by reiterating what you just said. You said we're taking market share. So I'd say we've sustained our technology investments all the way through the pandemic. We've sustained our financial center renovations. We've sustained our marketing. We've sustained our investment in relationship managers. And the result of that is, in many cases, record client experience.

好吧，格倫，我首先要重申你剛才所說的話。你說我們正在搶占市場份額。所以我想說，我們在整個大流行期間一直維持我們的技術投資。我們一直在維持我們的金融中心翻新工程。我們一直在維持我們的營銷。我們持續投資於客戶關係經理。其結果是，在許多情況下，記錄客戶體驗。

And you can see, I think, in our numbers that we're doing more business with our existing clients. We're adding net new clients and we're growing market share, and we're getting third-party recognition as well. So I think it's results is how you will judge us on the technology, but we're obviously very competitive in that regard.

我認為，您可以從我們的數字中看到，我們正在與現有客戶開展更多業務。我們正在增加淨新客戶，我們正在擴大市場份額，我們也正在獲得第三方的認可。所以我認為它的結果是你將如何評價我們的技術，但我們顯然在這方面非常有競爭力。

So Glenn, let me just throw a couple of things. One, obviously, it's axiomatic that revenue from markets-related business, whether it's in wealth manager or investment banking teammates or it's in the markets business. Jim DeMare and Matthew Koder and Andy and Katy have done great jobs and that's just -- that's a given, they're going to go up. And you see that. Those numbers are up dramatically over the last couple of years as markets have raised, but you invest a lot of ways.

所以格倫，讓我拋出一些東西。一，很明顯，來自市場相關業務的收入是不言而喻的，無論是財富管理公司或投資銀行團隊，還是市場業務。 Jim DeMare 和 Matthew Koder 以及 Andy 和 Katy 都做得很好，這只是 - 這是給定的，他們會上升。你看到了。隨著市場的上漲，這些數字在過去幾年中急劇上升，但你投資的方式很多。

So we'll never have the temerity to say that we know every possible competitive thing that could happen over the next decade in this company. But you look across history, which is what Alastair's referring to, we've invested new technology development, $3 billion to $3.5 billion year after year after year, and we tend to invest in things that work and then drive them and scale them.

因此，我們絕不會冒昧地說，我們知道這家公司未來十年可能發生的所有競爭性事情。但是你回顧歷史，這就是阿拉斯泰爾所指的，我們每年都在新技術開發上投資 30 億到 35 億美元，我們傾向於投資於有效的東西，然後推動它們並擴大規模。

And so you see that if you look at Pages 24, 25, 26, 27 and just start to think about what we said earlier, Zelle has more transaction count than checks written. Think about that change. Think about the change in the branches that basically in our expense guidance, we'll open 100 new branches this year on top of the 200 and some we've opened in the last 3 years. But importantly, we shifted from other places in that we brought branch count overall down as we've been doing that. That means we're opening up new markets, gaining market share, as Alastair said, and using the expense base and others.

因此，您會發現，如果您查看第 24、25、26、27 頁並開始思考我們之前所說的內容，Zelle 的交易數量比支票要多。想想那個變化。想一想分行的變化，基本上在我們的費用指導中，我們今年將在 200 家和過去 3 年開設的一些分店的基礎上開設 100 家新分店。但重要的是，我們從其他地方轉移，因為我們一直在這樣做，所以總體上減少了分支計數。正如阿拉斯泰爾所說，這意味著我們正在開拓新市場，獲得市場份額，並利用費用基礎和其他方面。

So whether -- and then in our broad-based teammates, we basically have gone to $21 an hour. Our attrition rates are similar to where they were in '19, which was a 10-year low. So think about -- we've invested heavily. We've invested broad-based, but you're seeing the activities going. And if you start to think about the retail deposits per branch or multiples of other people. So you think about the -- we have 4,100 branches, we have $1 trillion in consumer deposits and $400 billion of wealth management.

所以無論是 - 然後在我們廣泛的隊友中，我們基本上已經達到每小時 21 美元。我們的流失率與 19 年相似，這是 10 年來的最低點。所以想想 - 我們已經投入了大量資金。我們進行了廣泛的投資，但您看到的活動正在進行中。如果您開始考慮每個分支機構或多個其他人的零售存款。所以你想想——我們有 4,100 家分支機構，我們有 1 萬億美元的消費者存款和 4,000 億美元的財富管理。

So that operating leverage is what we do. So we're an operating leverage company. We're not a cost takeout company anymore, we haven't been. And -- but we see the path forward of flat expenses next year. And frankly, there was a lot of onetime stuff that went through the last couple of years that is coming to an end and that we'll reposition that to help pay for the types of things, revenue-related growth and investments that we think are important. But just look at those stats and see what we've done, and I think that, that's where we get the confidence.

因此，運營槓桿就是我們所做的。所以我們是一家經營槓桿公司。我們不再是一家成本外賣公司，我們從來都不是。而且 - 但我們看到明年固定支出的前進道路。坦率地說，過去幾年有很多一次性的東西即將結束，我們將重新定位它們以幫助支付我們認為的類型的東西、與收入相關的增長和投資重要的。但只要看看這些數據，看看我們做了什麼，我認為這就是我們獲得信心的地方。

The next question comes from John McDonald with Autonomous Research.

下一個問題來自 Autonomous Research 的 John McDonald。

Alastair, I was wondering if you could unpack the outlook for robust net interest income growth in '22. Kind of wondering what kind of loan growth assumptions are you building in for the year. And how do liquidity deployment and premium amortization assumptions also factor into your outlook?

阿拉斯泰爾，我想知道你是否可以解讀 22 年強勁的淨利息收入增長前景。有點想知道你今年建立了什麼樣的貸款增長假設。流動性部署和溢價攤銷假設如何影響您的前景？

Okay. So let's start with loans growth. We're pretty optimistic on loan growth. You can see on Slide 5, just the consistency, that's daily. You can see the consistency of the growth, it's broad-based across all the businesses, as Brian noted. And obviously, it's accelerated recently.

好的。因此，讓我們從貸款增長開始。我們對貸款增長相當樂觀。你可以在幻燈片 5 上看到，只是一致性，這是每天的。正如布賴恩所說，你可以看到增長的一致性，它在所有業務中都有廣泛的基礎。顯然，它最近加速了。

The thing I find interesting about Slide 5 is you've really got to adjust for the size of the economy today relative to where our loans were in 2019 pre-pandemic. So we know there's some potential for catch-up there. And we can see that in our data, too, John, our revolver utilization rates are still lower than historic levels, so we feel like there's some potential there. And in things like card, payment rates are still elevated.

我覺得幻燈片 5 有趣的一點是，相對於我們在 2019 年大流行前的貸款水平，你真的必鬚根據今天的經濟規模進行調整。所以我們知道那裡有一些追趕的潛力。我們也可以從我們的數據中看到，約翰，我們的左輪手槍使用率仍然低於歷史水平，所以我們覺得那裡有一些潛力。在信用卡等方面，支付率仍然很高。

So there's a variety of things there that make us feel good about loans growth, certainly more bullish than we might have been in a pre-pandemic GDP-type 2% to 3% kind of an environment. So we're pretty optimistic on loans. I think you need to think about that in the sort of high single digits. And then when it comes to -- you can see when we put forth our asset sensitivity numbers, that $6.5 billion for a parallel shock is meant to give you an idea of how we believe we're levered to rates. I'd say about 75% of that is probably the short end. Probably 25% is the long end with things like premium amortization, and that's probably how we'd break it down.

因此，有很多事情讓我們對貸款增長感到滿意，肯定比我們在大流行前 GDP 類型 2% 到 3% 的環境中更加樂觀。所以我們對貸款非常樂觀。我認為您需要以高個位數的方式考慮這一點。然後當談到 - 你可以看到，當我們提出我們的資產敏感度數據時，65 億美元的平行沖擊是為了讓你了解我們如何相信我們是如何利用利率來調整利率的。我想說其中大約 75% 可能是短期的。可能 25% 是溢價攤銷之類的長期目標，這可能就是我們將其分解的方式。

Okay. And then as a follow-up, can you talk a little bit about how you're managing to your capital minimums? What kind of cushion do you want to keep to the SLR? Just remind us the target on CET1. And how do buybacks, which seems like you've accelerated in the back half of '21, how does that factor into the overall calculation of managing growth and capital?

好的。然後作為後續行動，你能談談你如何管理你的最低資本嗎？您想為單反保留什麼樣的緩衝墊？只需提醒我們CET1上的目標。在 21 年下半年，回購似乎加速了，這對管理增長和資本的整體計算有何影響？

Sure, John. We -- if you go back, John, for many years in our discussions, we've had excess capital despite the many ways that the capital process increased the capital requirements for large companies like ours, including the introduction of the G-SIFI buffer, et cetera, et cetera, and then the stress testing in SLR, et cetera. So we've always said we'd maintain 50 basis points to 100 basis points of cushion. We're now getting closer to that.

當然，約翰。我們——如果你回過頭來看，約翰，在我們的討論中多年來，儘管資本流程通過多種方式增加了像我們這樣的大公司的資本要求，包括引入 G-SIFI 緩衝，但我們仍然擁有過剩的資本，等等，等等，然後是 SLR 中的壓力測試等等。所以我們一直說我們會維持 50 個基點到 100 個基點的緩衝。我們現在越來越接近這一點。

But the reality is that we are seeing the kind of organic growth that is what you want us to see, investing in the client franchise, whether it's in the markets business, of having 20%, 25% more balance sheet deployed in seeing that pick up and having a amount of revenues, whether it's the deposit growth that we're now $2 trillion deposits and $1 trillion in loans and it's growing well.

但現實是，我們正在看到您希望我們看到的那種有機增長，投資於客戶特許經營權，無論是在市場業務中，在看到該選擇時部署了 20%、25% 的資產負債表增加並擁有一定數量的收入，無論是存款增長，我們現在有 2 萬億美元的存款和 1 萬億美元的貸款，而且增長良好。

So expect us to have a different equation, which is we'll still pay out dividends around up to 30%, like we said. We used to say the other 70% would come back to you. Now there'll be some for organic growth if, in fact, we get down to the 10.5% levels, and the rest we repurchased on a quarterly basis. But at an earnings rate of $7 billion, there's a lot of capital deployment even embedded in there.

因此，期望我們有一個不同的等式，即我們仍將支付高達 30% 左右的股息，就像我們說的那樣。我們過去常說其他 70% 會回到你身邊。如果事實上我們降到 10.5% 的水平，那麼現在會有一些有機增長，其餘的我們每季度回購一次。但以 70 億美元的收益率計算，甚至還有大量資本部署。

We'll go next to Mike Mayo with Wells Fargo.

我們將與富國銀行一起去邁克梅奧旁邊。

I guess, first, Brian and then Alastair. You talked about the benefit of higher rates. But I think for you and the industry, it's the benefit of better relationships to the extent that relationships are sticky as rates increase. So if you can just give some metrics around retention. And then specifically, as -- last year, you gave an NII guide of $1 billion higher. Can you give us some sense where you expect NII to be from 4Q '21 to 4Q '22?

我猜，首先是布賴恩，然後是阿拉斯泰爾。你談到了更高利率的好處。但我認為對你和整個行業來說，更好的關係會帶來好處，因為隨著利率的增加，關係會變得很粘。所以如果你能給出一些關於留存率的指標。然後具體來說，就像去年一樣，您給出的 NII 指南要高出 10 億美元。您能否告訴我們您期望 NII 從 21 年第 4 季度到 22 年第 4 季度的位置？

I think on your very last point, Alastair gave you the starting point and gave you a robust, a strong enough look because it'll depend a little bit on the path forward. We're $6.5 billion of rate sensitivity to 100 basis point increase, as we said. So we'll let you figure out when those rate changes come through.

我認為在你的最後一點上，阿拉斯泰爾給了你一個起點，給了你一個強大的、足夠強大的外觀，因為它在某種程度上取決於前進的道路。正如我們所說，我們對增加 100 個基點的利率敏感度為 65 億美元。因此，我們會讓您弄清楚這些費率變化何時發生。

But backing up to your broader point, Mike, at the end of the day, in the consumer business, what drives our capabilities there is the preferred group of customers that are 80%-plus of the balances and retention rate through preferred rewards and the millions of people we have in it is 99%-plus. And those customers have tremendous relationship with us. And we invest across whether it's the preferred rewards, as you know, go across the whole business and not just by products. So those customers get rewards in credit cards. They pay for it by giving us deposits.

但支持你更廣泛的觀點，邁克，歸根結底，在消費者業務中，推動我們能力的是首選客戶群體，通過首選獎勵和保留率達到 80% 以上的餘額和保留率我們擁有的數百萬人超過了 99%。這些客戶與我們有著密切的關係。如您所知，我們投資於是否是首選獎勵，涵蓋整個業務，而不僅僅是產品。因此，這些客戶可以通過信用卡獲得獎勵。他們通過給我們存款來支付它。

You go to wealth management, you can see if you look at the stats, you can see the strong growth, not only in what you'd expect in the AUM side, but the client flows and deposits and other products as the -- we continue to drive the core deep relationship across in the Private Bank, but importantly, Merrill, across all the different segments. And even as we enter new markets where we didn't have banking capabilities, Columbus, Ohio, for example, there was robust Merrill capabilities we're building underneath.

你去財富管理，如果你看統計數據，你可以看到強勁的增長，不僅在你對 AUM 方面的預期，而且客戶流量和存款以及其他產品——我們繼續推動私人銀行的核心深層關係，但重要的是，美林在所有不同領域。甚至當我們進入我們沒有銀行業務能力的新市場時，例如，俄亥俄州哥倫布市，我們正在建立強大的美林銀行業務能力。

So that relationship, and as you move to the commercial side, it's the same thing. So our deposits in commercial are strong. They are all operating deposits, the lion's share of them. They're part of what we core do, but they build off the back, so that great relationship management practice and the GTS capabilities, of which we invested billions of dollars in across the last things. And what seals that altogether is not that these are resilient group of enterprises that I'll go off and operate is the common things that they have together, which are things like the digital capabilities, which we give you the capabilities that, that backbone goes across all our customer sets, and that enables us to drive it and also how they work together in the markets.

所以這種關係，當你轉向商業方面時，它是一回事。所以我們在商業方面的存款很強勁。它們都是經營性存款，佔其中的大部分。它們是我們核心工作的一部分，但它們是建立在背後的，因此我們在最後的事情上投入了數十億美元來實現出色的關係管理實踐和 GTS 功能。真正證明這一點的並不是我要離開並運營的這些有彈性的企業集團，而是他們共同擁有的共同事物，例如數字能力，我們為您提供的能力，骨幹去在我們所有的客戶群中，這使我們能夠推動它以及它們如何在市場上協同工作。

We will set a record -- in '21, we ended up getting back to where we were referrals from one business to the other in every market. And those are important ways that we cement the relationship. Our Commercial Banking Investments group, as we call it, has millions of customers through our corporate relationships that have priority access. So it is about how you build the franchise and concentrating on 8 lines of business and how they work together. Our merchant sales are back way over where they were when we had the joint venture, our 401(k) engagements are way up, and again, that's going through the franchise. So we feel good about the relationship side of it, if that's your point.

我們將創造一個記錄——在 21 年，我們最終回到了我們在每個市場上從一個企業轉介到另一個企業的位置。這些是我們鞏固關係的重要方式。正如我們所說，我們的商業銀行投資集團通過我們擁有優先訪問權的公司關係擁有數百萬客戶。因此，這是關於您如何建立特許經營權並專注於 8 條業務線以及它們如何協同工作。我們的商家銷售額已經回到了我們成立合資企業時的水平，我們的 401(k) 參與度也大幅上升，並且再次通過特許經營。所以我們對它的關係方面感覺很好，如果這是你的觀點。

Well, Brian, aren't you tempted to take some of the -- assuming you get $6.5 billion of benefits, aren't you tempted to take some of that and spend more? Because it seems like you're letting that fall to the bottom line. What are your considerations when you say, we'll let that fall the bottom line instead of making additional investments? And also, what do you think about expenses, say, in 2023?

好吧，布賴恩，你不想接受一些——假設你得到了 65 億美元的福利，你不想接受一些並花更多的錢嗎？因為看起來你讓它落到了底線。當您說，我們將讓它成為底線而不是進行額外投資時，您的考慮是什麼？另外，您如何看待 2023 年的開支？

Well, I think when we -- we're flat next year, we -- Mike, if you remember back leading in the pandemic, I think, 20 quarters of operating leverage in a row. We were -- but we are starting to make the turn from expenses going down and then flattening that we're going to have to start growing again to allow for the rate of investments in compensating our teammates well, et cetera. And so we feel that, that rate of investment is embedded in the run rate. And would we start to grow expenses at some point? I think that will be based on really some of the market-related revenue and incentives that drive it.

好吧，我認為當我們 - 我們明年持平時，我們 - 邁克，如果你還記得在大流行中領先，我認為，連續 20 個季度的運營槓桿。我們是——但我們開始從開支下降的轉變，然後趨於平緩，我們將不得不再次開始增長，以允許投資率很好地補償我們的隊友，等等。所以我們認為，投資率包含在運行率中。我們會在某個時候開始增加開支嗎？我認為這將基於一些與市場相關的收入和驅動它的激勵措施。

But we still have a lot of room to go on a day-to-day basis and cost takeout in this company from -- and then reinvesting that in OpEx and stuff. It is -- think about that check, 2 years, 24% less checks going through the system. That's by driving those capabilities allows us to be more efficient. So it will go to the bottom line because, frankly, most of that value comes off the consumer franchise, which has been investing heavily in whether it's Merrill Edge, whether it's a card business, whether it's the rewards, which are a huge investment in our client base, meaning that the charges go up and the revenue doesn't go up as much, that's actually investment. And whether it's the branches and the new branch in new markets and then -- but they're -- Dean and the team have been experts in repositioning the expense base to more efficient execution.

但是我們仍然有很大的日常空間可以從這家公司中扣除成本，然後再投資於運營支出和其他東西。它是——想想那張支票，2 年，通過系統的支票減少了 24%。那是通過推動這些能力使我們更有效率。所以它會達到底線，因為坦率地說，大部分價值來自消費者特許經營權，無論是美林邊緣，還是信用卡業務，無論是獎勵，這是一項巨大的投資。我們的客戶群，這意味著費用上漲而收入沒有上漲那麼多，這實際上是投資。無論是新市場的分支機構還是新分支機構，然後——但他們是——迪恩和團隊一直是重新定位費用基礎以提高執行效率的專家。

So do we start counting again the number of quarters in a row that you achieve positive operating leverage. You're at 2. You try and break that 20-quarter record, or...

因此，我們是否開始再次計算您連續獲得正經營槓桿的季度數。你在 2。你試圖打破 20 個季度的記錄，或者......

Well, we're at 2. So if we've got some room to go. So we're working on it, Mike, and we'll keep plugging away. But you know us, we know how to manage expenses in this company. I wouldn't be here if we didn't think we could do it the right way and invest. And so I think people should be confident that we count heads. We're down 4,000 people in the quarter -- in the year from 212 to 208. And all those people are going to make more money because they've had a fabulous year. But the reality is we keep managing the overall human count down, which is our biggest cost.

嗯，我們在 2 點。所以如果我們還有一些空間可以走。所以我們正在努力，邁克，我們將繼續努力。但是您了解我們，我們知道如何管理這家公司的開支。如果我們認為我們不能以正確的方式進行投資並進行投資，我就不會在這裡。所以我認為人們應該相信我們數數。我們在本季度減少了 4,000 人——從 212 人減少到 208 人。所有這些人都會賺更多的錢，因為他們度過了美好的一年。但現實情況是，我們一直在管理整個人力倒計時，這是我們最大的成本。

We'll go now to Jim Mitchell with Seaport Global.

我們現在將與 Seaport Global 一起前往 Jim Mitchell。

Maybe a question on credit. I think we're all sort of ignoring that now, but you've seen your all-time low net charge-offs, particularly in the card business. I think the consensus is that we'll see a normalization process in the back half of this year and into '23. But we're not seeing any change really in delinquencies. Are you in the camp that we're going to see normalization? What are the drivers of that? Or is there some sort of behavior mix change among customers that maybe we can be a little bit more optimistic on charge-offs over the next 18 months?

也許是關於信用的問題。我認為我們現在都忽略了這一點，但你已經看到了你的歷史最低淨沖銷，特別是在信用卡業務中。我認為共識是，我們將在今年下半年和 23 年看到一個正常化進程。但我們並沒有看到拖欠行為真正發生任何變化。您是否在我們將看到正常化的陣營中？其驅動因素是什麼？或者客戶之間是否存在某種行為組合變化，也許我們可以對未來 18 個月的沖銷更加樂觀？

Well, Jim, we're seeing the same thing you are. So when we're looking at our 30 days past or 60 days past or 90 days past, they're staying at those same low levels you talked about. When Brian talked about customer balances being elevated, in some cases, up 5x where they were pre-pandemic, that's probably what's accounting for a lot of the consumer credit quality improvement. We're anticipating at some point, it will go back towards more normal historical levels. We just think it's going to bump around here for a little while. So we don't see -- we don't have a particular time line on that at this point, but I'm not sure we'd be betting on behavioral change.

好吧，吉姆，我們看到的和你一樣。因此，當我們查看過去 30 天或過去 60 天或過去 90 天時，它們停留在您所說的相同低水平。當布賴恩談到客戶餘額增加時，在某些情況下，比大流行前增加了 5 倍，這可能是消費者信用質量改善的主要原因。我們預計在某個時候，它將回到更正常的歷史水平。我們只是認為它會在這裡顛簸一會兒。所以我們看不到 - 我們目前沒有具體的時間表，但我不確定我們是否會押注行為改變。

Okay. And then just as a follow-up on the Wealth Management business. There's nice acceleration in new households and deposit growth and net flows. But even as FA headcount kind of trickles down, I guess, how are you improving productivity there? And do you see a time where you start to see net FA headcount grow to kind of accelerate that growth?

好的。然後作為財富管理業務的後續行動。新家庭、存款增長和淨流量都有很好的加速。但是，即使 FA 的人數逐漸減少，我想，你是如何提高那裡的生產力的？並且您是否看到您開始看到淨 FA 人數增長以加速這種增長？

Yes, Jim, if you look at the quarter-by-quarter progression on that in the supplement or something, you could see it starting to flatten out. A lot of that adjustment in the recent past has been due to the work that Dean and Andy did with Aaron Levine and others on the combined training program. So we're training -- we had 2 training programs running and et cetera. We combined all that. And so that now has sort of stabilized. And so you'd expect us to see slow growth out.

是的，吉姆，如果您查看增刊或其他內容中的逐季度進展，您會發現它開始趨於平緩。最近的很多調整都是由於迪恩和安迪與亞倫萊文和其他人在聯合培訓計劃中所做的工作。所以我們正在訓練——我們有 2 個訓練計劃正在運行等等。我們結合了所有這些。所以現在已經穩定下來了。所以你會期望我們看到緩慢的增長。

For the Merrill Edge customer, it's largely a digital execution, and that's where the real growth comes through. And that's sort of infinitely leverageable. That deposit -- that balance is there, $300-plus billion, 500,000 new customers growing well. And for Merrill, in the Private Bank, it is people, and you'll see that flatten out come up. But that had largely due to the repositioning of the training program that the team has accomplished. And so now we train 1 set of advisers. They have different career paths in our company, but it makes us more efficient going to the ability to keep managing expenses.

對於 Merrill Edge 客戶來說，這主要是一種數字化執行，而這正是真正的增長來源。這是一種無限的槓桿作用。這筆存款——餘額在那裡，300 多億美元，500,000 名新客戶增長良好。而對於美林來說，在私人銀行中，是人，你會看到這種趨於平緩的情況出現了。但這主要是由於團隊已經完成的培訓計劃的重新定位。所以現在我們訓練了一組顧問。他們在我們公司有不同的職業道路，但這使我們更有效率地保持管理費用的能力。

And so you're seeing good household formation. The marginal productivity of our advisers is through the roof, and you can see that. But the reality is you want to have the growth in flows, and that $170 billion for the year is a pretty substantial increase over any year past. I think it's either twice or almost 3x. So we feel good about it. And the year when -- remember, we still couldn't meet face-to-face with our clients a lot. It's not the easiest year to develop business, too. So the team did a great job.

所以你看到了良好的家庭形成。我們顧問的邊際生產力高得驚人，你可以看到這一點。但現實情況是，你希望流量增長，而今年的 1700 億美元比過去任何一年都大幅增長。我認為它要么是兩倍，要么幾乎是 3 倍。所以我們對此感覺良好。那一年——請記住，我們仍然無法與我們的客戶面對面交流。這也不是發展業務最容易的一年。所以團隊做得很好。

We'll go now to Erika Najarian with UBS.

我們現在將與瑞銀一起前往 Erika Najarian。

I just wanted to ask Alastair a follow-up question on NII. In that $6.5 billion number, what kind of deposit repricing is embedded in your sensitivity? And as you look at potential actual performance for the year as opposed to the sensitivity, how should we expect total deposits to trend in terms of growth or attrition and also repricing?

我只是想問 Alastair 關於 NII 的後續問題。在這 65 億美元的數字中，您的敏感性中包含了什麼樣的存款重新定價？當您查看今年的潛在實際表現而不是敏感性時，我們應該如何預期總存款在增長或減員以及重新定價方面的趨勢？

Okay. So Obviously, it feels like right now, we're at the beginning of a new rate hike cycle. And so we're looking back towards 2015 to 2019 as the most recent rate hike cycle. During that period, Erika, we had deposit beta probably between 20% and 25%, somewhere in the middle of that. We'd like to think this time around, it will be something similar, hopefully a little bit better based on what we've learned and based on the value we add to our customers.

好的。所以很明顯，感覺就像現在，我們正處於新的加息週期的開始。因此，我們將 2015 年至 2019 年視為最近的加息週期。在此期間，Erika，我們的存款 beta 可能在 20% 到 25% 之間，介於兩者之間。我們想這一次，它會是類似的東西，希望根據我們學到的東西和我們為客戶增加的價值會更好一點。

And then in terms of deposit growth, we have deposit growth moderating back towards more normal growth over time, just recognizing we're coming off of 2 years of extraordinary monetary and fiscal stimulus.

然後在存款增長方面，隨著時間的推移，我們的存款增長放緩至更正常的增長，只是認識到我們正在擺脫兩年的非同尋常的貨幣和財政刺激。

Just to confirm, given the deposit growth that you're seeing, you mentioned that most of your growth is concentrated in operating accounts. You don't expect declines in deposits as rates rise?

只是為了確認一下，鑑於您所看到的存款增長，您提到您的大部分增長都集中在運營賬戶中。您預計存款不會隨著利率上升而下降嗎？

We didn't see it last time. From '17 to '19, we saw our -- we continue to grow deposits better than the industry and they grew throughout that period of time. And so because of the nature of what they are, we get the economists to go through all the withdrawing of the things and because of some of the off-balance sheet financing the Fed has put together. But as a strict matter, the last time we did not see deposits go down as the Fed's balance sheet shrank by -- from 8 trillion or whatever the peak was down to around 4.

上次我們沒看到。從 17 年到 19 年，我們看到我們的存款增長繼續優於行業，並且在這段時間內它們都在增長。因此，由於它們的性質，我們讓經濟學家經歷所有的事情，因為美聯儲已經整合了一些表外融資。但嚴格來說，上一次我們沒有看到存款隨著美聯儲資產負債表的縮減而下降——從 8 萬億或任何峰值下降到 4 左右。

Got it. And just taking a step back -- this question is for Brian. Brian, one of your closest peers, JPMorgan, sort of gave a medium-term ROTCE target of about 17%. And as you think about BofA over the next few years, when you think about normalizing rates, your comment about self-funding the investments, a much bigger balance sheet, I don't think we've seen high single-digit growth in quite some time. As you put all of that together, what would you tell your investors with your ROTCE medium-term target would be in a normalized rate environment?

知道了。退後一步——這個問題是給布賴恩的。 Brian，你最親密的同行之一，摩根大通，給出了大約 17% 的中期 ROTCE 目標。當你想到美國銀行在接下來的幾年裡，當你想到利率正常化，你對自籌資金投資的評論，更大的資產負債表時，我認為我們在相當長的時間內沒有看到高個位數增長一段時間。當你把所有這些放在一起時，你會告訴你的投資者，你的 ROTCE 中期目標將處於正常利率環境中嗎？

We've always said that our job is to keep that well in excess of our cost of capital, and we've done it. And I think, again, because of the leverage and rate increases instantaneous impact to business like the consumer business, which doesn't need any more capital to grow. We feel good about it. But we have focused people on that we'll continue to grow the earnings at returns that are used -- used we to say 10% to 12%, now I'd say, 15%, and we'll continue to do that. But we need to balance the broad nominal returns of growth. And last year, we had good ROTCE, and we expect to maintain that.

我們一直說，我們的工作是保持遠遠超過我們的資本成本，我們已經做到了。而且我認為，再次，因為槓桿和利率增加對消費者業務等業務的即時影響，不需要更多的資本來增長。我們對此感覺良好。但我們已經讓人們專注於我們將繼續增加所使用回報的收益——過去我們說 10% 到 12%，現在我會說 15%，我們將繼續這樣做。但我們需要平衡增長的廣義名義回報。去年，我們有很好的 ROTCE，我們希望保持這種狀態。

The next question comes from Matt O'Connor with Deutsche Bank.

下一個問題來自德意志銀行的 Matt O'Connor。

You made some significant announcements on overdraft NSF, and I think you framed the drop versus 2010, if I remember correctly. But just how much should we be modeling if that goes down in the next couple of years, say, versus the '21 level? And then also remind us what else is in service charges. I think you have a bunch of commercial fees and there's always some confusion in terms of what that is.

你就透支 NSF 發表了一些重要的聲明，如果我沒記錯的話，我認為你描述了與 2010 年相比的下降。但是，如果在接下來的幾年裡，相對於 21 年的水平，我們應該建模多少呢？然後還提醒我們服務費中還有什麼。我認為你有一大堆商業費用，而且總是對那是什麼感到困惑。

So let's start with NSF OD. What Brian outlined is we think there's about $1 billion in there will come down over time, probably around 75% of that this year, just to give you some idea. Obviously, we're making those changes as we update systems and processes, et cetera. So that's some in February, some in May. I think Lee and his team can help you with timing, but that gives you a ballpark for how to think about that. And then just ask me the service charges, just explain that one more time.

因此，讓我們從 NSF OD 開始。 Brian 概述的是，我們認為隨著時間的推移會有大約 10 億美元的資金下降，今年可能會下降 75% 左右，只是為了給你一些想法。顯然，當我們更新系統和流程等時，我們正在做出這些改變。有的在二月，有的在五月。我認為 Lee 和他的團隊可以幫助你把握時機，但這為你提供了一個思考這個問題的大致思路。然後問我服務費，再解釋一次。

Yes. I think a lot of investors look at service charges and think it's all consumer, but I think there's a lot of commercial fees in there, too. And just what exactly are those? And remind us like how those react as interest rates go up.

是的。我認為很多投資者看到服務費並認為這都是消費者的，但我認為那裡也有很多商業費用。這些到底是什麼？並提醒我們，當利率上升時，這些反應如何。

Yes, so those are the GTS fees. That's the Global Transaction Services. So people can pay us cash fees or they can pay us with balances, at which we get the earnings rate and we get them a credit, as you all know. So generally, when rates go up, the dollar value of the earnings credit goes up, and therefore, people shift a little bit to that. So I -- Lee can take you through some of the dynamics. But yes, there'll be pressure on that fee line, but we'll be earning money a different way. Believe me, all in, you make a lot of money, and it's different for largest companies versus small businesses and things like that. So it's a complex thing. And it also comes back to how you -- the deposit betas in the commercial business that Alastair referenced earlier.

是的，這就是 GTS 費用。這就是全球交易服務。所以人們可以向我們支付現金費用，或者他們可以用餘額支付給我們，我們得到收益率，我們得到他們的信用，你們都知道。所以一般來說，當利率上升時，收益信貸的美元價值就會上升，因此，人們會稍微轉向這一點。所以我-- Lee 可以帶你了解一些動態。但是，是的，這條收費線會有壓力，但我們將以不同的方式賺錢。相信我，全心全意，你賺了很多錢，大公司與小企業之類的東西是不同的。所以這是一件複雜的事情。它還回到了你的方式——Alastair 之前提到的商業業務中的存款測試版。

Also in that fee line is monthly maintenance fees for accounts on both the commercial, small business and consumer side. There's other things in there. But the NSF is the one that we -- in OD, we wanted to focus on, which we gave you about $1 billion in change and it's down 75%. Other than that, it ought to bounce around and kind of go up or down a little bit, but I wouldn't be too overly worried about the other pieces.

該費用還包括商業、小型企業和消費者方面賬戶的每月維護費。裡面還有別的東西。但是 NSF 是我們——在 OD 中，我們想要關注的那個，我們給了你大約 10 億美元的改變，它下降了 75%。除此之外，它應該會反彈並有點上升或下降，但我不會過分擔心其他部分。

Okay. That's helpful. And then just a quick clarification question. Alastair, you mentioned about high single-digit loan growth in '22. Was that on a full year kind of average basis or a period end? Or what -- how would you frame that?

好的。這很有幫助。然後只是一個快速的澄清問題。 Alastair，您提到了 22 年的高個位數貸款增長。這是全年的平均水平還是一個時期的結束？或者什麼——你會如何構築它？

Yes, I'd say that's kind of a full year kind of a growth rate average. And I would just say it's early in the year, but we're -- I guess what we're trying to impress upon you is we're pretty optimistic based on everything we've seen.

是的，我會說這是全年的平均增長率。我只想說這是今年年初，但我們 - 我想我們試圖給你留下深刻印象的是，基於我們所看到的一切，我們非常樂觀。

We'll take our next question from Ken Usdin with Jefferies.

我們將向 Jefferies 的 Ken Usdin 提出下一個問題。

Just wanted to follow up on the rate sensitivity in the NII outlook, obviously, what you give us in the $6.5 billion is the banking book. Can you help us just understand the rest of the balance sheet, the institutional part that's, I think, historically more liability-sensitive? What's the best way of us trying to understand like how that nets out in terms of the true underlying benefit from rates as we move higher overall for the balance sheet?

只是想跟進 NII 前景中的利率敏感性，顯然，您在 65 億美元中給我們的是銀行賬戶。您能否幫助我們了解資產負債表的其餘部分，我認為在歷史上對負債更為敏感的機構部分？當我們在資產負債表整體上走高時，我們試圖理解的最佳方式是如何從利率的真正潛在利益中扣除？

Yes. So we'd say our markets business, generally speaking, is pretty liability-sensitive. So the short end will have a modest impact negatively on us. And then it's liability -- it works in our favor on the long end. So obviously, when we're carrying things short, longer assets, we end up making some money there. So it's probably a few hundred million negative at the short end over a 12-month period. It's probably a couple of hundred million positive at the long end over a 12-month period, but that's ballpark how to think about it.

是的。所以我們會說我們的市場業務，一般來說，對責任很敏感。因此，短端將對我們產生適度的負面影響。然後是責任——從長遠來看，它對我們有利。所以很明顯，當我們持有短而長的資產時，我們最終會在那裡賺到一些錢。因此，在 12 個月的短期內，這可能是數億美元的負數。在 12 個月的時間裡，從長遠來看，這可能是數億美元的正數，但這是大致的思考方式。

So it's really not a meaningful net down impact then?

那麼這真的不是一個有意義的淨下降影響嗎？

No, not compared to our asset sensitivity. The part of the franchise is liability price insensitive deposits.

不，與我們的資產敏感性相比。特許經營權的一部分是對責任價格不敏感的存款。

Yes. Yes. Okay. And on that second point, the deposit growth is just outstanding. And you mentioned earlier that it's good to see the good stuff growing, but you are getting tighter on your SLR and your CET1 versus your targets. So as you go forward, would you consider issuing more prefs to keep that buffer-free? Or is it more that you just let the balance sheet grow and take the RWAs at the trade-off of lower buyback?

是的。是的。好的。在第二點上，存款增長非常出色。你之前提到，看到好東西在增長是件好事，但你的 SLR 和 CET1 與你的目標越來越緊密。因此，當您繼續前進時，您會考慮發布更多首選項以保持無緩衝嗎？或者更多的是你只是讓資產負債表增長並在較低迴購的權衡下獲得風險加權資產？

So I'll talk about the SLR. I think Brian talked about CET and buyback earlier. But obviously, with SLR, we've got a couple of different levers there. One is prefs. As you saw in fourth quarter, we issued $1.3 billion in pref, which obviously get some more balance sheet flexibility where we need it and when we need it. And look, I'd just say, when we have customers coming in here about to establish a relationship with us for the course of the next 50 years, or in the case of commercial clients, for the next decades, we're going to make sure that we're in a position to take their deposits and establish that relationship for the long term. .

所以我會談談單反。我認為布賴恩早些時候談到了 CET 和回購。但顯然，對於 SLR，我們有幾個不同的槓桿。一種是偏好。正如您在第四季度看到的那樣，我們發行了 13 億美元的預付款，這顯然在我們需要的地方和需要的時候獲得了更多的資產負債表靈活性。看，我只想說，當我們有客戶來到這裡準備在未來 50 年與我們建立關係時，或者對於商業客戶來說，在未來幾十年裡，我們將確保我們能夠接受他們的存款並建立長期的關係。 .

Yes, that's exactly why I asked. Okay.

是的，這正是我問的原因。好的。

We'll take our next question from Betsy Graseck with Morgan Stanley.

我們將向摩根士丹利的 Betsy Graseck 提出我們的下一個問題。

Alastair, a question, just as we think about securities reinvestment in this rising rate environment, should we think about you trying to keep pace with where the yields are today and shortening the duration of the book, which reduces potential AOCI risk? Or should we anticipate that you would be more likely to keep duration where it is and benefit from a yield pickup as rates rise?

Alastair，一個問題，就像我們在這個利率上升的環境中考慮證券再投資一樣，我們是否應該考慮你試圖跟上今天的收益率並縮短賬面期限，從而降低潛在的 AOCI 風險？還是我們應該預期您更有可能將久期保持在原位，並隨著利率上升而受益於收益率上升？

So I'd say with respect to our securities reinvestment, right now, we're finding that we're -- we've got the kind of loans growth that we want to see, generally speaking. It's obviously -- we've come off a period where we didn't see that loans growth. So with the excess liquidity, we were in a position where we were looking primarily in first securities. Now we're moving more towards loans. So if you looked at our last -- this last quarter, we added $51 billion in loans. We added $14 billion in securities.

所以我想說，關於我們的證券再投資，現在，我們發現我們 - 一般來說，我們已經獲得了我們希望看到的那種貸款增長。很明顯——我們已經結束了一個我們沒有看到貸款增長的時期。因此，由於流動性過剩，我們處於主要關注第一證券的位置。現在我們更傾向於貸款。因此，如果您查看我們的上一個季度 - 上個季度，我們增加了 510 億美元的貸款。我們增加了 140 億美元的證券。

Now we're obviously going to be careful with respect to the OCI impact. And when you look at our balance sheet, you'll see most of the securities available for sale, our treasury swap to floating, so that's going to have obviously a pretty substantial offsetting effect to anything that happens with higher rates. And then I'm not sure we're going to necessarily change our duration profile around the securities portfolio. Remember, we have a lot of that rolling off every quarter, and then we tend to just book more back in the stack over time. So with any luck, we'll continue to see the loans growth. That will be our primary focus.

現在我們顯然要小心 OCI 的影響。當您查看我們的資產負債表時，您會看到大部分可供出售的證券，我們的國債掉期為浮動，因此這顯然會對利率較高的情況產生相當大的抵消作用。然後我不確定我們是否會改變我們圍繞證券投資組合的久期概況。請記住，我們每個季度都會有很多這樣的滾動，然後隨著時間的推移，我們往往會在堆棧中預訂更多。因此，如果運氣好的話，我們將繼續看到貸款增長。這將是我們的主要關注點。

Okay. No, that's great. Very helpful. And then, Brian, I know we talked a lot about reinvestment in the franchise and the platform. I wanted to ask that question for a slightly different angle. We get -- obviously, we're all very well aware of fintech competition and what's going on, technologically speaking, that enables not only competitors in the banking space, but nonbanking space to be more active in finance.

好的。不，那太好了。很有幫助。然後，布萊恩，我知道我們談了很多關於對特許經營權和平台的再投資。我想從一個稍微不同的角度問這個問題。我們得到 - 顯然，我們都非常清楚金融科技競爭以及正在發生的事情，從技術上講，這不僅使銀行領域的競爭對手，而且使非銀行領域的競爭對手在金融領域更加活躍。

When you think about your current platform, is it at the end state that you want? Or is there more to do with regard to leveraging cloud and AI to enhance the efficiency of the organization overall? Or maybe that's not even a potential outcome of shifting the technology? Maybe there's something else I'm not thinking about?

當您考慮當前平台時，是否處於您想要的最終狀態？或者在利用雲和人工智能來提高組織的整體效率方面還有更多工作要做嗎？或者也許這甚至不是改變技術的潛在結果？也許還有其他我沒有考慮的事情？

I don't -- I think cloud -- AI is different. The cloud -- our internal cloud is what we do with external has largely do with cost flexibility, security, who -- what program -- what apps -- applications that we're running and how do we do that. But security and the ability to integrate it and ability to be never down and things like that are high on our minds. So I put that aside. The ability to continue to improve our platform is infinite. And you see it. I mean, you could have asked me this question 2 quarters ago, and you would have had -- if you look at the pages in 24 to 27, look at the statistics from 2 quarters ago. And what drives these changes is things like Erica going from 17 million users to 24 million users and 30 million interactions to 120 million fourth quarter last year to fourth quarter this year is because of the feature functionality and capabilities of it go up. Our life plans, 7 million people, I think, are using them. They have 20%, 25% more balances because of what they're doing.

我不——我認為雲——人工智能是不同的。雲——我們的內部雲就是我們對外部所做的事情，這在很大程度上與成本靈活性、安全性、誰——什麼程序——什麼應用程序——我們正在運行的應用程序以及我們如何做到這一點有關。但是安全性和整合它的能力以及永不倒下的能力以及類似的事情在我們的腦海中是很重要的。所以我把它放在一邊。繼續改進我們平台的能力是無限的。你看到了。我的意思是，你本可以在 2 個季度前問我這個問題，並且你會 - 如果你查看 24 到 27 的頁面，查看 2 個季度前的統計數據。推動這些變化的原因是 Erica 從去年第四季度的 1700 萬用戶到 2400 萬用戶和從 3000 萬次交互到今年第四季度的 1.2 億次交互，這是因為它的功能和功能都在上升。我們的人生計劃，我認為有 700 萬人正在使用它們。由於他們正在做的事情，他們的餘額增加了 20%、25%。

So we'll never be at end state. I mean that's -- and that's where we'll continue to drive investment. Digital sales capabilities. We're only starting to be able to take full advantage of it, frankly, across the platform because you had to get end to end, you had to get it all knocked together and then -- and it's kind of interesting because it's growing quickly now. So small business capabilities to whole merchant services. We finally got a new platform out of a cost of $300 million. It's now being sold. Those are major investments.

所以我們永遠不會處於最終狀態。我的意思是——這就是我們將繼續推動投資的地方。數字化銷售能力。坦率地說，我們才剛剛開始能夠在整個平台上充分利用它，因為你必須端到端，你必須把它們拼湊在一起，然後——這有點有趣，因為它正在快速增長現在。所以小企業能力到整個商家服務。我們終於從 3 億美元的成本中得到了一個新平台。現在正在出售。這些都是重大投資。

So the question is do we appeal? And but -- we open twice the population rate for young -- for people between the ages of 18 and 24 in terms of new accounts. We seem to be gaining share in that segment, and the usage by segment is high. And so we feel very good that our platforms appeal to -- obviously appeal to every cohort of age and experience, and that's what we're driving that. And then -- look at Merrill Edge, 500,000 new accounts, $70,000 average balance. Those are deep clients with real money put into work.

所以問題是我們上訴嗎？但是 - 我們為 18 至 24 歲之間的人開設的新賬戶是年輕人的兩倍。我們似乎在該細分市場中獲得了份額，並且細分市場的使用率很高。所以我們覺得我們的平台很有吸引力——顯然吸引了每一個年齡和經驗的群體，這就是我們正在推動的。然後——看看 Merrill Edge，500,000 個新賬戶，70,000 美元的平均餘額。這些是真正投入工作的深層次客戶。

And so are we satisfied? Yes, we can look at and look at all the awards and the growth and feel good -- and feel spectacularly good about it. But you can be satisfied that way, but that would be dangerous. So we continue to invest, and you can see the numbers of patents we get, we see the -- everything, we will continue to invest heavily in this platform. And what it takes us to is still ahead of us.

那麼我們滿意嗎？是的，我們可以看看所有的獎項和成長，感覺很好——而且感覺非常好。但是你可以這樣滿足，但這會很危險。所以我們繼續投資，你可以看到我們獲得的專利數量，我們看到 - 一切，我們將繼續在這個平台上大力投資。我們需要做什麼仍然擺在我們面前。

Okay. And when you think about where you are leveraging the technology in the consumer and wealth versus maybe the high net worth piece of your business versus the institutional piece, are you -- do you feel like you're running a pace at each of those? Or is there more -- significantly more due in one of the sleeves?

好的。當您考慮在消費者和財富方面利用技術與高淨值業務與機構方面的關係時，您是否覺得自己在每一個方面都在加快步伐？或者是否還有更多——其中一個袖子應得的更多？

I think the investment in the commercial cash management side is just as we continue to drive global business, continues to be high. And I'd say Faiz Ahmad and the team there continue to challenge themselves to how much more we could do with the investment. We've invested in merchants, now we've got to sell it. And Mark, Monica and the team are driving that.

我認為在商業現金管理方面的投資就像我們繼續推動全球業務一樣，繼續保持高位。我想說 Faiz Ahmad 和那裡的團隊繼續挑戰自己，我們可以用投資做多少。我們投資了商人，現在我們必須賣掉它。馬克、莫妮卡和團隊正在推動這一點。

And so there's I think there's a different -- again, this is a group of businesses that have commonalities and differences, and the investment in markets, technologies and stuff is critically important. But we built the data capabilities, I think, called courts over the years at $1.5 billion cost that enables us to build on that platform for risk and finance in markets. And then now we're continuing to enhance that.

所以我認為這是一個不同的地方——同樣，這是一組有共同點和不同點的企業，對市場、技術和東西的投資至關重要。但我認為，多年來，我們以 15 億美元的成本建立了數據能力，使我們能夠在該平台上建立市場風險和融資平台。然後現在我們正在繼續增強它。

So I'd say each one is a different story. But all will be better and all -- we're investing heavily, and we make choices about -- the biggest constraint is doability, how much stuff can you get done. It's not the money. It's really a question, you got to make sure you do it right and don't screw it up in, and that it's going to really stick to the ribs when you start driving.

所以我想說每個都是不同的故事。但一切都會變得更好——我們正在大力投資，我們做出選擇——最大的限制是可行性，你能完成多少事情。不是錢。這真的是一個問題，你必須確保你做對了，不要把它搞砸了，當你開始開車時，它會真正粘在肋骨上。

We'll go now to Steven Chubak with Wolfe Research.

我們現在將與 Wolfe Research 聯繫 Steven Chubak。

So I wanted to start off with just a clarifying question on some of the ESG investments. I know you provided the guidance on the tax rate of 10% to 12%, which includes that benefit from those investments. Versus 2021, is there any incremental drag to other income that we should be thinking about as the pace of those investments steadily builds?

因此，我想從一個關於 ESG 投資的澄清問題開始。我知道您提供了 10% 至 12% 稅率的指導，其中包括從這些投資中獲得的收益。與 2021 年相比，隨著這些投資的步伐穩步加快，我們應該考慮的其他收入是否會增加拖累？

Yes. So Steven, I think we're continuing to do more with our clients in terms of the ESG side. So I think when you're modeling, I'd use, say, $400 million to $500 million for Q1 to Q3, and then I'd use just a few hundred million higher for Q4.

是的。所以史蒂文，我認為我們將繼續在 ESG 方面與我們的客戶做更多的事情。所以我認為當你在建模時，我會在第一季度到第三季度使用 4 億到 5 億美元，然後我會在第四季度使用幾億美元。

Great. And just a question on -- a follow-up on capital. I was hoping you could just provide some early insights or perspective into how you're handicapping the impact of Basel IV adoption in the U.S. How you think you're positioned relative to peers given lots of significant changes to the regime, some positive, but also quite a few negative.

偉大的。只是一個問題——關於資本的後續行動。我希望你能提供一些早期的見解或觀點，說明你是如何阻礙美國採用巴塞爾協議 IV 的影響的負面的也不少。

Like any other regulatory change, when it comes, we'll deal with it. But these things have impacts, like you said, plus and minus, and life will go on. It may cause the staff to adjust a little here and there, but we still have optimization ahead of -- the optimization ahead of us in the balance sheet that we can continue to work. But when they develop a real set -- when the set rules get developed and put in front of us and become final, we'll implement them. But my guess is it won't be anything that we -- it won't be as dramatic as going from $60 billion of required capital to $175 billion in tangible common equity over the last decade, believe me.

像任何其他監管變化一樣，當它發生時，我們會處理它。但是這些事情都會產生影響，就像你說的，正負，生活還會繼續。它可能會導致員工在這里和那裡進行一些調整，但我們仍然有優化 - 資產負債表中的優化我們可以繼續工作。但是當他們開發出一套真正的規則時——當設定的規則得到開發並擺在我們面前並成為最終規則時，我們將實施它們。但我的猜測是，它不會是我們的任何東西——它不會像過去十年從 600 億美元的所需資本到 1750 億美元的有形普通股那樣引人注目，相信我。

Fair enough. And if I could just squeeze in one more follow-up. Just a clarifying question on the NII guidance. Just to help with benchmarking versus peers, they've all guided on '22 NII based on the forward curve. I was hoping you could provide just more explicit guidance for full year '22 NII if, in fact, the forward curve materializes.

很公平。如果我可以再進行一次後續行動。只是一個關於 NII 指南的澄清問題。只是為了幫助與同行進行基準測試，他們都根據前向曲線指導了 '22 NII。如果事實上遠期曲線實現，我希望你能為 22 年全年 NII 提供更明確的指導。

Yes. So look, one of the reasons we don't provide full year is because we don't control what the Fed does in terms of number of hikes nor the size of each nor the timing. And those things we can control like expenses, we're quite comfortable with. So I think beyond any guidance we've given today, Steven, I would just follow up with Lee probably.

是的。所以看，我們不提供全年的原因之一是因為我們無法控制美聯儲在加息次數、每次加息的規模和時間方面所做的事情。而那些我們可以控制的東西，比如開支，我們很舒服。所以我認為除了我們今天給出的任何指導，史蒂文，我可能會跟進李。

We'll take our final question today from Gerard Cassidy with RBC. .

今天我們將向 RBC 的 Gerard Cassidy 提出最後一個問題。 .

Brian, can you share with us your thoughts, you guys have committed to, I think, it's $1.5 trillion in sustainable finance commitments out to 2030. And I'm not asking so much on the climate change and that type of risk. I think we all understand that. But can you share with us what the financial risk is? When you think about your credit card receivable delinquencies. Obviously, the unemployment rate, with double or triple those delinquencies, obviously, would go up. So we could kind of measure where we think delinquencies could go based on economic activity. But what should we be looking at when it comes to sustainable finance, just some of the risks that we need to be aware about there. Again, not the climate part. I'm thinking more the financial part. .

布賴恩，你能和我們分享你的想法嗎，你們已經承諾，我認為，到 2030 年的可持續金融承諾將達到 1.5 萬億美元。我對氣候變化和這類風險的要求並不高。我想我們都明白這一點。但是你能和我們分享一下金融風險是什麼嗎？當您考慮您的信用卡應收賬款拖欠時。顯然，如果拖欠人數增加一倍或三倍，失業率顯然會上升。因此，我們可以根據經濟活動來衡量我們認為拖欠的情況。但是，當談到可持續金融時，我們應該注意什麼，只是我們需要注意的一些風險。同樣，不是氣候部分。我想更多的是財務部分。 .

Well, at the end of the day, these are companies and projects that have to be underwritten. And so some of them don't go well. Some of the renewable things don't work the way people want them to. So it's a good -- and you got Bruce Thompson, the team in credit, and Jeff Green and the team at risk. I think our track record of underwriting credit is strong. And so there's a business plan and our investments are to help our clients make the transition. We already invest $80 billion to $100 billion, and this is a step-up from that as we move forward into 2021, it's a step-up.

好吧，歸根結底，這些都是必須承保的公司和項目。所以他們中的一些人並不順利。一些可再生的東西並不像人們希望的那樣工作。所以這是一件好事——你得到了布魯斯湯普森，球隊的榮譽，傑夫格林和球隊處於危險之中。我認為我們在承銷信貸方面的記錄很好。所以有一個商業計劃，我們的投資是為了幫助我們的客戶進行過渡。我們已經投資了 800 億到 1000 億美元，隨著我們邁向 2021 年，這是一個進步，這是一個進步。

So it's not some, we've got to go out and do things we haven't been doing. We have to just do more of what we've been doing. Each individual deal is underwritten. So what's the risk? The risk on the renewable side doesn't work and the risk on the other side is the value of assets comes down because the cash flows start to get impaired by regulation, customer change and things like that.

所以這不是一些，我們必須出去做我們沒有做過的事情。我們必須做更多我們一直在做的事情。每筆交易都有承保。那麼有什麼風險呢？可再生能源方面的風險不起作用，另一方面的風險是資產價值下降，因為現金流開始受到監管、客戶變化等因素的影響。

And so as we go forward, an additional consideration of the business plan of a heavily emitting industry, will be will its business model sustain in change in customer behavior and use of things. In the near term, demand for all energy is going up. And the challenge for society is how we meet the needs to have a just transition occur for everyone while changing the emission structure. But over time, business plans of both the emitter side and the renewable side will come cleaner based on customer behavior. People like ourselves, reducing our demand for energy, it impacts our power companies and how they supply and our demands of our power companies do more renewables, and that's going to reverberate to our 30,000 middle market clients and our millions of small businesses piece by piece by piece.

因此，在我們前進的過程中，對高排放行業的商業計劃的額外考慮將是其商業模式能否在客戶行為和使用事物的變化中保持不變。在短期內，對所有能源的需求都在上升。社會面臨的挑戰是我們如何滿足在改變排放結構的同時為每個人實現公正過渡的需求。但隨著時間的推移，排放方和可再生能源方的商業計劃將根據客戶行為變得更加清晰。像我們這樣的人，減少了我們對能源的需求，它影響了我們的電力公司以及它們的供應方式，我們對電力公司的需求增加了可再生能源，這將對我們的 30,000 個中間市場客戶和我們數以百萬計的小企業產生影響一塊一塊的。

So I don't know if that's entirely where you're going, you are, but it's going to come down to good core underwriting given the circumstances of the individual company, its business and its plans and what its transition plans are and the disclosures they make to us, the underwriting process. But we've done a great job in commercial underwriting. You'd have to agree with that, over the decade. So I think we'll adjust each deal in each quarter, each deal in each company and each portfolio as we move along.

所以我不知道這是否完全是你要去的地方，你是，但考慮到個別公司的情況、業務和計劃，以及它的過渡計劃和披露情況，這將歸結為良好的核心承保他們向我們提供承保流程。但我們在商業承保方面做得很好。十年來，你必須同意這一點。因此，我認為我們將在每個季度調整每筆交易、每家公司的每筆交易和每筆投資組合。

No, no, that is helpful. And you have done a good job with the underwriting, absolutely. The follow-up question, Brian, you've expanded into some new markets. I think you mentioned on the call today, maybe Columbus, Ohio, if I recall, was a relatively new market, and Minneapolis, Minnesota. Are there other markets that you intend to expand into like you've done in those 2 markets? Or are you all set, you're satisfied with the expansion physically into new areas of the country?

不，不，這很有幫助。而且你在承保方面做得很好，絕對。接下來的問題，布賴恩，你已經擴展到一些新市場。我想你今天在電話會議上提到，如果我記得的話，俄亥俄州的哥倫布市可能是一個相對較新的市場，而明尼蘇達州的明尼阿波利斯市。您是否打算像在這兩個市場中所做的那樣擴展到其他市場？或者你們都準備好了，您對向該國新地區的實際擴張感到滿意嗎？

Yes. So a couple of things. One, to why we expand these markets, we first -- this is a prioritization. We first looked at the largest markets that we weren't and said, why aren't we there? Because we're a nationwide brand and capabilities. And by the way, in a lot of those markets, we had wealth management clients. So we started in '14, it's been a long effort. So we did Denver starting in '14 and Minneapolis, Indianapolis, Pittsburgh, Salt Lake, Columbus, Cincinnati, Cleveland, Lexington. So there's a list of other markets that we continue to go down, largely starting -- originally, the key was to close the top 30 markets, which we weren't in 7, if I remember right, we are at the time, and we're now in all those.

是的。所以有幾件事。一，為什麼我們要擴大這些市場，我們首先 - 這是一個優先事項。我們首先查看了我們不存在的最大市場，然後說，為什麼我們不存在？因為我們是一個全國性的品牌和能力。順便說一句，在很多這些市場中，我們都有財富管理客戶。所以我們從 14 年開始，這是一項長期的努力。所以我們從 14 年開始做了丹佛和明尼阿波利斯、印第安納波利斯、匹茲堡、鹽湖城、哥倫布、辛辛那提、克利夫蘭、列剋星敦。所以有一個我們繼續下降的其他市場的列表，主要是開始 - 最初，關鍵是關閉前 30 個市場，我們不在 7 個，如果我沒記錯的話，我們當時是，並且我們現在在所有這些。

So there's really -- think of the next several years as being -- going down to the top 50 markets, which starts to cover a substantial part of the population where you aren't. But also even within those markets, take Grand Rapids, Michigan, we're not to the level we want to be there. And by the way, in a place like Columbus, we're now #5 in the market. We grew at 9%. We only have 12 financial centers, in state, will be another 8, 10 type of number. And so we're still building out in these markets, and it's working. I mean, it works because of the way we do it.

所以真的 - 想想未來幾年 - 進入前 50 個市場，它開始覆蓋你不在的大部分人口。但即使在這些市場中，以密歇根州的大急流城為例，我們也沒有達到我們想要的水平。順便說一句，在哥倫布這樣的地方，我們現在在市場上排名第五。我們增長了 9%。我們只有12個金融中心，在州內，還會有另外8、10個類型的號碼。因此，我們仍在這些市場中進行建設，並且正在發揮作用。我的意思是，它之所以有效，是因為我們這樣做的方式。

So that will all be moved, but expect us to keep working down by population, markets. But think about 2 dimensions. One is more markets. And the second is also making sure every market -- what we do is we look at the -- we look at like markets and compare them, same size, capabilities. And we expect every market will get to the 75th percentile of Bank of America business comparative. So why is that -- so that means like even in Los Angeles, we're at 4% or 5% wealth management share, if I remember right, versus D.C., where we have equal representation in consumer. D.C., we're 15%, 20% market share in wealth management. That means we should be 15% in L.A. That's a heck of a lot of work that Andy and Katy and team have to do.

所以這一切都會被轉移，但預計我們會繼續按人口和市場工作。但想想二維。一是更多的市場。第二個也是確保每個市場——我們所做的就是觀察——我們觀察相似的市場並比較它們，同樣的規模和能力。我們預計每個市場都將達到美國銀行業務比較的第 75 個百分位。那麼為什麼會這樣 - 這意味著即使在洛杉磯，如果我沒記錯的話，我們的財富管理份額也只有 4% 或 5%，而在華盛頓，我們在消費者中的代表權是平等的。華盛頓特區，我們在財富管理領域的市場份額分別為 15% 和 20%。這意味著我們應該在洛杉磯佔 15%。這對安迪、凱蒂和團隊來說是一大堆工作。

So we look at this that way in terms of trying to drive our market share by market. Sometimes it's people, sometimes it's branches, sometimes it's advertising, sometimes it's charitable work, sometimes community work, all of the above. But think of it as trying to close out most of the U.S. population centers over the next several years.

因此，我們從試圖按市場推動我們的市場份額的角度來看待這個問題。有時是人，有時是分支機構，有時是廣告，有時是慈善工作，有時是社區工作，以上所有。但可以把它想像成在未來幾年內試圖關閉大部分美國人口中心。

Okay. I think that's all our questions, operator. So let me just close by saying, as I said earlier, the #1 point to remember is the organic growth engine that we had before the pandemic is fully back in gear and driving. We've had good expense discipline. We continue -- we're now up to 2 quarters of operating leverage, and we're working towards driving our streak again.

好的。我想這就是我們所有的問題，接線員。因此，讓我最後說，正如我之前所說，要記住的第一點是我們在大流行完全恢復運轉之前擁有的有機增長引擎。我們有良好的開支紀律。我們繼續——我們現在有兩個季度的經營槓桿，我們正在努力再次推動我們的連勝。

The client activity across the board was strong. Loan growth, deposit growth, net new households of wealth management, commercial, GTS fees, capital markets activity, investment banking activity. And so those investments across the last several years continue to drive our strong growth in core market share. And in the end of the day, last year was a record year of earnings, and we returned $32 billion of capital to our shareholders.

客戶活動全面活躍。貸款增長、存款增長、財富管理淨新家庭、商業、GTS 費用、資本市場活動、投資銀行活動。因此，過去幾年的這些投資繼續推動我們核心市場份額的強勁增長。歸根結底，去年是創紀錄的收益年，我們向股東返還了 320 億美元的資本。

Thank you for your support, and we look forward to talking to you next time.

感謝您的支持，我們期待下次與您交談。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，度過美好的一天。