美國銀行 (BAC) 2022 Q2 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. (Operator Instructions)

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。 （操作員說明）

It is now my pleasure to turn today's program over to Lee McEntire.

現在我很高興將今天的節目交給 Lee McEntire。

Good morning, and welcome. Happy Monday, and thank you for joining the call to review Bank of America's second quarter results. I hope everyone's had a chance to review our earnings release documents. As always, they're available, including the earnings presentation that we'll be referring to during this call, on the Investor Relations section of the bankofamerica.com website.

早上好，歡迎光臨。星期一快樂，感謝您加入審查美國銀行第二季度業績的電話。我希望每個人都有機會查看我們的收益發布文件。與往常一樣，它們都可以在 bankofamerica.com 網站的投資者關係部分獲得，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 I'll 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，以獲得一些開場白。然後我會請我們的首席財務官 Alastair Borthwick 介紹本季度的細節。

Before I turn the call over to Brian, just let me remind you, we may make some forward-looking statements, and please refer to our non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties.

在我將電話轉給布賴恩之前，讓我提醒您，我們可能會做出一些前瞻性陳述，並請在電話會議期間參考我們的非 GAAP 財務指標。前瞻性陳述基於管理層當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Factors that may cause actual results to materially differ from expectations are detailed in our earnings materials and SEC filings available on our website. Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found on our earnings materials that are available on the website.

可能導致實際結果與預期存在重大差異的因素在我們網站上提供的收益材料和 SEC 文件中有詳細說明。有關非 GAAP 財務指標的信息，包括與美國 GAAP 的對賬，也可以在我們網站上提供的收益材料中找到。

So with that, Brian, I'll turn it over to you. Thanks.

所以，布萊恩，我會把它交給你。謝謝。

Thank you, Lee. And thank you, all of you, for joining us today this quarter. Thanks to a great team here at Bank of America.

謝謝你，李。感謝你們所有人，在本季度今天加入我們。感謝美國銀行的優秀團隊。

We reported $6.2 billion in net income or $0.73 per diluted share. We delivered on our fourth straight quarter of operating leverage. We grew revenue 6%, while expense rose 1.5% for 4.5% of operating leverage compared to quarter 2 of 2021. We also saw a 21% year-over-year improvement in NII. These earnings generated a return on tangible common equity of 14% and return on assets of 79 basis points.

我們報告了 62 億美元的淨收入或每股攤薄收益 0.73 美元。我們連續第四個季度實現了運營槓桿。與 2021 年第二季度相比，我們的收入增長了 6%，而費用增長了 1.5%，運營槓桿率為 4.5%。我們還看到 NII 同比增長 21%。這些收益產生了 14% 的有形普通股回報率和 79 個基點的資產回報率。

As a reminder, when comparing our earnings in the second quarter of '21 to the earnings this quarter, in the second quarter '21, we recorded 2 items of note. In that quarter, net income benefited by $2 billion from a tax adjustment for a U.K. tax law change, and that was worth $0.23 to EPS.

提醒一下，在比較我們在 21 年第二季度的收益與本季度的收益時，在 21 年第二季度，我們記錄了 2 項注意事項。在該季度，淨收入從英國稅法變更的稅收調整中受益 20 億美元，這對每股收益來說價值 0.23 美元。

We also released $2.2 billion in credit reserves during that quarter that benefited earnings by $1.7 billion or $0.19 in EPS. This would bring that quarter's reported EPS to $1.03, down in the low 60s, and that compares to this quarter's $0.73 per share. This gain is illustrated by the increase in pretax, pre-provision income, which includes these 2 -- which would exclude those 2 impacts, and that was $7.4 billion this quarter, improving 15% in PPNR improvement from the second quarter of 2021.

我們還在該季度釋放了 22 億美元的信貸儲備，使收益增加了 17 億美元或每股收益 0.19 美元。這將使該季度報告的每股收益達到 1.03 美元，低於 60 年代的低點，而本季度的每股收益為 0.73 美元。這一收益體現在稅前、撥備前收入的增加，其中包括這兩項——這將排除這兩項影響，本季度為 74 億美元，與 2021 年第二季度相比，PPNR 改善提高了 15%。

So let's go to Slide 3, and let's talk about some of the drivers of the results. The organic growth engine at Bank of America that existed pre-pandemic is back in full place here. And you can see that in the second quarter of 2021. This reflects in net new checking account openings, net new consumer investment accounts, net new household growth in Wealth Management, very strong loan growth across all products and good performance by Global Markets and investment banking teams, even given a quarter with volatile capital markets.

所以讓我們轉到幻燈片 3，讓我們談談結果的一些驅動因素。大流行前存在的美國銀行有機增長引擎在這裡重新發揮作用。您可以在 2021 年第二季度看到這一點。這反映在新開支票賬戶淨額、新消費投資賬戶淨額、財富管理新家庭淨增長、所有產品的貸款增長非常強勁以及全球市場和投資表現良好銀行團隊，即使有四分之一的資本市場波動。

Our expense management continues strong, and it benefits by the best digital banking platform in the world. Once again, we drove more users, saw more log-ins and usage, and that generated 20% more sales from the platform compared to last year. Our asset quality remains very strong, with net charge-offs in the second quarter of 2021 still 50% below pre-pandemic levels in late 2019 when credit was pretty good.

我們的費用管理繼續保持強勁，並受益於世界上最好的數字銀行平台。再一次，我們吸引了更多的用戶，看到了更多的登錄和使用，與去年相比，該平台的銷售額增加了 20%。我們的資產質量仍然非常強勁，2021 年第二季度的淨沖銷仍比 2019 年末大流行前水平低 50%，當時信貸狀況良好。

Breaking down the performance by segment, I'd make a few comments. Our Consumer Banking segment continued to see good momentum as we grew loans at the fastest quarterly pace in nearly 3 years. We added more than 240,000 net new checking accounts in the quarter, in the second quarter alone. We opened new financial centers and renovated others and deepened digital engagement with both consumer and small business clients. And after considering the highly elevated consumer income tax outflows, payments of taxes which is good for the government, we saw good deposit activity.

按細分市場細分錶現，我會發表一些評論。我們的個人銀行業務繼續保持良好勢頭，因為我們的貸款以近 3 年來最快的季度速度增長。僅在第二季度，我們就在本季度新增了超過 240,000 個淨支票賬戶。我們開設了新的金融中心並翻新了其他金融中心，並加深了與消費者和小企業客戶的數字化互動。在考慮到消費者所得稅的高額流出以及對政府有利的稅收支付之後，我們看到了良好的存款活動。

In our Wealth Management segment, in a period of declining market values, where stocks and bonds had the worst first half in 5 decades, revenues still grew in that business 7% year-over-year, and we expanded our pretax margin. Our banking business with the clients overcame those market values and weakness.

在我們的財富管理部門，在市場價值下跌的時期，股票和債券的上半年表現是 5 年來最差的，但該業務的收入仍同比增長 7%，我們擴大了稅前利潤率。我們與客戶的銀行業務克服了這些市場價值和弱點。

We added more than 5,100 net new households across Merrill and Private Bank. Across our entire Wealth platform, Merrill, the Private Bank; and our consumer investments team, Merrill Edge, client balances, including deposit investments and loans, totals $3.8 trillion at 6/30/2022, aided by nearly $150 billion of client inflows over the last year into those businesses.

我們在美林和私人銀行增加了 5,100 多個淨新家庭。在我們整個財富平台，美林，私人銀行；以及我們的消費者投資團隊 Merrill Edge，截至 2022 年 6 月 30 日，包括存款投資和貸款在內的客戶餘額總計 3.8 萬億美元，去年有近 1500 億美元的客戶流入這些業務。

Our Global Banking team grew loans 5% linked quarter. That's 5% in a single quarter, 20% annualized. We also saw Global Treasury Services revenue as customers utilized our service to management quality stand up well in the quarter.

我們的全球銀行團隊在相關季度增長了 5% 的貸款。這是一個季度的 5%，年化率為 20%。我們還看到全球財務服務收入，因為客戶使用我們的服務來管理質量在本季度表現良好。

Overall, revenue in Global Banking was impacted by the weaker investment banking fees that were available in this volatile market; lower investment banking fees; and we also had marked, as previously discussed, our leveraged finance positions. Our NII improvement nearly offset all those impacts, leaving revenue only modestly down year-over-year. We maintained our #3 investment banking market share ranking.

總體而言，全球銀行業務的收入受到了在這個動蕩的市場中較低的投資銀行費用的影響；降低投資銀行費用；如前所述，我們還標記了我們的槓桿融資頭寸。我們的 NII 改進幾乎抵消了所有這些影響，僅使收入同比略有下降。我們保持了我們在投資銀行市場份額排名第三的位置。

In Markets, we had a solid quarter of sales and trading results, growing 11% from last year ex DVA. Our macro FICC business, where we have been investing over the last couple of years, performed well, as did the equity derivatives, while the FICC businesses felt the effects of spread widening and customers taking a more [risk-off] position.

在市場方面，我們有一個穩定的季度銷售和交易結果，比去年（不含 DVA）增長 11%。我們過去幾年一直在投資的宏觀 FICC 業務表現良好，股票衍生品也是如此，而 FICC 業務則感受到利差擴大和客戶採取更多[避險]頭寸的影響。

From a broader enterprise, our P&L perspective, quarter 2 expense was down modestly from quarter 1 and consistent with what we told you on our last call. It is notable that we achieved that even as quarter 2 included approximately $425 million in regulatory matters that Alastair will discuss in a few minutes.

從更廣泛的企業來看，我們的損益表認為，第 2 季度的費用較第 1 季度略有下降，與我們在上次電話會議上告訴您的一致。值得注意的是，即使第 2 季度包括約 4.25 億美元的監管事宜，我們也實現了 Alastair 將在幾分鐘內討論的問題。

As I said earlier, one of the reasons we continue to have good expense results and continued progress on digital engagement across the businesses. I commend you to look at Slides 22, 27, 29 in our appendix where we set forth our digital operating results by lines of business.

正如我之前所說，我們繼續取得良好的支出結果並在整個企業的數字參與方面不斷取得進展的原因之一。我建議您查看我們附錄中的幻燈片 22、27、29，其中我們按業務線列出了我們的數字化運營結果。

Overall, digital sales continue to grow, up 20%. Digital choice for payments continue to grow. Sale transactions continue to outdistance checks written, crossing off the last year, and the gap continues to widen. Erica is approaching 1 billion interactions since we started with it. Clients have filled out 8 million life plans, enhancing our asset growth and account retention. That's one of the fastest-growing product implementations we've had.

總體而言，數字銷售額繼續增長，增長了 20%。支付的數字選擇繼續增長。銷售交易繼續超過開出的支票，與去年相去甚遠，並且差距繼續擴大。自從我們開始使用 Erica 以來，它的交互次數已接近 10 億次。客戶填寫了 800 萬份人生計劃，提高了我們的資產增長和賬戶保留率。這是我們擁有的增長最快的產品實施之一。

It is also worth noting the strong credit quality. Most all of asset quality metrics improved again this quarter. You will note, however, the charge-offs rose in quarter 2, but this increase was largely due to some loan sale accounting and some other credit decisions due to the past pandemic issues. As I've done for several quarters, I want to make a few points about customer activity.

還值得注意的是強大的信用質量。本季度大多數資產質量指標再次改善。但是，您會注意到，第二季度的沖銷有所增加，但這種增加主要是由於過去的大流行問題導致的一些貸款銷售會計和其他一些信貸決策。正如我已經做了幾個季度一樣，我想就客戶活動提出幾點意見。

Let's go to Slide 4. Buyer data crossed the 35 million core checking households plus we have in 60 million consumers in America. U.S. consumers remain quite resilient. I would offer a few thoughts as you look at Slide 4. In addition, I'll give you where we see -- what we see so far in July in a moment.

讓我們轉到幻燈片 4。買家數據跨越了 3500 萬個核心檢查家庭，加上我們在美國擁有的 6000 萬消費者。美國消費者仍然相當有彈性。當您查看幻燈片 4 時，我會提出一些想法。此外，我會告訴您我們在哪裡看到的 - 我們在 7 月份到目前為止看到的內容。

First, customers -- consumers continue to spend at a healthy pace even as quite some time has passed since the receipt of any stimulus. Second, the overall average deposit balances for most client cohorts are higher than they were both last quarter and even rose in June versus May. They remain at multiples above the pre-pandemic levels.

首先，客戶——消費者繼續以健康的速度消費，儘管自收到任何刺激措施以來已經過去了很長一段時間。其次，大多數客戶群體的總體平均存款餘額均高於上一季度，甚至在 6 月與 5 月相比有所上升。它們仍然是大流行前水平的倍數。

And importantly, we're seeing no deterioration in our customers' asset quality, and they have the capability to borrow. Our customer data shows Bank of America customers spent the highest quarterly period on record in quarter 2 at $1.1 trillion in total spending. That's up 12% year-over-year. This quarter also was the highest debit-spending period on record for us.

重要的是，我們看到客戶的資產質量沒有惡化，他們有能力借貸。我們的客戶數據顯示，美國銀行客戶在第 2 季度的總支出達到 1.1 萬億美元，創下歷史新高。這比去年同期增長了 12%。本季度也是我們有記錄以來借方支出最高的時期。

But as you think about more recently, just to give you the more recent statistics, in June 2022, spending was up 11.3% over June 2021. Transactions also rose more than 6%. For the first 2 weeks of July, the spending is up 10% plus in transactions, again, rising 6% plus. This is strong consumer resilience.

但正如你最近想的那樣，只是為了給你最近的統計數據，2022 年 6 月，支出比 2021 年 6 月增長了 11.3%。交易量也增長了 6% 以上。 7 月的前兩週，交易支出增長了 10% 以上，再次增長了 6% 以上。這是強大的消費者彈性。

We continue to see shifts in what people are spending on as the quarter took place, more of on experiences, travel and things like that and a bit more on fuel due to increased prices and less on retail stores. In quarter 2, we saw the higher gas spend as well as the continued recovery in the travel categories and a continued recovery in restaurant spending.

隨著本季度的發生，我們繼續看到人們的支出發生了變化，更多的是在體驗、旅行和類似的事情上，由於價格上漲而在燃料上的支出增加了，而零售商店的支出減少了。在第二季度，我們看到了更高的汽油支出以及旅行類別的持續復甦和餐廳支出的持續復甦。

In the lower right-hand chart, you'll note the continued shift in how people spend money. The check and cash volumes continue to come down and are replaced by digital alternatives. This continues to help on our cost structure.

在右下方的圖表中，您會注意到人們花錢方式的持續變化。支票和現金數量繼續下降，並被數字替代品所取代。這繼續有助於我們的成本結構。

Regarding our customer liquidity, average deposit balance of our customers remained at high levels relative to the year ago in pre-pandemic periods. The larger change for the mass market customers, they rose about 1% over June from May. The only area where we had any change to the negative was a small dip, 1%, for the most affluent segments of those customers. That reflects the tax payments made in April and the build back coming more slowly for those customers.

就我們的客戶流動性而言，我們客戶的平均存款餘額在疫情前與去年同期相比保持在較高水平。大眾市場客戶的變化較大，他們比 6 月比 5 月增長了約 1%。對於這些客戶中最富裕的部分，我們唯一改變負面影響的領域是小幅下降 1%。這反映了 4 月份繳納的稅款以及這些客戶的重建速度較慢。

In addition to this data, I would refer you to Slides 24 and 25, which completes the resiliency picture. That shows you strong asset quality across our consumers. Also, look at elevated payment rates on credit cards. That means people paying off their debt at a good clip.

除了這些數據，我建議您參考幻燈片 24 和 25，它們完成了彈性圖景。這向您展示了我們消費者的強大資產質量。另外，看看信用卡支付率的提高。這意味著人們可以很好地償還債務。

There's no real differentiation across the trends in customer cohorts, even for the very small portion of our card book that is in lower credit quality. So while all this is good news, it clearly makes the Fed's job tougher when you take these statistics and this activity and combine it with a low unemployment rate.

客戶群體的趨勢並沒有真正的差異，即使是我們信用卡簿中信用質量較低的一小部分也是如此。因此，儘管所有這些都是好消息，但當你將這些統計數據和這項活動與低失業率結合起來時，它顯然會讓美聯儲的工作變得更加艱難。

I want to switch gears now and talk a little bit more about credit. We provided more information on credit this quarter, as would be obvious, given the debate about a future recession. Whether this debate can discuss this potential outcome, we just continue to drive responsible growth at our company, and so we're prepared.

我現在想換個方向，多談談信用。鑑於有關未來衰退的辯論，我們在本季度提供了更多有關信貸的信息，這一點顯而易見。這場辯論是否可以討論這一潛在結果，我們只是繼續推動公司負責任的增長，因此我們已做好準備。

So as you look at Slide 5, you can see how much the loan book has changed under more than a decade of responsible growth. As you can see on the top left chart, our loan book is quite well balanced now between consumer and commercial loans. Focusing on the top right chart, note that the consumer portfolio is even more collateralized with a greater mix of mortgage and less card.

因此，當您查看幻燈片 5 時，您可以看到在十多年的負責任增長下，貸款賬簿發生了多大變化。正如您在左上圖所見，我們的貸款賬簿現在在消費貸款和商業貸款之間非常平衡。著眼於右上角的圖表，請注意，消費者組合的抵押品更高，抵押貸款更多，信用卡更少。

In addition, much less second mortgage, and obviously, second mortgage as they're underwritten clearly differently than they were in the mid-2000 to 2010 decade. And all consumer portfolios have much higher FICOs. In the bottom left chart, you'll note that more diversified commercial mix as well. And if you look at the lower right chart, you can see our results on the stress test and how they fared time and time again.

此外，第二次抵押貸款要少得多，顯然，第二次抵押貸款的承保方式與 2000 年中期至 2010 年十年間的情況明顯不同。而且所有的消費者投資組合都有更高的 FICO。在左下角的圖表中，您會注意到更多樣化的商業組合。如果您查看右下角的圖表，您可以看到我們的壓力測試結果以及它們一次又一次的表現。

When you go to Slide 6, we gave you a little detail on what we look like in the height of the last crisis compared to where we are now. You can see the loan portfolio in 2009 when risk were at the peak for Bank of America, because this was after we closed the Merrill and the Countrywide transactions and the company was all put together.

當您轉到幻燈片 6 時，我們向您詳細介紹了上一次危機最嚴重時與現在相比的情況。你可以看到 2009 年美國銀行的風險達到頂峰時的貸款組合，因為那是在我們關閉美林和 Countrywide 交易並且公司全部合併之後。

We give you those metrics, what they look like pre pandemic, at the end of 2019 and what they look like today. On the right are the changes we've made under that decade-plus of responsible growth. Given all these changes, 92% of our commercial loan book today is either investment-grade or secured.

我們為您提供了這些指標，它們在 2019 年底大流行前的樣子以及它們今天的樣子。右邊是我們在十多年的負責任增長下所做的改變。鑑於所有這些變化，我們今天 92% 的商業貸款賬簿要么是投資級的，要么是有擔保的。

And while there is not much difference in something like commercial real estate book, you have to look underlying to see the changes. For instance, the land development loans increased -- have decreased from $5 billion in '09 to $200 million currently, and secured residential exposure decreased from $11 billion to $150 million now.

雖然商業房地產書籍之類的內容沒有太大區別，但您必須從底層看才能看到變化。例如，土地開發貸款增加了——從 09 年的 50 億美元減少到目前的 2 億美元，擔保住宅敞口從 110 億美元減少到現在的 1.5 億美元。

We've also included a few slides in our appendix, Pages 23 to 25, to highlight the consumer resilience and delinquency points as well as our consumer lending statistics, highlighting this continued strong quality of all our originations. Take note of the FICOs on the newly originated activity there.

我們還在附錄第 23 頁至第 25 頁中添加了幾張幻燈片，以突出消費者的複原力和拖欠點以及我們的消費者貸款統計數據，突出我們所有起源的持續強勁質量。請注意那里新發起的活動的 FICO。

So in the end, despite the worries of a slowing economy and other global issues, client activity remained good this quarter, NII has improved quickly, and our customers' resilience and health remains strong. We recognized some expense from regulatory matters and still managed to keep expenses flat to the first quarter and in line with what we've told you. We continue to drive strong operating leverage in a weaker capital markets environment. These earnings are delivering strong returns and delivering capital back to shareholders.

因此，最終，儘管擔心經濟放緩和其他全球問題，但本季度客戶活動仍然良好，NII 迅速改善，我們客戶的複原力和健康狀況依然強勁。我們從監管事務中確認了一些費用，並且仍然設法將費用保持在第一季度並與我們告訴您的一致。在疲軟的資本市場環境下，我們繼續推動強大的經營槓桿。這些收益帶來了豐厚的回報，並將資本回饋給股東。

And thinking about capital, remember, first, we use our capital to support customers and related loans, and we continue to invest in the franchise. Second, we are delivering capital back to you as shareholders. We announced our intent to increase our dividend in quarter 3, which we have our dividend 22% higher than it was just 12 months ago. In addition, we retired shares this quarter.

考慮到資金，請記住，首先，我們使用我們的資金來支持客戶和相關貸款，並且我們繼續投資於特許經營權。其次，我們作為股東將資金返還給你們。我們宣布打算在第三季度增加股息，我們的股息比 12 個月前高出 22%。此外，我們在本季度退出了股票。

Third, we're going to be building capital, given the new higher [requirements] received during the stress. It will make our balance sheet even stronger. Along the way, we believe our expected earnings generation over the next 18 months will provide an ample amount of capital, which allows us to support customer growth, pay dividends and use the rest to allocate between buying back shares and growing into our new capital requirement.

第三，鑑於壓力期間收到的新的更高[要求]，我們將建立資本。這將使我們的資產負債表更加強大。在此過程中，我們相信我們未來 18 個月的預期收益將提供充足的資本，這使我們能夠支持客戶增長、支付股息並將剩餘的資金用於在回購股票和增長到我們的新資本要求之間進行分配.

And with that, I'll turn it over to Alastair.

有了這個，我會把它交給阿拉斯泰爾。

Thank you, Brian. And since Brian hit the highlights of the income statement, I just want to reiterate, we saw good returns in the quarter with a return on tangible common equity of 14% and return on assets of 79 basis points. So I'm going to begin my comments on Slide 7 and the balance sheet.

謝謝你，布賴恩。自從布賴恩達到損益表的亮點以來，我只想重申，我們在本季度看到了良好的回報，有形普通股回報率為 14%，資產回報率為 79 個基點。因此，我將開始對幻燈片 7 和資產負債表發表評論。

And as you can see, during the quarter, the balance sheet declined $127 billion to a little more than $3.1 trillion, and that reflected an $88 billion decline in deposits and a decrease in our Global Markets balance sheet. We utilized a combination of cash and some rotation from securities this quarter to fund our loans growth given the decline in deposits.

正如你所看到的，在本季度，資產負債表減少了 1270 億美元，略高於 3.1 萬億美元，這反映了存款減少了 880 億美元以及我們的全球市場資產負債表減少了。鑑於存款下降，本季度我們結合了現金和證券的一些輪換來為我們的貸款增長提供資金。

Our average liquidity portfolio declined in the quarter, reflecting a drop in deposits and lower securities valuation, and it remains very elevated at nearly $1 trillion. For reference, that was $576 billion pre-pandemic, just to give you an idea of how much liquidity has increased over the period.

我們的平均流動性投資組合在本季度有所下降，反映了存款下降和證券估值下降，並且仍然非常高，接近 1 萬億美元。作為參考，這是大流行前的 5760 億美元，只是為了讓您了解在此期間流動性增加了多少。

Shareholders' equity increased to $2.5 billion from Q1, with a few different components we should note. Shareholders' equity benefited from net income after preferred dividends of $5.9 billion and the issuance of $2 billion in preferred stock. So that's $7.9 billion flowing into equity. We paid out $2.2 billion in common dividends and net share repurchases.

股東權益從第一季度增加到 25 億美元，我們應該注意一些不同的組成部分。扣除 59 億美元的優先股股息和發行 20 億美元的優先股後，股東權益受益於淨收入。因此，有 79 億美元流入股權。我們支付了 22 億美元的普通股股息和淨股票回購。

AOCI declined as a result of the increase in loan rates. And we saw that impact in 2 ways. First, we had a reduction from a change in the value of our available-for-sale debt securities of $1.8 billion, and that impacts CET1.

AOCI 因貸款利率上升而下降。我們從兩個方面看到了這種影響。首先，我們的可供出售債務證券價值的變化減少了 18 億美元，這影響了 CET1。

Second, rates also drove a $2 billion decline in AOCI from derivatives that does not impact CET1. And that reflects cash flow hedges mostly put in place last year against some of our variable rate loans, and that provided some NII growth and also protected CET1 at the same time. With that equity growth, we saw book value increase in the quarter.

其次，利率還推動不影響 CET1 的衍生品的 AOCI 下降 20 億美元。這反映了去年主要針對我們的一些浮動利率貸款實施的現金流對沖，這提供了一些 NII 增長，同時也保護了 CET1。隨著股票的增長，我們看到本季度的賬面價值增加了。

With regard to regulatory capital, our supplemental leverage ratio increased 10 basis points to 5.5% versus our minimum requirement of 5%, leaving plenty of capacity for balance sheet growth. And our TLAC ratio remains comfortably above our requirements.

在監管資本方面，我們的補充槓桿率從我們的最低要求 5% 提高了 10 個基點至 5.5%，為資產負債表的增長留下了充足的空間。我們的 TLAC 比率仍然遠遠高於我們的要求。

Okay. Let's turn to Slide 8, and we'll talk about CET1, where our capital levels remain very strong. We have $172 billion of CET1 and a 10.5% CET1 ratio, which increased from the first quarter and remains well above our second quarter 9.5% minimum requirement. That 10.5% CET1 ratio is also expected to be just above our new 10.4% requirement from CCAR when it's confirmed by regulators at the end of August. And that new level will be effective for us on October 1.

好的。讓我們轉到幻燈片 8，我們將討論 CET1，我們的資本水平仍然非常強勁。我們有 1720 億美元的 CET1 和 10.5% 的 CET1 比率，比第一季度有所增加，仍然遠高於我們第二季度 9.5% 的最低要求。當監管機構在 8 月底確認時，預計 10.5% 的 CET1 比率也將略高於我們對 CCAR 提出的 10.4% 的新要求。新級別將於 10 月 1 日對我們生效。

I'll walk through the drivers of the CET1 ratio this quarter. First, $5.9 billion of earnings, net of preferred dividends, which generated 36 basis points of capital. And looking at the chart, you can see how we use that. We grew loans by $38 billion. And with a decline in our Global Markets balance sheet and some loan sales and other balance sheet initiatives, we were able to hold RWA flat this quarter.

我將在本季度介紹 CET1 比率的驅動因素。首先，扣除優先股股息後的 59 億美元收益，產生了 36 個基點的資本。查看圖表，您可以看到我們如何使用它。我們的貸款增加了 380 億美元。隨著我們的全球市場資產負債表和一些貸款銷售和其他資產負債表舉措的下降，我們能夠在本季度保持 RWA 持平。

Second, we returned $2.7 billion of capital to shareholders, representing 16 basis points. Third, this quarter, the movement in treasury and mortgage-backed securities rates caused a decline in the fair value of our available-for-sale debt securities, and that lowered our CET1 ratio by 11 basis points.

其次，我們向股東返還了 27 億美元的資本，相當於 16 個基點。第三，本季度，國債和抵押貸款支持證券利率的變動導致我們可供出售債務證券的公允價值下降，這使我們的 CET1 比率降低了 11 個基點。

And we remained well positioned for that rate movement as our hedge of a large portion of this portfolio continued to protect it from AOCI movements. So we ended the quarter above our expected minimum of 10.4% required October 1, and we expect to build some additional buffer on top of that in Q3.

由於我們對大部分投資組合的對沖繼續保護其免受 AOCI 變動的影響，我們仍然為利率變動做好了準備。因此，我們在本季度結束時高於 10 月 1 日要求的 10.4% 的預期最低值，我們預計在第三季度的基礎上建立一些額外的緩衝。

Moving beyond the third quarter, we should just remind you, our balance sheet growth last year means our G-SIB surcharge and CET1 requirement will move higher by 50 basis points beginning in 2024. And I just want to make sure we repeat that for clarity, it's 2024, because I know others have different time lines for their requirements.

在第三季度之後，我們應該提醒您，我們去年的資產負債表增長意味著我們的 G-SIB 附加費和 CET1 要求將從 2024 年開始提高 50 個基點。我只是想確保我們重複這一點以清楚起見，現在是 2024 年，因為我知道其他人對他們的要求有不同的時間表。

Given our additional higher G-SIB minimum over the next 6 quarters, we'll work to move above that expected CET1 minimum of 10.9% by January 1 of 2024. And we'll look to exceed that with another 50 basis points of internal management buffer on top of that requirement.

鑑於我們在接下來的 6 個季度中進一步提高了 G-SIB 最低值，我們將努力在 2024 年 1 月 1 日之前超過預期的 CET1 最低值 10.9%。我們希望通過內部管理再增加 50 個基點來超過這個值在該要求之上緩衝。

Okay. So now let's talk about the biggest use of CET1 this quarter, and I'm referring to loans on Slide 9. As you review the average loan data, we just want to remind you that our discipline around responsible growth has remained tight.

好的。所以現在讓我們談談本季度 CET1 的最大用途，我指的是幻燈片 9 上的貸款。當您查看平均貸款數據時，我們只想提醒您，我們圍繞負責任增長的紀律仍然很嚴格。

Average loans have climbed back over $1 trillion. They're up 12% compared to Q2 '21, led by commercial growth of 15% and complemented by consumer growth of 8%. Each line of business and product segment reflected good growth. And geographic and industry participation within that growth has also broadened over the past several quarters.

平均貸款回升超過 1 萬億美元。與 21 年第二季度相比，它們增長了 12%，其中商業增長為 15%，消費者增長為 8%。各業務線及產品板塊均呈現良好增長。在過去幾個季度中，這一增長中的地域和行業參與度也有所擴大。

As we turn to linked quarter comparisons, I'll use ending balances. And the $25 billion linked quarter commercial improvement came mostly from new loans and also included some improved utilization from existing clients.

當我們轉向鏈接季度比較時，我將使用期末餘額。 250 億美元的關聯季度商業改善主要來自新貸款，還包括現有客戶的一些改善利用。

From an asset quality standpoint, 98% of the commercial loan growth was either investment-grade or secured. Consumer loans grew $10 billion linked quarter, led by both credit card and mortgage and also increases in auto and securities-based lending. And for the first time in years, home equity balances increased modestly.

從資產質量的角度來看，98% 的商業貸款增長要么是投資級的，要么是有擔保的。消費貸款在相關季度增長了 100 億美元，主要是信用卡和抵押貸款以及汽車和證券貸款的增長。多年來，房屋淨值餘額首次小幅增加。

Card loans grew $5 billion from Q1, reflecting healthy spend levels even as payments rates remain elevated. Within our growth, our average FICO was 771, as you can see on Slide 23 in the appendix.

信用卡貸款較第一季度增長了 50 億美元，反映了健康的支出水平，儘管支付率仍然很高。在我們的成長過程中，我們的平均 FICO 為 771，您可以在附錄中的幻燈片 23 中看到。

And as we've done in the past, in the appendix on Slide 32, we've provided that daily ending loan chart that shows trends through the quarter. And you can see both commercial and consumer loans balances are now back to pre-pandemic periods, with really only credit cards still remaining 15% to 20% below that period.

正如我們過去所做的那樣，在幻燈片 32 的附錄中，我們提供了顯示本季度趨勢的每日期末貸款圖表。你可以看到商業和消費貸款餘額現在都回到了大流行前的時期，實際上只有信用卡仍然比那個時期低 15% 到 20%。

Moving to deposits on Slide 10. Across our past 12 months, we've seen solid growth across the client base as we've deepened relationships and added new accounts. Some of the year-over-year growth was impacted by a higher level of tax payments across consumer and GWIM clients and businesses in Q2 of this year. Those elevated tax payments drove the decline in deposits from Q1.

轉到幻燈片 10 上的存款。在過去的 12 個月中，隨著我們加深了關係並增加了新賬戶，我們看到客戶群的穩健增長。部分同比增長受到今年第二季度消費者和 GWIM 客戶和企業更高水平的納稅影響。這些增加的稅收推動了第一季度存款的下降。

Year-over-year average deposits are up $123 billion or 7%, and retail deposits with our Consumer and Wealth Management clients grew $129 billion. And we believe our retail deposits of $1.4 trillion continue to lead all competitors.

平均存款同比增長 1230 億美元或 7%，我們的消費者和財富管理客戶的零售存款增長了 1290 億美元。我們相信我們 1.4 萬億美元的零售存款繼續領先於所有競爭對手。

Within the consumer balances, I'd just like to point out that small business deposits of $177 billion grew 14% year-over-year, and that reflects continued reopening of small businesses across America and the consumer spending supporting their growth. The average balance of these accounts is more than $40,000.

在消費者余額中，我只想指出，1770 億美元的小企業存款同比增長 14%，這反映了美國各地小企業的持續重新開放以及支持其增長的消費者支出。這些賬戶的平均餘額超過 40,000 美元。

On Wealth Management, we saw clients paying higher tax bills this year, and we saw some move deposits to market-based funds, much of which remained in our own complex. With our commercial clients, deposits were up modestly year-over-year, even as customer tax payments are higher this year. And some have recently begun to seek higher yields and use cash strategically for acquisitions and other operational activities.

在財富管理方面，我們看到客戶今年支付了更高的稅款，我們看到一些存款轉移到了基於市場的基金中，其中大部分留在了我們自己的綜合體中。對於我們的商業客戶，儘管今年客戶的納稅額較高，但存款同比略有增長。有些人最近開始尋求更高的收益，並戰略性地將現金用於收購和其他運營活動。

Turning to Slide 9 and net interest income. On a GAAP non-FTE basis, NII in Q2 was $12.4 billion, and the FTE net interest income number was $12.5 billion. Focusing on FTE, NII increased $2.2 billion from the second quarter of last year or 21%, and that's driven by benefits from higher interest rates, including lower premium amortization and loans growth.

轉向幻燈片 9 和淨利息收入。按 GAAP 非 FTE 計算，第二季度的 NII 為 124 億美元，FTE 淨利息收入為 125 億美元。專注於 FTE，NII 比去年第二季度增加了 22 億美元，即 21%，這是由較高的利率帶來的好處推動的，包括較低的保費攤銷和貸款增長。

NII compared to the first quarter rose $870 million, and that came in a good bit higher than the $650 million plus that we signaled on our last earnings call. The benefits of higher rates, lower premium amortization, loans growth and the additional day of interest more than offset the impact of lower securities balances.

與第一季度相比，NII 增加了 8.7 億美元，這比我們在上次財報電話會議上暗示的 6.5 億美元以上要高出很多。較高的利率、較低的保費攤銷、貸款增長和額外的利息天數所帶來的好處足以抵消較低證券餘額的影響。

Our net interest yield was 1.86%, improving 17 basis points from Q1 and benefited from the rise in rates, loans growth funded with cash and a 4 basis point improvement from lower premium amortization on securities. Looking forward, we want to provide the following NII guidance, and we just have to provide a few caveats.

我們的淨利息收益率為 1.86%，比第一季度提高 17 個基點，受益於利率上升、現金貸款增長以及證券溢價攤銷降低 4 個基點。展望未來，我們希望提供以下 NII 指導，我們只需要提供一些警告。

First, we based the guidance on interest rates and the forward curve materializing, and I'm referring to the curve on July 15. Second, we assume modest growth in loans and deposits. And third, we assume deposit betas reflecting disciplined pricing to achieve our growth.

首先，我們基於利率和遠期曲線實現的指導，我指的是 7 月 15 日的曲線。其次，我們假設貸款和存款溫和增長。第三，我們假設存款貝塔值反映了有紀律的定價，以實現我們的增長。

If those assumptions hold true, we can see NII in Q3 increase by at least $900 million, possibly $1 billion, versus Q2. And then we expect it to grow again at a faster pace on a sequential basis in the fourth quarter. And the way we think about those NII increases, given the expense discipline that we have, is we expect the majority of that to fall to the bottom line for shareholders.

如果這些假設成立，我們可以看到第三季度的 NII 與第二季度相比至少增加了 9 億美元，可能是 10 億美元。然後我們預計它會在第四季度再次以更快的速度連續增長。鑑於我們擁有的費用紀律，我們對這些 NII 增加的看法是，我們預計其中大部分將落入股東的底線。

Focusing on asset sensitivity for a moment. As you know, we typically disclose our asset sensitivity based on a 100 basis point instantaneous parallel shock in rates above the forward curve. And on that forward basis, asset sensitivity at June 30 was $5 billion of expected NII over the next 12 months. More than 90% of that is driven by short rates. That's down from $5.4 billion at March 31, largely because the benefit of higher rates is now already factored into our baseline of actual NII after we grew the $870 million.

暫時關注資產敏感性。如您所知，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。在這個遠期基礎上，6 月 30 日的資產敏感度是未來 12 個月預期 NII 的 50 億美元。其中超過 90% 是由短期利率驅動的。這比 3 月 31 日的 54 億美元有所下降，主要是因為在我們增加了 8.7 億美元之後，更高利率的好處現在已經計入了我們的實際 NII 基線。

Now given that the yield curve is projecting 125 basis points of rate hikes over the next couple of meetings, we thought it was also appropriate to provide the disclosure again regarding asset sensitivity on a spot basis. And on a spot basis, our sensitivity to a 100 basis point instantaneous rate hike would be $5.8 billion or $800 million higher than the forward basis at June 30.

現在鑑於收益率曲線預計在接下來的幾次會議上加息 125 個基點，我們認為再次披露即期資產敏感性也是合適的。在即期基礎上，我們對瞬時加息 100 個基點的敏感度將比 6 月 30 日的遠期基礎高出 58 億美元或 8 億美元。

Okay. Let's turn to expense, and we'll use Slide 12. Our expenses were $15.3 billion, up a couple of hundred million or 1.5% from the year-ago period and down modestly compared to the first quarter. I want to focus on the more recent comparison versus the first quarter.

好的。讓我們轉向費用，我們將使用幻燈片 12。我們的費用為 153 億美元，比去年同期增加了幾億美元或 1.5%，與第一季度相比略有下降。我想關注最近與第一季度的比較。

We had higher expense for regulatory matters related to certain issues, and those offset the seasonal decline from the first quarter elevated payroll taxes and revenue-related incentive costs. Let me pause for a moment on the $425 million expense we've recognized for regulatory matters in the second quarter.

我們在與某些問題相關的監管事項上的支出較高，這些支出抵消了第一季度工資稅和與收入相關的激勵成本的季節性下降。讓我暫停一下我們在第二季度為監管事務確認的 4.25 億美元費用。

A little more than half of the amount relates to fines to resolve regulatory investigations relating to our administration of prepaid unemployment benefit card programs in certain states and that we announced last week. The balance of the expense relates to an industry-wide issue, and it concerns the use of unapproved personal devices. And that has not yet been fully resolved.

超過一半的金額與罰款有關，以解決與我們在某些州管理預付失業救濟金卡計劃有關的監管調查，我們上周宣布了這項調查。費用餘額涉及全行業的問題，涉及使用未經批准的個人設備。而這還沒有完全解決。

As we look forward more broadly on expenses, we continue to invest heavily in technology, in people and in marketing across the businesses, and we continue to add new financial centers and renovated old ones in expansion and new growth markets. To help pay for those investments, we continued to look for opportunities to simplify our processes and reduce work, driving our costs lower to self-fund our new investments.

隨著我們對費用的展望更加廣泛，我們繼續在技術、人員和營銷方面進行大量投資，並繼續在擴張和新的增長市場中增加新的金融中心和翻新舊的金融中心。為了幫助支付這些投資，我們繼續尋找機會來簡化流程並減少工作量，從而降低成本以自籌新投資。

Our headcount this quarter includes roughly 2,300 summer interns, and we hope they will consider us to be a great place to work and join us full time next year. This is the most diverse group of talent we've seen yet. Absent the addition of those interns, our headcount was down a little more than 700 associates. And we, like many other companies, are doing many things to tackle challenging labor market conditions, and we're meeting that challenge pretty well so far.

本季度我們的員工人數包括大約 2,300 名暑期實習生，我們希望他們會認為我們是一個工作的好地方，並在明年全職加入我們。這是我們所見過的最多樣化的人才群體。如果沒有這些實習生的加入，我們的員工人數減少了 700 多名員工。和許多其他公司一樣，我們正在做很多事情來應對具有挑戰性的勞動力市場條件，到目前為止，我們已經很好地應對了這一挑戰。

Turning to asset quality on Slide 13. I want to repeat what we've said now for many, many quarters. The asset quality of our customers remains very healthy, and that's true in both consumer and commercial. So net charge-offs of $571 million increased $179 million from Q1, driven by loan sales and some other credit decisions that we made as opposed to core credit deterioration. Absent those losses, net charge-offs were down modestly compared to the year-ago period and up slightly from Q1.

轉向幻燈片 13 上的資產質量。我想重複我們現在已經說了很多很多季度的話。我們客戶的資產質量仍然非常健康，這在消費者和商業領域都是如此。因此，5.71 億美元的淨沖銷比第一季度增加了 1.79 億美元，這是由貸款銷售和我們做出的一些其他信貸決策推動的，而不是核心信貸惡化。在沒有這些損失的情況下，淨沖銷與去年同期相比略有下降，與第一季度相比略有上升。

Provision expense was $523 million in Q2, driven by the charge-offs as we had a small reserve release of $48 million. Now that release includes builds for loan growth. It includes builds for a dampened macroeconomic outlook in the future. And the builds were offset by continued asset quality improvement and the effect of reduced pandemic uncertainty.

第二季度的撥備費用為 5.23 億美元，這是由於我們有 4800 萬美元的小額準備金釋放所致。現在該版本包括貸款增長的構建。它包括為未來受抑制的宏觀經濟前景奠定基礎。資產質量的持續改善和大流行不確定性降低的影響抵消了這些建設。

On Slide 14, we're highlighting the credit quality metrics for both our consumer and commercial portfolios, and a couple of things are worth repeating again this quarter. Consumer delinquencies remain well below pre-pandemic levels, and you can see the decline in reservable criticized. And NPLs saw a modest decrease, driven both by the loan sales mentioned earlier and other improvement across commercial.

在幻燈片 14 上，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，本季度有幾件事值得再次重複。消費者拖欠率仍遠低於大流行前的水平，您可以看到可保留批評的下降。由於前面提到的貸款銷售和其他商業方面的改善，不良貸款略有下降。

Turning to the business segments. Let's start with Consumer Banking on Slide 15. And the Consumer Bank earned $2.9 billion on good organic growth, delivering its fifth consecutive quarter of operating leverage.

轉向業務部門。讓我們從幻燈片 15 上的消費者銀行業務開始。消費者銀行憑藉良好的有機增長賺取了 29 億美元，連續第五個季度實現運營槓桿。

Strong top line growth of 12%, driven by net interest income improvement, was more than offset by increase in provision expense resulting from the prior year's much larger reserve release. And while reported earnings were down, pretax, pre-provision earnings for Consumer grew 26% year-over-year, which highlights the earnings improvement without the impact of that reserve action.

在淨利息收入改善的推動下，營業收入強勁增長 12%，但被上一年更大的儲備釋放導致的撥備費用增加所抵消。雖然報告的收益下降，但消費者的稅前撥備前收益同比增長 26%，這突顯了在沒有準備金行動影響的情況下收益的改善。

Card revenue was solid and increased modestly year-over-year as spending benefits were mostly offset by higher rewards costs. Service charges were down nearly $200 million year-over-year as our previously announced insufficient funds and overdraft policy changes were in full effect by June.

由於支出收益大部分被較高的獎勵成本所抵消，卡收入穩健且同比溫和增長。由於我們之前宣布的資金不足和透支政策變化在 6 月份全面生效，服務費用同比下降了近 2 億美元。

The third quarter will reflect the full run rate going forward, and we believe these changes are helping to improve overall customer satisfaction and further lower customer attrition. Expense increased 2%, as much of our increased salary and wage moves in the quarter impact Consumer Banking the most. And as revenue grew, we improved the efficiency ratio to 54%.

第三季度將反映未來的全面運行率，我們相信這些變化有助於提高整體客戶滿意度並進一步降低客戶流失率。費用增長了 2%，因為我們在本季度增加的工資和工資變動對個人銀行業務的影響最大。隨著收入的增長，我們將效率比提高到 54%。

Reduced costs associated with continued shifts in client behavior to digital engagement is also allowing us to invest in higher marketing, more technology and higher wages for our people. We also continued our investment in financial centers, opening another 19 in the quarter while we renovated 157 more.

與客戶行為持續轉向數字參與相關的成本降低也使我們能夠投資於更高的營銷、更多的技術和更高的員工工資。我們還繼續投資金融中心，在本季度又開設了 19 家，同時我們又翻新了 157 家。

Notable customer activity highlights included 240,000 net new checking accounts opened in the second quarter and marking the 14th consecutive quarter of net new consumer checking account growth. This led to a record 35 million consumer checking accounts, with 92% of them considered to be their primary account. Additionally, small business accounts are enjoying the features of their business Advantage Rewards and showed growth of 5% from last year.

值得注意的客戶活動亮點包括第二季度新開的 240,000 個淨新支票賬戶，這標誌著新消費者支票賬戶連續第 14 個季度淨增長。這導致了創紀錄的 3500 萬個消費者支票賬戶，其中 92% 被認為是他們的主要賬戶。此外，小型企業帳戶正在享受其商業優勢獎勵的功能，並且比去年增長了 5%。

We also grew investment account 6% year-over-year. And not surprisingly, the market impacted customer balances negatively on the investment side. At the same time, over the past 12 months, we've seen 21 billion of positive client inflows.

我們的投資賬戶也同比增長了 6%。毫不奇怪，市場對投資方面的客戶餘額產生了負面影響。與此同時，在過去的 12 個月裡，我們看到了 210 億的正客戶流入。

Lastly, once again, we opened over 1 million credit cards in the quarter, and we grew average active card accounts and saw combined credit and debit card spend up 10%. And as you saw earlier, we had solid lending activity with continued low loss rates.

最後，我們在本季度再次開通了超過 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 10%。正如你之前看到的，我們的貸款活動穩健，損失率持續低迷。

Our 43 million active digital users signed on this quarter a record 2.8 billion times, with our Erica users up 30% year-over-year. And we captured over 123 million total client interactions in the second quarter alone. You can see all the other digital metrics and trends on Slide 26.

我們的 4300 萬活躍數字用戶在本季度的註冊次數達到了創紀錄的 28 億次，我們的 Erica 用戶同比增長 30%。僅在第二季度，我們就捕獲了超過 1.23 億次客戶互動。您可以在幻燈片 26 上查看所有其他數字指標和趨勢。

Turning to Wealth Management on Slide 16. You can see we produced strong results, earning $1.2 billion and producing 16% year-over-year growth. Revenue growth was 7% as NII generated through our banking assistance for these clients more than offset modest declines in assets under management fees from market impacts during a challenging quarter.

在幻燈片 16 上轉向財富管理。您可以看到我們取得了強勁的業績，收入 12 億美元，同比增長 16%。收入增長 7%，因為 NII 通過我們為這些客戶提供的銀行服務所產生的收益超過了在充滿挑戰的季度中因市場影響而導致的資產管理費小幅下降。

Clients and advisers recognize this value of a holistic financial relationship across investments and banking. And doing that at Bank of America differentiates both Merrill and the Private Bank, and it helps to diversify and differentiate our earnings in this business compared to other brokers.

客戶和顧問認識到跨投資和銀行業務的整體財務關係的價值。在美國銀行這樣做可以區分美林和私人銀行，與其他經紀人相比，它有助於使我們在該業務中的收益多樣化和差異化。

Our talented group of financial advisers, coupled with powerful digital capabilities, allowed modern Merrill to gain nearly 4,500 net new households. We also gained 650 more in the Private Bank this quarter. And that's a very solid showing by both, given the complexities of serving our clients in challenging market conditions over the past 90 days.

我們才華橫溢的財務顧問團隊，加上強大的數字能力，使現代美林淨增近 4,500 個新家庭。本季度我們在私人銀行中也增加了 650 美元。鑑於過去 90 天在充滿挑戰的市場條件下為客戶提供服務的複雜性，這對雙方來說都是非常可靠的表現。

We added $25 billion of loans over the last year, growing 13%, and marking 49 consecutive quarters of loans growth in the business. And that is consistent and sustained performance. Assets under management flows and deposit growth were a little more muted this quarter as clients paid taxes, impacting the quarter-to-quarter comparison.

去年，我們增加了 250 億美元的貸款，增長 13%，標誌著該業務連續 49 個季度的貸款增長。這是一致和持續的表現。由於客戶繳納稅款，本季度管理的資產流動和存款增長較為溫和，影響了季度間的比較。

Year-over-year, our deposits were up $17 billion. And overall investment flows were $78 billion over the past 4 quarters, with total flows of $110 billion. Expenses increased 2%, driven by higher employee-related costs, and resulted in operating leverage of 6%.

與去年同期相比，我們的存款增加了 170 億美元。過去四個季度的總投資流量為 780 億美元，總流量為 1100 億美元。在員工相關成本增加的推動下，費用增加了 2%，運營槓桿率為 6%。

Turning to Slide 17 and Global Banking. You'll see the business earned $1.5 billion in the second quarter, down $918 million year-over-year and driven by the absence of a large prior-period reserve release and lower investment banking revenue. As you know, it was a tough comparative quarter for the business as the industry investment banking fee pool declined 50%.

轉向幻燈片 17 和全球銀行業務。您會看到該業務在第二季度的收入為 15 億美元，同比下降 9.18 億美元，這主要是由於前期準備金沒有大量釋放和投資銀行收入下降。如您所知，由於行業投資銀行費用池下降了 50%，這對業務來說是一個艱難的比較季度。

And while we acknowledge that's a big drop, we just want to remind you that before the pandemic, our quarterly average for investment banking fees was in the range of $1.3 billion to $1.5 billion compared to the $1.1 billion we put up in the second quarter. So we view this level as temporary, and we believe it can rise back to more normal levels in the next few quarters when economic uncertainty becomes more muted.

雖然我們承認這是一個很大的下降，但我們只想提醒您，在大流行之前，我們的季度平均投資銀行費用在 13 億美元至 15 億美元之間，而我們在第二季度提出的費用為 11 億美元。因此，我們認為這一水平是暫時的，我們相信在未來幾個季度經濟不確定性變得更加溫和時，它可以回升至更正常的水平。

While the company's overall investment banking fees declined, we held on to our #3 ranking in overall fees. And we maintained our market share through the first half of the year compared to 2021.

雖然公司的整體投資銀行費用有所下降，但我們仍保持在整體費用中的第三位。與 2021 年相比，我們在上半年保持了市場份額。

At the same time, we saw very strong loans growth. Ending loans grew $18 billion linked quarter and are up $62 billion or 19% year-over-year. That loans growth and higher rates drove net interest income growth, which was able to offset the drop in investment banking fees, leaving revenues in the business fairly flat year-over-year.

與此同時，我們看到了非常強勁的貸款增長。期末貸款增長 180 億美元，同比增長 620 億美元或 19%。貸款增長和更高的利率推動了淨利息收入的增長，這能夠抵消投資銀行費用的下降，使該業務的收入與去年同期相當持平。

Also impacting revenue was half of the firm's $300 million leveraged finance valuation marks. The market turmoil and abrupt slowdown in the second quarter sparked a downturn in the leveraged finance markets, causing a number of the deals across various market participants to get marked down. Some of those deals have been funded, and we're working through any remaining exposure to get them through the market.

該公司 3 億美元槓桿融資估值中的一半也影響收入。第二季度市場動盪和突然放緩引發了槓桿金融市場的低迷，導致各市場參與者的一些交易被減價。其中一些交易已經獲得資金，我們正在努力通過任何剩餘的風險讓它們進入市場。

The provision expense increase reflects a reserve build of $143 million in Q2 compared to an $834 million release in the year-ago period. And finally, we saw expenses increase by 8%, driven by higher personnel costs and a share of the noted expenses for regulatory matters.

撥備費用增加反映出第二季度儲備金增加了 1.43 億美元，而去年同期為 8.34 億美元。最後，我們看到費用增加了 8%，這是由於人事成本增加和監管事務費用的一部分。

Switching to Global Markets on Slide 18. And as we usually do, we'll talk about the segment results, excluding DVA. Second quarter net income of $900 million reflects a solid quarter of sales and trading revenue. It was another quarter that favored macro trading, while the credit trading business has faced a more challenging market environment with widening spreads in the face of increased inflation fears and recession beliefs.

在幻燈片 18 上切換到全球市場。像往常一樣，我們將討論細分市場的結果，不包括 DVA。第二季度 9 億美元的淨收入反映了穩定的季度銷售和交易收入。這是另一個有利於宏觀交易的季度，而信貸交易業務面臨著更具挑戰性的市場環境，面對通脹擔憂和衰退信念的加劇，利差擴大。

Focusing on year-over-year, sales and trading contributed $4 billion to revenue, improving 11%. FICC was up 19%, while equities was up 2%. That FICC improvement was primarily driven by growth in our macro products, while credit-traded products were down. We've been investing heavily over the past year in several of the macro businesses identified as opportunities for us, and we were rewarded for that this quarter.

專注於同比，銷售和貿易為收入貢獻了 40 億美元，增長了 11%。 FICC 上漲 19%，而股票上漲 2%。 FICC 改善主要是由我們的宏觀產品增長推動的，而信貸交易產品則下降。在過去的一年裡，我們一直在對我們認為機會的幾項宏觀業務進行大量投資，我們在本季度獲得了回報。

Our strength in equities was driven by good performance in derivatives and offset by a weaker trading performance in cash. Lastly, also impacting revenue was the other half of the firm's $300 million in leveraged finance markdowns.

我們在股票方面的強勢是由衍生品的良好表現推動的，但被現金交易表現疲軟所抵消。最後，影響收入的還有該公司 3 億美元槓桿融資降價的另一半。

Year-over-year expense declined, reflecting the absence of costs associated with the realignment of a liquidating business activity, partially offset by that share of the regulatory costs. Absent these impacts, expense was relatively unchanged. And the business generated an 8% return in Q2, impacted by both the elevated leveraged finance marks and regulatory matter expense.

與去年同期相比，費用有所下降，反映出沒有與清算業務活動的調整相關的成本，部分被監管成本的份額所抵消。沒有這些影響，費用相對沒有變化。該業務在第二季度產生了 8% 的回報率，這受到槓桿融資標記和監管事項費用上升的影響。

Finally, on Slide 19, we show All Other which reported a loss of $318 million, declining from the year-ago period, driven by the prior period $2 billion tax benefit from that U.K. tax law change. Revenue is roughly a couple of hundred million higher than Q2 '21 due to the absence of some prior-period structured note losses. Expense increased as a result of the regulatory matters and the realignment of liquidating activity last year to All Other.

最後，在幻燈片 19 上，我們展示了 All Other 報告的虧損 3.18 億美元，較去年同期有所下降，這是由於上一期英國稅法變更帶來了 20 億美元的稅收優惠。由於沒有一些前期結構性票據損失，收入比 21 年第二季度高出大約幾億。由於監管事項以及去年將清算活動重新調整為所有其他，費用增加。

And as a reminder, for the financial statement presentation in this release, the business segments all are taxed on the standard fully taxable equivalent basis. And in All Other, we incorporate the impact of our ESG tax credits and any other unusual items.

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完全應稅等值基礎徵稅。在所有其他方面，我們納入了 ESG 稅收抵免和任何其他不尋常項目的影響。

For the quarter, our effective tax rate was 9%. That benefited from 2 things: first, ESG investment tax credits; and second, roughly $300 million of discrete tax benefits that applied to this quarter. Excluding those tax credits and discrete items, our tax rate would have been 26%.

本季度，我們的有效稅率為 9%。這得益於兩件事：第一，ESG 投資稅收抵免；其次，適用於本季度的大約 3 億美元的離散稅收優惠。不包括那些稅收抵免和離散項目，我們的稅率應該是 26%。

And with that, we'll jump into Q&A, please. Thank you.

有了這個，我們將進入問答環節，拜託。謝謝你。

(Operator Instructions) We'll take our first question today from Glenn Schorr with Evercore.

（操作員說明）我們今天將回答 Evercore 的 Glenn Schorr 提出的第一個問題。

So I'm looking at all your credit metrics improving on a modest reserve release in the quarter. And everything you said about responsible growth, it's all great. But my question is, how do you balance making sure that you're not looking too much in the back, the rearview mirror, and see where we came from to versus what we're going towards and people's obvious concerns about the go forward and the economy?

因此，我正在查看您的所有信用指標在本季度適度儲備釋放的情況下有所改善。你所說的關於負責任的增長的一切，都很棒。但我的問題是，你如何平衡確保你不會在後面看太多，後視鏡，看看我們從哪裡來，我們要去哪裡，人們對前進的明顯擔憂和經濟？

And maybe within that, let's just talk about what leading indicators you'd look at that drive, say, if you thought about putting up a CECL reserve on the go forward. You don't sound that concerned, but like a lot of [office] people looking at a recession here.

也許在此範圍內，讓我們談談您會看到哪些領先指標，例如，如果您考慮在未來建立 CECL 儲備。您聽起來並不那麼擔心，但就像很多 [辦公室] 人在這裡看到經濟衰退一樣。

Glenn, thanks for the question. Remember, the reserve methodology is a forward-looking methodology. And our core scenario is weighted part of the baseline, part of the adverse and ends up. Just to give you a sense, with unemployment rate this year, in the actual reserve setting scenario, not an adverse case. But the actual, when we set the reserves, was with 5% unemployment within the next 5 months, so 3.6% to 5%.

格倫，謝謝你的問題。請記住，儲備方法是一種前瞻性方法。我們的核心場景是基線的加權部分，不利的部分並最終結束。只是給你一個感覺，以今年的失業率，在實際的準備金設定情況下，並不是一個不利的情況。但實際情況是，當我們設定儲備金時，未來 5 個月內失業率為 5%，即 3.6% 至 5%。

So it's a -- there's a conservative aspect of how the reserves are set. And so basically, the high quality of the loan book is not only what we talk about and show you all the stats and you can assess and look at, but also, you can look at the stress test results on a relative 10% unemployment overnight, yada, yada, yada, and you see all the different statistics there.

所以這是一個 - 儲備金的設定方式有一個保守的方面。所以基本上，貸款簿的高質量不僅是我們談論的內容，向您展示所有統計數據，您可以評估和查看，而且您還可以查看隔夜相對 10% 失業率的壓力測試結果, yada, yada, yada，你會在那裡看到所有不同的統計數據。

And you see that page on Page 5 or 6 or whatever it is, in the slide, you can see us lower than everybody else's. That's because of many, many years of responsible growth and why we showed you those pages comparing the different points in time.

您在第 5 頁或第 6 頁或其他任何頁面上看到該頁面，在幻燈片中，您可以看到我們比其他人低。這是因為許多年的負責任增長，以及為什麼我們向您展示這些頁面比較不同的時間點。

And so I think -- you said something, our reserve is not set looking backwards, it's set looking forward based on the books, based on the [series] of methodology. We even do a comparison to where CECL day 1, as we call it, what happened then, and it's consistent. It's consistent. It's just that the credit quality book continues to improve, honestly.

所以我認為 - 你說了什麼，我們的儲備不是向後看，而是基於書籍，基於方法論的[系列]而向前看。我們甚至與 CECL 第 1 天（我們稱之為）進行比較，然後發生了什麼，並且是一致的。這是一致的。老實說，只是信用質量書在不斷提高。

I love the signs of reference. Maybe just one follow-up on RWA. You didn't seem to need to do much. I appreciate the comments you made on the prepared remarks. So the question I have is, there seems to be a much higher intent across the Street to mitigate RWA.

我喜歡參考符號。也許只是 RWA 的一項後續行動。你似乎不需要做太多事情。我很欣賞你對準備好的評論發表的評論。所以我的問題是，整個街道似乎有更高的意圖來減輕 RWA。

For obvious reasons, everybody's capital requirements are going up. So the question I have for you is, have you balanced doing more of belt tightening versus using your, okay, relative capital position to continue to grow while others are tightening the belt?

出於顯而易見的原因，每個人的資本需求都在上升。所以我要問你的問題是，你是否平衡了更多地勒緊腰帶與利用你的相對資本頭寸繼續增長而其他人勒緊腰帶？

Thanks, Glenn. So obviously, we're in a little different place in that we have the capital already. And we feel like, over the course of the past several years, we've been quite disciplined around our RWAs. It just remains important for us to stay at it.

謝謝，格倫。很明顯，我們在一個有點不同的地方，因為我們已經有了資本。而且我們覺得，在過去幾年中，我們在 RWA 方面一直非常自律。對我們來說，堅持下去仍然很重要。

So you saw us do a couple of things this quarter. We sold a portfolio of loans that were noncore. We've changed a little bit in terms of -- as the -- some of the 20% risk-weighted assets in our securities portfolio are rolling off, we can replace them with 0% risk-weighted like treasuries with essentially the same yield at this point.

所以你看到我們本季度做了幾件事。我們出售了非核心貸款組合。我們在證券投資組合中的一些 20% 風險加權資產正在減少，我們可以用 0% 風險加權資產代替它們，就像收益率基本相同的國債一樣在此刻。

So you saw what we did this quarter. We grew loans. We built capital. We created some RWA flex in the background, and we think we can do the same going forward.

所以你看到了我們這個季度做了什麼。我們增加了貸款。我們建立了資本。我們在後台創建了一些 RWA flex，我們認為我們可以在未來做同樣的事情。

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

我們將與 Seaport Global 一起前往 Jim Mitchell。

Maybe just if I look at the -- you're still projecting relatively healthy asset sensitivity even with the forward curve at a high level. So it doesn't -- I think when I look at the comparison versus the spot, it implies not a real big degradation in betas in the forward versus the spot. So can you discuss how you think about deposit betas as Fed funds gets above 300 basis points?

也許只是如果我看一下-即使遠期曲線處於高位，您仍然預測出相對健康的資產敏感性。所以它沒有——我認為當我看與現貨的比較時，這意味著前鋒與現貨的 beta 並沒有真正的大幅下降。那麼，當聯邦基金超過 300 個基點時，你能談談你如何看待存款貝塔值嗎？

Yes. So we talked about -- the last time we were together, we talked about the fact we're looking backwards to 2015 to 2019, and you saw what our deposit beta was at the time. It was in that sort of low 20s percent, and we said we hope to do better. We have done better than that so far.

是的。所以我們談到了——上次我們在一起時，我們談到了我們正在回顧 2015 年到 2019 年的事實，你看到了我們當時的存款測試版。它處於那種低 20% 的水平，我們說我們希望做得更好。到目前為止，我們做得比這更好。

Now just as a reminder, generally speaking, we think about how we price so that we grow deposits. Now that growth last year was 7%. We're expecting growth this year that we said in the low single digits. But we're going to have to see how the rate structure develops. We've been pretty clear on that as well. And we're going to be competing in the market with others, so we just have to watch that develop over time.

現在提醒一下，一般來說，我們會考慮如何定價以增加存款。現在，去年的增長率為 7%。我們預計今年會出現低個位數的增長。但我們將不得不看看利率結構是如何發展的。我們對此也很清楚。而且我們將在市場上與其他人競爭，所以我們只需要觀察它隨著時間的推移而發展。

The core operating balances, consumer, we continue to add there over time. And if we're seeing any kind of runoff, Jim, it's really only in the very high end of Wealth Management, and it's in the nonoperating balances in commercial. So we're keeping a tight eye on it, but our NII reflects, we think, are reasonable assumptions around deposit pricing.

核心運營餘額，消費者，我們會隨著時間的推移繼續添加。如果我們看到任何形式的徑流，吉姆，那真的只是財富管理的高端，而且是商業的非經營性餘額。因此，我們正在密切關注它，但我們認為，我們的 NII 反映了圍繞存款定價的合理假設。

But -- so just to clarify, you -- go ahead.

但是 - 只是為了澄清，你 - 繼續。

And Jim, just look at Page 10, and you can see -- if you look at the upper right-hand corner and see the size of the noninterest-bearing and interest checking, which is different than money it moves, and you think about that even in the Wealth Management deposits on the lower left and then in the operating deposits and the commercial book, we just have a lot of these deposits that are money and movement in the household.

吉姆，看看第 10 頁，你會看到——如果你看右上角，看到不計息和利息檢查的大小，這與它移動的錢不同，你會想即使在左下角的財富管理存款中，然後在經營存款和商業賬簿中，我們也只有很多這些存款是家庭中的貨幣和流動。

And we've gone through this discussion a lot a few years ago. And so they're very intensive rates, only because the money is always moving. And it's just the average collective balances in these households, as opposed to money that's for investment purposes, which will move. And you saw it move a little bit in the Wealth Management business this quarter.

幾年前，我們已經進行了很多討論。所以他們是非常密集的利率，只是因為錢總是在流動。只是這些家庭的平均集體餘額，而不是用於投資目的的錢，會移動。你看到它在本季度的財富管理業務中發生了一些變化。

And some of the corporates will continue to position them for more investment-oriented cash, for lack of a better term. And so we'd expect that to occur. But I think history is some guide here. But also, at the end of the day, we've grown 1 million new checking accounts year-over-year. So that brings them more and more stable core checking balances, which don't move around much.

由於缺乏更好的條款，一些公司將繼續將它們定位為更多以投資為導向的現金。所以我們預計會發生這種情況。但我認為歷史是這裡的一些指南。而且，歸根結底，我們每年增加了 100 萬個新的支票賬戶。所以這給他們帶來了越來越穩定的核心支票餘額，這些餘額不會移動太多。

And so think about all that, and we've been through it before. And as rates go up, the stuff that moves due to rate is relatively modest. And we have a huge bucket of noninterest-bearing that sits with us.

所以想想這一切，我們以前也經歷過。隨著利率的上升，由於利率而移動的東西相對溫和。我們有一大堆不計息的東西和我們坐在一起。

Right. So I mean, clearly, you guys have a high-quality deposit base. So I think the implication is, even over 300 basis points, you think, betas can stay sort of in that well under 50% range, if not putting words in your mouth.

正確的。所以我的意思是，很明顯，你們有一個高質量的存款基礎。所以我認為這意味著，即使超過 300 個基點，你認為，如果不說出來的話，beta 也可以保持在遠低於 50% 的範圍內。

We tell our team to price consistently so they can grow faster, slightly faster than the market. They have been growing a lot faster than the market because of the stimulus and stuff like that. But that's -- even the market, they will grow much faster. But that's what we tell them. And so we don't do things to hurt the franchise.

我們告訴我們的團隊要始終如一地定價，這樣他們就可以增長得更快，比市場略快。由於刺激和類似的東西，它們的增長速度比市場快得多。但那是——即使是市場，它們也會增長得更快。但這就是我們告訴他們的。所以我們不會做傷害特許經營的事情。

Right. And then on the capital side, just trying to get a sense of how quickly you want to get to a buffer and how to think about a buffer on your -- whether it's 2024 minimum or '23, can you still do some buybacks between now and then?

正確的。然後在資本方面，只是想了解你想要多快達到緩衝，以及如何考慮緩衝——無論是最低 2024 年還是 23 年，從現在開始你還能做一些回購嗎接著？

So we already have a modest buffer relative to what we expect at the end of October. And then we've got, obviously, future capital generation, and we've got some balance sheet optimization we can do. So we feel like we've got a lot of flexibility. So we feel like we've got some ability to do some share repurchase.

因此，相對於 10 月底的預期，我們已經有了適度的緩衝。然後，顯然，我們有了未來的資本生成，我們可以做一些資產負債表優化。所以我們覺得我們有很大的靈活性。所以我們覺得我們有能力進行一些股票回購。

And then in terms of where we end up, I'd say, go fast forward to January of 2024, that's when we get the next 50 basis point step-up. So we've got to generate that 50 basis points over the next 6 quarters. So we think we'll have some ability to do a little bit of everything.

然後就我們最終的結果而言，我想說，快進到 2024 年 1 月，那時我們將獲得下一個 50 個基點的升幅。因此，我們必須在接下來的 6 個季度中產生 50 個基點。所以我們認為我們將有能力做任何事情。

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

我們現在將與富國銀行一起去邁克梅奧。

Well, thanks for the NII guide. I guess my -- well, first, we're going to be here -- it's probably January 18, 2023, 2 quarters from now, we'll be on the earnings call, and we'll see if your guidance is correct or not. And I know you don't want to give guidance that you don't meet.

嗯，謝謝你的 NII 指南。我想我的——嗯，首先，我們會在這裡——可能是 2023 年 1 月 18 日，也就是從現在開始的兩個季度，我們將參加財報電話會議，我們會看看你的指導是否正確或不是。而且我知道你不想提供你不滿足的指導。

But you just guided for almost $2 billion in higher NII in the next 2 quarters, implying an $8 billion uptick in the annualized run rate for NII. I just want to make sure I heard that correctly. And then on your definition of majority of that should fall in the bottom line, how do you define majority? Is that 50.1%? Or is it more than that?

但您剛剛指導未來兩個季度 NII 增加近 20 億美元，這意味著 NII 的年化運行率將增加 80 億美元。我只是想確保我沒聽錯。然後你對多數的定義應該落在底線，你如何定義多數？那是50.1％嗎？或者還不止這些？

So I'll answer the question. Yes, I think you're right. We said $900 million to $1 billion this quarter coming up and then at least that -- the following quarter. So yes, you're right to think about that as a couple of billion. We'll get a little more precise with fourth quarter as we get to, obviously, a quarter from now. And with respect to falling to the bottom line, I'd say that's going to be the vast majority, but I'll leave that to Brian.

所以我會回答這個問題。是的，我認為你是對的。我們說本季度將達到 9 億至 10 億美元，然後至少在下一季度。所以是的，你認為這是幾十億是正確的。顯然，從現在開始的四分之一，我們將在第四季度變得更加精確。關於跌至底線，我會說這將是絕大多數，但我會把它留給布賴恩。

Yes. I think, Mike, we're bouncing around $15 billion to $15.5 billion of quarterly operating costs. And you can look backwards and see that, that's been fairly constant. And so you'd expect that to continue. And so the vast, vast majority falls to the bottom line. It's out of the business model.

是的。我認為，邁克，我們的季度運營成本在 150 億美元到 155 億美元之間反彈。你可以回頭看看，這是相當穩定的。所以你會期望這種情況繼續下去。因此，絕大多數人都跌入了底線。它超出了商業模式。

And you know, Mike, as well as anybody that, that revenue comes through the businesses that don't need to add people or activity to get the value of it, i.e., the Consumer business, in the Wealth Management business and Commercial Banking business. And you saw that year-over-year. I mean, as much as it's a strong projection going forward, we captured like $2 billion last year's second quarter, this year's second quarter. And I think a lot of it fell to the bottom line on an apples-to-apples basis.

你知道，邁克，以及任何其他人，收入來自不需要增加人員或活動來獲得價值的業務，即財富管理業務和商業銀行業務中的消費者業務.你每年都看到了這一點。我的意思是，儘管這是一個強有力的預測，但我們去年第二季度和今年第二季度捕獲了大約 20 億美元。而且我認為其中很多都以蘋果對蘋果的方式降到了底線。

I mean -- just as one follow-up. I mean, look, you've changed the firm since the global financial crisis when the company overpromised and underdelivered. And you've really gone out of your way to underpromise and overdeliver. And so when you say phrases like vast, vast majority, don't you want to hedge a little bit?

我的意思是——作為一個後續行動。我的意思是，你看，自從全球金融危機以來，當公司過度承諾和交付不足時，你已經改變了公司。而且你真的不遺餘力地承諾不足和超額交付。所以當你說像絕大多數，絕大多數這樣的短語時，你不想對沖一點嗎？

I mean, you have a lot of inflationary pressures. You're hearing talk about it's harder to hire people, harder to retain people. You have rents. You have all sorts of things happening here. And you're saying vast, vast majority of these additional revenues should fall to the bottom line. Any hedging at all you'd like to give here?

我的意思是，你有很多通脹壓力。你聽到的談論是更難僱傭人，更難留住人。你有租金。你在這裡發生了各種各樣的事情。你是說這些額外收入中的絕大多數應該歸入底線。您想在這裡進行任何對沖嗎？

I think, basically, what -- I don't -- I'd look at the quarter-to-quarter linkage expenses of $15.3 billion. And NII, we told you, it was up -- what did we say, $650 million last quarter, turned up $850 million (sic) [$870 million]. So we exceed our estimates. That's why we stayed in the next couple of quarters because we've got a pretty good line of sight to those, Mike. So we feel pretty good about it.

我認為，基本上，我不會考慮 153 億美元的季度聯動費用。 NII，我們告訴過你，它上升了——我們說什麼，上個季度 6.5 億美元，增加了 8.5 億美元（原文如此）[8.7 億美元]。所以我們超出了我們的估計。這就是為什麼我們留在接下來的幾個季度，因為我們對那些人有很好的視線，邁克。所以我們對此感覺很好。

The question that you asked -- all of you kept asking me last quarter is how you do this. Keep investing in franchise. So we increased marketing. We added people in the places we want to add people and took people out of the places that we didn't need them so much. We continue to add new branches in the many cities and towns that we didn't have the brand structure and repositioned in others.

你問的問題——你們所有人上個季度一直問我是如何做到這一點的。繼續投資特許經營權。所以我們加大了營銷力度。我們在我們想要添加人員的地方添加人員，並將人員從我們不太需要他們的地方帶走。我們繼續在許多我們沒有品牌結構的城鎮增加新的分支機構，並在其他地方重新定位。

We invested this quarter $800 million in technology co-development that got implemented. And so -- but it's -- this is -- the confidence in the next quarter, frankly, is -- it's already 3 weeks in, almost, and it's pretty well set up. So we feel pretty good.

我們在本季度投資了 8 億美元用於實施的技術合作開發。所以 - 但這是 - 這是 - 下個季度的信心，坦率地說，是 - 幾乎已經有 3 週了，而且設置得很好。所以我們感覺還不錯。

Our next question comes from Betsy Graseck with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

Two questions. First is just on the investments that you're making in expanding your market share and capital markets activities. You've obviously made a decision to do that, and it's panned out. And I wanted to understand, at this stage, given the higher SCB that you have, will you still be leaning into investing and trying -- and looking to take more share in the capital markets-related businesses?

兩個問題。首先是您在擴大市場份額和資本市場活動方面所做的投資。你顯然已經做出了這樣做的決定，並且它被淘汰了。而且我想了解，在現階段，鑑於您擁有的 SCB 較高，您是否仍會傾向於投資和嘗試——並希望在資本市場相關業務中獲得更多份額？

Yes, they're largely -- as Jim DeMare would say, if the so-called growth plan that we talked about starting almost 2.5 years ago was implemented then [which will] increase the size of the balance sheet. You can see a little bit on Page 18 trading-related assets, but you'd have to go back a quarter, a year before that and see it have increased.

是的，它們在很大程度上——正如 Jim DeMare 所說，如果我們在大約 2.5 年前開始討論的所謂增長計劃得到實施，那麼 [這將] 增加資產負債表的規模。您可以在第 18 頁交易相關資產上看到一點點，但您必須回到四分之一、一年前，才能看到它已經增加。

And so he's built the balance sheet up to the size he thinks is relevant. We built the product capabilities out. He continues to hire people in certain areas. And so we feel pretty good that we're pretty well built. It's just that we've done it, in market times, it got pretty interesting pretty fast.

因此，他將資產負債表建立到他認為相關的規模。我們構建了產品功能。他繼續在某些領域僱用人員。因此，我們感覺非常好，我們構建得非常好。只是我們已經做到了，在市場時代，它很快就變得非常有趣。

And that being said, if you look at the trading revenue sort of first half of the year over the last 3 years has been relatively stable at $8 billion, [I'm sure] or something like that. So it's -- so he's done a good job. They build it up. And so it doesn't need another big hump -- chunk of balance sheet on top of that. It's really in pretty good shape now. And so its relative size of the platform is pretty well set.

話雖如此，如果你看一下過去 3 年上半年的交易收入，相對穩定在 80 億美元，[我敢肯定]或類似的東西。所以它是 - 所以他做得很好。他們建立起來。所以它不需要另一個大的駝峰——最重要的是資產負債表的一大塊。它現在的狀態真的很好。因此，它的平台相對大小設置得非常好。

Okay. And then as we think about the capital ratio and the buffer, I think you had been running with a 100 bps buffer. And should we now expect that you're going to be running with 50 bps over?

好的。然後當我們考慮資本比率和緩衝時，我認為你一直在使用 100 bps 的緩衝。我們現在是否應該期望您將以 50 bps 以上的速度運行？

Yes. You should. That's -- frankly, as it gets larger and larger, it gets to be a little bit -- you don't need quite the buffer. And so that 50 basis points is to the -- if you think about, we get to 1/1/24, put 50 basis points on top of your acquired, and that's what we're trying to end up.

是的。你應該。那是——坦率地說，隨著它變得越來越大，它會變得有點——你不需要足夠的緩衝區。因此，50 個基點是 - 如果您考慮一下，我們會達到 24 年 1 月 1 日，在您獲得的基礎上加 50 個基點，這就是我們試圖最終實現的目標。

We'll take our next question from Matt O'Connor with Deutsche Bank.

我們將回答德意志銀行的 Matt O'Connor 的下一個問題。

Just a follow-up on the expenses. How are you thinking about costs in the back half of the year? And then I think you had full year guidance out there of around $60 billion. Obviously, you had some higher reg costs this quarter. So how are you thinking about that?

只是對費用的跟進。您如何考慮下半年的成本？然後我認為你有大約 600 億美元的全年指導。顯然，本季度您的註冊成本更高。那麼你是怎麼想的呢？

So we haven't changed much, Matt, in terms of the way we think about running the company. Brian mentioned already, if you look at the last 6 quarters, we're sort of running the place right around $15 billion either site. So we still feel like that's the right place, that $60 billion flattish year-over-year. And then I just make sure you back out and add that reg matter. That's all. The core remains the same.

所以，馬特，在我們經營公司的方式方面，我們並沒有太大變化。布賴恩已經提到，如果你看看過去 6 個季度，我們在這兩個網站上的運營成本都在 150 億美元左右。所以我們仍然覺得那是正確的地方，600 億美元同比持平。然後我只是確保您退出並添加該註冊事項。就這樣。核心保持不變。

Okay. Just want to clarify that. That's helpful. And then within credit, I guess, what types of mortgages did you sell that generated those losses? And then in All Other consumer, you had higher losses. And you did mention there were some other actions that you took, and I was just wondering what those were.

好的。只是想澄清一下。這很有幫助。然後在信貸範圍內，我猜，您出售的哪些類型的抵押貸款會產生這些損失？然後在所有其他消費者中，您的損失更大。你確實提到了你採取的其他一些行動，我只是想知道那些是什麼。

So on the resi mortgage side, that's -- we sold an old portfolio of residential mortgages that we put in All Other some number of years ago. So this allowed us an opportunity just to exit that. We do that periodically anyway. But in this case, it was about $3.3 billion, I want to say. And we did have a loss, so you see that loss running through. But just so you're aware, it was largely offset by a gain somewhere else.

所以在 resi 抵押貸款方面，我們出售了幾年前我們投入所有其他的舊的住宅抵押貸款組合。所以這讓我們有機會退出。無論如何，我們都會定期這樣做。但在這種情況下，我想說，大約是 33 億美元。我們確實有損失，所以你會看到這種損失貫穿始終。但正如你所知，它在很大程度上被其他地方的收益所抵消。

So I wouldn't think about it as much of an economic loss, but it did temporarily inflate the charge-offs, which is why we called it out. And then there are a couple of other things in there that related to write-downs around pandemic and stimulus and offsets with overdraft. But again, not what I would consider to be anywhere near the core consumer credit portfolio that we run.

所以我不會認為這是經濟損失，但它確實暫時誇大了沖銷，這就是我們稱之為的原因。然後還有其他一些事情與圍繞大流行和刺激措施的減記以及透支抵消。但同樣，我認為這不是我們經營的核心消費信貸組合附近的任何地方。

Okay. Some of that overdraft really shows up in the All Other consumer charge-offs, right?

好的。其中一些透支確實出現在所有其他消費者的沖銷中，對吧？

In this case, yes.

在這種情況下，是的。

We'll go now to Erika Najarian with UBS.

我們現在將與瑞銀一起前往 Erika Najarian。

I just wanted to keep on Mike's theme of underpromising and overdelivering. So I'm going to try to ask the NII question another way. Alastair, one of your peers has started to frame NII with regards to an exit rate in the fourth quarter.

我只是想繼續 Mike 的承諾不足和過度交付的主題。因此，我將嘗試以另一種方式向 NII 提出問題。 Alastair，您的一位同行已經開始對 NII 制定第四季度的退出率。

So -- and as I'm just thinking about the rate sensitivity and the forward curve in your comments about loans and deposits and deposit repricing, obviously, you're alluding to $13.5 billion by third quarter. Is it possible by the fourth quarter, relative to everything that you're seeing going on in the company right now, that the exit rate for NII could approach $15 billion?

所以——當我在你關於貸款和存款以及存款重新定價的評論中考慮利率敏感性和遠期曲線時，很明顯，你暗示到第三季度將達到 135 億美元。相對於你目前在公司看到的一切，到第四季度，NII 的退出率是否可能接近 150 億美元？

Well, I'd say it's too early for us to tell you that right now. So one of the reasons that we're comfortable giving you next quarter's guide is we have a pretty good sense for where loans are, deposits are, what we think the growth will look like, et cetera. The further we go out, the less we control. So we try to give you that spot sensitivity, and we try to give you the forward sensitivity so you just get a general sense.

好吧，我想說現在告訴你還為時過早。因此，我們願意為您提供下一季度指南的原因之一是我們對貸款在哪裡、存款在哪裡、我們認為增長會是什麼樣子等等有很好的了解。我們走得越遠，我們控制的就越少。因此，我們嘗試為您提供現場靈敏度，我們嘗試為您提供前向靈敏度，以便您獲得一般感覺。

And then what we're comfortable saying right now is it's going to be in that $900 million to $1 billion for Q3. And Q4, it's just a little early to say with that kind of precision. So we just wanted to say we think it will accelerate again in Q3 -- sorry, in Q4. So that's as precise as we want to be right now, Erika. And it's less about underpromising and overdelivering, it's more about there's just a lot going on right now in the markets generally, and we'd prefer to be precise -- more precise about it. That's all.

然後我們現在可以放心地說，第三季度它將在 9 億到 10 億美元之間。第四季度，以這種精確度說還為時過早。所以我們只想說我們認為它會在第三季度再次加速——抱歉，在第四季度。所以這和我們現在想要的一樣精確，Erika。而且這不是關於承諾不足和過度交付，而是更多關於目前市場上正在發生的很多事情，我們更願意準確 - 更準確地了解它。就這樣。

Fair enough. Fair enough.

很公平。很公平。

And I think all we're trying to convey, though, is we think the fourth quarter is going to be higher than the third quarter increase. And that's just something -- I think we'll give you -- we'll be able to give you more sense for that based on the rate structure and what we see in deposits and loans over the course of this quarter when we meet in 3 months' time.

不過，我認為我們試圖傳達的只是我們認為第四季度的增幅將高於第三季度的增幅。這只是一些東西——我想我們會給你——我們將能夠根據利率結構以及我們在本季度開會時在存款和貸款中看到的情況，讓你更了解這一點3個月的時間。

Erika, this isn't being [gloried] to give you specific NII guidance. We're just trying to make sure you guys see the leverage in the platform for a quarter or 2. And you guys can take that and extrapolate based on your own economic projections. But it's meant just to give you a sense of what we see in terms of loans, deposits and the pricing dynamics, et cetera.

Erika，這並不是為了給你具體的 NII 指導而 [榮耀]。我們只是想確保你們在平台上看到四分之一或兩個季度的槓桿作用。你們可以根據自己的經濟預測進行推斷。但這只是為了讓您了解我們在貸款、存款和定價動態等方面所看到的情況。

In the near term, it's -- we're more sure. Just like last quarter, we said it'd be $600-odd million, and it turned out to be $800 million. It's because we're careful what we think and what we give you.

在短期內，這是 - 我們更加確定。就像上個季度一樣，我們說是 6 億美元，結果是 8 億美元。這是因為我們很小心我們的想法和我們給你的東西。

Got it. And my second question is a follow-up on capital. I guess the first is, are you working to actively reduce the stress capital buffer? And maybe remind us where you think the pain points were for this year's test that you think you could address for next year?

知道了。我的第二個問題是對資本的跟進。我想首先是，您是否正在努力積極減少壓力資本緩衝？也許提醒我們您認為今年測試的痛點在哪裡，您認為明年可以解決？

And second, should we -- what is the pacing of buybacks like from here as you potentially -- as you -- or not potentially, as you build towards that January 1, 2024, new hire minimum?

其次，我們是否應該 - 從這裡開始回購的步伐是什麼？就像你一樣 - 就像你一樣 - 當你朝著 2024 年 1 月 1 日的新員工最低要求建立時，我們是否應該這樣做？

So on the second question, that's going to be dictated by our LOBs' use of the balance sheet. Our #1 goal is to keep them in the market winning every day and let the capital support that. That's what we do because what they're doing is providing good returns and stuff. So that requires us to -- well, it will be driven by, frankly, loan growth, more than anything else, in the near term because the markets business will bounce around but won't move much.

所以關於第二個問題，這將取決於我們的 LOB 對資產負債表的使用。我們的第一目標是讓他們每天都在市場上獲勝，並讓資本支持這一點。這就是我們所做的，因為他們正在做的是提供良好的回報和東西。因此，這要求我們 - 坦率地說，這將在短期內受到貸款增長的推動，而不是其他任何因素，因為市場業務將反彈但不會有太大變化。

In terms of the stress test, look, the losses and stuff are pretty good. It's the operating expenses, and that's more continuing to point out the differences between how we run the company, et cetera. And we'll continue to -- as we look at the next year's test fashion, there's not a lot we can do on the loan book and stuff. It's the best in the business as dictated by their results. So it's going to be more on convincing on operating expenses and operational losses and things like that over time.

在壓力測試方面，你看，損失和東西相當不錯。這是運營費用，這更多地表明了我們運營公司的方式之間的差異等等。我們將繼續 - 當我們看看明年的測試時尚時，我們可以在貸款簿和其他東西上做很多事情。根據他們的結果，這是業內最好的。因此，隨著時間的推移，將更多地說服運營費用和運營損失以及類似的事情。

We can go now to Gerard Cassidy with RBC Capital Markets.

我們現在可以去加拿大皇家銀行資本市場的 Gerard Cassidy。

Can you guys share with me, if you look at your deposits at the end -- or the average deposits in your fourth quarter of '19, I think they totaled about $1.4 trillion. Today, you have $2 trillion. And granted, consumer has grown very nicely, as you pointed out, Brian. I think it's up $358 billion over that time period.

你們能否與我分享一下，如果你看看你最後的存款——或者你 19 年第四季度的平均存款，我認為它們總計約為 1.4 萬億美元。今天，你有 2 萬億美元。正如你所指出的，Brian，消費者的增長非常好，這是理所當然的。我認為在這段時間內增加了 3580 億美元。

Can you share with us your color or your guys' outlook on -- as quantitative tightening goes into full speed of $95 billion or so a month, how do you think that could affect your balance sheet as you look out over the next 12 to 18 months?

您能否與我們分享您的看法或您的人的看法 - 隨著量化緊縮進入每月 950 億美元左右的全速，您認為這會如何影響您在未來 12 至 18 年的資產負債表個月？

Well, we're obviously curious with that trajectory as well. We haven't seen any great shift yet in deposits. This second quarter was largely just a return to the normal second quarter seasonality we see. We didn't see the last 2 years because there was pandemic cash inflow, fiscal monetary stimulus. And this quarter, it was probably a little more elevated.

好吧，我們顯然也對這條軌跡感到好奇。我們還沒有看到存款有任何重大轉變。第二季度在很大程度上只是我們看到的正常第二季度季節性的回歸。過去兩年我們沒有看到，因為有大流行的現金流入，財政貨幣刺激。而本季度，它可能會更高一些。

You saw the headlines talking about tax receipts this year were bigger than normal. So we felt that. But we haven't seen a great deal of impact from QT just yet. And it feels like our customers still want to hold a pretty healthy deposit balance.

你看到今年關於稅收收入的頭條新聞比往常大。所以我們感覺到了。但是我們還沒有看到 QT 的巨大影響。感覺我們的客戶仍然希望保持相當健康的存款餘額。

So I think it's natural to think about -- go back to Q4 '19, you think about the fact that the economy is bigger, you think about the fact that the monetary base is bigger. So there's probably a floor, but we'll be watching things from here in the same way that you are.

所以我認為很自然地想——回到 19 年第四季度，你會想到經濟更大的事實，你會想到貨幣基礎更大的事實。所以可能有一個樓層，但我們會像你一樣從這裡觀察事情。

Gerard, we can't really go widdershins against the market here because, at the end of the day, that growth affects the monetary accommodation, the physical stimulus, et cetera. But remember, as you're thinking about that $1.4 trillion, $1.5 trillion and today, $1.9 trillion to $2 trillion, you do have to remember that it's 3 years and with inflation and the economy is bigger, it was at $21 trillion in the economy back then, I think it's $25-ish trillion now.

杰拉德，我們不能真的對這裡的市場大打出手，因為歸根結底，這種增長會影響貨幣寬鬆、實物刺激等。但請記住，當您考慮 1.4 萬億美元、1.5 萬億美元和今天的 1.9 萬億美元到 2 萬億美元時，您必須記住，這是 3 年，隨著通貨膨脹和經濟規模的擴大，經濟規模達到 21 萬億美元那時，我認為現在是 25 萬億美元。

So you got to kind of not only put your normal growth rate, which you mentioned, but you also got to add to that sort of the size of the economy and our market share because DDR deposits reflect the economy moving in and out of the system and across different -- as you have money movement from consumers to businesses, businesses to consumers, there's paychecks and stuff. So I think I'd be careful just saying, "Oh, let's go back to normalized growth rate off that."

因此，您不僅要輸入您提到的正常增長率，而且還必須增加那種經濟規模和我們的市場份額，因為 DDR 存款反映了經濟進出系統並且跨越不同 - 當你有錢從消費者到企業，企業到消費者的流動時，有薪水和其他東西。所以我想我會小心地說，“哦，讓我們回到正常的增長率。”

You have 2% GDP and 2%, 3% because you're missing that there's a step up in size that we picked up and kept, and we grew market share. So it will be higher, we know that. But there will be some impact from monetary tightening, or else it wouldn't occur. And it wouldn't be the way the Fed actually controls the economy, to some degree.

你有 2% 的 GDP 和 2%、3%，因為你錯過了我們獲得併保持的規模增加，我們增加了市場份額。所以它會更高，我們知道。但是貨幣緊縮會有一些影響，否則就不會發生。在某種程度上，這不會是美聯儲實際控制經濟的方式。

Okay. Very good. Very helpful. And then as a follow-up, your loan-to-deposit ratio, I think, is around 50% today. Is there an optimal level you think you can get to over the next 2 years? And then do you fund that primarily by drawing down liquidity on the balance sheet? What's your guys' view on that?

好的。很好。非常有幫助。然後作為後續行動，我認為您的貸存比率今天約為 50%。您認為在未來 2 年內可以達到的最佳水平嗎？然後，您是否主要通過提取資產負債表上的流動性來為其提供資金？小伙伴們對此有何看法？

Yes. Gerard, we don't manage that number. We manage the liquidity resources and leave that aside. But we have a deposit business that generates deposits from customers, not from pricing, and not from going into sort of broker deposits or secondary markets. These are all core deposits coming in from core customers. So that dictates our overall size.

是的。杰拉德，我們不管理這個數字。我們管理流動性資源並將其放在一邊。但我們有一項存款業務，它從客戶那裡產生存款，而不是從定價，也不是從進入某種經紀人存款或二級市場。這些都是來自核心客戶的核心存款。所以這決定了我們的整體規模。

Then we turn around and make loans to the customers based on the credit standards and capabilities we have in their demand for credit, and that turns into $1 trillion of loans. And so it's not a number Alastair or I or others at the top of the house say if that number is 62, it's good, and if 50, it's bad. It's just -- it is the result of running the customer franchise.

然後，我們根據客戶對信貸需求的信貸標準和能力，轉而向客戶發放貸款，這變成了 1 萬億美元的貸款。所以這不是一個數字 Alastair 或我或其他高層人士說，如果這個數字是 62，那就好，如果是 50，那就不好。這只是 - 這是運行客戶特許經營的結果。

The amount of liquidity we have, that is much more planned, obviously, and planned by the microsecond every day. And you can see that our ratios and stuff, over the course of time, we run far in excess of what we need. And that will come back down. That's probably going to be more apt to come down as part of the monetary tightening process and things like that.

我們擁有的流動性數量，顯然是有計劃的，並且每天都以微秒計。你可以看到，隨著時間的推移，我們的比率和東西遠遠超出了我們的需求。那會回來的。作為貨幣緊縮過程和類似事情的一部分，這可能更容易下降。

But that's basically what we're doing now to manage the capital of all this is taking RWA lower -- 20% RWA assets and moving them into 0 RWA to help that and give the rooms -- the business to have more room to grow the core loan book. But we never manage to a precise number. We let the businesses operate and then we balance the interest rate risk and the capital risk, capital questions and the liquidity question at the top of the house, but it works pretty well right now.

但這基本上就是我們現在正在做的管理所有這一切的資本正在降低 RWA 20% 的 RWA 資產並將其轉移到 0 RWA 以幫助實現這一點並提供房間 - 業務有更多的發展空間核心貸款簿。但我們從來沒有設法得到一個精確的數字。我們讓企業運營，然後我們平衡利率風險和資本風險、資本問題和流動性問題，但它現在運作良好。

Very good. Yes, go ahead.

很好。好，去吧。

And if you just look at the last couple of quarters -- if you just look at the last 2 quarters, you sort of see, as the loans growth has continued to return, we've -- as the securities have matured and prepaid, we've just taken some of that liquidity and put it against loans. Because remember, that would always be our first choice even in pandemic. It's just that the loans growth wasn't there. It's back, so we're using those securities and replacing them with higher-yielding loans.

如果你只看最後幾個季度——如果你只看最後兩個季度，你會發現，隨著貸款增長繼續回升，我們已經——隨著證券已經到期並預付，我們剛剛提取了部分流動性並將其用於貸款。因為請記住，即使在大流行中，這也永遠是我們的首選。只是貸款增長不存在。它又回來了，所以我們正在使用這些證券並用收益率更高的貸款代替它們。

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

今天我們將回答肯·烏斯丁（Ken Usdin）和傑富瑞（Jefferies）的最後一個問題。

Just a couple of follow-ups on the balance sheet. So just following up on the deposit side, Alastair, in your prepared remarks, you talked about modest growth in loans, modest -- and deposits from here. So I'm just wondering, should we be thinking about -- when you talk about modest growth in deposits, is that off of your period end balance when you think about that after we get past this tax seasonality?

只是資產負債表上的幾個後續行動。因此，阿拉斯泰爾在您準備好的講話中就存款方面進行了跟進，您談到了貸款的適度增長，適度的 - 以及來自這裡的存款。所以我只是想知道，我們是否應該考慮 - 當您談到存款的適度增長時，當您在我們度過這個稅收季節性後考慮這一點時，這是否超出了您的期末餘額？

Yes, think about period end because that's where we are. We've seen the deposits in the first few weeks of July will be relatively stable. But yes, you got to go off period end because that's what you got. You don't -- there's some fluctuations as you get the month end and all that stuff as you well know, but that's where you start from. And we feel sure that was it.

是的，請考慮期末，因為這就是我們所處的位置。我們已經看到 7 月前幾週的存款將相對穩定。但是，是的，你必須離開期末，因為這就是你所得到的。你沒有——當你到月底時會有一些波動以及你所熟知的所有事情，但這就是你的起點。我們確信就是這樣。

And Q3 and Q4 seasonally tend to be the place where we build deposits.

第三季度和第四季度往往是我們建立存款的地方。

Yes. Okay. And then on the NII side -- sorry, on the loan growth side, again, obviously, you're putting up very strong results as a big industry, especially in commercial and in card. Can you just talk about what you're thinking in terms of how loan growth looks in the second half relative to the last couple of quarters? And any changes you're just sensing good or bad within the customer base and across the various loan buckets?

是的。好的。然後在 NII 方面 - 抱歉，在貸款增長方面，很明顯，作為一個大行業，特別是在商業和卡行業，你的業績非常強勁。你能談談你對下半年貸款增長相對於過去幾個季度的看法嗎？您只是在客戶群和各種貸款桶中感覺到好壞的任何變化？

Well, not a tremendous amount of change. We've had good loans growth. We anticipate we'll see good loans growth. That said, obviously, full year, we're kind of at 12%. We said we thought that we'd have mid- to high single digits. That's kind of what we're still expecting is mid- to high single digits.

嗯，變化不大。我們的貸款增長良好。我們預計我們將看到良好的貸款增長。也就是說，顯然，全年，我們的比例為 12%。我們說我們認為我們會有中高個位數。這就是我們仍然期待的中高個位數。

There are a couple of places where, for example, our mortgage pipeline is done just with higher rates. I think it'd be natural to think that in some areas, where other areas like securities-based lending, as rates go up, that might damage some loans demand there. And it feels like business leaders may talk themselves into less confidence. So that may dampen loans growth. But as of right now, we think it's still in that kind of mid- to high single digits.

有幾個地方，例如，我們的抵押貸款管道只是以更高的利率完成。我認為在某些領域，如基於證券的貸款等其他領域，隨著利率的上升，這可能會損害那裡的一些貸款需求是很自然的。感覺就像商界領袖可能會說服自己變得不那麼自信。因此，這可能會抑制貸款增長。但截至目前，我們認為它仍處於那種中高個位數。

Got it. And then just one cleanup, last cleanup here. Premium am was about a $300 million helper to $0.6 billion. How much more improvement could you see? And is that built into your expectation for third and fourth quarter?

知道了。然後只是一次清理，最後一次清理。 Premium am 大約是 3 億美元對 6 億美元的幫手。你還能看到多少改進？這是否符合您對第三季度和第四季度的預期？

Yes. It's built in. It will keep going down, obviously, as rates go up, but it's going to -- it's not a linear relationship. It's more curved. So it's -- and it's -- our expectations are all built into our NII guidance.

是的。它是內置的。顯然，隨著利率的上升，它會繼續下降，但它會——這不是線性關係。它更彎曲。因此，我們的期望都包含在我們的 NII 指導中。

There seeing no more questions, let me just close by thanking you for your time and attention. As you think about Bank of America for the second quarter of 2022, as we said earlier, the pre-pandemic growth engine has kicked back in. We're mindful of the debate about a future recession, and we have prepared the company across the last decade-plus through responsible growth to be prepared for that.

沒有更多問題，讓我感謝您的時間和關注。正如我們之前所說，當您考慮 2022 年第二季度的美國銀行時，大流行前的增長引擎已經重新啟動。我們注意到關於未來衰退的辯論，我們已經為公司做好了準備。過去十多年，通過負責任的增長為此做好準備。

But as we see our current customer base, we are not seeing them slow down in terms of their activities. So the story is one of organic growth with operating leverage, driven by -- and using our capital wisely. Thank you.

但是，當我們看到我們當前的客戶群時，我們並沒有看到他們的活動放緩。所以這個故事是有機增長之一，具有經營槓桿，由我們的資本驅動並明智地使用我們的資本。謝謝你。

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。