美國銀行 (BAC) 2026 Q2 法說會逐字稿

(audio in progress) It is now my pleasure to turn the meeting over to Lee McEntire, Bank of America. Please go ahead.

(音訊進行中) 現在我很高興把會議交給美國銀行的 Lee McEntire。請開始。

Thank you. Good morning, everyone, and thank you for joining us to talk through our second-quarter results and what is a busy bank earnings day. As always, the earnings release and presentation are posted on the Investor Relations section of bankofamerica.com, and we'll reference those materials during the call. Before we begin, a quick reminder that during the call, we may make forward-looking statements and refer to non-GAAP financial measures. These measures reflect management's current views and are subject to risks and uncertainties, which are outlined along with the relevant GAAP reconciliations in our earnings materials and our SEC filings on our website.

謝謝。各位早安，感謝各位加入我們，一同回顧第二季業績，以及在銀行財報密集發布日的忙碌時刻。一如往常，財報新聞稿與簡報已發布於 bankofamerica.com 的投資人關係專區，我們將在電話會議中引用這些資料。在開始之前，提醒各位：在本次電話會議中，我們可能會發表前瞻性陳述，並提及非 GAAP 財務衡量指標。這些衡量指標反映管理層目前的觀點，並可能受到風險與不確定性影響；相關內容以及對應的 GAAP 調節表，均已載於我們的財報資料與本公司網站上的 SEC 申報文件中。

With that, I'll turn the call over to Brian Moynihan, our CEO.

接下來，我把電話交給我們的執行長 Brian Moynihan。

Good morning, and thank you for joining us. Once again, our team delivered strong second-quarter results, extending our momentum of the past several quarters. Our revenue grew 15% year over year to $31.6 billion. Our net income was $9.1 billion, up 27% from last year. Our EPS increased 34% to $1.21 a share.

各位早安，感謝各位加入。再次地，我們的團隊交出強勁的第二季成果，延續過去數季的動能。我們的營收年增 15%，達到 316 億美元。淨利為 91 億美元，較去年成長 27%。每股盈餘（EPS）成長 34%，至每股 1.21 美元。

Our results show organic growth, operating leverage and efficiency ratio improvement in every business segment. Along the bottom of slide 2, you can see the progress against several of our key financial metrics for the firm. For the quarter, we delivered 6.6% operating leverage and our efficiency ratio improved to 59%. We generated return on tangible common equity of 17%. In short, organic growth was broad-based and coupled with operating leverage, which translated into stronger returns on both equity and assets.

我們的結果顯示：各業務部門皆呈現有機成長、營運槓桿與效率比率改善。在第 2 頁投影片底部，各位可以看到我們在多項公司關鍵財務指標上的進展。本季我們達成 6.6% 的營運槓桿，效率比率改善至 59%。有形普通股權益報酬率（ROTCE）為 17%。簡言之，有機成長具廣泛性，並結合營運槓桿，進而轉化為更高的股東權益與資產報酬。

Slide 3 shows the contributions and growth of each business segment. Every business segment contributed to our year-over-year growth. Average deposits and loan balances continue to grow, supported by healthy client engagement. Revenue and net income increased in every business segment. Each segment generated operating leverage. Each segment improved its efficiency ratio and each segment demonstrated the benefits of its scale. Together, those results drive stronger returns across the company.

第 3 頁投影片顯示各業務部門的貢獻與成長。每個業務部門都對我們的年增成長有所貢獻。在健康的客戶互動支持下，平均存款與貸款餘額持續成長。各業務部門的營收與淨利皆增加。各部門皆產生營運槓桿。各部門的效率比率皆改善，並展現其規模效益。綜合而言，這些成果推動公司整體報酬提升。

Let me touch on a few earnings highlights from slide 4, starting with revenue. Revenue growth was broad-based, led by NII, investment banking, wealth management fees and sales and trading revenue. First, net interest income. It continued to perform well. On an FTE basis, NII was approximately $16.2 billion, up 9% over last year's second quarter. This is driven by the strength of our core lending and deposit gathering franchises. It also includes our lending in our Global Markets business and the impact thereof. We also have added the benefit of ongoing repricing of lower-yielding assets and a repayment of higher cost funding.

我先就第 4 頁投影片的幾項財報重點做說明，從營收開始。營收成長具廣泛性，主要由淨利息收入（NII）、投資銀行、財富管理費用，以及銷售與交易收入帶動。首先，淨利息收入。其表現持續良好。以 FTE 基礎計算，NII 約為 162 億美元，較去年第二季成長 9%。這主要來自我們核心放款與吸收存款特許業務的強勁表現。其中也包含我們全球市場（Global Markets）業務的放款及其影響。此外，我們也受惠於持續對低收益資產進行重新定價，以及償還較高成本資金。

Second, our fee-based businesses delivered exceptional results, translating into 22% noninterest income growth. Wealth management, investment banking and markets all benefit from healthy client activity and favorable capital markets conditions. Maryland, a private bank advisers drove the 18% growth in investment in brokerage fees. Investment banking fees increased 50% year over year to more than $2.1 billion, while Sales & Trading generated $7.2 billion in revenue, up 33%. Third, we manage cost while we continue to invest in the franchise, our brand, our people, our technology and our AI-enabled productivity.

第二，我們以手續費為主的業務交出卓越成果，帶動非利息收入成長 22%。財富管理、投資銀行與市場業務皆受惠於健康的客戶活動與有利的資本市場環境。Maryland，一家私人銀行顧問推動了經紀費用投資成長 18%。投資銀行費用年增 50%，超過 21 億美元；而銷售與交易（Sales & Trading）創造 72 億美元營收，成長 33%。第三，在持續投資特許經營、品牌、人才、科技以及 AI 賦能的生產力之際，我們也同時管理成本。

Asset quality also remained stable and consistent with the strong underwriting discipline has characterized our company for many years. Finally, capital generation and capital returns to investors remain strong. We've returned $8 billion to you through dividends and share repurchases this quarter. We ended the quarter with common equity Tier 1 capital of nearly $202 billion and a common equity Tier 1 ratio of 11.2%. The economic backdrop remains very constructive as slide 5 illustrates.

資產品質亦維持穩定，並與多年來一貫的嚴謹承作紀律相符。最後，資本生成以及回饋投資人的資本回報依然強勁。本季我們透過股利與庫藏股回購向各位回饋 80 億美元。季末普通股權益第一級資本（CET1）接近 2,020 億美元，CET1 比率為 11.2%。如第 5 頁投影片所示，整體經濟背景仍相當具建設性。

Last week, our research team raised its 2026 US GDP growth forecast to 2.2%. They also have global growth expected to remain steady at 3.2% in '26 and grow to 3.5% in '27. As noted on the slide, consumer spending has recently expanded and continued to outperform our expectations. While the slide reflects 5% growth in year-over-year spending for the first half, the spending picked up during the second quarter, and now -- during the second quarter and now is running at 6% plus year-over-year comparison.

上週，我們的研究團隊將 2026 年美國 GDP 成長預測上調至 2.2%。他們也預期 2026 年全球成長將維持在 3.2%，並於 2027 年升至 3.5%。如投影片所示，消費支出近期擴張，且持續優於我們的預期。雖然投影片反映上半年支出年增 5%，但支出在第二季加速，而目前——在第二季以及現在——年增率已達 6% 以上。

So overall, the US economy has proved more durable than expected, supported by the strong consumer ongoing AI-driven investments across the board and easing energy costs, no inflation and tighter monetary policy remain key risk. Before I turn it over to Alastair, I want to bring your attention to a couple slides. First, we have our digital slides in the appendix. In addition, we added a slide on AI at slide 20, which shows how our over 200,000 teammates are actively using AI-enabled capabilities across our company.

整體而言，美國經濟展現出比預期更強的韌性，受惠於強勁的消費者、各領域持續的 AI 驅動投資，以及能源成本下降；不過，通膨與更緊縮的貨幣政策仍是主要風險。在我把電話交給 Alastair 之前，我想請各位注意幾張投影片。首先，附錄中有我們的數位相關投影片。此外，我們在第 20 頁新增了一張 AI 投影片，展示我們超過 200,000 名同仁如何在全公司積極使用 AI 賦能的能力。

These range from productivity tools to more advanced Agente workflows and coding support. Our associates are generating more than 400,000 prompts a day. And as of last week, we had over 300 AI use cases approved, all of which have good economics of which 114 are live generative AI use cases. 34 of those cases are fully implemented, and we see new capabilities coming on every week. These tools are designed to help -- our customer relationship management prepare more thoroughly for the client meetings.

這些能力涵蓋從生產力工具到更進階的 Agente 工作流程與程式碼支援。我們的同仁每天產生超過 400,000 個提示（prompts）。截至上週，我們已核准超過 300 個 AI 使用案例，且其經濟效益良好；其中 114 個為已上線的生成式 AI 使用案例。這些案例中有 34 個已全面導入，我們也看到每週都有新能力上線。這些工具旨在協助——讓我們的客戶關係管理能更充分地為客戶會議做準備。

Our bankers automate the research and presentation materials. Our developers code more efficiently and all our teammates improve productivity, consistency and client service while creating significant opportunities ahead of us.

我們的銀行家可自動化研究與簡報資料。我們的開發人員能更有效率地撰寫程式碼，而所有同仁都能提升生產力、一致性與客戶服務，同時為我們創造可觀的未來機會。

I'm going to turn it over to Alastair. Alastair.

我把電話交給 Alastair。Alastair。

Thanks, Brian. I'm going to pick up on slide 6 and start with the balance sheet, where you can see it remained a source of strength and we continue to support client activity across the franchise. Our ending assets were steady at $3.5 trillion, steady compared to the first quarter and primarily reflecting lower securities balances replaced by loan growth and Global Markets activity. We maintained strong liquidity and funding while we optimized our balance sheet and we supported all that with diversified funding and healthy client-driven growth. When you look at regulatory capital, we remain in a strong position with our CET1 ratio stable at 11.2%, and that remains well ahead of our 10% minimum ratio.

謝謝，Brian。我將從第 6 頁投影片接續，先談資產負債表；各位可以看到它仍是我們的強項來源，而我們也持續在整個特許經營體系中支持客戶活動。期末資產維持在 3.5 兆美元，與第一季相比持平，主要反映證券餘額下降，並由貸款成長與全球市場業務活動所取代。在優化資產負債表的同時，我們維持強勁的流動性與資金來源，並以多元化資金與健康的客戶驅動成長來支撐。就監理資本而言，我們仍處於強勁位置，CET1 比率穩定在 11.2%，且明顯高於我們 10% 的最低比率。

Tier 1 common equity grew to nearly $202 billion, while our RWA increased to $1.8 trillion, driven by loan growth and capital markets activity. Supplementary leverage remains strong and well above our minimums. When we turn to slide 7, you can see deposits remain a key competitive advantage and a source of strength for our company. Average deposits were $2.02 trillion, up $49 billion or 2.5% from a year ago, and importantly, included noninterest-bearing growth of $19 billion, up 4%. This marks our 12th consecutive quarter of average deposit growth, and growth was primarily driven by Global Banking, where deposits increased 8% year over year, reflecting continued client engagement and operating account growth.

第一級普通股權資本增至接近2,020億美元，而我們的風險加權資產（RWA）增加至1.8兆美元，主要受貸款成長與資本市場活動帶動。補充槓桿比率仍然強勁，且遠高於我們的最低要求。接著看第7頁投影片，您可以看到存款仍是我們公司的關鍵競爭優勢與實力來源。平均存款為2.02兆美元，較一年前增加490億美元或2.5%；更重要的是，其中包含無息存款增加190億美元，成長4%。這是我們平均存款連續第12個季度成長，而成長主要由全球銀行業務帶動，該業務存款年增8%，反映客戶持續互動與營運帳戶成長。

The second quarter saw muted sequential growth in average deposits because it was impacted by typical seasonal tax-related outflows. Otherwise, underlying client activity remains healthy and on track with our expectations. Importantly, our deposit base remains highly diversified across consumer, wealth commercial and corporate clients, providing a stable and attractive funding advantage.

第二季平均存款的季比成長較為溫和，因受到典型的季節性稅務相關資金外流影響。除此之外，基礎客戶活動仍然健康，並符合我們的預期。重要的是，我們的存款基礎在消費者、財富管理、商業與企業客戶之間高度多元化，提供穩定且具吸引力的資金來源優勢。

Our strong liquidity and funding position means we don't need to change -- chase rate sensitive balances. And with the other relationship values like rewards, digital and security features, it allows us to offer customers attractive rates and grow balances. And we consent you to see growth in both interest-bearing and noninterest-bearing balances. As shown in the upper right, rate paid was modestly lower this quarter, led by consumer deposits of 48 basis points on $957 billion in balances, so favorable balance moves.

我們強勁的流動性與資金籌措部位意味著，我們不需要改變——去追逐對利率敏感的存款餘額。再加上獎勵、數位化與安全等其他關係價值，使我們能提供客戶具吸引力的利率並推動餘額成長。因此我們持續看到計息與無息餘額雙雙成長。如右上所示，本季支付利率小幅下降，主要由消費者存款帶動：在9,570億美元的餘額上，支付利率為48個基點，反映有利的餘額結構變動。

Turning to slide 8, loan growth remained strong and broad-based. Average loans and leases increased to $1.2 trillion up $88 billion or 8% from a year ago. Ending loans were also $1.22 trillion, up $71 billion or 6%, marking the ninth consecutive quarter of both average and ending loan growth. Commercial lending continues to lead growth with average commercial loans increasing to $733 billion, up $75 billion or 11% from a year ago. And we've seen growth both domestically as well as internationally, illustrated by the chart at the bottom right of slide 8. Additionally, commercial growth has broadened away from the global markets activity that we saw last year. Consumer loans increased 3% year over year, led by growth in securities-based lending and credit card balances.

接著看第8頁投影片，貸款成長仍然強勁且涵蓋面廣。平均貸款與租賃增至1.2兆美元，較一年前增加880億美元或8%。期末貸款亦達1.22兆美元，增加710億美元或6%，這是平均與期末貸款連續第九個季度成長。商業放款持續引領成長，平均商業貸款增至7,330億美元，較一年前增加750億美元或11%。我們在國內與國際市場皆看到成長，如第8頁右下圖表所示。此外，商業成長已不再像去年那樣主要集中於全球市場活動。消費者貸款年增3%，主要由以證券作擔保的貸款與信用卡餘額成長帶動。

Credit card grew 4% year over year as we increase marketing and enhance product offerings. The combination of first and second lien mortgage balances remains relatively stable, reflecting elevated rates and included the ninth consecutive quarter of average home equity growth. These trends reflect healthy client activity across both commercial and consumer businesses and they demonstrate the benefits of our diversified lending franchise.

信用卡業務年增4%，因我們加大行銷並強化產品供給。第一順位與第二順位抵押貸款餘額合計仍相對穩定，反映利率仍處高位，且包含平均房屋淨值貸款連續第九個季度成長。這些趨勢反映商業與消費者業務的客戶活動健康，並展現我們多元化放款平台的優勢。

Turning to slide 9, net interest income continues to perform well despite a modestly lower short rate environment, which impacted variable rate asset yields. NII on an FTE basis was approximately $16.2 billion and increased $253 million from the first quarter and $1.3 billion or 9% from a year ago. On a year-over-year basis, growth was driven by higher loan and deposit balances, fixed rate asset repricing and Global Markets related activity. And this was partially offset by the impact of lower average short-term rates. We've seen steady improvement now since the second quarter of '24 when NII has grown from $13.9 billion to now $16.2 billion. Net interest yield was 2.08%.

接著看第9頁投影片，儘管短端利率環境略低、影響浮動利率資產收益率，淨利息收入仍持續表現良好。以FTE口徑計算的淨利息收入（NII）約為162億美元，較第一季增加2.53億美元，較一年前增加13億美元或9%。以年比來看，成長主要由較高的貸款與存款餘額、固定利率資產重訂價，以及與全球市場相關的活動所帶動。部分則被平均短期利率下降的影響所抵銷。自2024年第二季以來，我們已看到穩定改善，當時NII為139億美元，如今增至162億美元。淨利息收益率為2.08%。

That's up 1 basis point from Q1 and 14 basis points from a year ago, reflecting favorable asset and liability mix and loan and deposit growth, partly offset by Global Markets balance sheet growth. Bank of America's banking book remains asset sensitive and on a dynamic deposit basis, a 100 basis point parallel shift above the forward curve is expected to increase NII by $1 billion over the next 12-month period.

較第一季上升1個基點，較一年前上升14個基點，反映有利的資產與負債組合，以及貸款與存款成長，部分被全球市場資產負債表擴張所抵銷。美國銀行的銀行帳簿仍對資產端較為敏感；以動態存款基礎衡量，若在遠期曲線之上出現100個基點的平行上移，預期未來12個月NII將增加10億美元。

Looking ahead on NII expectations, in January, we told you to expect 5% to 7% full year NII growth. And then in April, we raised that full year range to be 6% to 8%. We now expect full-year 2026 NII growth to be at the upper end of that 6% to 8% range, supported by anticipated loan and deposit growth, fixed rate asset repricing and balance sheet optimization. And this assumes modest loan and deposit growth in the second half of the year, and it's based on the current forward curve, which has 125 basis point rate hike in September. Overall, NII remains a significant contributor to earnings growth and reflects the core franchise advantages of our scale and diversified balance sheet.

展望NII預期方面，我們在1月曾表示，預期全年NII成長5%至7%。而在4月，我們將全年區間上調至6%至8%。目前我們預期2026年全年NII成長將位於6%至8%區間的上緣，並受預期的貸款與存款成長、固定利率資產重訂價及資產負債表優化所支撐。此預期假設下半年貸款與存款溫和成長，並以目前的遠期曲線為基礎；該曲線顯示9月將升息125個基點。整體而言，NII仍是獲利成長的重要貢獻來源，並反映我們在規模與多元化資產負債表方面的核心特許經營優勢。

Non-interest expense on slide 10 was approximately $18.6 billion, up roughly $100 million from the first quarter and $1.4 billion from the second quarter of $25 million reflecting continued investment in technology, sales teams, financial centers and brand marketing. And it also includes higher activity-related costs that come from trading in our Global Markets business, particularly in our overseas markets. With those investments, we generated 660 basis points of operating leverage and improved our efficiency ratio to 59%, highlighting the performance of the franchise and the return on our investments. AI-enabled tools are now more embedded in workflows across operations, risk, finance, technology and our client-facing teams. And that's helped reduce manual work, improve speed and enhance consistency for clients and teammates.

第10頁投影片的非利息費用約為186億美元，較第一季增加約1億美元，較2025年第二季增加14億美元，反映我們持續投資於科技、銷售團隊、金融中心與品牌行銷。其中亦包含因全球市場業務交易活動所帶來的較高活動相關成本，特別是在海外市場。在這些投資之下，我們創造了660個基點的營運槓桿，並將效率比率改善至59%，凸顯特許經營的表現與投資回報。AI賦能工具如今更深度嵌入營運、風險、財務、科技以及面向客戶的團隊工作流程。這有助於減少人工作業、提升速度，並為客戶與同仁強化一致性。

On our first-quarter earnings call in April, we told you we expected full year operating leverage of more than 200 basis points. And operating leverage for the first half of 2026 has now exceeded 450 basis points. So with that first half performance and our continued expectations for a strong second half, we now expect full year operating leverage to be in the range of 300 to 400 basis points.

在4月的第一季財報電話會議上，我們曾表示預期全年營運槓桿將超過200個基點。而2026年上半年營運槓桿現已超過450個基點。因此，基於上半年表現以及我們對下半年持續強勁的預期，我們現在預期全年營運槓桿將落在300至400個基點的區間。

Turning to slides 11 and 12, you can see credit quality remains stable and consistent with the strong underwriting discipline that's characterized our portfolio for many years. Provision expense was approximately $1.4 billion. Net charge-offs were also $1.4 billion and both were largely unchanged from Q1. Consumer card charge-offs and delinquencies improved both year-over-year and quarter-over-quarter.

接著看第11與第12頁投影片，您可以看到資產品質仍然穩定，並與多年來一貫貫徹於我們投資組合的嚴謹承作紀律一致。提存費用約為14億美元。淨沖銷亦為14億美元，兩者相較第一季大致持平。消費者信用卡沖銷與逾期情況在年比與季比皆有所改善。

Commercial credit also remained solid, with CRE improvement offset by some isolated corporate and commercial lending losses. Reservable criticized commercial exposures declined by approximately $2.3 billion from Q1 and to roughly $22 billion, driven primarily by CRE improvement. Nonperforming loans remained stable at approximately $5.8 billion, and we recorded a modest reserve release. Overall, our portfolio remains well positioned, supported by strong client fundamentals and disciplined risk management.

商業信用亦維持穩健，不動產商用（CRE）改善抵銷了少數零星的企業與商業放款損失。可提存的受批評商業曝險較第一季減少約23億美元，降至約220億美元，主要由CRE改善所帶動。不良貸款維持穩定，約為58億美元，且我們記錄了小幅的準備金回轉。整體而言，在強勁的客戶基本面與嚴謹的風險管理支持下，我們的投資組合仍處於良好位置。

Turning to slide 13, and now we get into the business segments. Consumer Banking delivered another strong quarter, combining solid financial performance with continued investment in growth, innovation and client engagement. Over the past few months, we refreshed our rewards program. And that's generating more than 2 million enrollments since the late May relaunch. We also launched one of our largest consumer marketing campaigns around the FIFA World Cup. We expanded our financial center network in new and growth markets, introduced new card products and deployed new AI-enabled tools designed to enhance both the client and teammate experience.

接著看第 13 頁投影片，現在我們進入各業務分部。消費金融本季再度繳出強勁表現，在穩健的財務績效之餘，亦持續投資於成長、創新與客戶互動。過去幾個月，我們更新了回饋獎勵計畫。自 5 月下旬重新上線以來，已帶來超過 200 萬次註冊。我們也在 FIFA 世界盃期間推出了我們規模最大的消費者行銷活動之一。我們在新興與成長市場擴增金融中心據點網絡，推出新卡產品，並部署新的 AI 賦能工具，旨在同時提升客戶與同仁的體驗。

All of these investments helped to strengthen the franchise and drive organic growth. Net income increased 10% year-over-year to approximately $3.3 billion, while revenue rose 5% to $11.3 billion. Through strong expense discipline, we generated our fifth consecutive quarter of positive operating leverage, maintained a strong 51% efficiency ratio and delivered a 29% return on allocated capital. With regard to client activity, our deposit franchise remains a key competitive advantage. Average deposits rose to $957 billion, our fifth consecutive quarter of year-over-year growth.

所有這些投資都有助於強化特許經營基礎並推動內生成長。淨利年增 10% 至約 33 億美元，營收則成長 5% 至 113 億美元。透過嚴格的費用控管，我們連續第五季實現正向營運槓桿，維持強勁的 51% 效率比率，並達成 29% 的配置資本報酬率。就客戶活動而言，我們的存款特許經營仍是關鍵競爭優勢。平均存款升至 9,570 億美元，為連續第五季年增。

Client engagement was also strong with record checking account balances, 162,000 net new checking accounts and card spending up 9% year-over-year to $266 billion. We continue to deepen relationships across the enterprise and consumer investment assets reached a record $640 billion, up 18% year-over-year, supported by strong market levels and net client flows. Digital engagement remains a clear differentiator with roughly 50 million active digital users, more than 24 million active Erica users and digital sales representing 70% of total sales. new AI capabilities have improved service, increased efficiency and allowed teammates to focus on higher-value client interactions. Finally, consumers remain resilient as average deposit investment balances and spending all showed linked quarter increases.

客戶互動同樣強勁，支票帳戶餘額創新高，支票帳戶淨新增 162,000 戶，且卡片消費年增 9% 至 2,660 億美元。我們持續在全行深化客戶關係，消費者投資資產達到創紀錄的 6,400 億美元，年增 18%，受惠於強勁的市場水位與客戶淨流入。數位互動仍是明顯差異化優勢，約有 5,000 萬名活躍數位用戶、超過 2,400 萬名活躍 Erica 用戶，且數位銷售占總銷售的 70%。新的 AI 能力改善服務、提升效率，並讓同仁能專注於更高價值的客戶互動。最後，消費者仍具韌性，平均存款與投資餘額以及支出皆呈現季比成長。

Additionally, consumer credit quality remains strong and in line with expectations, reflecting the strength of our customer base, and our disciplined approach to risk management. Overall, Consumer banking continues to demonstrate the power of our scale, digital leadership and relationship-based model positioning the business for sustainable and attractive long-term growth.

此外，消費者信用品質仍然強勁且符合預期，反映我們客戶基礎的實力，以及我們在風險管理上的紀律作法。整體而言，消費金融持續展現我們規模、數位領先與以關係為核心的模式之威力，使該業務具備可持續且具吸引力的長期成長定位。

Turning to slide 14, GWIM delivered another outstanding quarter, highlighted by record revenue and pretax income, expanded profit margins and continued client growth. Clients continue to consolidate more of their financial lives with Bank of America.

接著看第 14 頁投影片，GWIM 本季再度繳出亮眼成績，重點包括營收與稅前盈餘創新高、利潤率擴大，以及客戶持續成長。客戶持續將更多的金融生活整合至美國銀行。

During the quarter, we added another 6,000 net new affluent households to serve and the continued strong growth in banking relationships and lending balances demonstrates the power of our integrated wealth and banking model. At the same time, both Merrill and the Private Bank continued to attract talented advisers who are drawn to the breadth of our platform and our ability to deliver comprehensive solutions for clients. Franchise continued to benefit from strong adviser productivity, growing digital engagement and new AI-enabled tools that help advisers prepare for client conversations, identify opportunities and deliver more personalized advice at scale.

本季我們新增服務 6,000 戶淨新增富裕家庭，而銀行往來關係與放款餘額的持續強勁成長，展現我們整合式財富與銀行模式的威力。同時，Merrill 與私人銀行持續吸引優秀顧問人才，他們看重我們平台的廣度，以及我們為客戶提供全面解決方案的能力。特許經營持續受惠於顧問生產力提升、數位互動成長，以及新的 AI 賦能工具，協助顧問為客戶對談做準備、辨識機會，並以規模化方式提供更個人化的建議。

Net income for the segment increased 42% year over year to $1.4 billion, while revenue grew 16% to a record $6.9 billion, driven by higher asset management fees, strong flows higher market valuations and higher NII. With good expense discipline, we generated another quarter of positive operating leverage and saw pretax margins expand to more than 27% and demonstrating the scalability of this business.

該分部淨利年增 42% 至 14 億美元，營收成長 16% 至創紀錄的 69 億美元，主要受較高的資產管理費、強勁資金流入、更高的市場估值以及更高的淨利息收入（NII）所帶動。在良好的費用控管下，我們再度實現一季正向營運槓桿，稅前利潤率擴大至 27% 以上，展現此業務的可擴展性。

Client balances reached a record $4.9 trillion, up 12% from a year ago. Assets under management grew 17% year-over-year to $2.3 trillion supported by approximately $14 billion of AUM flows this quarter and $78 billion of AUM flows over the past 4 quarters. Also, loans grew $13 billion or 5% linked quarter to $277 billion, driven by custom and securities-based lending demand. Overall, GWIM continued to demonstrate the strength of our advice-led relationship-based model and remains well positioned for sustainable growth.

客戶資產餘額達到創紀錄的 4.9 兆美元，較一年前成長 12%。管理資產（AUM）年增 17% 至 2.3 兆美元，本季約有 140 億美元 AUM 淨流入，過去 4 季合計 AUM 淨流入 780 億美元。此外，放款季比增加 130 億美元（或 5%）至 2,770 億美元，主要由客製化與以證券為擔保的放款需求所帶動。整體而言，GWIM 持續展現我們以建議為主導、以關係為核心的模式之優勢，並維持良好的可持續成長定位。

Moving to our commercial and corporate client-facing businesses in Global Banking on slide 15, where Global Banking delivered strong results in the second quarter reflecting healthy client activity, near record investment banking performance, strong treasury service revenue and continued balance sheet growth.

接著看第 15 頁投影片，聚焦於全球銀行（Global Banking）中面向商業與企業客戶的業務；全球銀行第二季表現強勁，反映健康的客戶活動、接近紀錄的投資銀行表現、強勁的財資服務營收，以及資產負債表持續成長。

Client engagement remained broad-based with activity across capital markets, strategic transactions, liquidity management, and we continued our program of growth investments, including technology modernization, digital infrastructure and AI-related initiatives. We're also using AI-enabled tools to help bankers accelerate their research, prepare materials and identify relevant client opportunities more efficiently.

客戶互動維持廣泛動能，涵蓋資本市場、策略性交易與流動性管理；我們也持續推動成長投資計畫，包括科技現代化、數位基礎設施與 AI 相關倡議。我們亦運用 AI 賦能工具，協助銀行家加速研究、準備資料，並更有效率地辨識相關的客戶機會。

Revenue increased 10% year over year to $6.2 billion, while net income grew 20% to more than $2 billion. Investment banking was a particular highlight. Total corporate investment banking fees, excluding self-led transactions, increased 50% year over year to more than $2.1 billion, reflecting strength across debt underwriting, advisory and equity underwriting. Average loans increased 7% to $413 billion, while average deposits increased 8% to $652 million, demonstrating continued franchise growth and client confidence. Credit quality remains solid and returns remained healthy with a 15% return on allocated capital.

營收年增 10% 至 62 億美元，淨利成長 20% 至 20 億美元以上。投資銀行業務尤其亮眼。不含自辦交易（self-led transactions）的企業投資銀行總手續費年增 50% 至 21 億美元以上，反映債券承銷、顧問業務與股票承銷全面走強。平均放款成長 7% 至 4,130 億美元，平均存款成長 8% 至 6.52 億美元，顯示特許經營持續成長與客戶信心。（註：此處存款數字依原文呈現。）信用品質仍然穩健，報酬亦維持健康，配置資本報酬率為 15%。

Turning to slide 16, global Markets delivered an exceptional quarter. Excluding DVA, net income was $2.7 billion, up 70% from a year ago. Sales & Trading revenue, excluding DVA, increased 33% to $7.2 billion. Equities delivered a record $3.6 billion of revenue, up 70% driven by client financing activity and strong trading performance in derivatives and cash. FICC generated $3.5 billion its strongest quarter in more than a decade. Growth was broad-based across the franchise. Domestically, our revenue in the US increased 31%, while our international business delivered a 38% improvement with Asia-Pacific as the standout. And this is generally consistent with our Investor Day messaging of continuing our improved performance internationally.

接著看第 16 頁投影片，全球市場（Global Markets）本季表現卓越。剔除 DVA 後，淨利為 27 億美元，較一年前成長 70%。剔除 DVA 後，銷售與交易（Sales & Trading）營收成長 33% 至 72 億美元。股票業務營收創紀錄達 36 億美元，年增 70%，主要由客戶融資活動以及衍生品與現貨的強勁交易表現所帶動。FICC 創造 35 億美元，為逾十年來最強的一季。成長動能遍及整個特許經營。在國內市場，我們在美國的營收成長 31%；國際業務提升 38%，其中亞太地區表現最為突出。這也大致符合我們在投資人日所傳達的訊息：持續改善我們在國際市場的表現。

But perhaps what stands out most is the consistency of our performance because we've now delivered 17 consecutive quarters of year-over-year sales & trading revenue growth and 14 consecutive quarters of year-over-year net income growth. And combined with 16% operating leverage and a 20% return on allocated capital, these results reflect the strength of our client franchise diversified platform and disciplined execution. Client activity remains strong and the connectivity between markets, global banking, and Wealth and Investment Management continues to create value for clients.

但或許最突出的，是我們表現的一致性：我們已連續 17 季實現銷售與交易營收年增，並連續 14 季實現淨利年增。再加上 16% 的營運槓桿與 20% 的配置資本報酬率，這些結果反映我們客戶特許經營的實力、多元化平台，以及有紀律的執行力。客戶活動仍然強勁，而市場、全球銀行與財富與投資管理之間的連結性持續為客戶創造價值。

Investments in technology and AI are helping teams deliver insights faster, operate more efficiently and further strengthen our competitive position. So this was a record quarter built on scale, client engagement and consistent execution across the franchise.

在科技與 AI 的投資正協助團隊更快提供洞見、更有效率地運作，並進一步強化我們的競爭地位。因此，這是一個建立在規模、客戶互動，以及全特許經營一致執行力之上的創紀錄季度。

Moving to all other on slide 17, we recorded a $292 million net loss in the quarter, which is larger than a year ago with no significant drivers to note, and we reported an overall tax rate of 21.5% and consistent with our full year guidance. In closing, the second quarter reflects the strength of our diversified operating model.

接著看第 17 頁投影片的「其他所有」（All Other），本季我們錄得 2.92 億美元淨損，較一年前更大，且沒有值得特別指出的重大驅動因素；我們公布的整體稅率為 21.5%，與我們對全年指引一致。最後，第二季反映了我們多元化營運模式的實力。

We produced double-digit revenue growth and more than $9 billion of net income, with EPS growth of 34% and return on tangible common equity of 17%. We also delivered strong operating leverage while continuing to invest in the franchise and supporting our clients. Across the company, clients continued to invest, transact and grow. Activity remains healthy across lending, payments, investment banking, markets and wealth management, including technology, digital infrastructure and AI-related opportunities. We also see meaningful opportunities to continue using AI and automation ourselves to improve productivity, strengthen client engagement and support disciplined growth across the company. So taken together, these trends simply reinforce our confidence in the long-term earnings power of the franchise and our ability to deliver responsible growth and attractive returns for shareholders.

我們實現了兩位數的營收成長與超過90億美元的淨利，EPS成長34%，有形普通股權報酬率達17%。我們也在持續投資於本業並支持客戶的同時，交出強勁的營運槓桿表現。在全公司範圍內，客戶持續投資、交易並成長。放款、支付、投資銀行、資本市場與財富管理等各項業務活動仍維持健康，包括科技、數位基礎設施以及與AI相關的機會。我們也看到可觀的機會，能持續運用AI與自動化來提升生產力、強化客戶互動，並支持全公司有紀律的成長。綜合而言，這些趨勢進一步強化我們對本業長期獲利能力的信心，以及為股東帶來負責任的成長與具吸引力回報的能力。

And with that, Leo, let's open it up, and we'll see what questions we can answer.

那麼，Leo，我們就開放提問，看看有哪些問題我們可以回答。

(Operator Instructions) Chris McGratty, KBW.

(接線員指示) Chris McGratty，KBW。

Noticed the deposit discipline in the quarter. Alastair, I'm interested in your thoughts about pricing in a higher for longer environment. I know you didn't change the full year NII guide. But your deposit pricing outperformed some of your peers this quarter. Any comments on the near-term outlook would be great.

注意到本季在存款方面的紀律。Alastair，我想請教你對於「利率維持較高水準更久」環境下的定價看法。我知道你沒有調整全年NII指引。但你們本季的存款定價表現優於一些同業。若能談談短期展望將非常有幫助。

Yes. So I'd say we kind of just kept nudging NII a little bit higher as we've gone through the year. First, from that 5% to 7% up to the 6% to 8% and then we're recently saying we're probably going to be at the top end of that range. So we've tried to express our confidence in the momentum of NII. And some of that comes from the deposit gathering.

是的。我會說，我們今年一路走來，確實是把NII一點一點往上調。一開始從成長5%到7%，上調到6%到8%，而最近我們也表示可能會落在該區間的上緣。因此我們試著表達對NII動能的信心。其中一部分來自於存款吸收。

I think you know we've got a lot of liquidity. We're not loaned up at this point. We've got $800 billion of excess between our cash and securities over our loans. And that really allows us to concentrate on our strategy. Our strategy is very clear. We're trying to grow clients and operating accounts. That's the highest quality growth. It's the highest quality clients because when you get that operating account, it's key to the financial lives. So when consumer puts up 162,000 of net new checking accounts, or when we grow noninterest-bearing for 7 consecutive quarters, that's what helps us to drive the non-interest-bearing up 4%. So the lower rate paid is really about mix, Chris, we're competing out there for deposits like everyone else.

我想你也知道，我們有很充足的流動性。目前我們的放款並沒有把資金用滿。我們的現金與證券相對於放款，多出8,000億美元的超額部位。這讓我們能更專注於自身策略。我們的策略非常清楚。我們要成長的是客戶與營運性帳戶。那是最高品質的成長。也是最高品質的客戶，因為一旦取得營運性帳戶，就會成為其財務生活的關鍵。因此，當消費金融新增16.2萬個淨新增支票帳戶，或當我們連續7個季度提升無息存款時，這些都幫助我們推動無息存款成長4%。所以較低的付息利率主要是結構（mix）所致，Chris，我們和其他人一樣都在市場上競爭存款。

We compete tooth and nail to get deposits where we can. But at the end of the day, our strategy is about relationship value all the things around digital and security and rewards that we talk about. And it's that favorable mix of growing the noninterest-bearing that makes a difference.

我們為了能取得存款，會全力以赴地競爭。但歸根結底，我們的策略在於關係價值——以及我們談到的數位化、安全性、獎勵等周邊要素。而正是這種有利的結構、也就是無息存款的成長，帶來了差異。

Okay. That's helpful. I appreciate that. And then on the operating leverage conversation, the new slide. And what you said the 200 to 300 basis points plus of operating leverage that you talked about in November, you're clearly off to a great start. I'm interested in kind of the sustainability. Obviously, the comps will be a factor, but the influence that AI might have on that over time.

好的。這很有幫助。謝謝。另外關於營運槓桿的討論，你們新增了那張投影片。你在11月提到的200到300個基點以上的營運槓桿，顯然你們開局非常好。我想了解其可持續性。顯然比較基期會是一個因素，但AI長期可能對此帶來的影響如何。

Well, there are two elements to that, I think First, obviously, we said at Investor Day, the sustainable kind of thing that we're in for is something like 200 to 300. Right now, we're outperforming that. We've had a terrific first half of 450 basis points. So that's what's giving us the confidence for the full year to say is going to be above the range.

我認為這有兩個面向。首先，顯然我們在投資人日提到，可持續的水準大概是200到300個基點。目前我們的表現優於這個水準。上半年我們達到非常出色的450個基點。這也是我們對全年有信心、並表示將高於該區間的原因。

AI plays a role, I think, in two ways. The first one is on the revenue side. There's obviously a big AI theme going on in the world. We're leading in investment banking and global markets around capital raising financing, that massive capital investment and infrastructure build around the world. So that's helping us there. And then you're asking a question that's really about sustainability going forward.

我認為AI在兩方面扮演角色。第一是在營收端。全球顯然正有一個很大的AI主題在發展。我們在投資銀行與全球市場領域，圍繞資本募集與融資、以及全球大規模資本投資與基礎設施建置方面處於領先地位。因此這對我們有所助益。而你問的問題其實是關於未來的可持續性。

Can it help us with our own operations? The answer is yes. That's why we put that slide in. So if you go to the slide, it's slide number 20. And you just take a look, remember, we've been at this for a little while now, but you can begin to see now in these general purpose productivity tools or the tools that are aimed at specific functions like the bankers or the wealth professionals or the software developers.

它能否幫助我們自身的營運？答案是可以。這也是我們把那張投影片放進去的原因。所以如果你看那張投影片，是第20頁。你只要看一下，記得我們已經做了一段時間了，但你現在開始可以看到，這些通用型生產力工具，或是針對特定職能（例如銀行家、財富管理專業人士或軟體開發人員）的工具所帶來的效果。

You can see what we're doing there. And then there's another layer of AI on top of that, that accesses a lot of the company. So on the right-hand side, here's what's going to come out of that. We believe growth, efficiency risk management and resiliency. So that's what we're trying to make sure.

你可以看到我們在那裡做的事情。然後在其上還有另一層AI，能夠存取公司內大量資源。因此在右側，這些將帶來的成果是：我們相信包括成長、效率、風險管理與韌性。所以這就是我們要確保達成的方向。

We're updating you on the AI as we're going through. And at this point, we've got -- we put it at the top of the page just so you could see it. But you can see the number of approved model cases at this point it's 300. You can see the number we've got in here that we're using, 114. So this is going to be something for the future, and we're just working our way through it.

我們會在推進過程中持續向各位更新AI的進展。目前我們已經——我們把它放在頁面最上方，讓你們可以直接看到。但你可以看到，截至目前核准的模型案例數是300個。你也可以看到我們已在使用的數量是114個。因此這會是未來的一項重點，而我們正逐步推進。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Mr. Schorr, please check your mute switch. Your line is open.

Schorr先生，請檢查您的靜音鍵。您的線路已開通。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Alastair, just on the positive operating leverage point. I think you've made it very clear about the comps getting a little harder in the second half because of the ramp you had last year, starting with the NII and also markets. Can you just help us put it into some kind of context obviously with 300 and 660 basis points of leverage and now talking to a full year of $300 million to $400 million. Just how do we kind of box the operating leverage potential for the second half as we get into this kind of tougher comps, albeit with the good top line revenue growth continuing.

Alastair，關於正向營運槓桿這點。我想你已經很清楚地說明，由於去年下半年你們的拉升（ramp），比較基期在下半年會變得更具挑戰，從NII開始，市場業務也是。你能否幫我們把它放到某種脈絡中：顯然有300與660個基點的槓桿，而現在又談到全年3億到4億美元。在進入這種較艱難的比較基期之下，儘管營收端仍持續有不錯的成長，我們該如何框定下半年營運槓桿的潛力？

Yes. So we're offering the $300 million to $400 million, recognizing that we've already booked $450 million for the first half, so that's good. And then we're just trying to give you a range, Ken, that allows you to kind of work backwards because as you point out, in the second half of last year, the NII went up more than the first half. We think that will happen this year as well, but it might not. Just the numbers are bigger this year, so the percentages just change a little bit.

是的。因此我們提供3億至4億美元的區間，考量到我們上半年已經入帳4.5億美元，所以這是好的。接著我們只是想給你一個範圍，Ken，讓你可以某種程度上倒推，因為如你所指出，去年下半年NII的增幅高於上半年。我們認為今年也會發生同樣情況，但也可能不會。只是今年的數字更大，所以百分比會稍微變動一些。

And then remember, second quarter last year was a slower quarter for investment banking for the entire industry. So you think about it, if we put up $2.1 billion of investment banking this year, up 50%, if you kind of sustain that relative to what we did in third quarter of last year, which was $2 billion or so, you just don't get the same kind of uplift in the second half. So that's what we've got our minds on. Otherwise, as you can imagine, the business conditions are very good, and we're trying to maximize operating leverage where we can.

另外請記得，去年第二季對整個產業而言，投資銀行業務是較為疲弱的一季。所以你想想看，如果我們今年投資銀行收入做到21億美元、年增50%，若你把它相對維持在去年第三季約20億美元的水準，那麼下半年就不會出現同樣幅度的拉升。所以這就是我們目前在思考的重點。除此之外，如你所想像，業務環境非常好，我們也在能做的地方盡量最大化營運槓桿。

Okay, got it. And you mentioned balance sheet optimization from here. Can you talk about where you have that room to continue to optimize notably -- well, across the balance sheet, I guess, on both the asset side and the liability side as you focus more on that?

好的，了解。你也提到從現在開始進行資產負債表最佳化。你能談談你們在哪些地方還有空間可以持續最佳化嗎？尤其是——我想是整個資產負債表，包含資產端與負債端，當你們更聚焦在這件事上時？

Well, there are really two places, I think, that you'll see it. The first one is we've talked about the fact that we believe we can improve net interest yield over time. We've done that. You can see we're at $2.08 now. were up from $1.94 a year ago.

我想主要會在兩個地方看到。第一個是我們一直談到，我們相信隨時間推移可以提升淨利差收益率（net interest yield）。我們已經做到了。你可以看到我們現在是2.08，較一年前的1.94有所上升。

So that's been a contributor to some of the NII gains. But we've talked about on prior calls, we still feel like we carry some repo, some institutional CDs, but over time, we're just continuing to pay down. If those are invested at the Fed, we're not capturing a lot of spread. It doesn't do anything for NII. It actually hurts NIY, but it also ties up a little bit of capital.

所以這一直是NII成長的一個貢獻來源。但我們在先前的電話會議也談過，我們仍覺得我們持有一些回購（repo）、一些機構定存單（institutional CDs），但隨時間推移，我們會持續償還、降低這些部位。如果那些資金是投在聯準會（Fed），我們抓不到太多利差。對NII沒有幫助。它其實會傷害NIY，但也會占用一點資本。

So as we continue to pay that down, and I think you'll see more of that happening in the second half of this year, that will free up more capital. It will help us on the return on tangible common equity as well. So we're sticking to that program. We'll have a pretty good opportunity in the second half. We're looking forward to that.

因此當我們持續把這些部位降下來——我想你會在今年下半年看到更多這樣的動作——就會釋放更多資本。也會有助於我們的有形普通股權報酬率（return on tangible common equity）。所以我們會持續推進這個計畫。下半年我們會有相當不錯的機會。我們很期待。

Just note, there's no constraint on the growth of loans or the core deposits, et cetera. So that's all can grow because it's all going to good returns and things like that. It's really a question of sort of the centralized security portfolios, the term debt, the repo, as Alastair said, a lot of the buildup that came because of the rules getting flipped around is now we're through that and on the other side.

補充一下，貸款或核心存款等的成長沒有任何限制。所以那些都可以成長，因為它們都能帶來良好報酬之類的。真正的問題比較在於集中式的證券投資組合、期限負債、回購（repo），如Alastair所說，很多累積是因為規則被翻轉所造成，而現在我們已經度過那段時期、走到另一邊了。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Alastair, I know you outlined the higher rates as a positive if you can talk a little bit about if the rate environment changes here because we're getting a lot of changes overall. Would that impact the NII guide? And as we think about just markets NII overall as well, given that prime brokerage and some of the other businesses are doing better if there's any offset to getting to the high end of the 6% to 8% NII guide.

Alastair，我知道你把利率走高視為正面因素；如果利率環境在這裡出現變化，因為整體變動很多，你能多談一點嗎？那會影響NII指引嗎？另外，從整體市場業務的NII來看，考量到主經紀（prime brokerage）和其他一些業務表現更好，是否有任何抵消因素，能幫助達到6%到8% NII指引區間的高端？

Well, first, welcome to coverage. Nice to have you on the call. Second, yes, I mean, if rates -- if we've got one rate hike in the curve, it's in September. So its impact this year is pretty modest because you're really only capturing anything in October, November and December. We will obviously adjust pricing in each of our segments for any rate hike but net-net-net, we expect that to be a positive.

首先，歡迎你開始覆蓋我們。很高興你加入這通電話會議。第二，是的，我的意思是，如果利率——如果殖利率曲線上只有一次升息，那是在9月。所以它對今年的影響相當有限，因為你真正能捕捉到的只有10月、11月和12月。我們當然會針對任何升息，在各個業務分部調整定價，但整體而言，我們預期那會是正面影響。

So that's in our guide right now where we're saying it was 5% to 7%, then it was 6% to 8%. Now we're saying it's going to be at the top end of that range, and that's with that hike. Now, I think, generally speaking, because the banking book is liability insensitive, that's the predominant benefit. But the markets business is slightly liability sensitive. So that's a slight offset. But net-net-net, it's a positive for us, and that's what we're trying to communicate.

所以這已經反映在我們目前的指引裡：原本是5%到7%，後來是6%到8%。現在我們說會落在該區間的上緣，而這是包含那次升息的情境。另外，我想一般而言，因為銀行帳（banking book）對負債不敏感（liability insensitive），那是主要的受益來源。但市場業務（markets business）則是略微對負債敏感。所以那會形成一點點抵消。但整體而言，對我們是正面的，這就是我們想傳達的。

Got it. All right. And apologies if I missed it, but as you think about loan growth in the back half of the year and you think about, I guess, just middle market C&I growth, how is that trending? And what do you expect overall as we get into the back half of the year?

了解。好。另外如果我漏聽了先說聲抱歉，但當你們看下半年貸款成長、以及我想是中型市場（middle market）C&I成長時，目前趨勢如何？而當我們進入下半年時，你們對整體的預期是什麼？

Yes. So if we look at the middle market, we're sort of growing kind of like commercial loans overall. They're growing around 8% or so. Middle markets kind of in there, larger cap corporates are in there. So the growth looks pretty good, we would say, on the commercial side.

是的。如果我們看中型市場，我們的成長大致跟整體商業貸款差不多。大約成長8%左右。中型市場在其中，大型企業（larger cap corporates）也在其中。所以我們會說商業端的成長看起來相當不錯。

And if you go back now, I think it's over 9 or 10 quarters, we've been growing loans at $20 billion or so per quarter, 7% last year, full year, 8% this year. So the commercial growth there, we don't necessarily see that changing. It feels to us like we're in a good environment for loan growth. And then just keep half an eye also on card where how we laid out a plan to say we want to get back towards 5% type card growth. We were at 1%, then 2%, then 3%.

而如果你回頭看，我想已經超過9或10個季度了，我們每季大約增加200億美元的貸款，去年全年成長7%，今年成長8%。所以商業端的成長，我們不一定看到會有變化。我們感覺目前是貸款成長的良好環境。另外也稍微留意一下信用卡，我們先前提出一個計畫，說我們希望回到約5%這種信用卡成長。我們曾是1%，然後2%，再到3%。

You can see this quarter, we are at 4%. So some good news on the consumer side. And then things like securities-based lending have been pretty positive as well, just with the way the markets have performed and what our wealth management clients want to do. So we remain pretty constructive on loan growth in the second half, no changes there.

你可以看到這一季我們是4%。所以在消費端有一些好消息。另外像是以證券為擔保的放款（securities-based lending）也相當正面，主要是因為市場表現以及我們財富管理客戶想做的事情。所以我們對下半年貸款成長仍相當正向，這方面沒有改變。

Ben Gerlinger, Citi.

Ben Gerlinger，花旗。

I was curious, I get the updated guide or closer to the higher end of NII, includes the forward hike potential. I was curious, does that also incorporate a little bit more productivity on the average earning asset mix? I know you guys have alluded to a little bit more productivity down the road. And I guess that, that takes time. Just kind of curious, is the guidance based on a static balance sheet or the continuation of a little bit more loans in the averaging assets?

我有點好奇，我理解更新後的指引、或更接近NII高端的說法，已經包含了未來可能升息的因素。我想問的是，這是否也納入了平均生息資產組合（average earning asset mix）生產力略有提升？我知道你們提過未來會有一些生產力提升。而我想那需要時間。所以有點好奇：這個指引是基於資產負債表維持不變（static balance sheet），還是基於平均資產中貸款持續增加？

Yes. So, Ben, also welcome to coverage. Thanks for joining. Yes, the updated guide essentially assumes the following: first, modest deposit growth similar to what we've been seeing. Second, good continued loan growth in the second half of the year, similar to what we've been seeing.

是的。所以，Ben，也歡迎你加入覆蓋。謝謝加入。是的，更新後的指引基本上假設如下：第一，存款溫和成長，與我們目前看到的情況相近。第二，下半年貸款持續良好成長，與我們目前看到的情況相近。

So we haven't really changed our perspectives on either of those. We'll get the benefit from some fixed rate asset repricing. We got a little bit more of that in the second half than the first half. But otherwise, it's mostly balance sheet gains. And then what I described in terms of balance sheet efficiency, I would think about that as being more about net interest yield and less about NII, okay?

所以我們其實沒有改變對這兩點的看法。我們會受惠於部分固定利率資產的重新定價。下半年這方面的貢獻會比上半年多一些。但除此之外，主要還是資產負債表帶來的收益。另外，我所描述的資產負債表效率，我會把它更多視為淨利差收益率（net interest yield）的改善，而不是淨利息收入（NII），好嗎？

Got you. That's helpful. If I can do a follow-up in terms of operating leverage, I guess that you've increased the guide for the full year this year. When you think about just a higher revenue production that you kind of alluded to, do you run the risk of potentially underinvesting? I guess that you're probably ahead of peers across every major category of AI and technology and is being a bit more digital.

了解。這很有幫助。如果我可以追問一下關於營運槓桿，我想你們今年把全年指引上調了。當你們想到你剛才提到的較高營收產出時，會不會有可能出現投資不足的風險？我想你們在AI與科技各主要類別上可能都領先同業，而且也更數位化一些。

But if you have more revenue, do you think you could potentially speed up the spending, so it pulls forward into this year, reducing that leverage?

但如果營收更高，你們是否可能加快支出，把支出提前到今年，從而降低那個槓桿？

Well, I think we are spending at a good clip overall on technology and also dedicating a lot of time in the company towards careful examination implementation catalyst, people working to understand the projects in AI, we give you the outline on slide 20. So I think there's productivity increases. There's a lot of spending. We're going to be spending more of it, whether that increases expenditures of technology development dramatically or not really has to do with a couple of things. One is they're shifting of spending towards it.

嗯，我認為我們整體在科技上的支出節奏不錯，同時公司也投入大量時間在仔細檢視、推動落地的催化因素；也有人在理解AI專案，我們在第20頁投影片給了你們概述。所以我認為生產力會提升。支出也很多。我們會投入更多；至於科技開發支出是否會大幅增加，主要取決於幾個因素。其中之一是支出向那邊的轉移。

And then secondly, even the coding process has become more and more efficient using these tools. So the same amount of money in '27 will get us more code for lack of a better term, in '28. So we're driving everything as hard as we can. And so our focus on operating leverage, and we just told you we raised us above the normalized range. And then we're continuing to invest in the places to grow the business, especially around the consumer business, I think financial centers and new markets done in a rational full market build-out basis, not on a one-off, one at a time base of building out cities we're not in and we continue to drive the marketing capabilities of the firm and our consumer scores have now reached all-time highs.

第二，使用這些工具後，連寫程式的流程也變得越來越有效率。所以同樣一筆錢，在'27能做的事情，到'28（缺乏更好的說法）能產出更多程式碼。因此我們正盡全力推動所有事情。我們對營運槓桿的聚焦——我們也剛告訴你們，我們把它提高到高於常態化區間。同時我們也持續在能推動業務成長的地方投資，特別是在消費金融業務方面；我認為金融中心與新市場會以理性、完整的市場建置方式來推進，而不是一次只做一個、逐城擴張到我們尚未進入的城市；我們也持續強化公司的行銷能力，而我們的消費者評分現在已達到歷史新高。

And then we invested heavily in our rewards program, which goes to some of your other colleagues ability to cement relationships with great deposit mix and their result cost of funds. So we're spending -- I don't think you'll see a major change in our methodology of how we think about spending A lot of the incremental expense growth from second quarter this year, last year was due to incentives and BC clearing expenses. If that keeps going, we'll be happy -- has not -- very happy because that means the revenue has got to grow. If the revenue slows down, it expense growth were able to slow down and it will have a different type of operating leverage that Alastair described earlier.

另外，我們也大力投資在獎勵計畫上，這也呼應你其他同事提到的：有助於鞏固關係、帶來更好的存款結構，並進而降低資金成本。所以我們在支出——我不認為你會看到我們在思考支出方法論上有重大改變。今年第二季相較去年第二季，增量費用成長有很大一部分來自獎酬以及BC清算費用。如果這種情況持續，我們會很高興——不是——會非常高興，因為那代表營收必須成長。如果營收放緩，費用成長也能放緩，營運槓桿就會呈現出Alastair先前描述的另一種型態。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

So the investor feedback so far is that they feel that the net interest income guide is conservative. I mean I just re unpacked the number of questions that you've gotten already on this Alastair. So the first half of the year, NII growth is up 9%. Clearly, the second half of the year is tougher comps, right, which you're saying would get you within the range. But we just wanted to understand you mentioned that included in your guide is modest deposit growth, good loan growth, improving card growth, which obviously is coming at a better yield.

到目前為止投資人的回饋是，他們覺得淨利息收入指引偏保守。我的意思是，Alastair，我剛剛重新整理了一下你已經被問到的相關問題數量。所以上半年，NII成長是9%。很明顯，下半年比較基期更具挑戰，對吧，你們也說這會讓你們落在區間內。但我們想了解的是，你提到你們的指引包含：存款溫和成長、良好的貸款成長、信用卡成長改善，而這顯然帶來更好的收益率。

So are we getting the -- are we getting earning asset growth for the second half of the year, but not much NIM expansion. I guess we're just trying to think about the jumping off point to sort of that will slow your NII growth from the 9% that you've printed for the first half of the year?

所以我們是否會在下半年看到生息資產成長，但淨利差（NIM）擴張不多？我想我們只是想釐清：從上半年已經做到的9% NII成長，接下來是什麼起點因素會讓你們的NII成長放緩？

Yes. Okay. Well, the first thing I should say is it's not slowing it much. Second, I think it's actually helpful, I think, to just lay out. If you look at the 4 quarters of 2025 just sequentially and then lay out essentially 2026, what you see is most all of the NII build last year was in the second half of the year. So we're just up against tougher comps. That's all. It's not more complicated than that. So we just got to stick doing what we're doing. We got to keep growing the loans.

是的。好。首先我要說的是，其實不會放緩很多。第二，我認為把情況攤開來看會更有幫助。如果你把2025年的四個季度按季序列看，再把2026年攤開來看，你會看到去年NII的增量幾乎都發生在下半年。所以我們只是面臨更具挑戰的比較基期。就這樣。沒有比這更複雜。所以我們只要持續做我們正在做的事。我們必須持續擴大貸款。

We've got to keep growing the deposits with particular focus on operating accounts and noninterest-bearing. And then we'll get some benefit from fixed rate asset repricing as we do. We've invested in global markets with their balance sheet that's a net positive, but I don't expect that to be anything particularly big in the second half of the year because markets, generally speaking, is sort of at a good run rate right now. So we're talking about 8% or 9%. I don't know. They're both very good. But we kind of feel like right now, it looks to us like more like 8% for the full year just based on the comps.

我們必須持續增加存款，特別聚焦在營運帳戶與無息存款。然後我們也會如同以往，從固定利率資產重新定價中獲得一些好處。我們在全球市場業務上投入了資產負債表，這是淨正面，但我不預期下半年會特別大，因為一般來說市場業務目前的運行水準已經不錯。所以我們談的是8%或9%。我不知道。兩個都很好。但就目前看來，基於比較基期，我們覺得全年看起來更像是8%。

Got it. And my second question is, Brian, you printed a return of 17% on tangible common equity this quarter. granted the equities number and the IB numbers are huge. So I guess a 2-part question. Number one, just sort of reaffirming that is your positive operating leverage being better in the full year but slower in the first half is only due to the seasonal revenue factors that you're taking into account.

了解。第二個問題是，Brian，你們本季的有形普通股權益報酬率（ROTCE）做到了17%。當然，股票相關與投行（IB）的數字非常大。所以我想分兩部分問。第一，想確認一下：你們所說全年正向營運槓桿更好、但上半年較慢，僅僅是因為你們納入考量的季節性營收因素。

So in theory, if the pipeline continues to be robust in banking and markets, it could be better, right? And second, as you think about sort of a very strong year in terms of returns, are you willing to invest in perhaps slightly lower return than the 16% to 18% target businesses like equity financing, for example, to continue to set yourself up for earnings growth going forward.

所以理論上，如果銀行與市場業務的案源（pipeline）持續強勁，結果可能會更好，對吧？第二，當你們思考今年報酬非常強勁之際，你們是否願意投資於一些回報可能略低於16%到18%目標的業務——例如股權融資——以便持續為未來的獲利成長做準備。

So I think, Erika, there's a lot in assumptions and things. Let me just be clear. The return on tangible common equity was 17%. We thought it would take us longer to get there. That has in part due to the strong operating of -- the general businesses that are operating very well, getting good operating leverage, consumer banking, commercial banking and benefiting by the NII lift as well as the strong performance in markets.

所以我認為，Erika，這裡面有很多假設與各種因素。我先把話說清楚。有形普通股權報酬率是 17%。我們原本以為需要更久才能達到。這部分原因在於——整體業務的營運非常強勁，取得良好的營運槓桿；消費金融、商業銀行也都表現良好，並且同時受惠於淨利息收入（NII）的提升以及市場業務的強勁表現。

Right now, we see very strong performance this quarter, and we expect it to continue based on the market conditions. But the Iran wars and [fractures], and we can't predict what will happen next in it, and that can affect the market's perception, IPOs, et cetera. But right now, the pipelines are full, we feel very good about that. the loan growth, deposit growth Alastair described. So we feel very good about the returns and maintaining those returns.

目前我們看到本季表現非常強勁，並且基於市場狀況，我們預期這種態勢會延續。但伊朗戰爭與[裂痕]等情勢，我們無法預測接下來會發生什麼，而這可能影響市場的觀感、IPO 等等。不過就目前而言，案源管線是滿的，我們對此感覺非常好；貸款成長、存款成長也如 Alastair 所描述。因此我們對報酬水準以及維持這些報酬很有信心。

But in this current quarter, there was a pretty healthy lift off of last year and the strong markets return, as you mentioned. So we are a balanced company, the other parts are kicking in. The key for everyone to understand is it's all going to come to the bottom line. And that's -- our goal is to make sure all the NII lift as we march from 190s in NIM up to the 230s, which we said we could do that all that fell the bottom line along the way, and that's what we're driving at. So if you look at the expense growth, it's really related to the fee-based businesses and the rest of it is having a very rational amount of expense growth because of the efficiency measures and that's dropping the bottom line, and that's why the earnings growth was 30-plus percent EPS.

但在本季，相較去年確實有相當健康的提升，加上你提到的市場強勁回報。所以我們是一家均衡的公司，其他部分也開始發力。大家需要理解的關鍵是：這一切都會反映到最終盈餘。而我們的目標是確保，當我們的淨利差（NIM）從 190 多個基點逐步走到 230 多個基點（我們說過可以做到）時，所有的 NII 提升在過程中都能一路落到最終盈餘上，這就是我們在推動的方向。所以如果你看費用成長，主要與手續費型業務相關；其餘部分因效率措施而呈現非常理性的費用成長，並且落到最終盈餘上，這也是為什麼盈餘成長是 30% 以上、每股盈餘（EPS）成長 30% 以上。

So expect that to continue. We're not hiding it from you. We're growing -- we're having operating leverage of 660 basis points, so we're letting it come to the bottom line, but meanwhile, we're investing heavily in the growth of this company to make sure that we're positioned in the future. Whether we accept lower returning business or not, that's -- we always look at all the businesses and say, what can you swap out from low return to higher returning based on the return on tangible common equity metric, which at 6%, plus or minus, we think, is the right standard to look at. We think it's what the rating agent look at.

所以請預期這會持續。我們沒有對你們隱瞞。我們正在成長——我們的營運槓桿是 660 個基點，所以我們讓它反映到最終盈餘上；但同時，我們也在公司成長上大力投資，以確保我們在未來具備良好定位。至於我們是否接受較低報酬的業務——我們一向會檢視所有業務，並問：基於有形普通股權報酬率這個指標，你能把哪些低報酬的業務換成更高報酬的？我們認為以 6% 左右（上下些許）作為檢視標準是合適的。我們也認為這是信評機構所看的。

We think the people operating below that have to be careful. That's lesson learned from financial crisis. So we expect to be around that level. And when people have optimization opportunities they have to grow the bottom line. But if they can grow with more return, we're pushing to do that as well as let them grow to meet the market demand.

我們認為低於這個水準運作的人必須小心。這是金融危機帶來的教訓。所以我們預期會維持在那個水準附近。而當人們有最佳化機會時，就必須推動最終盈餘成長。但如果他們能以更高的報酬來成長，我們也會推動他們這麼做，同時也讓他們成長以滿足市場需求。

Mike Mayo, Wells Fargo.

Mike Mayo，Wells Fargo。

Could you elaborate more on the change in your operating leverage guide? That's quite a big lift there. And you did address the NII that all falls to the bottom line. I get that part and get the equities trading going up more. But aside from that, it still seems to be guided quite a bit higher.

你能否更詳細說明你們營運槓桿指引的變化？那是相當大的上調。而你確實提到 NII 全部落到最終盈餘。那部分我理解，也理解股票交易上升更多。但除此之外，看起來指引仍然高出不少。

So your marginal margin or the scalability of your model I think you've been kind of waiting for this moment when you can layer on more revenues at lower marginal cost. Can you highlight the areas that's impacting that the most?

所以你們的邊際利潤，或你們模型的可擴展性——我想你們一直在等待這個時刻：能以較低的邊際成本疊加更多收入。你能指出哪些領域對此影響最大嗎？

Yes. So, Mike, when we got together at Investor Day, we essentially outlined for our shareholders that we felt like the model -- the financial model works if we can create 200 basis points of operating leverage from the organic growth and the expense discipline that we expect to put up every cycle. But what we also said is we benefit from fixed rate asset repricing for a period of time here. So we kind of felt like what we were prepared to commit for the next 3 to 5 years was 200 to 300 basis points of operating leverage. Obviously, we have performed positively and outperformed that in the first 6 months of the year.

是的。所以，Mike，我們在投資人日聚在一起時，基本上向股東說明：如果我們能在每個景氣循環中，透過有機成長與我們預期能做到的費用紀律，創造 200 個基點的營運槓桿，那麼這個——財務模型就能運作。但我們也說過，我們在這段期間會受惠於固定利率資產的重新定價。因此我們大致覺得，未來 3 到 5 年我們準備承諾的是 200 到 300 個基點的營運槓桿。顯然，我們在今年前 6 個月的表現是正向的，而且超越了這個水準。

The two reasons for that are, first, NII just keeps grinding higher. And as Brian pointed out, all of that is dropping to the bottom line. So that's really powerful. And then second, we had really terrific fee-based performance over the course of the first 6 months. You can see it in assets under management.

原因有兩個：第一，NII 持續穩步走高。而如 Brian 指出的，這些全部都落到最終盈餘。所以這非常有力。第二，我們在前 6 個月的手續費型業務表現非常出色。你可以從管理資產規模（AUM）看得出來。

You can see it in sales & trading, you can see in investment banking. So that's really boosted. And at some point, you're halfway through the year with 450 basis points of operating leverage, and it's pretty clear, we're going to be above 300. So we know we've got tougher comps in the second half, but it's still a strong second half. And when we put that up, we should be in a good place to report full-year results. So that's what we're aiming at.

你可以從銷售與交易（sales & trading）看得出來，也可以從投資銀行看得出來。所以這確實帶來很大的提振。而當你走到年中、營運槓桿已達 450 個基點時，就很清楚我們會高於 300。所以我們知道下半年比較基期會更具挑戰，但下半年仍然強勁。而當我們交出那樣的表現時，我們應該會處於能夠報告全年結果的良好位置。這就是我們的目標。

And did you provide any expense guidance for the year or the second half?

那你們有提供今年或下半年的費用指引嗎？

No, we've largely gone away from that, Mike, for the very simple reason that when you have revenues increased this quickly, and some of them come with brokerage clearing and exchange costs, some come with FA incentive cost. It's really hard for us to just keep updating the expense through the case of the quarter. So our shareholders have just said, look, it's sometimes easier to stick with operating leverage, we found that. But I think if you look at the core, the best core measure is probably headcount. Our head count discipline over the last 6 quarters has been excellent.

沒有，Mike，我們大致上已不再提供那個，原因很簡單：當收入成長這麼快時，其中有些收入會伴隨經紀清算與交易所成本，有些則會伴隨理財顧問（FA）激勵成本。我們很難在季度進行中不斷更新費用。所以我們的股東只是說：看，某些時候維持以營運槓桿作為指標會更容易，我們也發現確實如此。但我認為如果看核心，最好的核心衡量指標可能是人力（headcount）。我們過去 6 個季度在人力規模上的紀律一直非常出色。

It's flat to slightly down. So we expect good core expense discipline and the expense at this point is really going to be based on what happens with revenue. If the revenue isn't there, then the expense will come down. If it sustains where it is currently, then you see what it costs to operate the company right now on the fees that we just put up.

人數持平到略為下降。所以我們預期核心費用紀律良好，而此時費用基本上將取決於收入的走勢。如果收入不在，那費用就會下降。如果收入維持在目前水準，那你就會看到在我們剛交出的這些手續費收入水準下，現在營運公司所需的成本。

And then as a follow-up, going back to Investor Day, I think you're looking for cards to grow 5%. And as you said, it's gone from 1%, 2%, 3%, now 4%. So that's there. but you also are hoping for net new asset growth at 5%. And I don't think this quarter, the net client flows weren't as good.

接著追問一下，回到投資人日，我想你們希望卡片業務成長 5%。而如你所說，它已從 1%、2%、3%，現在到 4%。所以那部分是有的。但你們也希望淨新增資產成長達到 5%。而我認為本季淨客戶資金流入並沒有那麼好。

So just if you could comment on that. And then lastly, on commercial loan growth, traditional commercial C&I growth, away from the hyperscalers and all that. I'm trying to figure out if that's actually coming back or not, you're being across the US, a good guide for that.

所以如果你能就那點評論一下就好。然後最後，關於商業貸款成長、傳統商業 C&I（商業與工業）成長，撇開超大規模雲端業者（hyperscalers）和那些因素。我想弄清楚那是否真的正在回來；你們在全美各地都有布局，應該是個很好的觀察指標。

First, I think you were referring to the Merrill 5% guide where we said we were aiming for 5% over the course of the next 3 to 5 years. it's been 7 months, and I think we're off to a good start there. We added net new households again this quarter. This was the best quarter in the last few. So that was good.

首先，我想你指的是 Merrill 的 5% 指引，也就是我們說未來 3 到 5 年的期間內目標是 5%。現在才過了 7 個月，我覺得我們開局不錯。本季我們再次新增淨新家庭戶數。這是最近幾季中表現最好的一季。所以這點很好。

Probably the most important flow is the assets under management flows where they were up 4%. So we're happy with that. The loans were up 13%, I think it was year-over-year. So I think what Lindsay and Eric are trying to drive there, what Katy is trying to drive there is just keep growing the sales force. Well, adviser attrition is now at near historic lows.

可能最重要的流量是資產管理規模（AUM）的資金流入，成長了 4%。所以我們對此很滿意。貸款年增 13%，我記得是這樣。所以我想 Lindsay 和 Eric 想推動的、Katy 想推動的，就是持續擴大銷售團隊。而且現在顧問流失率已接近歷史低點。

So we're pretty happy with that. We've got more to do. We know that over the course of the next 3 to 5 years, but I think we feel like we're off to a good start, so we're happy with that. On the commercial loan growth, yes, it's broader than just an AI theme. The AI theme has helped because there's so much in the way of capital investment going on globally now.

所以我們對此相當滿意。我們還有很多要做。我們知道在接下來 3 到 5 年的期間內還有工作要完成，但我覺得我們的起步不錯，所以我們很高興。至於商業貸款成長，是的，它不只是 AI 主題而已，範圍更廣。AI 主題確實有幫助，因為目前全球資本投資非常多。

But when we look at our global banking segments, each of the lines of business, whether it's business banking, the commercial bank or the corporate bank, they're all contributing. It's very broad-based loan growth at this point. It's consistent loan growth in commercial. So that's another reason why we're pretty comfortable with our NII guide for the second half of the year.

但當我們看我們的全球銀行業務分部，各條業務線，不論是商業銀行（business banking）、商業銀行（commercial bank）或企業銀行（corporate bank），都在貢獻。目前貸款成長非常廣泛、以多元來源驅動。商業端的貸款成長也很一致、穩定。所以這也是我們對下半年淨利息收入（NII）指引相當有信心的另一個原因。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Can you take a step back and just give us a sense, what are you seeing in the underwriting area for credit? Is there a risk on -- going on? I mean, numbers are great for you and your peers. The economy's healthy. What are you guys seeing for the trends there?

你能不能先退一步，給我們一些整體感受：在信貸承作／授信審核（underwriting）方面，你們看到了什麼？是否有風險正在發生？我的意思是，你和同業的數字都很漂亮。經濟也很健康。你們看到的趨勢是什麼？

(inaudible) start overall. We see -- from what we're underwriting, we stick to our credit knitting, so to speak. It's been consistent. It's been long term. You can see it in the stress test results again that just got issued.

（聽不清）先從整體來說。我們看到——就我們正在承作的案子而言，我們一直堅持我們的授信本業（credit knitting），可以這麼說。一直都很一致。而且是長期如此。你也可以從剛公布的壓力測試結果再次看出來。

So in what we do, we may maintain that consistency. And the nice thing is we can maintain that consistency and actually grow a stronger, stronger industry in core middle market areas that you're thinking about small business, et cetera. So we feel very good about that. We see some excesses on outside, we always do. A lot of that went to a different market, not in the banking system.

所以在我們所做的事情上，我們可能會維持這種一致性。而且好的一點是，我們能在維持一致性的同時，在你所想的核心中型市場領域（例如小型企業等）把產業布局做得更強、更強。所以我們對此感覺非常好。我們也看到外部有一些過熱／過度行為，我們一直都會看到。其中很多流向了不同的市場，不在銀行體系內。

Some of that's come back and now needs to -- they have to do it more on bank lendable terms, so to speak. So we're seeing that competitive pressure ease a hair, but we'll see if it stays that way. And we're seeing price pressure in some of the more liquid products like auto loans and stuff, and that's why we laid off a little bit as the pricing got very tight, and that happens once in a while. But overall, we feel good that the credit quality is high, the underwriting we see as high the -- some of the impact of more leverage than the loans outside the banking system is mitigated as that practice straightens itself out over time here. And so we feel very good about the credit quality.

其中有些現在又回來了，並且需要——可以這麼說——以更符合銀行可放款條件的方式來做。所以我們看到競爭壓力稍微緩和了一點點，但還要看是否能維持。另外，在一些流動性較高的產品（例如車貸等）上，我們看到價格壓力；因此當定價變得非常緊時，我們就稍微收斂了一些，這種情況偶爾會發生。但整體而言，我們覺得信用品質很高；我們看到的授信承作品質也很高——而且，銀行體系外貸款較高槓桿所帶來的一些影響，會隨著那種做法在一段時間內逐步被矯正而得到緩解。因此我們對信用品質非常有信心。

It's all going to come down to the economy. And right now, our team is very constructive on the economy and unemployment at 4.2% or whatever it is, new claims, front employment is staying low. It's a pretty good place. And so that's why you're seeing a complete sort of steadiness in our credit cost. And importantly, the issues of the moment, whether it's real estate 4 or 5 years ago or whether it was private capital lending and all the stuff, just aren't surfacing the way people thought they would.

最終一切都取決於經濟。而目前我們的團隊對經濟相當建設性；失業率在 4.2% 左右（或不管實際數字是多少），新申領失業救濟人數、就業前端指標都仍維持在低位。這是個相當不錯的狀態。所以你才會看到我們的信貸成本呈現一種完全的穩定。而且重要的是，當下大家關注的議題——不論是 4、5 年前的不動產，或是私募資本放貸以及那些事情——都沒有像人們以為的那樣浮現出來。

Very good. And then as a follow-up, I don't know if you guys could frame this out, but the AI is such a powerful economic force in this country. Have you guys been able to frame out not exposure to data center build-out, but the second derivative because you wonder 2, 3, 4 years from now if I ever kind of slows down or rolls over, what's the second derivative credit aspect from that? Have you guys given much thought?

很好。接著追問一下，我不確定你們能不能把這件事框架化，但 AI 在這個國家是一股非常強大的經濟力量。你們是否能夠不只看資料中心建置的曝險，而是看第二階效應（second derivative）？因為你會想，2、3、4 年後如果它開始放緩或反轉，從信貸角度看第二階效應會是什麼？你們有沒有深入思考過？

When we look at the work we do with clients and others, we factor in across all our companies as part of the underwriting work that the team does, they have to factor in the question of what's the impact of AI in the industry and the company and what will happen. I think it will take time, as you said, and we continue to watch that. As we look at underlying deals, we're always looking at the credit. The capability and the earnings power of the underlying tenants, so to speak, that are driving the revenue to the build out business so that we could keep care on. And when we look at the energy build-out, we see the demand there.

當我們看我們與客戶及其他方所做的工作時，作為團隊授信承作工作的一部分，我們會在所有公司層面把這個因素納入：必須把 AI 對該產業與該公司的影響、以及可能會發生什麼納入考量。我同意你說的，這需要時間，我們也會持續觀察。當我們看每一筆底層交易時，我們永遠都在看信用狀況。也就是說，驅動建置業務收入的那些底層「承租戶」（tenants）的能力與獲利能力，我們會持續關注並做好控管。而當我們看能源建置時，我們也看到那裡的需求。

So we look at all the factors you're talking about. I think that -- and what we learned from also is not only what happens outside, we see the impact on our company and the ability for us to use it effectively relatively quickly. And so it's a very powerful tool. It has great utility. It has to be carefully managed.

所以我們會看你提到的所有因素。我想——我們也學到的不只是外部會發生什麼，我們也看到它對我們公司的影響，以及我們相對能夠多快有效地使用它。因此這是一個非常強大的工具。它非常有用。但必須被謹慎管理。

You have to have your data perfect. You have to have your rules based. So it doesn't make mistakes in how you use it. It has to -- you have to look at processes and not engineer them, so we feel very strong about it. And we talk to the companies that are in our portfolios of lending to make sure they're active using this so they don't get left behind.

你的資料必須非常完備。你的規則必須建立好。這樣在使用時才不會出錯。另外——你必須檢視流程，而不是重新工程化它們，所以我們對此很有信心。我們也會和我們放貸投資組合中的公司溝通，確保他們積極使用這些工具，避免被落下。

But on the other hand, they're using in a responsible way that they can protect their data and their security and things like that. So we feel good about it, and we feel it will be a powerful force in place where the American economy will be very successful.

但另一方面，他們以負責任的方式使用，能夠保護他們的資料與安全等。因此我們對此感到放心，也相信這將成為一股強大的力量，讓美國經濟在其中能夠非常成功。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

Just a quick follow-up on interest income, the guidance for this year is essentially be up 8%. What is that ex-markets?

關於利息收入我想快速追問一下，今年的指引基本上是成長8%。若排除市場業務（ex-markets）是什麼情況？

I need to take a look, give me one second. I need to work it back. I mean I can help with that off-line once we finish it up, but it's not going to be a big factor because I think what's going to end up happening is the market's NII is probably pretty stable here. It could even go down with the rate cut in fourth quarter, but it will be flat to slightly down, is my guess. So most all of the growth is going to come from the global banking books.

我需要看一下，給我一秒鐘。我得把它倒推回去。我的意思是，我們結束後我可以線下協助你釐清，但這不會是很大的因素，因為我認為最後會發生的是，市場業務的淨利息收入（NII）在這裡大概相當穩定。第四季若降息，它甚至可能下滑，但我的猜測是大致持平到小幅下降。所以幾乎所有的成長都會來自全球銀行業務的資產負債表。

Okay. Yes, that number would be helpful. I mean I think on a year-over-year basis, I would think it's up just given it was going up throughout last year --

好的。是的，那個數字會很有幫助。我的意思是，我認為以年對年來看，應該是上升的，因為它在去年一整年都在上升--

Well, year over year, it will be up because we've put more balance sheet into the business. So we can sort of see that. I'm just saying, if you were to look at first quarter, second quarter, kind of expect a similar kind of number in third and fourth. But we don't normally provide the guidance ex Global Markets because this -- there's lots of moving pieces that go backwards and forwards, and there's a lot of loans in markets. So it gets a little confusing when we strip that out. Sometimes you have to think about the presentation there. But bottom line is market's NII, I think will be flattish, could be slightly down with a rate hike, but that's not the driver of second half performance of NII.

嗯，年對年會上升，因為我們把更多資產負債表配置到這項業務。所以我們大致看得到。我只是說，如果你看第一季、第二季，那第三季和第四季大概也會是類似的數字。但我們通常不提供排除全球市場（ex Global Markets）的指引，因為這——有很多變動因素來回變化，而且市場業務裡有很多貸款。所以當我們把它剔除時會有點令人困惑。有時候你得考慮那裡的呈現方式。但重點是，我認為市場業務的NII大致持平；若升息可能會略降，但那不是下半年NII表現的驅動因素。

Okay. That's helpful. And then longer term, you talked about NIM grinding higher. And I know this was a while ago, but you talked about a 2, 3 or 2, 4 NIM. But obviously, like the balance sheet is a lot bigger. There's been some mix shift. Just any updated thoughts on the NIM over time.

好的。這很有幫助。再來，長期來看，你提到淨利差（NIM）會逐步走高。我知道這是之前的事了，但你曾談到2.3或2.4的NIM。但顯然，資產負債表規模大了很多。組合也有一些變化。想請問對於NIM隨時間演變，有沒有更新的看法。

Well, we still feel good about that 230 number that we're aiming for. I think when we started, we said it would be 2 to 3 years. We're inside -- probably inside a couple of years now to get there just based on the progress that we've made. One of the things that's just interesting over there is because we've grown the markets business, which is quite low net interest yield, that has suppressed the overall, if you like. The banking net interest yields have been quite encouraging over the course of the past couple of years.

嗯，我們仍然對我們目標的2.30這個數字感到有信心。我想當初我們說需要2到3年。依照我們目前的進展，我們現在距離達成——可能在兩年以內就能達到。那邊有件有趣的事是，因為我們擴大了市場業務，而那部分的淨利息收益率相當低，這在某種程度上壓低了整體表現。過去幾年銀行業務的淨利息收益率其實相當令人鼓舞。

So it's been a conscious choice to invest in markets. That's obviously been a good decision, particularly this quarter with the markets business is up as much as they are. But it's less about net interest yield and more about net interest income. At the margin, we're going to get the net interest yield. We know that. We're still confident we're still on track. We'll get to that 230 and we are a year closer now.

所以投資市場業務是有意識的選擇。這顯然是個好決定，尤其是本季市場業務成長幅度這麼大。但重點較不在淨利息收益率，而更在淨利息收入（NII）。在邊際上，我們會拿到淨利息收益率。我們知道這點。我們仍然有信心、仍在正軌上。我們會達到2.30，而現在我們也比之前更接近一年了。

There are no further questions in queue. I'd be happy to return the call to Brian Moynihan.

目前沒有其他排隊提問。我很樂意把電話交回給Brian Moynihan。

I thank all of you for joining us. The consistency is the key as you look across all our metrics in every area, whether it's NII fees, et cetera. The second thing is to keep in mind that the revenue growth is strong, but also very diversified across lots of different businesses, lots of different outcomes. And the third to keep in mind is that the credit cost in the company have flattened out at a very strong historical levels. And we continue to feel good about the delinquencies and everything we show you as getting better. If you think about that, all that, we gave you guidance that we're at the top end of the range in operating leverage. And so all that backs into a strong second half ahead of us.

感謝各位加入我們。當你檢視我們各領域的所有指標時，一致性是關鍵，無論是淨利息收入（NII）、手續費等。第二點要記住的是，營收成長強勁，而且在許多不同業務、許多不同成果之間高度分散。第三點要記住的是，公司信用成本已在非常強勁的歷史水準上趨於平坦。而且我們對逾期情況以及我們向各位展示的一切持續改善，仍然感到樂觀。綜合來看，我們給出的指引顯示，我們的營運槓桿位於區間的上緣。因此，這些都支撐我們下半年將有強勁表現。

When you think about the atmosphere we operate in, it's a constructive environment, full pipelines in the markets business strong investor demand for debt and equity, commercial lending strengthening and continue broadening out, and we continue to see strong consumer spending activity, which at the end of the day, shores up the US economy. Our company is well positioned to be a part of all that growth, and we look forward to talking to you next time. Thank you.

當你思考我們所處的營運氛圍，這是一個具建設性的環境：市場業務的案源管線充沛、對債券與股票有強勁的投資人需求、商業放款走強且持續擴大，同時我們也持續看到強勁的消費者支出活動，而這在最後會支撐美國經濟。我們公司已做好定位，能參與所有這些成長，我們期待下次再與各位交流。謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以斷線。