美國銀行 (BAC) 2020 Q3 法說會逐字稿

Good day, and welcome to the Bank of America third quarter earnings announcement.

美好的一天，歡迎來到美國銀行第三季財報。

(Operator Instructions) Please be advised today's program may be recorded.

（操作員說明）請注意，今天的節目可能會被錄製。

It is now my pleasure to turn the program over to your host, Lee McEntire.

現在我很高興將節目交給主持人 Lee McEntire。

Good morning.

早安.

Welcome, and thank you for joining the call to review the third quarter results.

歡迎並感謝您參加審查第三季業績的電話會議。

I trust everybody's had a chance to review our earnings release documents.

我相信每個人都有機會查看我們的收益發布文件。

As usual, they're available, including the earnings presentation that we'll be referring to during the call, on the Investor Relations section of the bankofamerica.com website.

與往常一樣，這些資訊（包括我們將在電話會議期間提及的收益報告）可在bankofamerica.com 網站的投資者關係部分找到。

I'm going to first turn the call over to the CEO, Brian Moynihan, for some opening comments; and then ask Paul Donofrio, our CFO, to cover some other elements.

我將首先將電話轉給執行長布萊恩·莫伊尼漢 (Brian Moynihan)，請他發表一些開場評論；然後請我們的財務長 Paul Donofrio 介紹一些其他內容。

Before I turn the call over to Brian and Paul, let me just remind you we may make forward-looking statements and refer to non-GAAP financial measures during the call just regarding various elements of our financials.

在我將電話轉給布萊恩和保羅之前，請允許我提醒您，我們可能會做出前瞻性陳述，並在電話會議期間僅就我們財務的各個要素參考非公認會計準則財務指標。

Our forward-looking statements are based on management's current expectations and assumptions, and they're subject to risks and uncertainties, particularly as we continue to operate in this pandemic period.

我們的前瞻性陳述是基於管理層目前的預期和假設，並受到風險和不確定性的影響，特別是當我們在疫情期間繼續運作時。

Factors that may cause those results to materially differ from expectations are detailed in our earnings materials and the SEC filings that are available on the website.

我們的獲利資料和網站上提供的 SEC 文件中詳細介紹了可能導致這些結果與預期有重大差異的因素。

Information about our non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in our earnings materials available on the website.

有關我們的非公認會計原則財務指標的信息，包括與美國公認會計原則的調節，也可以在我們網站上提供的收益材料中找到。

So with that, take it away, Brian.

所以，把它拿走，布萊恩。

Thank you, Lee, and thank all of you for joining.

謝謝你，李，也謝謝大家的加入。

And I hope all of you are staying safe.

我希望你們所有人都保持安全。

We're going to begin on Slide 2. And today, before Paul takes you through the detail on the financials, I thought I'd give you some thoughts on the first 3 quarters of 2020 and how we're driving for you here at Bank of America.

我們將從投影片 2 開始。

As an opening comment, the economy and the markets this year have been defined more by -- than anything else by the impact of the global health care crisis.

首先，今年的經濟和市場更多是由全球醫療保健危機的影響來定義的。

This has created a sinuous path for the recovery.

這為復甦創造了一條蜿蜒的道路。

As we have said early on here at Bank of America and what our data continues to suggest, is that we are seeing a return to the fundamentals of a generally sound underlying economy, but we won't get there until we fully address the health care crisis and its associated effects.

正如我們早些時候在美國銀行所說的以及我們的數據繼續表明的那樣，我們正在看到基本面健康的經濟基本面的回歸，但在我們完全解決醫療保健問題之前，我們不會實現這一目標。

These effects have been lessened by the monetary and fiscal policies and by the core health of the U.S. consumer given those policies.

貨幣和財政政策以及美國消費者的核心健康狀況已經減輕了這些影響。

There are 3 key themes that I'd like to comment on.

我想對 3 個關鍵主題發表評論。

One is the economy generally, what we see in our data and the impact of the projected path on the economy's earnings and -- the company's earnings and prospects going forward.

一是總體經濟，我們在數據中看到的以及預測路徑對經濟獲利以及公司獲利和未來前景的影響。

The second is how do we continue to think about and manage the risk resulting from the economic downturn and the subsequent beginnings of the recovery.

第二個問題是我們如何持續思考和管理經濟衰退和隨後復甦開始帶來的風險。

And the third is how we are making progress, given all that backdrop, on our core strategies.

第三是在這樣的背景下，我們如何在我們的核心策略上取得進展。

Before I touch on these items, just a brief summary of the quarter.

在討論這些項目之前，先對本季進行簡要總結。

Overall, a solid performance given the operating backdrop we face.

總體而言，考慮到我們面臨的營運背景，表現穩健。

We earned around $5 billion after tax or $0.51 per share.

我們的稅後獲利約為 50 億美元，即每股獲利 0.51 美元。

We ended the quarter with a capital ratio of 11.9% versus 9.5% minimum.

本季結束時，我們的資本比率為 11.9%，而最低資本比率為 9.5%。

For the third period of this pandemic, we've earned more than twice our dividends, attesting to the strong balance sheet security of this company.

在這場大流行的第三個時期，我們獲得了兩倍以上的股息，證明了該公司強大的資產負債表安全性。

The operating environment continues to require more operational excellence than ever before.

營運環境比以往任何時候都更需要卓越的營運。

It requires delivery of immediate technology capabilities across our franchise from our group of talented teammates.

它需要我們才華橫溢的團隊成員在我們的特許經營範圍內提供即時的技術能力。

It also has to deliver a customer experience that can be redefined on a daily basis.

它還必須提供可以每天重新定義的客戶體驗。

It also has to meet customer demands which ebb and flow given the daily events.

它還必須滿足因日常事件而變化的客戶需求。

It requires -- it has required extra cost to do the right thing to protect our teammates, our clients and our franchise, all while processing higher transaction levels and dealing with the volatility and the high volumes that come from it.

它需要額外的成本來做正確的事情來保護我們的隊友、我們的客戶和我們的特許經營權，同時處理更高的交易水平並處理由此產生的波動性和高交易量。

It required operose work on delivery on a day-to-day basis.

它需要每天進行交付工作。

This results in an expense that remains elevated this quarter as expenses from COVID.

這導致本季因新冠肺炎而產生的費用仍然居高不下。

However, our disciplined expense management remains well intact.

然而，我們嚴格的費用管理仍然完好無損。

We have turned the corner on these COVID costs, and as we see forward in the fourth quarter, we see the costs coming back down the company.

我們已經扭轉了這些新冠疫情成本的局面，正如我們在第四季度所看到的那樣，我們看到這些成本將在公司身上回落。

That is evidenced by the drop this quarter of 3,000 in our head count on a quarter-to-quarter basis, and Paul will talk more about the path going forward in a minute.

本季我們的員工人數按季減少 3,000 人就證明了這一點，保羅稍後將詳細討論未來的發展方向。

So let's start with the economy and its impact on our company.

讓我們從經濟及其對我們公司的影響開始。

We saw another partial restoration in the U.S. economy.

我們看到美國經濟再次部分復甦。

We saw that in our outside data, and we saw it in the large base of spending of our customers.

我們在外部資料中看到了這一點，在客戶的龐大消費基礎中也看到了這一點。

As you think through the quarters, in the first quarter, our customer spending was impacted as we hit March after a strong start to the year.

當你回顧各個季度時，在第一季度，我們的客戶支出受到了影響，因為我們在今年的強勁開局後進入了三月。

However, for the quarter, our customers still spent more than they did in the first quarter of '19.

然而，在本季度，我們的客戶的支出仍然高於 19 年第一季。

The second quarter saw the worst of the crisis in terms of spending.

就支出而言，第二季是危機中最嚴重的季度。

It was a 30% drop in GDP, and the spending fell deeply in April but started to recover as stimulus, PPP and other monetary policy kicked in, in May and June and also, the reopenings began.

GDP 下降了 30%，4 月支出大幅下降，但隨著 5 月和 6 月經濟刺激、PPP 和其他貨幣政策的啟動以及經濟重新開放的開始，支出開始復甦。

In the third quarter, we've seen a full restoration of spending by Bank of America customers when compared to last year.

與去年相比，第三季我們看到美國銀行客戶的支出全面恢復。

Overall, the customer payment levels in September 2020 were larger than September 2019.

整體而言，2020 年 9 月的客戶付款水準高於 2019 年 9 月。

Year-to-date, across $2.3 trillion in spending at Bank of America, customers have spent more than they did last year.

今年迄今為止，美國銀行的支出達 2.3 兆美元，客戶支出比去年更多。

You could see that in Slide 26 in the appendix.

您可以在附錄的第 26 張投影片中看到這一點。

This has occurred even as some of the summer 2020 stimulus programs have run their course.

即使 2020 年夏季的一些刺激計劃已經結束，這種情況仍然發生。

Our own Bank of America economic experts predicted sharp rebound in third quarter GDP of around 30%.

我們自己的美國銀行經濟專家預測第三季GDP將大幅反彈約30%。

So simply put, we're back to 90% plus where we were in terms of GDP size.

簡而言之，就 GDP 規模而言，我們已回到原來水準的 90% 以上。

So what are we seeing as we turned in October?

那麼進入十月我們會看到什麼呢？

The spending by our consumers is still solid, about 10% ahead of last year.

我們消費者的支出依然強勁，比去年增長了約 10%。

Deposits remained elevated and continued to grow in Consumer Banking and global Wealth Management.

消費銀行和全球財富管理領域的存款保持在高水準並持續成長。

In Global Banking, deposits are flattish as customers continue to make choices about the liquidity.

在全球銀行業，由於客戶繼續對流動性做出選擇，存款持平。

We are seeing loan demand stabilize.

我們看到貸款需求趨於穩定。

And it may -- we may have seen a trough in September.

我們可能會在九月看到一個低谷。

In commercial, utilization rates have come down below pre-pandemic levels last year.

在商業領域，去年的利用率已低於疫情前的水準。

As the economy continues to grind forward, we believe we will see some demand recover over the next few quarters.

隨著經濟持續向前發展，我們相信未來幾季需求將會復甦。

In consumer lending, card balances appear to be stabilized, and credit spending continues to grow.

在消費貸款方面，卡片餘額似乎趨於穩定，信貸支出持續成長。

And we are growing at new accounts in our consumer card businesses.

我們的消費卡業務新帳戶數量正在不斷增長。

New accounts are growing in our auto lending business, and our mortgage business is stable.

汽車貸款業務新開戶不斷成長，抵押貸款業務穩定。

So this view of loan demand and more stability of balances, the ability to redeploy some of the cash balances, given the now lengthier stability of customer deposits, leads us to believe that the third quarter was a trough quarter for NII.

因此，考慮到客戶存款現在的穩定性更長，這種對貸款需求和餘額穩定性的看法，以及重新部署部分現金餘額的能力，使我們相信第三季度是國家資訊基礎設施的低谷季度。

And Paul will cover more of that later.

保羅稍後會介紹更多內容。

The second topic I want to touch about is, going to Slide 3, on the risks.

我想談的第二個主題是投影片 3，關於風險。

We continue to remain focused on all the risks, whether market and trading risk, credit, operational, reputational risks, given the incredible volumes and unusual working conditions that we're all in.

考慮到我們所處的令人難以置信的交易量和不尋常的工作條件，我們將繼續關注所有風險，無論是市場和交易風險、信用、營運、聲譽風險。

Going back to first quarter volatility, the concern was obviously market risk.

回到第一季的波動，人們的擔憂顯然是市場風險。

We've handled this market risk well.

我們很好地處理了這個市場風險。

And again, for this quarter, the team made trading profits on every single day.

同樣，在本季度，該團隊每天都實現了交易利潤。

Our capital levels and liquidity are historically high levels, as I stated before, and liquidity stands at over $860 billion.

正如我之前所說，我們的資本水準和流動性處於歷史高位，流動性超過 8,600 億美元。

Credit risk is the current focus in this quarter, and you can see the highlights of that on Slide 3. Charge-offs declined for the quarter.

信用風險是本季目前的焦點，您可以在投影片 3 中看到其中的亮點。

Reserve build this quarter was on the commercial side.

本季的儲備建設是在商業方面。

Mostly, that's due to the specified industries that are facing -- still not being fully opened and the length of time it may be until they reopen; consumer card release reserves, for example.

這主要是由於特定產業面臨的問題——仍未完全開放以及重新開放所需的時間；例如，消費者卡發行儲備。

We believe we are staying ahead of the commercial risk by aggressively reviewing our portfolios.

我們相信，透過積極審查我們的投資組合，我們能夠領先於商業風險。

Over the last 2 quarters, in each quarter, we've done a 100% review of all the middle market and Business Banking portfolios to ensure we have strong internal ratings integrity and focus on the ability to pay as well as just having liquidity.

在過去 2 個季度中，我們每季都對所有中間市場和商業銀行投資組合進行 100% 審查，以確保我們擁有強大的內部評級完整性，並專注於支付能力以及流動性。

You can see an increase in the criticized exposure that comes with those reviews and re-ratings, but there's more focus on it on the certain industries, and Paul will touch on that.

你可以看到這些評論和重新評級帶來的批評曝光增加，但更多的注意力集中在某些行業，保羅將談到這一點。

In the first couple of weeks, we've seen the criticized assets come back down as some of those clients refinance.

在最初的幾週內，我們看到隨著其中一些客戶進行再融資，受到批評的資產有所回落。

Meanwhile, overall nonperforming loans remained around $4.5 billion, with commercial basically flat to the last quarter and consumer growing around $200 million.

同時，不良貸款總額仍維持在 45 億美元左右，其中商業貸款與上季基本持平，消費貸款成長約 2 億美元。

Overall, the balance of nonperforming loans remains at a modest 48 basis points of the loans.

總體而言，不良貸款餘額仍維持在貸款的 48 個基點的適度水準。

This is a testimony to the decade of responsible growth this company is engaged in.

這是該公司十年來負責任成長的見證。

Importantly, the deferrals story which we talked about the last couple of quarters is largely over.

重要的是，我們過去幾季討論的延期故事已經基本結束。

We only have 100,000 customers remaining on deferral at the end of September.

到 9 月底，我們只剩下 10 萬名客戶處於延期狀態。

Of the $9 billion in total consumer balances that remain on deferral, $7.5 billion are mortgage loans.

在仍延期償還的 90 億美元消費者餘額中，有 75 億美元是抵押貸款。

Those are well secured and low loan-to-value and among other -- many other positive attributes, including 25% to 30% of them are in the Wealth Management business.

這些貸款有良好的擔保、較低的貸款價值比以及許多其他積極的屬性，其中 25% 至 30% 屬於財富管理業務。

All are accounted for in our reserves based on the expected losses that might come.

所有這些都根據可能發生的預期損失計入我們的儲備金。

Interesting, both card delinquencies and mortgage delinquencies are down in terms of dollar amount and percent year-over-year.

有趣的是，信用卡拖欠和抵押貸款拖欠的金額和百分比均比去年同期下降。

Having said all this around credit, we don't expect to see a meaningful increase in net charge-offs until mid next year.

說了這麼多關於信貸的內容後，我們預計直到明年年中淨沖銷才會出現有意義的成長。

And we expect that the reserve builds are behind us, which means the P&L impact of those losses should be in our financials already.

我們預期準備金的增加已經過去，這意味著這些損失的損益影響應該已經反映在我們的財務上。

So then the question becomes -- after managing the risk is have we been investing in the company at the same time, and that you can see as you move to Slide 4. Through our continued investments in technology, we continue to improve our platforms across the board, drive operational excellence and invest in the future, all while growing core customer client households throughout the quarter.

那麼問題就變成了——在管理風險之後，我們是否同時對公司進行了投資，您可以在幻燈片 4 中看到這一點。董事會，推動卓越營運並投資未來，同時在整個季度增加核心客戶家庭。

In our commercial businesses, we're now actively prospect again, having done the reviews I spoke about early, fully assessing the credit quality of existing clients and then focusing our production work on the prospects we know we can get around the country.

在我們的商業業務中，我們現在再次積極地尋找潛在客戶，完成了我之前提到的審查，充分評估了現有客戶的信用質量，然後將我們的生產工作集中在我們知道可以在全國範圍內獲得的潛在客戶上。

In our consumer business, we continue to grow net core checking households by about 900,000 year-over-year and $100 billion plus in checking balances.

在我們的消費者業務中，我們的核心支票家庭淨額繼續同比增長約 90 萬戶，支票餘額超過 1000 億美元。

We saw strong growth in Merrill Edge in our consumer customer investment platform by $40 billion in assets year-over-year.

我們看到消費者客戶投資平台 Merrill Edge 的資產年增 400 億美元。

We've seen depth in penetration on digital engagement across the whole consumer business.

我們已經看到數位參與在整個消費者業務中的深度滲透。

In our Wealth Management business, even as we -- our advisers work from home, our private bankers and wealth -- and financial advisers grew households again this quarter.

在我們的財富管理業務中，即使我們的顧問在家工作，我們的私人銀行家和財富以及財務顧問本季度再次增加了家庭數量。

In fact, we reached a record new client balances of $3 trillion.

事實上，我們的新客戶餘額達到了創紀錄的 3 兆美元。

We also continue our investments in our market expansion during the third -- market expansion during the crisis.

我們也在第三次危機期間繼續對市場擴張進行投資。

We added 13 new financial centers in the quarter and continue to offset that number with closures that were preplanned before the pandemic.

我們在本季新增了 13 個金融中心，並繼續透過疫情前預先計劃的關閉來抵消這一數字。

But the area we continue to change the company is in the digital capabilities, not only in consumer but across the board in every business.

但我們繼續改變公司的領域是數位化能力，不僅是在消費者領域，而且是在每個業務領域。

This digital enablement is a trifecta of better customer engagement and client delight, deeper penetration of products and services and operating efficiency and with the rollout of a new industry feature, like this week's Life Plan announcement, where we now have 500,000 customers who have already filled out a Life Plan financial plan over the last couple of weeks.

這種數位化支援是三重奏：更好的客戶參與度和客戶滿意度、產品和服務的更深層次滲透以及營運效率，以及新行業功能的推出，例如本週發布的Life Plan，我們現在有500,000 名客戶已經滿足了在過去幾週內制定了人生計劃財務計劃。

You can see these digital engagement highlights on Slide 4. This quarter, we had 2.3 billion in total digital log-ins in our consumer business.

您可以在投影片 4 上看到這些數字參與亮點。

Erica is up to 16 million users.

Erica 的用戶多達 1,600 萬。

Zelle is at 12 million users.

Zelle 擁有 1,200 萬用戶。

Importantly, you see at the bottom of the list the digital engagement of our Wealth Management customers.

重要的是，您可以在清單底部看到我們財富管理客戶的數位參與。

Through that digital platform, Merrill Lynch and the Private Bank are again proving that we're high touch and high tech.

透過這個數位平台，美林和私人銀行再次證明我們的高接觸性和高科技。

This ranges from how we provide advice and personal research to how these -- our clients have interacted with us to do things like just deposit checks.

這包括我們如何提供建議和個人研究，以及我們的客戶如何與我們互動以完成諸如存入支票之類的事情。

And that was up dramatically over the quarter as our advisers and clients embraced our new digital capabilities.

隨著我們的顧問和客戶接受我們新的數位功能，這一數字在本季急劇上升。

In the middle of the page, you see the statistics for our commercial business, for our products called CashPro and CashPro Mobile.

在頁面中間，您可以看到我們的商業業務、名為 CashPro 和 CashPro Mobile 的產品的統計資料。

This makes our clients' lives easier and saves them operating costs.

這使我們客戶的生活更加輕鬆，並節省了營運成本。

And here we -- in the CashPro area, we've rolled out a bunch of new features and user interfaces and capabilities last week to allow companies and company treasurers to better manage their money around the world in all kinds of currencies and all kinds of environments.

在 CashPro 領域，我們上週推出了一系列新功能、使用者介面和功能，使公司和公司財務主管能夠更好地管理全球各種貨幣和各種貨幣的資金。

So in summary, $5 billion in after-tax earnings and a solid quarter, progress on the economic recovery, progress on the risk but most importantly, underlying that business, strong growth in the business side and the customer side of the business, which is what we do.

總而言之，稅後收益達到 50 億美元，季度業績穩健，經濟復甦取得進展，風險取得進展，但最重要的是，該業務的基礎是業務方面和客戶方面的強勁增長，這是我們做什麼。

And we'll continue to do it in perpetuity.

我們將永遠繼續這樣做。

With that, let me turn it over to Paul.

那麼，讓我把它交給保羅。

Thanks, Brian.

謝謝，布萊恩。

I'm starting on Slide 5 and 6 together.

我將從幻燈片 5 和 6 一起開始。

In most periods, my earnings remarks are focused on year-over-year comparisons, but this quarter, many of my comments will be directed towards comparisons against Q2 '20 as most investors we speak with are more interested in our progress quarter-over-quarter as we work sequentially through the health crisis and given COVID has made year-over-year comparisons less relevant.

在大多數時期，我的獲利評論都集中在同比比較上，但本季度，我的許多評論將針對與20 年第二季度的比較，因為與我們交談的大多數投資者對我們的季度同比進展更有興趣。

Q3 net income of 9 point -- excuse me, of $4.9 billion or $0.51 per share compares to $3.5 billion or $0.37 in Q2.

第三季淨利為 9 個百分點——對不起，為 49 億美元或每股 0.51 美元，而第二季為 35 億美元或每股 0.37 美元。

The earnings improvement was driven by lower provision expense as we modestly added to the reserves for credit losses in Q3 compared to the more significant increase in reserves in Q2.

獲利改善是由於撥備費用降低所致，因為與第二季準備金增加幅度更大相比，我們在第三季適度增加了信貸損失準備金。

Versus Q2, the lower provision expense was mostly offset by lower NII and higher cost of litigation and costs of the COVID environment.

與第二季相比，較低的撥備費用大部分被較低的NII以及較高的訴訟成本和新冠環境成本所抵銷。

Lower rates and loan balances caused NII compression, which I will discuss in a moment.

較低的利率和貸款餘額導致NII壓縮，我稍後將討論這一點。

The linked-quarter decline in noninterest income was driven by the more robust trading and IB environment in Q2 as well as a $700 million gain on the sale of mortgages recorded in Q2.

非利息收入環比下降的原因是第二季更強勁的交易和 IB 環境以及第二季記錄的抵押貸款銷售收益 7 億美元。

While down linked quarter, fees from capital markets in both market-making and investment banking were solidly up year-over-year.

儘管季度環比下降，但資本市場的做市費和投資銀行費均較去年同期大幅上漲。

At $1.8 billion, investment banking fees were the second best quarter in the company's history.

投資銀行業務費用為 18 億美元，是該公司史上第二好的季度。

Brian noted progress in activities levels across many of our businesses, and that showed up in increased levels of fees, which helped to mitigate the linked-quarter decline in capital markets revenue.

布萊恩指出，我們許多業務的活動水準取得了進展，這體現在費用水準的增加，這有助於緩解資本市場收入的相關季度下降。

Q3 saw card income and service charges move higher from more heavily -- from the more heavily impacted Q2 levels.

第三季度，卡片收入和服務費從受到更嚴重影響的第二季度水準開始上升。

We also experienced higher asset management fees as the market improved, and we grew net new households again this quarter.

隨著市場的改善，我們也經歷了更高的資產管理費，本季我們再次增加了淨新家庭。

Turning to expenses.

轉向開支。

They were higher in Q3 than Q2 driven by 3 things.

由於三件事，第三季的銷售額高於第二季。

First, we built litigation reserves for litigation with respect to some older matters.

一是針對一些舊事建立訴訟儲備。

Second, we had an increase in COVID-related costs.

其次，與新冠疫情相關的成本增加。

And third, this is the first quarter in which we recorded merchant servicing expense.

第三，這是我們記錄商家服務費用的第一季。

It is important to point out that the increase from recording merchant servicing expense and even some of the increase in COVID-related costs were associated with increases in reported revenue, which obviously helps defray their impact on profits.

需要指出的是，記錄商家服務費用的增加，甚至與新冠病毒相關的部分成本的增加，都與報告收入的增加有關，這顯然有助於抵消其對利潤的影響。

And with respect to the linked-quarter change in pretax, pre-provision income, I would also point out that the $1.3 billion of the decline was driven by 2 more abnormal items: the prior period loan sale gain of $700 million and this quarter's elevated litigation expense of about $600 million.

關於稅前、撥備前收入的環比變化，我還要指出，13 億美元的下降是由另外兩個異常項目驅動的：上期貸款銷售收益 7 億美元，以及本季的上升訴訟費用約6億美元。

In addition, given a reversal in U.K. tax policy, our results included a $700 million positive adjustment to our tax expense as we revalued our U.K. deferred tax asset that had been previously written down.

此外，鑑於英國稅收政策的逆轉，我們的業績包括對我們的稅收支出進行了 7 億美元的積極調整，因為我們重新評估了先前已減記的英國遞延稅資產。

Our ROTCE was 10%, and ROA was 71 basis points.

我們的 ROTCE 為 10%，ROA 為 71 個基點。

Moving to the balance sheet on Slide 7. We ended the quarter with little change from Q2 at $2.7 trillion in total assets.

轉到投影片 7 上的資產負債表。

The main point I want to make about the balance sheet is the redeployment of some of our excess liquidity out of cash and reverse repo and into securities.

關於資產負債表，我想表達的主要觀點是將我們的一些過剩流動性從現金和逆回購中重新部署到證券。

Cash and reverse repo declined by about $112 billion from Q2 while security levels rose by a similar amount.

現金和逆回購較第二季減少約 1,120 億美元，而安全水準則上升了類似金額。

This will help offset NII compression from lower reinvestment rates in coming quarters.

這將有助於抵消未來幾季再投資率下降帶來的NII壓縮。

The only other notable point on the balance sheet was the decline in loans driven by customer paydowns.

資產負債表上唯一值得注意的一點是客戶還款導致的貸款下降。

Shareholders' equity increased $3.2 billion as earnings were more than twice the amount of dividends paid.

股東權益增加了 32 億美元，因為收益是所支付股利的兩倍多。

With respect to regulatory ratios, importantly, this quarter, we received approval of our updated model to calculate operational risk RWA, which resulted in $128 billion reduction in our advanced RWA.

就監管比率而言，重要的是，本季度我們計算操作風險 RWA 的更新模型獲得批准，這導致我們的高級 RWA 減少了 1,280 億美元。

A decline in loans drove RWA even lower under the advanced approach.

在高級方法下，貸款的下降導致風險加權資產甚至更低。

The improvement in RWA and capital improved our CET1 ratio under advanced from 11.4% to 12.7%.

RWA 和資本的改善將我們的 CET1 比率從 11.4% 提高到 12.7%。

The decline in loans improved RWA under standardized as well, but given the larger decline in our CET (sic) [CET1] ratio under the advanced approach, standardized became our governing approach again this quarter.

貸款的下降也改善了標準化下的 RWA，但鑑於高級方法下我們的 CET（原文如此）[CET1] 比率下降幅度更大，標準化再次成為我們本季度的治理方法。

Our CET1 ratio under the standardized approach improved to 11.9%, which is 240 basis points above our minimum requirement and translates into a $35 billion capital cushion above that requirement.

我們在標準化法下的 CET1 比率提高至 11.9%，比我們的最低要求高出 240 個基點，相當於比該要求高出 350 億美元的資本緩衝。

Our TLAC ratios also increased and remain comfortably above our requirements.

我們的 TLAC 比率也有所增加，並保持在高於我們要求的水平。

Before leaving the balance sheet, I want to point out a couple of things with respect to loan and deposit trends.

在離開資產負債表之前，我想指出一些關於貸款和存款趨勢的事情。

The charts on Slide 8 and 9 show a 5-year trend as we wanted to give you a longer perspective on the growth of loans and deposits.

投影片 8 和 9 中的圖表顯示了 5 年趨勢，因為我們希望為您提供有關貸款和存款成長的更長遠的視角。

That incorporated more normal environments, given the near-term disruption caused by the pandemic.

考慮到大流行造成的近期破壞，這包含了更正常的環境。

Overall, year-over-year, total loans grew 1%, and the lines of business grew 3%.

整體而言，貸款總額年增 1%，業務範圍成長 3%。

Commercial loans rose $67 billion in Q1 and then declined in each of the next 2 quarters.

第一季商業貸款增加 670 億美元，然後在接下來的兩季逐年下降。

Year-over-year, average global banking loans are only down 1%.

全球銀行平均貸款年減 1%。

In Consumer Banking, loans grew 5% year-over-year as the decline in higher-yielding card loans was more than offset by the addition of PPP loans and residential mortgages.

在消費者銀行業務中，貸款年增 5%，因為高收益卡貸款的下降被 PPP 貸款和住宅抵押貸款的增加所抵消。

In terms of the path forward, a few perspectives.

就前進的道路而言，有幾個觀點。

First, our middle market utilization rate a year ago was 41% and has now declined to 37%.

首先，我們的中間市場利用率一年前是41%，現在已經下降到37%。

Business Banking has gone from 39% to 33%.

商業銀行業務已從 39% 上升至 33%。

We believe these rates are bottoming and should begin to move higher over the next few quarters if the economy continues to grind forward.

我們認為，這些利率正在觸底，如果經濟繼續向前發展，未來幾季應該會開始走高。

With respect to credit cards, spending and cash volumes declined materially during the first half of the year, driving balances lower.

就信用卡而言，上半年支出和現金量大幅下降，導致餘額下降。

The good news is that credit card spending continued to gradually improve in Q3 but remained significantly below pre-pandemic levels in certain categories such as travel and entertainment.

好消息是，信用卡支出在第三季繼續逐步改善，但在旅行和娛樂等某些類別上仍顯著低於疫情前的水平。

Outside of PPP loans where government forgiveness will drive declines, we remain optimistic that the larger loan declines of the past couple of quarters are behind us, absent a resurgence in COVID cases further impacting the economy.

除了政府寬恕將導致貸款下降的 PPP 貸款外，我們仍然樂觀地認為，過去幾季的貸款大幅下降已經過去，除非新冠病例再次出現進一步影響經濟。

On Slide 9, we provide the same trends by line of business for deposits.

在投影片 9 上，我們按存款業務線提供了相同的趨勢。

Brian already made a number of points on deposits, and you can see the tremendous year-over-year growth in every line of business.

布萊恩已經在存款方面提出了一些觀點，你可以看到每個業務領域的同比巨大增長。

I will just add that in each line of business, rate paid on deposits is at or below the rate paid to customers in 2015 before the Fed began raising rates.

我只想補充一點，在每個業務領域，存款利率等於或低於 2015 年聯準會開始升息之前向客戶支付的利率。

So we think our strong deposit growth reflects our customers' overall experience with us.

因此，我們認為存款的強勁成長反映了客戶對我們的整體體驗。

Turning to Slide 10 and net interest income.

轉向幻燈片 10 和淨利息收入。

On a GAAP non-FTE basis, NII in Q3 was $10.1 billion, $10.24 billion on an FTE basis.

以 GAAP 非 FTE 計算，第三季的 NII 為 101 億美元，以 FTE 計算為 102.4 億美元。

Net interest income declined $719 million from Q2 '20 and $2.1 billion from Q3 '19.

淨利息收入較 20 年第二季下降 7.19 億美元，較 19 年第三季下降 21 億美元。

The drop from Q2 was driven by lower loan balances and a decline in interest rates across the yield curve, which was more pronounced on an average basis than on a spot basis.

第二季的下降是由貸款餘額下降和殖利率曲線上的利率下降所推動的，平均利率比即期利率下降更為明顯。

Given the decline in mortgage rates during the quarter, we saw an extraordinarily -- extraordinary level of mortgage prepayments.

鑑於本季抵押貸款利率下降，我們看到抵押貸款提前還款水準異常高。

This resulted in higher bond premium write-offs and drove a little more than half of the decline in NII for Q2.

這導致債券溢價沖銷增加，並導致第二季NII下降一半多一點。

Compared to Q2, the increase in prepayments was negatively impacted -- negatively impacted the yield on our securities by 30 basis points and the overall net yield on the company by 6 basis points.

與第二季相比，預付款項的增加受到了負面影響——對我們的證券收益率產生了 30 個基點的負面影響，對公司的整體淨收益率產生了 6 個基點的負面影響。

The lower long-end rates also continue to impact the reinvestment of maturing securities, lowering our NII and yield.

較低的長期利率也持續影響到期證券的再投資，降低我們的NII和收益率。

The other primary driver of the linked-quarter decline in NII was the lower commercial and credit card balances previously noted.

NII 環比下降的另一個主要驅動因素是先前提到的商業和信用卡餘額下降。

While lower short-end rates did reduce the cost of both deposits and long-term debt, this [funding] decline was mitigated by yields on variable-rate loans also repricing lower.

雖然較低的短期利率確實降低了存款和長期債務的成本，但浮動利率貸款收益率的重新定價也降低了這種[資金]下降的趨勢。

We also want to point out that we saw a modest benefit in Q3 from the redeployment of some of our excess liquidity into securities.

我們還想指出，我們在第三季看到了將部分過剩流動性重新部署到證券中的適度收益。

This should aid NII more in subsequent quarters.

這應該會在接下來的幾個季度為國家資訊基礎設施提供更多幫助。

Given the sharp decline in NII, the net interest yield declined by 15 basis points from Q2.

由於NII大幅下降，淨利息收益率較第二季下降15個基點。

On the bottom right, we show the drivers of this net interest yield decline.

在右下角，我們顯示了淨利息收益率下降的驅動因素。

I already noted the bond premium impact, and you can see the other drivers on the chart.

我已經注意到了債券溢價的影響，您可以在圖表上看到其他驅動因素。

In terms of forward NII guidance, there are a couple of caveats worth emphasizing such as rates not moving lower than Q3 levels and the economy not taking a big step backwards from negative COVID developments, which could drive low -- demand lower again.

就NII前瞻性指引而言，有一些值得強調的警告，例如利率不會低於第三季的水平，以及經濟不會因新冠疫情的負面發展而大幅倒退，這可能會導致需求再次下降。

Having said that, we believe Q3 will likely be the bottom for NII, and we are optimistic it will move higher in 2021.

話雖如此，我們認為第三季可能是 NII 的底部，我們樂觀地認為它會在 2021 年走高。

Let me provide a few thoughts on why we feel good about NII moving forward.

讓我為為什麼我們對 NII 的發展感到滿意提供一些想法。

First, commercial loan utilization rates are at historically low levels.

首先，商業貸款利用率處於歷史低點。

And with the economy expected to slowly grind forward, we are optimistic that over the next quarter or 2, you could see C&I loan demand to start picking up.

隨著經濟預計將緩慢向前發展，我們樂觀地認為，在未來一兩個季度，您可能會看到工商業貸款需求開始回升。

As Brian noted, we are also seeing spending on credit cards slowly picking up.

正如布萊恩所指出的，我們也看到信用卡支出慢慢增加。

So with stable customer repayment rates, we could see a seasonal lift in card balances as well.

因此，隨著客戶還款率穩定，我們也可以看到信用卡餘額出現季節性成長。

At the very least, we are not expecting the continued large declines seen over the past 2 quarters in outstanding commercial or card loans.

至少，我們預計未償商業或信用卡貸款不會在過去兩個季度持續大幅下降。

In addition, some combination of refinancing [fatigue] and stabilization of long-end rates should result in less bond premium write-offs than currently impacting NII.

此外，再融資[疲勞]和長期利率穩定的某種結合應該會導致債券溢價沖銷比目前影響NII的要少。

And lastly, as I mentioned, the deployment of cash to higher-yielding securities will aid NII in the future.

最後，正如我所提到的，將現金部署到高收益證券將有助於未來的NII。

We believe these factors taken together in the near term will mitigate the ongoing negative effects of NII on higher-yielding assets maturing or paying off and being replaced with lower-yielding ones.

我們認為，這些因素在短期內綜合起來將減輕NII對到期或償還並被低收益資產取代的高收益資產的持續負面影響。

Turning to Slide 11 and expenses.

轉向幻燈片 11 和費用。

Expenses this quarter were $14.4 billion, which are $1 billion higher than Q2.

本季費用為 144 億美元，比第二季增加 10 億美元。

First, about $600 million of the increase is from elevated litigation expense.

首先，其中約 6 億美元的成長來自訴訟費用的增加。

The remaining increase is split between higher COVID costs and merchant processing expenses, which are not higher but just accounted for differently this quarter following the JV dissolution.

剩餘的成長由較高的新冠肺炎成本和商家處理費用組成，這些費用並沒有更高，只是在合資公司解散後本季的會計有所不同。

The elevation in our net COVID expense was driven by costs associated with processing unprecedented levels of claims for uninsurance -- for unemployment insurance through our commercial card product and continued cost of supporting PPP loans.

我們的新冠肺炎淨支出的上升是由於處理前所未有的非保險索賠（透過我們的商業卡產品獲得失業保險）相關的成本以及支持 PPP 貸款的持續成本。

Both of these activities have revenue benefits which helped offset some of the costs.

這兩項活動都有收入收益，有助於抵銷部分成本。

With respect to expense in Q4, we don't expect to have a similar amount of litigation expense, and we don't expect a repeat of the Q3 activity with respect to processing unemployment insurance claims.

就第四季度的費用而言，我們預計不會有類似金額的訴訟費用，並且我們預計在處理失業保險索賠方面不會重複第三季的活動。

Therefore, we believe, absent other unexpected changes, our Q4 expense number should be in the neighborhood of around $13.7 billion.

因此，我們認為，如果沒有其他意外變化，我們第四季的支出數字應該在 137 億美元左右。

Turning to asset quality on Slide 12.

轉向投影片 12 上的資產品質。

Our total net charge-offs this quarter were $972 million or 40 basis points of average loans.

本季我們的淨沖銷總額為 9.72 億美元，即平均貸款的 40 個基點。

While net charge-offs benefit from government stimulus and loan deferral programs, it also reflected years of adherence to our responsible growth model.

雖然淨沖銷受益於政府刺激和貸款延期計劃，但這也反映了我們多年來對負責任成長模式的堅持。

The $174 million decline in net charge-offs was driven by lower credit card losses.

淨沖銷額下降 1.74 億美元，原因是信用卡損失減少。

The loss rate on credit card declined to 249 basis points of average loans.

信用卡損失率下降至平均貸款的249個基點。

Provision expense was $1.4 billion, driven by a $417 million net reserve build this quarter.

撥備支出為 14 億美元，主要得益於本季淨準備金增加 4.17 億美元。

While total reserves grew modestly from Q2, total loan balances declined $44 billion, increasing our allowance as a percentage of loans to leases to 2.1%.

雖然總準備金較第二季小幅增長，但總貸款餘額下降了 440 億美元，使我們的準備金佔租賃貸款的百分比增加至 2.1%。

I would also note the coverage ratio for every loan category increased from Q2, with credit card now just north of 11%, total commercial loans at 1.8% and CRE at 3.7%.

我還要指出的是，每個貸款類別的覆蓋率從第二季開始都有所上升，其中信用卡覆蓋率目前略高於 11%，商業貸款總額為 1.8%，商業貸款覆蓋率為 3.7%。

In terms of the process and key variables with respect to setting our reserve, which is something everyone seems to have great interest in, we continue to include a multiple of downside scenarios.

就設定準備金的流程和關鍵變數而言，每個人似乎都對此非常感興趣，我們繼續考慮多種下行情境。

The weighting of these scenarios produced an outlook that GDP could return to its 4Q '19 level some time in late 2022.

對這些情境的權重得出的預期是，GDP 可能會在 2022 年末的某個時候恢復到 2019 年第四季的水平。

The weighting also produced an unemployment assumption of nearly 9% as we exit Q4 '20 and 7% a year later.

當我們退出 20 年第四季時，該加權也得出了近 9% 的失業率假設，一年後則為 7%。

So our unemployment assumptions for the end of 2020 is higher than the current unemployment, and the time to return to positive GDP improved compared to last quarter.

因此我們對2020年底的失業率假設高於目前失業率，GDP恢復正值的時間較上季有所改善。

At the end of the day, we build commercial reserves for exposures to industries more heavily impacted by COVID and left reserve coverage in other areas nearly unchanged as we felt, despite the macro improvement, there is still too much uncertainty around unemployment, expiration of stimulus, the duration of the pandemic to reduce total reserves.

最終，我們為受新冠疫情影響更嚴重的產業建立了商業儲備，而其他領域的儲備覆蓋率幾乎沒有變化，因為我們認為，儘管宏觀經濟有所改善，但失業、刺激政策到期等方面仍然存在太多不確定性，大流行持續時間減少總儲備。

On Slide 13, we break out credit quality metrics for both our consumer and commercial portfolios.

在投影片 13 中，我們列出了消費者和商業投資組合的信用品質指標。

On the consumer front, COVID effects on asset quality continue to remain benign.

在消費者方面，新冠疫情對資產品質的影響持續保持良性。

Consumer net charge-offs declined $170 million driven by a decline in credit -- excuse me, in card losses.

由於信貸下降（對不起，信用卡損失），消費者淨沖銷額下降了 1.7 億美元。

30-day delinquencies and NPLs rose from very low levels as deferrals ended and began to enter those metrics.

隨著延期結束並開始納入這些指標，30 天拖欠率和不良貸款從非常低的水平上升。

As Brian noted, consumer deferrals have materially declined with only $9 billion remaining, which are mostly consumer real estate related and have strong collateral values.

正如 Brian 指出的那樣，消費者延期付款已大幅下降，只剩下 90 億美元，其中大部分與消費者房地產相關，並且具有強大的抵押品價值。

Credit card deferrals have declined from more than $7 billion at the end of Q2 to around $400 million now, and more than 80% of the accounts with deferrals that have expired have made their first payment.

信用卡延期付款已從第二季末的逾 70 億美元下降至目前的約 4 億美元，超過 80% 的延期付款到期帳戶已完成首次還款。

Commercial net charge-offs were flat with Q2 but included higher commercial real estate losses primarily related to mall exposures, which were offset by lower C&I-related losses.

商業淨沖銷與第二季持平，但包括主要與購物中心風險相關的商業房地產損失增加，但被工商業相關損失減少所抵消。

Overall, given the environment, the asset quality of our commercial book remains solid, with 88% of exposures, excluding small business, either investment-grade or collateralized.

總體而言，考慮到當前的環境，我們商業帳簿的資產品質仍然穩健，其中 88% 的風險敞口（不包括小型企業），無論是投資級還是抵押級。

Our reservable criticized exposure metric continues to be the most heavily impacted by COVID and increased this quarter by $10 billion from Q2.

我們的可預訂批評暴露指標仍然是受新冠疫情影響最嚴重的指標，本季比第二季增加了 100 億美元。

It should be no surprise to you that exposures in the hotel and airline industries led that increase.

飯店和航空業的風險敞口帶動了這一成長，這對您來說應該不足為奇。

However, it's also worth noting that our commercial NPLs, which are lower rated than criticized, are still only $2.2 billion, flat compared to Q2 and remained low at only 42 basis points of loans.

然而，還值得注意的是，我們的商業不良貸款（評級低於批評的水平）仍然只有 22 億美元，與第二季度持平，貸款率仍保持在僅 42 個基點的低水平。

With respect to community real estate -- commercial real estate, excuse me, which is an area of focus given COVID's potential impact on the sector, we feel very good about our exposure and reserve coverage.

關於社區房地產——商業房地產，請原諒，考慮到新冠病毒對該行業的潛在影響，這是一個重點領域，我們對我們的敞口和儲備覆蓋率感覺非常好。

Today, outstanding loans for commercial real estate are $63 billion, which represents 7% of total loans for Bank of America and less than 25% of total equity.

如今，商業房地產的未償貸款為 630 億美元，占美國銀行貸款總額的 7%，佔股本總額的不到 25%。

These percentages are very low compared to the broader industry.

與更廣泛的行業相比，這些百分比非常低。

90% of these loans are either investment-grade or secured by collateral.

其中 90% 的貸款是投資等級貸款或有抵押品擔保。

We have a diverse mix of exposure led by office space at about 1/4 of CRE, the CRE portfolio; multifamily, retail, hotels, each just north of 10% of our CRE exposure.

我們擁有多元化的投資組合，其中辦公空間佔 CRE（CRE 投資組合）的約 1/4；多戶住宅、零售業、飯店，每項只占我們 CRE 投資的 10% 以上。

And our exposure is also regionally diverse, with only one area of the country representing more than 20% of the CRE loan book.

我們的風險敞口也具有地理多樣性，光是該國就佔商業地產貸款總額的 20% 以上。

Currently, we have a little more than $400 million in this book on NPL status.

目前，我們在這本書中關於不良貸款狀況的金額略高於 4 億美元。

And year-to-date, we have seen less than $200 million in net charge-offs, and we hold nearly 3.7% of allowance against these loans.

今年迄今為止，我們的淨沖銷額不到 2 億美元，而我們對這些貸款持有近 3.7% 的準備金。

I'll just take just a moment to go a little deeper on our exposure to hotels as an example of our measured approach over the years.

我將花一點時間更深入地介紹我們對酒店的接觸，作為我們多年來謹慎行事的一個例子。

Within CRE, we have about $7 billion outstanding loans related to hotel properties.

在 CRE 內，我們有大約 70 億美元的未償還貸款與飯店物業相關。

That is less than 1% of overall loans.

這不到貸款總額的 1%。

With respect to asset quality of these loans, 85% of them are collateralized with many having pre-COVID LTVs around 50% to 55% that can weather a meaningful price decline.

就這些貸款的資產品質而言，其中 85% 是有抵押的，其中許多貸款在疫情前的 LTV 約為 50% 至 55%，可以經受價格大幅下跌的考驗。

And while 60% of these loans are classified as reservable criticized, only $120 million are NPLs.

雖然這些貸款中有 60% 被列為受到批評的保留貸款，但只有 1.2 億美元是不良貸款。

Okay.

好的。

Turning to the business segments and starting with Consumer Banking on Slide 14.

轉向業務部門，從幻燈片 14 上的消費者銀行業務開始。

In the interest of time, I will keep my comments brief on the lines of business and just hit the highlights on the slides we normally provide.

為了節省時間，我將對業務範圍進行簡短的評論，並重點介紹我們通常提供的幻燈片上的重點內容。

In the first half of the year, compared to our other segments, Consumer Banking was the most heavily impacted by COVID as it bore the brunt of revenue disruption from lower rates and lower consumer spending as well as the need for customer assistance.

今年上半年，與我們的其他部門相比，消費者銀行業務受新冠疫情影響最嚴重，因為較低的利率、較低的消費者支出以及對客戶援助的需求導致收入中斷，消費者銀行業務首當其衝。

It also bore a large dislocation in credit costs, not because of realized losses but instead from establishing reserves for losses, which are projected to materialize over the coming quarters.

它也造成了信貸成本的巨大混亂，這不是因為已實現的損失，而是因為建立了損失準備金，預計損失準備金將在未來幾季實現。

In Q3, we did not add reserves, and you can see the improvement in profits versus Q2.

第三季度，我們沒有增加準備金，你可以看到利潤相對第二季度有所改善。

I would also note that expected credit losses have yet to materialize.

我還要指出，預期的信貸損失尚未實現。

In fact, we saw reserves and net charge-offs decline from Q2.

事實上，我們看到準備金和淨沖銷較第二季度下降。

We also saw improvement in consumer fees as activity and account growth improved, and we saw less demand for customer assistance through fee waivers.

隨著活動和帳戶成長的改善，我們也看到消費者費用有所改善，並且透過費用減免對客戶幫助的需求減少。

We also believe this quarter may be the turning point with respect to COVID expense.

我們也認為，本季可能是新冠肺炎支出的轉捩點。

As COVID costs decline, we expect to see the benefit of a more digitally engaged customer base.

隨著新冠疫情成本的下降，我們預期客戶群的數位化程度會更高，從而帶來好處。

We earned $2.1 billion in Consumer Banking in Q3 versus roughly $100 million in Q2 but remained well below last year's results as NII fees and expenses have all been pressured by the pandemic.

第三季度，我們的消費者銀行業務收入為 21 億美元，而第二季度約為 1 億美元，但仍遠低於去年的業績，因為 NII 費用和支出都受到了疫情的壓力。

It is worth pointing out that both our rates paid and cost of deposits declined as deposits grew, and we handled more transactions but were more productive as a result of digital processing.

值得指出的是，隨著存款的成長，我們的支付利率和存款成本都下降了，我們處理了更多的交易，但由於數位處理而提高了生產力。

Client momentum in this business continued to show strength around deposits and investment flows while loan growth continued to be impacted by declines in credit cards.

該業務的客戶動力繼續在存款和投資流方面表現強勁，而貸款成長繼續受到信用卡下降的影響。

Let's skip to Wealth Management on Slide 17 and 18, and I will refer to both of those pages as I speak.

讓我們跳到幻燈片 17 和 18 上的財富管理，我將在發言時參考這兩頁。

Here again, the impact of lower rates on a larger deposit book resulted in lower NII, impacting the otherwise solid quarter with positive AUM flows, market appreciation and solid deposit and loan growth.

較低的利率對更大的存款帳戶的影響導致NII下降，從而影響了原本穩健的季度，包括積極的資產管理規模流量、市場升值以及穩健的存款和貸款增長。

Net income of $749 million was down 32% from Q3 '19 driven by a decline in revenue as well as higher noninterest expense.

由於收入下降以及非利息支出增加，淨利潤為 7.49 億美元，較 19 年第三季下降 32%。

Net income improved from Q2 on lower provision expense as reserve building subsided.

隨著準備金建設的減少，撥備費用下降，淨利較第二季有所改善。

With respect to revenue, lower NII more than offset improvement in asset management fees.

就收入而言，NII 的下降足以抵銷資產管理費用的改善。

Expenses increased in comparison against both periods driven by revenue-related expense and investments in our sales force.

與兩個時期相比，由於收入相關費用和銷售團隊投資，費用有所增加。

Merrill Lynch and the Private Bank both continued to grow clients as we remained a provider of choice for affluent clients.

美林和私人銀行都在繼續增加客戶，因為我們仍然是富裕客戶的首選提供者。

Relative to the great work of our advisers to provide advice and guidance in these challenging times, year-to-date, we've added nearly 17,000 net new households in Merrill Lynch and more than 1,400 net new relationships in the Private Bank.

相對於我們的顧問在這個充滿挑戰的時期提供建議和指導的出色工作，今年迄今為止，我們在美林公司淨增加了近17,000 個淨新家庭，在私人銀行淨增加了1,400 多個淨新關係人。

Client balances rose to a record $3.1 trillion, up 6% year-over-year, driven by the rebound in markets as well as positive client flows.

在市場反彈以及積極的客戶流量推動下，客戶餘額升至創紀錄的 3.1 兆美元，年增 6%。

Let's move to our Global Banking results on Slide 19.

讓我們來看看投影片 19 上的全球銀行表現。

Global Banking results continued to reflect COVID-related impacts of both lower interest rates and higher credit costs in the quarter.

全球銀行業績持續反映了本季利率下降和信貸成本上升與新冠疫情相關的影響。

Mitigating these impacts, the business continued to produce strong investment banking results.

為了減輕這些影響，該業務持續產生強勁的投資銀行業績。

The business earned $926 million in Q3, which included adding $555 million to credit reserves.

該業務第三季獲利 9.26 億美元，其中信貸儲備增加 5.55 億美元。

Net income declined $1.2 billion from Q3 '19, split relatively evenly between lower revenue and higher credit costs.

淨利潤較 19 年第三季下降 12 億美元，收入下降和信貸成本上升相對平均。

The decline in revenue was driven by lower NII as a result of lower rates.

收入下降的原因是利率下降導致NII下降。

Within noninterest income, cash advances, leasing revenue was lower while IB fees rose.

在非利息收入中，現金預支、租賃收入下降，而IB費用上升。

As I mentioned, investment banking fees for the company were $1.8 billion, and they were up 15% year-over-year.

正如我所提到的，該公司的投資銀行費用為 18 億美元，年增 15%。

An increase in noninterest expense year-over-year primarily reflected investments in the platform, including our Merchant Services business.

非利息支出的年增率主要反映了對平台的投資，包括我們的商家服務業務。

While average deposits are up nicely year-over-year, average deposit levels declined from Q2 as we continued to lower rates and some customers chose other uses for their liquidity.

雖然平均存款年增率大幅成長，但隨著我們繼續降低利率以及一些客戶選擇其他用途來獲取流動性，平均存款水準較第二季有所下降。

Rate paid on deposits are now lower than the level seen at the end of 2015, just before rates began to rise.

目前存款利率低於 2015 年底利率開始上升前的水準。

Average loans year-over-year were modestly lower, reflecting the paydown noted earlier, but it's worth noting that we have seen positive trends on spreads, albeit at lower origination levels.

平均貸款同比略有下降，反映了前面提到的還款額，但值得注意的是，我們看到了利差的積極趨勢，儘管發放水平較低。

Switching to Global Markets on Slide 22.

在投影片 22 上切換到全球市場。

Results reflect solid year-over-year improvement in revenue from sales and trading but also the expected decline from the robust levels of Q2.

業績反映出銷售和貿易收入較去年同期穩定改善，但也反映出預期較第二季的強勁水準有所下降。

In addition, this quarter, we saw an increase in both revenue and expense associated with processing an unprecedented level of claims for unemployment insurance.

此外，本季度，我們看到與處理前所未有的失業保險索賠相關的收入和支出都有所增加。

This is another important activity during this pandemic period, whereby we get money in the hands of those who need it on behalf of the states.

這是疫情期間的另一項重要活動，我們可以代表各州將資金送到需要的人手中。

Unfortunately, the costs, as in many other COVID-driven activities, were quite a bit higher than the fees received.

不幸的是，與許多其他由新冠疫情驅動的活動一樣，成本遠高於收到的費用。

We expect both to reduce substantially next quarter.

我們預計下個季度兩者都會大幅減少。

As I usually do, I will speak about the segment's results excluding DVA.

正如我通常所做的那樣，我將談論不包括 DVA 的該部門的表現。

This quarter, net DVA was a loss of $116 million.

本季度，淨 DVA 虧損 1.16 億美元。

So Global Markets produced $945 million of earnings in Q3, modestly higher than Q3 '19.

因此，全球市場在第三季產生了 9.45 億美元的收益，略高於 19 年第三季。

Year-over-year, revenue was up 13% on improved investment banking fees, higher sales and trading and the fees for processing unemployment claims.

由於投資銀行費用提高、銷售和交易以及處理失業申請的費用增加，收入年增 13%。

The expense increase was driven by higher claims process costs as well as higher brokerage clearing and execution costs associated with higher activity in Asia.

費用增加的原因是索賠流程成本上升，以及與亞洲活動增加相關的經紀清算和執行成本上升。

Sales and trading contributed $3.3 billion to revenue, increasing 4% year-over-year, driven by a 6% improvement in equities and a 3% improvement in FICC.

銷售和交易為收入貢獻了 33 億美元，年增 4%，這主要得益於股票增長 6% 和 FICC 增長 3%。

The improvement in FICC results was driven by performance in mortgage and FX while the strength in equities was driven by client activity in Asia.

FICC 業績的改善是由抵押貸款和外匯表現推動的，而股票的走強則是由亞洲客戶活動推動的。

Finally, on Slide 24, we show All Other, which reported a profit of $296 million.

最後，在幻燈片 24 上，我們展示了 All Other，其報告利潤為 2.96 億美元。

Compared to Q3 '19, the improvement in net income is driven primarily by the prior year $2.1 billion pretax impairment charge associated with our merchant servicing JV.

與 19 年第三季相比，淨利潤的改善主要是由去年與我們的商業服務合資企業相關的 21 億美元稅前減損費用所推動的。

Compared to Q2 '20, the [amount] reflects the $700 million tax adjustment associated with our U.K. deferred tax asset.

與 20 年第二季相比，[金額]反映了與我們的英國遞延稅資產相關的 7 億美元稅收調整。

The tax expense improvement versus linked quarter was mostly offset by 2Q's $700 million gain from the sale of mortgages and the higher litigation expense in Q3.

與上一季相比，稅收費用的改善大部分被第二季抵押貸款銷售帶來的 7 億美元收益和第三季較高的訴訟費用所抵消。

In Q3, the tax rate reflected the benefit of tax adjustments as well as the ongoing benefit of tax-advantaged investments.

第三季度，稅率反映了稅收調整的好處以及稅收優惠投資的持續好處。

In Q4, absent unusual items, we expect the effective tax rate to be around 10%, reflecting the impact of tax credits relative to pretax income.

第四季度，如果沒有異常項目，我們預計有效稅率將在 10% 左右，反映稅收抵免相對於稅前收入的影響。

And just a reminder, these tax-advantaged investments, which are driven by our commitment to ESG, also result in pretax partnership losses booked in consolidated other income, and these partnership losses are normally seasonally high in Q4.

提醒一下，這些稅收優惠投資是由我們對 ESG 的承諾推動的，也會導致計入合併其他收入的稅前合夥企業損失，而這些合夥企業損失通常在第四季度季節性較高。

Okay.

好的。

With that, let's jump to Q&A.

接下來，讓我們跳到問答環節。

(Operator Instructions) And we can take our first question from Glenn Schorr with Evercore.

（操作員說明）我們可以回答 Evercore 的 Glenn Schorr 提出的第一個問題。

So you've historically been incredibly stable in trading, and again, you are this quarter.

因此，從歷史上看，您的交易一直非常穩定，本季也是如此。

But I guess I have a question to rehash on.

但我想我有一個問題需要重新討論。

During times like this, you have some peers that will have bigger spikes and then they'll come back down to earth at other times.

在這樣的時期，你的一些同伴會有更大的峰值，然後他們會在其他時間回到現實。

And I'm just curious if you could talk about -- you're steady but you're not seeing the same spikes.

我只是好奇你能否談談——你很穩定，但你沒有看到同樣的峰值。

Is that your risk tolerance?

這是你的風險承受能力嗎？

Is it a CCAR stress testing thing?

這是CCAR壓力測試嗎？

Is it a mix of business?

是混合業務嗎？

And is it conscious, meaning are you investing to close some gaps?

是否有意識地進行投資以縮小一些差距？

Just curious if you could talk about that from the markets perspective.

只是好奇您是否可以從市場的角度來談論這個問題。

Sure.

當然。

Well, look, again, our sales and trading results were solid with total revenue up 4% year-over-year.

嗯，再看一次，我們的銷售和交易業績穩健，總收入年增 4%。

Equities is up 6%.

股市上漲 6%。

FICC is up [3%] (corrected by company after the call).

FICC 上漲 ​​[3%]（電話會議後由公司修正）。

We had no days with trading losses again this quarter.

本季我們沒有再次出現交易虧損。

If you kind of look at -- I don't really like to talk about competitors, but every competitor is going to have a different business mix.

如果你看看——我真的不喜歡談論競爭對手，但每個競爭對手都會有不同的業務組合。

And many of our competitors, I will say, take more risk.

我想說，我們的許多競爭對手承擔了更多的風險。

In one quarter or another, clearly, that can create some differences in relative performance.

顯然，在一個季度或另一個季度，這可能會導致相對績效產生一些差異。

We don't really focus that much on individual quarters, but instead, we look at results over longer time periods.

我們並不太關注單一季度，而是關注較長時期內的結果。

And as noted, sales and trading is up 22% year-to-date.

如上所述，今年迄今銷售額和交易量成長了 22%。

I would also note that we're gaining share, we think, in equities and other parts of our markets business.

我還要指出的是，我們認為，我們在股票和市場業務的其他部分的份額正在增加。

And we certainly have gained share in investment banking.

當然，我們在投資銀行業務中的份額也有所增加。

And there's been quarters where we've done better, I mean, than some of our peers.

我的意思是，在某些方面我們比一些同行做得更好。

Go back to Q1 wherein you'll see in equities that we basically did better than all our peers.

回到第一季度，您會發現我們在股票方面的表現基本上比所有同業都好。

So we're staying focused on the medium and the long term.

因此，我們將繼續關注中期和長期。

We're investing in the business, and we're taking share.

我們正在投資這項業務，我們正在獲取份額。

Fair enough.

很公平。

Maybe just one follow-up on -- you noted, obviously, loan demand stabilized, trough quarter for NII, don't expect to add to reserves, deferrals mostly over, and you have a $35 billion capital cushion.

也許只是一個後續行動——您顯然注意到，貸款需求穩定，NII 季度處於低谷，預計不會增加準備金，延期基本上結束，並且您有 350 億美元的資本緩衝。

I'm curious what you feel like is a more natural number.

我很好奇你覺得什麼是比較自然的數字。

And at some point, we'll get off of that suspension.

到了某個時候，我們就會擺脫這種暫停狀態。

So what's a more natural number for your capital cushion?

那麼對於你的資本緩衝來說，更自然的數字是多少呢？

And what might be your intentions on what to do with that excess?

您打算如何處理多餘的資金？

Because it feels like organic growth -- you're going to make more money than you can pile into organic growth for a while.

因為這感覺就像有機成長——你賺到的錢會比你暫時投入有機成長更多的錢。

Glenn, that's a good list to work with in terms of citing the things.

格倫，就引用事物而言，這是一個很好的清單。

And yes, we are generating twice our dividend or more, have been for every quarter even when you put up the reserves, even while the rate structure hit.

是的，我們每季都會產生兩倍或更多的股息，即使您投入準備金，即使利率結構受到影響。

So trough quarter for NII last quarter, expenses coming down, built the reserves.

因此，上季 NII 處於低谷，支出下降，建立了儲備。

We'd expect that we'll get through the stress test, and then we'll start to go into capital redeployment as we did before.

我們預計我們將通過壓力測試，然後我們將像以前一樣開始進行資本重新部署。

And our general goal is to run about 100 basis points over the minimum.

我們的總體目標是比最低標準高出約 100 個基點。

So for us, that's 10.5, which is another reason why the mix of business is so important to us, as you referenced earlier.

所以對我們來說，這是 10.5，這也是業務組合對我們如此重要的另一個原因，正如您之前提到的。

Remember, we had a stress capital buffer that was 2.5, and we didn't use all of it.

請記住，我們的壓力資本緩衝為 2.5，但我們並沒有使用全部。

But -- so we got plenty of cushion here from an operational basis in terms of the ability to use capital management once we're free and clear.

但是，一旦我們自由且清晰，我們就能夠使用資本管理，從營運基礎上獲得足夠的緩衝。

And we can move next to Jim Mitchell with Seaport Global.

我們可以前往 Seaport Global 的吉姆·米切爾 (Jim Mitchell) 旁邊。

Maybe one for Brian.

也許是給布萊恩的。

Given the pressure on the industry and your scale advantages, do you see -- is there an opportunity here to kind of press your advantage a little bit and try to accelerate market share and sort of what that might mean for expenses if you did?

考慮到行業的壓力和您的規模優勢，您是否認為這裡有機會稍微發揮您的優勢並嘗試加快市場份額，如果您這樣做的話，這可能意味著什麼費用？

Yes.

是的。

Well, I think we've been able to push market share.

嗯，我認為我們已經能夠擴大市場份額。

So if you look at the FDIC data, I think we were up 60 or 70 basis points in aggregate deposit market share June 30 to June 30.

因此，如果你看一下 FDIC 的數據，我認為 6 月 30 日至 6 月 30 日期間，我們的存款市佔率總額上升了 60 或 70 個基點。

And everybody had the benefit from the monetary policy, but what we watch is where the market share is going to stick to the ribs.

每個人都從貨幣政策中受益，但我們看到的是市場份額將受到限制。

So think about it in terms of adding commercial bankers, which we've added.

因此，請考慮增加我們已經新增的商業銀行家。

Think about it in terms of entering new markets and branches.

從進入新市場和分公司的角度來考慮。

This year, we've entered several new markets.

今年，我們進入了幾個新市場。

If you look at the deposits in these markets that we've been open a while, they're $50 million per branch moving to $100 million per branch.

如果你看看我們已經開放一段時間的這些市場的存款，你會發現每個分行的存款額為 5000 萬美元，而每個分行的存款額為 1 億美元。

And think about the Wealth Management business adding financial advisers.

並考慮增加財務顧問的財富管理業務。

So we just keep driving that total.

所以我們只是繼續推動這個總數。

And if you think about -- we have $1.7 trillion of deposits, $800 billion plus in consumer.

如果你想想——我們有 1.7 兆美元的存款，8,000 億美元以上的消費者。

But a lot of other people forget that we also have a personal business in GWIM with $200 billion -- $250 billion plus in deposits.

但很多人忘記了，我們在 GWIM 也有一家擁有 2000 億美元——2500 億美元以上存款的個人業務。

So we have pressed our advantage.

所以我們已經發揮了我們的優勢。

And in consumer, those who've been around the company, we repositioned the consumer business from 60% primary checking to 90% plus.

在消費者方面，對於那些在公司工作過的人來說，我們將消費者業務從 60% 的初級檢查重新定位到 90% 以上。

And that's 1 million new checking accounts year-to-year.

這意味著每年新增 100 萬個支票帳戶。

They're 800,000, 900,000, something like that, in a year where we've shut down for a couple of quarters from some of the activity at the branches, and that's strong performance.

他們是 800,000、900,000 人，類似的數字，在這一年中，我們已經關閉了分支機構的一些活動幾個季度，這是強勁的表現。

We're pressing that all the time.

我們一直在強調這一點。

The magic has been we've been able to manage expenses between $13 billion, $13.5 billion a quarter.

神奇的是，我們每季能夠管理 130 億至 135 億美元的支出。

Now you got to add the merchant to it, to the $13.7 billion Paul did and still invest at that rate.

現在你必須把商人也算進去，保羅的投資額為 137 億美元，而且還是以這個速度投資。

And that's -- look at that Page 4 on the digital growth.

那就是——看看第四頁關於數位成長的內容。

It just -- it's very strong.

它只是——它非常強大。

Our Zelle is -- I think we have 30% on the Zelle transactions, Erica moves and then Life Plan.

我們的 Zelle 是——我想我們在 Zelle 交易上有 30% 的股份，Erica 搬家，然後是人生計劃。

This quarter, we put out a new product that you can do your own financial plan and 0.5 million customers in a couple of weeks.

本季度，我們推出了一款新產品，您可以在幾週內制定自己的財務計劃並擁有 50 萬名客戶。

So across the board and each element of the franchise, investing $3 billion in technology.

因此，在技術方面全面投資 30 億美元。

So we're pressing our advantage organically every day, and you're seeing that come out.

所以我們每天都在有機地發揮我們的優勢，你會看到這一點的結果。

Our deposit market share across the board has grown.

我們的存款市佔率全面成長。

And our loan share where we compete has continued to grow, and our GTS business has continued to grow.

我們競爭的貸款份額持續成長，我們的 GTS 業務也持續成長。

And as Paul said, our investment banking is growing, and we'll keep on driving it.

正如保羅所說，我們的投資銀行業務正在成長，我們將繼續推動它。

That's helpful.

這很有幫助。

And so you feel comfortable that you can still -- I mean add the $200 million to the $13 billion to $13.5 billion, so $13.2 billion, $13.7 billion.

所以你會感到放心，你仍然可以 - 我的意思是，將 2 億美元添加到 130 億美元至 135 億美元中，即 132 億美元、137 億美元。

Do you still feel comfortable doing all that and keep the expenses in that range?

您仍然願意做所有這些並將費用保持在這個範圍內嗎？

Yes.

是的。

And it's just -- that's this operational excellence platform.

這就是這個卓越營運平台。

If you look at whatever page that was, look at all those quarters and you go back even before that, it's been -- and think of all the investment we've been making, I think that's 3 years that we show you maybe.

如果你看一下那個頁面，看看所有這些季度，甚至在那之前，你會發現，想想我們一直在進行的所有投資，我認為我們向你展示的可能是三年。

So think of $10 billion -- $9 billion to $10 billion in technology development, code development, new initiatives in a period of time, and expenses stayed relatively flat.

因此，想想 100 億美元——90 億到 100 億美元用於技術開發、程式碼開發、一段時間內的新舉措，支出保持相對穩定。

Think about redeploying probably 300 to 400 or 500 new branches across that decade -- across that 3 to 4 years in markets we've never been.

考慮一下在這十年中重新部署大約 300 到 400 或 500 個新分支機構 - 在這 3 到 4 年內我們從未去過的市場。

Think about refurbishing.

考慮翻新一下。

We've done 300 or 400 branches this year so far.

今年到目前為止，我們已經開設了 300 或 400 個分店。

We've opened in the new markets, et cetera.

我們已經開拓了新市場等等。

So just this quarter, just this literal quarter, we opened 13 branches in new markets.

因此，就在這個季度，就在這個季度，我們在新市場開設了 13 家分店。

So we're pressing our advantage.

所以我們正在發揮我們的優勢。

And the Board asked me and we'd have the discussions with our major shareholders, "Could you press it harder?" And there's a -- and the answer is, if I talk to marketing people, sure, they'd want to spend more money on marketing, but I think we spend enough to do the trick and drive it in a way that stick to the ribs.

董事會問我，我們會與我們的大股東進行討論，“你能更努力一點嗎？”答案是，如果我與行銷人員交談，當然，他們會想在行銷上花更多的錢，但我認為我們花了足夠的錢來實現這一目標，並以堅持的方式推動它。

And we can move next to Betsy Graseck with Morgan Stanley.

我們可以轉到摩根士丹利的貝特西·格拉塞克 (Betsy Graseck)。

I wanted to dig in a little bit on the point you're making, Paul, earlier about the cash and the redeployment into securities.

保羅，我想深入探討你之前提出的關於現金和重新部署到證券的觀點。

And I just wanted to get a sense as to, for 4Q, how much of a NIM uplift do you think you're going to get from that.

我只是想了解一下，對於第四季度，您認為您將從中獲得多少淨利差提升。

And then what percentage of cash have you used already?

那麼您已經使用了多少百分比的現金？

What is going to be guiding you on how much more to use here?

什麼會指導您在這裡還需要使用多少？

And is there a limit for how much cash you're willing to redeploy into securities?

您願意將多少現金重新配置為證券是否有限制？

Yes, sure.

是的，當然。

So in the third quarter, we deployed about $100 billion of our cash into mortgage-backed securities and treasuries over the third quarter.

因此，在第三季度，我們將約 1,000 億美元的現金投入了抵押貸款支持證券和國債。

And on a weighted average basis between the treasury and mortgage-backed securities, that probably produced a lift relative to cash of about close to 1 percentage point on what we deployed.

根據國庫券和抵押貸款支持證券的加權平均計算，這可能使我們的配置相對於現金增加了近 1 個百分點。

You didn't see a lot of that come through in Q3 because of the timing of those purchases throughout the quarter.

由於整個季度採購的時間安排，您在第三季並沒有看到很多此類採購。

You'll see more of that impact in Q4.

您將在第四季度看到更多這種影響。

With respect to future deployment, we have some firepower left.

對於未來的部署，我們還有一些火力。

I hesitate to give you a number, but call it maybe another $100 billion-ish.

我猶豫是否要給你一個數字，但可能是另一個 1000 億美元左右的數字。

I'm not telling you we're going to deploy all of that in the fourth quarter.

我並不是告訴你我們將在第四季度部署所有這些。

We're continuing to assess deposits, and we'll likely continue to deploy more cash -- very likely to continue to deploy more cash into securities moving forward, but no answer yet exactly how much.

我們正在繼續評估存款，我們可能會繼續部署更多現金——很可能會繼續將更多現金部署到未來的證券中，但目前還沒有確切的答案。

The size and the pace of that will be influenced by a number of judgments, including things like loan demand and customer deposit behavior.

其規模和速度將受到許多判斷的影響，包括貸款需求和客戶存款行為等。

And we'll also balance the mix of purchases as we assess the trade-offs between capital, liquidity and earnings.

在評估資本、流動性和收益之間的權衡時，我們也將平衡購買組合。

And the 1 percentage point you're talking about is a yield lift on the portfolio versus cash?

您所說的 1 個百分點是投資組合相對於現金的殖利率提升？

No.

不。

That is -- if you compare what we're buying, mortgage-backed securities, treasury to what we were earning in cash or repo, the pickup in yield on that investment is a little less than 1%.

也就是說，如果你將我們購買的抵押貸款擔保證券、國債與我們以現金或回購協議賺取的收入進行比較，就會發現該投資的收益率上升略低於 1%。

Yes.

是的。

Okay.

好的。

Yes, I got it.

是的，我明白了。

All right.

好的。

And then maybe if you could speak a little bit to, both yourself and Brian, to the discussion around the C&I loan utilization.

然後也許您可以對自己和 Brian 談談有關 C&I 貸款利用的討論。

And I get that we're at a historic low or close to the lows in utilization.

我知道我們的利用率處於歷史低點或接近低點。

But what is it that you're seeing in your customer discussions that gives you an expectation that you could see that start to lift in 4Q and into '21?

但是，您在客戶討論中看到的是什麼讓您期望這種情況會在第四季度和 21 世紀開始有所改善？

So what we see is it hasn't been going down.

所以我們看到的是它並沒有下降。

It kind of ran down throughout second quarter and the first quarter, everyone panic borrowed, people drawing the lines and then it ran down.

在整個第二季度和第一季度，它都在下降，每個人都恐慌地借錢，人們劃定界限，然後它就下降了。

And so some of these companies are making more cash flow than they've ever made.

因此，其中一些公司的現金流量比以往任何時候都多。

And so what you're starting to see is a couple of things.

所以你開始看到一些事情。

One is in areas like auto, retail, dealers and stuff, the inventories are going to have to build or else they're going to have nothing to sell.

一是在汽車、零售、經銷商等領域，必須增加庫存，否則他們將沒有東西可賣。

So they'll build those back up.

所以他們會建立這些備份。

You're seeing it in suppliers of parts and things.

你可以在零件和物品的供應商身上看到這種情況。

They're building their inventories.

他們正在建立庫存。

They are seeing more funnel demand on the products that sustain, and that's, I think, the key.

他們看到對永續產品的漏斗需求越來越多，我認為這是關鍵。

So it's more just talking to people and seeing that -- frankly, that they brought it down about as far as they can from sort of the day-to-day operational basis.

因此，更多的只是與人們交談並看到這一點 - 坦率地說，他們盡可能地從日常運營基礎上降低了這一點。

When you start to think of $50 million-and-under revenue companies running the numbers that Paul gave you, which is what we call Business Banking, they can't get it much lower than that because they're paying their payrolls and doing other things.

當你開始想到收入 5000 萬美元及以下的公司運行保羅給你的數字時，這就是我們所說的商業銀行業務，他們的收入不可能比這個低得多，因為他們要支付工資並做其他事情事物。

And so they're going to start to build back up as they start to expand and meet their client demands.

因此，當他們開始擴展並滿足客戶需求時，他們將開始進行備份。

And so that's what gives us confidence, just the conversation that we've had with them and talking to them and these deep reviews we've done.

因此，這就是給我們信心的原因，就是我們與他們進行的對話以及我們所做的這些深入的評論。

It's been clear that they're feeling better that the core demand from May to June to July to August to September picks up.

很明顯，他們感覺更好，因為五月到六月到七月到八月到九月的核心需求有所回升。

The only big question when you're -- when we're wrong on all this in terms of loan balance is really in the high end and who has access to markets and how deep that goes in the middle markets, which we make fees on the investment banking side, but that can move the loan balances around as you well know, Betsy.

當我們在貸款餘額方面犯了錯誤時，唯一的大問題實際上是在高端市場，誰可以進入市場，以及在中間市場的深度如何，我們對此收取費用投資銀行方面，但這可以改變貸款餘額，正如你所知道的，貝特西。

And we can move next to Mike Mayo with Wells Fargo.

我們可以在富國銀行的邁克·梅奧旁邊移動。

This is a follow-up to you guys pressing your advantage.

這是你們發揮優勢的後續行動。

I mean, I guess it's good news, bad news.

我的意思是，我想這是好消息，也是壞消息。

Good news is you're growing households, your deposits in the corporation are up [1/4] year-over-year, your digital banking is growing.

好消息是您的家庭規模不斷擴大，您在公司的存款年增了 1/4，您的數位銀行業務也在成長。

So that's great.

那太好了。

And your award is your NII has gotten crushed, right?

而你的獎勵就是你的NII被壓垮了，對吧？

So it's the short-term versus long-term trade-off.

所以這是短期與長期的權衡。

So as you look at an environment with lower rates for longer, as you acquire these customers, have you changed your assumptions for lifetime value?

因此，當您長時間觀察利率較低的環境時，當您獲得這些客戶時，您是否改變了終身價值的假設？

Because I assume you eventually want to monetize the benefits of these relationships, but it's just not happening yet.

因為我假設你最終想要將這些關係的好處貨幣化，但這還沒有發生。

So I think, Mike, you have to think about it 2 ways.

所以我認為，麥克，你必須從兩方面來考慮。

One is for the new customers coming on, bringing us $100 billion in incremental checking deposits year-over-year, that is money coming on at basically 0 that you can redeploy, as Paul said.

一是新客戶的出現，每年帶來 1000 億美元的增量支票存款，正如保羅所說，這些資金基本上是 0 的，你可以重新部署。

So there's a value to that incrementally to the company.

因此，這對公司來說是有價值的。

The question is when you have that quick fall down in rates that we had, you have to kind of get underneath and come out the other side, as you well know.

問題是，當你的利率像我們一樣快速下降時，你必須陷入困境並從另一邊走出來，正如你所知道的。

But look, the value of the deposit franchise is representative of having the core household relationships, and that's where you see the things move forward.

但看，存款特許經營權的價值代表了擁有核心家庭關係，這就是你看到事情向前發展的地方。

So what are we seeing?

那我們看到了什麼？

We're seeing a rebound in our auto lending.

我們看到汽車貸款出現反彈。

We're seeing a rebound in our car lending.

我們看到汽車貸款出現反彈。

Those are coming because we have the core relationships that are digitally inactive.

這些之所以會出現，是因為我們擁有數位化不活躍的核心關係。

50% of the sales are coming digitally, and that helps us grow.

50% 的銷售額來自數位化，這有助於我們成長。

And then you think about just on the consumer.

然後你只考慮消費者。

Look at -- if you look at Page 15 on the investment side, you're seeing that build up by $40 billion year-over-year, $20 billion linked quarter.

看看——如果你看一下第 15 頁的投資方面，你會發現同比增長了 400 億美元，季度關聯增長了 200 億美元。

So that materialized the balance.

這樣就實現了平衡。

And the good news is, if you look at the fee structure across the platforms and the different things, you're seeing the fees start to come back up, which is just core activity.

好消息是，如果你看看跨平台和不同事物的費用結構，你會發現費用開始回升，這只是核心活動。

So we're at -- you only have $200 million -- $225 million in total quarterly deposit interest costs.

所以我們的季度存款利息成本總額只有 2 億到 2.25 億美元。

So it can only go from $225 million to $0, there's not much left in it.

所以只能從2.25億美元變成0美元，所剩無幾了。

That was $1.6 billion, I think, last year this quarter.

我想，去年這個季度這個數字是 16 億美元。

So we brought that down, and now we just got to grow the volume back up.

所以我們把它降低了，現在我們只需要把音量重新增加即可。

And you're seeing that start to happen, and that's what gives Paul comfort in some of the core projections.

你會看到這種情況開始發生，這就是讓保羅在一些核心預測中感到安慰的原因。

And it's the depth of relationship.

這就是關係的深度。

It's not any single product, as you well know.

如您所知，它不是任何單一產品。

And we're pressing the advantage because, frankly, even in a low rate environment, more core deposit customers, more core checking accounts and deposits in addition to our Wealth Management business and GWIM, more GTS business, we'll make more money on.

我們正在發揮優勢，因為坦白說，即使在低利率環境下，除了我們的財富管理業務和GWIM、更多的GTS 業務之外，更多的核心存款客戶、更多的核心支票帳戶和存款，我們將在以下方面賺更多的錢： 。

You might get a twist of rates in a given quarter.

您可能會在特定季度得到不同的利率。

If I just think back, we had this discussion in the mid-2013, '14, '15.

如果我回想一下，我們在 2013 年中期、'14、'15 進行過這樣的討論。

You saw the earnings come up even before the rates moved.

甚至在利率變動之前您就看到了收入的成長。

Are there ways to -- we know this is linchpin to a customer relationship.

有沒有辦法——我們知道這是客戶關係的關鍵。

It's just getting value today for that relationship, and you are mentioning the different products.

今天這種關係才變得有價值，而你提到了不同的產品。

Is there as a way to think about charging more fees or something if you have a low rate environment like this, again just getting your money's worth for all the effort you put in to gather these new households?

如果您有這樣的低利率環境，是否有辦法考慮收取更多費用或其他費用，再次讓您為聚集這些新家庭而付出的所有努力都物有所值？

Yes.

是的。

Well, I think not penalty fees clearly, Mike, because that just is a bad customer experience.

好吧，我認為罰款不是明確的，麥克，因為這只是一種糟糕的客戶體驗。

Because the other thing is the attrition rate in the book has dropped to very low because of the high-quality customer experience our team delivers, and it gives you the permission to do more with them.

因為另一件事是，由於我們的團隊提供了高品質的客戶體驗，本書中的流失率已降至非常低，並且它允許您與他們一起做更多事情。

So penalty fees, I think, are not the way to go, but core account fees for the structures are there.

因此，我認為罰款不是解決辦法，但結構的核心帳戶費用是存在的。

And -- but the reality is that most of the -- our preferred book, which is 80% of the consumer deposits by definition, is way above any minimum requirement for fees.

但現實情況是，我們首選的圖書中的大部分（根據定義佔消費者存款的 80%）遠高於任何最低費用要求。

And so you've got the volume.

這樣你就得到音量了。

You're getting 80% of consumer deposits in a book that -- with only about 20% of the customers.

你將 80% 的消費者存款花在一本只有 20% 左右的顧客的書上。

So you make it up in your expenses and your operating capacity there.

所以你可以用你的開支和你的營運能力來彌補。

And that's what -- that's how you ultimately make it up even in a low rate environment as this year.

這就是——即使在今年這樣的低利率環境下，你最終也能彌補這一點。

We have 4,300 branches in this franchise, Mike.

麥克，我們的特許經營權有 4,300 個分支機構。

In 1999, we had 4,800, just to give you a sense.

1999 年，我們有 4,800 個，僅供大家參考。

And I think, Mike, you deepen with them.

我認為，麥克，你會和他們一起深化。

You deepen with them in loans.

你與他們加深了貸款。

You deepen with them in Wealth Management.

您與他們一起深化財富管理。

And we're making progress in all those areas.

我們正在所有這些領域取得進展。

And we can move next to Matthew O'Connor with Deutsche Bank.

我們可以轉到德意志銀行的馬修·奧康納 (Matthew O'Connor)。

I wanted to follow up on expenses.

我想跟進費用。

You talked about $13.7 billion in the fourth quarter.

您談到了第四季的 137 億美元。

And I just wanted to -- just trying to figure out, is that still an elevated number from COVID?

我只是想——只是想弄清楚，這個數字是否仍因新冠疫情而增加？

And -- because if you annualize it, and you had the 1Q seasonal bump, you're kind of, call it, mid-$55 billion range for next year, which feels high.

而且 - 因為如果你將其按年化，並且第一季度出現季節性增長，那麼你可以稱之為明年 550 億美元的中間範圍，這感覺很高。

But I wanted to give you guys a chance to address that.

但我想給你們一個機會來解決這個問題。

Yes.

是的。

I think the 3 point -- the $13.7 billion -- the roughly $13.7 billion for 4Q, that probably includes net COVID expenses of $300 million to $400 million.

我認為第三點——137 億美元——第四季的大約 137 億美元，其中可能包括 3 億至 4 億美元的新冠淨支出。

Okay.

好的。

And as you think about the timing of that $300 million to $400 million coming off, I guess it can be tricky, but what are you assuming at this point?

當你考慮 3 億到 4 億美元的發放時間時，我想這可能很棘手，但你此時的假設是什麼？

$300 million to $400 million, right?

3億到4億美元，對嗎？

I mean $300 million to $400 million per quarter -- I mean, in the fourth quarter.

我的意思是每季 3 億至 4 億美元——我的意思是，在第四季。

It was higher this quarter.

本季更高。

But in the fourth quarter, kind of baked into that number is $300 million to $400 million of net COVID expenses.

但在第四季度，這一數字包含了 3 億至 4 億美元的新冠肺炎淨支出。

So that will come off over '21.

所以這將在 21 年結束。

And we'll get more of it at the end of the year than we were at the beginning of the year, but it will, I don't know, ratably come down.

到年底我們會得到比年初更多的收入，但我不知道，它會大幅下降。

I can't -- I would expect maybe half of that to be in -- per quarter to be in that on a full year basis.

我不能——我預計每個季度的一半可能是全年的。

Okay.

好的。

And then separately, following up on net interest income.

然後分別追蹤淨利息收入。

You talked about it moving higher in 2021.

您談到 2021 年它會走高。

I assume that's on a linked-quarter basis.

我認為這是在關聯季度的基礎上進行的。

I mean obviously, there's some day count challenge in the third quarter, but maybe just elaborate a bit on the outlook for net interest income for next year based on the assumptions that you have.

我的意思是，顯然，第三季存在一些天數挑戰，但也許只是根據您的假設詳細說明明年淨利息收入的前景。

Sure.

當然。

Look, without providing any specific guidance, I'll give you a few thoughts for next year.

看，在沒有提供任何具體指導的情況下，我會給你一些明年的想法。

Obviously, the lower reinvestment yields are expected to continue, and that's going to impact NII.

顯然，再投資收益率預計將持續走低，這將影響NII。

But that headwind early in the year should be offset by the deployment of the cash into securities.

但今年年初的逆風應該會被現金配置到證券中所抵銷。

And then by the middle of the year, we're hopeful that loan growth will be a tailwind as the economy recovers.

然後到今年年中，我們希望貸款成長將成為經濟復甦的動力。

So we think NII should move forward and up from here.

因此，我們認為 NII 應該從這裡向前邁進。

So if I work on that math and think about -- again, to adjust for the day count and some of those kind of nuances, would your expectation be that net interest income dollars in 3Q of next year be higher than this year?

因此，如果我進行數學計算並再次考慮調整天數和其中一些細微差別，您的預期是明年第三季的淨利息收入會高於今年嗎？

Yes.

是的。

3Q to 3Q?

三季到三季？

Yes.

是的。

I'd have to think of -- I'd have to look at that.

我必須考慮——我必須看看這個。

I mean certainly higher than -- yes.

我的意思是肯定高於——是的。

Yes, I would say I would expect that 3Q next year will be higher than 3Q this year, yes.

是的，我會說我預計明年第三季將高於今年第三季度，是的。

And we can move next to John McDonald with Autonomous Research.

我們可以繼續討論約翰·麥克唐納的自主研究。

Paul, 2 NII questions just near term.

Paul，近期有 2 個 NII 問題。

So it sounds like you might be expecting a little bit of lift, net of all the factors you talked about in NII in the fourth quarter or kind of flattish, up a little.

因此，聽起來你可能預計會有一點提升，扣除你在第四季度 NII 中談到的所有因素，或者有點持平，上漲一點。

Just kind of what's the near-term outlook on NII?

NII 的近期前景如何？

Yes.

是的。

So the near-term outlook is, as I said, it's going to be, we think, at least flat and we're optimistic it's going to be up.

因此，正如我所說，我們認為近期前景至少會持平，而且我們對它會上漲持樂觀態度。

So we think we're at the low 0.3 for NII.

因此，我們認為 NII 處於 0.3 的低點。

We've got the ones of reinvestment on securities, and we've got the lower average loan balances, given where we're ending this quarter on loan balances.

我們有證券再投資，考慮到本季末的貸款餘額，我們的平均貸款餘額較低。

But we think those headwinds are going to be offset by the deployment of the excess cash that we've done and we'll probably continue to do in the fourth quarter.

但我們認為這些不利因素將被我們已經部署的多餘現金所抵消，而我們可能會在第四季度繼續這樣做。

So at least flat and optimistic up.

所以至少持平且樂觀向上。

Okay.

好的。

And how -- when you think about redeploying cash, rates are still very low today.

當你考慮重新部署現金時，你會發現今天的利率仍然很低。

What -- how do you balance the risk of locking in low yields and duration risk against looking to protect NII and thinking loan growth might come back?

你如何平衡鎖定低收益率和久期風險與尋求保護NII和認為貸款成長可能會回來的風險？

You expressed some optimism there.

你在那裡表達了一些樂觀的態度。

Yes, it's a very good question.

是的，這是一個非常好的問題。

We are always balancing liquidity, capital and earnings.

我們始終平衡流動性、資本和收益。

I don't want to go into a lot of detail, but we are maintaining the asset sensitivity of the company with these purchases.

我不想透露太多細節，但我們透過這些購買來維持公司的資產敏感度。

Okay.

好的。

And then one nitpick here.

然後這裡有一個挑剔。

In the other income category, there's a net loss in noninterest income of minus $250 million.

在其他收入類別中，非利息收入淨損失為負 2.5 億美元。

So you mentioned tax-advantaged investments and other things.

所以你提到了稅收優惠投資和其他事情。

Is that kind of what we should expect going forward and you're getting the benefit in the tax rate but this other income kind of runs at a little bit of a loss?

這是我們未來應該期待的情況嗎？

Or are there some other issues there?

或者還有其他一些問題嗎？

Yes.

是的。

No, I think -- I would expect that.

不，我想——我會預料到這一點。

I think other income is going to bounce around quarter-to-quarter, but it should, on average, be down a couple of hundred million given, as you said, the investment in our renewable energy products and other ESG efforts, which create partnership losses.

我認為其他收入將按季度反彈，但平均而言應該下降幾億，正如您所說，考慮到我們對再生能源產品的投資和其他 ESG 努力，這些努力建立了合作夥伴關係損失。

Okay.

好的。

Okay.

好的。

So that's kind of a new run rate from that?

那麼這是一種新的運行率嗎？

And remember, in the fourth quarter, those partnership losses are always higher.

請記住，在第四季度，這些合夥企業的損失總是更高。

So think maybe a couple of hundred million higher.

所以想想可能還要高出幾億。

Okay.

好的。

More than the $250 million this quarter?

超過本季的 2.5 億美元？

Yes.

是的。

But we get the benefit in the tax line throughout the year.

但我們全年都能享受稅收優惠。

Yes, 10% for the fourth quarter.

是的，第四季為 10%。

And do you have an idea like tax rate for an annual basis going forward with this new arrangement?

對於這項新安排，您是否有類似年度稅率的想法？

I don't have an expectation for next year to share with you, but the fourth quarter, absent unusual items, 10%.

我沒有對明年的預期與大家分享，但第四季度，沒有異常項目，佔 10%。

And I would just remind everybody that these tax-advantaged investments are things we're doing to help society.

我只想提醒大家，這些稅收優惠投資是我們為幫助社會所做的事情。

We're talking about low-income housing.

我們正在談論低收入住房。

We're talking about wind and solar.

我們正在談論風能和太陽能。

These are things that are part of our ESG effort.

這些都是我們 ESG 工作的一部分。

Yes.

是的。

We're a melioristic company.

我們是一家追求進步的公司。

But on the other hand, we're also doing it because it's a good business for us and helps us generate the benefits, net of the cost, the losses, that are positive to the company's earnings.

但另一方面，我們這樣做也是因為這對我們來說是一項很好的業務，可以幫助我們產生扣除成本和損失後的收益，從而對公司的收益產生積極影響。

And we can move next to Ken Usdin with Jefferies.

我們可以和傑弗里斯一起搬到肯·烏斯丁旁邊。

I was wondering if you could elaborate a little bit more on just your expectations for just how the loss cycle is going to evolve.

我想知道您是否可以詳細說明您對損失週期將如何演變的預期。

Paul, I believe you mentioned that you wouldn't expect losses to really start moving up until midyear next year.

保羅，我相信您提到過，您預計損失要到明年年中才會真正開始上升。

And as we start to evaluate whether or not and how much stimulus we get versus what we've already gotten baked in the cake, just how are you expecting to see both the consumer and the commercial side traject as we move forward?

當我們開始評估我們是否獲得刺激以及獲得多少刺激以及我們已經得到的刺激時，您期望在我們前進的過程中看到消費者和商業方面的發展軌跡如何？

Yes, sure.

是的，當然。

So look, regarding net charge-offs, I think we've covered it.

所以看，關於淨沖銷，我認為我們已經解決了。

But in consumer, given the lack of significant delinquencies we've seen so far even on those customers who will come off deferral and given the fact that net charge-offs don't occur without bankruptcy until 180 days past due, it's just not likely we're going to see consumer net charge-offs will show up until kind of mid-2020 -- mid-'21.

但在消費者方面，考慮到迄今為止，即使是那些將延期還款的客戶，也沒有出現嚴重的拖欠情況，而且考慮到在逾期180 天之前，如果沒有破產，淨沖銷不會發生，所以這種情況不太可能發生。

Yes.

是的。

If you go back and think about it, what we thought was going to happen, third quarter this year pushed out, going back to the first quarter we looked at.

如果你回頭想想，我們認為會發生什麼，今年第三季推遲了，回到我們看到的第一季。

Then the second quarter we looked at, we pushed out further.

然後我們看到第二季度，我們進一步推進。

The third quarter, we pushed it out further.

第三季度，我們進一步推遲了它。

So it just -- it keeps pushing out based on, frankly, the characteristics of our consumers are stronger than the characteristics generally in the United States.

所以它一直在推出，坦白說，我們消費者的特徵比美國普遍的特徵更強。

And the characteristics in the United States are the consumers are doing better because of all the things you mentioned than the unemployment statistic would indicate in models.

美國的特點是，由於你提到的所有事情，消費者的表現都比失業統計數據在模型中顯示的更好。

And so we just pushed it out, and we'll -- but it's now in the second half of next year.

所以我們就把它推遲了，我們會——但現在已經是明年下半年了。

Yes.

是的。

And I guess I'm just starting to wonder -- sorry.

我想我剛開始懷疑——抱歉。

Remember, the near-term path of charge-offs is going to be driven by delinquency roll and things like that, what's delinquent at the end of this quarter.

請記住，近期的沖銷路徑將由拖欠額和類似的因素驅動，即本季末的拖欠額。

And as Paul said, the 30-day delinquencies are down year-over-year in mortgages and cards and things like that.

正如保羅所說，抵押貸款和信用卡等類似項目的 30 天拖欠率逐年下降。

It's down as a percent and down as a dollar amount and down as a percent on a smaller balance.

它按百分比下降，按美元金額下降，按較小餘額按百分比下降。

So it's -- the credit quality has been strong.

所以，信用品質一直很強。

Yes.

是的。

And you made the point about not being quite clear yet on if you should release reserves just given the uncertainties.

您指出，考慮到不確定性，您還不清楚是否應該釋放準備金。

I guess how much is future stimulus a part of that equation?

我猜未來的刺激措施在多大程度上是這個等式的一部分？

What do you look for to kind of get in that comfort zone that you can say -- I know you said the builds are done, but just in terms of starting to utilize and feel comfortable that you can let even more of those reserves kind of flow back into capital?

你想要什麼才能進入你可以說的舒適區——我知道你說建造已經完成，但就開始利用和感覺舒適而言，你可以讓更多的儲備回流資本？

There were -- so a stimulus plan would help the unemployed; the businesses that are still struggling to get their business capacity -- get their business utilization up, those obvious businesses we all know; and then states and towns so they don't have further reduction in budgets in schools and other things; the hospitals.

因此，刺激計劃將幫助失業者；那些仍在努力提高業務能力的企業——提高其業務利用率，這些我們都知道的顯而易見的企業；然後是各州和城鎮，這樣他們就不會進一步削減學校和其他方面的預算；醫院。

All of these people have been heavily affected.

所有這些人都受到了嚴重影響。

Stimulus affecting those would help all these -- speed up the pace of the estimates coming down, quite frankly.

影響這些的刺激措施將有助於所有這些——坦白說，加快估計下降的速度。

Right now, there hasn't been -- right now, there's -- it's not baked in, as Paul said earlier, but stimulus coming in would move us further.

現在，還沒有——現在，有——它還沒有被吸收，正如保羅早些時候所說，但刺激措施的到來將使我們走得更遠。

And you'd see the reserves come out further because the lifetime expectation loss would be lower.

而且您會看到準備金進一步增加，因為終身預期損失會更低。

That's kind of the way it works.

這就是它的工作原理。

And we will move next to Charles Peabody with Portales.

我們將前往查爾斯·皮博迪 (Charles Peabody) 和波塔萊斯 (Portales) 的旁邊。

Yes.

是的。

Two quick questions.

兩個簡單的問題。

In your guidance on no more reserve build, I'm trying to make sure I understand that because you've also talked about the possibility of loan growth.

在您關於不再建立準備金的指導中，我試圖確保我理解這一點，因為您也談到了貸款成長的可能性。

So at the very least, you'll cover charge-offs, but will you also provide for loan growth?

因此，至少，您將承擔沖銷費用，但您也會為貸款成長做好準備嗎？

We would.

我們會的。

But just think about a couple of percentage of loan growth, given the level of reserving, wouldn't change it dramatically.

但只要考慮一下貸款成長的幾個百分比，考慮到準備金水平，並不會顯著改變它。

So if we had fast loan growth, which I don't think the economy is going to support in the near term, we'd have to grow faster.

因此，如果我們的貸款快速成長（我認為經濟短期內不會支持這種成長），我們就必須加快成長。

But that would be a high-quality problem to have, to build reserves for loan growth.

但這將是一個高品質的問題，即為貸款成長建立準備金。

Sure, sure.

當然，當然。

And then the second question is, can you give us some color on the pipeline for investment banking and what that looks like versus the second quarter or the year-ago fourth quarter?

第二個問題是，您能否為我們介紹一下投資銀行業務的進展情況，以及與第二季或去年第四季相比情況如何？

Yes.

是的。

The pipeline looks solid for investment banking.

投資銀行業務的管道看起來很穩固。

Again, the second quarter was a record quarter for us, and the third quarter was the second best quarter for us.

同樣，第二季度對我們來說是創紀錄的季度，第三季度是我們第二好的季度。

So -- and investment banking is normally down sequentially third quarter to fourth quarter.

因此，投資銀行業務通常會從第三季到第四季連續下降。

I don't think you could expect to see the same type of volume in the fourth quarter that we saw in the second quarter or perhaps the third quarter.

我認為您不會期望在第四季度看到與第二季度或第三季度相同的交易量。

But the pipeline looks solid, and we're even seeing some M&A pickup in -- or at least from a discussion standpoint.

但管道看起來很穩固，我們甚至看到一些併購的回升——或者至少從討論的角度來看。

Yes.

是的。

And Tom Montag and I have been very pleased with the work that Matthew Koder has done with that team over the last 1.5 years or so since he took over and just driving great coverage, driving great connectivity to our middle market business.

Tom Montag 和我對Matthew Koder 在過去1.5 年左右的時間裡與該團隊所做的工作感到非常滿意，因為他接管了該團隊，並推動了更大的覆蓋範圍，推動了與我們的中間市場業務的良好連接。

And the fees there continue to grow.

而且那裡的費用持續成長。

And so they've done a -- he's done a very good job with the management team in that business, and we'd expect them to keep making progress.

因此，他們在該業務中與管理團隊一起做得非常好，我們希望他們繼續取得進展。

Yes.

是的。

We've gone from -- just in middle market alone, we've gone from fourth to second in a year with 9.5% market share.

僅在中間市場，我們就在一年內從第四名上升到第二名，市佔率為 9.5%。

We talked about market share gains earlier.

我們之前談到了市場佔有率的成長。

And this does conclude the question-and-answer session.

問答環節到此結束。

I'd like to turn the program over to Brian Moynihan for any closing remarks.

我想將節目交給布萊恩莫伊尼漢 (Brian Moynihan) 做結束語。

So number one, thank you all for joining us and your interest in our company.

首先，感謝大家加入我們以及對我們公司的興趣。

Second, a solid quarter of $5 billion-plus in earnings -- of nearly $5 billion in earnings, $0.51 a share, good business progress across the board in terms of client activity and client household growth.

其次，本季獲利超過 50 億美元，獲利近 50 億美元，每股收益 0.51 美元，在客戶活動和客戶家庭成長方面全面取得良好的業務進展。

And also, we saw the economy continue to progress in terms of our customer spending and continue to see that continue into October.

此外，我們看到經濟在客戶支出方面繼續取得進展，並且這種情況將持續到 10 月。

So nearly $5 billion in earnings, solid -- very strong capital, very strong liquidity, continuing our responsible growth management.

因此，近 50 億美元的收益非常穩定——非常強大的資本，非常強大的流動性，繼續我們負責任的成長管理。

Thank you.

謝謝。

Thank you for your participation.

感謝您的參與。

This does conclude today's program.

今天的節目到此結束。

You may disconnect at any time.

您可以隨時斷開連線。