美國銀行 (BAC) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Bank of America earnings announcement. It is now my pleasure to turn the program over to Lee McEntire. Please go ahead, sir.

大家好，歡迎收看美國銀行財報。現在我很高興將這個項目交給 Lee McEntire。請繼續，先生。

Thank you, Katherine. Good morning. Welcome, and thank you for joining the call to review our second quarter results. I trust everyone has had a chance to review our earnings release documents. They're available on the Investor Relations section of the bankofamerica.com website and include the earnings presentation that we'll be referring to during the call. I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments before Alastair Borthwick, our CFO, discusses the details of the quarter.

謝謝你，凱瑟琳。早上好。歡迎並感謝您參加電話會議以審查我們的第二季度業績。我相信每個人都有機會查看我們的收益發布文件。它們可以在bankofamerica.com 網站的投資者關係部分找到，其中包括我們將在電話會議中提到的收益演示。在我們的首席財務官 Alastair Borthwick 討論本季度的細節之前，我將首先將電話轉給我們的首席執行官 Brian Moynihan，徵求一些開場白。

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

在此之前，請允許我提醒您，我們可能會在電話會議期間做出前瞻性陳述並參考非公認會計準則財務指標。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。網站上提供的盈利材料和 SEC 文件中詳細介紹了可能導致實際結果與預期存在重大差異的因素。有關我們的非公認會計原則財務指標的信息，包括與美國公認會計原則的調節，也可以在我們網站上提供的收益材料中找到。

So with that, it's my pleasure to turn the call over to you, Brian. Thanks.

因此，我很高興將電話轉給你，布萊恩。謝謝。

Thanks, Lee, and good morning to all of you, and thank you for joining us. I'm starting on Slide 2 of the earnings presentation. This morning, Bank of America reported one of the best quarters and one of the best first halves of net income in the company's history. Our results this quarter once again include solid performance on things we can control by delivering organic growth and operating leverage. We did that in an economy that remains healthy, but had a slowing rate of growth.

謝謝李，大家早上好，感謝您加入我們。我從收益演示文稿的幻燈片 2 開始。今天早上，美國銀行公佈了該公司歷史上最好的季度之一和最好的上半年淨利潤之一。我們本季度的業績再次包括我們可以通過提供有機增長和運營槓桿來控制的事情的穩健表現。我們在一個保持健康但增長速度放緩的經濟中做到了這一點。

It was also a quarter that included volatility from the debate about the debt ceiling, continuation of central bank monetary tightening action and a slowing in consumer spending and slowing inflation. But as you look at it now, our customer spending patterns are now more consistent with the pre-pandemic lower growth, lower inflation economy.

這一季度還包括債務上限爭論帶來的波動、央行貨幣緊縮行動的持續以及消費者支出放緩和通脹放緩。但正如你現在所看到的，我們的客戶支出模式現在與大流行前低增長、低通脹的經濟更加一致。

Before Alastair takes you through the details, let me summarize Bank of America's quarter 2 performance. On Slide 2, you can see the highlights. We earned $7.4 billion after tax and grew earnings per share 21% over the second quarter of 2022. All business segments performed well, and I want to thank all my teammates for doing so. We grew clients and accounts organically and at a strong pace. We delivered our eighth straight quarter of operating leverage, led by 11% year-over-year revenue growth.

在阿拉斯泰爾向您詳細介紹之前，讓我總結一下美國銀行第二季度的業績。在幻燈片 2 上，您可以看到亮點。我們的稅後收入為 74 億美元，每股收益比 2022 年第二季度增長了 21%。所有業務部門都表現良好，我要感謝我所有的團隊成員這樣做。我們有機地、快速地增長了客戶和賬戶。我們連續第八個季度實現運營槓桿率增長，收入同比增長 11%。

We further strengthened our balance sheet, improving our common equity Tier 1 ratio more than 110 basis points year-over-year to 11.6%. And we have $867 billion in global liquidity sources. We also produced strong returns for our shareholders with a return on tangible common equity of 15.5%, continuing the streak of many quarters at that level or above.

我們進一步強化了資產負債表，普通股一級資本比率同比提高了 110 個基點以上，達到 11.6%。我們擁有 8670 億美元的全球流動性來源。我們還為股東創造了強勁的回報，有形普通股回報率為 15.5%，延續了多個季度的這一水平或更高水平。

While our business has performed well this quarter, I would particularly highlight our Global Markets and sales and trading team and our investment banking teams. Both have appeared to outperform their industry peers. Investments made over the past couple of years in Global Markets capabilities under Jimmy DeMare's leadership as well as Matthew Koder's leadership in the Global Corporate Investment Banking area allowed us to improve our market shares for both of these fee pools. I'd also note the strong contribution by our middle market clients to that and our teammates there led by Wendy Stewart.

雖然我們的業務本季度表現良好，但我要特別強調我們的全球市場、銷售和交易團隊以及投資銀行團隊。兩者的表現似乎都優於業內同行。過去幾年，在 Jimmy DeMare 的領導下以及 Matthew Koder 在全球企業投資銀行領域的領導下，我們對全球市場能力進行了投資，這使我們能夠提高這兩個費用池的市場份額。我還要注意到我們的中間市場客戶以及由溫迪·斯圖爾特領導的團隊成員對此做出的巨大貢獻。

I'd also like to touch a few additional points before turning the call over to Alastair. These points will help illustrate continued investment in the franchise and work we do to drive growth. Let's start with the organic growth slide on Page 3. And on that page, we highlight some of the important elements of organic growth. You can see evidence in every business segment as you look at the page.

在將電話轉給阿拉斯泰爾之前，我還想再談幾點。這些要點將有助於說明我們對特許經營權的持續投資以及我們為推動增長所做的工作。讓我們從第三頁的有機增長幻燈片開始。在該頁上，我們強調了有機增長的一些重要要素。當您查看該頁面時，您可以看到每個業務部門的證據。

In consumer, in quarter 2, we opened 157,000 net new checking accounts. Consumers now had 18 straight quarters of positive net new checking account growth. Now these are core primary checking accounts across the board, allowing our tremendous deposit franchise to continue to prosper and take market share.

在消費者領域，第二季度我們淨新開設了 157,000 個支票賬戶。消費者的新支票賬戶淨增長已連續 18 個季度實現正增長。現在，這些都是全面的核心主要支票賬戶，使我們巨大的存款業務能夠繼續繁榮並佔據市場份額。

While the progress here may have been pure inchmeal, over the last 3 years, we've grown our core customers and consumer checking account customers from 33 million to 36 million. We opened another 1 million-plus credit card accounts this quarter and have 10% more investment accounts this year than we did last year in the consumer business. Consumer investment business balances reached a new high of $387 billion, aided by a 30% increase in new funded consumer investment accounts year-over-year and frankly, moving our money from our depositors into the market as they've done so.

雖然這方面的進展可能純粹是inchmeal，但在過去3年裡，我們的核心客戶和消費者支票賬戶客戶從3300萬增加到3600萬。本季度我們又開設了超過 100 萬個信用卡賬戶，今年消費業務的投資賬戶比去年增加了 10%。消費者投資業務餘額達到 3870 億美元的新高，這得益於新資助的消費者投資賬戶同比增長 30%，坦率地說，我們的資金從儲戶那裡轉移到了市場上。

In Global Wealth, we added 12,000 net new relationships in Merrill and the Private Bank, and our advisers opened more than 36,000 new banking relationships in the quarter, showing a strong differentiation in our model of fulfilling both investment and banking these for clients. In the past 90 days, we added 190 experienced advisers to our sales force in addition to digital capabilities to help us deliver at scale.

在全球財富方面，我們在美林和私人銀行淨增了 12,000 個新關係，我們的顧問在本季度開設了超過 36,000 個新銀行業務關係，這顯示出我們為客戶提供投資和銀行業務的模式的巨大差異化。在過去 90 天裡，我們為我們的銷售隊伍增加了 190 名經驗豐富的顧問，此外還提供了數字化能力來幫助我們大規模交付。

In Global Banking, we added clients to increase the number of solutions per relationship. Over the past 3 years, we've added net new relationship managers and increased our client-facing headcount by nearly 10%. We've also improved our tools for prospect colleagues through investments in technology, and it's benefiting our ability to add customers to improve our solutions for existing clients. Year-to-date, we've added over 1,000 new commercial and business banking clients across the United States, which is the same number we added in the full year of last year. Again, operationalizing that ability to do this at scale increases our speed of onboarding these clients.

在全球銀行業務中，我們增加了客戶以增加每個關係的解決方案數量。在過去 3 年裡，我們淨增加了新的客戶關係經理，並將面向客戶的員工人數增加了近 10%。我們還通過技術投資改進了為潛在同事提供的工具，這有利於我們增加客戶以改進我們為現有客戶提供的解決方案的能力。今年迄今為止，我們在美國新增了 1,000 多個商業和企業銀行客戶，與去年全年新增的數量相同。同樣，大規模運用這種能力可以提高我們吸引這些客戶的速度。

In our Global Markets area, we saw one of the highest second quarters for sales and trading in our history. It's another quarter of good organic growth. To achieve that growth while managing our expense trajectory, which Alastair is going to cover, requires an inherent efficiency progress from digital and other applied technology across all our units.

在我們的全球市場領域，我們看到了歷史上銷售和交易最高的第二季度之一。這是又一個有機增長良好的季度。為了實現這種增長，同時管理我們的費用軌跡（阿拉斯泰爾將要涵蓋的內容），需要我們所有部門的數字和其他應用技術取得內在的效率進步。

Digital superiority is key to our operating dynamics. First, it produces a great customer experience, resulting in strong customer retention and strong customer scores. Second, it ensures our position as a lead transactional bank for our customers, whether they're consumers, companies or investors. Third, it preserves a strong deposit balance as a good pricing due to the core nature of transactional deposits. And last, but importantly, it leads to efficiency.

數字化優勢是我們運營動力的關鍵。首先，它提供了良好的客戶體驗，從而提高了客戶保留率和客戶評分。其次，它確保了我們作為客戶的領先交易銀行的地位，無論他們是消費者、公司還是投資者。第三，由於交易性存款的核心性質，它保持了強勁的存款餘額作為良好的定價。最後但重要的是，它會提高效率。

So how are we doing on digital progress? You can see that on Slide 4, first, with the consumer. In consumer, we now have 46 million active users that are digitally engaged with our digital platform and are logging in over 1 billion times a month. And even with this scale, the stage and maturity of log-ins is up double digits from last year.

那麼我們在數字化方面進展得怎麼樣呢？您可以在幻燈片 4 上看到，首先是消費者。在消費者領域，我們現在有 4600 萬活躍用戶通過我們的數字平台進行數字互動，每月登錄次數超過 10 億次。即使在這樣的規模下，登錄的階段和成熟度也比去年增長了兩位數。

Customer uses of Erica continues to beat expectations. This was an early application of natural language processing and artificial intelligence that we built in our company that continues to learn about it with additional use. Interactions with Erica rose 35% in just the past year and now has crossed over 1.5 billion client interactions in the first 5 years of introduction. As there's a lot of questions about our artificial intelligence out there, but one can't collude together a series of systems. We have to build a system in this highly-regulated, highly-customer-focused business, and Erica is one such application you can see its impact.

Erica 的客戶使用情況繼續超出預期。這是我們在公司中構建的自然語言處理和人工智能的早期應用，我們將繼續了解它並進行更多使用。僅在過去一年，與 Erica 的互動量就增長了 35%，在推出的頭 5 年裡，客戶互動量已超過 15 億次。因為關於我們的人工智能有很多問題，但不能將一系列系統串在一起。我們必須在這個高度監管、高度以客戶為中心的業務中構建一個系統，而 Erica 就是這樣一個應用程序，您可以看到它的影響。

Likewise, Zelle hasn't slowed down either. The number of people using Zelle grew 19% this past year. Remember, these aren't new functionalities at this point, they've been around for years, but they continue to grow very strong growth rates, showing customer desire and acceptance to the activities.

同樣，澤爾也沒有放慢腳步。去年，使用 Zelle 的人數增長了 19%。請記住，目前這些並不是新功能，它們已經存在多年，但它們繼續以非常強勁的增長率增長，顯示出客戶對這些活動的渴望和接受度。

You can see the digital sales continue to grow. We continue to have both great high-tech and high-touch options. As part of that, we've added 310 new financial centers since 2019. And by the end of this year, we have refurbished every one of our existing centers in our company. We plan on opening 50 more centers a year for the next few years, which includes an expansion in 9 new markets we announced a few years ago -- a few weeks ago, excuse me.

您可以看到數字銷售額持續增長。我們繼續擁有出色的高科技和高觸感選擇。作為其中的一部分，自 2019 年以來，我們已新增 310 個金融中心。到今年年底，我們已經翻新了公司現有的每一個金融中心。我們計劃在接下來的幾年裡每年再開設 50 個中心，其中包括我們幾年前宣布的 9 個新市場的擴張——對不起，是幾週前。

Our entrance to these markets is enhanced by digital and leads to strong success. Just to give you a point of reference, for all the expansion markets over the last several years, for branches open a year or more in those expansion markets, our average deposit balances per those branch are $160 million in each branch.

數字化增強了我們進入這些市場的能力，並取得了巨大的成功。僅供參考，對於過去幾年的所有擴張市場，對於在這些擴張市場開設一年或以上的分行，我們每個分行的平均存款餘額為 1.6 億美元。

If you go to the Wealth Management digital on Slide 5, you can see that they continue to be the most digitally engaged clients in our company. Our advisers have led the way in driving a personal-driven advice model supplemented by our digital tools. You can see the client adoption rate of 83% in Merrill and 92% in the Private Bank. 78% have embraced digital delivery as a tool of service, providing more convenience for them and our advisers.

如果您查看幻燈片 5 上的財富管理數字版，您會發現他們仍然是我們公司數字化程度最高的客戶。我們的顧問在推動個人驅動的建議模型方面發揮了帶頭作用，並輔以我們的數字工具。您可以看到美林銀行的客戶採用率為 83%，私人銀行的客戶採用率為 92%。 78% 的人已接受數字交付作為一種服務工具，為他們和我們的顧問提供更多便利。

Erica and Zelle also continues expanding in these client sets. A new program we announced just a few quarters ago has generated 20,000 digital leads to 7,000 advisers. It's called Advisor Match, matching our clients with advisers of their choice.

Erica 和 Zelle 還繼續擴大這些客戶群。我們幾個季度前宣布的一項新計劃已為 7,000 名顧問產生了 20,000 條數字線索。這稱為“顧問匹配”，將我們的客戶與他們選擇的顧問相匹配。

On Slide 6, you can see the digital engagement in the Global Banking area. Corporate treasures -- corporate treasury teams and our clients appreciate these doing business with us digitally. CashPro app sign-ins are up nearly 60% from last year, while the value of payments through CashPro app are up 20%. As you can see, every line of business is delivering strong organic growth. The investments made in technology have enabled us to grow industry-leading positions and digital tools while enabling our clients to do great things and making us more efficient. This provides for a very satisfied, stable customer and client base with Bank of America's primary provider. And by doing it with a digital application, that also produces operating leverage.

在幻燈片 6 上，您可以看到全球銀行業領域的數字化參與。企業財富——企業財務團隊和我們的客戶非常欣賞他們以數字方式與我們開展業務。 CashPro 應用程序登錄次數比去年增加了近 60%，而通過 CashPro 應用程序支付的金額則增加了 20%。正如您所看到的，每條業務線都在實現強勁的有機增長。對技術的投資使我們能夠提升行業領先地位和數字工具，同時使我們的客戶能夠做出偉大的事情並提高我們的效率。這為美國銀行的主要提供商提供了非常滿意、穩定的客戶和客戶群。通過數字應用程序來實現這一點，還可以產生運營槓桿。

On Slide 7, you can see our streak of operating leverage continued in the second quarter of 2023. We're now back at 8 quarters in a row. The chart on Slide 7 covers 8.5 years or 34 quarters. In all but 8 of those quarters, and you can see those identified, 6 of which were in the heart of the pandemic, we've achieved operating leverage. Operating leverage is a simple task of growing revenue at a better growth rate than expense. As I said, Alastair is going to discuss with you our good and declining expansion trajectory, which sets us up to continue to provide operating leverage even with a shift in economy.

在幻燈片 7 上，您可以看到我們的運營槓桿率在 2023 年第二季度繼續保持增長。現在我們已連續 8 個季度恢復運營槓桿率。幻燈片 7 上的圖表涵蓋 8.5 年或 34 個季度。在除 8 個季度之外的所有季度中，您可以看到那些已確定的季度，其中 6 個季度處於大流行的中心，我們都實現了運營槓桿。運營槓桿是一項簡單的任務，即以高於支出的增長率增加收入。正如我所說，阿拉斯泰爾將與您討論我們良好和下降的擴張軌跡，這使我們即使在經濟發生轉變的情況下也能繼續提供運營槓桿。

In sum, in the quarter, we delivered earnings at a 19% higher and a 15% return on tangible common equity. That was driven by continued strong organic growth and operating leverage in a volatile economic environment. Alastair is going to talk to you about a bit more strength we see ahead in our net interest income for the balance of the year, and that provides a better start as we think about 2024. You're going to hear our expectations for the quarterly decline in expenses in the following quarters for the rest of '23, even as we keep investing. And you'll hear about the resilience of credit and strong trajectory of capital. This all positions us well to continue both our streaks of organic growth and operating leverage.

總而言之，本季度我們的盈利增長了 19%，有形普通股回報率增長了 15%。這是由於在動蕩的經濟環境中持續強勁的有機增長和運營槓桿推動的。阿拉斯泰爾將與您討論我們預計今年剩餘時間的淨利息收入將更加強勁，這為我們考慮 2024 年提供了一個更好的開始。您將聽到我們對季度業績的預期即使我們繼續投資，23 年剩餘時間裡接下來幾個季度的支出也會下降。您將聽到信貸的彈性和資本的強勁軌跡。這一切都使我們能夠繼續保持有機增長和運營槓桿。

With that, let me turn it over to Alastair.

那麼，讓我把它交給阿拉斯泰爾。

Thank you, Brian. And on Slide 8, we list the more detailed highlights of the quarter. And then Slide 9 presents a summary income statement, so I'm going to refer to both of those.

謝謝你，布萊恩。在幻燈片 8 上，我們列出了本季度更詳細的亮點。然後幻燈片 9 展示了一份損益表摘要，因此我將參考這兩份報表。

For the quarter, we generated $7.4 billion in net income, and that resulted in $0.88 per diluted share. Our year-over-year revenue growth of 11% was led by a 14% improvement in net interest income, coupled with a strong 10% increase in sales and trading results ex-DVA. Revenue was strong, and it included a few headwinds, and I thought I'd go through those headwinds first.

本季度，我們產生了 74 億美元的淨利潤，攤薄後每股收益為 0.88 美元。我們的收入同比增長 11%，主要得益於淨利息收入增長 14%，以及扣除 DVA 後的銷售和交易業績強勁增長 10%。收入強勁，但也遇到了一些阻力，我想我會首先經歷這些阻力。

We had lower service charges from both higher earnings credit rates on deposits for commercial clients and the policy changes we announced in late 2021 to lower our insufficient fund and overdraft fees for our consumer customers. The good news on the consumer piece is year-over-year comparisons get a bit easier starting next quarter as the third quarter of '22 reflects the full first quarter of these changes.

由於商業客戶存款的收益信用利率較高，以及我們在 2021 年底宣布的政策變化，以降低消費者客戶的資金不足和透支費用，我們的服務費用較低。消費者方面的好消息是，從下個季度開始，同比比較會變得更容易一些，因為 22 年第三季度反映了這些變化的整個第一季度。

Second, we had lower asset management and brokerage fees as a result of the lower equity and fixed income market levels and market uncertainty that impacted transactional volumes compared to a year-ago quarter. Third, we had a net DVA loss of $102 million this quarter compared to a gain in DVA of $158 million in the second quarter a year ago. We also recorded roughly $200 million in securities losses as we closed out some available-for-sale security positions and their related hedges, and we put the proceeds in cash.

其次，與去年同期相比，由於股票和固定收益市場水平較低以及影響交易量的市場不確定性，我們的資產管理和經紀費用較低。第三，本季度我們的 DVA 淨虧損為 1.02 億美元，而去年第二季度的 DVA 收益為 1.58 億美元。由於我們平倉了一些可供出售的證券頭寸及其相關對沖，我們還記錄了大約 2 億美元的證券損失，我們將收益換成現金。

Lastly, and just as a reminder, our tax rate benefits from ESG investments and those are somewhat offset by operating losses on the ESG investments, which show up in other income. So this quarter, our tax rate is a little bit lower, and the operating losses are a little bit higher from volume of these deals. So you have to be careful in analyzing the lower tax rate without considering the operating losses, and that in turn, often offsets what would have been higher revenue elsewhere.

最後，提醒一下，我們從 ESG 投資中獲得的稅率收益在一定程度上被 ESG 投資的運營損失所抵消，而這些損失體現在其他收入中。所以這個季度，我們的稅率有點低，從這些交易量來看，營業虧損有點高。因此，在分析較低的稅率時必須小心謹慎，而不考慮營業損失，而這往往會抵消其他地方本應更高的收入。

Our tax rate for the full year is expected to benefit by 15% as a result of the ESG investment tax credit deals. And absent these credits, our effective tax rate would still be roughly 25%, and we continue to expect a tax rate of 10% to 11% for the rest of 2023.

由於ESG投資稅收抵免交易，我們全年的稅率預計將受益15%。如果沒有這些抵免，我們的有效稅率仍約為 25%，並且我們繼續預計 2023 年剩餘時間的稅率為 10% 至 11%。

Expense for the quarter of $16 billion included roughly $276 million in litigation expense, which was pushed higher this quarter by the agreements announced last week with the OCC and the CFPB on consumer matters. Asset quality remains solid, and provision expense for the quarter was $1.1 billion, consisting of $869 million in net charge-offs and $256 million in reserve build.

該季度 160 億美元的支出包括約 2.76 億美元的訴訟費用，上週與 OCC 和 CFPB 宣布的有關消費者事務的協議導致本季度訴訟費用更高。資產質量保持穩定，本季度撥備費用為 11 億美元，其中包括 8.69 億美元的淨沖銷和 2.56 億美元的準備金建設。

The provision expense reflects the continued trend in charge-offs toward pre-pandemic levels, and it's still below historical levels. The charge-off rate was 33 basis points, and that's only 1 basis point higher than the first quarter and still remains well below the 39 basis points that we last saw in Q4 of 2019. And remember, 2019 was a multi-decade low. I'd also use Slide 9 just to highlight returns, and you can see we generated 15.5% return on tangible common equity and 94 basis points return on assets.

撥備支出反映了沖銷向大流行前水平的持續趨勢，但仍低於歷史水平。沖銷率為 33 個基點，僅比第一季度高 1 個基點，但仍遠低於我們上次在 2019 年第四季度看到的 39 個基點。請記住，2019 年是數十年來的低點。我還使用幻燈片 9 只是為了強調回報，您可以看到我們產生了 15.5% 的有形普通股回報率和 94 個基點的資產回報率。

Let's turn to the balance sheet, starting with Slide 10, and you can see our balance sheet ended the quarter at $3.1 trillion, declining $72 billion from the first quarter. A $33 billion or 1.7% reduction in deposits closely matched a $41 billion decline in securities balances through paydowns from the hold to maturity and sales of available-for-sale securities.

讓我們看一下資產負債表，從幻燈片 10 開始，您可以看到本季度末我們的資產負債表為 3.1 萬億美元，比第一季度減少了 720 億美元。存款減少了 330 億美元，即 1.7%，與持有至到期的還款和出售可供出售證券導致的證券餘額減少 410 億美元密切相關。

Securities are now down $177 billion from a quarter to '22. Cash levels remained high at $374 billion and loans grew $5 billion. As Brian noted, our liquidity remained strong with $867 billion of liquidity, up modestly from the first quarter of '23, and still remains nearly $300 billion above our pre-pandemic fourth quarter '19 level.

與 22 季度相比，證券目前減少了 1,770 億美元。現金水平仍保持在 3,740 億美元的高位，貸款增長了 50 億美元。正如 Brian 指出的那樣，我們的流動性仍然強勁，流動性為 8,670 億美元，比 23 年第一季度小幅增長，仍然比大流行前的 19 年第四季度水平高出近 3000 億美元。

Shareholders' equity increased $3 billion from the first quarter as earnings were only partially offset by capital distributed to shareholders. AOCI decreased by $2 billion, driven by derivatives valuation, and AFS securities values were little changed. So there's little change in the AOCI component that impacts regulatory capital. Tangible book value is up 10% per share year-over-year.

股東權益較第一季度增加了 30 億美元，因為收益僅被分配給股東的資本部分抵消。受到衍生品估值的推動，AOCI 下降了 20 億美元，而 AFS 證券價值幾乎沒有變化。因此，影響監管資本的 AOCI 組成部分幾乎沒有變化。每股有形賬面價值同比增長 10%。

During the quarter, we also paid out $1.8 billion in common dividends, and we bought back $550 million in shares to offset our employee awards. And last week, we announced the intent to increase our dividend by 9% beginning in the third quarter.

本季度，我們還支付了 18 億美元的普通股息，並回購了 5.5 億美元的股票以抵消我們的員工獎勵。上週，我們宣布打算從第三季度開始將股息增加 9%。

Turning to regulatory capital. Our CET1 level improved to $190 billion from March 31, and the ratio of CET1 improved more than 20 basis points to 11.6%, once again, adding to the buffer over our 10.4% current requirement, while our risk-weighted assets increased modestly in the quarter. Also noteworthy, on July 3, we initiated dialogue with the Fed to better understand our CCAR exam results, and we remain in discussions today with no news to update as of now.

轉向監管資本。自 3 月 31 日起，我們的 CET1 水平提高至 1900 億美元，CET1 比率再次提高了 20 個基點至 11.6%，為我們當前 10.4% 的要求提供了緩衝，而我們的風險加權資產在 2017 年小幅增長。四分之一。另外值得注意的是，7 月 3 日，我們啟動了與美聯儲的對話，以更好地了解我們的 CCAR 考試結果，我們今天仍在討論中，目前沒有任何消息可更新。

In the past 12 months, we've improved our CET1 ratio by more than 110 basis points, and we've done that while supporting clients for loan demand and returned $11.3 billion in dividends and share repurchases to shareholders. Our supplemental leverage ratio was 6% versus our minimum requirement at 5%, and that leaves us plenty of capacity for balance sheet growth. Finally, the TLAC ratio remains comfortably above our requirements.

在過去 12 個月中，我們將 CET1 比率提高了 110 個基點以上，同時我們還支持客戶的貸款需求，並向股東返還了 113 億美元的股息和股票回購。我們的補充槓桿率為 6%，而最低要求為 5%，這為我們的資產負債表增長留下了充足的能力。最後，TLAC 比率仍然遠遠高於我們的要求。

So let's now focus on loans by looking at average balances. You can see those on Slide 11. And there, you can see average loans grew 3% year-over-year. The drivers of loan growth are much the same. Consumer credit card growth is strong, and then commercial loans grew 4%.

現在讓我們通過查看平均餘額來關注貸款。您可以在幻燈片 11 上看到這些內容。在那裡，您可以看到平均貸款同比增長 3%。貸款增長的驅動因素大致相同。消費信用卡增長強勁，商業貸款增長 4%。

The credit card growth reflects increased marketing, enhanced offers and higher levels of account openings over time. And on commercial, we saw a little bit of a slowdown in this quarter, driven by higher pay downs from borrowers and weaker customer demand as opposed to any credit availability from us. We are still open for business for loans. Now while loan growth has slowed, it's generally remained still ahead of GDP, and commercial client conversations remain solid as our clients seem to be waiting for some of the economic uncertainty to lift before borrowing further.

信用卡的增長反映出隨著時間的推移，營銷活動的增加、優惠的增加以及開戶數量的增加。在商業方面，我們看到本季度的增長略有放緩，原因是藉款人的付款增加和客戶需求疲軟，而不是我們提供的任何信貸。我們仍然開放貸款業務。現在，雖然貸款增長已經放緩，但總體上仍然領先於 GDP，而且商業客戶的對話仍然穩固，因為我們的客戶似乎在等待一些經濟不確定性消除，然後再進一步借貸。

Slide 12 shows the breakout of deposit trends. That's on a weekly ending basis across the last 2 quarters, and it's the same chart that we provided last quarter. In the upper left, you see the trend of total deposits. We ended the second quarter at $1.88 trillion, down 1.7%, with several elements of our deposits seeming to find stability. Given the normal tax seasonality impacts on deposit balances in Q2 and the monetary policy actions, we believe this is a good result.

幻燈片 12 顯示了存款趨勢的突破。這是過去兩個季度按週結束的圖表，與我們上季度提供的圖表相同。在左上角，您可以看到總存款的趨勢。第二季度末，我們的存款餘額為 1.88 萬億美元，下降 1.7%，我們的存款的幾個部分似乎已趨於穩定。考慮到第二季度存款餘額的正常稅收季節性影響以及貨幣政策行動，我們認為這是一個不錯的結果。

I want to use the other 3 charts on the page to illustrate the different trends across the last quarter and more specifically, in each line of business. In consumer, looking at the top-right chart, you see the difference in the movement through the quarter between the balances of low to no-interest checking accounts and the higher-yielding nonchecking accounts. Here, you can also see the low levels of our more rate-sensitive balances in consumer investments and CD balances, and they're both broken out here. In total, we've got still more than $1 trillion in high-quality consumer deposits, which remains $274 billion above pre-pandemic levels.

我想使用頁面上的其他 3 個圖表來說明上個季度的不同趨勢，更具體地說，每個業務線的不同趨勢。在消費者方面，查看右上角的圖表，您可以看到整個季度低息至無息支票賬戶與高收益非支票賬戶餘額之間的變動差異。在這裡，您還可以看到我們對利率更敏感的消費者投資餘額和定期存款餘額處於較低水平，它們都在這裡進行了細分。總的來說，我們仍然擁有超過 1 萬億美元的優質消費者存款，仍比大流行前的水平高出 2,740 億美元。

In the second quarter, that decline in consumer deposits was driven by higher debt payments, higher spend and seasonal tax activity and some nonchecking balances that rotated from deposits into brokerage accounts. We did see some competitive pressure this quarter within about roughly $40 billion of CDs as some of the financial institutions pushed prices higher. And at this point, with deposits far exceeding our loans, we've not yet felt the need to chase deposits with rate. Broadly speaking, average deposit balances of our consumers remain at multiples of their pre-pandemic level, especially in the lower end of our customer base.

第二季度，消費者存款下降的原因是債務支付增加、支出增加、季節性稅收活動以及一些非支票餘額從存款轉入經紀賬戶。本季度我們確實看到了約 400 億美元 CD 的一些競爭壓力，因為一些金融機構推高了價格。目前，由於存款遠遠超過貸款，我們還沒有感覺到有必要用利率追趕存款。從廣義上講，我們消費者的平均存款餘額仍是大流行前水平的數倍，特別是在我們的低端客戶群中。

Total rate paid on consumer deposits in the quarter rose to 22 basis points and remains low relative to Fed funds, driven by the high mix of quality transactional accounts. Most of this quarter's 10 basis point rate increase remains concentrated in those CDs and consumer investment deposits. And together, those represent only 11% of our consumer deposits.

在高質量交易賬戶的高組合推動下，本季度消費者存款支付的總利率上升至 22 個基點，相對於聯邦基金仍處於較低水平。本季度 10 個基點的加息大部分仍集中在存款證和消費者投資存款上。這些合計僅占我們消費者存款的 11%。

Turning to Wealth Management. This business is also impacted by tax payments and normally shows the most relative rate movement because these clients tend to have the most excess cash. The previous quarter's trend of clients moving money from lower-yielding sweep accounts into higher-yielding preferred deposits and moving off balance sheet on to other parts of the platform seemed to stabilize this quarter. And our sweep balances were more modestly down at $72 billion.

轉向財富管理。該業務還受到納稅的影響，並且通常表現出最大的相對利率變動，因為這些客戶往往擁有最多的多餘現金。上一季度，客戶將資金從收益較低的掃款賬戶轉移到收益較高的優先存款，並將資產負債表轉移到平台其他部分的趨勢似乎在​​本季度趨於穩定。我們的掃除餘額則小幅下降至 720 億美元。

At the bottom right, note the Global Banking deposit stability. We ended the second quarter at $493 billion, down $3 billion from the first quarter. We've now been in this $490 billion to $500 billion range for the past several quarters. And these are generally the transactional deposits of our commercial customers that they use to manage their cash flows. And while the overall balances have been stable, we've continued to see a shift towards interest-bearing as the Fed raised rates one more time during the quarter before pausing in June. Noninterest-bearing deposits were 40% of their deposits at the end of the quarter.

請注意右下角的全球銀行存款穩定性。第二季度結束時，我們的收入為 4,930 億美元，比第一季度減少了 30 億美元。過去幾個季度我們一直處於 4900 億至 5000 億美元的區間。這些通常是我們商業客戶用來管理現金流的交易存款。雖然總體餘額保持穩定，但隨著美聯儲在本季度再次加息，並在 6 月暫停加息，我們繼續看到利率轉向計息。截至本季度末，無息存款佔存款的40%。

Focusing for a moment on average deposits using Slide 13, I really only have one additional point to make. While you've seen the modest downtick in deposits for the past several quarters as the Fed has removed some accommodation, we just want to note that deposits remain 33% above fourth quarter 2019 pre-pandemic period. And as you look at the page, every segment relative to pre-pandemic is up at least 15%; consumers up 40%; consumer checking is up more than 50%; and as noted, Global Banking has been right around $500 billion for the past 5 quarters, and it remains 31% above pre-pandemic.

使用幻燈片 13 關註一下平均存款，我實際上只有一點要補充。儘管由於美聯儲取消了一些寬鬆政策，過去幾個季度的存款略有下降，但我們只想指出，存款仍比 2019 年第四季度大流行前水平高出 33%。當你查看該頁面時，每個細分市場相對於大流行前都上漲了至少 15%；消費者增長40%；消費者檢查增長超過50%；如上所述，過去 5 個季度全球銀行業規模一直保持在 5000 億美元左右，仍比大流行前高出 31%。

So let's move to Slide 14. And we'll continue the conversation that we began last quarter around management of excess deposits above loans. In the top left, note the balances in the second quarter of each year since the pandemic began. The excess of deposits needed to fund loans increased from $500 billion pre-pandemic to a peak of $1.1 trillion in the fall of 2021. And as you can see, it remains high at the end of June at $826 billion.

那麼，讓我們轉到幻燈片 14。我們將繼續上個季度開始的關於管理超額存款高於貸款的對話。在左上角，請注意自大流行開始以來每年第二季度的餘額。為貸款提供資金所需的超額存款從大流行前的 5000 億美元增加到 2021 年秋季的 1.1 萬億美元峰值。正如您所看到的，截至 6 月底，這一數字仍然很高，達到 8260 億美元。

In the top right, note that the amount of cash and securities held has increased across time, in line with the excess deposit trend. And you'll also note the mix shift over time. This excess of deposits over loans has been held in a balanced manner across the period shown, with roughly 50% fixed, longer-dated held-to-maturity securities, and the rest has been held in shorter-dated available-for-sale securities and cash. Cash and the shorter day-to-day FS securities combined was $516 billion at the end of the quarter. And cash at $375 billion is more than twice what we held pre-pandemic, and you should expect to see that come down over time.

在右上角，請注意，持有的現金和證券數量隨著時間的推移而增加，與超額存款趨勢一致。您還會注意到混合隨時間的變化。所示期間，存款多於貸款的情況以平衡方式持有，其中大約 50% 是固定期限的長期持有至到期證券，其餘則以期限較短的可供出售證券持有和現金。截至本季度末，現金和較短的日常金融服務證券總額為 5160 億美元。 3750 億美元的現金是我們在疫情爆發前持有的現金的兩倍多，而且隨著時間的推移，你應該會看到這一數字會下降。

We made these investments given the mix and transactional nature of our customers' deposits, particularly given the excess deposits built. Note also in the bottom left chart, the combined cash and securities yields continued to expand this quarter and remain meaningfully lighter than the overall deposit rate paid. That's a result of 2 things.

考慮到客戶存款的組合和交易性質，特別是考慮到所建立的超額存款，我們進行了這些投資。另請注意，在左下圖表中，本季度現金和證券的綜合收益率繼續擴大，並且仍明顯低於支付的總體存款利率。這是兩件事的結果。

Securities book has seen a steady decline since the fall of 2021 when we stopped adding to it. With less loan funding needs, proceeds from security pay downs have been deployed into higher-yielding cash. And through this action and the increased cash rates, the combined cash and security yield has risen further and faster than deposit rates. Deposits at the end of the quarter were paying 124 basis points, while our blend of cash and securities has increased to 319 basis points. So over the past year, the deposit cost has risen by 118 basis points, and the cash and securities yield has improved by 164 basis points. And as a reminder, this slide focuses on the banking book because our Global Markets balance sheet has remained largely market-funded.

自 2021 年秋季我們停止增持以來，證券賬簿一直在穩步下降。由於貸款融資需求減少，抵押貸款收益已被配置為收益更高的現金。通過這一行動和現金利率的提高，現金和證券的綜合收益率比存款利率的上升幅度更大、更快。本季度末的存款利率為 124 個基點，而我們的現金和證券組合已增加至 319 個基點。所以過去一年來，存款成本上升了118個基點，現金和證券收益率提高了164個基點。提醒一下，這張幻燈片重點關注銀行賬戶，因為我們的全球市場資產負債表仍然主要由市場資助。

Finally, one very last -- one last very important point that I want to make is on the improved NII of our banking book. The NII, excluding Global Markets, which we disclose each quarter, troughed in the third quarter of 2020 at $9.1 billion, and that compares to $14 billion in the second quarter of 2023. So almost $5 billion higher on a quarter basis, $20 billion per year.

最後，我想說的最後一點——最後一個非常重要的一點是我們銀行賬戶的NII 的改進。國家信息基礎設施（不包括我們每季度披露的全球市場）在 2020 年第三季度跌至 91 億美元，而 2023 年第二季度為 140 億美元。因此，每季度增加近 50 億美元，每季度增加 200 億美元。年。

That's led to a stronger capital position, even as we returned capital to shareholders and supplied capital to our customers in the form of loans and other financing capital. And then more specifically on the hold-to-maturity book, the balance of that portfolio declined again $10 billion from the first quarter. It's down $69 billion since we stopped adding to the book in the third quarter of '21. The market valuation on our hold-to-maturity book, which is in a negative position, worsened $7 billion since March 31, 2023, driven by a 54 basis point increase in mortgage rates. The OCI impact from the valuation of our hedged AFS book modestly improved this quarter.

這導致了更強大的資本狀況，即使我們向股東返還資本並以貸款和其他融資資本的形式向客戶提供資本。更具體地說，在持有至到期賬簿上，該投資組合的餘額較第一季度再次下降了 100 億美元。自從我們在 2021 年第三季度停止添加內容以來，該數字已減少 690 億美元。自 2023 年 3 月 31 日以來，由於抵押貸款利率上漲 54 個基點，我們的持有至到期賬簿的市場估值已惡化 70 億美元。我們對沖的 AFS 賬簿估值對 OCI 的影響本季度略有改善。

Let's turn to Slide 15, and we can focus on net interest income. On a GAAP or non-FTE basis, NII in the second quarter was $14.2 billion, and the fully tax equivalent NII number was $14.3 billion. So I'm going to focus on that fully tax equivalent. Here, NII increased $1.7 billion from the second quarter of '22, or 14%, while our net interest yield improved 20 basis points to 2.06%. This improvement has been driven by rates, which includes securities premium amortization, partially offset by global markets activity and $137 billion of lower average deposit balances. Average loan growth during the period of $32 billion also aided the year-over-year NII improvement.

讓我們轉向幻燈片 15，我們可以重點關注淨利息收入。按照 GAAP 或非 FTE 計算，第二季度的 NII 為 142 億美元，完全納稅的 NII 金額為 143 億美元。因此，我將重點關注完全稅收等值。在這裡，NII 比 2022 年第二季度增加了 17 億美元，即 14%，而我們的淨利息收益率提高了 20 個基點，達到 2.06%。這一改善是由利率推動的，其中包括證券溢價攤銷，但部分被全球市場活動和平均存款餘額下降 1,370 億美元所抵消。期間平均貸款增長 320 億美元也有助於 NII 同比改善。

Turning to a linked quarter discussion. NII of $14.3 billion is down $289 million or 2% from the first quarter, and that's driven primarily by the continued impact of lower deposit balances and mix shift into interest-bearing, partially offset by 1 additional day of interest in the period. Global Markets NII increased during the quarter.

轉向鏈接的季度討論。 NII 為 143 億美元，比第一季度下降 2.89 億美元，即 2%，這主要是由於存款餘額下降和組合轉向計息的持續影響，部分被該期間額外一天的利息所抵消。全球市場NII 在本季度有所增加。

The net interest yield fell 14 basis points in the quarter, driven by a larger average balance sheet due to the cash position we chose and some higher funding costs. This quarter's compression, we believe, was just a little anomalous, driven by our decision late first quarter to position the balance sheet around higher cash levels.

本季度淨利息收益率下降了 14 個基點，原因是我們選擇的現金頭寸導致平均資產負債表規模擴大以及融資成本上升。我們認為，本季度的壓縮有點反常，這是由於我們在第一季度末決定將資產負債表定位在較高的現金水平附近。

Turning to asset sensitivity and focusing on a forward yield curve basis, the plus 100 basis point parallel shift at June 30 was unchanged from March 31, '23 at $3.3 billion of expected NII over the next 12 months from our banking book, and that assumes no expected change in balance sheet levels or mix relative to our baseline forecast. And 95% of the sensitivity remains driven by short rates. The 100 basis point down rate scenario was unchanged at negative $3.6 billion.

轉向資產敏感性並關注遠期收益率曲線基礎，6 月 30 日的+100 個基點平行移動與 2023 年 3 月 31 日相比沒有變化，未來 12 個月我們銀行賬戶的預期 NII 為 33 億美元，並且假設相對於我們的基線預測，資產負債表水平或組合沒有預期變化。 95% 的敏感性仍然是由短期利率驅動的。下調 100 個基點的利率情景維持在負 36 億美元不變。

Let me give you a few thoughts on NII as we look forward. We still believe NII for the full year will be a little above $57 billion, which would be up more than 8% from full year 2022. And this could include third quarter at approximately the same level as second quarter, so think $14.2 billion, $14.3 billion. And then fourth quarter, somewhere around $14 billion. That's a slightly better viewpoint than we had last quarter for the third and fourth quarter, with a little more stability closer to the second quarter level and therefore, provides a better start point for 2024.

讓我在展望未來時向您介紹一些關於 NII 的想法。我們仍然認為全年的 NII 將略高於 570 億美元，比 2022 年全年增長 8% 以上。這可能包括第三季度與第二季度大致相同的水平，因此認為 142 億美元、14.3 美元十億。第四季度的銷售額約為 140 億美元。這比我們對第三季度和第四季度的上一季度的看法稍好一些，更接近第二季度的水平，因此為 2024 年提供了一個更好的起點。

So let's talk through the caveats around our NII comments. First, it assumes that interest rates in the forward curve materialize and an expectation of modest loan growth driven by credit card. On deposits, we're expecting modestly lower balances led by consumer, and we expect continued modest deposit mix shifts from Global Banking deposits into interest-bearing. The past few months have provided us a little more positive outlook around NII, given the apparent stabilization of some elements of deposits as well as better pricing. And now we'll see how the rest of the year plays out.

那麼讓我們來討論一下有關 NII 評論的注意事項。首先，它假設遠期曲線中的利率已經實現，並且預期信用卡將推動貸款適度增長。在存款方面，我們預計消費者主導的餘額將小幅下降，並且我們預計存款組合將繼續溫和地從全球銀行存款轉向計息存款。鑑於某些存款要素的明顯穩定以及更好的定價，過去幾個月讓我們對NII的前景更加樂觀。現在我們將看看今年剩餘時間的情況如何。

Okay. Let's turn to expense, and we'll use Slide 16 for that discussion. Second quarter expenses were $16 billion, that was down $200 million from the first quarter. And as I mentioned, the second quarter included $276 million of litigation expense. In addition, we also saw a little higher revenue-related expense driven by our sales and trading results. Those higher costs were more than offset by the absence of the first quarter seasonal elevation of payroll taxes and savings from a reduction in overall full-time head count.

好的。讓我們轉向費用，我們將使用幻燈片 16 進行討論。第二季度支出為 160 億美元，比第一季度減少 2 億美元。正如我提到的，第二季度包括 2.76 億美元的訴訟費用。此外，由於我們的銷售和交易業績，我們還發現與收入相關的費用略有增加。這些較高的成本被第一季度工資稅沒有季節性上漲以及全職員工總數減少帶來的節省所抵消。

Now, excluding the 2,500 or so summer interns that we welcomed into our offices over the summer months, our full-time head count was down roughly 4,000 from the first quarter start point to 213,000. That's some good work after peaking at 218,000 in January. Our summer interns will leave us in the third quarter, and hopefully, many will return as full-time associates next summer. And at the same time in Q3, we welcomed back about 2,600 new full-time hires as college grads, many of whom interned with us last summer. And that's a very diverse class of associates who are excited to join the company.

現在，除去夏季月份我們辦公室招收的約 2,500 名暑期實習生，我們的全職員工人數比第一季度起點減少了約 4,000 人，降至 213,000 人。在 1 月份達到 218,000 的峰值之後，這是一些不錯的成績。我們的暑期實習生將在第三季度離開我們，希望許多人能在明年夏天以全職員工的身份回歸。與此同時，在第三季度，我們迎來了約 2,600 名大學畢業生的新全職員工，其中許多人去年夏天在我們這裡實習過。這是一群非常多元化的員工，他們很高興加入公司。

As we look forward to next quarter, we would expect the third quarter expense to more fully benefit from the second quarter headcount reduction, even as we remain in a mode of modest hiring for client-facing positions. Additionally, the proposed notice of special assessment from the FDIC to recover losses from the failures of Silicon Valley and Signature Bank could add $1.9 billion expense for us, $1.5 billion after tax, and we just remain unsure at this point of timing to record that expense.

當我們展望下個季度時，我們預計第三季度的費用將更充分地受益於第二季度的人員減少，即使我們仍然對面向客戶的職位採取適度的招聘模式。此外，FDIC 提議的特別評估通知，以彌補矽谷和 Signature Bank 倒閉造成的損失，可能會給我們增加 19 億美元的費用，即稅後 15 億美元，但我們目前仍不確定記錄該費用的時機。

Let's now move to credit, and we'll turn to Slide 17. Net charge-offs of $869 million increased $62 million from the first quarter, and the increase was driven by credit card losses as higher late-stage delinquencies flowed through to charge-offs. For context, the credit card net charge-off rate was 2.6% in Q2 and remains well below the 3.03% pre-pandemic rate in the fourth quarter of '19.

現在讓我們轉向信貸，我們將轉向幻燈片 17。淨沖銷 8.69 億美元比第一季度增加了 6200 萬美元，這一增長是由信用卡損失推動的，因為較高的後期拖欠額流向沖銷。關閉。就背景而言，第二季度信用卡淨沖銷率為 2.6%，仍遠低於 2019 年第四季度大流行前的 3.03%。

Provision expense was $1.1 billion in Q2, and that included a $256 million further reserve build. That's driven by loan growth, particularly in credit card, and it reflects a macroeconomic outlook that on a weighted basis continues to include an unemployment rate that rises to north of 5% in 2024.

第二季度撥備支出為 11 億美元，其中包括 2.56 億美元的進一步儲備金建設。這是由貸款增長（尤其是信用卡增長）推動的，它反映了宏觀經濟前景，即加權後的失業率將在 2024 年升至 5% 以上。

On Slide 18, we highlight the credit quality metrics for both our consumer and commercial portfolios. On consumer, we note we continue to see asset quality metrics come off the bottom and they remain below historical averages. Overall, commercial net charge-offs were flat from first quarter. And within commercial, we saw a decrease in C&I losses that was offset by an increase in charge-offs related to commercial real estate office exposures.

在幻燈片 18 中，我們重點介紹了消費者和商業投資組合的信用質量指標。在消費者方面，我們注意到，我們繼續看到資產質量指標觸底反彈，並且仍低於歷史平均水平。總體而言，商業淨沖銷與第一季度持平。在商業領域，我們看到商業和工業損失有所減少，但被與商業房地產寫字樓風險相關的沖銷增加所抵消。

As a reminder, commercial real estate office credit exposure represents less than 2% of our total loans. And this is an area where we've been quite intentional around our client selection, portfolio concentration and deal structure over many years. And as a result, we've seen NPLs and realized losses that are quite low for this portfolio.

提醒一下，商業房地產寫字樓信貸風險占我們貸款總額的不到 2%。多年來，我們在這個領域一直非常注重客戶選擇、投資組合集中度和交易結構。因此，我們發現該投資組合的不良貸款和已實現損失相當低。

In the second quarter, we experienced $17 million in charge-offs on office exposure to write down a handful of properties where the LTV has deteriorated. Our charge-offs on office exposures were $15 million in the first quarter. We pulled forward some of the office portfolio stats provided last quarter in a slide in our appendix for you. And we continue to believe that the portfolio is well positioned and adequately reserved against the current conditions.

第二季度，我們沖銷了 1700 萬美元的寫字樓風險，沖減了一些 LTV 惡化的房產。第一季度我們沖銷的辦公室風險為 1500 萬美元。我們在附錄中的幻燈片中為您提供了上季度提供的一些辦公室投資組合統計數據。我們仍然相信，該投資組合定位良好，並針對當前狀況做好了充分準備。

Moving to the various lines of business and their results, starting on Slide 19 with Consumer Banking. For the quarter, Consumer earned $2.9 billion on good organic revenue growth and delivered its ninth consecutive quarter of strong operating leverage, while we continue to invest in our future. Note that top line revenue grew 15%, while expense rose 10%. These segment results include the bulk of the impact of the cost of the regulatory agreements from last week. Our reported earnings were strong in both periods at $2.9 billion. It understates the success of the business, because the prior year included reserve releases, while we built reserves this quarter for card growth.

轉向各個業務領域及其結果，從幻燈片 19 的消費者銀行業務開始。本季度，消費者業務憑藉良好的有機收入增長實現了 29 億美元的收入，並連續第九個季度實現強勁的運營槓桿，同時我們繼續投資於未來。請注意，頂線收入增長了 15%，而支出增長了 10%。這些部門業績包括上週監管協議成本的大部分影響。我們報告的盈利在這兩個時期都很強勁，達到 29 億美元。它低估了業務的成功，因為上一年包括儲備釋放，而我們本季度為信用卡增長建立了儲備。

PPNR grew 21% year-over-year, even with the added cost of the agreements. And the revenue growth overcame a decline in service charges that I noted earlier. Much of this success is driven by the pace of organic growth of checking and card accounts, as well as investment accounts and balances, as Brian noted earlier.

即使協議成本有所增加，PPNR 仍同比增長 21%。收入的增長克服了我之前提到的服務費的下降。正如布萊恩之前指出的那樣，這種成功很大程度上是由支票和卡賬戶以及投資賬戶和余額的有機增長速度推動的。

In addition to the litigation noted, expense reflects the continued business investments for growth. And as you think about this business, remember, much of the company's minimum wage hikes and the midyear increased salary and wage moves in 2022 impact consumer banking the most, and that, therefore, impacts the year-over-year comparisons.

除了提到的訴訟之外，費用還反映出持續的業務增長投資。當您考慮這項業務時，請記住，公司的最低工資上漲和年中工資上漲以及 2022 年工資變動對消費者銀行業務的影響最大，因此會影響同比比較。

Moving to Wealth Management on Slide 20. We produced good results, earning a little less than $1 billion. These results were down from last year as asset management and brokerage fees felt the negative impact of lower equity, lower fixed income markets and some market uncertainty impacting transactional volume. Those fees were complemented by the revenue from a sizable banking business, and that remains an advantage for us. As Brian noted earlier, both Merrill and the Private Bank continued to see strong organic growth and produced solid client flows of $83 billion since the third -- since the second quarter of '22.

轉到幻燈片 20 上的財富管理。我們取得了良好的業績，收入略低於 10 億美元。這些結果低於去年，因為資產管理和經紀費用受到股本下降、固定收益市場下降以及影響交易量的一些市場不確定性的負面影響。這些費用得到了規模龐大的銀行業務收入的補充，這對我們來說仍然是一個優勢。正如布萊恩早些時候指出的，自 2022 年第二季度以來，美林和私人銀行都繼續保持強勁的有機增長，並產生了 830 億美元的穩定客戶流量。

Our assets under management flows of $14 billion reflect a good mix of new client money as well as existing clients putting money to work. Expenses reflect lower revenue-related incentives and also reflect continued investments in the business as we add financial advisers.

我們管理的資產流量為 140 億美元，反映了新客戶資金和現有客戶投入資金的良好組合。費用反映了與收入相關的激勵措施的減少，也反映了隨著我們增加財務顧問而對業務的持續投資。

On Slide 21, you see the Global Banking results. And this business produced very strong results with earnings of $2.7 billion, driven by 29% growth in revenue to $6.5 billion. Coupled with good expense management, this business produced strong operating leverage. Our Global Transaction Services business has been robust. We've also seen a higher volume of solar and wind investment projects this quarter, and our investment banking business is performing well in a sluggish environment.

在幻燈片 21 上，您可以看到全球銀行業的結果。該業務取得了非常強勁的業績，收入增長了 29%，達到 65 億美元，盈利達 27 億美元。加上良好的費用管理，該業務產生了強大的運營槓桿。我們的全球交易服務業務一直強勁。本季度我們還看到太陽能和風能投資項目數量有所增加，我們的投資銀行業務在低迷的環境中表現良好。

Year-over-year revenue growth also benefited from the absence of marks taken on leverage loans in the prior year period. We saw modest loan growth on average year-over-year, and link quarter, the utilization rates declined. And more generally, we saw lower levels of demand. As we noted earlier, the deposit flows have stabilized in the $490 billion to $500 billion range over the past several quarters, reflecting the benefits of our strong client relationships. The company's overall investment banking fees were $1.2 billion in the second quarter, growing 7% over the prior year and 4% linked quarter, a good performance in a sluggish environment that saw fee pools down 20% year-over-year.

同比收入增長還得益於去年同期槓桿貸款沒有計分。我們看到平均貸款同比溫和增長，並且與季度相比，利用率有所下降。更普遍的是，我們看到需求水平較低。正如我們之前指出的，過去幾個季度的存款流量穩定在 4900 億美元至 5000 億美元的範圍內，反映出我們強大的客戶關係帶來的好處。該公司第二季度的整體投資銀行費用為 12 億美元，同比增長 7%，環比增長 4%，在費用池同比下降 20% 的低迷環境中表現良好。

Provision expense declined year-over-year as we built more reserve in the prior year. Expense was held relatively flat year-over-year even as we drove strategic investments in the business, including relationship management hiring and technology costs. And additionally, comparisons benefit from the absence of elevated expense for some regulatory matters in the second quarter of '22.

由於我們去年建立了更多準備金，撥備費用同比下降。儘管我們推動了業務戰略投資（包括關係管理招聘和技術成本），但費用同比仍相對持平。此外，22 年第二季度某些監管事務的費用沒有增加，這也使比較受益。

Switching to Global Markets on Slide 22. The team had another strong quarter, with earnings growing to $1.2 billion, driven by revenue growth of 14%. And I'm referring to results excluding DVA as we normally do. The continued themes of inflation, geopolitical tensions and central banks changing monetary policies around the globe, along with this quarter's debt ceiling concerns continue to impact both the bond and equity markets. And as a result, it was a quarter where we saw strong performance in both our macro and micro trading businesses. The investments made in the business over the past 2 years continue to produce favorable results. Year-over-year revenue growth benefited from strong sales and trading results and the absence of marks on leveraged finance positions last year.

切換到幻燈片 22 上的全球市場。該團隊又經歷了一個強勁的季度，在收入增長 14% 的推動下，盈利增長至 12 億美元。我指的是像我們通常所做的那樣不包括 DVA 的結果。通貨膨脹、地緣政治緊張局勢和央行改變全球貨幣政策的持續主題，以及本季度的債務上限擔憂，繼續影響債券和股票市場。因此，在這個季度，我們的宏觀和微觀交易業務都表現強勁。過去兩年對該業務的投資繼續產生良好的結果。收入同比增長得益於強勁的銷售和交易業績以及去年槓桿融資頭寸的缺失。

Focusing on sales and trading, ex-DVA revenue improved 10% year-over-year to $4.4 billion. FICC improved 18%, while equities was down 2% compared to the second quarter of '22. Year-over-year, expense increased 8%, primarily driven by investments in the business and revenue-related costs, partially offset by the absence of regulatory matters in the second quarter of '22.

專注於銷售和貿易，扣除 DVA 收入同比增長 10%，達到 44 億美元。與 2022 年第二季度相比，FICC 增長了 18%，而股票則下降了 2%。費用同比增長 8%，主要由業務投資和收入相關成本推動，部分被 22 年第二季度監管問題的缺失所抵消。

Finally, on Slide 23, All Other shows a loss of $182 million. Revenue included $197 million of losses on security sales and increased volume of solar and wind investment operating losses that create the tax credits for the company. As a result of the increased solar and wind tax deal volume and their associated related operating losses, our effective tax rate in the quarter was lower at 8%. But excluding ESG and any other discrete tax benefits, our tax rate would have been 26%.

最後，在幻燈片 23 上，“所有其他”顯示虧損 1.82 億美元。收入包括 1.97 億美元的證券銷售損失以及為公司創造稅收抵免的太陽能和風能投資運營損失的增加。由於太陽能和風能稅收交易量的增加及其相關的相關運營虧損，我們本季度的有效稅率較低，為 8%。但不包括 ESG 和任何其他離散稅收優惠，我們的稅率將為 26%。

So with that, let's stop there, and we'll open it up for Q&A.

那麼，我們就到此為止，我們將開始問答。

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

今天我們將回答 RBC 杰拉德·卡西迪 (Gerard Cassidy) 提出的第一個問題。

Brian, can you give us a view from your standpoint of the new -- I shouldn't say new, but the speech by Vice Chair Barr about the likelihood of capital ratios going up for large banks like your own? And then second, there was a report today on Bloomberg that the capital requirements for holding residential mortgages may go up meaningfully. Any thoughts on that as well?

布萊恩，您能否從您的角度給我們介紹一下您對新事物的看法——我不應該說新事物，而是副主席巴爾關於像你們這樣的大型銀行資本比率上升的可能性的演講？其次，彭博社今天有一篇報導稱，持有住宅抵押貸款的資本要求可能會大幅提高。對此也有什麼想法嗎？

I think -- broadly stated, I think, as was said by many people that have held the position of the year, the capital industry is sufficient. And I think there's been a desire to finish up the Basel III. Those rules will come out, we think, in a few weeks. And like anything else, we'll deal with them. We have 11.6% CET1 ratio. Our requirements currently are 10.4%. And so we've got plenty of capital and it's built up.

我認為——廣義上講，我認為，正如很多擔任過年度人物的人所說，資本行業就足夠了。我認為大家都渴望完成巴塞爾協議 III。我們認為，這些規則將在幾週內出台。就像其他事情一樣，我們會處理它們。我們的 CET1 比率為 11.6%。目前我們的要求是 10.4%。所以我們有足夠的資本並且已經建立起來。

So I think from a global competitive standpoint, we've got to be careful here because the U.S. industry is the best industry in the world and actually does a lot of good for all the countries in the world, including the U.S. And frankly, the rules of supply tend to be more favorable to those outside our country. And so we've got to be careful to maintain the competitive parity.

所以我認為，從全球競爭的角度來看，我們必須要小心，因為美國工業是世界上最好的工業，實際上為包括美國在內的世界所有國家帶來了很多好處。供應規則往往對我國以外的國家更有利。因此，我們必須小心保持競爭平等。

But at the end of the day, Gerard, we need to finish this and get this behind us and then the industry will adopt it and move forward. And -- but they've got to think through the downside of some of these rules and that they could push stuff outside the industry to nonbanks, to half the asset classes across the board in nonbanks, including mortgage lending, which you referenced, half of it goes through nonbanks. And those -- the resilience of those institutions is interesting to watch through cycles.

但歸根結底，杰拉德，我們需要完成這個工作並將其拋在腦後，然後行業才會採用它並繼續前進。而且 - 但他們必須考慮其中一些規則的缺點，他們可以將行業之外的東西推向非銀行機構，將非銀行機構的資產類別推向一半，包括您提到的抵押貸款，一半其中一部分通過非銀行機構。這些機構的彈性在整個週期中值得關注。

And then the second thing they have to worry about is competitiveness overall. But -- and then also just slowing down the economy. A 10% increase in our capital levels would disable us from making about $150 billion of loans at the margin. And you want our banks to support the economy like we do. So I think all this has to be balanced out as they go to adopt these rules.

他們要擔心的第二件事是整體競爭力。但是——然後經濟也放緩了。如果我們的資本水平增加 10%，我們就無法以保證金發放約 1500 億美元的貸款。您希望我們的銀行像我們一樣支持經濟。所以我認為，在他們採用這些規則時，所有這些都必須得到平衡。

Very good. And then as a follow-up, Alastair, you talked about the balance sheet. I think you said 100 basis point increase would lead to over $3 billion in net interest revenue growth over the next 12 months, and a 100 basis point decrease would lead to a decline of just over $3 billion in revenue. Can you share with us, when do you think you might change or what would make you change that position to be liability-sensitive? Would you rely on the forward curve? Or what's the outlook for the balance sheet management that you're looking at now?

非常好。然後，作為後續行動，阿拉斯泰爾，您談到了資產負債表。我想你說過，增加 100 個基點將導致未來 12 個月淨利息收入增長超過 30 億美元，減少 100 個基點將導致收入下降略高於 30 億美元。您能否與我們分享一下，您認為您什麼時候可能會改變，或者什麼會讓您將這種立場轉變為對責任敏感？您會依賴遠期曲線嗎？或者您現在關注的資產負債表管理的前景如何？

Well Gerard, I don't think much has changed for us. We've talked about the fact that for us, it's this idea of balance that's key. And if you look at our disclosures around interest rate risk over the course of the past couple of years, you'll see it's more balanced, both upside and downside, and it's a narrower corridor over time, so that we're trying to sustain NII at a higher level for longer. That's what we're trying to engineer.

好吧，杰拉德，我認為我們沒有發生太大變化。我們已經討論過這樣一個事實：對我們來說，平衡的理念才是關鍵。如果你看看過去幾年我們關於利率風險的披露，你會發現它更加平衡，無論是上行還是下行，而且隨著時間的推移，它的走廊越來越窄，因此我們正在努力維持NII 處於較高水平的時間較長。這就是我們正在努力設計的。

So I think going forward, there won't be a lot of change to our philosophy in that regard. We feel like we're in a pretty good position in terms of balance. We'll be tweaking at the margin. But what will largely drive things from here is just normalization of deposits and good old-fashioned loan growth.

所以我認為，展望未來，我們在這方面的理念不會有太大改變。我們覺得我們在平衡方面處於一個非常好的位置。我們將在邊際上進行調整。但在很大程度上推動事情發展的只是存款的正常化和良好的老式貸款增長。

We'll go next to Glenn Schorr with Evercore.

接下來我們將與 Evercore 一起前往 Glenn Schorr。

So no one could take issue with 600 basis points of operating leverage, but I just always like doing a little gut check. Expense is up 5%. I heard all the reasons why a lot of investment -- the FDIC charge is coming. But I just want to make sure, did anything change -- over the last, like decade or so, you've been basically flat for life. Is expenses more of a relative gain relative to revenues? Or do you think you can keep expenses in and around the same area as you continue to invest?

因此，沒有人會對 600 個基點的運營槓桿有異議，但我總是喜歡做一點直覺檢查。費用上漲 5%。我聽說了大量投資的所有原因——聯邦存款保險公司（FDIC）收費即將到來。但我只是想確定，有什麼改變嗎——在過去的十年左右，你的生活基本上是平淡的。相對於收入而言，支出是否更具有相對收益？或者您認為您可以在繼續投資的同時將開支保持在同一地區及其周邊地區嗎？

So Glenn, I think Alastair gave you a trajectory, which if you look at it from fourth quarter last year to the fourth quarter this year, it gets relatively flat year-over-year. And as revenues flatten out because interest rate movements flatten out, you'll see that as we decline in the quarters, that will be strong.

所以格倫，我認為阿拉斯泰爾給了你一個軌跡，如果你從去年第四季度到今年第四季度來看，它會同比變得相對平坦。隨著利率變動導致收入趨於平緩，你會發現，隨著我們在季度中的下滑，收入將會變得強勁。

So as we think about it, the -- as we think about the forward, we think about the ability to control headcount and have expenses continue to come down. But they're going to stay at a level that's relatively consistent with where we are now over time. And the goal is then to grow revenue faster than expenses. We've been doing it for many decades. You can see that in our data.

因此，當我們考慮這個問題時，當我們考慮未來時，我們會考慮控制員工數量並繼續降低費用的能力。但隨著時間的推移，它們將保持在與我們現在相對一致的水平。目標是收入增長速度快於支出增長速度。我們已經這樣做了幾十年。您可以在我們的數據中看到這一點。

And -- but the way we do it differs from 5 years ago, to 10 years ago, to last year in that the ability to move the branch configuration around when we had 6,000 branches down to 4,000 or 3,900, 3,800 now is different from 3,800 to where it might end up. And so you should expect us to continue to engineer by applying massive amounts of technology. Erica saves a lot of transactional activity. Zelle saves a lot of transactional activity deposits by mobile phones, save a lot of activity. All that goes on.

而且，我們的做法與 5 年前、10 年前、去年有所不同，因為當我們將 6,000 個分支機構減少到 4,000 個或 3,900 個、3,800 個分支機構時，將分支機構配置移動到現在的 3,800 個分支機構的能力與 3,800 個不同到它可能結束的地方。因此，您應該期望我們繼續應用大量技術來進行設計。 Erica 節省了大量的事務活動。 Zelle通過手機節省大量交易活動存款，節省大量活動。一切都在繼續。

And then what we're offsetting with that is from the decade that you talked about, we probably went from $2.5 billion of technology initiatives a year to $3.8 billion. And we went -- we have a lot more revenue that's compensated for, thinking about the Wealth Management business, and that's -- those are the things we fight all the time. So we expect to manage expenses in line with the revenue.

然後我們要抵消的是，從你談到的十年開始，我們的技術計劃可能從每年 25 億美元增加到 38 億美元。考慮到財富管理業務，我們有更多的收入得到補償，而這就是我們一直在奮鬥的事情。因此，我們希望根據收入來管理費用。

As we got to '19, we told you that we're going to have to start growing expenses at a modest growth rate relative to revenue and growth rate. We'd outgrow the economy on revenue. Expenses grow a couple of hundred basis points lower. We're kind of going to be back in that mode, frankly. It's just with inflation, they kicked up, and now we flattened back out, and then we'll get back and think as we move to '24 and beyond.

到了 19 年，我們告訴過你們，我們將不得不開始以相對於收入和增長率適度的增長率增加支出。我們的收入增長將超過經濟增長。費用降低了幾百個基點。坦率地說，我們會回到那種模式。只是隨著通貨膨脹的加劇，現在我們又趨於平緩，然後當我們進入 24 年及以後時，我們會回過頭來思考。

And Glenn, look, the only thing I would just add to what Brian just said, we put up $16.2 million in the first quarter, we were 16-ish this quarter, obviously. We kind of feel like next quarter, just with all the work that we've done around headcount and getting firm in the place that we want now, we feel like we're well positioned to deliver $15.8 million this quarter. If we -- if and when we keep going, we think we're going to be somewhere around $15.6 million or so in Q4.

格倫，聽著，我唯一要補充的是布萊恩剛才所說的，我們在第一季度投入了 1620 萬美元，顯然，本季度我們的業績是 16 歲左右。我們感覺下個季度，只要我們圍繞員工人數所做的所有工作以及在我們現在想要的位置上所做的工作，我們感覺我們已經準備好在本季度交付 1580 萬美元。如果我們繼續前進，我們認為第四季度的收入將達到 1560 萬美元左右。

So to Brian's point, number one, we like the trajectory now. We've shaped the headcount over time to get to the place where we want to be. And that would compare -- I think Q4 last year was $15.5 million. So when you talk about that sort of flattish idea, in an inflationary environment, we feel like that's a pretty good way to end this year and a pretty good way to set up for next year.

所以對於布萊恩來說，第一，我們喜歡現在的軌跡。隨著時間的推移，我們調整了員工人數，以達到我們想要的目標。相比之下，我認為去年第四季度的銷售額為 1550 萬美元。因此，當你在通貨膨脹的環境下談論這種平淡的想法時，我們覺得這是結束今年的一個很好的方式，也是為明年做好準備的一個很好的方式。

We'll take our next question from Mike Mayo with Wells Fargo.

我們將回答富國銀行邁克·梅奧的下一個問題。

So I don't think consensus has you at a positive outcome over to the third and fourth quarter. And to make sure I heard you correctly, Brian, your opening remark is you expect that 8th quarter of consecutive positive operating leverage to continue. So you expect 9 quarters or 10 quarters or as long as you can. And on the -- one reason is just the NII headwinds. You said it should be kind of flattish in the third quarter, which -- and then down some in the fourth quarter. You said the commercial loan demand is a little bit less and utilization is less. On the other hand, you did just give some specific expense numbers.

因此，我認為共識不會讓第三季度和第四季度取得積極成果。為了確保我沒有聽錯，布萊恩，您的開場白是您預計第八個季度的連續正經營槓桿將繼續下去。所以你期望 9 個季度或 10 個季度或盡可能長的時間。原因之一就是國家信息基礎設施的逆風。你說第三季度應該是持平的，然後第四季度會有所下降。你說商業貸款需求少了一點，利用率也低了一些。另一方面，您確實只是給出了一些具體的費用數字。

And maybe, I guess -- so the specific question is how long do you expect the quarters last? Are we done with that? Do you expect that to go? And then to what degree do your digital efforts -- your first 3 slides, Slides 4, 5 and 6 play a part in sustaining this positive operating leverage, say, through 2024 and 2025? Is that a goal? Or is that an expectation?

我想，也許 - 所以具體的問題是你預計這個季度會持續多久？我們就這樣結束了嗎？你希望這樣嗎？然後，您的數字化工作（前 3 張幻燈片、幻燈片 4、5 和 6）在多大程度上在維持這種積極的運營槓桿方面發揮了作用，比如到 2024 年和 2025 年？這是一個目標嗎？或者說這是一種期望？

Our goal is always to maintain it. And Mike, you point out that the toughest time was when you have sort of a twist in the interest rate environment. And you could see that at the end of '19, and then we got right back into it right after the environment stabilized. But I was thinking about the question you asked me a few years ago, Mike, was when NII is coming in, you're going to let it fall, the bottom line, you're going to spend it. And about 80-plus percent of it is falling to the bottom line, which shows you how we position the franchise from the second quarter '21 until now as we went through the interest rate -- the fast interest rate raising.

我們的目標始終是維持它。邁克，您指出，最困難的時期是利率環境出現某種變化的時候。你可以在 19 年底看到這一點，然後我們在環境穩定後立即回到了這個狀態。但我在想你幾年前問我的問題，邁克，當 NII 進來時，你會讓它掉下來，底線是，你會花掉它。其中大約 80% 以上都下降到了底線，這向您展示了從 21 年第二季度到現在，當我們經歷利率——快速加息時，我們如何定位特許經營權。

So we gave you the specific -- as you said, the specific expense guidance by quarter. We'd expect that should produce operating leverage. It will be -- it gets tougher, and then it will get easier as we start to see the stabilization of deposits and loans and loan growth sort of routinely come through and the economy, frankly, shaking through whether we'll get ever a recession or not. And so we feel good about what we've done. That's why I tried to give that longer period of time so people have the context. It's very different environments, how we've achieved it. Sometimes revenue fell and expense fell faster. Sometimes revenue grew and expense grew, but slower in all the different ways. So we'll keep working at it.

因此，我們向您提供了具體的——正如您所說的，按季度的具體費用指導。我們預計這應該會產生運營槓桿。事情會變得更困難，然後會變得更容易，因為我們開始看到存款和貸款的穩定以及貸款增長在某種程度上逐漸實現，坦率地說，經濟正在經歷是否會陷入衰退的問題或不。所以我們對我們所做的事情感覺良好。這就是為什麼我試圖給予更長的時間，以便人們了解背景。這是非常不同的環境，我們是如何實現它的。有時收入下降，支出下降得更快。有時收入會增長，支出也會增長，但在各個方面都較慢。所以我們會繼續努力。

And the key leading indicator we like is we've been able to manage the headcount down, as Alastair said earlier. And frankly, that is in the face of a turnover rate year-over-year, which has dropped in half, which is good because we're not training and hiring as many people, and that then sets us up for the second half of the year, because that headcount benefit has not really come through the P&L and will offset some of the other inflation.

正如阿拉斯泰爾早些時候所說，我們喜歡的關鍵領先指標是我們能夠減少員工人數。坦率地說，這是面對同比流失率下降了一半的情況，這很好，因為我們沒有培訓和僱用那麼多人，這為我們下半年做好了準備。今年，因為員工福利並未真正計入損益表，並將抵消部分其他通脹。

And then as it relates to NII specifically, you said that the last few months, you're a little bit more confident given stabilization in pricing. I guess, we're not seeing that every bank, right? Some banks are getting worse, some banks are getting better. So what is it that gives you more confidence on the NII front and the deposit stabilization front?

然後，由於它與 NII 具體相關，您說過去幾個月，鑑於定價穩定，您更有信心了。我想，我們並沒有看到每家銀行都這樣，對吧？有的銀行越來越差，有的銀行越來越好。那麼，是什麼讓您對國家信息基礎設施和存款穩定方面更有信心呢？

Look, I can't speak to the other banks, Mike, but obviously, we know we're in a privileged and advantaged position relative to our client base. I just think it's interesting. You look at that global banking set of results over the course of the past 1.5 years in particular, that's extraordinary resilience.

聽著，邁克，我無法與其他銀行交談，但顯然，我們知道相對於我們的客戶群，我們處於特權和優勢地位。我只是覺得這很有趣。尤其是過去 1.5 年裡全球銀行業的業績，你會發現這是非凡的彈性。

And look, Q2 is tax season. So if you look at the Wealth Management business, for example, deposits were down $9 billion, but we know they paid tax payments of $14 billion, $15 billion, $16 billion last quarter. So there's beginning to be a little more stability. And obviously, our focus has always been on transactional, primary operating, and we may be seeing the benefit of that in some degree.

看，第二季度是納稅季節。例如，如果你看看財富管理業務，存款減少了 90 億美元，但我們知道他們上季度繳納的稅款為 140 億美元、150 億美元、160 億美元。所以開始變得更加穩定。顯然，我們的重點一直是交易性的、主要的運營，我們可能在某種程度上看到了這樣做的好處。

But look, we'll -- we show you on slide -- I think it was Page 12 of the earnings deck, that's where it is. We showed that last quarter, we showed it again next quarter. But it's just the Fed's engineering this across the board, and we're just reacting to what we see from our customer base.

但是看，我們會 - 我們在幻燈片上向您展示 - 我認為這是收益表的第 12 頁，那就是它所在的位置。我們在上個季度展示了這一點，我們在下個季度再次展示了這一點。但這只是美聯儲全面設計的，我們只是根據我們從客戶群中看到的情況做出反應。

We'll take our next question from Jim Mitchell with Seaport Global.

我們將回答 Seaport Global 的吉姆·米切爾 (Jim Mitchell) 提出的下一個問題。

Maybe just a follow-up on deposit behavior. I appreciate the comment that you have a very low loan-to-deposit ratio, you don't have to chase rates, so it feels like betas can stay low. But how do you think about -- how are you thinking about the mix going forward? We are seeing NIBs come down, CD demand is picking up. So how are you thinking -- what are you seeing in your deposit base with respect to mix?

也許只是存款行為的後續行動。我很欣賞你們的貸存比非常低的評論，你們不必追逐利率，所以感覺貝塔值可以保持在較低水平。但你如何看待未來的混合？我們看到 NIB 下降，CD 需求正在回升。那麼，您如何看待您的存款基礎在混合方面的情況？

I think, Jim, one of the things that -- as we think about deposits, we think about -- across each of the customer bases, and that's what Page 12 shows you. We think about, what do they have cash flows for? They have cash to transact, and they have cash that's in excess of that.

吉姆，我認為，當我們考慮存款時，我們會考慮每個客戶群的一件事，這就是第 12 頁向您展示的內容。我們想一想，他們有現金流做什麼？他們有現金可供交易，而且他們的現金超出了這一範圍。

And what happens is, depending on the customer segment, that cash moves to the market, that excess cash moves to the market, but the transactional cash is all with us. That transactional cash far exceeds, for us, our loan balances. So we have excess transactional cash. And a lot of it is low-interest checking, no-interest checking. Even if it's the money markets, it's that sort of cushion that consumers and wealthy people -- wealthy consumers and average consumers maintain to pay their bills and unexpected expenses. So that's what you've seen. And that produces the cost of deposits of 1.24%, which is far different than we see other people have. And that -- you can -- that just happens.

發生的情況是，根據客戶群的不同，現金會流向市場，多餘的現金會流向市場，但交易現金都在我們這裡。對我們來說，交易現金遠遠超過我們的貸款餘額。所以我們有多餘的交易現金。其中很多是低息支票、無息支票。即使是貨幣市場，消費者和富人（富有的消費者和普通消費者）也會維持這種緩衝來支付賬單和意外開支。這就是你所看到的。這就產生了 1.24% 的存款成本，這與我們看到的其他人有很大不同。而那——你可以——就這樣發生了。

And now the question is, how much moves? And as Alastair said earlier, we're after tax time now where we have a big wealth management payout to taxes. We also passed the point where people have -- way past the point of last time as payments where people will have to -- that money has been in their accounts and still is in their accounts to a large degree as we look at them. And they're paying that down slowly. So the average balance in our checking accounts has gone from a high of $11,000 at the peak to $10,000, $600, $500, or something like that.

現在的問題是，移動多少？正如阿拉斯泰爾早些時候所說，我們現在已經過了納稅時間，我們有大量的財富管理稅款。我們還跨越了這樣一個階段：人們已經——遠遠超過了上次人們必須支付的階段——錢已經存在於他們的賬戶中，而且在我們看來，在很大程度上仍然存在於他們的賬戶中。他們正在慢慢還清這筆錢。因此，我們支票賬戶的平均餘額已經從高峰時的 11,000 美元上升到 10,000 美元、600 美元、500 美元或類似的水平。

So all that dynamic, but you got to go back and say, it's -- the mix of interest-bearing and noninterest-bearing is actually a little bit of a misnomer because it's really what the customer uses the cash for. And if they use it to transact and run their household, that's a very stable base, and that's what this data shows across time, and it's fundamentally a lot higher than pre-pandemic. So consumers, $700 billion pre-pandemic, $1 trillion now.

所有這些動態，但你必須回過頭來說，生息和無息的混合實際上有點用詞不當，因為這實際上是客戶使用現金的用途。如果他們用它來進行交易和管理家庭，那就是一個非常穩定的基礎，這就是這些數據隨時間顯示的內容，而且從根本上來說比大流行前要高得多。所以消費者，大流行前的 7000 億美元，現在是 1 萬億美元。

Checking of that, if you look on the pages in the deposit descriptions, you'll see those numbers are at Page 13, I think it is, those numbers will show you how much has stayed in checking. That's because we have more customers. But more importantly, the average consumer through inflation and stuff has more money around. And that provides great grist for the mill.

檢查一下，如果您查看存款描述中的頁面，您會看到這些數字位於第 13 頁，我認為是的，這些數字將向您顯示尚未檢查的金額。那是因為我們有更多的客戶。但更重要的是，普通消費者通過通貨膨脹等因素有了更多的錢。這為工廠提供了豐富的資源。

Right. So do you feel like that mix shift is starting to slow and stabilize?

正確的。那麼您是否覺得混合轉變開始放緩並穩定下來？

Well, that's what the data on Page 12 shows you. That's why we show you this level of detail in our customer bases or lines of business that many don't show you to demonstrate that, that difference is there for us and other people, maybe there, too. I just can't find it in their data. But if you look at -- that's why we show you Page 12, so you actually see during the second quarter, the week-by-week average balance movement.

嗯，這就是第 12 頁上的數據向您展示的內容。這就是為什麼我們向您展示我們的客戶群或業務線的詳細程度，而許多人並沒有向您展示這些細節來證明這一點，這種差異對於我們和其他人來說是存在的，也許也存在。我只是在他們的數據中找不到它。但是如果你看一下——這就是我們向你展示第 12 頁的原因，所以你實際上會在第二季度看到每週的平均餘額變動。

And it's -- as Alastair said earlier, it's very stable in GWIM, it's very stable in Global Banking. Even in noninterest-bearing piece, half of that is excess balance, half of it is earnings credit rate through the GTS process. And so you've got to be careful of that. And then you look at the consumer, and it's bouncing around the high $900 billion -- $80 billion to $1 trillion, depending on the thing and ended at $1 trillion. And that happens when payrolls happen, all that stuff. But that's hugely advantaged pricing, 20-odd basis points in total for the Consumer business.

正如阿拉斯泰爾早些時候所說，它在 GWIM 中非常穩定，在全球銀行業中也非常穩定。即使在無息部分，一半是超額餘額，一半是通過 GTS 流程獲得的信用利率。所以你必須小心這一點。然後你看看消費者，你會發現它在 9000 億美元左右波動——800 億美元到 1 萬億美元，具體取決於具體情況，最終達到 1 萬億美元。當工資發放時，就會發生這種情況。但這是非常有優勢的定價，對於消費者業務來說總共有 20 多個基點。

And you asked about CDs, we only have $40 billion of CDs. So we are -- when our customers are asking for CD rates, we give them to them. It's just not the core business. And then we have the investment side, we push those wealth management flows, and the consumer investment flows are part of our deposits moving over to the market when it's excess cash.

你問到 CD 的問題，我們只有 400 億美元的 CD。因此，當我們的客戶詢問 CD 費率時，我們就會向他們提供。這只是不是核心業務。然後我們有投資方面，我們推動這些財富管理流量，而消費者投資流量是我們存款的一部分，當現金過剩時，它們會轉移到市場。

We'll go next to Chris Kotowski with Oppenheimer.

接下來我們將與奧本海默一起討論克里斯·科托夫斯基。

In the press release for last week's settlement with BofA, CFPB Director Chopra alleged that you, among other things, opened customer accounts without consent. And I'm just wondering how is such a thing possible in the post-Wells Fargo era? And can you compare and contrast what happened with -- at your firm with what happened at Wells?

在上週與美國銀行達成和解的新聞稿中，消費者金融保護局局長喬普拉聲稱，除其他外，您未經同意就開設了客戶賬戶。我只是想知道在後富國銀行時代這樣的事情怎麼可能發生？您能否將您公司發生的事情與威爾斯公司發生的事情進行比較和對比？

Frankly, Chris, it's -- when we went all through the horizontal review by the OCC and all the practices and everything were changed then. And these -- the small number of accounts that are part of this are from that time period. It's just -- one of the other agencies did anything, and then the consumer bureau had to -- sitting around, we kind of cleaned it up this quarter. So that was that one.

坦率地說，克里斯，當我們進行 OCC 的橫向審查時，所有的做法和一切都發生了變化。這些——其中的一小部分賬戶來自那個時期。只是 - 其他機構之一做了任何事情，然後消費者局不得不 - 袖手旁觀，我們本季度就清理了它。這就是那個。

The time period that reflects which time period?

反映哪個時間段的時間段？

It reflects up to the current time, but the accounts were from '16 and before '17. Back when -- remember, Controller Curry did the 3-phase review of all the other firms that they didn't find -- you can go look at the data and then hopefully, the next Controller will testify in Congress. And it started in the Obama administration after Wells and then led into the early part of the Trump administration with Controller Otting. And you can go look at that, that was cleared up, but we've made the changes in those processes at that time.

它反映了截至當前時間的信息，但帳戶是 16 年和 17 年之前的。回到過去——記住，財務總監庫裡對他們沒有找到的所有其他公司進行了三階段審查——你可以去查看數據，然後希望下一任財務總監將在國會作證。它始於威爾斯之後的奧巴馬政府，然後進入特朗普政府早期的控制官奧廷。你可以去看看，這已經被澄清了，但我們當時已經對這些流程進行了更改。

We'll go next to Erika Najarian with UBS.

接下來我們將介紹瑞銀集團的埃里卡·納賈里安 (Erika Najarian)。

Hi, Erika, you might be on mute. Katherine, maybe we can come back to Erica.

嗨，埃里卡，你可能處於靜音狀態。凱瑟琳，也許我們可以回到艾麗卡身邊。

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

絕對地。接下來我們將與摩根士丹利一起討論貝特西·格拉塞克 (Betsy Graseck)。

A couple of questions. One on the operating leverage that I know you discussed earlier. I mean in the past, when you had the record number of consecutive quarters of positive operating leverage, it seemed like it was being driven primarily by a lot of inputs, but one of the big drivers was consolidation of branches. And now it's an investment spend environment in branches. So I'm just wondering if there is -- if you would agree with that. And if there's a different way that you're going to be delivering this positive operating leverage as you're increasing investment spend in one of the core platforms of the company.

有幾個問題。一是關於我知道您之前討論過的運營槓桿。我的意思是，在過去，當連續幾個季度實現創紀錄的正運營槓桿時，似乎主要是由大量投入驅動的，但主要驅動因素之一是分支機構的整合。現在是分支機構的投資支出環境。所以我只是想知道你是否同意這一點。當你增加對公司核心平台之一的投資支出時，如果有不同的方式來提供這種積極的運營槓桿。

Betsy, that's kind of what I said earlier. It's been gotten by different ways in different periods of time. But even in the last year, the numbers of branches, I think, dropped about from 3,900 to 3,800 and change, and so -- even as we deployed new ones. And so you're consolidating branches in markets you've been in a long time with lots of branches. The ATM count continues to drift down.

貝特西，這就是我之前所說的。在不同的時期，它是通過不同的方式獲得的。但我認為，即使在去年，分支機構的數量也從 3,900 個下降到 3,800 個，並且發生了變化，等等——即使我們部署了新的分支機構。因此，您正在整合您長期以來擁有大量分支機構的市場中的分支機構。 ATM 機數量繼續下降。

But importantly, if you go to the digital pages and look at the activity levels by customers -- and you're speaking mostly to the consumer business, but it affects all customer bases. And you see things like Zelle transactions far exceeding checks. Remember that -- what that means is that we don't have to process a check on the back end of that. And so you process it, push it through. So all that continues to grow very quickly and continues to change the overall operating costs in our consumer business. Our cost of operating plus the cost of pays and deposits is still 130-odd basis points or whatever. It's very strong.

但重要的是，如果您訪問數字頁面並查看客戶的活動水平，您主要針對的是消費者業務，但它會影響所有客戶群。你會看到像 Zelle 交易這樣的東西遠遠超過了支票。請記住，這意味著我們不必在後端處理檢查。所以你處理它，推動它通過。因此，所有這些都將繼續快速增長，並繼續改變我們消費者業務的整體運營成本。我們的運營成本加上付款和存款成本仍然是 130 多個基點或其他。它非常強大。

If you go where the big moves are coming as what we're doing in the markets business, for example, in terms of deeper, deeper digitization, it was always -- equity trading was already digitized, but the operational process behind that the throughput of the amount of stuff that's going straight through. And then what's behind that also on the wealth management to customers getting their statements -- and statements not being delivered to customers' home, but delivered at times of $0.5 billion annual benefit that's accumulated over time.

如果你去看看我們在市場業務中所做的重大舉措，例如，在越來越深入的數字化方面，它總是——股權交易已經數字化，但吞吐量背後的操作流程直接通過的東西的數量。然後，這背後的原因還在於客戶獲得報表的財富管理——報表不是送到客戶家中，而是有時會提供隨著時間的推移積累的 5 億美元的年度收益。

And so if there were some magic thing you could pull, you'd pull it, but these are a whole bunch of operational excellence ideas. It seems inchmeal to the general public, but it just is a constant improvement of the platform, allows us to constantly manage people down as a percentage of work done by people always comes down.

因此，如果有什麼神奇的東西你可以實現，你就會實現，但這些都是一堆卓越運營的想法。對於普通大眾來說，這似乎微不足道，但這只是平台的不斷改進，使我們能夠不斷地管理人員，因為人們完成的工作百分比總是下降。

And then now with artificial intelligence and all enthusiasm, leave aside that's in the future, the way we've applied it so far has enabled us to do things like our business bankers are more efficient at calling because we use artificial intelligence and programs to tell them which prospects they go to, not to tell -- they know their clients and they run it, but which prospects they should approach first so they're more efficient or the Advisor Match, which has an intelligence base built into it to match a client to an adviser that's -- you saw the statistics about the number of leads, 20,000 leads. All this is adding efficiency.

然後現在有了人工智能和所有的熱情，拋開那是在未來，我們迄今為止應用它的方式使我們能夠做一些事情，比如我們的商業銀行家打電話的效率更高，因為我們使用人工智能和程序來告訴他們會去找哪些潛在客戶，而不是告訴他們——他們了解自己的客戶並負責管理，但他們應該首先接觸哪些潛在客戶，這樣他們才能更有效率，或者顧問匹配，它內置了一個情報基礎來匹配客戶給顧問——您看到了有關潛在客戶數量的統計數據，20,000 個潛在客戶。所有這些都在提高效率。

So yes, the branch system has got -- it's come down a slope and that slope is starting to flatten out. But in that slope is a massive reinvestment in rehabs and a massive opening. And then more and more deposits over top of that, which keeps that efficiency going.

所以，是的，分支系統已經——它已經走下斜坡，並且斜坡開始變平。但在這個斜坡上是對修復的大規模再投資和大規模的開放。除此之外，還有越來越多的存款，這使得效率得以維持。

So your point on enthusiasm for AI -- but in your comments, it sounds like there's more legs to that, that you're anticipating going forward as well? Is that fair?

那麼，您對人工智能的熱情是怎樣的——但在您的評論中，聽起來似乎還有更多的理由，您也預計會繼續發展？這公平嗎？

Yes. Erica, we started working on probably 8 years ago now. They do a natural language processing capability that could answer questions that we can make sure the answer was what we wanted to be and every -- and on our proprietary systems. And so it's an algorithm that anticipates the answer to the question, but it comes from our data and it looks in your account.

是的。 Erica，我們大概 8 年前就開始工作了。他們擁有自然語言處理能力，可以回答問題，我們可以確保答案是我們想要的，而且是在我們的專有系統上。因此，它是一種預測問題答案的算法，但它來自我們的數據，並且會在您的帳戶中查找。

But those 165 million interactions in the last quarter, all of them would have been an e-mail, a text, a phone call. And they were all done through the customer entering it into Erica and getting an answer, and then going on. And it started -- but that will just keep expanding to become a higher and higher functionality. It is a -- start at a methodology, which these new programs are far in excess of that, but they're not tested on data, they elucidate and all these wonderful things that you hear the experts talk about that have to be carefully controlled before you apply. But Erica is using some of the same principles but applied in a very controlled environment.

但上個季度的 1.65 億次互動，全部都是一封電子郵件、一條短信、一個電話。這些都是通過客戶將其輸入 Erica 並得到答案，然後繼續進行來完成的。它開始了——但它只會不斷擴展，成為越來越高的功能。這是一種方法論，這些新程序遠遠超過了這種方法論，但它們沒有對數據進行測試，它們闡明了你聽到專家談論的所有這些美妙的事情，必須小心控制在您申請之前。但埃里卡（Erica）使用了一些相同的原理，但應用於非常受控的環境中。

And by the way, when we do it with our -- drafting the CO -- credit offer memoranda or we do it with a business -- targeting that we talked about, all those are ways that we apply, but it's a very controlled setting. So it still has a lot more out there, frankly, as it gets understood better and how it works better and how it can be -- attribution, accountability, those types of things have to build in. But Erica, that was built in from the start.

順便說一句，當我們用我們的——起草CO——信貸要約備忘錄來做到這一點時，或者我們用我們談到的業務——目標來做到這一點時，所有這些都是我們應用的方式，但這是一個非常受控的環境。因此，坦率地說，隨著人們更好地理解它，以及它如何更好地運作以及它如何能夠成為現實，它還有更多的內容——歸屬、問責制，這些類型的東西必須內置。但是埃里卡，這是內置的開始。

Okay. And then just one follow-up on the capital question. I know that you are reviewing the SCB with the Fed, but I'm just trying to understand what kind of expectations you have for buybacks as we look forward here, realizing that there's some puts and takes with Basel III, but there's some benefits here with the SCB.

好的。然後是關於資本問題的一個後續行動。我知道您正在與美聯儲一起審查SCB，但我只是想了解您對回購有什麼樣的期望，因為我們在這裡展望，意識到巴塞爾III有一些看跌期權和採取措施，但這裡有一些好處與SCB。

Yes. So we got the final stress capital buffer along with the rest of the industry in August. So we'll wait for that, obviously. And then, Betsy, I think we'll likely have to wait for Basel III final clarity. That's still moving, and so we don't have the proposed rule yet. Then we have to wait for the comment period, then we got to wait for the final rule. So there's a lot that needs to go on before we get full perspective. But I think Brian said it well. I mean we've got plenty of capital. We've been buying back enough shares to offset the share dilution. And we've got flexibility to do a little bit more.

是的。因此，我們在八月份與行業其他公司一起獲得了最終的壓力資本緩衝。所以顯然我們會等待。然後，貝特西，我認為我們可能不得不等待巴塞爾協議 III 最終的明確性。這仍在進行中，因此我們還沒有擬議的規則。然後我們必須等待評論期，然後我們必須等待最終規則。因此，在我們獲得完整的視角之前，還有很多工作要做。但我認為布萊恩說得很好。我的意思是我們有足夠的資本。我們一直在回購足夠的股票以抵消股票稀釋。我們可以靈活地做更多事情。

So the other thing that you see over the course of the past year is obviously stress capital buffer last year, we had to add 90 basis points. Well, we've added 110 over the course of the past year, and capped return on tangible common equity around 15.5% while buying back shares. So we've got the flexibility to do a little bit of everything. But I think we want to see what the final rules look like before we make too many decisions.

因此，你在過去一年中看到的另一件事顯然是去年的資本緩沖壓力，我們不得不增加 90 個基點。嗯，我們在過去的一年裡增加了 110 家，並在回購股票時將有形普通股回報率限制在 15.5% 左右。所以我們可以靈活地做任何事情。但我認為我們希望在做出太多決定之前看看最終規則是什麼樣子。

We'll go next to Ken Usdin with Jefferies.

我們將和杰弗里斯一起去肯·烏斯丁旁邊。

Just one question on credit to follow up your comments. So it looks like the card normalization is progressing very gradually, 90-day past dues, but only kind of marginally. Just give your points about the consumer having still plenty of cash, the economy holding up well. Just your view on just ongoing normalization of card losses specifically, and just anything else that we should be mindful of when we think about credit normalization.

只需提出一個信用問題即可跟進您的評論。因此，信用卡正常化的進展似乎非常緩慢，已逾期 90 天，但進展緩慢。只要給出你的觀點，即消費者仍然擁有充足的現金，經濟也保持良好。只是您對卡損失持續正常化的具體看法，以及我們在考慮信用正常化時應該注意的其他事項。

Dan, I think you nailed it. That's sort of been -- you just -- you watch our -- if you look at our charge-offs, for example, that's mainly about loan growth and a little bit about the rate picking up just a little bit, but it's still well below pandemic. You can see that. And fourth quarter '19 was a great quarter for asset quality and cards. So it gets back to this idea that the consumer is still in a pretty healthy place. You can see that in the unemployment statistics, and you can see it in the way that they're just continuing to spend a little bit more money year-over-year. So I feel like we've been pretty consistent. The consumer is pretty resilient. That remains the case, and we're benefiting it from right now in the card experience.

丹，我想你已經成功了。這有點 - 你只是 - 你看我們的 - 如果你看看我們的沖銷，例如，這主要與貸款增長有關，還有一點與利率上升有關，但仍然很好低於大流行。你可以看到這一點。 19 年第四季度的資產質量和信用卡表現都非常出色。所以這又回到了消費者仍然處於一個非常健康的狀態這一想法。你可以在失業統計數據中看到這一點，你可以從他們繼續逐年多花一點錢的方式看到這一點。所以我覺得我們一直非常一致。消費者的適應能力相當強。情況仍然如此，我們現在正在從卡片體驗中受益。

And sorry, just one more follow-up on the fee side. Can you help us understand, the card, the deposit service charges, asset management kind of all been stable to slightly lower, have the effects that you put through in terms of all the service charges, changes and new rewards type of card benefits and all that, are we close to getting that run rated? Any signals of stability in some of those areas?

抱歉，只是關於費用方面的另一項後續行動。您能否幫我們了解一下，卡、存款服務費、資產管理類都穩定到小幅下降，對您在所有服務費、變更和新獎勵類型的卡福利以及所有方面所投入的影響有影響嗎？那我們是否接近獲得該運行評級？其中一些領域有任何穩定的信號嗎？

So as Alastair mentioned earlier, there's been a 10-year change in how we work in the overdraft area. And the biggest -- and another set of changes were made and fully implemented in the third quarter of last year. So they're in the current run rate. It's just the year-over-year comparisons, this quarter picks up a little bit of pre -- final changes to post. So if you look at the FDIC data, I think we're down to $30-odd million a quarter or something like that. And overdraft fees compared to others, there are multiples of that. But we've -- it's all through the system. It's all done and all the changes required under the recent announcements and stuff have been made for a couple of years. So it's in the run rate, so to speak.

正如阿拉斯泰爾之前提到的，十年來我們在透支領域的工作方式發生了變化。最大的另一組變化是在去年第三季度做出並全面實施的。所以他們處於當前的運行速度。這只是同比比較，本季度在發布之前進行了一些最終更改。因此，如果你查看 FDIC 的數據，我認為我們每季度的支出已降至 30 多萬美元或類似的水平。而且透支費用與其他相比，還有數倍之多。但我們——這一切都是通過系統進行的。這一切都已經完成，並且根據最近的公告和內容所需的所有更改已經進行了幾年。可以這麼說，它是在運行率中。

(Operator Instructions) We'll go next to Charles Peabody with Portales.

（操作員指示）我們將帶著波塔萊斯前往查爾斯·皮博迪旁邊。

Question about your interest-bearing deposits with the Fed, and I'm looking at Page 8, your average balance sheet. And those balances were up quite considerably quarter-over-quarter. And yet your deposit base was relatively flat. So I was just curious what the thinking behind that was. Was it a desire to build liquidity? Was there an arbitrage opportunity for NII? What was -- why build the balances so aggressively?

關於您在美聯儲的有息存款的問題，我正在查看第 8 頁，即您的平均資產負債表。這些餘額環比大幅增長。然而你的存款基礎卻相對平穩。所以我只是好奇這背後的想法是什麼。是為了增加流動性嗎？ NII 是否存在套利機會？為什麼要如此積極地建立平衡？

Yes. So if you go back to -- we talked about this at the end of last quarter, Charles. At the end of last quarter, it was an interesting time for the industry. And we felt like it was prudent to just build cash during a period like that. And so that's what we did. And it's -- it was obviously, an extraordinary period. Since then as the environment is normalizing, I'd anticipate -- and I talked about that earlier, you'll see our cash levels just continue to come back down. And so that's all that's happening. It was a choice on our part to position with cash, and you'll begin to see that drift lower now.

是的。所以，如果你回顧一下——我們在上季度末討論過這個問題，查爾斯。上季度末，對於行業來說是一個有趣的時刻。我們認為在這樣的時期積累現金是謹慎的做法。這就是我們所做的。顯然，這是一個非同尋常的時期。從那時起，隨著環境正常化，我預計 - 我之前談到過，你會看到我們的現金水平繼續下降。這就是所發生的一切。我們選擇用現金進行倉位，現在你會開始看到現金的下降。

Okay. And as a follow-up then, would that imply that the average balance sheet or more importantly, RWAs will start to shrink and that would help your capital? I'm just trying to understand the capital...

好的。作為後續行動，這是否意味著平均資產負債表或更重要的是 RWA 將開始收縮，這將有助於您的資本？我只是想了解首都...

No, it shouldn't really impact RWAs because most of that is sort of low or 0 RWA. What it should impact is, if you look at our net interest yield, that's always a question of numerator and denominator. And when we increased the cash balances, that inflates the denominator for a period of time. So that doesn't hurt NII, but it does inflate your balance sheet just a little bit.

不，它不會真正影響 RWA，因為其中大部分 RWA 較低或為 0。它應該產生的影響是，如果你看看我們的淨利息收益率，這始終是一個分子和分母的問題。當我們增加現金餘額時，分母會在一段時間內膨脹。因此，這不會損害 NII，但它確實會稍微誇大您的資產負債表。

So I think as you look forward, what you should expect is we just get back to work on both parts of that numerator and denominator, will grind away at the NII side. And then on the denominator side, we'll have a smaller, more efficient balance sheet as the environment normalizes. And in the meantime, it hasn't hurt NII in any way.

所以我認為，當你展望未來時，你應該期望的是我們只是重新開始研究分子和分母的兩個部分，這將在國家信息基礎設施方面進行深入研究。然後在分母方面，隨著環境正常化，我們將擁有更小、更高效的資產負債表。與此同時，它並沒有以任何方式傷害 NII。

We'll go to Erika Najarian with UBS.

我們將邀請瑞銀集團的埃里卡·納賈里安 (Erika Najarian)。

I'm sorry I missed the earlier call. On the net interest income trajectory, Alastair, clearly a big focus for your shareholders. You mentioned when you were responding to Gerard's first question that you narrowed the volatility of net interest income. And I think that investors, I'm sure, are going to start asking you guys and us about the starting point of $14 billion for NII next year.

很抱歉我錯過了之前的電話。在淨利息收入軌跡上，阿拉斯泰爾顯然是股東的一大關注點。您在回答杰拉德的第一個問題時提到，您縮小了淨利息收入的波動性。我相信投資者將開始向你們和我們詢問明年 NII 140 億美元的起點。

I guess we're wondering, if the Fed stays higher for longer, doesn't move, how does that impact that $14 billion run rate? Does that $14 billion capture a cumulative deposit beta that would sort of fully reflect what you would expect to experience through the cycle? And then I have a follow-up question from there.

我想我們想知道，如果美聯儲在更長時間內保持較高水平，不採取行動，這會對 140 億美元的運行率產生什麼影響？這 140 億美元是否包含了累積存款貝塔值，可以完全反映您在整個週期中預期經歷的情況？然後我有一個後續問題。

So all of our asset disclosures reflect the betas that we believe at the time. So that part is always in the disclosures. It's too early for me to say on 2024. We're giving guidance for the rest of the year, so you have a pretty good sense of what we're pretty confident around. But last time I looked at the forward curve, we had 1, possibly 2 hikes this year and then as many as 5 declines next year. So there's a lot between here and there. And I think we'll just assume to take the next 3 to 6 months to figure out, Erika, exactly how we feel about '24.

因此，我們所有的資產披露都反映了我們當時認為的貝塔值。所以這部分總是在披露中。對我來說 2024 年的預測還為時過早。我們正在為今年剩餘時間提供指導，因此您可以很好地了解我們對什麼充滿信心。但上次我查看遠期曲線時，今年我們有 1 次、可能 2 次上漲，然後明年有多達 5 次下跌。所以這里和那里之間有很多東西。我想我們會假設需要在接下來的 3 到 6 個月內弄清楚，Erika，我們對 24 歲的確切感受。

Totally understand. So going back to the down 100 basis point disclosure that would yield to down $3 billion for full year basis. How much of that -- given that you have exposure to the shape of the curve, not just the short end of the curve because of your securities book, how much of that is short rates versus long rates in terms of that drop?

完全明白了。因此，回到下降 100 個基點的披露，這將導致全年下降 30 億美元。其中有多少——考慮到你接觸到了曲線的形狀，而不僅僅是曲線的短端，因為你的證券賬簿，其中有多少是短期利率與長期利率的下降？

I guess what I'm trying to figure out is, if I simply divide $3 billion by 4, right, that would get me a run rate of $13.25 billion on a quarterly basis. And you mentioned that there are about 5 cuts in next year. But if it's not on the short end, right, and if it's half-half, then it could get to a run rate of $13.75 billion. So just -- I know there's a lot in there, so I would just love your thoughts on everything I just said.

我想我想弄清楚的是，如果我簡單地將 30 億美元除以 4，對吧，我的季度運行率為 132.5 億美元。您提到明年大約有 5 次削減。但如果不是短期的，對吧，如果是一半的話，那麼它的運行率可能會達到 137.5 億美元。所以——我知道裡面有很多東西，所以我很想听聽你對我剛才所說的一切的想法。

Well, you lost me a little. But I'll say this. We've got -- it's actually done $3.6 billion, it's not done $3 billion, so that's number one. Number two, you should think about the short term being the vast majority of that. And number three, part of the reason that I think we feel like we've narrowed this corridor, and we've got a little more stability around it is, A, the securities book; and B, just as importantly, there's been a large rotation into interest-bearing. And so as rates -- in a disclosure like this, as rates come down, one would expect that we'll be somewhat insulated from that in a different way than we might have 2 years ago when we didn't have as much interest-bearing.

好吧，你讓我有點迷失了。但我會這麼說。我們實際上已經完成了 36 億美元，但沒有完成 30 億美元，所以這是第一。第二，你應該考慮短期是其中的絕大多數。第三，我認為我們感覺我們已經縮小了這條走廊，並且我們在它周圍有了更多的穩定性，部分原因是，A，證券賬簿； B，同樣重要的是，有大量輪換為生息。因此，在這樣的披露中，隨著利率下降，人們會期望我們會以一種與兩年前不同的方式免受利率影響，當時我們沒有那麼多利息——軸承。

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

我們將關注邁克·梅奧 (Mike Mayo) 與富國銀行 (Wells Fargo) 的後續報導。

I just keep staring at Slides 4, 5 and 6 for the digital progress that you're making and trying to connect that to your expenses and operating leverage. And I guess where I get to is certainly, you're signaling that trend should be good for revenue versus expense or at least you're trying to have that. But I still look at the efficiency ratio of expenses to revenues of 64% or 62%, and then you compare that to the levels from 2018 and 2019 when it was 57% and 58%.

我只是一直盯著幻燈片 4、5 和 6，了解您正在取得的數字化進展，並嘗試將其與您的支出和運營槓桿聯繫起來。我想我想說的是，你正在暗示趨勢應該對收入與支出有利，或者至少你正在努力做到這一點。但我仍然看到支出與收入的效率比為 64% 或 62%，然後將其與 2018 年和 2019 年的水平進行比較，當時的水平為 57% 和 58%。

So I guess the question is, you guys, with all these digital initiatives and progress and again, I appreciate the disclosure on these slides but -- and it would be great to have more of your peers disclose that, all that progress, why can't you get back to levels from '18 to '19 or at least below 60%? And if so, how long would it take?

所以我想問題是，你們，有了所有這些數字舉措和進展，我再次感謝這些幻燈片上的披露，但是——如果有更多的同行披露這一點，那就太好了，所有這些進展，為什麼可以你沒有回到'18到'19的水平或至少低於60%嗎？如果是的話，需要多長時間？

Mike, the linkage of the digital activity to produce the many quarters of operating leverage at the last 8.5 years, et cetera, is an absolute tie in, and Betsy asked about the branch count and all the things that we've done. The efficiency ratio for us is -- as a plain element, which is the wealth management business is a big part of our revenue base and has a different operating dynamic because of how it's reported.

Mike，過去 8.5 年中多個季度的運營槓桿等數字活動的聯繫是絕對的聯繫，Betsy 詢問了分支機構數量以及我們所做的所有事情。我們的效率比是——作為一個簡單的要素，財富管理業務是我們收入基礎的重要組成部分，並且由於其報告方式而具有不同的運營動態。

As you well know, the revenue has the cost of compensation as a percent of revenue is high. And we basically make 50 cents on the dollar for every dollar past the revenue takeout, which -- the adviser compensation level. And we're continuing to try to improve that and make the adviser more efficient and things like that, but that's a major change. We improved year-over-year.

眾所周知，收入有補償成本，因為收入的百分比很高。基本上，超出收入支出的每一美元，我們都能賺取 50 美分，即顧問薪酬水平。我們正在繼續嘗試改進這一點，使顧問更加高效等等，但這是一個重大變化。我們逐年進步。

And frankly, we're still cleaning out some pandemic-related costs and things like that. So we'll continue to drive that down. And as net interest income has come up and more important part of the business, that helps push that efficiency ratio back down.

坦率地說，我們仍在清理一些與大流行相關的成本和類似的事情。所以我們將繼續降低這一點。隨著淨利息收入的增加並成為業務中更重要的一部分，這有助於降低效率比率。

And that's the goal. I mean you're describing what we go to work and do every day. And the way we do it is -- the application of technology across the board. And then removing work from the system and bringing that out and bringing it to the bottom line and then making the investments we did to make it happen again. So we'll continue to do that. But the efficiency ratio, remember, for us, if you go lines of business is best-in-class. It's just we have a bigger mix towards the wealth management business than most other people.

這就是目標。我的意思是你正在描述我們每天上班和做的事情。我們的做法是——全面應用技術。然後從系統中刪除工作並將其帶出並使其達到底線，然後進行我們所做的投資以使其再次發生。所以我們將繼續這樣做。但請記住，對於我們來說，如果您從事業務領域，效率比是一流的。只是我們的財富管理業務比大多數其他人更廣泛。

And let me just try 1 more time. On Erica, if it could be Bank of America AI, maybe you should spin out your Erica business, but you guys highlight a number of hours it saves in manual labor. And do you have a connection of that to what that saves in expenses or what that could save or should save over the next few years?

讓我再嘗試一次。在 Erica 上，如果它可以是美國銀行的人工智能，也許你應該分拆你的 Erica 業務，但你們強調了它節省的體力勞動時間。您是否認為這與未來幾年節省開支或可以節省或應該節省的費用有聯繫？

Yes. It will continue to allow us to do more with the same amount. So if you think about from '19 to now, Mike, remember, the number of customers who do their core checking list is up 10%. So it's not a -- and that is a lot of people. It's 3 million more customers doing 20, 30 transactions a month, and all that's going through on a relatively flat expense base.

是的。它將繼續讓我們用同樣的資金做更多的事情。因此，如果你想想從 19 年到現在，邁克，請記住，執行核心檢查清單的客戶數量增加了 10%。所以這不是——而且是很多人。每月新增 300 萬客戶進行 20 至 30 筆交易，而所有這些都是在相對穩定的費用基礎上進行的。

And we've been -- we've had -- with inflation and wages and things, we've absorbed all that as part of the thing, and that's why the costs have changed. But the reality is we flatten that back out, and then we'll keep driving it back down. And that -- if you look at the cost of deposits, which is the cost of running all that as a percentage of deposits, you can see that on the consumer page, it still maintains a nice break against the rate they would receive for the deposit balances. So we're working at it.

我們已經——我們已經——面對通貨膨脹和工資之類的問題，我們已經將所有這些都吸收為事情的一部分，這就是成本發生變化的原因。但現實是我們將其壓平，然後我們將繼續將其壓低。而且，如果您查看存款成本，即運行所有這些的成本佔存款的百分比，您可以在消費者頁面上看到，它仍然與他們收到的利率保持著良好的突破。存款餘額。所以我們正在努力。

Simply put, we had 100,000 people in the consumer business a decade-plus ago. We now have 16 going -- and it comes down a little bit every quarter, even though we're putting new branches with an average of 5 to 10 people and depending on the location and things like that going on. And so that just keeps going in the right direction.

簡而言之，十多年前我們有 100,000 名消費者業務人員。我們現在有 16 家分店，而且每個季度都會減少一點，儘管我們正在設立平均有 5 到 10 人的新分店，具體取決於地點和類似情況。這樣就一直朝著正確的方向前進。

Now if you take that across other things, in our operations group, the team there continues to have flat headcount, down headcount, and we invest that back in the technology side for more developers, 20-odd thousand on our payroll plus another 10,000 or 15,000 of third parties that go through, frankly, the top lines. And so we keep trying to drive it in to make us more efficient. So all the principles you're saying is right, and we expect it to continue to have a benefit.

現在，如果你把這一點放在其他事情上，在我們的運營團隊中，那裡的團隊繼續保持固定的人員數量，減少人員數量，我們將其投資回技術方面，以吸引更多的開發人員，我們的工資單上有 20 多名開發人員，另外還有 10,000 名或更多的開發人員。坦率地說，有 15,000 個第三方參與運營。因此，我們不斷努力推動它，以提高我們的效率。所以你說的所有原則都是正確的，我們希望它能夠繼續帶來好處。

There are no further questions in queue at this time. I'd like to turn the program back over to Brian Moynihan for any additional or closing remarks.

目前隊列中沒有其他問題。我想將節目轉回布賴恩·莫伊尼漢 (Brian Moynihan)，以供補充或結束語。

Thank you for joining us all. As you think about the quarter, strong profitability, strong 15% return on tangible common equity or better, continue to drive organic growth, continued to drive our operating leverage. And if we gave you clarity on the future path of expenses and NII. But above all else in the quarter where we've had a strong capital markets performance and a strong investment banking performance, I think, along with our other usual great performances of businesses, we feel good about the company and its position going forward. Thank you.

感謝您加入我們大家。回顧本季度，強勁的盈利能力、15% 或更高的有形普通股回報率強勁，繼續推動有機增長，繼續推動我們的運營槓桿。如果我們讓您清楚了解支出和國家信息基礎設施的未來路徑。但最重要的是，在本季度我們擁有強勁的資本市場表現和強勁的投資銀行業績，我認為，加上我們其他通常出色的業務表現，我們對公司及其未來的地位感到滿意。謝謝。

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。