美國銀行 (BAC) 2001 Q2 法說會逐字稿

BANK OF AMERICA'S REVIEW OF EARNINGS FOR THE SECOND QUARTER OF 2001

美國銀行對 2001 年第二季財報的審查

Good morning and welcome to Bank of America's review of earnings for the second quarter of 2001. I am Susan Carr, Investor Relations Executive, and I appreciate your time this morning. Before Jim Hance, our Chief Financial Officer, begins his comment, let me remind you that this presentation does contain some forward-looking statements regarding both our financial condition and our financial results. These statements involve certain risks that may cause actual results to be somewhat different from current expectations. These factors include, among others, changes in economic conditions, interest rates, market rates, and prices, competitive pressures within the financial services industry, decisions to change the business mix of the company, and legislative or regulatory requirements that affect our businesses. For further information, please refer to the end of our quarterly earnings press release or to our reports filed with the SEC. Again, thanks for coming, and I'll turn the meeting over to Jim Hance.

早安，歡迎收看美國銀行 2001 年第二季財報回顧。我是投資人關係主管蘇珊卡爾 (Susan Carr)，非常感謝您今天上午的寶貴時間。在我們的財務長 Jim Hance 開始發表評論之前，請允許我提醒您，本簡報確實包含一些有關我們的財務狀況和財務業績的前瞻性陳述。這些陳述涉及一定的風險，可能導致實際結果與目前預期有所不同。這些因素包括經濟狀況、利率、市場利率和價格的變化、金融服務業內的競爭壓力、改變公司業務組合的決定以及影響我們業務的立法或監管要求。欲了解更多信息，請參閱我們季度收益新聞稿的末尾或我們向 SEC 提交的報告。再次感謝您的光臨，我將把會議交給 Jim Hance。

JAMES H. HANCE, JR.: Thank you Susan. Good morning everyone and welcome to our review of our second quarter earnings. Given that about 15 major banks are announcing earnings today and tomorrow, I appreciate your presence and your interest. We're obviously very pleased with our solid results this quarter given the current economic environment. Although the economy remains sluggish, revenue momentum continued and was evident in many of our business. Lower funding costs, higher deposits, and the repositioning of our balance sheet in the first quarter produced a very nice boost to earnings and net interest income this quarter. All our fee categories grew respectability, both on a linked quarter and a year-to-year basis, except for trading, which was coming off a record first quarter. Our accelerating revenue momentum is a continuation of what we saw in the first quarter, and is a result of customers continuing to turn to Bank of America for new consumer loans and deposits, card services, mortgages, and investment banking products. On the expense side, higher levels of revenue related incentive compensation drove much of the expense increase. Credit costs remain high, but are manageable, given the level of both our reserves and capital, along with the earnings cash flow that is being generated. Now I'll address our outlook for the rest of the year after I've spent a few minutes in walking you through the numbers. In the second quarter, operating and reported earnings were $2 billion or $1 and ¢24 per share on a diluted basis, an increase of 8% on a per share basis versus the first quarter, and up a penny from a year ago. We are particularly encouraged that total revenue for the corporation increased 4% from the first quarter and 8% from a year ago.

小詹姆斯·H·漢斯： 謝謝蘇珊。大家早安，歡迎來到我們對第二季的財報回顧。鑑於大約 15 家主要銀行將在今天和明天公佈財報，我感謝您的光臨和關注。鑑於當前的經濟環境，我們顯然對本季的穩健業績感到非常滿意。儘管經濟依然低迷，但收入動能仍在持續，並且在我們的許多業務中表現得很明顯。較低的融資成本、較高的存款以及第一季資產負債表的重新定位，為本季的獲利和淨利息收入帶來了非常好的成長。我們所有的費用類別在環比和同比上都得到了尊重，但交易除外，交易在第一季創下了創紀錄的紀錄。我們收入成長的勢頭延續了第一季的勢頭，這是客戶繼續向美國銀行尋求新的消費貸款和存款、卡片服務、抵押貸款和投資銀行產品的結果。在費用方面，較高水準的收入相關激勵薪酬推動了費用的成長。信貸成本仍然很高，但考慮到我們的儲備和資本水平以及正在產生的盈利現金流，信貸成本是可以控制的。現在，在我花了幾分鐘向您介紹這些數字後，我將談論我們對今年剩餘時間的展望。第二季度，營運和報告收益為 20 億美元，即攤薄後每股收益 1 美元和 24 歐元，每股收益比第一季增長 8%，比去年同期增長 1 美分。我們尤其感到鼓舞的是，該公司的總收入較第一季成長了 4%，較去年同期成長了 8%。

This is the best indication that we know of that our customer focus strategy to expand relationships are taking hold. Managed consumer loan growth versus the first quarter was an annualized 13%, while managed commercial loans decreased 14% reflecting our ongoing efforts to rationalize the corporate portfolio. As expected, average earning assets for the second quarter were up approximately 1%. Average core domestic deposits increased an annualized 11% due to our ongoing efforts to attract more retail deposits, augmented by seasonal increase in mortgage escrow balances. Capital levels and book value per share both increased, even as we repurchased an additional 15 million shares during the quarter. Actual shares outstanding at period end decreased only 1 million shares, due mainly to higher levels of options being exercised as a result of exploration of a company-wide employees stock option plan. Now the slowing economy and its impact on various industries continued to have a negative impact on credit quality. Net charge-offs of $787 million, or 82 basis points, remained at high levels. Provision for loan losses at $800 million exceeded charge-offs, however, by $13 million. Non-performing loans increased 4% net of sales, primarily attributable to increases in the commercial portfolio. Now before I discuss our individual business segments, let me say a word about the jump in net interest income. Net interest income rose almost $400 million in the first quarter resulting from a margin increase of 22 basis points.

這是最好的跡象，表明我們以客戶為中心的擴大關係的策略正在紮根。與第一季相比，管理的消費貸款年化成長率為 13%，而管理的商業貸款下降 14%，反映出我們不斷努力合理化企業投資組合。如預期，第二季平均獲利資產成長約 1%。由於我們不斷努力吸引更多零售存款，加上抵押貸款託管餘額的季節性增長，平均核心國內存款年化增長了 11%。儘管我們在本季額外回購了 1500 萬股，但資本水準和每股帳面價值均有所增加。期末實際流通股僅減少100萬股，主要是由於探索全公司員工股票選擇權計劃，行權水準提高。現在經濟放緩及其對各行業的影響繼續對信貸品質產生負面影響。淨沖銷額為 7.87 億美元，即 82 個基點，仍處於較高水準。然而，8 億美元的貸款損失撥備比沖銷額多出 1,300 萬美元。不良貸款扣除銷售額增加 4%，主要歸因於商業投資組合的增加。在討論我們的各個業務部門之前，讓我先談談淨利息收入的成長。由於利潤率增加了 22 個基點，第一季淨利息收入增加了近 4 億美元。

While some of the increase is due to a better loan mix, to higher levels of deposits, and improved trading results, there were also other factors. Late last year, our balance sheet was positioned to benefit mildly from falling rates, as there were clear signs at the time that the economy and the credit picture were deteriorating. Given this outlook, we actually started, last year, to alter our investments and our swaps portfolio with expectations of a decrease in rate sometime in the March and April timeframe. However, rate cuts came much sooner, along with a steeper yield curve, which allowed us to complete this repositioning much earlier than we expected. Most other banks are also benefiting from the rate cuts and the steeper yield curve, as are we. But we think few banks have the opportunity to improve their yields and their investment portfolio as much as we did by our repositioning. Since late last year, we were able to replace lower yielding securities with swaps and other securities with much higher yield. More important, we now have a higher base of net interest income going forward. Since our outlook for interest rates for the rest of the year is maybe one more cut, the balance sheet is currently positioned to be as neutral as we can be to the interest rate movements, going forward, be they up and down. Now looking at our four business lines. Their results were impressive given the current economic environment. Consumer and Commercial Banking earned $1.3 billion or 63% of the corporation's second quarter earnings, with a return on equity of 23%. This is an increase of 2% versus earnings a year ago, and 10% from last quarter. Revenue for Consumer and Commercial Banking grew 4% from last quarter, while expenses were up 2%.

雖然成長的部分原因是貸款組合改善、存款水準提高以及交易結果改善，但還有其他因素。去年年底，我們的資產負債表從利率下降中小幅受益，因為當時有明顯跡象顯示經濟和信貸狀況正在惡化。鑑於這種前景，我們實際上從去年開始改變我們的投資和掉期投資組合，預計利率將在 3 月和 4 月的某個時間範圍內下降。然而，降息來得更早，而且殖利率曲線更陡，這使我們能夠比我們預期更早完成這次重新定位。大多數其他銀行也受益於降息和陡峭的殖利率曲線，我們也是如此。但我們認為很少銀行有機會像我們透過重新定位那樣提高收益率和投資組合。自去年年底以來，我們能夠用掉期和其他收益率較高的證券取代收益率較低的證券。更重要的是，我們現在的淨利息收入基礎更高。由於我們對今年剩餘時間的利率前景可能會再次下調，因此資產負債表目前的定位是對未來利率變動（無論是上升還是下降）盡可能保持中性。現在看看我們的四個業務線。考慮到當前的經濟環境，他們的成果令人印象深刻。消費者和商業銀行業務獲利 13 億美元，占公司第二季獲利的 63%，股本回報率為 23%。這與去年同期相比增長了 2%，與上一季相比增長了 10%。消費者和商業銀行業務的收入較上季度增長 4%，而支出則增長 2%。

Average managed loans grew an annualized 5% in the first quarter driven by branch originated mortgages, credit card, home equity loans, and consumer finance credits. This overall loan growth is in line with what we experienced over the past 12 months and was produced throughout the entire franchise. 5% linked quarter growth in the managed credit card portfolio was driven by new account additions, double-digit purchase volume increases, and some slowdown in payment rates. Managed commercial loan levels were down 7%, reflecting reduced demand and our efforts to weed out under-performing relationships. All major fee categories showed increases from first to second quarter, led by a 30% increase in mortgage banking, a 5% increase in card income, and a 3% increase in service charges. Mortgage banking clearly benefited from the drop in interest rates in the first quarter and produced record results in the second quarter of 26 billion in mortgage originations, which was an increase of 54% over the first quarter levels. Our production would have been even greater but for our decision to exit the correspondent business due to what we considered to be unattractive returns. Our servicing portfolio remained flat at $338 billion. Service charges continue to benefit from disciplined pricing and new account growth across all regions. Increases in card income were the result of new account growth, in both the consumer card and debit card, along with the higher purchase volumes that I mentioned.

在分行發放的抵押貸款、信用卡、房屋淨值貸款和消費金融信貸的推動下，第一季平均管理貸款年化成長率為 5%。整體貸款成長與我們過去 12 個月的經驗一致，並且是在整個特許經營範圍內產生的。受新帳戶增加、購買量兩位數增長以及支付率放緩的推動，託管信用卡投資組合季度環比增長 5%。管理的商業貸款水準下降了 7%，反映出需求減少以及我們為消除表現不佳的關係所做的努力。從第一季到第二季度，所有主要費用類別均出現成長，其中抵押貸款銀行業務成長了 30%，卡片收入成長了 5%，服務費增加了 3%。抵押貸款銀行業務明顯受益於第一季利率下降，第二季抵押貸款發放量創歷史新高，達到 260 億美元，較第一季成長 54%。如果不是因為我們認為回報不具吸引力而決定退出代理業務，我們的產量本來會更大。我們的服務組合保持不變，為 3,380 億美元。服務費繼續受益於所有地區嚴格的定價和新客戶的成長。卡收入的增加是消費卡和金融卡新帳戶成長以及我提到的購買量增加的結果。

The number of debit card and consumer cards increased 3% and 2%, respectively, from the first quarter, while purchase volumes, for both cards, were up 10%. Average deposits in Consumer and Commercial, which represent the bulk of our core deposits, were up 2% on a linked quarter basis, of which one-third was due to higher mortgage escrow balances. Most of the non-escrow deposit growth was in money market savings, reflecting our pricing strategy implemented late last year. Money market savings are up 19% since last year, due both to new customer accounts, as well as existing customers shifting from other deposit sources. We believe in the long term that if we price customer relationships correctly, they will expand their relationship. In addition to higher deposit levels, we are seeing customer satisfaction scores that are steadily improving throughout all of our regions. Florida, for instance, has improved greatly, but is still at a level that is only satisfactory, which means we still have a lot of room for opportunity. Customer retention levels are also improving along with associate turnover, which often works in tandem. In June, we experienced one of the largest net increases in deposit accounts, which is total accounts opened in the month less closed accounts, and that total was 40,000 new net accounts. While June only one month, it is a clear indication that our focus on customer service is having a positive impact across the franchise. Now turning to consumer credit quality. We continue to have excellent results, although we have seen credit card weaken somewhat from a remarkably good base. Credit card charge-offs on a managed basis were up 57 basis points to 4.94% from the first quarter levels.

金融卡和消費卡數量較第一季分別增加 3% 和 2%，而這兩款卡的購買量均增加 10%。消費者和商業銀行的平均存款占我們核心存款的大部分，環比增加了 2%，其中三分之一是由於抵押貸款託管餘額增加。非託管存款成長大部分來自貨幣市場儲蓄，反映了我們去年年底實施的定價策略。由於新客戶帳戶以及現有客戶從其他存款來源轉移，貨幣市場儲蓄自去年以來增加了 19%。我們相信，從長遠來看，如果我們正確定價客戶關係，他們將會擴大他們的關係。除了更高的存款水平之外，我們還看到我們所有地區的客戶滿意度評分都在穩步提高。例如，佛羅裡達州已經有了很大的進步，但仍處於令人滿意的水平，這意味著我們仍然有很大的機會空間。客戶保留水準也隨著員工流動率的提高而提高，這通常是相輔相成的。 6 月份，我們經歷了存款帳戶淨增長最大的月份之一，即該月開設的帳戶總數減去已關閉的帳戶，總數為 40,000 個新淨帳戶。雖然六月只有一個月，但這清楚地表明我們對客戶服務的關注正在對整個特許經營產生積極影響。現在轉向消費者信用品質。儘管我們看到信用卡在非常好的基礎上有所減弱，但我們仍然取得了出色的業績。受管理的信用卡沖銷比第一季水準上升 57 個基點，達到 4.94%。

Virtually all of this increase was due to bankruptcies following the industry-wide trends driven by the impending legislation. Contractual losses or losses other than bankruptcies were flat. In fact, delinquencies declined in the quarter both on a 30-day and a 60-day basis. Our portfolio continues to perform better than industry averages both on a coincident and lagged basis and our overall customer base continues to behave well with few signs of stress at this point. Fees from over-limit balances, cash advances, and late payments were flat with first quarter activity. The slowdown in payment rates, flat fee revenue, and lower delinquencies indicate customers are making lower monthly payments but remaining in good credit standing. Excluding credit cards, reported charge-offs from other consumer portfolios were down 40 million in total from the first quarter results. Overall, consumer non-performers were up due to our real estate secured consumer finance business and reflects the impact, if you will, of a slower economy. Commercial charge-offs in the Consumer and Commercial Banking Group of 0.73%, or $163 million, were actually down from first quarter's results. However, commercial bank non-performing assets increased approximately $250 million, as the impact of the slower economy continues to negligibly impact small and medium size businesses. Now turning to Global Corporate and Investment Banking, earnings in the second quarter were $450 million with a return on equity of 15%.

事實上，所有這些增長都是由於即將出台的立法推動的全行業趨勢導致的破產。合約損失或破產以外的損失持平。事實上，本季的 30 天和 60 天拖欠率均有所下降。我們的投資組合在同步和滯後的基礎上繼續表現優於行業平均水平，並且我們的整體客戶群繼續表現良好，目前幾乎沒有壓力跡象。超額餘額、預付現金和逾期付款產生的費用與第一季活動持平。付款率、固定費用收入的放緩以及拖欠率的下降表明客戶每月付款減少，但仍保持良好的信用狀況。除了信用卡外，其他消費者投資組合的沖銷總額較第一季減少了 4,000 萬筆。總體而言，由於我們的房地產擔保消費金融業務，消費者不良表現有所上升，並反映了經濟放緩的影響（如果你願意的話）。消費者和商業銀行集團的商業沖銷額為 0.73%，即 1.63 億美元，實際上低於第一季的表現。然而，商業銀行不良資產增加​​了約2.5億美元，因為經濟放緩對中小企業的影響仍然微乎其微。現在轉向全球企業和投資銀行業務，第二季收益為 4.5 億美元，股本回報率為 15%。

Total revenue in the GCIB unit for the quarter totaled $2.36 billion, and that was down 2% from record levels in the first quarter, but up 13% from last year's results. All of the declines in the first quarter occurred in trading. Average managed loans decreased 6% from first quarter levels as we continue to exit relationships in which the profitability does not meet our minimum hurdles for risk-adjusted return on capital. Since the second quarter of last year, average loans are down almost 10%. Although the overall Investment Banking environment continues to be sluggish debt underwriting remained robust, allowing our Investment Banking team to reach record levels of $455 million in the second quarter for revenue. High-grade underwriting fees were over 44% over the first quarter results. Bank of America Securities continues to increase lead-managed market share during the time of what has effectively been the most active and attractive 6-month period ever in the history of the US corporate bond market. We secured a number 3 ranking with a 13% market share in the quarter versus number 4 and an 8% respectively in the first quarter. We do expect issuance to slow in the second half of the year, but we see the opportunity to grow our market share even higher with a very solid calendar of mandates in front of us. High-yield underwriting fees increased 46% over the first quarter levels. High-yield transactions have met with strong investor demand as $52 billion in new issues have come to market so far in 2001, and that has double the number in the first half of the year 2000.

GCIB 部門本季的總營收總計 23.6 億美元，比第一季的創紀錄水準下降 2%，但比去年的業績成長 13%。第一季的所有下降都發生在交易中。由於我們持續退出獲利能力未達到風險調整資本報酬率最低門檻的關係，平均管理貸款較第一季水準下降了 6%。自去年第二季以來，平均貸款下降了近10%。儘管整體投資銀行環境仍然低迷，但債務承銷依然強勁，使我們的投資銀行團隊在第二季的收入達到創紀錄的 4.55 億美元。高等級承銷費用較第一季業績成長超過 44%。美國銀行證券在美國公司債市場歷史上實際上最活躍和最具吸引力的 6 個月期間繼續增加主導管理市場份額。我們在本季以 13% 的市佔率排名第三，而第一季分別排名第四和 8%。我們確實預計下半年發行量將會放緩，但我們看到了透過擺在我們面前的非常可靠的任務日曆來進一步提高我們的市場份額的機會。高收益債券承銷費用較第一季增加 46%。高收益交易滿足了投資者的強烈需求，2001 年迄今已有 520 億美元的新股進入市場，這一數字是 2000 年上半年的兩倍。

Bank of Americas Securities has tripled its market share in high yield this year to about a 10% market share. Loans indications rebounded dramatically from the first quarter as investment grade refinancing activity drove the increase. We regained the number 2 position in league table rankings with fees in the quarter of $142 million versus $55 million in the first quarter. Advisory fees rose slightly from first quarter results, while equity underwriting dropped 16% from the prior quarter. Turning to trading. Total trading related revenues decreased 21% from the record first quarter results, for no other reason than some business returned to a more normal trading environment. Fixed income was down 37% from the first quarter due to less liquidity in the secondary markets and turbulence in Latin American markets. Equities decreased 32% as market activity slowed. All other trading categories were down a combined 4%. Looking at credit quality, credit quality and GCIB stabilized somewhat in the quarter. Charges-offs were up slightly from the first quarter to $252 million or 1.18 basis points. GCIB non-performing assets actually decreased from first quarter levels. While inflows were about the same as in the last quarter, our actions were more aggressive on dispositions, taking the appropriate loss of course to charge-offs.

今年，美洲銀行證券 (Bank of Americas Securities) 高收益債券的市佔率增加了兩倍，達到約 10% 的市佔率。由於投資等級再融資活動推動了貸款成長，貸款指標較第一季大幅反彈。我們本季的費用為 1.42 億美元，而第一季的費用為 5500 萬美元，重新奪回排行榜第二位。諮詢費用較第一季業績略有上升，而股票承銷較上一季下降 16%。轉向交易。交易相關總收入較創紀錄的第一季業績下降了 21%，原因只是一些業務恢復到更正常的交易環境。由於二級市場流動性減少以及拉丁美洲市場動盪，固定收益較第一季下降37%。由於市場活動放緩，股市下跌 32%。所有其他交易類別合計下跌 4%。從信貸品質來看，本季信貸品質和 GCIB 有所穩定。沖銷額較第一季略有增加，達 2.52 億美元，即 1.18 個基點。 GCIB不良資產實際上比第一季水準有所下降。雖然資金流入與上一季大致相同，但我們的處置行動更加積極，當然會沖銷適當的損失。

The inflows this quarter also involved 2 sizable credits, one in the clothing apparel industry and one in computer services. The inflows were more than offset by sales of non-performers during the quarter of approximately $500 million. Then an impact was a reduction in non-performing assets in the GCIB group of $108 million. Now the third business segment and another one of our key strategic areas is Asset Management. Total assets under management rose almost $4 billion this quarter to $290 billion due to market growth and new business. Since last year, assets under management are up more than 10%, even with the market downturn. About one-third of that increase is due to the Marsico acquisition. Total revenues rose 4% over the first quarter due to the impact of seasonal tax preparation fees and higher retail brokerage results, offset somewhat by lower management fees related to lower market values during the quarter. Net income for asset management was down due to higher provision expenses related to one loan. Our fourth and final business segment is Equity Investments. Principal Investment is the biggest piece and represents predominately our venture capital operation with more than $5 billion invested. Gains during the quarter totaled $99 million versus $1 million in the first quarter. The increase was due to both higher cash gains and a lower marked-to-market adjustment. Remaining $35 million this quarter came in strategic investments, as compare to gain in the first quarter of $140 million associated with an investment in an ATM network. And moving to the balance sheet for a minute, capital levels continue to grow stronger.

本季的資金流入還涉及兩項規模較大的信貸，一項是服裝業，一項是電腦服務業。該季度約 5 億美元的不良銷售額足以抵消資金流入。隨之而來的影響是 GCIB 集團的不良資產減少了 1.08 億美元。現在的第三個業務板塊，也是我們的另一個關鍵策略領域是資產管理。由於市場成長和新業務，本季管理的總資產增加了近 40 億美元，達到 2,900 億美元。自去年以來，即使在市場低迷的情況下，管理資產仍成長了10%以上。其中約三分之一的成長歸因於對 Marsico 的收購。由於季節性報稅費用和零售經紀業務業績上升的影響，總收入比第一季度增長了 4%，但在一定程度上被本季度市值下降導致的管理費下降所抵消。由於一筆貸款相關撥備費用增加，資產管理淨利下降。我們的第四個也是最後一個業務部門是股權投資。本金投資是最大的部分，主要代表我們的創投業務，投資額超過 50 億美元。本季收益總計 9,900 萬美元，而第一季收益為 100 萬美元。這一增長是由於較高的現金收益和較低的按市價調整。本季剩餘的 3,500 萬美元來自策略性投資，而第一季 ATM 網路投資帶來的收益為 1.4 億美元。讓我們來看看資產負債表，資本水準繼續增強。

We have approximately $56 billion of equity and loan loss reserves. Our tier-1 capital ratio rose 25 basis points this quarter to 7.90% from the end of the first quarter, and our leverage ratio increased 9 basis points to 6.50%. We also reduced risk-weighted assets by about $4 billion. So overall, our financial performance, thus far this year, is tracking pretty well with our expectations. We have seen better than expected results in certain areas, such as net interest income, helping to offset the impact of slower market conditions in other areas, such as Asset Management and Equity Investments. While we enjoyed a good second quarter, the big uncertainty continues to be the health of the economy in the second half of the year. Our economists, along with most others, predict a pick up in activity beginning later this quarter, but the strength and the speed of that pickup are the unknown variables. Your forecast of our future results should be influenced by your own opinion about the direction of the economy and the resultant impact on business flows. As I said last quarter, we believe revenues in our Consumer and Commercial Bank should continue to grow. However, they will be influenced by future consumer spending trends. Continued growth in GCIB, Equity Investments, and Asset Management will be influenced heavily by the health of the financial market, particularly equities. We expect to see higher levels of non-performing assets, at least over the next couple of quarters, and our loss levels will remain high.

我們擁有約 560 億美元的股本和貸款損失準備金。本季一級資本適足率較一季末上升25個基點至7.90%，槓桿率較一季末上升9個基點至6.50%。我們也減少了約 40 億美元的風險加權資產。總體而言，今年到目前為止，我們的財務表現與我們的預期相當不錯。我們看到淨利息收入等某些領域的表現優於預期，有助於抵銷資產管理和股權投資等其他領域市場狀況放緩的影響。雖然我們享受了第二季度的良好表現，但下半年經濟的健康狀況仍然是一個巨大的不確定性。我們的經濟學家以及大多數其他經濟學家預測，經濟活動將從本季稍後開始回升，但回升的強度和速度是未知變數。您對我們未來業績的預測應該受到您對經濟方向及其對業務流程的影響的看法的影響。正如我上季度所說，我們相信消費者和商業銀行的收入應該繼續成長。然而，它們將受到未來消費者支出趨勢的影響。 GCIB、股權投資和資產管理的持續成長將在很大程度上受到金融市場（尤其是股票）健康狀況的影響。我們預計，至少在接下來的幾個季度，不良資產水準將會上升，而我們的損失水準仍將保持在較高水準。

At June 30th, commercial non-performing loans on average had been written down in excess of 25%, and these credits, along with other deteriorating loans, are being managed by special workout teams. So far this year, we have sold approximately $800 million in distress commercial loans to outside investors, and we will be very aggressive going forward in exiting problem credits, either through the sale of individual loans or bulk sales if the economics make sense. Our attitude over the next 6 months is to deal with as much of our credit problems as we can, and also to advantageously position our company for a stronger economy that will inevitably arrive. To accelerate the momentum already underway, investments are being made in those businesses that we believe will produce the most attractive shareholder value added growth over the next several years. As we have been saying for some time, we are continuing to review our businesses and will deal with any business line that does not generate adequate returns either through reconfiguring that business for better results or exiting the business completely. When the economy does pick up, we want to be prepared to go full speed ahead with as few drags as possible to realize the premium potential in our franchise. In the meantime, our capital levels, our loan loss reserves, our balance sheet strength, and our cash flow all continue to improve, giving us a higher level of comfort as we weather the current slowdown in the economy. I appreciate your attention, and let me now open the floor for questions. Mike?

截至6月30日，商業不良貸款平均減記超過25%，這些信貸以及其他惡化的貸款正在由專門的清理小組進行管理。今年到目前為止，我們已向外部投資者出售了約 8 億美元的不良商業貸款，並且我們將非常積極地退出問題信貸，無論是透過出售個人貸款還是在經濟合理的情況下進行批量銷售。我們未來 6 個月的態度是盡可能多地處理我們的信用問題，並為我們的公司處於有利地位，以應對不可避免的更強勁的經濟。為了加速已經出現的勢頭，我們正在對那些我們認為將在未來幾年產生最具吸引力的股東增值成長的業務進行投資。正如我們一段時間以來所說的那樣，我們正在繼續審查我們的業務，並將透過重新配置該業務以獲得更好的結果或完全退出該業務來處理任何無法產生足夠回報的業務線。當經濟確實復甦時，我們希望做好準備，以盡可能少的阻力全速前進，以實現我們特許經營權的溢價潛力。同時，我們的資本水準、貸款損失準備金、資產負債表實力和現金流都在持續改善，讓我們在應對當前經濟放緩的情況下更加安心。感謝您的關注，現在讓我開始提問。麥克風？

Yeah, you said that you [_______________] $5 for the year. There's a lot of...

是的，你說過你今年 [_______________] 5 美元。有很多...

To ask a question, press '1' on your touchtone phone.

若要提問，請按按鍵式電話上的「1」。

JAMES H. HANCE, JR.: In the past, we've been indicating that our estimates for this year should have been 5 in front of them. We're still comfortable with earnings per share with the 5 in front of them for the year, on an operating basis.

JAMES H. HANCE, JR.：過去，我們一直表示我們對今年的估計應該是領先他們的 5。在營運基礎上，我們仍然對今年排名前五的每股收益感到滿意。

And a tough call. First, how much of that 22 basis points is the margin? Is that sort of... And then lastly, how much Six Sigma benefit have you seen already and how much is that...

這是一個艱難的決定。首先，這 22 個基點中的保證金是多少？是這樣嗎…最後，您已經看到了多少 6 西格瑪的好處以及有多少…

JAMES H. HANCE, JR.: Okay, two more questions. What about holding onto the 22-basis margin we saw from first to second quarter, and where are we in terms of getting benefits on Six Sigma? On the first, we expect to retain it. The 22 basis points will retain throughout the year. The remaining 6 months will have the benefit of this higher level, if you will, of net interest income. In terms of Six Sigma, we've seen nothing yet. The plans are just sort of being formulated as we speak, will be rolled out maybe later in the fall, certainly for next year. We would expect to see very small amounts of benefit from the Six Sigma program this year, if anything.

JAMES H. HANCE, JR.： 好的，還有兩個問題。保持我們從第一季到第二季看到的 22 基差怎麼樣？我們在從 6 Sigma 中獲得收益方面處於什麼位置？首先，我們希望保留它。 22 個基點將全年保留。如果您願意的話，剩下的 6 個月將受益於更高水準的淨利息收入。就六西格瑪而言，我們還什麼也沒看到。正如我們所說，這些計劃正在製定中，可能會在秋季晚些時候推出，當然是明年。我們預計今年將從六西格瑪計畫中獲得的收益非常小（如果有的話）。

And your own estimate...

還有你自己的估價...

JAMES H. HANCE, JR.: No early estimates at all until they finish the plans and until we build demand, if you will, to the earnings estimates for next year.

JAMES H. HANCE, JR.：在他們完成計劃之前，在我們建立需求（如果你願意的話）對明年的盈利預測之前，根本不會進行任何早期預測。

[_______________].

[_______________]。

JAMES H. HANCE, JR.: Well you'll certainly hear the results when we do guidance in January for 2002 if not later in this year, Late November-December. After we go to the board for approval, which will be early December, then we'll be in a position to talk about what that's going to do for us. Question? Clarence?

JAMES H. HANCE, JR.：當我們在 2002 年 1 月提供指導時，如果不是今年晚些時候，即 11 月底至 12 月，您肯定會聽到結果。在我們於 12 月初向董事會尋求批准後，我們可以討論這將為我們帶來什麼。問題？克拉倫斯？

[_______________].

[_______________]。

JAMES H. HANCE, JR.: Question is on expense ratios. What are we looking for going forward and where are we on employee layoffs and things like that? We were continuing to see slight improvements in the efficiency ratio, just slight. We're still not at our goal, which would be trending towards 50% versus the current almost 54%. What we're seeing though is we are seeing a little bit of leverage. The key for us is going to be the revenue growth side, which leverages the expense base. If you look at the year-over-year expense increase, which was high, admittedly at 9%, you can see that it is centered very much in incentives designed to grow revenue base. It is centered also in marketing expense to, if you will, increase the brand presence, increase our ability to communicate with customers, and effectively get ourselves in front of customers. In professional fees, some of which goes together with the branding and some of which goes together with some of the Six Sigma work we are doing, and in some other categories, cleaning up a few things, so those are the types of dollars that we are going to be spending going forward. Though I would expect to see high incentive and incentive payments as we continue to drive the revenue, I would expect to see higher marketing. I would expect to see stabilization in some of the other categories, Clarence, as we start to get some of the Six Sigma characteristics. In terms of layoffs, we are complete, if you will, the growth initiative we announced last summer. That was effectively about a year ago. So we're through all of that. From now on, what you'll see will be more business repositioning. We have no thoughts of major layoffs going forward. No questions in the room? Yes. Yeah.

JAMES H. HANCE, JR.：問題是關於費用比率的。我們未來的目標是什麼？我們在員工裁員等議題上進展如何？我們繼續看到效率比略有改善，只是輕微的改善。我們仍然沒有達到我們的目標，目標是 50%，目前接近 54%。但我們看到的是我們看到了一點槓桿作用。對我們來說，關鍵是收入成長，這會利用支出基礎。如果你看一下同比費用增幅，確實很高，確實達到 9%，你會發現它很大程度上集中在旨在擴大收入基礎的激勵措施上。如果您願意的話，它還以行銷費用為中心，以增加品牌影響力，提高我們與客戶溝通的能力，並有效地讓我們自己站在客戶面前。在專業費用中，其中一些與品牌相關，一些與我們正在做的一些六西格瑪工作相關，在其他一些類別中，清理一些東西，所以這些是我們的美元類型未來將繼續支出。儘管隨著我們繼續增加收入，我預計會看到高額激勵和獎勵付款，但我預計會看到更高的行銷力度。克拉倫斯，當我們開始獲得一些六西格瑪特徵時，我希望看到其他一些類別的穩定性。在裁員方面，如果你願意的話，我們已經完成了去年夏天宣布的成長計畫。這實際上是大約一年前的事。所以我們已經經歷了這一切。從現在開始，你將看到更多的業務重新定位。我們沒有考慮未來進行大規模裁員。房間裡沒有問題嗎？是的。是的。

... on a geographic table where you're seeing more problems...?

....在地理表格上您發現更多問題...？

Well, a good question. Questions are can I talk a little bit about what we're seeing sort of geographically, if you will, in terms of losses and where they're sort of coming at us. And secondly, how do we feel about the sufficiency of the loan loss reserve at roughly 118% coverage? On the first part, we are really not seeing any, what I would call, geographic patterns or pockets of difficulty. The credit losses that we're experiencing on the commercial and corporate side tend to be more characteristic than they are placement, if you will. They don't even appear to be particularly industry related. They are more characteristic of the company, and you and I can read about them sort of everyday in the paper as various companies have difficulty with their own business strategies. What they are of course is companies that tend to be more leveraged than they can afford to be or whose business plans just aren't working. That is also true when you go down into the commercial categories and down into even some of the small businesses. We're not seeing any pockets literally that are worse than others. We've been monitoring, if you will, California very carefully, sort of thinking well why isn't California worse than it has been, and the answer is it's not. So that's good news for us. On the consumer side, the consumer statistics are all extremely strong including credit card, although credit card has picked up in terms of bankruptcies and the question is, is that an abnormality, people trying to front run what they thought was going to be a legislation, or not. I mean, clearly we know the attorneys have been very active in encouraging people to declare bankruptcy. So is that going to continue or what are we going to see. And we'll have to wait and see. All the statistics look very good, as I mentioned, on both a lagged basis and a coincident basis, even though our portfolio is growing quite well.

嗯，這是個好問題。問題是，如果你願意的話，我可以談談我們在地理上所看到的損失以及它們對我們造成的影響。其次，我們對貸款損失準備金覆蓋率約為118%的充足性有何看法？在第一部分中，我們確實沒有看到任何我所說的地理模式或困難點。如果你願意的話，我們在商業和企業方面經歷的信用損失往往比安置更具特徵。它們甚至看起來與行業沒有特別相關。它們更具公司特色，你我每天都可以在報紙上讀到它們，因為不同的公司在製定自己的業務策略時遇到了困難。當然，這些公司的槓桿率往往超出其承受能力，或者其商業計劃根本行不通。當你深入到商業類別甚至一些小型企業時也是如此。從字面上看，我們沒有看到任何口袋比其他口袋更糟。如果你願意的話，我們一直在非常仔細地監測加州，並仔細思考為什麼加州的情況沒有比以前更糟，答案是事實並非如此。這對我們來說是個好消息。在消費者方面，包括信用卡在內的消費者統計數據都非常強勁，儘管信用卡破產數量有所增加，但問題是，這是一種反常現象，人們試圖搶先實施他們認為將要立法的法案， 或不。我的意思是，顯然我們知道律師一直非常積極地鼓勵人們宣布破產。那麼這種情況會持續下去還是我們會看到什麼？我們必須拭目以待。正如我所提到的，所有統計數據看起來都非常好，無論是在滯後基礎上還是在同步基礎上，儘管我們的投資組合增長得相當不錯。

The key is going to be how long is the slowdown? What happens to the consumer in that slowdown? Are the unemployment rates going to go to similar levels as some predict or not? And where is disposable income? I do think the phenomenal increase in mortgage refinance has given some additional cash flow to the consumer and has helped that. We also think the tax rebate checks that will start to hit shortly should be a help. But the key is going to be the underlying strength of the economy and what happens going forward. We are, I guess to use sort of a phrase that our Chief Risk Management Officer uses, cautiously optimistic, sort of across the board. I would say we are optimistic, but we are cautious, so we are not getting sanguine about what's going on in credit in general. We are managing it very carefully, commercial and consumer front.

關鍵是放緩會持續多久？在經濟放緩的情況下，消費者會發生什麼事？失業率是否會達到某些人預測的類似水準？可支配所得在哪裡？我確實認為抵押貸款再融資的顯著增加為消費者帶來了一些額外的現金流，並對此有所幫助。我們也認為即將開始實施的退稅支票應該會有所幫助。但關鍵在於經濟的潛在實力以及未來會發生什麼。我想用我們的首席風險管理官用過的一句話來說，我們是謹慎樂觀的，有點全面。我想說，我們很樂觀，但也很謹慎，因此我們對信貸整體情況並不樂觀。我們在商業和消費者方面都非常謹慎地管理它。

[_______________]

[_______________]

JAMES H. HANCE, JR.: Oh, the reserve, the reserve is going to be, as I've said many times, the key to reserve is going to be what the flow looked like both in and out. If we can continue to have success, as we are having with flow out, alright, while taking whatever that additional cost is against our P&L, which we are doing, alright, and not against the reserve, then we are comfortable with reserve levels. If the flow comes in at a greater rate than it has come in and if we cannot get rid of it, then we are going to have a shortfall in reserve coverage. We still have sort of unallocated coverage, if you will, that runs about 17% of reserve, so we still have sort of a free reserve, but it's not terribly useful if the flow is real large. So we are just sort of monitoring that on a quarter-by-quarter basis. We do intend to get more aggressive on getting rid of problem credits, and as you heard me talk before, we sort of like it when the lines come together, where the economics sort of look like it's, or the pricing if you will, sort of matches what we think our loss ratio should be, and we are getting there, and that's very encouraging if you think about working out problem credit sort of industry-wide. Questions.

JAMES H. HANCE, JR.：哦，儲備，儲備將是，正如我多次說過的，儲備的關鍵是進出的流量是什麼樣的。如果我們能夠繼續取得成功，就像我們在資金流出方面所取得的成功一樣，同時考慮我們正在做的損益表中的任何額外成本，而不是針對準備金，那麼我們對準備金水準感到滿意。如果流入的速度比流入的速度快，而且我們無法擺脫它，那麼我們的儲備覆蓋率就會出現短缺。如果你願意的話，我們仍然有某種未分配的覆蓋範圍，大約佔儲備的 17%，所以我們仍然有某種免費儲備，但如果流量確實很大，它就不是很有用。因此，我們只是按季度進行監控。我們確實打算更加積極地消除問題信用，正如你之前聽我說過的那樣，我們有點喜歡當線條匯集在一起時，經濟看起來像這樣，或者定價，如果你願意的話，排序符合我們認為的損失率應該達到的水平，我們正在實現這一目標，如果您考慮解決全行業的信用問題，那麼這是非常令人鼓舞的。問題。

JAMES H. HANCE, JR.: Yeah.

小詹姆斯漢斯：是的。

[_______________]

[_______________]

JAMES H. HANCE, JR.: Corporate...

小詹姆斯漢斯 (JAMES H. HANCE, JR.)：公司...

[_______________]

[_______________]

JAMES H. HANCE, JR.: Yeah.

小詹姆斯漢斯：是的。

[_______________]

[_______________]

JAMES H. HANCE, JR.: The question is what are we seeing in terms of corporate credit pricing. We are seeing corporate credit pricing get better. To begin with, there are fewer players, alright, and secondly, we all have a little better fix, I think, than we used to have on what's the return on that business and what's the risk on that business. Clearly, our credit backup lines have been high risk for which there has not been good pricing, and what you are seeing is you are seeing better pricing. You are seeing a little bit of totally different look on relationship management, relationship pricing. We are taking a very strong stance on looking at return by relationship which would include the credit pricing, and only doing business where it makes sense for us in total, and that's having some success, I think. It certainly is helping us reduce our balance sheet, reduce our equity at risk, and increase our margin, our business margin if you will. And that's being echoed by others I think in the industry. So the days of sort of renting money cheaply hopefully are coming to an end. Yeah, Bill.

JAMES H. HANCE, JR.：問題是我們在企業信用定價方面看到了什麼。我們看到企業信用定價變得更好。首先，參與者較少，好吧，其次，我認為，我們在該業務的回報率和風險方面都有比以前更好的解決方案。顯然，我們的信用備用額度風險很高，沒有良好的定價，而你所看到的是更好的定價。您會看到關係管理、關係定價方面有一些完全不同的看法。我們在考慮關係回報方面採取了非常強硬的立場，其中包括信貸定價，並且只在對我們總體而言有意義的地方開展業務，我認為這已經取得了一些成功。它肯定有助於我們減少資產負債表，減少我們的風險資產，並增加我們的利潤率，如果你願意的話，我們的業務利潤率。我認為業內其他人也認同這一點。因此，廉價租房的日子有望結束。是的，比爾。

Can you give us an update on the electronic bill payment and presentment, and if there's going to be, kind of...CheckFree? How is that going...

您能給我們提供有關電子帳單支付和出示的最新資訊嗎？如果有的話，某種...CheckFree？事情進展如何...

JAMES H. HANCE, JR.: Sure. Question is can I give you an update on where we are on sort of electronic bill payment and presentment and what's going on with CheckFree. You actually have a chart in your handout, on page 17 if I can refer you to that, a bunch of little colored graphs and things, which can sort of give you some of the statistics. We are seeing fairly nice increases still in online banking customers and if you will a slightly higher penetration ratio for bill payment. Now in fact, we are not linked consolidated, whatever the term is, with CheckFree yet. That won't be done till the fall. Where effectively we are taking two payment systems, turning it into one, and CheckFree is implementing that from us. So we really don't think we are going to see a big jump in what I would consider to be the bill payment portion of the online banking customers, which you can see in sort of the middle chart in the left hand page, until we do that, and until we start promoting it. We are still not promoting electronic bill payment or electronic banking at all. We are waiting for that functionality, if you will, before we aggressively promote it. So we are stunningly pleased with penetration rates and growth rates, lack of attrition, all the profitability statistics, and everything else, but what you will see is us aggressively promote that when we are a little bit more functional which will be in the fall when we finish the CheckFree transition. Clarence?

小詹姆斯·H·漢斯： 當然。問題是我能否向您介紹我們在電子帳單支付和出示方面的最新進展以及 CheckFree 的進展。實際上，你的講義中有一個圖表，在第 17 頁，如果我可以給你參考的話，一堆小彩色圖表和東西，可以為你提供一些統計數據。我們看到網路銀行客戶的成長仍然相當不錯，而且帳單支付的滲透率也略有提高。現在事實上，無論術語是什麼，我們還沒有與 CheckFree 整合。這要到秋天才能完成。實際上，我們正​​在將兩種支付系統合而為一，而 CheckFree 正在從我們這裡實現這一​​點。因此，我們確實認為網路銀行客戶的帳單支付部分不會大幅躍升，您可以在左側頁面的中間圖表中看到這一點，直到我們這樣做，直到我們開始推廣它。我們仍然沒有推廣電子帳單支付或電子銀行業務。如果您願意的話，我們正在等待該功能，然後再積極推廣它。因此，我們對滲透率和成長率、人員流失率、所有獲利統計數據以及其他一切都非常滿意，但你會看到的是，當我們功能更加完善時，我們會積極推廣這一點，這將在秋季進行。我們完成了 CheckFree 過渡。克拉倫斯？

Thank you. You gave us... Can you give us... How do you see that going forward?

謝謝。您給了我們...您能給我們...您如何看待未來的發展？

JAMES H. HANCE, JR.: Sure. Question is Asset Management, and we did purchase Marsico on January 1st, which has certainly helped add to the Asset Management business. And the question is how about others, what else are we looking at, what else do we see. We have not seen anything that we have thought made sense economically. We continue to be open to asset management opportunities externally if the economics make sense. We are still growing internally quite aggressively, and of course, we want to grow this segment dramatically, and we think to do that we will need some external acquisitions, but we won't do them if they don't make a lot of sense to us, and so far the pricing does not come back in line where it looks like the return, if you will, makes sense. So we have not done it. But we continue to be alert to opportunities and we will see what sort of falls out here as we go forward. How about questions from the telephone line?

小詹姆斯·H·漢斯： 當然。問題是資產管理，我們確實在 1 月 1 日購買了 Marsico，這無疑有助於增加資產管理業務。問題是其他人怎麼樣，我們還要看什麼，還看到什麼。我們還沒有看到任何我們認為在經濟上有意義的東西。如果經濟合理，我們將繼續對外部資產管理機會持開放態度。我們仍在相當積極地內部成長，當然，我們希望大幅成長這個細分市場，我們認為要做到這一點，我們將需要一些外部收購，但如果它們沒有多大意義，我們就不會這樣做對我們來說，到目前為止，定價並沒有回到看起來回報（如果你願意的話）有意義的水平。所以我們還沒有這麼做。但我們繼續對機會保持警惕，隨著我們的前進，我們將看到這裡會出現什麼樣的結果。電話線提問怎麼樣？

Okay. We go to Ron Mandel with Sanford Bernstein. Go ahead.

好的。我們和桑福德·伯恩斯坦一起去羅恩·曼德爾那裡。前進。

Hi Jim, how are you?

嗨吉姆，你好嗎？

JAMES H. HANCE, JR.: Good morning Ron.

小詹姆斯漢斯：早安，羅恩。

Good, I have two questions. One, in regard to the net interest margin, you said you could sustain what you have now, but it seems to be that the margin was probably improving monthly during the quarter, so that would imply that you would be entering the third quarter at a higher level. And if that's the case, I was wondering if the higher level could be sustained?

好的，我有兩個問題。一，關於淨息差，您說您可以維持現在的水平，但似乎本季度的淨息差可能每月都在改善，因此這意味著您將以更高層次。如果是這樣的話，我想知道這個較高的水平能否持續？

JAMES H. HANCE, JR.: It is kind of improving monthly, sort of has been all year. We would expect that to continue as well in the third quarter. It will level out here, Ron, and the question is where, and it'll level out somewhere before the end of the year.

JAMES H. HANCE, JR.：每個月都在進步，全年都在進步。我們預計第三季這種情況也將持續。羅恩，這裡的情況將會趨於平穩，問題是在哪裡，並且會在今年年底之前的某個地方趨於平穩。

But it seems like maybe you don't get another 22 basis points, but I don't know, if 10 or something like that might be possible?

但看起來也許你不會再得到 22 個基點，但我不知道是否有可能達到 10 個或類似的基點？

JAMES H. HANCE, JR.: We should get, depending upon what we do in another asset categories, we should get some improvement in the third quarter as well.

JAMES H. HANCE, JR.：根據我們在其他資產類別中的表現，我們應該在第三季取得一些進展。

And then the other question, in regard to the more aggressive management of the non-performing assets, could you give a little more detail of the 500 million that you sold? How much was reflected in charge-offs? How much you might have re-provided and also any charges for sales out of available-for-sale that would have occurred in another income or dragged to other income?

那麼另一個問題，關於不良資產的更積極的管理，你能透露一下你出售的5億的具體情況嗎？沖銷中反映了多少？您可能重新提供了多少金額，以及可能在其他收入中發生或拖累到其他收入的可供出售的任何銷售費用？

JAMES H. HANCE, JR.: Let me talk about the first. Of the 500, one was sort of a workout that occurred, and we sold the position for nearly, well we had a record of that as I recall. We then had a bulk purchase of roughly 300 million, right in that ballpark, but we took an extra 30 million of provision and, if you will, a charge though charge-offs and into provisions to get rid of that, and that was over and above what we had already written it down for. So we are looking at, when we get more aggressive going forward, we are looking at some additional charges that will go though provision, if you will, charge-offs and provisions as we move them in bulk, and we will be able to do that some because we are slowing down in just plain charge-offs.

JAMES H. HANCE, JR.：讓我談談第一個問題。在這 500 筆交易中，有一次是一次鍛煉，我們幾乎以接近的價格出售了該職位，我記得我們對此有記錄。然後我們就在那個球場上進行了大約 3 億美元的大宗採購，但我們額外購買了 3000 萬美元的準備金，如果你願意的話，可以通過沖銷和準備金來擺脫這些費用，然後就結束了高於我們已經寫下的內容。因此，我們正在考慮，當我們更加積極地前進時，我們正在考慮一些額外的費用，這些費用將通過撥備來處理，如果你願意的話，當我們批量移動它們時，我們將能夠做到有些是因為我們在簡單的沖銷方面放慢了速度。

Okay. And there weren't any significant charges in another income for loans already in available-for-sale?

好的。對於已經可供出售的貸款，另一項收入中沒有任何重大費用嗎？

JAMES H. HANCE, JR.: I really don't have much in the available-for-sale category period and nothing went to other income. We had a litigation settlement, and we had some other smaller items that we cleaned up that went through other income or other expense, but nothing that went through that relates to loan dispositions.

JAMES H. HANCE, JR.：我在可供出售類別期間確實沒有太多資金，也沒有任何資金用於其他收入。我們達成了訴訟和解，我們也清理了一些其他較小的項目，這些項目涉及其他收入或其他費用，但沒有任何涉及貸款處置的項目。

Okay, thanks.

好的謝謝。

Okay, we have a question from George Bicher with Deutsche Bank. Go ahead.

好的，我們有德意志銀行的喬治·比徹 (George Bicher) 提出的問題。前進。

Hi, good morning, two questions, couple of fee line items. One, on the consumer investment brokerage sources, I guess, there is some impact from the Asset Management business, but what kind of organic growth, Jim, and not acquisition-related growth, were you are seeing in that line item? And break it down if you can between asset management and other execution or transaction related products. And then separately, on the trading line item, could you talk about the different products? I am guessing equity was particularly weak, if you could give some color on that. Thanks.

你好，早安，有兩個問題，幾個費用項目。第一，關於消費者投資經紀來源，我想資產管理業務會產生一些影響，但是吉姆，您在該行項目中看到了什麼樣的有機增長，而不是與收購相關的增長？如果可以的話，請將其分解為資產管理和其他執行或交易相關產品。然後，在交易項目上，您能分別談談不同的產品嗎？我猜公平性特別弱，如果你能對此給出一些解釋的話。謝謝。

JAMES H. HANCE, JR.: Alright, let me see if I can find some of this and take a shot at it for you. On the fee side, for Consumer and Commercial Banking, the trading account, card income was one of the biggest. Total service charges were up substantially.

JAMES H. HANCE, JR.：好吧，讓我看看能否找到其中的一些並為您嘗試一下。在費用方面，對消費者和商業銀行來說，交易帳戶、卡片收入是最大的收入之一。總服務費大幅上漲。

No, I was thinking of the consumer investment and brokerage services.

不，我想到的是消費投資和經紀服務。

JAMES H. HANCE, JR.: Okay, why not. Let me find that for you. The 394 number?

小詹姆斯漢斯：好的，為什麼不呢？讓我為你找到那個。 394 號碼？

The 399.

399.

JAMES H. HANCE, JR.: The consumer services is in asset management, alright, let me find it here, and the consumer investment and brokerage services was up 1.2%, $4.5 billion, so not much there. Okay?

JAMES H. HANCE, JR.：消費者服務屬於資產管理領域，好吧，讓我在這裡找到它，消費者投資和經紀服務增長了 1.2%，達到 45 億美元，所以漲幅不大。好的？

I guess my question is was that influenced all by acquisitions or was that all organic?

我想我的問題是這一切都受到收購的影響還是都是有機的？

JAMES H. HANCE, JR.: No, it's 100% organic. We have no acquisitions other than new accounts, which we didn't purchase. I mean Marsico was all first quarter, right, so everything in the asset management was organic this quarter, a 100%.

JAMES H. HANCE, JR.：不，它是 100% 有機的。除了我們沒有購買的新帳戶之外，我們沒有其他收購。我的意思是 Marsico 是第一季的全部，對吧，所以本季資產管理中的一切都是有機的，100%。

And the increase was mostly due to the increase in the market?

而成長主要是因為市場的成長？

JAMES H. HANCE, JR.: Well, and new accounts. And we had, let me tell you what we had, we had total revenue growth of 3.5% year-over-year, alright, second to second, and so that has tax preparation in both sides, alright. The biggest piece would have been the 4.5 million in the investment and brokerage services. We had also had a margin increase, 20 million, alright, in margin, and we had, what else to we have, that's about it, a little bit in other. This is year-over-year.

JAMES H. HANCE, JR.： 嗯，還有新帳戶。我們有，讓我告訴你我們有什麼，我們的總收入同比增長了 3.5%，好吧，排在第二位，所以雙方都有稅務準備，好吧。最大的部分是投資和經紀服務領域的 450 萬美元。我們的利潤率也增加了，2000萬，好吧，在利潤率上，我們還有什麼，僅此而已，還有一點其他的。這是逐年的。

Right.

正確的。

JAMES H. HANCE, JR.: If you look at first to second, not much happened here, okay? 16 million, and that's all tax preparation fees, was a little bit of pick up for new accounts.

JAMES H. HANCE, JR.：如果你從第一到第二看，這裡並沒有發生什麼事情，好嗎？ 1600萬，這就是所有稅務準備費，對於新帳戶來說是一點點增加。

And on your trading line, could you...

在你的交易線上，你能...

JAMES H. HANCE, JR.: Trading line?

JAMES H. HANCE, JR.：交易線？

...fuel down on that a little bit, okay?

……稍微減點油，好嗎？

JAMES H. HANCE, JR.: Don't you all love these technical questions here. You want year-over-year or you want quarter-to-quarter?

JAMES H. HANCE, JR.：難道你們不喜歡這裡的這些技術問題嗎？您想要同比還是季度環比？

Quarter-to-quarter.

每個季度。

JAMES H. HANCE, JR.: Alright. Trading results quarter-to-quarter, the foreign exchange contracts went from 147 to 133. Interest rate contracts with just the routine business went from 270 to 237, down 12%; fixed income 237 to 149, that's actually the biggest drop, 37%; equities 350 to 240, at 32%. Okay?

小詹姆斯漢斯：好的。從季度交易情況來看，外匯合約由147張減少至133張。僅常規業務的利率合約由270張減少至237張，下降12%；固定收益從237跌到149，這實際上是最大的跌幅，37%；股票 350 至 240，佔 32%。好的？

Thank you very much.

非常感謝。

JAMES H. HANCE, JR.: Total went from 1.60 billion to 838. Alright. That do it?

JAMES H. HANCE, JR.：總數從 16 億增加到 838。好。就這麼辦嗎？

We'll take our next question from Nancy Bush with Ryan Beck.

我們將回答南希·布希和瑞安·貝克提出的下一個問題。

Good morning Jim.

早安，吉姆。

JAMES H. HANCE, JR.: Hi Nancy.

小詹姆斯·H·漢斯： 你好，南希。

One thing we've seen thus far in the quarter has been pretty good deposit growth, and yours certainly has continued that trend. Can you give us a sense of where most of it is coming from? I mean is this some new level of consumer liquidity because they're not putting money in the market, and do you have a sense that it's durable?

到目前為止，我們在本季看到的一件事是存款成長相當不錯，你們的存款成長肯定延續了這一趨勢。您能否讓我們了解一下大部分數據來自哪裡？我的意思是，這是消費者流動性的新水平，因為他們沒有把錢投入市場，你是否覺得它是持久的？

JAMES H. HANCE, JR.: Most of ours is coming from the money market growth, and really, that's been huge, and that's been a function of the posture we took sort of late last year in terms of pricing our money market accounts closer to market than they were. So that's been a big piece. Now we also had a little bit this quarter which is somewhat unusual, and that would be mortgage escrow balance jump ups, which will go away, so don't count on that staying. The money market has been amazingly sticky, that has been very, very strong and been staying with it, as has the actual accounts. Now we've lost a little bit in CDs, and we're going to be taking some action there to be a little bit more market sensitive, if you will, to pricing, in order not to lose some of the CD money. We're also seeing interestingly a slight increase in demand deposits, which tend to be very, very sticky. So that's all been very encouraging. So we're very encouraged on the deposit front. It does represent a little bit more from existing customers and also some new accounts as well.

JAMES H. HANCE, JR.：我們的大部分收入來自貨幣市場的成長，實際上，這是巨大的，這是我們去年年底在對貨幣市場帳戶進行更接近定價方面採取的態度的結果。比他們更能進入市場。所以這是一個很大的部分。現在，本季我們也遇到了一些不尋常的情況，那就是抵押貸款託管餘額的跳躍式增長，這種情況將會消失，所以不要指望這種情況會持續下去。貨幣市場的黏性令人驚訝，非常非常強勁，並且一直保持下去，實際帳戶也是如此。現在我們在 CD 上損失了一些，我們將採取一些行動，對定價更加市場敏感，以免損失一些 CD 資金。有趣的是，我們也看到活期存款略有增加，而活期存款的黏性往往非常非常大。所以這一切都非常令人鼓舞。因此，我們在存款方面非常受鼓舞。它確實代表了更多的現有客戶以及一些新客戶。

Thank you.

謝謝。

JAMES H. HANCE, JR.: Okay. Let's just go back to the room. Any more questions in the room? Alright, back to phone. More on the phone?

小詹姆斯漢斯：好的。我們還是回房間吧。房間裡還有什麼問題嗎？好吧，回到電話。電話裡還有更多嗎？

Yeah.

是的。

JAMES H. HANCE, JR.: Alright, more questions on the phone. Thank you.

JAMES H. HANCE, JR.： 好的，更多問題請透過電話詢問。謝謝。

We'll go to Andy Collins, US Bancorp. Go ahead.

我們將前往美國合眾銀行的安迪柯林斯 (Andy Collins) 那裡。繼續吧。

Good morning. Congratulations on a good quarter, Jim. I was wondering about the tone of the share national credit exams, if you can talk about it? And also, can you quantify performing portion and non-performing assets? So that's like the levels of still accruing interest or collateral value in your NPAs.

早安.恭喜吉姆，這個季度表現不錯。我想知道共享國家信用考試的語氣，您能談談嗎？另外，你能量化不良資產和不良資產嗎？這就像您的不良​​資產中仍應計利息或抵押品價值的水平。

JAMES H. HANCE, JR.: Let's talk about share national credit first. We're nearly finished with the share national credit exam. It really went very smoothly, very little changes. Everything that came out of it is in the second quarter numbers. So we were very pleased, and what it told us is that the way we were looking at our credits and market and everything was the way they wanted us to. So that was all very positive for us. You're looking for performing/non-performing, is that what you're looking for?

JAMES H. HANCE, JR.：我們先談談共享國家信用。我們即將完成共享國家信用考試。確實進行得很順利，幾乎沒有什麼改變。由此產生的一切都在第二季的數據中。所以我們非常高興，它告訴我們，我們看待信用和市場以及一切的方式都是他們希望我們做的。所以這對我們來說都是非常積極的。您正在尋找表現/表現不佳，這就是您要尋找的嗎？

Yeah.

是的。

JAMES H. HANCE, JR.: Do we know what that is? We'll have to get back to you. I don't know what it is.

JAMES H. HANCE, JR.：我們知道那是什麼嗎？我們必須回覆您。我不知道那是什麼。

Okay.

好的。

JAMES H. HANCE, JR.: We'll look it up and figure it out and get back to you Andy.

JAMES H. HANCE, JR.： 我們會找出並找出答案，然後給您回复，安迪。

Okay. Thank you.

好的。謝謝。

JAMES H. HANCE, JR.: Okay. Other questions on the line?

小詹姆斯漢斯：好的。還有其他問題就行嗎？

Yeah, we'll go to John Moore, Wachovia Capital.

是的，我們會去美聯資本的約翰摩爾。

JAMES H. HANCE, JR.: Good morning, John.

小詹姆斯漢斯：早安，約翰。

Okay, John wasn't ready with his question I guess. We'll go to David Stumpf with AG Edwards.

好吧，我猜約翰還沒準備好提出他的問題。我們將邀請 David Stumpf 和 A​​l Edwards 一起演講。

Good morning Jim. Simple question, the increase in mortgage escrow balances, is that in the DDA line item?

早安，吉姆。簡單的問題，抵押貸款託管餘額的增加是否在 DDA 行專案中？

JAMES H. HANCE, JR.: Yeah.

小詹姆斯漢斯：是的。

It is. Do you know how much of the $5 billion increase in DDA was the mortgage escrow? I'm looking at average balances.

這是。你知道 DDA 增加的 50 億美元中有多少是抵押貸款託管嗎？我正在查看平均餘額。

JAMES H. HANCE, JR.: We'll get it for you. Maybe 2, something like that.

JAMES H. HANCE, JR.：我們會為您拿來的。也許是2，類似的東西。

Okay. Alright.

好的。好吧。

JAMES H. HANCE, JR.: We'll get it for you exactly.

JAMES H. HANCE, JR.： 我們會準確地為您找到。

Okay. Thank you.

好的。謝謝。

And we'll go to Jonathan Finger, Finger Interest.

我們將邀請喬納森·芬格（Jonathan Finger），“手指興趣”。

You guys have covered it. It's in the provision area.

你們已經涵蓋了。就在補給區。

Okay, no further questions from the phones.

好的，電話中不再有任何問題。

JAMES H. HANCE, JR.: Okay. Thank you. Any more here? Well, thank you all. I appreciate your interest. We'll see you third quarter. Thank you very much.

小詹姆斯漢斯：好的。謝謝。這裡還有嗎？嗯，謝謝大家。我很感激你的興趣。我們第三季見。非常感謝。