美國銀行 (BAC) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Bank of America earnings announcement. (Operator Instructions) Please note, this call may be recorded. It is now my pleasure to turn today's program over to Lee McEntire.

大家好，歡迎收看今天的美國銀行收益公告。 （操作員說明）請注意，此通話可能會被錄音。現在我很高興將今天的節目交給 Lee McEntire。

Good morning. Thank you, Katherine. Welcome. I hope everybody had a nice weekend, and thank you for joining the call to review the first quarter results. I trust everybody has had a chance to review our earnings release documents. As always, they are available, including the earnings presentation that we'll be referring to during this call, on our Investor Relations section of the bankofamerica.com website.

早上好。謝謝你，凱瑟琳。歡迎。我希望每個人都度過了一個愉快的周末，並感謝您加入回顧第一季度業績的電話會議。我相信每個人都有機會查看我們的收益發布文件。與往常一樣，我們將在 bankofamerica.com 網站的投資者關係部分提供它們，包括我們將在本次電話會議中提到的收益演示文稿。

I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments; and then ask Alastair Borthwick, our CFO, to 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；然後請我們的首席財務官 Alastair Borthwick 介紹本季度的詳細信息。

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

在我將電話轉給布賴恩之前，讓我提醒您，我們可能會在電話會議期間做出前瞻性陳述並參考非 GAAP 財務指標。這些前瞻性陳述基於管理層當前的預期以及受風險和不確定性影響的假設。可能導致實際結果與預期產生重大差異的因素在我們的收益材料和網站上提供的美國證券交易委員會文件中有詳細說明。有關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對賬，也可以在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，布賴恩。

Thank you, Lee, and good morning to all of you, and thank you for joining us. As we open our earnings call this quarter, we want to acknowledge that there's -- the humanitarian crisis continue to take place in Ukraine and remain watchful and have provided assistance from our company to the Ukranian citizens and staying ready to help further where we can.

謝謝你，李，大家早上好，感謝你加入我們。在本季度開始我們的財報電話會議時，我們要承認，人道主義危機繼續在烏克蘭發生，並保持警惕，我們公司已向烏克蘭公民提供援助，並隨時準備在可能的情況下提供進一步幫助。

Before we get into some discussion on the current outlook and activity, I want to step back and focus on the big picture about Bank of America this quarter. In a quarter that had a lot of variables show-ups, we delivered responsible growth again. We reported $7.1 billion in net income or $0.80 per diluted share. We grew revenue, we reduced costs, and we delivered our third straight quarter of operating leverage coming out of the pandemic.

在我們討論當前的前景和活動之前，我想退後一步，關注本季度美國銀行的大局。在一個有很多變數出現的季度，我們再次實現了負責任的增長。我們報告了 71 億美元的淨收入或每股攤薄收益 0.80 美元。我們增加了收入，降低了成本，並且在大流行之後，我們連續第三個季度實現了運營槓桿。

Net interest income grew 13% and is expected to grow significantly from here. We saw a strong loan growth. We grew deposits. We saw a strong investment for us. We made trading profits every day during the quarter. We grew pretax pre-provision income by 8%. We had a return on tangible common equity of 15.5%. All this came in at quarter that saw geopolitical conflict, rising interest rates, the pandemic, rising inflation concerns and much, much more. I want to thank our team for delivering on responsible growth once again.

淨利息收入增長了 13%，預計將從這裡顯著增長。我們看到了強勁的貸款增長。我們增加了存款。我們看到了一筆強勁的投資。我們在本季度每天都獲得交易利潤。我們的稅前撥備收入增長了 8%。我們的有形普通股回報率為 15.5%。所有這一切都發生在地緣政治衝突、利率上升、大流行、通脹擔憂上升等等的季度。我要感謝我們的團隊再次實現負責任的增長。

So if you look at the statistics on Slide 2, you can see some of those highlights. You can see the organic growth engine that our company is delivering once again. In our banking business, you can see the strong loan and deposit growth. We grew and expanded customer relationships across every business. In fact, we grew net new checking accounts by more than 220,000 this quarter alone. We opened new financial centers, and we renovated many others. We added more digital capabilities and crossed 50% in digital sales.

因此，如果您查看幻燈片 2 上的統計數據，您可以看到其中的一些亮點。你可以看到我們公司再次提供的有機增長引擎。在我們的銀行業務中，您可以看到強勁的貸款和存款增長。我們在每項業務中發展並擴大了客戶關係。事實上，僅本季度我們就增加了超過 220,000 個淨新支票賬戶。我們開設了新的金融中心，並翻新了許多其他金融中心。我們增加了更多的數字功能，數字銷售額超過了 50%。

In our Wealth Management businesses, you can see over $160 billion of client flows over the year and more than $4 trillion in client balances, including Merrill Edge. We saw both strong investment flow performance in addition to banking flows. Over the past year, we brought on a significant number of net new households, 24,000, Merrill; and then the 2,000 in the private bank.

在我們的財富管理業務中，您可以看到全年超過 1600 億美元的客戶流量和超過 4 萬億美元的客戶餘額，包括 Merrill Edge。除了銀行流量外，我們還看到了強勁的投資流量表現。在過去的一年裡，我們帶來了大量的淨新家庭，24,000 戶，美林；然後是私人銀行的2000。

Across the combination of our Consumer and Wealth businesses, we saw more than $90 billion of investment flows. We now have managed client balances, including deposits, loan investments of more than $5 trillion with us.

在我們的消費者和財富業務組合中，我們看到了超過 900 億美元的投資流。我們現在已經管理了超過 5 萬億美元的客戶餘額，包括存款、貸款投資。

In Global Markets, Jim DeMare and his team had a solid quarter of sales and trading results, which included a record quarter for equities. Despite the market turmoil, we had 0 days trading losses. And while the investment banking fee line went down from the record quarters of the past year, Matthew Koder and his team produced solid results with a strong forward pipeline, and we gained market share in several areas, including moving to #2 in the mid-cap investment banking.

在全球市場，Jim DeMare 和他的團隊取得了穩健的季度銷售和交易業績，其中包括創紀錄的股票季度。儘管市場動盪，我們有 0 天的交易虧損。雖然投資銀行費用線較去年創紀錄的季度有所下降，但 Matthew Koder 和他的團隊憑藉強大的前瞻性管道取得了可觀的成果，我們在多個領域獲得了市場份額，包括在中期升至第二位封頂投資銀行。

From a broader enterprise perspective, part of managing costs while it comes from the drive we have in the company to provide enhanced digital capabilities to our customers, which in turn drives adoption for the digital engagement and lower costs. If you look at Slide 23 and beyond, you can see we are now selling more digitally than we are in person. It takes both to be successful. What makes them even more impressive is all the financial centers are now open and back to operating at their usual great capacity. So adding the digital capacity clearly increases our total production capabilities.

從更廣泛的企業角度來看，管理成本的一部分來自我們公司為我們的客戶提供增強的數字能力的動力，這反過來又推動了數字參與和降低成本的採用。如果您查看幻燈片 23 及以後的內容，您會發現我們現在的數字銷售比我們親自銷售的要多。兩者都需要成功。更令人印象深刻的是，所有金融中心現在都已經開放，並恢復了往常的巨大容量。因此，增加數字能力顯然會增加我們的總生產能力。

You can also see our digital sales are now twice the pre-pandemic level just 3 years ago. Even more impressive, look at Zelle and Erica volumes, up more than 4x since pre-pandemic levels. We're now processing more outgoing Zelle transactions than checks. In our cash pro mobile app with our commercial clients, we see many $5 billion usage days. There are a lot more stats on the slide showing strong digital growth. I commend them to you to see how a high touch, high-tech innovative company drives organic growth.

您還可以看到，我們的數字銷售額現在是 3 年前大流行前水平的兩倍。更令人印象深刻的是，看看 Zelle 和 Erica 的銷量，比大流行前的水平增長了 4 倍以上。我們現在處理的傳出 Zelle 交易比支票多。在我們與商業客戶合作的現金專業移動應用程序中，我們看到了 50 億美元的使用天數。幻燈片上有更多統計數據顯示了強勁的數字增長。我向您推薦它們，以了解一家高度接觸、高科技創新的公司如何推動有機增長。

This quarter, our resilience was tested. And once again, we maintained a focus on what we control and grew responsibly and earned our way through the turmoil. So as we talked to you during the quarter, many of you expressed questions about the impact of the macro environment and changes in our company. So the lingering impact of the pandemic on supply chains and business opportunity, inflation and Fed reduction of monetary.

本季度，我們的彈性受到了考驗。再一次，我們繼續專注於我們控制的東西，負責任地成長，並在動盪中贏得了勝利。因此，當我們在本季度與你們交談時，你們中的許多人都對宏觀環境的影響和我們公司的變化提出了疑問。因此，大流行對供應鍊和商業機會、通貨膨脹和美聯儲貨幣減少的揮之不去的影響。

[combinations]; the impacts of Russian-Ukraine war, both on the first order effect and second order effects. We do remain mindful of all these. So could a slowdown in the economy happen? Perhaps.

[組合];俄烏戰爭對一階效應和二階效應的影響。我們確實牢記所有這些。那麼經濟放緩會發生嗎？也許。

But right now, the size of the economy is bigger than pre-pandemic levels. Consumer spending remains strong, unemployment is low and wages are rising. Company earnings are also generally strong. Credit is widely available. And our customers' usage of their lines of credit is still low, i.e., they have capacity to borrow more.

但目前，經濟規模大於大流行前的水平。消費者支出依然強勁，失業率低，工資上漲。公司盈利也普遍強勁。信貸廣泛可用。而且我們的客戶對他們的信用額度的使用率仍然很低，也就是說，他們有能力借更多的錢。

We are all focused on the ability of the Fed to use their tools to reduce inflation. We (inaudible) know that will take interest rates with rate hikes and a reduction in the balance sheet. We predict it will slow the economy from 3% growth in 2022 to a little below 2% in '24 -- '23, excuse me. That is back to trend. So the interest rate hikes comes better NII. Could the Fed had to push harder to sell inflation? Perhaps. That is why we run stress test each quarters to look at scenarios to see what would happen in a highly inflationary environment.

我們都關注美聯儲使用其工具降低通脹的能力。我們（聽不清）知道這將導致利率上升和資產負債表減少。我們預計它將使經濟增速從 2022 年的 3% 放緩至 24 年至 23 年的略低於 2%，對不起。那是回歸趨勢。所以加息來得更好 NII。美聯儲是否必須更加努力地推銷通脹？也許。這就是為什麼我們每個季度都進行壓力測試以觀察情景以了解在高通脹環境下會發生什麼。

If rates move fast, are there implication to capital? Sure, as you saw some in this quarter. But in the context of the capital build, those impacts are manageable. The impact increases earnings also. And then over time, the bonds pull back to par. All that results in a rebuild of the capital quite quickly. But for some short period of time, that capital usage, along with customer usage, might slow share repurchase a little bit, but it will be temporary.

如果利率變動很快，對資本有影響嗎？當然，正如您在本季度看到的那樣。但在資本建設的背景下，這些影響是可控的。這種影響也增加了收益。然後隨著時間的推移，債券回落到面值。所有這些都導致了首都的迅速重建。但在很短的一段時間內，資本使用以及客戶使用可能會稍微減緩股票回購，但這將是暫時的。

What if we're wrong and things do get tougher? We already know what that looks like. In 2020, as we built significant reserves and also built 90 basis points of capital during the economic shutdown period. Rates moved against us and earnings fell. So we have already proven resilient. We continue to focus on responsive growth and the things we control.

如果我們錯了，事情變得更艱難怎麼辦？我們已經知道那是什麼樣子了。 2020年，我們在經濟停擺期間建立了大量儲備，並建立了90個基點的資本。利率對我們不利，收益下降。所以我們已經證明了彈性。我們將繼續專注於響應式增長和我們控制的事物。

If you go to Slide 3, I want to mention to show some of the strengths we see in our U.S. consumer base. Bank of America consumers spent at the highest-ever quarter 1 level, which is a double-digit percentage increase over the 2021 level that you can see in the upper left. From our card spend to date, we have seen a strong recovery in travel, entertainment, restaurant spending. In the upper right, you can see that. By the way, even with the fuel costs up 40% and more from last year, fuel represents about 6% of overall debit and credit card spending and a lot less of overall spending as cards as you can see in the lower left, is 21% of all spending.

如果您轉到幻燈片 3，我想提一下以展示我們在美國消費者群中看到的一些優勢。美國銀行消費者在第一季度的最高支出水平比左上角的 2021 年水平增長了兩位數。從我們迄今為止的信用卡消費來看，我們已經看到旅遊、娛樂、餐飲消費的強勁復甦。在右上角，您可以看到。順便說一句，即使燃料成本比去年上漲了 40% 甚至更多，燃料仍佔借記卡和信用卡總支出的 6% 左右，而在總支出中的比例要低得多，因為您可以在左下角看到，為 21佔所有支出的百分比。

Importantly, despite March of last year, including stimulus bonus, we saw the spending in the month of March 2022 on a comparable basis to 2021, 13% higher by dollar volume. And we saw a 7.4% increase in the number of transactions. So both dollar volumes and numbers of transactions rose nicely. And as you expect, the message by which people spend continues to shift away from cash and checks to replace with digital alternatives. And you can see that follow.

重要的是，儘管去年 3 月包括刺激獎金，但我們看到 2022 年 3 月的支出與 2021 年相當，按美元計算增長了 13%。我們看到交易數量增加了 7.4%。因此，美元交易量和交易數量都出現了不錯的增長。正如您所料，人們消費的信息繼續從現金和支票轉向數字替代品。您可以看到以下內容。

Our data showed continued growth in the average deposit balance across all customer levels, which suggests capacity for strong spending continue. On an aggregated basis, average deposit balances were up 47% from pre-pandemic levels and 15% higher than 2021. And the momentum continued through quarter 1, particularly in the low balance accounts, which grew in February to March, continuing a streak since mid last year.

我們的數據顯示所有客戶級別的平均存款餘額持續增長，這表明強勁支出的能力仍在繼續。總體而言，平均存款餘額比大流行前水平增長了 47%，比 2021 年高出 15%。這一勢頭持續到第一季度，特別是在 2 月至 3 月增長的低餘額賬戶中，自去年年中。

Now a couple of examples so you can see how this works. We looked at the pre-pandemic customers who had $1,000 to $2,000 of clear balances BAC. Today, we have a -- at that time, pre-pandemic had an average balance of [1.4 or] $1,400. You take that same cohort of customers with the same customers in 2022 versus 2019, and they have an average clear balance of now of $7,400. So they increased from $1,400 to $7,400.

現在舉幾個例子，你可以看看它是如何工作的。我們查看了大流行前擁有 1,000 至 2,000 美元 BAC 餘額的客戶。今天，我們有一個 - 當時，大流行前的平均餘額為 [1.4 或] 1,400 美元。您將 2022 年與 2019 年的相同客戶群與相同的客戶進行比較，他們現在的平均淨餘額為 7,400 美元。所以他們從 1,400 美元增加到 7,400 美元。

If you go to the next cohort up, those with $2,000 to $5,000 of cleared balances in the pre-pandemic, their average was $3,250. Now those same customers today have an average cleared balance of $12,500. What does that tell us? The consumers are sitting on lots of cash. Why this is true while you know, high wage growth, high savings -- by limited enabled spending. But what it means is a long tail to consumer spend growth. And in April through the first 2 weeks, spending is growing and faster at 18% over April 2021.

如果你去往下一個隊列，那些在大流行前有 2,000 到 5,000 美元的清算餘額的人，他們的平均為 3,250 美元。現在，這些相同的客戶今天的平均清算餘額為 12,500 美元。這告訴我們什麼？消費者坐擁大量現金。為什麼這是真的，而你知道，高工資增長，高儲蓄——通過有限的啟用支出。但這意味著消費者支出增長的長尾。從 4 月到前 2 週，支出增長速度更快，比 2021 年 4 月增長 18%。

Another economic sign posted a continuation of loan growth. A year ago, we highlighted the green shoots of our loan growth. We then delivered a growth in quarter 2 and quarter 3 and quarter 4 despite [PPP] runoff and the change in economic conditions. To convey where we are today, we focus on ending loans to give you a progression through the quarter.

另一個經濟跡象表明貸款繼續增長。一年前，我們強調了貸款增長的萌芽。儘管 [PPP] 徑流和經濟狀況發生變化，但我們在第 2 季度、第 3 季度和第 4 季度實現了增長。為了傳達我們今天的狀況，我們專注於結束貸款，以便您在本季度取得進展。

If you go to Slide 4, you can see the highlights of that growth -- in the upper left of the slide. I would remind you that in quarter 4, we highlighted to you that of the $55 billion of growth in that single quarter, $16 billion was Global Markets. So we did not expect that to hold true for quarter 1 of 2022. So as we thought, Global Markets did come down $5 billion this quarter. Despite that, overall commercial loans grew $13 billion from quarter 4, excluding PPP. That means commercial loans, excluding Global Markets, grew $17 billion. Every single customer group, Global Banking, Large Corporate, middle market, business banking grew as well as commercial loans and Wealth Management.

如果您轉到幻燈片 4，您可以在幻燈片的左上角看到增長的亮點。我想提醒您，在第四季度，我們向您強調了該季度 550 億美元的增長，其中 160 億美元來自全球市場。因此，我們預計 2022 年第一季度不會出現這種情況。因此，正如我們認為的那樣，全球市場本季度確實下跌了 50 億美元。儘管如此，不包括購買力平價，總體商業貸款較第四季度增長了 130 億美元。這意味著不包括全球市場的商業貸款增長了 170 億美元。每個客戶群、全球銀行業務、大型企業、中間市場、商業銀行業務以及商業貸款和財富管理都在增長。

That improvement came from both new loans as well as improving utilization rates from existing clients. You can see in the top chart, loans have moved back above our pre-pandemic levels on the right-hand side of the slide, and you can see it being led by commercial. Consumer loans continue to grow late quarter as well. This is despite typical seasonality and despite the continued suppressed credit card balance, as you can see on the lower left. Mortgage loans grew $4 billion, originations remained at high levels, and paydowns declined.

這種改善來自新貸款以及現有客戶利用率的提高。您可以在頂部圖表中看到，在幻燈片右側，貸款已經回到大流行前的水平之上，您可以看到它由商業主導。消費貸款在季度末也繼續增長。儘管存在典型的季節性，儘管信用卡餘額持續受到抑制，如左下角所示。抵押貸款增長了 40 億美元，發放量保持在高水平，還款額下降。

Card loans declined $2 billion from quarter 4, driven by the transfer of $1.6 billion Affinity card loan portfolio to the held-for-sale category. Absent that transfer, card loans would have declined very, very modestly, whereas the previous quarter, 1 quarter, they declined several billion.

由於 16 億美元的 Affinity 卡貸款組合轉移到持有待售類別，卡貸款較第四季度減少了 20 億美元。如果沒有這種轉移，信用卡貸款將會非常非常溫和地下降，而上一季度，即第一季度，它們下降了數十億美元。

On Slide 5, we provide data around consumer clients' leverage and asset quality as compared to pre-pandemic periods, which further supports our belief that consumers remain in good shape. On the upper left, we looked at our customers that have both a credit card and a deposit account with us.

在幻燈片 5 上，我們提供了與大流行前相比，消費者客戶的槓桿率和資產質量的數據，這進一步支持了我們對消費者保持良好狀態的信念。在左上角，我們查看了同時擁有信用卡和存款賬戶的客戶。

As you will note, the average card balance of our credit card customers that had deposit relationships are still 8% lower than they were pre-pandemic. They continue to pay down their balances on a monthly basis at a higher rate than pre-pandemic. And as you know, delinquency rates are significantly lower.

正如您將注意到的，我們有存款關係的信用卡客戶的平均卡餘額仍比大流行前低 8%。他們繼續以比大流行前更高的速度每月還清餘額。如您所知，拖欠率顯著降低。

Further, as you can see in my earlier point, these borrowing customers have built significant additional savings, and their average deposit balances were up 39%. So a lot of strength or dry powder is its goal. So what if we went to the modest FICO as more modest amount of low FICO customers you have at BAC? Looking at that small subset of our base, you can see a similar trend, even stronger on cash balances and lower debt levels. And you see in the bottom charts, we believe this is not just a phenomenal [BSE] as industry data points around debt service levels are hovering near historic lows and household deposit and cash levels are $3 trillion higher than we entered the crisis.

此外，正如您在我之前的觀點中所看到的，這些借款客戶已經建立了大量額外的儲蓄，他們的平均存款餘額增加了 39%。所以大量的強度或乾粉是它的目標。那麼，如果我們選擇適度的 FICO，因為您在 BAC 擁有的低 FICO 客戶數量較少呢？查看我們基礎的一小部分，您可以看到類似的趨勢，現金餘額和較低的債務水平甚至更加強勁。你在底部圖表中看到，我們認為這不僅僅是一個驚人的 [BSE]，因為圍繞償債水平的行業數據點徘徊在歷史低點附近，家庭存款和現金水平比我們進入危機時高出 3 萬億美元。

Now a word on Russia. This is not an area of material direct exposure for Bank of America. More than a decade ago, we've reduced our exposure in Russia, and it's result in having 90% less before the most recent crisis. Our current very limited activities in Russia are focused on compliance with all sanctions and other legal and regulatory requirements. Our lending and counterparty exposure to companies based in Russia totals approximately $700 million and is limited to 9 Russian-based borrowers. It's largely comprised of top-tier commodity exporters with a history of strong cash flows who continue to make payments. Prior to the Ukrainian invasion, these exposure were mostly investment-grade. We put all of them on our reservable criticized.

現在談談俄羅斯。這不是美國銀行的重大直接風險領域。十多年前，我們減少了在俄羅斯的業務，這導致在最近的危機之前減少了 90%。我們目前在俄羅斯開展的活動非常有限，重點是遵守所有製裁和其他法律法規要求。我們對俄羅斯公司的貸款和交易對手敞口總額約為 7 億美元，僅限於 9 名俄羅斯借款人。它主要由擁有強勁現金流的頂級商品出口商組成，他們繼續付款。在烏克蘭入侵之前，這些風險敞口大多是投資級別的。我們把所有這些都放在我們保留的批評上。

Our quarter 1 allowance includes increased reserves from this direct exposure. And I just note that even with the addition of these loans to reservable criticized, we still declined $1.7 billion in this category during the first quarter. We continue our daily monitoring with sanctions and interest payments might impact these loans. We also evaluate our portfolios and continue to do so considering second order impact to this crisis. Currently, we believe this to be modest and reflect our international strategy to focus on large multinational clients that have geographically diverse operations.

我們的第一季度津貼包括來自這種直接風險的增加儲備。而且我只是注意到，即使將這些貸款添加到可保留批評中，我們在第一季度仍減少了這一類別的 17 億美元。我們繼續通過制裁和利息支付進行日常監控，這可能會影響這些貸款。我們還評估我們的投資組合，並繼續這樣做，考慮到對這場危機的二級影響。目前，我們認為這是適度的，並反映了我們的國際戰略，即專注於在不同地區開展業務的大型跨國客戶。

Our quarter 1 allowance for credit losses reflects all of these things as well. On Russian counterparty risk, our teams have done a tremendous job from ending down our exposures. And at the end of the quarter, we have de minimis, meaning less than $20 million [counter] exposures with a single Russian-based counterparty. And very limited impacts from quarter -- and any of those impacts are in our trading results for this quarter. So responsible growth has served us well here. And as you might note, after the 2014 Crimea conflict, we intentionally reduced our exposure. And Russia has not been our top 20 country risk exposure table since 2015.

我們的第一季度信貸損失準備金也反映了所有這些情況。在俄羅斯交易對手風險方面，我們的團隊在結束我們的風險敞口方面做了大量工作。在本季度末，我們有最低限度的風險，這意味著與單一俄羅斯交易對手的 [櫃檯] 風險敞口不到 2000 萬美元。本季度的影響非常有限——任何這些影響都在我們本季度的交易結果中。因此，負責任的增長在這里為我們提供了很好的服務。正如您可能注意到的，在 2014 年克里米亞衝突之後，我們有意減少了曝光率。自 2015 年以來，俄羅斯就不再是我們的前 20 個國家風險敞口表。

So a few comments on NII. On NII, remember the rate increases came late in the quarter and had little first quarter 2022 NII impact. And there were 2 fewer days of interest in the quarter and decreased PPP fees hurt NII growth, yet we still grew NII by $200 million, in line with our guidance we gave you last quarter. Given the forward curve expectation for higher interest rates and our expectations of further loan growth, we expect significant NII improvement through the next several quarters. Alastair will expand on this point for you.

所以關於 NII 的一些評論。在 NII 上，請記住，利率上調是在本季度末進行的，對 2022 年第一季度 NII 的影響很小。本季度的利息天數減少了 2 天，PPP 費用的減少損害了 NII 的增長，但我們仍然使 NII 增長了 2 億美元，這與我們上個季度給您的指導一致。鑑於對更高利率的遠期曲線預期以及我們對進一步貸款增長的預期，我們預計未來幾個季度的 NII 將顯著改善。 Alastair 將為您擴展這一點。

We have more than $2 trillion of deposits, and $1.4 trillion of those are with our consumer Wealth Management clients with more than 40% of those at low to no interest checking. That is a franchise that isn't rivaled. We will benefit as the rates move off to 0 4s, allowing us to earn more money on those check and deposits.

我們有超過 2 萬億美元的存款，其中 1.4 萬億美元來自我們的消費者財富管理客戶，其中超過 40% 的客戶是低息或無息支票。這是一個沒有對手的特許經營權。隨著利率下降到 0 4s，我們將受益，使我們能夠通過這些支票和存款賺取更多的錢。

Deposits, I know some -- several of you are wondering if deposits can continue to grow as rates begin to rise. So we went back and looked at the last rising cycle in the last decade. We pinpointed the peak rate paid to customers during the quarter reflected of this peak Fed tightening. We then went back and looked at the 12 months preceding growth rate in deposits. And in fact, during that 12 months preceding that peak, deposits grew 5%, driven by organic growth engine, our market share gains and overall economic growth.

存款，我知道一些——你們中的一些人想知道隨著利率開始上升，存款是否會繼續增長。所以我們回過頭來看看過去十年的最後一個上升週期。我們確定了本季度支付給客戶的最高利率，這反映了美聯儲的這一峰值收緊政策。然後我們回過頭來查看之前 12 個月的存款增長率。事實上，在那個高峰之前的 12 個月裡，在有機增長引擎、我們的市場份額增長和整體經濟增長的推動下，存款增長了 5%。

If we go to Page -- Slide 6, you can see that comment where we talked about capital. Just to start off, our capital remained strong with 10.4% CET1 ratio well above our 9.5% minimum requirement. As you can see, $7 billion of earnings, net of preferred dividends, generated 41 basis points of capital.

如果我們轉到第 6 頁——幻燈片 6，您可以在我們談到資本的地方看到該評論。剛開始，我們的資本保持強勁，10.4% 的 CET1 比率遠高於我們 9.5% 的最低要求。如您所見，扣除優先股股息後的 70 億美元收益產生了 41 個基點的資本。

If you look on the right-hand side of the page, you can see that [14] basis points of that capital was used to support our customers' growth. That's a good thing. We also returned $4 billion to shareholders in common dividends and share repurchase, will represent about 27 basis points of use. Despite the Treasury and mortgage-backed securities rates caused the fair value of our AFS debt securities to decrease and lowered our CET1 by 21 basis points. That's the part that goes through the calculation of the capital. While one wouldn't expect this impact every quarter, we're well-positioned -- we were well-positioned for the spike. As you recall, we invested much of our securities books and held to maturity due to our huge excess and stable deposit base. We have $2 trillion of deposits and less than $1 trillion in loans.

如果您查看頁面右側，您可以看到該資本的 [14] 個基點用於支持我們客戶的增長。這是好事。我們還以普通股息和股票回購的形式向股東返還了 40 億美元，這將代表大約 27 個基點的使用。儘管國債和抵押貸款支持證券利率導致我們的 AFS 債務證券的公允價值下降，並將我們的 CET1 降低了 21 個基點。這是計算資本的部分。雖然人們不會期望每個季度都會產生這種影響，但我們已經做好了準備——我們已經做好了迎接高峰的準備。您還記得，由於我們巨大的過剩和穩定的存款基礎，我們投資了大部分證券賬戶並持有至到期。我們有 2 萬億美元的存款和不到 1 萬億美元的貸款。

In addition, to be cautious, we hedge a large portion of securities in the AFS portfolio, protecting it from a much larger hit to AOCI. I remind you, as the securities mature, the AOCI reverses and higher rates result in higher NII over a relatively short period of time. That should result in higher earnings that will benefit CET1 ratios on an ongoing basis and more than offset the negative upfront AOCI impacts.

此外，為謹慎起見，我們對 AFS 投資組合中的大部分證券進行對沖，以保護其免受 AOCI 更大的打擊。我提醒您，隨著證券的成熟，AOCI 會反轉，較高的利率會在相對較短的時間內導致較高的 NII。這應該會導致更高的收益，這將使 CET1 比率持續受益，並且足以抵消前期 AOCI 的負面影響。

Last thing I would note is our balance sheet growth to support our customer means our GSIB buffer will probably move higher by 50 basis points beginning in 2024, i.e., to 10% regulatory minimums. Well, this is nearly 2 years away, we continue to move towards it. Given this new higher minimum over the next couple of years, we'll look to gradually move to target CET1 range of 10.75% towards 11%. Importantly, while we grow into this range, we'll be able to support our clients, we'll be able to continue to increase our dividends, and we'll be able to continue to buy back stock.

我要指出的最後一件事是，我們為支持客戶而增長的資產負債表意味著我們的 GSIB 緩衝可能會從 2024 年開始提高 50 個基點，即達到 10% 的監管最低限度。好吧，這已經是將近 2 年的時間了，我們將繼續朝著它前進。鑑於未來幾年這個新的更高的最小值，我們將逐步將目標 CET1 範圍從 10.75% 提高到 11%。重要的是，當我們進入這個範圍時，我們將能夠支持我們的客戶，我們將能夠繼續增加我們的股息，並且我們將能夠繼續回購股票。

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 I'll start with the summary income statement on Slide 7, where you can see our comparisons illustrating 3% year-over-year operating leverage produced by growing revenue and managing our costs well. That was nearly enough to overcome the change in provision expense, driven by the $2.7 billion reserve release in the year-ago period compared to a $400 million released this quarter.

謝謝你，Brian，我將從幻燈片 7 上的摘要損益表開始，您可以在其中看到我們的比較說明，通過增加收入和妥善管理我們的成本產生了 3% 的同比運營槓桿。這幾乎足以克服撥備費用的變化，這是由於去年同期釋放了 27 億美元的準備金，而本季度釋放了 4 億美元。

On asset quality, more broadly, we continue to see very strong metrics. Net charge-offs remained low, and in fact, they're down more than 50% in just the past year. Consumer early and late-stage delinquencies are still below 2019 levels, and reservable criticized moved lower again in Q1.

在資產質量方面，更廣泛地說，我們繼續看到非常強勁的指標。淨沖銷仍然很低，事實上，僅在過去一年就下降了 50% 以上。消費者早期和晚期拖欠仍低於 2019 年的水平，第一季度可保留批評再次走低。

Looking ahead, we continue to feel good about the asset quality results of our consumer and commercial businesses near term, given our customers' high liquidity, low unemployment and rising wages. We produced good returns again this quarter with an ROTCE of nearly 16%, and we delivered $4.4 billion of capital back to shareholders, driving average shares lower by 6% year-over-year. Looking forward and with continued expectations of growing NII. Combined with strong expense control, we expect to drive operating leverage and see our efficiency ratio work back towards 60%.

展望未來，鑑於我們客戶的高流動性、低失業率和不斷上漲的工資，我們繼續對近期消費和商業業務的資產質量結果感到滿意。本季度我們再次產生了良好的回報，ROTCE 接近 16%，我們向股東返還了 44 億美元的資本，平均股價同比下跌 6%。展望未來，並繼續期望不斷增長的 NII。結合強有力的費用控制，我們預計將推動運營槓桿，並看到我們的效率比率回到 60%。

So let's turn to Slide 8 and the balance sheet. And you can see during the quarter, our balance sheet grew $69 billion to a little more than $3.2 trillion. This reflected $14 billion of growth in loans and the growth of our Global Markets balance sheet as customers increased their activity with us. A decline in cash this quarter was associated with that growth in Global Markets.

因此，讓我們轉向幻燈片 8 和資產負債表。您可以在本季度看到，我們的資產負債表增長了 690 億美元，略高於 3.2 萬億美元。這反映了 140 億美元的貸款增長和我們全球市場資產負債表的增長，因為客戶增加了與我們的活動。本季度現金的減少與全球市場的增長有關。

Our liquidity portfolio was stable compared to year-end. And at $1.1 trillion, it represents roughly 1/3 of the balance sheet. Shareholders' equity declined $3.4 billion from Q4 with a few different component side of note. Shareholders' equity benefited from net income after preferred dividends of $6.6 billion as well as issuance of $2.4 billion in preferred stock. So that's $9 billion that flowed into equity in Q1. And we paid out $4.4 billion in common dividends and share repurchases.

與年底相比，我們的流動性投資組合保持穩定。它的規模為 1.1 萬億美元，約佔資產負債表的 1/3。股東權益較第四季度下降了 34 億美元，其中有幾個不同的組成部分。扣除 66 億美元的優先股股息和 24 億美元的優先股後，股東權益受益於淨收入。這就是第一季度流入股票的 90 億美元。我們支付了 44 億美元的普通股息和股票回購。

AOCI declined as a result of the spike in loan rates that Brian referenced, and we saw the impact in 2 ways. First, we had a reduction from a change in the value of our AFS debt securities, that was $3.4 billion. That's the piece that impacts CET1, as Brian noted. And second, rates also drove a $5.2 billion decline in AOCI from derivatives, but does not impact CET1. That reflects cash flow hedges against our variable rate ones, which provides some NII growth and protected CET1 at the same time.

由於 Brian 提到的貸款利率飆升，AOCI 下降，我們從兩個方面看到了影響。首先，我們的 AFS 債務證券價值的變化減少了 34 億美元。正如布賴恩所說，這就是影響 CET1 的部分。其次，利率也推動衍生品的 AOCI 下降 52 億美元，但不影響 CET1。這反映了我們對可變利率的現金流對沖，這提供了一些 NII 增長並同時保護了 CET1。

With regard to regulatory capital, since Brian already talked about CET1, I'd simply note that our supplemental leverage ratio was stable at 5.4% versus the minimum requirement of 5%, and still leaves us plenty of capacity for balance sheet growth. And our TLAC ratio remains comfortably above our requirements.

關於監管資本，由於Brian已經談到了CET1，我只想指出，我們的補充槓桿率穩定在5.4%，而最低要求為5%，仍然為我們留出了充足的資產負債表增長空間。我們的 TLAC 比率仍然遠遠高於我們的要求。

Turning to Slide 9, we included the schedule on average loan balances. And in the interest of time, the only thing I would add to Brian's earlier comments, and for your perspective, is simply a reminder that PPP loans are down $19 billion year-over-year. There's just a few billion of those left. And excluding PPP, our total loans grew $89 billion or 10% compared to last year.

轉到幻燈片 9，我們包括了平均貸款餘額的時間表。為了時間的利益，我唯一想在布賴恩之前的評論中添加的東西，就你的觀點而言，只是提醒一下 PPP 貸款同比減少了 190 億美元。只剩下幾十億了。不包括 PPP，我們的總貸款與去年相比增長了 890 億美元或 10%。

Moving to deposits on Slide 10. First, let's look at year-over-year growth. And across the past 12 months, we saw solid growth across the client base as we deepened relationships and added net new accounts. Our year-over-year average deposits are up $240 billion or 13%. Retail deposits with our Consumer and Wealth Management businesses grew [$190 million], and our retail deposits have now grown to more than $1.4 trillion, where we lead all competitors.

轉到幻燈片 10 上的存款。首先，讓我們看一下同比增長。在過去的 12 個月中，隨著我們加深關係並增加了淨新客戶，我們的客戶群實現了穩健增長。我們的平均存款同比增長 2400 億美元或 13%。我們的消費者和財富管理業務的零售存款增長了 [1.9 億美元]，我們的零售存款現已增長到超過 1.4 萬億美元，領先所有競爭對手。

Looking at linked-quarter growth from Q4 and combining Consumer and Wealth Management customer balances, our retail deposits grew $53 billion in just the past 90 days. With our commercial clients, they're up nicely year-over-year, and we simply note the Q1 decline, which is entirely consistent with previous year's seasonal trends.

從第四季度的關聯季度增長來看，結合消費者和財富管理客戶餘額，我們的零售存款在過去 90 天內增長了 530 億美元。對於我們的商業客戶，他們的同比增長很好，我們只注意到第一季度的下降，這與去年的季節性趨勢完全一致。

Turning to Slide 11 and net interest income. On a GAAP non-FTE basis, NII in Q1 was $11.6 billion. And the FTE NII number was $11.7 billion. So I'll focus on FTE, where net interest income has now increased $1.4 billion from the first quarter last year. As Brian noted, that's 13% increase driven by deposits growth and our related investment of liquidity. NII was up $200 million versus the fourth quarter as the benefits of lower premium amortization and loans growth more than offset the headwinds of 2 less days of interest accruals and lower PPP fees.

轉向幻燈片 11 和淨利息收入。按 GAAP 非 FTE 計算，第一季度的 NII 為 116 億美元。 FTE NII 數字為 117 億美元。因此，我將專注於 FTE，其淨利息收入現在比去年第一季度增加了 14 億美元。正如布賴恩所指出的，這是由存款增長和我們對流動性的相關投資推動的 13% 的增長。 NII 與第四季度相比增加了 2 億美元，因為較低的保費攤銷和貸款增長的好處抵消了減少 2 天的應計利息和較低的 PPP 費用的不利影響。

So let's pause for a moment to discuss asset sensitivity because I want to make a couple of points as we begin what the Fed has signaled to be a significant rate hike period. Remember, asset sensitivity is our measure of NII for the next 12 months above an expected baseline of NII, given changes in interest rates and other assumptions. In an environment of sharply rising rates each quarter, the baseline of NII -- actual NII increases and, therefore, the future sensitivity declines.

因此，讓我們暫停一下來討論資產敏感性，因為我想在我們開始美聯儲暗示的重要加息期時提出幾點意見。請記住，考慮到利率和其他假設的變化，資產敏感性是我們衡量未來 12 個月高於預期 NII 基線的 NII。在每個季度利率急劇上升的環境中，NII 的基線——實際 NII 增加，因此，未來的敏感性下降。

Now we typically disclose our asset sensitivity based on a 100 basis point instantaneous parallel shock in rates above the forward curve. And on that basis, asset sensitivity at March 31 was $5.4 billion of expected NII over the next 12 months, and 90% of that sensitivity is driven by short rates. That $5.4 billion is down from $6.5 billion at year-end, largely because higher rates are now factored into and running through our actual or baseline NII.

現在，我們通常根據遠期曲線上方 100 個基點的瞬時平行沖擊來披露我們的資產敏感性。在此基礎上，3 月 31 日的資產敏感性為未來 12 個月預期 NII 的 54 億美元，其中 90% 的敏感性是由短期利率驅動的。這 54 億美元比年底的 65 億美元有所下降，主要是因為現在我們的實際或基線 NII 中考慮並貫穿了更高的利率。

Well, you asked the question last quarter about the same sensitivity on a spot basis relative to our current curve. And given that the yield curve is projecting 125 basis points of rate hikes over the next 3 (inaudible), we thought it was appropriate to provide that disclosure.

好吧，你在上個季度問了這個問題，即相對於我們當前的曲線，當場的敏感性相同。鑑於收益率曲線預計未來 3 年加息 125 個基點（聽不清），我們認為提供該披露是合適的。

So in a 100 basis point shock to the current curve using spot rates, our sensitivity to that kind of move would be $6.8 billion or $1.4 billion higher than on a forward basis. So assuming rising rates as reflected in today's forward curve and if we see continued loans growth, I would just reiterate what we said last quarter that we expect to see robust NII growth in 2022 compared to 2021. We're not going to provide numerical guidance for the full year because the changes in interest rates have proven quite volatile in just the last 90 days, let alone a year.

因此，如果使用即期利率對當前曲線造成 100 個基點的衝擊，我們對這種變動的敏感度將比遠期利率高 68 億美元或 14 億美元。因此，假設今天的遠期曲線所反映的利率上升，並且如果我們看到貸款持續增長，我只想重申我們上個季度所說的，即與 2021 年相比，我們預計 2022 年的 NII 將強勁增長。我們不會提供數字指導因為利率的變化在過去 90 天裡非常不穩定，更不用說一年了。

We do provide that asset sensitivity so that you can use it as guardrails to think about changes as you modify your own assumptions. I do, however, want to provide a near-term expectation and say that if loans grow and rates in the forward curve materialize, we would expect to see NII in Q2 increase by more than $650 million over the Q1 level and then grow again significantly on a sequential basis in each of the following 2 quarters.

我們確實提供了資產敏感性，以便您可以將其用作護欄，以便在您修改自己的假設時考慮變化。但是，我確實想提供一個近期預期，並說如果貸款增長並且遠期曲線中的利率成為現實，我們預計第二季度的 NII 將比第一季度水平增加超過 6.5 億美元，然後再次顯著增長在接下來的 2 個季度的每個季度中按順序進行。

Okay. Let's turn to expenses, and we'll use Slide 12 for that discussion. Our Q1 expenses were $15.3 billion, down a couple hundred million from the year-ago period. I'll focus my remarks on the more recent comparison versus Q4 where we're up $600 million. And as expected, and we conveyed to you last quarter, the Q1 increase was driven mostly by seasonality of payroll tax expense or roughly $400 million. We also experienced modestly higher wage and benefit costs.

好的。讓我們談談費用，我們將使用幻燈片 12 進行討論。我們第一季度的支出為 153 億美元，比去年同期減少了幾億美元。我將把我的評論集中在最近與我們增加了 6 億美元的第四季度的比較上。正如預期的那樣，我們在上個季度向您傳達了，第一季度的增長主要是由工資稅支出的季節性或大約 4 億美元推動的。我們還經歷了適度較高的工資和福利成本。

As we look forward, we continue to invest heavily in technology, people and marketing across our lines of business, and we've continued to add new financial centers in expansion and growth markets. We modestly increased our full year new tech initiative budget for the year to $3.6 billion. And that's on top of -- that's on top of more than $35 billion that we put to work over the past 12 years to help us build powerful, more secure and scalable technology platforms. This is the investment that's allowed us to maintain a leadership position in patents among our peers. We had 512 of them granted in 2021, and we're maintaining in a similar pace this year. We think this is one of the things that's happened to [us] to protect our moat around leadership positions in places that matter most to customers.

展望未來，我們將繼續在我們的業務範圍內大力投資於技術、人員和營銷，並繼續在擴張和增長市場中增加新的金融中心。我們將全年的新技術計劃預算適度增加至 36 億美元。這是我們在過去 12 年投入超過 350 億美元幫助我們構建強大、更安全和可擴展的技術平台的基礎之上。這是使我們能夠在同行中保持專利領先地位的投資。我們在 2021 年獲得了其中的 512 個，今年我們以類似的速度保持不變。我們認為這是 [我們] 發生的事情之一，以保護我們在對客戶最重要的地方的領導職位周圍的護城河。

In addition to modestly higher marketing costs this year, our investments also include adding up to 100 new financial centers. And we also plan to renovate more than 800 more during the year. We will also continue our upward march on minimum hourly wage toward $25 by 2025. So how do we pay for all that? Through continued work on operational excellence and digital engagement. And as we look to Q2, we expect our expenses to be down modestly from Q1, as much of the seasonal payroll tax expense abates and is somewhat offset by investment timing, inflation and the cost of opening up more fully for travel and clone entertainment. Because it feels like we've got a lot of pent-up demand for face-to-face meetings by our clients and our people.

除了今年適度增加的營銷成本外，我們的投資還包括增加多達 100 個新的金融中心。我們還計劃在年內再翻新 800 多個。到 2025 年，我們還將繼續將最低時薪提高到 25 美元。那麼我們如何支付這一切呢？通過持續致力於卓越運營和數字參與。當我們展望第二季度時，我們預計我們的費用將比第一季度小幅下降，因為大部分季節性工資稅費用減少，並在一定程度上被投資時機、通貨膨脹以及更全面地開放旅行和克隆娛樂的成本所抵消。因為感覺我們的客戶和員工對面對面會議有很多被壓抑的需求。

So let's turn to asset quality on Slide 13. And as you can see, asset quality of our customers remains very healthy. Net charge-offs this quarter were better than our expectations once again and remained below $400 million, down 52% compared to Q1 2021. Provision expense was [$30] million in Q1 as reserve release of $362 million closely matched net charge-offs in the quarter. And that reserve release was primarily in our Consumer portfolios.

因此，讓我們轉向幻燈片 13 上的資產質量。如您所見，我們客戶的資產質量仍然非常健康。本季度的淨沖銷再次好於我們的預期，仍低於 4 億美元，與 2021 年第一季度相比下降 52%。第一季度撥備費用為 [30] 百萬美元，因為 3.62 億美元的準備金釋放與四分之一。該儲備釋放主要在我們的消費者投資組合中。

On Slide 14, we highlight the credit quality metrics for both our Consumer and Commercial portfolios. I am happy to answer any questions later, but a couple of things are worth repeating. Consumer delinquencies remain well below pre-pandemic levels. And despite reporting our commercial Russian lending exposure in reservable criticized, those levels still declined $1.7 billion from Q4. NPL saw a modest increase, and that simply reflects a small amount of consumer real estate deferrals expiring with the expiration of the CARES Act.

在幻燈片 14 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。我很樂意稍後回答任何問題，但有幾件事值得重複。消費者拖欠率仍遠低於大流行前的水平。儘管報告了我們的可保留商業俄羅斯貸款風險敞口，但這些水平仍比第四季度下降了 17 億美元。不良貸款略有增加，這僅反映了隨著 CARES 法案到期的少量消費房地產延期。

Turning to the business segments. One thing we'd ask you just to keep in mind for each of the businesses is Q1 expense includes the seasonal payroll tax expense, which has negatively impacted efficiency ratios or profit margins in Q1. Also, and as usual, Q1 of every year includes segment capital level evaluation. And you'll note, we put additional capital against each of the businesses due to their growth. And as usual, we've tried to include business trends and digital stats for each segment.

轉向業務部門。我們要求您記住每項業務的一件事是第一季度的費用包括季節性工資稅費用，這對第一季度的效率比率或利潤率產生了負面影響。此外，像往常一樣，每年的第一季度都包括部門資本水平評估。您會注意到，由於它們的增長，我們為每項業務投入了額外的資金。和往常一樣，我們嘗試將每個細分市場的業務趨勢和數字統計數據包括在內。

So let's start with Consumer Banking on Slide 15, where you can see the Consumer Bank earned nearly $3 billion. That's 11% up over Q1 2021 as revenue growth more than offset the larger prior period reserve release. It's probably most easily identified by looking at pretax pre-provision earnings, which grew 32% year-over-year.

因此，讓我們從幻燈片 15 上的個人銀行業務開始，您可以在其中看到個人銀行業務的收入接近 30 億美元。這比 2021 年第一季度增長了 11%，因為收入增長超過了前期準備金釋放的幅度。通過查看稅前準備金收入可能最容易識別，該收入同比增長 32%。

Revenue grew 9% on NII improvement, and expense declined 4%, creating 13% operating leverage and the fourth consecutive quarter of operating leverage for our Consumer team. Notable customer activity highlights included our 228,000 net new checking accounts opened in Q1, which represents our 13th consecutive quarter of net new consumer checking account growth. Now this occurred as we began to implement our previously announced insufficient funds and overdraft policy changes, which lowered our service charges about $80 million.

由於 NII 的改善，收入增長了 9%，費用下降了 4%，為我們的消費者團隊創造了 13% 的運營槓桿和連續第四個季度的運營槓桿。值得注意的客戶活動亮點包括我們在第一季度開設的 228,000 個淨新支票賬戶，這是我們連續第 13 個季度淨新消費者支票賬戶增長。現在這種情況發生在我們開始實施我們之前宣布的資金不足和透支政策變更時，這使我們的服務費用降低了約 8000 萬美元。

So during this time, we saw accounts grow and we saw expenses decline. We also grew investment accounts 7%, and we saw those balances grow 10% from Q1 '21 to $350 billion, and that included $20 billion of client flows. And once again, we opened nearly 1 million credit cards in the quarter and grew average active card accounts and saw growth in combined credit and debit spend of 15%.

所以在這段時間裡，我們看到賬戶增長，我們看到支出下降。我們的投資賬戶也增長了 7%，我們看到這些餘額從 21 年第一季度增長了 10%，達到 3500 億美元，其中包括 200 億美元的客戶流量。再一次，我們在本季度開立了近 100 萬張信用卡，平均活躍卡賬戶增長，信用卡和借記卡消費總額增長了 15%。

Our continued investment in digital capabilities drove activity with our customers as we crossed 50% in digital sales this quarter and we continued investment in our financial centers, opening another 8 in the quarter. It's also worth noting that small business saw continued growth in loans, in deposits and in spending. Small business card spend was up 28% year-over-year. It gives you an idea of how small businesses are reopening for business.

我們對數字能力的持續投資推動了我們與客戶的活動，因為本季度我們的數字銷售額超過了 50%，我們繼續投資於我們的金融中心，在本季度又開設了 8 個。還值得注意的是，小企業的貸款、存款和支出持續增長。小型名片支出同比增長 28%。它讓您了解小型企業如何重新開業。

I'd also draw your attention to Slide 22 in the appendix. We've shared this with you previously, and it simply highlights the origination strength and quality of our consumer underwriting. Throughout everything, our underwriting standards have remained consistent.

我還要提請您注意附錄中的幻燈片 22。我們之前曾與您分享過這一點，它只是突出了我們消費者承保的發起實力和質量。縱觀一切，我們的承保標準始終如一。

Moving to Slide 16. Wealth Management produced strong results earning $1.1 billion, and that represented 28% year-over-year growth, driven by strong revenue improvement, good expense management and low credit costs. Bank of America continues to deliver wealth management at scale across a full range of our client segments and with the best advisers in the industry according to Barron's rankings. That, coupled with our digital leadership, is delivering a modern Merrill and a modern Private Bank for clients through enterprise relationships, and our clients and advisers have recognized the value in a holistic financial relationship that extends across investments, planning and banking. And that's what helped drive the $150 billion of clients' balance flows that you see here over the past 12 months. Not only did we see strong investment flows of more than $70 billion, but deposits grew $59 billion, up 18%, and we added $22 billion in loans over the same period, marking our 48th consecutive quarter of average loans growth in the business, just consistent and sustained performance from the team.

轉到幻燈片 16。財富管理產生了強勁的業績，收入 11 億美元，同比增長 28%，這得益於強勁的收入改善、良好的費用管理和較低的信貸成本。根據《巴倫周刊》的排名，美國銀行繼續為我們的所有客戶群提供大規模的財富管理服務，並擁有業內最好的顧問。再加上我們的數字領導地位，正在通過企業關係為客戶提供現代美林和現代私人銀行，我們的客戶和顧問已經認識到跨越投資、規劃和銀行業務的整體金融關係的價值。這就是幫助推動過去 12 個月您在此處看到的 1500 億美元客戶餘額流動的原因。我們不僅看到了超過 700 億美元的強勁投資流量，而且存款增長了 590 億美元，增長了 18%，同期我們增加了 220 億美元的貸款，這是我們業務連續第 48 個季度平均貸款增長，僅團隊一致和持續的表現。

Revenues grew 10% to a new record and were led by 25% growth in NII on the back of those solid deposit and loans increases as well as a 9% improvement in asset management fees. Expenses increased 4%, driven by higher revenue-related costs and resulted in over 600 basis points of operating leverage. And we generated nearly 7,000 net new households in Merrill and more than 800 in the private bank this quarter.

收入增長 10%，創歷史新高，其中 NII 增長 25%，主要得益於存貸款穩健增長以及資產管理費用提高 9%。由於與收入相關的成本增加，費用增加了 4%，導致經營槓桿超過 600 個基點。本季度，我們在美林淨增了近 7,000 個新家庭，在私人銀行產生了 800 多個。

Moving to Global Banking on Slide 17. The business momentum with our Commercial clients remained strong in the first quarter. The business earned $1.7 billion in Q1, down $450 million year-over-year, driven by the absence of a large prior period reserve release and lower investment banking revenue. Revenue improvement of 12% year-over-year reflected higher leasing-related revenue and NII growth, partially offset by those lower investment banking fees.

在幻燈片 17 上轉向全球銀行業務。第一季度，我們與商業客戶的業務勢頭保持強勁。該業務在第一季度的收入為 17 億美元，同比下降 4.5 億美元，原因是前期準備金沒有大量釋放以及投資銀行業務收入下降。收入同比增長 12%，反映了較高的租賃相關收入和 NII 增長，部分被投資銀行費用降低所抵消。

Net interest income grew on the back of strong loans and deposits growth. And the leasing revenue improvement included more ESG-related investments, particularly in solar, as well as the absence of weather-related losses recorded last year. While the company's overall investment banking fees of $1.5 billion declined 35% year-over-year, we gained market share in some important areas and recorded a #3 ranking in overall fees. And importantly, our investment banking pipeline remains quite healthy.

由於貸款和存款強勁增長，淨利息收入增長。租賃收入的改善包括更多與 ESG 相關的投資，特別是在太陽能領域，以及去年沒有出現與天氣相關的損失。儘管該公司 15 億美元的總體投資銀行費用同比下降 35%，但我們在一些重要領域獲得了市場份額，並在總體費用中排名第三。重要的是，我們的投資銀行渠道仍然非常健康。

Provision expense reflected a reserve build of $177 million compared to a $1.2 billion release in the year-ago period, and this quarter's provision includes reserves taken for Russia exposure and other considerations for loans growth, offset by continued improvement in asset quality metrics.

撥備費用反映了與去年同期的 12 億美元相比增加了 1.77 億美元的準備金，本季度的準備金包括為俄羅斯風險敞口和其他貸款增長考慮的準備金，但被資產質量指標的持續改善所抵消。

Finally, we saw expense decline by 4%, driving strong operating leverage.

最後，我們看到費用下降了 4%，推動了強勁的經營槓桿。

Switching to Global Markets on Slide 18. And as we usually do, I will talk about the segment results, excluding DVA. Q1 net income of $1.5 billion reflects a solid quarter of sales and trading revenue, and it includes a new record for equities. The business generated a 15% return in Q1 even with a 12% increase in the capital allocated to the business. Our investments in this business saw good results as our financing clients continue to increase their activities with our company.

在幻燈片 18 上切換到全球市場。正如我們通常所做的那樣，我將討論細分市場的結果，不包括 DVA。第一季度 15 億美元的淨收入反映了該季度穩健的銷售和交易收入，其中包括股票的新紀錄。即使分配給該業務的資本增加了 12%，該業務在第一季度也產生了 15% 的回報。隨著我們的融資客戶繼續增加他們在我們公司的活動，我們對這項業務的投資取得了良好的效果。

Focusing on year-over-year, sales and trading contributed $4.7 billion to revenue. Versus Q4, that was a 58% improvement, a little higher than typical seasonality. And versus Q1 '21, we saw a decline of 8% as the prior year included higher commodities results due to weather-related events. FICC declined 19%, while equities improved 9%. That FICC decline reflects the higher prior period commodities and a weaker credit trading environment. And it was partially offset by improved performance across our macro products, especially rates and foreign exchange. The strength in equities was driven by strong performance in derivatives.

專注於同比，銷售和交易為收入貢獻了 47 億美元。與第四季度相比，提高了 58%，略高於典型的季節性。與 21 年第一季度相比，我們看到下降了 8%，因為上一年包括由於天氣相關事件導致的更高商品結果。 FICC 下跌 19%，而股市上漲 9%。 FICC 下降反映了前期商品價格上漲和信貸交易環境疲軟。這部分被我們宏觀產品（尤其是利率和外匯）表現的改善所抵消。股票的強勢是由衍生品的強勁表現推動的。

And year-over-year expense declined, reflecting the absence of costs associated with the realignment of a liquidating business activity to the all other unit as well as some Q1 '21 accelerated cost for incentive changes. Absent those impacts, expenses were up modestly.

與去年同期相比，費用有所下降，這反映了沒有與將清算業務活動重新調整到所有其他部門相關的成本以及一些 21 年第一季度的激勵變更加速成本。如果沒有這些影響，費用會小幅上漲。

Finally, on Slide 19, we show all other, which reported a loss of $364 million, declining $620 million from the year-ago period. Revenue declined as a result of higher volume of deals, particularly solar, and therefore, higher partnership losses on ESG investments, and this is partially offset by the tax impact in this reporting unit. Expense increased as a result of costs now recorded here in this segment following the Q4 realignment of that liquidating business out of Global Markets. And as a reminder, for the financial statement presentation in this release, the business segments are all taxed on a standard fully taxable-equivalent basis. So in all other, we incorporate the impact of our ESG tax rates and any other unusual items.

最後，在幻燈片 19 上，我們展示了所有其他公司，報告虧損 3.64 億美元，比去年同期減少 6.2 億美元。由於交易量增加，尤其是太陽能交易量增加，因此收入下降，因此 ESG 投資的合夥企業損失增加，這部分被本報告單位的稅收影響所抵消。由於在第四季度將該清算業務從全球市場重新調整後，該部分現在記錄在此部分的成本導致費用增加。提醒一下，對於本新聞稿中的財務報表演示，所有業務部門均按標準的完全應稅等值基礎徵稅。因此，在所有其他方面，我們都考慮了 ESG 稅率和任何其他不尋常項目的影響。

For the quarter for the company, our effective tax rate was 10%, benefiting from ESG investment tax credits. And excluding the tax credits, the tax rate would have been roughly 24%. We expect our effective tax rate in 2022 to be between 10% to 12%, absent any tax law changes or any unusual items.

公司本季度的有效稅率為 10%，受益於 ESG 投資稅收抵免。不包括稅收抵免，稅率約為 24%。我們預計 2022 年我們的有效稅率將在 10% 至 12% 之間，沒有任何稅法變更或任何不尋常的項目。

And with that, let's open it up, please, for Q&A.

有了這個，讓我們打開它，請進行問答。

(Operator Instructions) We'll go first to Glenn Schorr with Evercore.

（操作員說明）我們將首先與 Evercore 一起前往 Glenn Schorr。

And forgive me if this is a drop long. But I listened to all your comments about the consumer, about spending, about no real stresses in credit, net charge-offs nonperforming, debt service levels, all that sounds great. And in the past, I think higher rates were designed to pull leverage from the system and call some recessions. And so the market is trying to assign some percentage chance towards a recession, yet every comment I hear out of your mouth doesn't sound like we're going towards a recession. So I wanted to see if I could, a, get you to comment on your thoughts around today's environment versus history? And then also specifically as what you did with the ins and outs in reserves? And if you changed any macro scenarios as you bake in CECL results?

如果這是一滴長，請原諒我。但我聽了你所有關於消費者、關於支出、關於信貸沒有真正壓力、淨沖銷不良、償債水平的評論，所有這些聽起來都很棒。在過去，我認為更高的利率旨在從系統中拉動槓桿並引發一些衰退。因此，市場正試圖為經濟衰退分配一定百分比的機會，但我從你嘴裡聽到的每一條評論聽起來都不像我們正在走向衰退。所以我想看看我是否可以讓你評論一下你對當今環境與歷史的看法？然後還特別是你對儲備金的來龍去脈做了什麼？如果您在烘焙 CECL 結果時更改了任何宏觀場景？

Thanks, Glenn. So you're right to pick up on the commentary because Brian's highlighted the strength of the consumer, which remains extraordinary. And at the same time, what we see on the asset quality side of commercial is just continued steady improvement as the economy reopens. So that's what we're seeing. That's contemporaneous. Now you're asking a question about what does it look like in the future. And we're obviously aware of what the Fed is trying to engineer. So going through this every quarter, as we always do, we have an opportunity to think about how we look at our reserves. And this quarter, we took some of the upside out. We've got a little more weightings towards a baseline and a little more towards downside. So that's one thing we've done.

謝謝，格倫。所以你接受評論是對的，因為布賴恩強調了消費者的力量，這仍然是非凡的。與此同時，我們在商業資產質量方面看到的只是隨著經濟重新開放而持續穩步改善。這就是我們所看到的。那是同時代的。現在你在問一個關於未來會是什麼樣子的問題。我們顯然知道美聯儲試圖設計什麼。因此，像往常一樣，每個季度都要經歷這個，我們有機會思考如何看待我們的儲備。本季度，我們採取了一些積極的措施。我們對基線有更多的權重，對下行有更多的權重。所以這是我們已經完成的一件事。

Second thing we've done is we've upped our forecast for inflation. So we see that playing through. And those scenarios are a little more weighted towards inflationary. And third, we have adjusted GDP growth done, largely based on blue-chip consensus. So we, like you, are looking at 2 things. Number one, we're looking at what we're seeing in the actual results. And number two, we're thinking about how we balance that going forward with our scenarios.

我們所做的第二件事是我們上調了對通脹的預測。所以我們看到了這一點。這些情景更傾向於通脹。第三，我們調整了 GDP 增長，主要基於藍籌股共識。所以我們和你一樣，正在研究兩件事。第一，我們正在查看我們在實際結果中看到的內容。第二，我們正在考慮如何在未來與我們的場景之間取得平衡。

And I think just generally, Fed has a task to bringing inflation out of the system. And our GDP assumptions, like (inaudible) since it's our baking partner team, they are for the economy, the slowest growth rate from this year to next year. The question of great debate is a softlanding, hard lining, et cetera. But I think what's unusual this time is how much cash is sitting in the consumers' accounts.

我認為，一般來說，美聯儲的任務是將通脹排除在系統之外。我們的 GDP 假設，比如（聽不清），因為它是我們的烘焙合作夥伴團隊，它們是針對經濟的，是今年到明年最慢的增長率。大辯論的問題是軟著陸、強硬襯裡等等。但我認為這次不同尋常的是消費者賬戶中有多少現金。

If you are sitting here when they start normalizing rates in the middle of the last decade, late to middle last decade, you would have seen the consumer balances sitting with those multiples I gave you earlier in their accounts and then having tremendous borrowing capacity left in terms of unused credit lines and the same on the commercial side. Lines are bouncing along just above the low point.

如果你坐在這裡，他們在過去十年中期開始正常化利率，上個十年中期，你會看到消費者余額與我早些時候在他們賬戶中給你的那些倍數保持一致，然後在他們的賬戶中留下巨大的借貸能力未使用的信用額度條款與商業方面相同。線在低點上方反彈。

And so we continue to adjust our reserve levels to, as Alastair said, to factor in our base case includes higher inflation through the rest of the year. And next year, our seats reserves, set by that base case, which is a 40% weighting to adverse, frankly equal -- maybe 40% of the actual reserves we have because the rest are judgmental and in precision and things like that. So we're very strong in reserve.

因此，正如阿拉斯泰爾所說，我們繼續調整我們的儲備水平，以考慮到我們的基本情況，包括今年剩餘時間的通脹上升。明年，我們的座位儲備，由基本情況設定，40% 的權重是不利的，坦率地說是相等的 - 可能是我們實際儲備的 40%，因為其餘的都是判斷性和精確性的等等。所以我們的後備力量非常強大。

And we're very mindful that I think it's very different to think about the situation where the consumers' unemployment is already so low and the consumers are sitting with money. And I think that puts more attention on the Fed to have it architect a successful change, and they know that. But on the other hand, it's a better place to start.

而且我們非常注意，我認為考慮消費者失業率已經如此之低並且消費者拿著錢坐著的情況是非常不同的。我認為這讓美聯儲更加關注讓它成功地進行變革，他們知道這一點。但另一方面，這是一個更好的起點。

I appreciate all that. One little time follow-up is in Global Banking, I noticed $2 billion more allocated capital. Deal activity is down, but you mentioned pipelines are good. So maybe you could just talk about just what's going on there.

我很感激這一切。一小段時間跟進是在全球銀行業務中，我注意到分配的資本增加了 20 億美元。交易活動下降，但你提到管道很好。所以也許你可以談談那裡發生的事情。

Well, we don't have a great deal to add there. Obviously, we're coming off of record quarters last year. And we're just operating in the market conditions that were given. The volatility has obviously been hardest felt in equity capital markets and in high yield. And across the board, we'd say our pipelines look very strong. So I think when I asked Matthew, he said somewhere between strong and very strong. So I should tell you everything you need to know. But obviously, we need market conditions to cooperate.

好吧，我們沒有太多要添加的內容。顯然，我們去年的季度業績創下歷史新高。我們只是在給定的市場條件下運作。顯然，在股票資本市場和高收益領域，這種波動最為明顯。總的來說，我們會說我們的管道看起來非常強大。所以我想當我問馬修時，他說介於強和非常強之間。所以我應該告訴你你需要知道的一切。但顯然，我們需要市場條件來合作。

Our next question comes from John McDonald with Autonomous Research.

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

I was wondering if you could talk a little bit about expenses and operating leverage. Are you still thinking that expenses will be flattish this year in the $60 billion ballpark, Brian? And you did mention expectations for the efficiency ratio as our operating leverage improves with NII. Maybe that marches down from kind of the mid-60s to low 60s, I think you said?

我想知道您是否可以談談費用和運營槓桿。布賴恩，你是否還在認為今年 600 億美元的支出會持平？你確實提到了效率比的預期，因為我們的運營槓桿隨著 NII 的提高而提高。也許這從 60 年代中期下降到 60 年代低點，我想你說過嗎？

Yes. And Alastair gave you some detail. But just simply put, John, we expect to be relatively flat for 2022 versus 2021. That's the guidance we gave you last quarter. We don't see any different this quarter.

是的。阿拉斯泰爾給了你一些細節。但簡而言之，約翰，我們預計 2022 年與 2021 年將相對持平。這是我們上個季度給你的指導。我們認為本季度沒有任何不同。

Okay. That's helpful. And then, Alastair, maybe just a little more fleshing out about the capital and how you're managing the CET1. Obviously, you're generating already capital each quarter above what you're paying out the dividend. It seemed like 30 basis points this quarter, and that probably gets better. At the same time, it sounds like you may be going to manage up to around 11 over the next year. Maybe you could just give us some of the dynamics there and how that plays into the ability to do some buybacks through the rest of the year?

好的。這很有幫助。然後，阿拉斯泰爾，也許只是稍微充實一下資本以及您如何管理 CET1。顯然，您每季度產生的資本已經超過了您支付的股息。本季度似乎是 30 個基點，而且可能會好轉。與此同時，聽起來你明年可能會管理多達 11 個左右。也許你可以給我們一些動態，以及這對今年剩餘時間進行一些回購的能力有何影響？

Yes. So no change to our approach, John, relative to prior years. I think the waterfall that we laid out on Slide 6 is pretty constructive. First priority for us will remain just invest in growth. We'll support our clients and let them get after -- and the teams get after the loans to help our clients there. Secondly, we'll make the dividend payments. And then we'll have capital left over for share buyback as we have had in the past. And we'll make those decisions in the context of future rate environments and future capital requirements. And Brian pointed out to you that we're going to build capital over the course of the next couple of years by about 50 basis points. We've got 7 quarters. So it's a small amount every quarter that we'll be doing.

是的。因此，相對於前幾年，我們的方法沒有改變，約翰。我認為我們在幻燈片 6 上佈置的瀑布非常有建設性。對我們來說，首要任務仍然是投資增長。我們將支持我們的客戶並讓他們獲得支持——團隊獲得貸款以幫助我們的客戶。其次，我們將支付股息。然後我們將有剩餘的資金用於股票回購，就像我們過去一樣。我們將在未來利率環境和未來資本要求的背景下做出這些決定。布賴恩向你指出，我們將在未來幾年內將資本增加約 50 個基點。我們有 7 個季度。所以我們每個季度都會做一小部分。

And John, just you said operating leverage. I'm proud of the team. We have 3 straight quarters of operating leverage. PPNR growth was strong. That's different than what we've seen out there generally. But remember, during the -- as the rates rose in the pre-pandemic setting, and Glenn's question about softening and hard landing and inherently ways in everybody's mind, the simple fact is we had 20 straight quarters of operating leverage, and we're starting to see that come through. And if you look at the consumer efficiency from the first quarter last year, this quarter, your point in efficiency ratio, this has all come through NII and it all falls to the bottom line. And therefore, you end up with a fairly significant impact in those businesses, which are obviously highly sensitive growth in NII.

約翰，剛才你說的是經營槓桿。我為球隊感到驕傲。我們有連續三個季度的經營槓桿。 PPNR 增長強勁。這與我們通常在那裡看到的不同。但請記住，在大流行前的情況下，隨著利率上升，以及格倫關於軟著陸和硬著陸的問題以及每個人心中固有的方式，一個簡單的事實是我們連續 20 個季度的經營槓桿，我們開始看到這一點。如果你看看去年第一季度的消費者效率，這個季度，你的效率比點，這一切都來自 NII，這一切都落到了底線。因此，您最終會對這些業務產生相當大的影響，這些業務顯然是 NII 中高度敏感的增長。

Our next question comes from Mike Mayo with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Mike Mayo。

Brian and Alastair, I wonder if you can just make a distinction tree in the economic, regulatory and accounting outlook. So from the economic standpoint, your mark-to-market, your assets and your securities, you saw a swing to AOCI, but you don't mark-to-market that $1.4 billion of deposits. From a regulatory standpoint, AOCI causes you to slow buybacks, I believe, you said. But from an accounting or earnings standpoint, maybe you win in the end, maybe you don't. So I know you're not giving specific guidance for NII. But just at a basic level, is your guide's earnings outlook better because of the NII and the higher payment rates and the better efficiency? Or is it worse because you have less buybacks, maybe more provisions due to the potential for a recession?

布賴恩和阿拉斯泰爾，我想知道你是否可以在經濟、監管和會計前景中做出區分樹。因此，從經濟角度來看，你的盯市、資產和證券，你看到了 AOCI 的波動，但你沒有按市價計算這 14 億美元的存款。你說，從監管的角度來看，我相信 AOCI 會導致你減慢回購速度。但從會計或收益的角度來看，也許你最終會贏，也許你不會。所以我知道你沒有為 NII 提供具體的指導。但就基本而言，由於 NII 以及更高的支付率和更好的效率，您的指南的收益前景是否更好？還是因為你有更少的回購，或者由於經濟衰退的可能性而有更多的準備金，情況會更糟？

Mike, those are all the pieces. But simply put, I think Alastair said, NII pick up next quarter. So you pick up the $200 million this quarter, you put that in the bank, then you pick up another $600 million plus next quarter and then it grows with net out. So yes, that's tremendous operating leverage. And as we just said to John, expenses are flat. So that flows through the bottom line. All the different vagaries of not only regulatory accounting versus GAAP accounting, but also what cap, the comp and the capital ratio calculation versus not. At the end of the day, you said $1.4 trillion. It's $2 trillion of deposits, $1.4 trillion just on the consumer for people side of the business. And even on the business side, we only have operational deposits.

邁克，這些都是碎片。但簡單地說，我認為 Alastair 說，NII 下個季度會回升。因此，您在本季度獲得 2 億美元，將其存入銀行，然後在下個季度再獲得 6 億美元，然後隨著淨額增長而增長。所以，是的，這是巨大的經營槓桿。正如我們剛剛對約翰所說，費用是持平的。所以這流經底線。不僅監管會計與公認會計原則會計的所有不同變幻莫測，而且還有什麼上限，補償和資本比率計算與否。歸根結底，你說的是 1.4 萬億美元。這是 2 萬億美元的存款，僅在消費者方面就有 1.4 萬億美元。即使在業務方面，我們也只有運營存款。

And so the end of the day, those are very long deposits. We extract the value through investing, and that's why we put it in held the maturity. And the cash flow of that head to maturity portfolio is $20-odd billion a quarter, even in a rate environment changes. So that -- whatever hit we had, the CET1, the growth in NII and the growth in earnings power and that covers up inside of a year. And so we feel very good about that. So the rate environment where we come off the 0 [floors] makes us a lot more money. You know that, and we know that.

所以歸根結底，這些都是很長的存款。我們通過投資提取價值，這就是我們將其置於持有期限的原因。即使在利率環境發生變化的情況下，該到期投資組合的現金流也為每季度 20 多億美元。所以 - 無論我們受到什麼打擊，CET1、NII 的增長和盈利能力的增長，都會在一年內覆蓋。所以我們對此感覺很好。因此，我們從 0 [樓層] 下來的費率環境讓我們賺了很多錢。你知道，我們也知道。

Can you elaborate a little bit more on what you mean by operational deposits? I know you've talked about that and the linkages, and I guess that's the reason why you would expect deposits to be more sticky. But can you elaborate a little bit more? You mentioned that Zelle and Erica volumes are up 4x higher than pre-pandemic. So I guess you have a little bit more lock-in, but if you could elaborate more.

您能否詳細說明您所說的營運存款是什麼意思？我知道您已經談到了這一點和聯繫，我想這就是您期望存款更具粘性的原因。但是你能詳細說明一下嗎？您提到 Zelle 和 Erica 的銷量比大流行前高出 4 倍。所以我想你有更多的鎖定，但如果你能詳細說明的話。

On the consumer side, the people being Wealth Management consumers and general consumers, the $1.4 trillion were 40% or more in checking accounts, and that's the money people have in motion in a given day. And what the big volume of comes from, frankly, you have 35 million checking holders, which is a new record for us. And so that's important. And all the feature functionality helps them our retention for our preferred customer base in the consumer segment, which represents 70% or 80% of all deposits is 99-point something. And so those customers stay with us a long time.

在消費者方面，即財富管理消費者和普通消費者，這 1.4 萬億美元中有 40% 或更多是在支票賬戶中，這就是人們在某一天的流動資金。坦率地說，你有 3500 萬支票持有人，這對我們來說是一個新的記錄。所以這很重要。所有功能都幫助他們保留了我們在消費者細分市場中的首選客戶群，這代表了所有存款的 70% 或 80% 是 99 點左右。因此，這些客戶與我們在一起很長時間。

What I meant operational accounts on the commercial side, we -- all the cash is money in motion for those commercial customers, meaning it's part of the data cash flow. So whether it's small business customers, whether it's business banking customers, which are under $50 million revenue companies or even middle market, this money is coming in and out every day. And so it's very stable. It doesn't disappear from the scenes.

我的意思是商業方面的運營賬戶，我們 - 所有的現金都是那些商業客戶的流動資金，這意味著它是數據現金流的一部分。因此，無論是小型企業客戶，還是收入低於 5000 萬美元的企業銀行客戶，甚至是中間市場，這筆錢每天都在進進出出。所以它非常穩定。它不會從場景中消失。

And if you look at our GTS revenue, you can see the Global Transaction Services revenue on the Page on Gold Banking, you'll see it's grown nicely year-over-year, and that's due to the stability of that deposit base and what we see. So it's not going to move away from the balance sheet. That's the point I said about -- in a rate-rising cycle, last rate-rising cycle, as money supply shrink, at the end of the day, we grew deposits 5%. And so we'll see what happens because it's different, but we feel pretty confident.

如果您查看我們的 GTS 收入，您可以在 Gold Banking 頁面上看到全球交易服務收入，您會看到它同比增長良好，這是由於存款基礎的穩定性以及我們看。所以它不會脫離資產負債表。這就是我所說的——在一個加息週期中，最後一個加息週期，隨著貨幣供應量的減少，最終，我們的存款增長了 5%。所以我們會看看會發生什麼，因為它是不同的，但我們感到非常自信。

Like the only thing I'd add to what Brian -- the only thing I'd add is when Brian talks about operating, it's one of the reasons we highlight that 92%, 93% of our consumer accounts are primary. And we've had 99%-plus retention rate on those accounts. So these are sticky deposits. That's what we're just trying to make sure everyone understands.

就像我唯一要添加到 Brian 的內容一樣——我唯一要添加的是當 Brian 談到運營時，這是我們強調 92%、93% 的消費者帳戶是主要的原因之一。我們在這些帳戶上的保留率超過 99%。所以這些是粘性存款。這就是我們試圖確保每個人都理解的內容。

We'll go next to Betsy Graseck with Morgan Stanley.

我們將與摩根士丹利一起去 Betsy Graseck 旁邊。

Two questions. One on expenses. I know you mentioned this year that you're still anticipating relatively flat and that you would deal with inflation pressures, et cetera, from some of the opportunities you have to get more efficient. Can you give us a sense as to how long you think you can stay flat for? Like is that going to be into '23 as well? And can you unpack some of the things you're doing to get more efficient? I know you did a ton of efficiency pre-COVID, so what's left?

兩個問題。一是開支。我知道你今年提到你仍然預計相對平穩，你將通過一些機會來應對通脹壓力等等，你必須提高效率。你能告訴我們你認為你可以保持平穩多長時間嗎？就像這也將進入'23？你能解開你正在做的一些事情以提高效率嗎？我知道您在 COVID 之前提高了很多效率，那麼還剩下什麼？

So Betsy, remember, coming into the pandemic, we had hit the point where we brought expenses down and said we -- now we're an operating leverage company. So we'll get revenue growth faster than expense growth, but we'd start to grow modestly. Then the pandemic had a lot of expenses coming in and out. But -- and so when we say flat year-over-year, basically, meaning '23 versus '22 in that $59 billion to $60 billion range, our view is that our goal is to keep that down to a modest expense growth, if any, and as we move to '24, et cetera. But we are fighting all those discussion you had. But the key is to have the revenue grow much faster. And that's what we expect to see as NII kicks back up and efficiency ratios, as Mike or John referenced, ought to kick back down pretty nicely.

所以貝齊，記住，進入大流行，我們已經達到了降低開支的地步，並說我們——現在我們是一家經營槓桿公司。因此，我們將獲得比支出增長更快的收入增長，但我們會開始適度增長。然後大流行有很多費用進出。但是 - 所以當我們說同比持平時，基本上意味著 '23 與 '22 在 590 億至 600 億美元的範圍內，我們的觀點是，我們的目標是將其控制在適度的支出增長，如果任何，當我們移動到'24，等等。但是我們正在與您進行的所有討論作鬥爭。但關鍵是讓收入增長得更快。這就是我們期望看到的 NII 回升和效率比，正如邁克或約翰所提到的，應該很好地回落。

Got it. And then the other question is just further rate back ups. Obviously, 10 years already at (inaudible) it's up 50 bps from March 31 so if it goes to like [3-3], we have the same kind of hit as this past quarter. Can you just give us a sense as to how you're dealing with that rate back ups? Is there anything you would do differently? Would you move any AFS to HTM? Or would you engage this new accounting rule that's been finalized in March 28 that enables you to do last layer hedging on HTM book? I mean does any of that matter to you? And just give us a sense as to how much longer this rate back up is? Or would you change how you're dealing with it?

知道了。然後另一個問題只是進一步的利率備份。顯然，已經 10 年了（聽不清），它比 3 月 31 日上漲了 50 個基點，所以如果它像 [3-3] 一樣，我們會受到與上一季度相同的打擊。你能告訴我們你是如何處理這個利率備份的嗎？你有什麼不同的做法嗎？您會將任何 AFS 移至 HTM 嗎？或者您是否會採用這項於 3 月 28 日最終確定的新會計規則，使您能夠對 HTM 賬簿進行最後一層套期保值？我的意思是這對你有什麼影響嗎？讓我們了解一下這個利率回升的時間有多長？或者你會改變你處理它的方式嗎？

Yes. So the piece that will matter the most will be the AFS securities. And we've talked before about the fact that we have about $200 billion of Treasuries there, and they're all swapped to floating precisely to insulate us. So I think that's one of the reasons you see our AOCI hit is much smaller than many others.

是的。因此，最重要的部分將是 AFS 證券。而且我們之前已經談到過我們有大約 2000 億美元的國債，它們都被交換為浮動，以隔離我們。因此，我認為這就是您看到我們的 AOCI 命中率遠低於其他許多的原因之一。

So then it's just a question of managing around the $50 billion or so of securities that we have there that aren't swapped to floating. And I'd just note that, that number has come down a little bit month after month after month. I think it will keep coming down. We have some ability, obviously, to hedge that if we choose to. And so we'll manage our interest rate exposure as the environment develops from here.

因此，這只是一個管理大約 500 億美元左右的未交換為浮動證券的問題。我只是注意到，這個數字一個月又一個月地下降了一點。我認為它會繼續下降。顯然，如果我們選擇這樣做，我們有能力對沖這一點。因此，隨著環境的發展，我們將管理我們的利率風險敞口。

We'll go now to Matt O'Connor with Deutsche Bank.

我們現在將與德意志銀行一起前往 Matt O'Connor。

I was hoping to get a little more detail on the net interest income trajectory in the back half of the year if we follow the forward curve. And I appreciate you don't want to give explicit guidance because maybe a month from now, the rate environment will change, but it's also the key driver for Bank of America's earnings from here and, obviously, a very positive story. So one is again, and maybe I'll start it with last quarter is up more than $600 million. If you follow the forward curve, it seems like that quarter-on-quarter increase could actually accelerate in the back half of the year. So maybe I'll leave it out for you to run those.

如果我們遵循遠期曲線，我希望能更詳細地了解下半年的淨利息收入軌跡。我很感激你不想給出明確的指導，因為也許一個月後，利率環境會發生變化，但這也是美國銀行從這裡獲利的關鍵驅動因素，顯然，這是一個非常積極的故事。所以又是一個，也許我會從上個季度開始，它上漲了 6 億多美元。如果您遵循遠期曲線，那麼季度環比增長實際上可能會在今年下半年加速。所以也許我會把它留給你來運行。

Yes. So look, I think we, broadly speaking, agree with you. We, obviously, don't control rates. So that's why we're always reluctant to give guidance over the course of the next 270 days. But we're very levered to rates going up from here. And we said in our remarks that we believe the second quarter will be up at least $650 million in NII.

是的。所以看，我想我們，從廣義上講，同意你的看法。顯然，我們不控制利率。所以這就是為什麼我們總是不願意在接下來的 270 天內提供指導。但我們非常依賴從這裡開始上漲的利率。我們在評論中表示，我們相信第二季度的 NII 將至少增加 6.5 億美元。

And I think if you look at the forward curve, yes, you would expect to accelerate over the course of the year. And then we tried to give you the broad outlines around $5.4 billion versus forward $6.8 billion versus spot, it's obviously very meaningful. But we're only prepared to look out over the course of the next 90 days because we feel like we've got pretty good confidence around that. And I think the other thing just to bear in mind is our next meeting is in May. So you'll see like the Fed meetings and the hikes in the forward curve really do accelerate things in the back half of the year.

而且我認為，如果您查看遠期曲線，是的，您預計會在一年中加速。然後我們試圖為您提供大約 54 億美元與遠期 68 億美元與現貨的大致輪廓，這顯然非常有意義。但我們只准備在接下來的 90 天裡密切關注，因為我們覺得我們對此很有信心。我認為要記住的另一件事是我們的下一次會議是在 5 月。所以你會看到美聯儲會議和遠期曲線的加息確實在今年下半年加速了事情的發展。

And how do you think, if we do get kind of the second 100 basis point rate increase of the market anticipating, what does that kind of look like in terms of your rate sensitivity? And then just kind of squeezing similar. At some point, your rate hikes not help net interest income? Or it helps but just to a lesser extent?

您如何看待，如果我們確實得到市場預期的第二次 100 個基點的加息，那麼就您的利率敏感度而言，這種情況是什麼樣的？然後只是類似的擠壓。在某些時候，你的加息無助於淨利息收入？或者它有幫助但只是在較小程度上？

Well, I think just the fact that you've got $5.4 billion compared to $6.8 billion tells you a little bit about successive rate hikes become less valuable. But we're probably a long way from where they stopped having value. So look, we expect -- as Brian talked about, we're kind of at a rate floor when rates are at 0. And obviously, we'll get significant benefit over the course of the next 100 basis points. I, like you, would anticipate less from the [fall] 100. But again, we're going to capture a lot of value because our strategy is based around operating accounts in commercial and primary accounts in consumer.

好吧，我認為，與 68 億美元相比，你有 54 億美元這一事實告訴你，連續加息變得不那麼有價值了。但我們可能離他們不再有價值的地方還有很長的路要走。所以看，我們預計 - 正如布賴恩所說，當利率為 0 時，我們有點處於利率下限。顯然，我們將在接下來的 100 個基點中獲得顯著收益。我和你一樣，對 [fall] 100 的預期會更少。但同樣，我們將獲得很多價值，因為我們的戰略是基於商業賬戶的運營賬戶和消費者的主要賬戶。

The question always is if the Fed is hiking rates because of inflation that they can't get back under control and you got to look at the stuff out everybody focused on NII, you got to look at what's going on in the economy generally. So that's why we have significant reserves in case it's harder landing than people at the Fed would like to engineer. And that's why we run the company with such a balance. But generally, a higher sustained rate environment will help us earn a lot more money. And you saw that pick up as we picked up through '16, '17, '18, and you'll see it happen. Again, you've already seen it happen. Then we think last year, first quarter is your first quarter, we had $1.4 billion more NII per quarter. So that's -- it's already helped in as loan and deposit growth are matched in some modest rate increases.

問題始終是美聯儲是否因為無法控制通脹而加息，你必須看看每個人都關注的 NII 的東西，你必須看看經濟的總體情況。所以這就是為什麼我們有大量儲備，以防它比美聯儲的人們想要設計的更難著陸。這就是我們以如此平衡的方式經營公司的原因。但總的來說，更高的持續利率環境將幫助我們賺更多的錢。當我們在 16 年、17 年、18 年的時候，你看到了這種情況，你會看到它發生的。同樣，你已經看到它發生了。然後我們認為去年，第一季度是您的第一季度，我們每個季度的 NII 增加了 14 億美元。所以這已經有所幫助，因為貸款和存款的增長與適度的加息相匹配。

Our next question comes from Erika Najarian with UBS.

我們的下一個問題來自瑞銀的 Erika Najarian。

My first question is a follow-up to what Matt was asking about. Alastair, could you give us a sense of what the deposit repricing assumption is in the plus $6.8 billion in sensitivity for the first 100. And given your focus on primary and operating accounts, contrast that with chunkier rate hikes, how should we expect deposit repricing to behave in the second 100 basis points?

我的第一個問題是對馬特所問問題的跟進。 Alastair，您能否告訴我們在前 100 美元的額外 68 億美元的敏感性中，存款重新定價假設是什麼。鑑於您對主要賬戶和運營賬戶的關注，與更大幅度的加息形成對比，我們應該如何預期存款重新定價表現在第二個 100 個基點？

So we normally take a look at our deposit betas over the course of history. And if you go back to the last 3 out cycle, '15 through '19, on average, you can't -- it's, obviously, very different by account and line of business and client. But on average, it was somewhere between 20% and 25% for Bank of America. We'd hope to perform a liquid battery in this cycle just based on the value we deliver to clients, particularly in things like digital, et cetera. But for now, I think that's a reasonable assumption. It's difficult to project out first 100 versus second 100. I mean I would imagine for the first couple of hundreds, it's going to be pretty -- I would hope, pretty stable. But at some point, when you think deposit basis would drift higher, we'll obviously be able to give you guidance on that in the future based on what we're actually seeing.

因此，我們通常會查看我們在歷史進程中的存款貝塔值。如果你回到過去的 3 個週期，從 15 年到 19 年，平均而言，你不能——顯然，這在賬戶、業務線和客戶方面有很大不同。但平均而言，美國銀行的這一比例在 20% 到 25% 之間。我們希望僅根據我們為客戶提供的價值，特別是在數字等方面，在這個循環中使用液體電池。但就目前而言，我認為這是一個合理的假設。很難預測前 100 個和後 100 個。我的意思是，我可以想像前幾百個，它會很漂亮——我希望，很穩定。但在某些時候，當您認為存款基礎會更高時，我們顯然能夠在未來根據我們實際看到的情況為您提供指導。

Got it. And I just wanted to clarify something, Brian, that you said to Betsy. Did you say that you expect 2023 expenses to be between $59 billion and $60 billion and then for modest growth to return in 2024?

知道了。我只是想澄清一些事情，Brian，你對 Betsy 說的。您是否說過您預計 2023 年的支出將在 590 億美元至 600 億美元之間，然後在 2024 年恢復適度增長？

No. We said '22 is flat to '21, and then grow modestly then.

不。我們說'22 與'21 持平，然後適度增長。

Got it. Okay. Got it. And then the follow-up question there is, you mentioned your trajectory -- your target for getting back to 60% on the efficiency ratio. What kind of time frame are you thinking in terms of when you can accomplish that relative to the forward curve?

知道了。好的。知道了。然後是後續問題，你提到了你的軌跡——你的目標是讓效率比回到 60%。相對於遠期曲線，您在什麼時間範圍內可以實現這一目標？

So I think that -- we made progress each quarter. Basically, we're around the 66%, we're down year-over-year. I think if I gave you the specific quarter, we crossed over basically to the earnings projection for the rest of the quarter. So Erika, I think just as you look at the businesses, you're starting to see them drop more in line. Obviously, we always have such a huge Wealth Management business, which at a 27% pretax margin which is industry-leading, it was up 30% last quarter, will impact that because it's a bigger part of our business than others, but you'll see relentless progress, but I can't give the exact quarter.

所以我認為——我們每個季度都取得了進展。基本上，我們在 66% 左右，同比下降。我想如果我給你具體的季度，我們基本上會跨過本季度剩餘時間的收益預測。因此，Erika，我認為就在您查看這些業務時，您會開始看到它們越來越順。顯然，我們一直擁有如此龐大的財富管理業務，其稅前利潤率為 27%，處於行業領先地位，上個季度增長了 30%，這將產生影響，因為它在我們的業務中比其他業務佔更大的部分，但你會看到無情的進展，但我不能給出確切的季度。

Got it. And just one last question on capital. So today, your current CET1 minimum is 9.5%. And the higher G-SIB surcharge, when is that -- is that effective by January 1, 2023? So therefore, your minimum goes up by 50 basis points? And Brian, what -- how are you thinking of buffers relative to your new minimums? I think one of your counterparts said that he was no longer thinking of buffers upon buffers as he thinks of capital management going forward.

知道了。最後一個關於資本的問題。所以今天，你目前的 CET1 最低是 9.5%。更高的 G-SIB 附加費是什麼時候 - 到 2023 年 1 月 1 日生效？因此，您的最低要求提高了 50 個基點？布賴恩，什麼 - 你如何看待與你的新最小值相關的緩衝區？我認為您的一位同行表示，他不再考慮緩衝，而是考慮未來的資本管理。

So Erika, our GSIB minimum would increase effective January 1, 2024. So we've got 7 quarters to build towards that. Brian talked about operating and managing the company 75 to 100 basis points above our regulatory minimum. That's obviously exactly where we are right now. And so over the course of the next 7 quarters, we just expect to build that 50 basis points of capital.

所以 Erika，我們的 GSIB 最低要求將從 2024 年 1 月 1 日起提高。所以我們有 7 個季度的時間來實現這一目標。布賴恩談到在我們的監管最低標準之上經營和管理公司 75 到 100 個基點。這顯然正是我們現在所處的位置。因此，在接下來的 7 個季度中，我們只期望建立 50 個基點的資本。

We'll go now to Ken Usdin with Jefferies.

我們現在和傑富瑞一起去肯·烏斯丁。

Just wanted to look at the commercial side of loans. Fourth quarter loan growth ex-PPP was great at [10]. And this quarter a little slower. Just wanted to ask you about just that end demand question, any supply chain, any changes in line utilization? And just what are you seeing out there on the commercial demand side?

只是想看看貸款的商業方面。第四季度不計 PPP 的貸款增長非常好 [10]。而且這個季度要慢一些。只是想問你關於最終需求的問題，任何供應鏈，生產線利用率的任何變化？您在商業需求方面看到了什麼？

Well, our clients are definitely seeing supply chain challenges. They're working through admirably. We've also seen inflation, and we're seeing labor and wage pressure. So that, I think we all know. At the same time, the economy is returning more towards normal, and our line utilization is returning more towards normal, too. That's a part of what's driving our loans growth.

好吧，我們的客戶肯定會看到供應鏈挑戰。他們的工作令人欽佩。我們還看到了通貨膨脹，我們看到了勞動力和工資壓力。所以，我想我們都知道。與此同時，經濟正逐漸恢復正常，我們的線路利用率也越來越恢復正常。這是推動我們貸款增長的部分原因。

So revolver utilization in commercial now in banking is 31.7%. Pre-pandemic are normal, is around 35%. So that's about 3.3%. Figure that's like $15 billion to $20 billion of loans potential as the accounting continues to heal and as clients begin to take utilization back. So it's one of the reasons we're still comfortable with loans growth, and we see the same momentum that we have over the course of the past 12 months.

因此，現在銀行業的商業左輪手槍利用率為 31.7%。大流行前是正常的，大約是35%。所以這大約是3.3%。隨著會計繼續恢復以及客戶開始收回使用率，這個數字相當於 150 億至 200 億美元的貸款潛力。因此，這是我們仍然對貸款增長感到滿意的原因之一，我們看到了與過去 12 個月相同的勢頭。

Important in the small business area, originations are -- yes, strong and back past pre-pandemic levels of quarterly originations, and you're seeing home equity come back up even though mortgage will fall off. I think pre-pandemic, we did $3 billion. So we have a room on the consumer side and on the commercial side for further loan growth as the -- as people sort of normalize their behaviors and activities. And now you all read about the car industry, the line uses a car. Car auto dealers is really low, and it's just, as an example, they can't keep enough inventory on the line.

在小型企業領域，重要的是，起源是——是的，強勁並且超過了大流行前的季度起源水平，即使抵押貸款會下降，你也會看到房屋淨值回升。我認為在大流行之前，我們做了 30 億美元。因此，隨著人們逐漸規範他們的行為和活動，我們在消費者方面和商業方面都有進一步貸款增長的空間。現在你們都讀到了汽車行業，生產線使用汽車。汽車經銷商真的很低，只是，作為一個例子，他們不能保持足夠的庫存在生產線上。

Got it. And one follow-up on the fee side. I know investment banking and trading are going to be hard to forecast. But just any thoughts on some of the consumer-related and brokers-weighted fee areas? There's been some underlying moving parts there. Just can you talk about just the growth trajectory of some of those fee areas? And I guess, we'll just kind of leave the IB trading, so we'll see what happens in the markets.

知道了。以及收費方面的一項後續行動。我知道投資銀行和交易將很難預測。但是對一些與消費者相關的和經紀人加權的費用領域有什麼想法嗎？那裡有一些潛在的移動部件。你能談談其中一些收費領域的增長軌跡嗎？而且我想，我們會離開 IB 交易，所以我們會看看市場上會發生什麼。

Yes. Well, I think we're wise to do that. When it comes to the card side, I'd say, flattish. We're managing to the total client relationship there. That remains something that we're focused on total value. So we'll see some growth there. We'll see it in balances. We'll see it in NII mostly, and we'll see it in detail in elsewhere.

是的。好吧，我認為我們這樣做是明智的。說到卡片方面，我會說，平淡無奇。我們正在管理那裡的整體客戶關係。這仍然是我們關注的總價值。所以我們會在那裡看到一些增長。我們將在餘額中看到它。我們將主要在 NII 中看到它，我們將在其他地方詳細看到它。

On the asset management side, mostly it will be around market levels. So we'll follow that, as you will, closely. And a little bit of net new household growth and flows growth again this year. So that's how we're thinking about it. But I would say across all kind of flattish slightly, maybe slightly up.

在資產管理方面，主要是在市場水平附近。因此，我們將按照您的意願密切關注這一點。今年還有一點點淨新家庭增長和流量增長。所以我們就是這麼想的。但我想說的是，所有的東西都略微平淡，也許略微上漲。

The only one thing to bear in mind is just as a reminder, on insufficient funds and overdraft. Just remember that those that started to kick in, in February, and the remainder will pass through in March. So that's probably like -- sorry, May, and that's probably a $750 million hit for the year, if you like, on total fees.

唯一要記住的一件事就是提醒一下，資金不足和透支。請記住，那些在 2 月開始生效的，其餘的將在 3 月通過。所以這可能就像 - 對不起，May，如果你願意的話，這可能是今年 7.5 億美元的總費用。

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

我們現在將與 Wolfe Research 聯繫 Steven Chubak。

Wanted to ask a follow-up on the earlier discussion on the 60% efficiency ratio. If we look at what you achieved last cycle, your terminal efficiency trajected closer to the upper 50s once the Fed funds rate eclipse 200 basis points. And want to get a sense whether there's a credible case for delivering a better-than-60% efficiency ratio this cycle? Or are there structural factors supporting a higher terminal efficiency in this coming cycle?

想問一個後續關於60％效率比的討論。如果我們看看你在上個週期取得的成績，一旦聯邦基金利率超過 200 個基點，你的終端效率就會接近 50 多歲。並且想了解在這個週期中是否有可靠的案例可以提供超過 60% 的效率比？或者在即將到來的周期中是否存在支持更高終端效率的結構性因素？

Steven, the demand is going to be how big the wealth management business sits as a percentage of the total and just the dynamic set business. And that's always what constrained it, even to the rest of the businesses. If I remember, a peak cycle, both Global Banking went well below 50, Consumer went well below 50 and then between markets and Wealth Management. Now Wealth Management has done a great job of growing its loans and deposits, so that will help it. But that's always going to be the debate, and you should be cheering for strong Wealth Management revenues, even if it means a little less efficiency ratio.

史蒂文，需求將是財富管理業務佔總數的百分比，只是動態業務。這始終是限制它的原因，即使對其他企業也是如此。如果我記得，一個高峰週期，全球銀行業遠低於 50，消費者遠低於 50，然後在市場和財富管理之間。現在財富管理在增加貸款和存款方面做得很好，這將對其有所幫助。但這始終是爭論的焦點，你應該為強勁的財富管理收入歡呼，即使這意味著效率比會降低一點。

Okay. We'll certainly be cheering for that, Brian. Maybe just for my follow-up on capital. I know we've spent a lot of time talking about AOCI volatility and the like. We're always hoping to get a better sense of given that RWA growth has actually been the biggest source of capital consumption over the last couple of quarters, it's up about 9% year-on-year. Just given the pace of continued strong loan growth that's anticipated, what level of organic RWA growth should we be underwriting as we think about the capital algorithm going forward?

好的。我們當然會為此歡呼，布賴恩。也許只是為了我對資本的跟進。我知道我們已經花了很多時間談論 AOCI 波動性等。鑑於 RWA 的增長實際上是過去幾個季度資本消耗的最大來源，我們一直希望能更好地了解這一點，同比增長約 9%。鑑於預期的貸款持續強勁增長的步伐，在我們考慮未來的資本算法時，我們應該承保什麼水平的有機 RWA 增長？

Well, I think what you're looking to is some of the RWA growth has been coming from a pretty significant loans rebound, particularly in commercial. And I think you're looking at some of the investments we made in our Global Markets business. Some of that's a little seasonal, so it pops up in Q1. And some of it is year-over-year. So going forward, I think our growth will plenty of capital to support the growth that we expect in terms of RWAs. We manage that pretty closely. Again, the economy is beginning to return now to something more normal after bouncing around a bunch. So this quarter, when you think about those risk-weighted assets, 14 basis points. Brian's talked about 1/3, 1/3, 1/3 for share repurchase dividend and growth. And that's probably a fair starting point.

好吧，我認為您正在尋找的是 RWA 的一些增長來自相當顯著的貸款反彈，特別是在商業貸款方面。我認為您正在關注我們在全球市場業務中所做的一些投資。其中一些有點季節性，所以它會在第一季度出現。其中一些是年復一年的。因此，展望未來，我認為我們的增長將有大量資金來支持我們對 RWA 的預期增長。我們管理得非常嚴密。再一次，經濟在經歷了一輪反彈之後現在開始恢復到更正常的狀態。所以本季度，當你考慮那些風險加權資產時，14 個基點。布賴恩談到股票回購股息和增長的1/3、1/3、1/3。這可能是一個公平的起點。

Next question comes from Vivek Juneja with JPMorgan.

下一個問題來自摩根大通的 Vivek Juneja。

A couple. What are you -- I heard the commentary about deposit balances, Brian, from you, that they're still very high in the lower-end customers. However, if we start to get a little more granular, more very recently, are you starting to see any drawdown with higher spending because of inflation? Or any color on that? I know quarter-over-quarter, they are. But as we start to look forward to see how things are progressing, are we seeing that yet?

一對夫婦。你是什麼——我從你那裡聽到關於存款餘額的評論，布賴恩，他們在低端客戶中仍然很高。但是，如果我們開始變得更加細化，最近，您是否開始看到由於通貨膨脹而導致支出增加的任何縮編？或者上面有什麼顏色？我知道季度比季度，他們是。但是，當我們開始期待看到事情的進展時，我們看到了嗎？

It's actually the opposite that. They grew faster from February to March, and that's probably because of the tax returns that they have. But basically, the broad way to think about it is beginning around May of last year, they grew sort of 1%, not annualized, but 1% per month, pretty consistently 1% to 2% higher at the lower end balances. Only in the month of November, I think we saw a slight down draft in the lower end balances, and that picked back up in December. Grew January, February, March, each month. It grew this quarter, and the March month was the strongest.

實際上恰恰相反。他們從 2 月到 3 月增長更快，這可能是因為他們有納稅申報表。但基本上，從廣義上考慮它是在去年 5 月左右開始的，它們增長了 1%，不是年化的，而是每月 1%，在低端餘額中相當一致地高出 1% 到 2%。僅在 11 月份，我認為我們看到低端餘額略有下降，並在 12 月回升。每個月都在一月、二月、三月長大。它在本季度有所增長，而 3 月是最強勁的月份。

So we might -- we haven't seen the data for April yet, but it's growing very strong, all the way up into the people who carried pre-pandemic at $10,000 to $20,000. Our balances are still growing in very strongly. So we're not seeing that deteriorate at all yet.

所以我們可能——我們還沒有看到 4 月份的數據，但它的增長非常強勁，一直到大流行前攜帶 10,000 美元到 20,000 美元的人。我們的餘額仍在強勁增長。所以我們還沒有看到這種惡化。

A completely different question for you, folks. Securities growth, didn't see that this quarter even if you ex out the mark-to-market stuff. What's your plan for that? Are you planning to grow securities balances? Should we be -- or what are you thinking at this point?

伙計們，對你來說一個完全不同的問題。證券增長，即使你剔除按市值計價的東西，本季度也沒有看到這一點。你對此有何打算？您是否計劃增加證券餘額？我們應該——或者你現在在想什麼？

It all comes down to deposits. We keep growing deposits, we got to put it to work. So Alastair can give you more detail. But you remember what drives the size of our balance sheet, so our right-hand side, not our left. And so at $2 trillion -- we grew $200 billion -- or $180 billion, $190 billion, $100 billion deposits last year first quarter, this year first quarter. So if we grow our deposits, which you should be cheering for on the core basis, we do, we will then invest those deposits in a careful way.

這一切都歸結為存款。我們不斷增加存款，我們必須讓它發揮作用。所以阿拉斯泰爾可以給你更多的細節。但是你還記得是什麼驅動了我們資產負債表的大小，所以我們的右手邊，而不是我們的左手邊。因此，在 2 萬億美元——我們增長了 2000 億美元——或去年第一季度、今年第一季度的 1800 億美元、1900 億美元、1000 億美元的存款。因此，如果我們增加我們的存款，你應該在核心基礎上歡呼，我們會這樣做，然後我們將以謹慎的方式投資這些存款。

And Vivek, if you look at this quarter, we added $8 billion of deposits. We added $14 billion of loans. That's always going to be our first choice in terms of investment. The securities balances came down a little bit, $13 billion.

Vivek，如果你看一下這個季度，我們增加了 80 億美元的存款。我們增加了 140 億美元的貸款。就投資而言，這始終是我們的首選。證券餘額略有下降，為 130 億美元。

And remember, if you go back over the course of the past couple of years. In the pandemic, we didn't see the loans growth. So in many ways, that's one, we purchased some securities at which to replace loans that were coming off. That's not what we're seeing there. Now we're seeing the loans growth. So our first years will always be for loans. And if we keep seeing the same kind of loan growth we're seeing right now, the securities may decline over time they stay flat, we'll see, depends on deposits.

請記住，如果您回顧過去幾年的過程。在大流行中，我們沒有看到貸款增長。所以在很多方面，就是這樣，我們購買了一些證券來替代即將到期的貸款。這不是我們在那裡看到的。現在我們看到貸款增長。所以我們的第一年將永遠是貸款。如果我們繼續看到我們現在看到的同樣的貸款增長，證券可能會隨著時間的推移而下跌，我們會看到，它們會保持不變，這取決於存款。

And how about in terms of liquid assets? What level should we think -- should we expect you would bring that down to? Because those have come down a little bit when you look at them quarter-over-quarter, and they're also down some year-over-year. Is there room for that to come down further? What sort of a run rate for that assuming, let's assume deposits were flat and didn't go down, didn't grow much modestly here, where can that be drawn down to?

在流動資產方面呢？我們應該考慮什麼水平——我們應該期望你把它降低到什麼水平？因為當您查看它們的季度環比時，它們已經下降了一點，而且它們也同比下降了一些。有進一步下降的空間嗎？這種假設的運行率是多少，讓我們假設存款持平並且沒有下降，在這裡沒有適度增長，這可以歸結到哪裡？

Yes. So liquidity is down in the quarter. That's largely based on funding the Global Markets business with seasonal. If you look year-over-year at our liquidity numbers, you'll see our global liquidity sources of $1.1 billion. They're up like a scutch from Q1 of last year. HQLA surplus is up. That's largely based on things like -- again, Brian talks about our deposits at $2 trillion. We have -- we're probably more liquid now than we've ever been. And we've got plenty, I think, as we continue to grow deposits in the future. I hope our liquidity just continues to stay where it is or go higher.

是的。因此，本季度流動性下降。這主要是基於為全球市場業務提供季節性資金。如果您逐年查看我們的流動性數據，您會看到我們的全球流動性來源為 11 億美元。與去年第一季度相比，它們的增長速度非常快。 HQLA盈餘上升。這主要是基於類似的東西——布賴恩再次談到我們的存款為 2 萬億美元。我們有——我們現在可能比以往任何時候都更具流動性。我認為，隨著我們在未來繼續增加存款，我們有很多。我希望我們的流動性繼續保持原狀或更高。

And we'll take a follow-up from Mike Mayo with Wells Fargo.

我們將跟進邁克梅奧與富國銀行的合作。

I was a little disappointed about the question related to terminal efficiency. I get, if you [weigh] to adjust Wealth Management. But with all the technology investments, shouldn't your incremental pretax margins be greater on your new revenues? And if so, shouldn't your terminal efficiency, business mix adjusted to be better than it was before? For example, specifically, your pretax margin in 2021 was 38%. Where should your pretax margins be on new revenues that are generated ahead?

我對與終端效率有關的問題有點失望。我明白了，如果你 [權衡] 調整財富管理。但是，有了所有的技術投資，您的新收入增加的稅前利潤率難道不應該更大嗎？如果是這樣，您的終端效率，業務組合不應該調整到比以前更好嗎？例如，具體而言，您在 2021 年的稅前利潤率為 38%。未來產生的新收入的稅前利潤率應該在哪裡？

The new revenues will generate more margin profit, Mike. And the efficiency ratio, let's always see where we get to, but it will keep coming down, and we are improving every -- all the way through into the pandemic and with operating leverage every quarter. And I think it's not going back and checking it quarter-by-quarter. I think it improved every quarter. It leaves aside some seasonality. But yes, we will keep driving it down. Headcount, if this quarter was down another 100 people, it was down 4,000 last year. We are adding salespeople.

邁克，新的收入將產生更多的利潤。效率比，讓我們始終看看我們到達了哪裡，但它會繼續下降，我們正在改善每一個 - 一直到大流行和每個季度的運營槓桿。而且我認為它不會逐個季度地回去檢查它。我認為每個季度都會有所改善。它留下了一些季節性。但是，是的，我們將繼續降低它。員工人數，如果本季度再減少 100 人，去年減少了 4,000 人。我們正在增加銷售人員。

We're opening new branches. We're investing in franchise. We've opened in the 7, 8 -- 10 markets, and we have $30 billion of new deposits in those branches to give you a sense, and there's only 140 branches. You know our strategy, Mike. So it's always going to come down to balancing all that. But at the end of the day, we're saying expenses are flat this year, and NII improvement is going to flow to the bottom line. That's a pretty strong impact to efficiency, especially because it's going through the businesses, even the wealth management business.

我們正在開設新的分支機構。我們正在投資特許經營權。我們已經在 7、8 和 10 個市場開業，我們在這些分行有 300 億美元的新存款，讓您感覺一下，只有 140 個分行。你知道我們的策略，邁克。所以它總是要歸結為平衡這一切。但歸根結底，我們說今年的費用持平，NII 的改善將流向底線。這對效率產生了相當大的影響，特別是因為它正在通過業務，甚至是財富管理業務。

And then one other follow-up. I mean I don't think there's a recession this year, but I've been wrong before. And the stock market is telling us there might be a pretty good chance of a recession. So Brian and Alastair, what do you take the chance of recession is in 2022? You have a lot more people, data, businesses, insight into the U.S. economy, and you need to have a percentage for that for your provision for loan losses. So is this 50% chance? 20% change? What do you think, Brian, kind of gut deal, and Alastair, by the numbers?

然後是另一項後續行動。我的意思是我不認為今年會出現經濟衰退，但我以前錯了。股市告訴我們，經濟衰退的可能性很大。那麼布萊恩和阿拉斯泰爾，你認為 2022 年經濟衰退的機率是多少？你有更多的人、數據、企業、對美國經濟的洞察力，你需要有一個百分比來為你的貸款損失準備金。那麼這是50%的機會嗎？ 20%的變化？你怎麼看，布賴恩，有點直覺，阿拉斯泰爾，從數字上看？

I think you're a critic of and observer banks, Mike, but the reality is we have economists predict recessions and all the outages about them. But the -- and the reality is they always have a prediction for recession that runs around 10%, 20% according to economists' activity. But let me flip to what you really said, which is we weighted the adverse scenario factor at a 40% factor in our baseline reserve setting. That produced a formulaic reserve, which is around 40% of our total reserves. And so we have reserves on top of that basis for tough times.

邁克，我認為你是銀行的批評者和觀察者，但現實是我們有經濟學家預測經濟衰退以及有關它們的所有中斷。但現實是，根據經濟學家的活動，他們總是對衰退的預測在 10% 到 20% 左右。但是，讓我轉向你真正所說的，即我們在基線儲備設置中將不利情景因素加權為 40%。這產生了一個公式化的儲備，約占我們總儲備的 40%。因此，我們在此基礎上為艱難時期準備了儲備。

So I'm not going to chat a box with you about soft landing, hard landing and all that stuff. But the reality is they've got to take the inflation out of system. They know that. The rising rates do that. But there's tensions against how easy or hard that is going to be, obviously, pandemic war, but also this issue that the massive amount of stimulus is still out there being spent. So we're braced for every scenario. We model every scenario, but we don't -- I don't put a specific percentage. I just -- that's somebody else's job to do that, but our economists do not have a recession predicted in terms of this year, it's around 3% growth, next year, a little over 2%. And even though there may be some quarters that would show modest growth, I think they're all positive, so I got it right.

所以我不打算和你們討論軟著陸、硬著陸和所有這些問題。但現實是他們必須將通貨膨脹排除在系統之外。他們知道這一點。不斷上升的利率就是這樣做的。但是，顯然，大流行戰爭將是多麼容易或多麼困難，但還有一個問題是，大量的刺激措施仍在使用中。因此，我們為每種情況做好了準備。我們對每個場景進行建模，但我們沒有——我沒有給出具體的百分比。我只是 - 這是其他人的工作，但我們的經濟學家沒有預測今年會出現衰退，增長率約為 3%，明年略高於 2%。儘管可能有一些季度會出現適度增長，但我認為它們都是積極的，所以我做對了。

Our next question comes from Gerard Cassidy with RBC.

我們的下一個問題來自 RBC 的 Gerard Cassidy。

Alastair, you guys are very well-positioned, as you pointed out, for your balance sheet for rising interest rates, which seems very, very likely this year, obviously. And obviously, you guys are not in a PT boat but a battle crews battleship to turn the balance sheet into a position and when the Fed finally succeeds, let's say, in hitting inflation, knocking and they stop raising rates, maybe you can have the current rates get the economy going. When do you guys start thinking about after the Fed succeeds at reducing inflation? And you may have to reposition the balance sheet and not being as asset sensitive?

阿拉斯泰爾，正如你所指出的，你們的資產負債表處於非常有利的位置，利率上升，顯然今年很有可能。顯然，你們不是在一艘 PT 船上，而是一艘戰艦，將資產負債表轉變為一個位置，當美聯儲最終成功，比方說，在打擊通貨膨脹、敲門和他們停止加息時，也許你可以擁有當前的利率使經濟運轉。美聯儲成功降低通脹後，你們什麼時候開始思考？而且您可能不得不重新定位資產負債表而不是對資產敏感？

We don't. Just to start, we -- basically you know this as well as anybody having been around this industry for a number of years, let's just say. At the end of the day, the reason why we have securities investments is because we have $2 trillion of deposits and $1 trillion of loans. And so we got to do something with the money. And that deposits are stable. They're core checking accounts. They're your core operating cash for commercial customers. So we put it to work to extract the value for the shareholders. And so it's not that we lean the balance sheet. It's as we do all the work we do in the core franchise to grow the number of customers, 10% or 15% since pre-pandemic, and core consumer checking customers to grow -- the commercial customer base, small business base, et cetera, that results in us having a balance sheet that is positioned to benefit in rising rates because we have so much 0 cost deposits.

我們沒有。剛開始，我們 - 基本上你知道這一點，就像在這個行業工作多年的任何人一樣，讓我們說。歸根結底，我們進行證券投資的原因是因為我們有 2 萬億美元的存款和 1 萬億美元的貸款。所以我們必須用錢做點什麼。而且存款是穩定的。它們是核心支票賬戶。它們是您為商業客戶提供的核心運營現金。因此，我們將其用於為股東提取價值。因此，我們並不是要精簡資產負債表。正如我們在核心特許經營中所做的所有工作一樣，客戶數量自大流行前增長了 10% 或 15%，並且核心消費者檢查客戶的增長——商業客戶群、小型企業群等，這導致我們的資產負債表可以受益於利率上升，因為我們有如此多的零成本存款。

And so we don't sit there and say, let's move the balance sheet. What we do is we try to protect in a cautious way all the risks. So we hedge the couple -- a year or so, 1.5 years ago. There were a lot of questions about, oh, my gosh, you're investing and rates are low. And we told people we hedge it, and now you're seeing the benefits of those hedges. That gave us NII from then until now to protect the capital, and that's what we did.

所以我們不會坐在那裡說，讓我們移動資產負債表。我們所做的是我們試圖以謹慎的方式保護所有風險。所以我們對這對夫婦進行了對沖——大約一年，1.5 年前。有很多關於，哦，我的天哪，你在投資而且利率很低的問題。我們告訴人們我們對沖它，現在你看到了這些對沖的好處。從那時到現在，這給了我們NII來保護首都，這就是我們所做的。

So we're always trying to manage extracting the value deposits, give and then look to the other side and see the capital constraint question and the impact of capital, see other constraints on us. But it's really -- and we only invest in treasuries and mortgage-backed securities. We don't take a credit risk and materials in the treasury book, for lack of a better term, because we take enough of the end company. So I just don't -- we don't sit there and say, "Let's move around." It's just how do we invest this and we may move a little shorter or longer on what we invest in. But frankly, we swapped a lot of it to short just to protect ourselves so that we'd be able to redeploy to higher rates in the future.

所以我們總是試圖管理提取價值存款，給予然後看另一邊，看看資本約束問題和資本的影響，看看我們的其他約束。但這真的是——而且我們只投資於國債和抵押貸款支持證券。我們不承擔國庫簿中的信用風險和材料，因為沒有更好的條款，因為我們承擔了足夠多的最終公司。所以我只是不 - 我們不會坐在那裡說，“讓我們四處走動。”這只是我們如何投資它，我們可能會在我們投資的東西上移動一點或更長一點。但坦率地說，我們將其中的很多換成空頭只是為了保護自己，以便我們能夠重新部署到更高的利率未來。

Very good. And then as a follow-up, on the G-SIB buffer that you guys pointed out that will take effect, I think you said, in 2024, the 50 basis point increase. Is there any strategies you can employ that could actually reduce that buffer before we get there? Or is it really just retaining more earnings from your for your day-to-day operations?

很好。然後作為後續行動，關於你們指出的將生效的 G-SIB 緩衝，我想你們說過，在 2024 年增加 50 個基點。在我們到達那里之前，您是否可以採用任何策略來實際減少緩衝？或者它真的只是為您的日常運營保留更多收入？

I think. We're growing through it because it has ways it's calculated that are not sensitive to our size, also the economy, stock price, all these kinds of things in it that move it around a little bit, but the rate is I wouldn't -- when we look at the core customer base, we wouldn't constrain core customer growth. We can always make efficiencies and move stuff around, and we saw -- believe it or not, as you can see in the other category of loans, which in that quarter, our franchise still left over, frankly, from 15, 17 years ago or have that was that we can let run off and stuff like that or sell out and stuff.

我認為。我們正在通過它成長，因為它的計算方式對我們的規模、經濟、股票價格以及其中的所有這些東西都不敏感，它會稍微移動它，但速度是我不會——當我們查看核心客戶群時，我們不會限制核心客戶的增長。我們總是可以提高效率並轉移東西，我們看到了——信不信由你，正如你在另一類貸款中看到的那樣，坦率地說，在那個季度，我們的特許經營權仍然從 15、17 年前遺留下來或者說我們可以放任自流之類的東西，或者賣光之類的東西。

But the reality is that the GSIB buffer is growing because our customer franchise is getting bigger in a method of calculation does not adjust for business success, size of economy, stock market cap increase, all those things, which I think you have a pretty good favor of, Gerard. So we're going to have to retain 50 basis points more capital. So divide that 50 basis points by 7 quarters and think about us pulling that through.

但現實情況是 GSIB 緩衝區正在增長，因為我們的客戶特許經營權在計算方法中變得越來越大，並沒有根據業務成功、經濟規模、股票市值增加等所有這些因素進行調整，我認為你有一個相當不錯的贊成，杰拉德。因此，我們將不得不多保留 50 個基點的資本。因此，將這 50 個基點除以 7 個季度，並考慮我們是否能夠通過。

The question of buffers to that number, yes, you should expect us to operate closer to that 10.75% just because, frankly, the number is getting so big that we've never had an issue of the size of capital implied by that buffer to the minimum regulatory minimum. And that capital (inaudible) as the earning style of the franchise generated 15.5% return on tangible common equity this quarter, and we'll continue to go up -- continue to be strong based on NII improvement.

關於這個數字的緩衝問題，是的，你應該期望我們的運營接近 10.75%，因為坦率地說，這個數字變得如此之大，以至於我們從來沒有遇到過該緩衝隱含的資本規模問題最低監管最低限度。而作為特許經營的盈利方式的資本（聽不清）在本季度產生了 15.5% 的有形普通股回報率，我們將繼續上升——基於 NII 的改進繼續保持強勁。

We'll take our final question from Chris Kotowski with Oppenheimer.

我們將向奧本海默的 Chris Kotowski 提出最後一個問題。

Recognizing that the held-to-maturity portfolio doesn't get mark-to-market, I would think, though, on a kind of underlying core economic basis, it's never fun to have a large bond portfolio that's underwater. And just looking at your year-end disclosures, it looks like the vast majority of that held-to-maturity portfolio is agencies with a more than 10-year maturity. And I guess, how do you look at the extension risk on that portfolio? Again, recognizing it's not marked, but economically, is there any way to protect yourself in kind of a tail environment where rates go up a couple of hundred basis points like they did in '81 or...

認識到持有至到期的投資組合不會按市值計價，但我認為，在某種潛在的核心經濟基礎上，擁有一個在水下的大型債券投資組合從來都不是一件有趣的事情。只看你的年終披露，看起來絕大多數持有至到期的投資組合都是期限超過 10 年的機構。我想，你如何看待該投資組合的延期風險？再次，認識到它沒有標記，但在經濟上，有沒有辦法在利率上升幾百個基點的尾部環境中保護自己，就像他們在 81 年所做的那樣，或者......

So let me address that one. I think Brian's earlier answer got to the first part of it, which is we're not interest rate traders, we're interest rate managers to a cycle. We got to deliver for our shareholders in low rate environments, and we have to deliver for them in high rate environments. Those mortgages protected us in a low-rate environment. And now what protects us in a rising rate environment is precisely the asset sensitivity we still have left in the company.

所以讓我來談談那個。我認為布賴恩早先的回答涉及到第一部分，即我們不是利率交易員，我們是周期的利率管理者。我們必須在低利率環境中為我們的股東提供服務，我們必須在高利率環境中為他們提供服務。這些抵押貸款在低利率環境中保護了我們。而現在，在利率上升的環境中保護我們的正是我們仍然留在公司的資產敏感性。

And so when you look at that $1.4 billion of growth, and now we're telling you, you should expect NII growth from here successively in each quarter, that's what protects us. It's that balance between capital, earnings and liquidity.

因此，當您看到 14 億美元的增長時，現在我們告訴您，您應該期望每個季度的 NII 連續增長，這就是保護我們的原因。這是資本、收益和流動性之間的平衡。

And just the cash flow of the portfolio, even in a very low prepayment rate scenario, you got to remember people pay principal interest, people pass away and then people move, irrespective of mortgage rates refinancing. And those numbers, all that cash can be redeployed at the higher rate structure. So it turns a little faster than people think because everybody takes to 0 prepayments, but the cash flow off of it is fairly significant. So we'll redeploy that and walk back up the ladder.

只有投資組合的現金流，即使在非常低的預付率情況下，你也必須記住人們支付本金利息，人們去世然後人們搬家，無論抵押貸款利率再融資如何。而這些數字，所有現金都可以以更高的利率結構重新部署。所以它比人們想像的要快一點，因為每個人都接受 0 預付款，但從中產生的現金流量相當可觀。所以我們將重新部署它並重新走上梯子。

But -- and also remember, economically, if we don't market deposit, this is one of the great debates we've all had it not for accounting for banks. But the end of the day, the deposits are growing economically at a much faster rate than the degradation on the mortgage-backed portfolio.

但是 - 還要記住，從經濟上講，如果我們不推銷存款，這是我們所有人都沒有針對銀行會計進行過的重大辯論之一。但歸根結底，存款在經濟上的增長速度比抵押貸款支持的投資組合的退化速度要快得多。

I think that's all our questions. Thank you for joining us again this quarter. It's a strong quarter by the team, and I want to thank the team for all the great work they've done.

我想這就是我們所有的問題。感謝您在本季度再次加入我們。這是團隊的一個強勁季度，我要感謝團隊所做的所有出色工作。

At the end of the day, as we told you last quarter and a few quarters before that, the organic growth machine in Bank of America is driving hard, growing its market share, growing its deposits, growing its loans and doing well in the market. We will accelerate the P&L from that growth with the higher rates, as we told you. We'll continue to hold expenses in check, driving operating leverage, and that will always be a focus to get the most efficient growth we can. The strong customer activity, which we spoke about, continues even in the first part of April here. And so that would end up drive -- it's good for our company to drive our earnings. So thank you. We look forward to talking to you next time.

歸根結底，正如我們在上個季度和之前幾個季度告訴你的那樣，美國銀行的有機增長機器正在努力推動，增加市場份額，增加存款，增加貸款並在市場上表現良好.正如我們告訴你的那樣，我們將通過更高的利率來加速這種增長的損益。我們將繼續控制開支，提高運營槓桿率，這將始終是我們能夠實現最有效增長的重點。我們談到的強勁的客戶活動甚至在 4 月上旬仍在繼續。所以這最終會推動 - 對我們公司來說，推動我們的收益是有好處的。所以謝謝。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.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。