美國銀行 (BAC) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to today's Bank of America second-quarter earnings call. (Operator Instructions) Please note today's call will be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Lee McIntyre. Please go ahead.

大家好，歡迎參加今天的美國銀行第二季財報電話會議。（操作員指示）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。現在我很高興將會議交給 Lee McIntyre。請繼續。

Thank you, Chloe. Good morning, everyone. Thank you for joining us to review the second-quarter results. Our earnings release documents are available on the Investor Relations section of the bankofamerica.com website. Those documents include the earnings presentation that we'll make reference to during the call. Brian Moynihan, our CEO, will make some opening comments before he turns the call over to Alastair Borthwick, our CFO, to discuss more of the details.

謝謝你，克洛伊。大家早安。感謝您與我們一起回顧第二季的業績。我們的收益發布文件可在 bankofamerica.com 網站的投資者關係部分找到。這些文件包括我們將在電話會議中參考的收益報告。我們的執行長 Brian Moynihan 將發表一些開場白，然後將電話轉給我們的財務長 Alastair Borthwick 討論更多細節。

Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. Forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties.

我只想提醒您，我們可能會在電話會議中做出前瞻性陳述並參考非公認會計準則財務指標。前瞻性陳述是基於管理階層目前的預期和假設，這些預期和假設受風險和不確定性的影響。

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

可能導致我們的實際結果與預期存在重大差異的因素已在我們的收益資料和網站上提供的 SEC 文件中詳細說明。有關我們的非公認會計準則財務指標（包括與美國公認會計準則的調節）的資訊也可以在我們網站上的收益資料中找到。

With that, Brian, I'll turn the call over to you.

布萊恩，接下來我將把電話轉給你。

Good morning and thank all of you for joining us for our second quarter of 2025 earnings results. First, a couple of words on environment. We continue to see a solid consumer spending data, you can see on our page 21 of the deck. Improving credit quality Alastair talked about from already strong statistics, plenty of household net worth growth and market growth, and also the cap balances again staying strong above where they were pre-pandemic.

早安，感謝大家參加我們的 2025 年第二季財報。首先，談談環境。我們繼續看到穩健的消費者支出數據，您可以在我們的第 21 頁上看到。阿拉斯泰爾談到信貸品質的提高，從已經很強勁的統計數據來看，家庭淨資產和市場都有很大的成長，而且資本餘額再次保持在疫情前的水平之上。

We see solid commercial loan growth and we see good credit quality with the exception of CRE in office, which we'll talk about. We also see our clients continue to seek clarity with the changes in trade and tariffs, and now with the tax bill passing, we can see them start to understand the future and expect them to behave accordingly.

我們看到商業貸款穩健成長，信貸品質良好，但辦公室裡的 CRE 除外，我們稍後會討論這一點。我們也看到我們的客戶繼續尋求貿易和關稅變化的明確性，現在隨著稅收法案的通過，我們可以看到他們開始了解未來並期望他們採取相應的行動。

We saw improving market conditions during the quarter, and that leads our worldwide leading research team to continue to predict no recession, a modestly growing economy, about 1.5% at the end of the year, and continued no Fed rate cuts until next year.

我們看到本季市場狀況有所改善，這使得我們全球領先的研究團隊繼續預測不會出現衰退，經濟將溫和增長，年底增長率約為 1.5%，並且聯準會明年之前不會繼續降息。

So with that backdrop, we talk about our second quarter. Key points on the second quarter as follows: we produced another solid quarter of revenue growth, earnings, and returns. These earnings are second point is these earnings are driven by strong organic growth across all the businesses. The third is we continue to drive technology innovation both on the product side that we offer our customers, but also on the operational excellence side.

因此，在這樣的背景下，我們來談談第二季。第二季的重點如下：我們又實現了營收、獲利和回報的穩健成長。第二點是，這些收益是由所有業務的強勁有機成長所推動的。第三，我們將繼續推動技術創新，不僅在我們為客戶提供的產品方面，也在卓越營運方面。

We're continuing to see the benefits of our long-term investment in technology capabilities, digitization, machine learning, and now we're starting to see at the beginnings of the AI practices that we develop pay off, and we're looking forward to much more.

我們持續看到對技術能力、數位化、機器學習的長期投資所帶來的好處，現在我們開始看到我們開發的人工智慧實踐開始獲得回報，我們期待更多。

On slide 2, we start the earnings discussion this morning we reported revenue of $26.6 billion on an FTE basis, net income of $7.1 billion after tax, and earnings per share of $0.89 for the second quarter. On a year-over-year basis, we grew revenue 4% and grew earnings per share 7%. We produced a return on assets of 83 basis points and return on tangible common equity of 13.4% in the second quarter.

在第 2 張投影片上，我們開始討論收益，今天上午我們報告第二季以 FTE 計算的收入為 266 億美元，稅後淨收入為 71 億美元，每股收益為 0.89 美元。與去年同期相比，我們的營收成長了 4%，每股收益成長了 7%。我們第二季的資產報酬率為 83 個基點，有形普通股權益報酬率為 13.4%。

We produced $14.8 billion NII, a record for the company, growing 7% from the second quarter in 2024. This represents the fourth quarter of NII growth in line with the guidance we've been giving you. Supporting that average deposits have now grown for eight consecutive quarters, and we have achieved this while maintaining very disciplined deposit pricing. That's great work by our teams.

我們創造了 148 億美元的 NII，創下了公司的最高紀錄，比 2024 年第二季成長了 7%。這代表第四季度的 NII 成長與我們一直以來給予您的指導一致。支持這一增長的是平均存款已連續八個季度增長，而且我們在保持非常嚴格的存款定價的同時實現了這一目標。我們的團隊做出了出色的工作。

Markets-related revenue gained momentum throughout the quarter. We recorded our 13th consecutive quarter of year-over-year sales and trading growth. Jim Demare and the team continue to do a good job there. Revenue was up 15% over the prior year quarter. We also produced more than $1.4 billion in firm-wide investment banking fees, and the better quarterly results improved as each month of the quarter progressed.

整個季度，市場相關收入均呈現成長動能。我們連續第 13 個季度實現銷售額和交易額年增。吉姆·德馬爾和他的團隊繼續在那裡做得很好。營收比去年同期成長了 15%。我們也產生了超過 14 億美元的全公司投資銀行費用，隨著季度的進展，季度業績也越來越好。

We reported expense below $17.2 billion this quarter, $600 million lower than the first quarter of 2025 in line with the expectations we gave you. We report our sixth consecutive quarter of net charge-offs at around the $1.5 billion level. This is a little bit of a tale of two cities. Consumer net charge-offs were lower. Setting that we had elevated commercial real estate office charge-offs.

我們報告本季的支出低於 172 億美元，比 2025 年第一季低 6 億美元，符合我們給您的預期。我們報告稱，連續第六個季度的淨沖銷額達到約 15 億美元。這有點像兩個城市的故事。消費者淨沖銷額較低。假設我們已經提高了商業房地產辦公室的沖銷額。

We resolved a number of credits in this quarter in the second quarter. When those credits close in the third quarter, you'll see the reduction in MPLs related there too. The good news is that most of those second-quarter charge-offs were previously reserved, so it had a modest impact on the profitability for the quarter.

我們在第二季度解決了本季的一些貸款問題。當這些信貸在第三季結束時，您也會看到相關的 MPL 減少。好消息是，第二季的大部分沖銷款項之前都已預留，因此對本季的獲利能力影響不大。

We provided capital support of our customers and clients to help them grow. For example, we delivered strong commercial loan growth, as you can see. We also provided more balance sheet to our institutional clients for their financing needs. At the same time, we also increased the capital return to our shareholders. In the second quarter, we purchased $5.3 billion in shares and paid $2 billion in dividends. In the first half of 2025, we have returned $13.7 billion in total capital, 40% higher than the first half of '24. Tangent book value per share continue to grow this quarter.

我們為客戶和客戶提供資金支持，幫助他們成長。例如，如您所見，我們的商業貸款實現了強勁成長。我們也為機構客戶提供了更多資產負債表，以滿足他們的融資需求。同時，我們也增加了對股東的資本回報。第二季度，我們回購了價值 53 億美元的股票，並支付了 20 億美元的股利。2025 年上半年，我們已返還總資本 137 億美元，比 2024 年上半年高出 40%。本季每股正切帳面價值持續成長。

Let's move our discussion to organic growth. You can see that on slide 3. We added new clients and deeper relationships with our existing clients. That was across all our businesses: Consumer Wealth, Commercial, and our Markets business. Our teams are winning in the marketplace by putting the client first. For example, in Consumer Banking, we continue to grow primary checking accounts. We grew average consumer deposits for a third consecutive quarter. Balances up year over year for the first time since 2022, putting the effects of the pandemic surges behind us.

讓我們將討論轉向有機成長。您可以在投影片 3 上看到這一點。我們增加了新客戶，並與現有客戶建立了更深入的關係。這涉及我們的所有業務：消費者財富、商業和市場業務。我們的團隊以客戶為中心，在市場上取得了成功。例如，在消費者銀行業務中，我們繼續增加主要支票帳戶。我們連續第三個季度實現了平均消費者存款的成長。自 2022 年以來首次實現同比平衡，擺脫了疫情激增的影響。

This quarter we grow across the milestone of 5 million net new checking accounts over the last six years. We saw increases in the average consumer checking account balance of our clients for two consecutive quarters, and now the average balance per account is over $9,200 and 92% of the primary checking account in the household.

本季度，我們突破了過去六年來新增支票帳戶淨額 500 萬的里程碑。我們看到客戶的平均消費者支票帳戶餘額連續兩季增加，現在每個帳戶的平均餘額超過 9,200 美元，佔家庭主要支票帳戶餘額的 92%。

On the investment side, our clients carry an average funded balance of more than $130,000 strong when compared to the industry. Our home and auto originations grew on a year-over-year basis this quarter. We continue to be a leading supplier of credit to small businesses, helping the core segment of the economy grow. Loans were once again up year-over-year and reflecting the commitment to add more banking bankers in the markets that we serve across the United States.

在投資方面，與產業相比，我們的客戶平均資金餘額超過 13 萬美元。本季我們的房屋和汽車貸款年增。我們持續成為小型企業信貸的主要供應商，幫助經濟核心部分成長。貸款再次同比增長，反映出我們致力於在美國服務的市場中增加更多的銀行家。

In Wealth and Investment Management, client balances reached $4.4 trillion. We saw strong AUM flows and loan demand, as well as market appreciation. Our advisors continue to deliver comprehensive banking solutions to help our clients achieve their goals. In our Global Banking business, client activity remains solid. Commercial clients are actively using their credit facilities, albeit at still a lower level than they used them as a percentage prior to the pandemic, and our risk management approach remains very disciplined. We've added more than 1,000 net new clients, most of them driven by our payments capabilities.

在財富和投資管理方面，客戶餘額達到 4.4 兆美元。我們看到了強勁的 AUM 流動和貸款需求，以及市場升值。我們的顧問繼續提供全面的銀行解決方案，以幫助我們的客戶實現他們的目標。在我們的全球銀行業務中，客戶活動依然保持穩定。商業客戶正在積極使用其信貸額度，儘管其使用率仍低於疫情爆發前的水平，而且我們的風險管理方法仍然非常嚴謹。我們新增了 1,000 多名新客戶，其中大多數是透過我們的支付能力推動的。

Global Markets continue to perform well with a record second quarter level of sales and trading revenue. Institutional clients sought funding of their warehouse of loans and other needs and increased pace with high-quality collateral.

全球市場持續表現良好，第二季銷售額和交易收入創歷史新高。機構客戶尋求為其貸款倉庫和其他需求提供資金，並加快了提供高品質抵押品的步伐。

Organic growth means that we're also investing in our own capabilities, our people and our technology to serve our clients more effectively. Those investments have led to continued expansion and digitalization and engagement across all our lines of business.

有機成長意味著我們也在投資自己的能力、我們的員工和技術，以便更有效地為我們的客戶服務。這些投資推動了我們所有業務線的持續擴張、數位化和參與度。

Nearly 80% of our consumer households are now fully digitally engaged, and they benefit from our award-winning platforms. Just to give you a sense of the volumes, in the second quarter alone, 4 billion logins were made by our consumer. In the second quarter, 65% of our consumer product sales were digital. You can see all these trends in our disclosures on slides 24, 26, and 28 in the appendix. I commend you to review them to see how the technology application can be scaled and applied across the businesses.

我們近 80% 的消費者家庭現已完全實現數位化，並從我們屢獲殊榮的平台中受益。為了讓您對登入量有個大致的了解，光是第二季度，我們的消費者就進行了 40 億次登入。第二季度，我們 65% 的消費產品銷售額來自數位化。您可以在附錄的第 24、26 和 28 張投影片的揭露中看到所有這些趨勢。我建議您審查它們，以了解如何擴展和應用該技術應用。

We also continue to invest in our teammates and are moving more money into the AI and machine learning side. And as we think about the quarters ahead and the operating leverage you're turning in the company due to the NII growth, it's key to note that we have fully absorbed the cost of the last several years of inflation and wages and other third-party provided services. 15 years ago to make it.

我們也繼續投資我們的隊友，並將更多資金投入人工智慧和機器學習領域。當我們考慮未來幾個季度以及由於 NII 成長而為公司帶來的經營槓桿時，值得注意的是，我們已經完全吸收了過去幾年通貨膨脹、工資和其他第三方提供的服務的成本。 15 年前我們做到了這一點。

An understanding of how much an impact technology had, 15 years ago, the company had a head count of 300,000. Today, we have 212,000. We did that with a relentless application of scalable, secure, resilient technologies. Customer behavior also changed and matched it. Digitization, simplification of products, machine learning, and models and process improvements helped us get there. Now we have a chance to capture the value that with the new enhanced capabilities of AI machine learning.

要了解科技的影響有多大，15 年前，該公司的員工人數為 30 萬人。如今，我們的會員人數已達 21.2 萬人。我們透過堅持不懈地應用可擴展、安全、有彈性的技術實現了這一目標。顧客的行為也隨之改變。數位化、產品簡化、機器學習以及模型和流程改進幫助我們實現了這一目標。現在我們有機會利用人工智慧機器學習的全新增強功能來獲取其價值。

Artificial intelligence allows us to change the work across many more areas of our company, effective than prior tools allowed us. We have deep scale experience and AI capabilities. With Erica, our AI system, is the most recognized aspect of that. As you can see on slide 4, we think about the way we apply artificial intelligence and augmented intelligence in four different pillars: AI agents, search and summarization, content generation, importantly coding and automated processes.

人工智慧使我們能夠改變公司更多領域的工作，其效率比以前的工具更高。我們擁有豐富的規模經驗和人工智慧能力。我們的人工智慧系統 Erica 是最受認可的。正如您在投影片 4 上看到的，我們思考如何在四個不同的支柱中應用人工智慧和增強智慧：人工智慧代理、搜尋和摘要、內容生成、重要的編碼和自動化流程。

First off, as an example, is our virtual assistant Erica. This is a model we introduced back in 2018 and developed prior to that. It was the first true banking industry virtual agent. It averages over 58 million interactions per month today, helping to make it easier for clients to bank how they want and where they want. We also leveraged Erica capabilities for use of our commercial clients in CashPro, as well as with our employees and Erica for employees.

首先，舉個例子，我們的虛擬助理 Erica。這是我們在 2018 年推出並在此之前開發的模型。這是第一個真正的銀行業虛擬代理。目前，它平均每月的互動次數超過 5,800 萬次，幫助客戶更輕鬆地以他們想要的方式和地點進行銀行業務。我們也利用 Erica 的功能為 CashPro 中的商業客戶提供服務，同時也為我們的員工提供 Erica 服務。

To give you a sense, 90% of our more than 210,000 teammates have now utilized Erica for employees to complete such tasks as password updates, equipment refreshes, et cetera. In wealth management and our other relationship manager banking businesses, AI is helping those relationship managers and advisor search and summarize information, preparing them to deliver personalized planning and personalized pitches to clients for their business and help with their advice. Co-pilots helped them organize the prospecting process and all this is implemented in going through the system.

為了讓您了解情況，我們超過 210,000 名隊友中的 90% 現在已經使用 Erica 為員工完成諸如密碼更新、設備刷新等任務。在財富管理和我們的其他客戶經理銀行業務中，人工智慧正在幫助那些客戶經理和顧問搜尋和總結訊息，為他們提供個人化的規劃和個人化的推銷，為他們的業務提供建議。副駕駛幫助他們組織勘探過程，所有這些都是透過系統來實現的。

In our operations group, AI tools to help improve our process around customer satisfaction. One chat-based AI product works between markets and operations. It allows us to have 750 people engaged with AI agents to allow them to reconcile trades, which has saved many FTE already. In addition, as you can see, we have 17,000 programmers using AI coding technology today, saving 10% to 15% in code generation costs, and we expect that to continue to rise.

在我們的營運團隊中，人工智慧工具幫助我們改善圍繞客戶滿意度的流程。一款基於聊天的人工智慧產品在市場和營運之間發揮作用。它使我們有 750 名員工與 AI 代理商合作，讓他們協調交易，這已經節省了許多 FTE。此外，正如您所看到的，我們今天有 17,000 名程式設計師使用 AI 編碼技術，節省了 10% 到 15% 的程式碼產生成本，我們預計這一比例還將繼續上升。

Overall, we have 1,400 AI patents and have created over 250 AI and machine learning models in the company. We're currently working through many dozens of our AI proof of concepts beyond what I just spoke about. These investments are intended to help improve the client experience and our own productivity.

整體而言，我們擁有 1,400 項人工智慧專利，並在公司內創建了 250 多個人工智慧和機器學習模型。除了我剛才談到的內容之外，我們目前正在研究數十個 AI 概念驗證。這些投資旨在幫助改善客戶體驗和我們自己的生產力。

So if you think about the quarter before I turn it over to Alastair, just a few points. We saw good organic client activity. We enjoyed good growth in revenue in earnings per share. We continue to invest in that growth and are beginning to see the impacts of AI, again, aiding our efficiency. We managed risk well that drove healthy returns, and we kept delivering more capital back to our shareholders.

因此，如果您在我將時間交給阿拉斯泰爾之前考慮一下本季的情況，那麼只需考慮幾點。我們看到了良好的有機客戶活動。我們的每股收益收入成長良好。我們繼續對這一成長進行投資，並開始看到人工智慧的影響，再次幫助我們提高效率。我們很好地管理了風險，帶來了豐厚的回報，並不斷向股東提供更多的資本。

With that, I'll turn it over to Alastair.

說完這些，我就把麥克風交給阿拉斯泰爾。

All right, well, thank you, Brian. I'm going to skip slide 5 of the earnings presentation since Brian covered most of that already. And I just want to provide a little more context on the highlights of the quarter starting on slide 6 where you can see revenue of $26.6 billion on an FTE basis grew more than 4% from the second quarter last year.

好的，謝謝你，布萊恩。我將跳過收益簡報的第 5 張投影片，因為 Brian 已經講完了其中的大部分內容。我只想提供更多關於本季度亮點的背景信息，從第 6 張幻燈片開始，您可以看到按 FTE 計算的收入為 266 億美元，比去年第二季度增長了 4% 以上。

Now, we saw the year-over-year revenue growth in several areas. NII grew 7% and represented 55% of total revenue. Investment and brokerage fees rose 11% with both assets under management flows and market levels contributing nicely to the growth.

現在，我們看到多個領域的收入年增。NII 成長了 7%，佔總收入的 55%。投資和經紀費用上漲了 11%，管理資產流量和市場水準都對成長做出了很大貢獻。

This quarter's $5.4 billion of sales and trading revenue grew 15% from the year-ago period. Service charges grew 7% with particular strength in global payment solutions. And card income improved 4%. And while investment banking was down 9% from the second quarter of '24, momentum built across the quarter with a good pipeline.

本季的銷售和交易收入為 54 億美元，比去年同期成長 15%。服務費成長了 7%，全球支付解決方案特別強勁。卡收入成長了4%。儘管投資銀行業務較 2024 年第二季下降了 9%，但憑藉良好的管道，整個季度的勢頭依然強勁。

Non-interest expense was a little less than $17.2 billion and down nearly $600 million from Q1, driven by the absence of Q1 seasonal elevation in payroll taxes. Provision expense for the quarter was $1.6 billion with asset quality remaining in great shape. And we reduced our outstanding shares by almost 4% from the second quarter of last year. So together these things resulted in earnings per share improving 7% year over year.

非利息支出略低於 172 億美元，較第一季下降近 6 億美元，原因是第一季薪資稅沒有出現季節性上漲。本季撥備支出為 16 億美元，資產品質維持良好。與去年第二季相比，我們的流通股減少了近 4%。因此，這些因素共同作用，使得每股盈餘較去年同期成長 7%。

Let's transfer to a discussion of the balance sheet using slide 7. And here, total assets ended the quarter at $3.44 trillion. That is up $92 billion from Q1, driven by strong loan growth and a higher level of client activity in Global Markets. Deposits were up $22 billion on an end-of-period basis from Q1, and up a little more than $100 billion from the year-ago period.

讓我們使用投影片 7 來討論資產負債表。本季末，總資產達 3.44 兆美元。這一數字比第一季增加了 920 億美元，這得益於強勁的貸款成長和全球市場客戶活動水準的提高。期末存款較第一季增加了 220 億美元，較去年同期增加了 1,000 多億美元。

Deposits reflect the seasonal headwind from income tax payments and saw inflows that more than offset the tax payment activity. Average global liquidity sources of $938 billion remain strong. Shareholders' equity at $300 billion was up $4 billion from last year as we issued $3 billion of preferred stock this quarter to replace redemptions from last quarter, and we saw modest improvement in AOCI. Otherwise, net income is offset by distributions of capital to shareholders.

存款反映了所得稅支付的季節性逆風，流入的資金超過了納稅活動的金額。全球平均流動性來源仍為9,380億美元，維持強勁。股東權益為 3000 億美元，比去年增加了 40 億美元，因為我們本季發行了 30 億美元的優先股來取代上一季的贖回，而且我們看到 AOCI 略有改善。否則，淨收入將被分配給股東的資本所抵銷。

We returned $7.3 billion of capital back to shareholders with $2 billion in common dividends paid and $5.3 billion of shares we purchased. With regard to dividends, as we noted in our July 1 press release following the CCAR results, we announced our plan to increase our common quarterly dividend by 8% starting in September pending board approval.

我們向股東返還了 73 億美元的資本，其中包括支付 20 億美元的普通股股息和購買 53 億美元的股票。關於股息，正如我們在 7 月 1 日 CCAR 結果公佈後的新聞稿中所指出的，我們宣布計劃從 9 月開始將我們的普通季度股息提高 8%，但需等待董事會批准。

We were pleased to see our stress capital buffer requirement move lower in the results, and it was good to see some of the industry comments about the annual exam coming through the new proposals. Tangible book value per share of $27.71 rose 9% from a year ago.

我們很高興看到我們的壓力資本緩衝要求在結果中有所降低，並且很高興看到一些業界對新提案中提出的年度考試的評論。每股有形帳面價值為 27.71 美元，較去年同期上漲 9%。

And looking at regulatory capital, our CET1 level remains stable at $201 billion, and the ratio is 11.5%. That's down 26 basis points and remains well above our regulatory minimum today, which will move lower upon finalization of the new stress capital buffer from CCAR, as well as the newly proposed rules.

從監管資本來看，我們的 CET1 水準保持穩定在 2,010 億美元，比率為 11.5%。該數字下降了 26 個基點，但仍遠高於我們目前的監管最低標準，在 CCAR 的新壓力資本緩衝以及新提出的規則最終確定後，該標準將會降低。

Now, our calculated stress capital buffer and related CET1 ratio from CCAR is 10%, and that takes effect on October 1. Through the newly proposed rules, which include two-year averaging of CET1 depletion, our CET1 ratio would be 10.2% and would be effective on January 1, '26. Either way, we have a lot of flexibility.

現在，我們根據 CCAR 計算的壓力資本緩衝和相關的 CET1 比率為 10%，該規定將於 10 月 1 日生效。根據新提出的規則，其中包括對 CET1 消耗進行兩年平均計算，我們的 CET1 比率將達到 10.2%，並將於 26 年 1 月 1 日生效。無論哪種方式，我們都有很大的靈活性。

Our supplemental leverage ratio was 5.7% versus a minimum requirement of 5%, and that leaves plenty of capacity for balance sheet growth, and we have $473 billion of total loss absorbing capital, which means our [T-like] ratio remains comfortably above our requirement.

我們的補充槓桿率為 5.7%，而最低要求為 5%，這為資產負債表成長留下了充足的空間，我們擁有 4,730 億美元的總損失吸收資本，這意味著我們的 [T 型] 比率仍然遠高於我們的要求。

On slide 8, we show a nine-quarter trend of average deposits to illustrate the growth across those periods. Deposits are now 9% higher than their bottom in May of 2023, and that momentum continued as we averaged $2 trillion for the first week of July.

在投影片 8 上，我們展示了九個季度的平均存款趨勢，以說明這些時期的成長。目前存款比 2023 年 5 月的最低點高出 9%，而這一勢頭持續至今，7 月第一周平均存款達到 2 兆美元。

Typically, we see downward pressure on deposits as we move from Q1 to Q2 as clients pay their income taxes. And this year, we had enough growth to more than offset those tax payments. Average consumer deposits rose $4 billion from Q1, concentrated in non-interest bearing. We also saw significant growth in Global Banking deposits, $28 billion or 5% from Q1, and this included some shorter-term deposits from deal-related activity. And that allowed us to outpace the tax payment related declines in our wealth business as well as corporate CD placements that matured with our institutional clients.

通常，隨著客戶從第一季支付所得稅，我們會看到存款面臨下行壓力。今年，我們的成長足以抵消這些稅收。平均消費者存款較第一季增加了 40 億美元，主要集中在無息存款。我們也看到全球銀行存款顯著成長，較第一季增加 280 億美元，增幅為 5%，其中包括一些來自交易相關活動的短期存款。這使我們能夠克服財富業務以及與機構客戶到期的公司 CD 存款相關的稅收相關下降。

In addition, we remained disciplined on pricing to achieve that growth. Overall rate paid on total deposits declined 3 basis points, led by a 3-basis point decline in consumer, and the rate paid on $952 billion of consumer deposits was 58 basis points in the second quarter.

此外，我們在定價方面保持紀律，以實現這一增長。整體存款利率下降 3 個基點，其中消費者存款利率下降 3 個基點，第二季 9,520 億美元消費者存款利率為 58 個基點。

Let's turn to loans by looking at the average balances on slide 9. Loans in the second quarter of $1.13 trillion improved 7% year over year, driven by 10% commercial loan growth. Every business segment recorded higher average loans on both a year-over-year basis and a linked quarter basis.

讓我們透過查看投影片 9 上的平均餘額來了解貸款情況。第二季貸款總額達 1.13 兆美元，年增 7%，主要得益於商業貸款成長 10%。每個業務部門的平均貸款額年比和季後均有所增加。

Drilling down on commercial loans, we saw linked quarter growth in every segment of the commercial lending spectrum. Small business and business banking both grew, and we recently combined the coverage model here to provide more calling capacity for our bankers.

深入研究商業貸款，我們發現商業貸款領域每個環節都實現了環比增長。小型企業和商業銀行業務均實現了成長，我們最近合併了覆蓋模式，為我們的銀行家提供更多的呼叫能力。

In middle market lending, we saw a nice increase in revolver utilization during the quarter as clients navigated the current environment. And in GCIB, we had a little more demand from our larger corporate clients. In Global Markets, we've been able to take advantage of strong financing demand in the marketplace from institutional borrowers where we lend against diversified collateral pools.

在中端市場貸款方面，隨著客戶適應當前環境，我們在本季看到循環信貸利用率大幅成長。在 GCIB，來自大型企業客戶的需求略有增加。在全球市場中，我們能夠利用市場上來自機構借款人的強勁融資需求，透過多元化的抵押品池提供貸款。

Now the largest growth areas year over year have been in asset-based securitization and in credit; and in [ABS], we're providing financing solutions for corporate and asset manager clients collateralized by loan, lease, or other receivable portfolios.

現在，逐年成長最大的領域是資產證券化和信貸；在[ABS]方面，我們為企業和資產管理客戶提供以貸款、租賃或其他應收款組合為抵押的融資解決方案。

In credit, we provide term and warehouse financing collateralized by diversified pools of corporate loans for private credit and asset manager clients. We feel very good about the lending and we feel good about the growth opportunity in these areas, and our expertise has enabled us to participate in a number of attractive deals.

在信貸方面，我們為私人信貸和資產管理客戶提供以多元化公司貸款池為抵押的定期和倉儲融資。我們對貸款感到非常滿意，對這些領域的成長機會也感到非常滿意，我們的專業知識使我們能夠參與許多有吸引力的交易。

Let's turn our focus to NII performance and slide 10. On a GAAP non-FTE basis, NII in Q2 was $14.7 billion, and on a fully taxable equivalent basis, NII was $14.8 billion, and as I said earlier, that's up 7% from the second quarter. NII grew $227 million on a fully taxable equivalent basis over Q1, driven by higher loan and deposit balances, one additional day of interest, and fixed rate asset repricing. Lower loan yields from lower foreign interest rates partially offset those positive contributors.

讓我們將注意力轉向 NII 性能和幻燈片 10。以 GAAP 非 FTE 計算，第二季的 NII 為 147 億美元，以完全應稅等值計算，NII 為 148 億美元，正如我之前所說，這比第二季度增長了 7%。受貸款和存款餘額增加、利息增加一天以及固定利率資產重新定價的推動，NII 在第一季度按完全應稅等值基礎增長了 2.27 億美元。外國利率降低導致的貸款收益率下降部分抵消了這些積極因素。

The net interest yield, or NIY declined 5 basis points, reflecting a roughly $80 billion increase in earning assets driven by Global Markets activity. Loans and trading assets generated in Global Markets contribute solid net interest income but at a lower relative yield to the overall company net interest yield. Additionally, some of the deal-related commercial deposit growth with relationship clients was net interest income accretive and modestly net interest yield dilutive.

淨利息收益率（NIY）下降了 5 個基點，反映出受全球市場活動推動，生息資產增加了約 800 億美元。全球市場產生的貸款和交易資產貢獻了可觀的淨利息收入，但相對於公司整體淨利息收益率而言較低。此外，與關係客戶交易相關的部分商業存款成長增加了淨利息收入，並略微稀釋了淨利息收益率。

My point here is that net interest income growth continues to be the focus with net interest yield being an output. With regard to interest rate sensitivity on a dynamic deposit basis, we provide a 12-month change in net interest income for an instantaneous shift in the curve. And that means interest rates would have to move instantly another 100 basis points lower than the expected cuts contemplated in the current curve. And on that basis, a 100-basis point decline would decrease NII over the next 12 months by $2.3 billion, and if rates went up by 100 basis points, net interest income would benefit roughly $1 billion.

我的觀點是，淨利息收入成長仍是重點，而淨利息收益率則是產出。對於動態存款基礎上的利率敏感度，我們提供了 12 個月的淨利息收入變化，以反映曲線的瞬時變化。這意味著利率必須立即比目前曲線預期的降幅再降低 100 個基點。在此基礎上，如果利率下降 100 個基點，未來 12 個月的 NII 將減少 23 億美元，而如果利率上升 100 個基點，淨利息收入將受益約 10 億美元。

When we turn to a forward view of NII, let's turn to slide 11. And there remains a good amount of uncertainty from the impacts related to announced tariffs and the potential for continued uncertainty. Also seen volatility in expectations of future interest rate cuts. So let us give you a few thoughts about the rest of 2025.

當我們回顧 NII 的未來時，請翻到投影片 11。已宣布的關稅影響以及持續不確定性的可能性仍然存在很大的不確定性。未來降息預期也會出現波動。那麼，讓我們來談談對 2025 年剩餘時間的一些看法。

In January, and again in April, we provided our expectations that we could exit the fourth quarter of 2025 with net interest income on a fully taxable equivalent basis in a range of $15.5 billion to $15.7 billion. We also noted our expectation that that growth would accelerate in the second half of 2025. Our expectation for the exit rate of NII in the fourth quarter remains unchanged, and the drivers of the improvement remain largely the same as those we've discussed. We will pick up one additional day of interest.

今年 1 月和 4 月，我們曾預計，到 2025 年第四季度，我們的淨利息收入（以完全應稅等值計算）將在 155 億美元至 157 億美元之間。我們也預計，2025 年下半年成長將會加速。我們對第四季度NII退出率的預期保持不變，改善的驅動因素與我們討論過的大致相同。我們將收取額外一天的利息。

Additionally, the fixed rate asset repricing of assets and cash flow swaps is expected to provide the biggest near-term benefits to our NII, and that takes into account the impact of the current interest rate curve. Loan and deposit activity is anticipated to also aid second-half NII growth. And lastly, Global Markets business is also expected to benefit NII a touch from lower rates as we move through the year. Bottom line is our range of NII expectation for the fourth quarter of this year remains unchanged at $15.5 billion to $15.7 billion, and that would result in record NII and a full year NII improvement of 6% to 7%.

此外，固定利率資產重新定價和現金流量互換預計將為我們的NII帶來最大的近期收益，並且這考慮到了當前利率曲線的影響。預計貸款和存款活動也將有助於下半年NII的成長。最後，隨著今年利率的降低，全球市場業務預計也將使 NII 受益。重點是，我們對今年第四季 NII 的預期範圍保持不變，為 155 億美元至 157 億美元，這將導致 NII 創歷史新高，全年 NII 成長率將達到 6% 至 7%。

Okay, let's turn to expense and use slide 12 for the discussion there. We reported a little less than $17.2 billion in expense this quarter, and this reflects a nearly $600 million decline from Q1 driven by the absence of seasonal elevation from payroll tax expense and modestly lower litigation costs. Expense compared to the second quarter of last year is up a little more than 5%. That increase reflects an aggregated 9% improvement in wealth management fees, higher sales and trading revenue, and investment banking fees. It also reflects the impact of ongoing inflationary costs and continued investments in people and technology.

好的，讓我們轉到費用並使用幻燈片 12 進行討論。我們報告本季的支出略低於 172 億美元，這反映出與第一季相比下降了近 6 億美元，原因是工資稅支出沒有出現季節性增長，而且訴訟成本略有下降。與去年第二季相比，支出增加了 5% 多一點。這一增長反映了財富管理費用、銷售和交易收入以及投資銀行費用的整體 9% 的增長。它也反映了持續的通膨成本以及對人才和技術的持續投資的影響。

Inflation is evident across our employee costs of healthcare and hardware and leased space among many other areas. On the people side, we continue to be an employer of choice with a strong 92% retention rate among our employees. And this quarter, we welcome more than 700 interns. And our head count, excluding those summer editions, has fallen 1,500 from the beginning of the year, proving that we continue to manage our head count effectively and the associated expense. Next quarter, we will bring on more than 2,000 campus graduates to begin their careers.

通貨膨脹在我們員工的醫療保健成本、硬體成本、租賃空間等許多領域都很明顯。在人才方面，我們繼續成為首選雇主，員工留任率高達 92%。本季度，我們迎來了 700 多名實習生。而我們的員工人數（不包括夏季版）比年初減少了 1,500 人，這證明我們繼續有效地管理員工人數和相關費用。下個季度，我們將迎來 2,000 多名校園畢業生開始他們的職業生涯。

And as we move through the back half of the year, we believe expenses will flatten out here and potentially move a touch lower if we see seasonally lower markets-related costs. That, coupled with the expectation of improved NII, is anticipated to provide operating leverage in the second half of the year and an improved efficiency ratio.

隨著下半年的到來，我們相信，如果市場相關成本出現季節性下降，支出將會趨於平穩，甚至可能略有下降。再加上對 NII 改善的預期，預計將在今年下半年提供營運槓桿並提高效率比率。

Let's move to credit. We'll turn to slide 13, where you can see that asset quality remains sound. Net charge-offs were $1.5 billion, up modestly compared to Q1, and that's the sixth consecutive quarter that net charge-offs have hovered around $1.5 billion. The total net charge-off ratio this quarter was 55 basis points, up 1 basis point from the first quarter. Q2 provision expense was $1.6 billion and mostly matched the net charge-offs. Modest reserve builds in some areas, primarily for loan growth, were mostly offset by releases associated with lower office exposures and mainly from sales.

讓我們來談談信用。我們翻到第 13 張投影片，您可以看到資產品質依然良好。淨沖銷額為 15 億美元，與第一季相比略有成長，這是連續第六個季度淨沖銷額徘徊在 15 億美元左右。本季總淨沖銷率為55個基點，較第一季上升1個基點。第二季的撥備支出為 16 億美元，與淨沖銷額基本一致。一些地區適度的儲備累積（主要用於貸款成長）大部分被與辦公室風險敞口較低以及主要來自銷售的釋放所抵消。

Consumer net charge-offs were $1.1 billion, down modestly linked quarter and consistent with the past few quarters. 90% of our consumer net charge-offs are driven by credit card, and that highlights the importance of prudence in the underwriting growth of that portfolio. It's worth noting the net loss rate on credit card declined year over year for the first time this quarter since early 2016 outside of the pandemic period.

消費者淨沖銷金額為 11 億美元，較上季略有下降，與過去幾季持平。 90% 的消費者淨沖銷是由信用卡驅動的，這凸顯了審慎在該投資組合承保成長中的重要性。值得注意的是，本季信用卡淨損失率自2016年初以來在疫情期間首次出現年減。

On the commercial side, we saw losses of $466 million. That's up from Q1, driven primarily by office exposures and their associated sales, as I noted earlier. The net charge-off ratio for total commercial loans remained low at 29 basis points this quarter.

在商業方面，我們的損失為 4.66 億美元。正如我之前提到的，這比第一季有所上升，主要受到辦公室曝光及其相關銷售的推動。本季商業貸款總額淨核銷率仍維持在29個基點的低點。

Importantly, our C&I book, commercial and industrial, so that excludes the small business and CRE loans, that commercial and industrial loan book is $564 billion and the loss on this book was 9 basis points this quarter. It's averaged 8 basis points from 2013 until now. Focusing on total net charge-offs again and looking forward in the near term, we would not expect much change in the total net charge-off ratio give the steadiness of consumer delinquencies, stability of C&I, and the reductions in our CRE office exposures.

重要的是，我們的 C&I 帳簿、商業和工業帳簿（不包括小型企業和 CRE 貸款）中，商業和工業貸款帳簿為 5,640 億美元，本季該帳簿的損失為 9 個基點。從2013年至今，平均為8個基點。再次關注總淨沖銷額並展望短期，我們預計總淨沖銷率不會發生太大變化，因為消費者拖欠率保持穩定、商業和投資保持穩定，而且我們的商業房地產辦公室風險敞口減少。

On slide 14, in addition to the lower consumer delinquency statistics, note the modest changes in other stats for both our consumer and commercial portfolios. Okay, let's move to the various lines of business and some brief comments on their results starting on slide 15 with Consumer Banking.

在第 14 張投影片上，除了較低的消費者拖欠統計數據外，還請注意我們的消費者和商業投資組合的其他統計數據的適度變化。好的，讓我們轉到各個業務線，並從第 15 張幻燈片中的消費者銀行業務開始對其業績進行一些簡短的評論。

Consumer delivered strong results with $10.8 billion in revenue that grew 6% year over year; and $3 billion in net income that grew 15%. Results were driven by the increasing value of our low-cost deposit franchise. Innovation and deposit products like family banking, and new higher value cash back credit cards coupled with our industry-leading Preferred Rewards program, deliver total value for clients which we believe they don't get elsewhere. This value recognition and discipline pricing also drove a 7% improvement in NII.

消費者業務表現強勁，營收達 108 億美元，年增 6%；淨收入達 30 億美元，年增 15%。業績的成長得益於我們低成本存款特許經營權價值的不斷增長。家庭銀行業務等創新和存款產品以及新的更高價值的現金返還信用卡，再加上我們行業領先的首選獎勵計劃，為客戶帶來了我們相信他們在其他地方無法獲得的總價值。這種價值認可和紀律定價也推動了NII 7%的改善。

While the revenue growth was led by the NII improvement, it also included solid fee performance in card income and service charges, and through good expense management, we drove 400 basis points of operating leverage in the business as expense growth year over year rose only 2% compared to the 6% revenue growth. The efficiency ratio improved more than 200 basis points in the last 12 months to 51% in the quarter.

雖然收入成長主要得益於 NII 的改善，但也包括卡片收入和服務費方面的穩健費用表現，並且透過良好的費用管理，我們在業務中實現了 400 個基點的營運槓桿，因為與 6% 的收入成長相比，費用同比增長僅增長了 2%。在過去 12 個月中，效率比率提高了 200 多個基點，達到本季的 51%。

Investment balances grew 13% to $540 billion with market improvement and full year flows of $19 billion. And as I noted earlier, consumer net charge-offs improved linked quarter following the move lower in delinquencies. The loss on credit cards fell 23 basis points to 3.82%, and delinquencies declined for the second consecutive quarter. And finally, as you can see in the appendix on slide 24, digital adoption and engagement continued to improve and customer experience scores rose to record levels, illustrating clients' appreciation of enhanced capabilities from our investments.

隨著市場改善，投資餘額成長 13%，達到 5,400 億美元，全年流量達 190 億美元。正如我之前提到的，隨著拖欠率的下降，消費者淨沖銷額在季度內有所改善。信用卡損失下降 23 個基點至 3.82%，拖欠率連續第二季下降。最後，正如您在第 24 張投影片的附錄中所看到的，數位化採用和參與度持續提高，客戶體驗評分上升到創紀錄的水平，這表明客戶對我們投資所增強的功能表示讚賞。

Moving to Wealth Management on slide 16, the business delivered another solid quarter where we added new households, deepened existing relationships, and saw strong client flows. The business generated net income of $1 billion on strong loan growth and solid AUM flows. We saw a modest decline in net income, as solid revenue growth was more than offset by higher revenue-related costs and continued investments to build the business.

轉到第 16 張投影片上的財富管理，該業務又取得了一個穩健的季度，我們增加了新家庭，加深了現有關係，並看到了強勁的客戶流。該業務憑藉強勁的貸款成長和穩健的 AUM 流量創造了 10 億美元的淨收入。我們看到淨收入略有下降，因為穩健的收入成長被更高的收入相關成本和持續的業務建設投資所抵消。

Merrill and the Private Bank now manage nearly $4.4 trillion in client balances and continue to see organic growth that produce strong AUM flows of $82 billion in the past year, contributing nearly 5% growth in AUM balances. And that all reflects a good mix of new client money, as well as existing clients putting money to the work.

美林和私人銀行目前管理著近 4.4 兆美元的客戶餘額，並繼續保持有機成長，在過去一年中產生了 820 億美元的強勁 AUM 流量，為 AUM 餘額貢獻了近 5% 的成長。這一切都體現了新客戶資金和現有客戶資金的良好組合。

During the quarter between Merrill and the Private Bank, we added 7,100 net new relationships; and in both businesses, the size of the relationships added continued to expand. We also continue to add financial advisors to the sales force in Merrill and the Private Bank through our extensive training program and experienced hiring of advisors. Approximately one-third of net new households in Q2 were added by our newly trained advisors.

在美林和私人銀行業務季度中，我們新增了 7,100 個淨新關係；並且在這兩項業務中，新增關係的規模都在持續擴大。我們也透過廣泛的培訓計畫和經驗豐富的顧問聘用，繼續為美林和私人銀行的銷售團隊增添財務顧問。第二季約有三分之一的新增家庭是由我們新訓練的顧問新增的。

We're not only growing relationships, but we're also deepening as the number of clients that have banking products with us grew to nearly 63%. And while this is primarily a fee-based advice driven model, about 30% of our revenue is now net interest income derived from GWIM clients and the large loan and deposit balances on us.

我們不僅在發展關係，而且隨著使用我們銀行產品的客戶數量成長到近 63%，我們的關係也不斷深化。雖然這主要是基於收費的建議驅動模式，但現在我們約有 30% 的收入來自 GWIM 客戶以及我們的大量貸款和存款餘額的淨利息收入。

In Q2, we reported revenue of $5.9 billion, growing nearly 7% over the prior year, led by that 9% growth in asset management fees. Expense growth of 9% supported both the cost of the increase in revenue-related incentives, as well as investment in technology and cost of hiring to add experienced advisors to the platform in Merrill and the Private Bank.

第二季度，我們的營收為 59 億美元，比上年成長近 7%，其中資產管理費成長 9%。9% 的費用增長既支持了與收入相關的激勵措施的增加，也支持了技術投資以及為美林和私人銀行平台增加經驗豐富的顧問的聘用成本。

Average loans were up 7% year over year, driven by strong growth in custom lending, securities-based lending, and a pick-up in mortgage lending. We saw solid deposit inflows, and overall deposits declined as a result of the seasonal headwind of income tax payments and some continued movements to other parts of our investment platform in search of higher yield. Our pricing discipline resulted in a 3-basis point decline in rate paid. We also draw your attention on slide 26 to the continued digital momentum in this business. New accounts continue to be opened predominantly digitally.

受客製化貸款、證券貸款強勁成長以及抵押貸款回升的推動，平均貸款年增 7%。我們看到了穩定的存款流入，由於所得稅支付的季節性逆風以及為了尋求更高的收益而繼續轉向我們投資平台的其他部分，整體存款有所下降。我們的定價紀律導致支付利率下降了 3 個基點。我們也提請您注意第 26 張投影片中該業務持續的數位化發展動能。新帳戶繼續以數位方式開設為主。

Slide 17 shows the Global Banking results where the prior year rate impacts lowered NII, and this segment has the toughest challenge to make that ground back through growth and pricing. In Q2, Global Banking generated net income of $1.7 billion. Business activity was solid in Q2. We already discussed the strong deposit growth, solid loan growth, and investment banking fees that gained momentum through the quarter.

投影片 17 顯示了全球銀行業務的業績，其中上一年的利率影響降低了 NII，而這一部門面臨著最嚴峻的挑戰，需要透過成長和定價來彌補這一差距。第二季度，全球銀行業務淨收入17億美元。第二季商業活動穩健。我們已經討論了本季強勁的存款成長、穩健的貸款成長以及投資銀行費用的成長動能。

While business activity was solid, overall net income fell. NII declined year over year from lower rates on the variable loans and higher funding costs for loan growth. Non-interest income included both lower investment banking fees and lower solar and wind investment activity. Non-interest expense to support the business activity grew as we increased investment for the future with more relationship managers across the commercial spectrum, and we invested in technology and marketing.

儘管業務活動穩健，但整體淨收入卻下降。由於浮動貸款利率較低以及貸款成長的融資成本較高，NII 年減。非利息收入包括較低的投資銀行費用和較低的太陽能和風能投資活動。隨著我們增加了對未來的投資，在商業領域聘用了更多的關係經理，並且我們在技術和行銷方面進行了投資，用於支持業務活動的非利息支出也隨之增長。

Firmwide investment banking fees were $1.4 billion in Q2, down 9% from a year ago, led by a decline in M&A and leveraged finance fees. We still maintained our number three investment banking fee position year to date.

第二季全公司投資銀行費用為 14 億美元，較去年同期下降 9%，主要原因是併購和槓桿融資費用下降。今年迄今為止，我們仍然保持著投資銀行費用第三的位置。

Switching to Global Markets on slide 18, I'll focus my comments on results excluding DVA as I normally do. And as Brian said, we continued our streak of strong revenue and earnings performance, achieved operating leverage, and once again delivered a good return on capital. In Q2, we generated net income of $1.6 billion which grew 11% year over year. Revenue, and again this is ex-DVA, improved 10% from the second quarter of last year on good sales and trading results while investment banking was lower.

切換到第 18 張投影片上的全球市場，我將像往常一樣重點評論不包括 DVA 的結果。正如布萊恩所說，我們繼續保持強勁的收入和獲利表現，實現了經營槓桿，並再次實現了良好的資本回報率。第二季度，我們的淨收入為 16 億美元，年增 11%。由於銷售和交易業績良好，而投資銀行業務收入較低，收入（再次說明，這是不含 DVA 的收入）較去年第二季度增長了 10%。

Focusing on sales and trading ex DVA, revenue improved 15% year over year to $5.4 billion. Sales and trading built off the momentum of the first quarter. FICC led the way this quarter, growing 19% year over year with rates and foreign exchange trading benefiting from the macro volatility.

以銷售和交易（不包括 DVA）為重點，營收年增 15% 至 54 億美元。銷售和交易延續了第一季的勢頭。本季度，FICC 表現領先，年增 19%，利率和外匯交易受惠於宏觀波動。

Our equities group had a strong quarter with 10% revenue growth from both trading and financing, and both FICC and equities are benefiting from investments in the international franchise as we saw increased activity across Europe, Asia, and Latin America. Year-over-year expense was up 9% on revenue improvement and continued investments in the business.

我們的股票集團本季表現強勁，交易和融資收入均成長了 10%，而且隨著歐洲、亞洲和拉丁美洲的活動增加，FICC 和股票都受益於對國際特許經營權的投資。由於收入增加和業務持續投資，支出較去年同期上漲 9%。

And on slide 19, All Other shows a loss of $77 million in Q2 with very little to talk about here. The tax rate ended at 7.4%. It was a little lower than last quarter, driven by 180 million of discrete items. And excluding those 180 million of discrete items and the tax credits related to invest investments in renewable energy and affordable housing, the effect of tax would have been much closer to a normal corporate tax rate at approximately 24%.

在第 19 張投影片上，All Other 顯示第二季虧損 7,700 萬美元，但這裡幾乎沒有什麼可談的。稅率最終定為7.4%。這一數字比上一季略低，受 1.8 億個獨立項目的推動。並且，如果不包括這 1.8 億個單項項目以及與投資再生能源和經濟適用房相關的稅收抵免，稅收的效果將更接近正常的企業稅率，約為 24%。

So with that, I'll stop there. Thank you, everyone, and with that we'll open up for Q&A please, Chloe.

好了，我就講到這裡。謝謝大家，接下來我們將進入問答環節，Chloe。

(Operator Instructions) John McDonald, Truist Securities.

（操作員指示）Truist Securities 的 John McDonald。

I wanted to ask about retail deposit progress. There's been a lot of talk about different ways to measure retail deposit share, and I know you may take issue with some of the methodologies out there, but Brian, taking a step back, how do you look at and measure the team's progress in growing retail deposit share, and what your report card and how you've done and what your ambitions are on that front?

我想詢問一下零售存款的進度。關於衡量零售存款份額的不同方法已經有很多討論，我知道您可能對其中的一些方法有異議，但是 Brian，退一步來說，您如何看待和衡量團隊在增加零售存款份額方面取得的進展，您的成績單是什麼，您做得如何，您在這方面的目標是什麼？

Well, in the end of the day, if you look at the consumer business with $950 billion in deposits operating very efficiently, the cost of deposits meaning all the cost of the deposits running under 146 basis points, the total rate paid 58 basis points, 58% of the balances are in checking accounts, it's a tremendous business and we'll only get more and more profitable as the NI kicks in because they're the biggest beneficiary of that.

好吧，歸根結底，如果你看一下消費者業務，其 9500 億美元的存款運行非常高效，存款成本意味著所有存款成本低於 146 個基點，支付的總利率為 58 個基點，58% 的餘額在支票帳戶中，這是一項巨大的業務，隨著 NI 的實施，隨著我們的利潤只會越來越高，因為他們是最大的利潤。

So if you think about it in terms of deposit growth, we look pre-pandemic now, our team's gone from $700 billion odd numbers to $950 billion. We've grown our deposits as a company faster and the industry grew from the pre-pandemic to now at 39% versus the industry like 37% and large banks at 32%, and obviously, we contribute to that large bank growth rate. So we feel very good about it.

因此，如果從存款成長的角度來考慮，我們現在看疫情之前的情況，我們的團隊已經從 7000 億美元的奇數增長到了 9500 億美元。我們公司的存款成長更快，產業從疫情前的成長速度到現在達到了 39%，而產業為 37%，大型銀行為 32%，顯然，我們為大型銀行的成長率做出了貢獻。因此我們對此感覺非常好。

The key is they've grown checking accounts for five years now. They've grown retail deposits which were influenced a lot because of our mass market customer base being such a big amount by the pandemic stimulus that has all gone through the system and you're seeing the retail -- the consumer deposits growth three quarters in a row now. And the key is that the average checking account balance is at 9,200 that went into the pandemic about 6,000 or 7,000, so you're seeing that growth. So we feel good about that.

關鍵是他們的支票帳戶已經成長了五年。他們的零售存款有所增長，這在很大程度上受到了疫情刺激措施的影響，因為我們的大眾市場客戶群規模龐大，而且這些刺激措施已經通過了整個系統，你可以看到零售——消費者存款已經連續三個季度增長。關鍵是，平均支票帳戶餘額為 9,200 美元，而疫情期間則增加了約 6,000 或 7,000 美元，所以你看到了這種增長。因此我們對此感到很高興。

Overall, our average deposit size per branch is $500 million versus the next best at [400] and the one behind that at [300]. So I don't know all these methodologies. You guys can look at them. It's a lot of palaver and a lot of debate, but at the end of the day is we're growing deposits fast industry and 92% of core checking of the checking accounts, consumer satisfaction is the highest it's ever been. So we feel very good about it.

整體而言，我們每家分行的平均存款規模為 5 億美元，而排名第二的分行平均存款規模為 [400] 億美元，再往後的分行平均存款規模為[300]。所以我不知道所有這些方法。大家可以看一下。雖然有許多的爭論和爭論，但最終我們的存款產業正在快速成長，支票帳戶的核心支票帳戶佔比達到 92%，消費者滿意度達到了歷史最高水準。因此我們對此感覺非常好。

Okay. Thanks, Brian. Alastair, I wanted to follow up on your expense commentary. Can you elaborate on the outlook for the second half? I think your prior outlook implied some improvement in the second half, and I think you just said you may or may not see that depending on the strength of the market's business.

好的。謝謝，布萊恩。阿拉斯泰爾，我想跟進一下你的費用評論。能否詳細說明一下下半年的展望？我認為您先前的展望暗示下半年會有所改善，而且我認為您剛才說過，根據市場業務的實力，您可能會或可能不會看到這種情況。

Well, I think what we're trying to say is that it always starts with us with a [can] discipline. So the head count's been pretty flattish. We've managed that pretty well all the way through the year. We don't see any change in that. So then the only variable that's left, really, is going to be around revenue related. Now we've seen pretty good growth obviously in sales and trading, up 15% year over year. We've seen pretty good growth in AUM fees, up 10%. So I anticipate that any expense growth would be revenue related and that we should be pretty flattish. Maybe we benefit in Q4 from seasonally slower activity.

嗯，我認為我們想說的是，它總是從我們的[罐頭]紀律開始。因此人數一直比較穩定。我們全年都做得很好。我們沒有看到任何變化。那麼實際上剩下的唯一變數就與收入有關了。現在，我們顯然看到銷售和交易取得了相當不錯的成長，比去年同期成長了 15%。我們看到 AUM 費用成長相當不錯，上漲了 10%。因此我預計任何費用成長都將與收入相關，而且我們的收入應該相當穩定。也許我們會因第四季季節性活動放緩而受益。

Okay. Thanks.

好的。謝謝。

Ken Houston, Autonomous Research.

肯‧休斯頓，自主研究。

Alastair, thanks for the update on that trajectory for the second half of the year. I'm just wondering, as we move a step forward, if you can kind of just make sure we're still tracking right on that the split between the loan securities and swap repricing, and whether that step up in that bucket is linear in the third and fourth, or kind of just builds up as we get towards the end of the year.

阿拉斯泰爾，感謝您今年下半年發展軌跡的更新。我只是想知道，隨著我們向前邁進一步，您是否可以確保我們仍然正確跟踪貸款證券和掉期重新定價之間的分割，以及該桶中的這一步驟是否在第三和第四季度呈線性增長，還是在接近年底時逐漸增加。

I think I would use linear. I think that's probably the easiest way to think about it. We said to everyone that we thought that the second half had a little bit more in the way of fixed rate asset repricing and cash flow swap repricing than the first half of the year. That accounts for the growth being larger in the second half of the year, but it's not different between Q3 and Q4, so it ought to be about the same.

我想我會使用線性。我認為這可能是思考這個問題的最簡單的方式。我們對所有人說，我們認為下半年固定利率資產重新定價和現金流互換重新定價會比上半年稍微多一點。這說明下半年的成長幅度較大，但第三季和第四季之間並沒有什麼不同，所以應該差不多。

Okay, and then just on the -- I think we know that the securities and mortgage loans, but you can you kind of just dig in a little bit on the on the cash flow hedges and what you're seeing in that? Are you still moving forward with the same strategy, the off and on and how much you're picking up on those?

好的，然後就——我想我們知道證券和抵押貸款，但是您能否稍微深入了解現金流對沖以及您在其中看到了什麼？您是否仍在斷斷續續地採用相同的策略，以及您從中獲得了多少收益？

Yeah, so there's no change there at all. That's exactly what we're doing just as the old ones roll off with lower coupons, we're replacing them with new ones with higher coupons. No new news there.

是的，所以那裡根本沒有變化。這正是我們正在做的事情，當舊的優惠券較低時，我們會用新的優惠券較高的來代替它們。那裡沒有新消息。

So still in that plus 150 or so range that you said last quarter?

那麼，您上個季度所說的成長範圍仍然在 150 左右嗎？

That'll be true for some of the cash flow swaps this particular quarter, and it'll change from quarter to quarter. So our NII bridge that you can see takes that into account. And when we update that quarter after quarter, we'll just share that with you at the time.

對於本季的一些現金流掉期來說，情況確實如此，而且每季都會改變。因此，您所看到的我們的 NII 橋已經考慮到了這一點。當我們每季更新一次時，我們會及時與您分享。

Okay, great. Thanks a lot, Alastair.

好的，太好了。非常感謝，阿拉斯泰爾。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Just want to follow up on the expenses. I guess if you kind of flatline it or flat it just down a little bit, that'll put you up, call it, 3.5% or so on a full year basis, and I think the prior guide was up 2% to 3% or the high end of 2% to 3%. Can you just kind of circle back to the cost versus what you were thinking previously, and maybe talk about some of the regulatory costs that I think are keeping a little bit higher.

只是想跟進一下費用狀況。我想，如果你讓它持平或稍微下降一點，那麼全年增長率就會上升到 3.5% 左右，我認為之前的預測是上漲 2% 到 3%，或者最高漲幅在 2% 到 3% 之間。您能否簡單回顧一下成本與您之前的想法，並談談我認為保持較高水平的一些監管成本。

Matt, so if you look year-over-year just to give you a simple thing about the expense growth from second quarter last year, second quarter this year, 400 of it was basically incentives in the Wealth Management business plus the -- what we what call (inaudible) that cost of the market based transaction activity, largely markets-based. So that's kind of revenue-related growth which we all cheer for growth there because that means the bottom line is growing.

馬特，如果你看一下同比數據，我們就可以簡單了解一下去年第二季度和今年第二季度的費用增長情況，其中 400% 基本上是財富管理業務的激勵加上——我們稱之為（聽不清）基於市場的交易活動成本，主要是基於市場的成本。所以這是一種與收入相關的成長，我們都為這種成長歡呼，因為這意味著底線正在成長。

If you flip that around and the rest of the stuff, grew at a really relatively modest growth rate. So on the -- if you think about it going forward, out of the orders on AML that were public and stuff, we obviously put a 1,000 to 2,000 people to work to clean up a lot of stuff that's now tipping over, so we feel good about that as we move in the second half of the year.

如果你把這一點和其餘的東西反過來看，你會發現它們的成長率確實相對溫和。所以，如果你考慮一下未來，除了反洗錢的公開命令和其他事項外，我們顯然會派出 1,000 到 2,000 人來清理現在正在發生的大量問題，因此，隨著下半年的進展，我們對此感到滿意。

And then frankly, the overall inflation rate and expenses are starting to flatten out, even though you hear a lot of talk about the inflation rate outside in general, but at the end of the day, we've got stability in terms of head count in terms of third-party rents and all that stuff is sort of flattening out so we feel good about that.

坦白說，儘管你聽到很多關於外界通貨膨脹率的討論，但最終，我們在員工人數、第三方租金等方面都保持了穩定，所有這些都趨於平穩，所以我們對此感覺良好。

And then the idea is then just to bring the head count down. So if you think about it over the last 15 years or so, we went from 300,000 people to 212,000 people. We just got to keep working that down, able to maintain flat head count across the last four or five years as we've invested heavily in the front end of the business and you expect us now with these -- some of these new techniques, frankly, make progress a little bit more faster. So we feel good about the expense trajectory, but the key is you're not going to change some of the (inaudible) related stuff and you wouldn't want to. On the other stuff, you control the heck out of it.

然後我們的想法就是減少人數。所以如果你想想過去 15 年左右的時間，我們的人口從 30 萬人增加到了 21.2 萬人。我們必須繼續努力，在過去的四五年裡能夠保持員工人數穩定，因為我們在業務前端投入了大量資金，而且您現在期望我們能夠通過這些——坦率地說，其中一些新技術可以使進展更快一些。因此，我們對費用軌跡感到滿意，但關鍵是您不會改變一些（聽不清楚）相關的東西，而且您也不想這樣做。而在其他事情上，你卻可以完全控制它。

Okay, so it does seem like the costs are coming a little bit higher, but I appreciate the kind of higher fees. I guess, as we think about like more sustainable expense growth, like I know there's no official guidance for next year, but just kind of talk about do you get back into that kind of just a couple percent growth or how should we --

好的，看起來成本確實有點高，但我理解這種更高的費用。我想，當我們考慮更永續的支出成長時，我知道明年沒有官方指導，但只是談談你是否能回到那種只有幾個百分點的增長，或者我們應該如何--

Yeah, that's an outside sort of market growth or market-related activity growth, way above what the normal absorption rate would be. We have a model where we can run the place on a couple 100 basis points, net of expense growth, which is inflationary cost of 3%,4%, and then offsetting it by a lot of activity. As the NI kicks in, each quarter we've seen it growing, and then growing at a little faster rate, frankly, as Alastair talked about, that's the operating leverage kicking back in.

是的，這是一種外部市場成長或市場相關活動的成長，遠高於正常的吸收率。我們有一個模型，我們可以以幾百個基點來運作這個地方，扣除費用成長，即 3%、4% 的通膨成本，然後透過大量的活動來抵消它。隨著 NI 的啟動，我們每個季度都看到它成長，然後以更快的速度成長，坦白說，正如阿拉斯泰爾所說的那樣，這就是經營槓桿的回歸。

So we had five years' operating leverage disrupted by the pandemic got back in and then the rates fall off, hurt us, obviously, from NII as that now hit a record level this quarter and it's going to grow off of that record level. You'll see the operating leverage overall kick back in and the size of that revenue stream in all the businesses is huge, and the company is obviously huge and that all pretty much follows the bottom line.

因此，我們的五年經營槓桿率因疫情而中斷，然後利率下降，這顯然對我們造成了傷害，因為 NII 本季度達到了創紀錄的水平，並且將從創紀錄的水平上繼續增長。您會看到整體經營槓桿率回升，所有業務的收入流規模都非常巨大，公司規模顯然非常大，而這一切幾乎都遵循底線。

Okay, thank you.

好的，謝謝。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

You guys have had real success in having the digital adoption in your lines of businesses, and you pointed that out in the appendix slides that you referenced. What -- do you think you could ever get the efficiency ratio back down to the pre-pandemic levels of just under 60% or is the business changed so much since the pandemic that, over time 59%, let's call it, may be tough to achieve, not near term but over time.

你們在業務線數位化應用方面取得了真正的成功，並在引用的附錄幻燈片中指出了這一點。您認為能否將效率比率恢復到疫情前的略低於 60% 的水平，或者自疫情爆發以來業務發生了很大變化，以至於隨著時間的推移，達到 59% 的效率比率可能很困難，不是短期內，而是隨著時間的推移。

So Gerard, one of the things that we talked about, I think, there's a couple 100 basis points efficiency ratio difference due to the way the accounting treatment works for the tax incentive, clean energy deals, not the housing because it won't change, but -- and so those are now changed under the statute in the runoff. But if you look at '19 and now 200 basis points of the efficiency ratio, it's just because we have other income loss which hurts revenue and it's made up in a tax line, so the bottom-line effect is still positive for the company.

所以傑拉德，我們討論的事情之一，我認為，由於稅收激勵、清潔能源交易的會計處理方式，效率比率存在幾百個基點的差異，而不是住房，因為它不會改變，但是 - 所以這些現在根據法規在決選中發生了變化。但如果你看一下 19 年和現在的 200 個基點的效率比率，那隻是因為我們有其他收入損失，從而損害了收入，並且它在稅收線中得到了彌補，因此對公司的底線效應仍然是積極的。

So that's 200 basis points difference because back then, we ran about $300 million a quarter of tax benefit negative other income due to the tax-exempt deals. Now, we're running $900 and so you'll see that close out frankly as these deals sunset. Then on top of that, the NI kicking in just because of the nature of it, and you'll see the consumer business get very, very efficient, like it was back then just because it's an [NII] piece, basically all follows the bottom line.

所以這是 200 個基點的差異，因為當時，由於免稅交易，我們每季的稅收優惠為負其他收入約為 3 億美元。現在，我們的成本是 900 美元，因此，隨著這些交易的結束，您會看到這筆費用已經結清。除此之外，由於其性質，NI 開始發揮作用，你會看到消費者業務變得非常非常高效，就像當時一樣，因為它是一個 [NII] 部分，基本上都遵循底線。

So we feel very good about that. So yes, we will move back down in low 60s and then potentially crack through it with, obviously, just the NI lift and the operating leverage lift, but secondly, quite frankly, the tax credit deals will start to run off just due to the change of statute.

因此我們對此感到非常高興。所以是的，我們將回到 60 年代初期，然後可能透過 NI 提升和營運槓桿提升來突破它，但其次，坦白說，稅收抵免協議將因法規的變化而開始減少。

Great, Brian. And then as a follow up, just a broader question for you, obviously there's been a lot of talk about stablecoins. Can you give us your view of where you see the adoption of stablecoins going forward and what that might have in terms of impact on payments revenues or deposit trends for Bank of America, and possibly the industry?

太好了，布萊恩。然後作為後續問題，我想問您一個更廣泛的問題，顯然關於穩定幣的討論很多。您能否向我們介紹未來穩定幣的採用情況，以及這對美國銀行乃至整個產業的支付收入或存款趨勢可能會產生什麼影響？

Yeah, so focusing on stablecoins as a transactional device, if it's a new payment rail -- and we have trillions of dollars we move for our clients every day, we believe that if they want to use stablecoins to move part of that money, they'll move. So considering having an account and they can send out money in in US dollars, they can also initiate transactions have it go into euros, and they could have a go to stablecoins and then transact in that system.

是的，因此，如果穩定幣是一種新的支付方式，那麼我們將穩定幣作為交易工具，而且我們每天為客戶轉移數萬億美元，我們相信，如果他們想使用穩定幣來轉移部分資金，他們就會轉移。因此，考慮擁有一個帳戶，他們可以用美元匯款，他們也可以發起交易，將其轉換成歐元，他們可以使用穩定幣，然後在該系統中進行交易。

So we feel both the industry and ourselves will have response. We've done a lot of work. We're still trying to figure out how big or small it is because of some of the places are not big amounts of money movement. So you expect us all to move. You expect our company to move on that. In the end of the day, the debate will be how big an item this will be and how much more an effective payment stream it is, and you know there's places like small balance transfers across border that you can see. The case, you can see, with sort of smart contracts and money movement you can see it and --

因此我們認為產業和我們自己都會做出回應。我們已經做了很多工作。我們仍在試圖弄清楚它有多大或多小，因為有些地方的資金流動量並不大。所以你希望我們都行動起來。您希望我們公司能夠在這方面採取行動。最終，爭論的焦點在於這將是一個多大的項目，以及它將是多麼有效的支付流程，而且你知道，你可以見到像跨境小額餘額轉帳這樣的地方。這種情況，你可以看到，透過某種智能合約和資金流動，你可以看到它，--

Digital native apps, in that payments and stuff, but we'll be there just like we were there when we moved from checks to Zelle, and you can see that when the industry puts its mind to it, if you were talking to me 6 or 7, maybe 10 years, you'd say, this thing called Venmos coming on and you guys can be left behind and here we are, our Zelle payments exceed Venmo's total volumes today and the industries are multiples. It's just because, if we can move money efficiently and we have to be aware of the attack on the payment system, and we'll be there to defend it.

數位原生應用程序，包括支付和其他內容，但我們會像從支票轉向 Zelle 時一樣，你可以看到，當行業下定決心時，如果你在 6 年或 7 年甚至 10 年後跟我談話，你會說，這個叫做 Venmos 的東西出現了，你們可能會落後，而我們現在的 Zelle 支付總量是超過了 Venmo，而且行業是倍數的。這只是因為，如果我們能夠有效地轉移資金，我們必須意識到對支付系統的攻擊，我們就會去保衛它。

And just quickly, Brian, do you think there'd be a consortium like Zelle on stablecoins where the industry defends itself and moves forward, or will the banks go individually?

布萊恩，您認為在穩定幣領域會有像 Zelle 這樣的聯盟來保護產業本身並向前發展嗎？還是銀行會單獨行動？

I think it'll be all of the above. I think in the commercial side, there might be applications more individually, but in the broad, you need networks to make this all work, and we will partner with some of the stablecoin. We already have partnerships with some of them and so it'll be a complex array and hopefully not complex to the customer, frankly.

我認為以上都是。我認為在商業方面，可能會有更多獨立的應用，但從廣泛的角度來看，你需要網路來實現這一切，我們將與一些穩定幣合作。我們已經與其中一些公司建立了合作關係，因此這將是一個複雜的陣列，坦白說，希望對客戶來說並不複雜。

Thank you for those insights. Appreciate it.

感謝您的見解。非常感謝。

Mike Mayo, Wells Fargo Securities.

富國證券的麥克梅奧 (Mike Mayo)。

I feel like you served up a good meal here. I mean, the main course we don't lose sight of $2 trillion of deposits where you pay 1.76%. And that's certainly down quarter over quarter, year over year. The side dishes certainly look good with the NII going to escape velocity, I guess from [14.8] you said to [15.5] to [15.7] by the end of the year, but I'm still left hungry, I guess I need my dessert or something.

我覺得你在這裡提供了一頓美味的飯菜。我的意思是，我們不會忽視 2 兆美元的存款，其中支付 1.76%。而且這數字與上一季、去年同期相比都有所下降。隨著 NII 達到逃逸速度，配菜看起來確實不錯，我猜到年底它會從你說的 [14.8] 增長到 [15.5] 再到 [15.7]，但我仍然很餓，我想我需要甜點或吃點東西。

I'm just wondering why even with all that improved performance, the [NII] guide isn't even higher given the pace of loan growth. You certainly see the expectations as Alastair said, every segment of commercial lending is doing well. You seem very optimistic about that. You're also asset sensitive and there's less rate cuts, so I guess I'm whining for some dessert, some extra. I'm left hungry. Why not more?

我只是想知道為什麼即使業績有所改善，考慮到貸款成長速度，[NII] 指南也沒有更高。正如阿拉斯泰爾所說，你肯定看到了預期，商業貸款的每個環節都表現良好。您似乎對此非常樂觀。你對資產也很敏感，而且降息的次數也較少，所以我想我會抱怨一些甜點，一些額外的東西。我餓極了。為什麼不多一點呢？

Well, Mike, you got a future as a chef. Look, I think if you go to the NII bridge on page 11 for a minute, we put this out at the beginning of the year. There's a lot can happen in a year. And I don't think any of us anticipated all the various things that have happened in the course of the past six months. What's not on here, for example, is you think about international rates, they've been cut pretty significantly. That's a headwind that we don't include here.

好吧，麥克，你未來可以成為一名廚師。你看，我想如果你看一下第 11 頁的 NII 橋，你會發現我們在年初就把它推出了。一年中會發生很多事情。我認為我們中沒有人能夠預料到過去六個月中發生的各種事情。例如，這裡沒有提到的是，國際利率已經大幅削減。這是我們這裡未提及的逆風。

So you're absolutely right. There's some things that we've been really happy with in terms of loan growth. There's some other places which have maybe grown a little less quickly. So I'd still love to see the consumer non-interest bearing growing just a little faster. We've got some good growth, but we'd love to see a little bit more there, but I think that the balance of all of these various inputs, it all still hangs together six months later. We've removed a lot of risk from the equation, I think, and now we just have to see what happens with rates in the second half of this year.

所以你完全正確。就貸款成長而言，我們確實對一些事情感到高興。其他一些地方的成長速度可能稍慢一些。因此，我仍然希望看到消費者無息貸款成長速度稍微快一點。我們取得了一些良好的成長，但我們希望看到更多的成長，但我認為所有這些不同投入的平衡，在六個月後仍然保持穩定。我認為，我們已經消除了很多風險，現在我們只需要看看今年下半年利率會發生什麼變化。

And then we just got to keep driving the same organic growth that we've been driving. When we do that, NII growth for the year 6% to 7%, hopefully a record leaves you satisfied at the end of the year, but we'll be working on next year's course in the second half.

然後，我們只需繼續推動我們一直在推動的有機成長。當我們這樣做時，全年的NII成長率將達到6%至7%，希望這項紀錄能讓大家在年底感到滿意，但我們將在下半年制定明年的計畫。

All right, so when I go for my next meal, next year or the year after. Any kind of foreshadowing of what you're preliminarily thinking about for next year?

好的，那麼當我去吃下一餐時，明年或後年。您對明年的初步想法有何預示？

Well, the only thing I'll say, I mean, we'll talk more about next year when we get into the Q4 discussion three months from now, but I think what we're talking about, which is the organic growth Brian's just talked about, driving the deposits and the loan stats, that should continue. The fixed rate asset repricing we're going to continue to benefit from again next year. So we're trying to make sure that we're replicating and sustaining results over a long period of time.

好吧，我唯一要說的是，當我們三個月後進入第四季度討論時，我們會更多地談論明年的事情，但我認為我們正在談論的，也就是布萊恩剛才談到的推動存款和貸款統計數據的有機增長，應該會繼續下去。明年我們將繼續受惠於固定利率資產重新定價。因此，我們努力確保能夠長期複製和維持成果。

All right thank you.

好的，謝謝。

Steven Alexopoulos, TD Cowen.

史蒂文·亞歷克斯普洛斯（Steven Alexopoulos），TD Cowen。

I want to start the conversation first. I love this AI slide for, I might frame it actually, but to start the conversation there, as we've spoken to the banks, there seems to be a fairly wide range of how banks are thinking about AI. Some are using it really to boost productivity. Others are more fully embracing it to leverage your digital workers. You seem to be in the second camp. I don't know if you guys saw the JPM Investor Day where [Mary] Anne like put that slide up looking at head count coming down about 10% or so in the consumer bank over the next five years.

我想先開始對話。我喜歡這個 AI 幻燈片，我實際上可能會對其進行框定，但從那裡開始對話，正如我們與銀行交談過的那樣，銀行對 AI 的看法似乎有相當廣泛的範圍。有些人確實在利用它來提高生產力。其他人則更全面地接受它來利用您的數位員工。您似乎屬於第二陣營。我不知道你們是否看過摩根大通投資者日，其中 [Mary] Anne 放了一張幻燈片，預測未來五年內消費銀行的員工人數將減少約 10%。

Wherever that number ends up being, how should we think about your company as you leverage these tools? Should we think about you as leading fast forward to whatever JP Morgan does? I'd love to hear you unpack this for us.

無論這個數字最終是多少，當您利用這些工具時，我們應該如何看待您的公司？我們是否應該認為您正在領導摩根大通快速推進其業務？我很想聽聽你為我們解釋一下這個問題。

Well, let me just walk up to coverage, Steven, but let's just step back and think about the application technology. 15 years ago, we had 100,000 people in our Consumer business. Today, we have 53,000. The deposits, I think at the time were, say, $400 billion. Now, they're [$900-plus]. The numbers of checking accounts are up 50%. Transaction volume through the roof, et cetera.

好吧，史蒂文，讓我先談談報道，但讓我們退一步思考一下應用技術。 15 年前，我們的消費者業務部門有 10 萬名員工。如今，我們已經有 53,000 人了。我認為當時的存款大約是 4000 億美元。現在，他們[900美元以上]。支票帳戶數量增加了50%。交易量猛增等等。

And so all that is enabled by application technology on scale with control and resiliency. And so when you're now doing 2 billion digital interactions, you have to be up all the time, and we have invested probably $2 billion on what we call a never down hot backups so that those systems can run all time. So you don't have to -- we [don't] have to debate the future. We don't -- just look at what we've done. We're done half the people in this business and it's bigger and more complex and more widespread, et cetera. So that's one.

因此，所有這些都是透過具有控制力和彈性的規模應用技術來實現的。因此，當您進行 20 億次數位互動時，您必須始終保持運行，我們已投資約 20 億美元用於所謂的“永不停機熱備份”，以便這些系統能夠始終運行。所以你不必——我們不必討論未來。我們不會——只要看看我們做了什麼。我們已經完成了這個行業一半的工作，而且這個行業變得更大、更複雜、更廣泛等等。這就是其中之一。

As we look forward, it takes something like Erica, and it was developed when none of us knew what a large language or small language model was. It is built, it's operating and what I described earlier is it now does 20 million consumers use it every quarter actively. They use it 60 million times a month. This is not, again, and every one of those would have been a phone call and stuff. So as we bring it out to wider use case, wider things it can do and trade it on as we bring it across various parts of the company commercial business with CashPro, Erica and full employees, et cetera.

展望未來，我們需要像 Erica 這樣的東西，它是在我們都不知道大語言或小語言模型是什麼的時候開發出來的。它已經建成，正在運行，正如我之前描述的，現在每個季度有 2000 萬消費者積極使用它。他們每月使用它6000萬次。再說一遍，事實並非如此，所有這些都只是一通電話而已。因此，當我們將它推廣到更廣泛的用例、更廣泛的用途以及與 CashPro、Erica 和全體員工等一起在公司商業業務的各個部分進行交易時，它就可以發揮作用。

You're seeing these models that are the data's carefully crafted so it works. They get the right decision if you train them and we're using it more places. So we just see that going and going and going. Now, meanwhile, in that consumer number we have twice as many relationship bankers as we did at the start. So we reinvest a part of that savings to drive that checking growth on a consistent basis for five years, and if you start to think about 5 million net checking accounts with the $9,000 over balances, you start to do some math, you start to think that we've grown a good-sized bank incrementally over the last four or five years.

您所看到的這些模型是根據數據精心設計的，因此能夠發揮作用。如果你對他們進行培訓，他們就會做出正確的決定，而且我們正在更多的地方使用它。所以我們只能看到這種情況不斷發生。同時，現在我們的消費者關係銀行家數量是剛開始時的兩倍。因此，我們將部分儲蓄進行再投資，以推動支票帳戶在五年內持續增長，如果您開始考慮 500 萬個淨支票帳戶的 9,000 美元超額餘額，您開始進行一些計算，您就會開始認為，在過去四五年裡，我們已經逐步發展成為一家規模可觀的銀行。

So it enables you to do that while the cost structure went down a $1 billion a quarter and consumer over the time frame, so that's what happens. They take something like this optimist model, which is a model that we built with others, third party models that we've fine-tuned in the ability for fixed income traders, which is relatively bespoke still. We have one common equity. We have 300 [QCIPs] for fixed income, to give you an example just as our company, to allow them to reconcile trades.

因此，它使您能夠做到這一點，同時成本結構在時間範圍內每季下降 10 億美元，消費者也是如此。這就是所發生的情況。他們採用了類似樂觀模型的東西，這是我們與其他人共同構建的模型，第三方模型，我們針對固定收益交易者的能力進行了微調，這仍然是相對定制的。我們有一個共同股權。舉個例子，就像我們的公司一樣，我們有 300 個固定收益 [QCIP]，允許他們協調交易。

All through using bots and agents between operation itself instead of emails and shared drives and everything going on. It's pretty powerful and we're just starting at 750 people. This is 90 days old for implementation, and we'll see the benefits that 5 people so far, 10 people, you'll start to see more people and we'll just stop adding, stop replacing head count attrition in these areas or reapply that head count somewhere else. So we think there's a lot to go here.

所有這些都透過在操作本身之間使用機器人和代理程式而不是電子郵件和共用驅動器以及所有正在發生的事情來實現。它非常強大，我們才剛開始，有 750 名員工。這項措施實施已有 90 天，我們將看到成效，目前有 5 個人，10 個人，您將開始看到更多的人，我們將停止增加人員，停止替換這些領域的員工流失，或將該員工重新分配到其他地方。所以我們認為這裡還有很多事情要做。

And now I think I -- we have to be careful, but it's got to be done right. The decisions we make are meaningful to people's lives, so it can't be made in a way that's not correct, meaning it comes up with the wrong decision. The customers are vagacious. I mean, they -- their confidence will come and go if you don't handle them right. So we have to be very careful and that's why it's not a fast follower or a leader, it's can you apply it at scale? That's the question.

現在我認為——我們必須小心，但必須正確行事。我們所做的決定對人們的生活意義重大，因此不能以不正確的方式做出決定，也就是做出錯誤的決定。顧客們都很好奇。我的意思是，如果你沒有正確對待他們，他們的信心就會時有時無。所以我們必須非常小心，這就是為什麼它不是一個快速的追隨者或領導者，而是你能否大規模地應用它？這就是問題所在。

And if you can apply it at scale, then you can get the benefits. If you can't apply it at scale, meaning it isn't always up and operating, then you have problems, and that's what we're driving at. So you'll figure out in in five years whether we were the leader or not the leader. We got the patents we showed you. We got the model. And the question is, are you actually getting the benefits and the scale? We have and we will, and we expect to continue, and yet we're still in the early stages.

如果您可以大規模應用它，那麼您就可以獲得好處。如果你不能大規模地應用它，這意味著它不能一直運行，那麼你就會遇到問題，這就是我們所追求的。所以五年後你就會知道我們是否是領導者。我們獲得了向您展示的專利。我們得到了模型。問題是，您真的獲得了利益和規模嗎？我們已經這樣做了，我們將會這樣做，並且我們期望繼續這樣做，但我們仍處於早期階段。

Okay, that's great color. For my follow up, just going back to your response, Brian, to Gerard's question on digital assets. As I've studied BofA, I think you were the first bank out there with a mobile app. You're the first one out there with Erica, right, the digital agent. But it seems like the way you're thinking about stablecoins is your -- it's a little wait and see, right? JPM has a tokenized deposit. Citi has a tokenized deposit. I haven't seen any announcement from you guys.

好的，顏色很棒。作為我的後續提問，布萊恩，回到你對傑拉德關於數位資產的問題的回答。根據我對美國銀行的研究，我認為你們是第一家推出行動應用程式的銀行。您是第一個與 Erica（數位代理商）一起出現的人。但看起來您對穩定幣的看法是——還是要等等看，對吧？JPM 擁有代幣化存款。花旗銀行擁有代幣化存款。我還沒看到你們的任何公告。

You don't have a large cross-border business right now relative to others, so you could be the disrupter in this new ecosystem, same way you were with mobile, same way you were with digital agent. Are you just skeptical on what this could mean long term? Like why not the same way you have with these others?

與其他人相比，您現在沒有大規模的跨境業務，因此您可能會成為這個新生態系統的顛覆者，就像您在行動領域、在數位代理領域一樣。您是否只是懷疑這從長遠來看意味著什麼？為什麼你對待其他人的方式不一樣呢？

You're forgetting that a lot of -- if you're going to go to customer facing activity in this area, we had to make sure we had legal clarity, and so that's still going on as we speak, and to be able to apply -- look, the business cases for it -- as incremental value are still to be proven, frankly, and so that's -- so on Bitcoin or (inaudible) on blockchain. We have lots of patents we've used it in the trade area and stuff and a lot of information's got to move with money and things like that, but we still -- in the end of the day, remember, we'll move $3 trillion or $4 trillion today, and all of it will be digital or 99% of it.

你忘記了很多——如果你要在這個領域開展面向客戶的活動，我們必須確保我們有法律上的明確性，所以現在我們仍在進行這項工作，並且能夠應用——你看，它的商業案例——因為增量價值坦率地說仍有待證明，所以——在比特幣或（聽不清）區塊鏈上。我們擁有許多專利，並將其應用於貿易領域等，許多資訊必須隨著金錢等流動，但我們仍然——最終，請記住，我們今天將轉移 3 兆或 4 兆美元，其中 99% 將是數位化的。

So other than the cash out of the ATM and the checks written by consumers which are going down, you have 8%, 10% year-over-year and half the checks written that they were four or five years ago. Everything else in our company moves digital and so what's the improved process, and then there's real time and that's also connected. So we're trying to figure that out. It's not cautious or not. It's just what is the client demand and when we start to see it, we have built the capabilities. We are understanding what we do and then we can roll it out, but the questions we aren't seeing. Clients aren't knocking on our door and saying, please give me this right now.

因此，除了 ATM 機提取的現金和消費者開出的支票數量下降之外，同比去年同期下降了 8% 到 10%，開出的支票數量只有四五年前的一半。我們公司的其他一切都數位化了，那麼改進的流程是什麼呢？然後是即時性，這也是相互連結的。所以我們正在嘗試解決這個問題。不是小心不小心。這只是客戶的需求，當我們開始看到它時，我們就建立了能力。我們了解我們要做什麼，然後我們可以將其推廣出去，但我們沒有看到問題。客戶不會敲我們的門並說，請現在就把這個給我。

Got it. Okay, thanks for the color.

知道了。好的，謝謝你的顏色。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Wanted to just refocus the conversation, and just ask Brian with the deregulatory momentum that seems to be taking place, how do you feel about when is the appropriate time to address that 130 basis point buffer? So granted the stress test has been quite volatile in the SEB result. But clearly, there's reform to address that. I'm wondering if 130 basis points would still be an appropriate buffer and what you need to see to rethink that buffer.

只是想重新討論一下，並問問布萊恩，鑑於似乎正在發生的放鬆管制勢頭，您認為什麼時候才是解決 130 個基點緩衝問題的適當時機？因此，壓力測試對 SEB 的結果影響很大。但顯然，改革可以解決這個問題。我想知道 130 個基點是否仍然是一個合適的緩衝，以及您需要看到什麼來重新考慮這個緩衝。

So, we believe an appropriate buffer is 50 basis points plus or -- yeah, 50 basis points, and that's what we're running down to -- pushing down before. We always want that to be utilized, for lack of better word, by the core businesses because that's what we're here for. So we pay our dividends. We're basically using all the incremental capital to repurchase shares and then letting the businesses use up the excess capital to grow, and at the high point, I think we're 12%, now we're down to 11.5%. So they're using it up.

因此，我們認為適當的緩衝是 50 個基點加上或 - 是的，50 個基點，這就是我們之前所追求的 - 之前所推的。我們始終希望核心業務能夠利用這一點，因為這正是我們存在的目的。因此我們支付股息。我們基本上用所有增量資本來回購股票，然後讓企業用過剩資本來實現成長，在最高點，我認為我們的成長率是 12%，現在下降到了 11.5%。所以他們正在用完它。

What we just did is increase the amount of which we have. So you expect them to use that and expect us to move down to 50 basis points. Now, remember we've got this debate between averaging and not averaging. We'll see it happen. The SLR is really not relevant for us because it -- frankly, other ratios would catch us before the SLR. The GCIB calibration is critically important because people are forgetting that that has to has to happen because we're effectively using 2010, '11, or '12 data on the size of the economy in our company and other companies relative [to size], to judge how systemically important it was meant to be indexed.

我們剛才所做的就是增加我們擁有的數量。因此，您預計他們會利用這一點，並預計我們將利率降至 50 個基點。現在，請記住，我們已經討論了平均和非平均之間的爭論。我們將見證它的發生。SLR 對我們來說確實不重要，因為 — — 坦白說，其他比率會在 SLR 之前趕上我們。GCIB 校準至關重要，因為人們忘記了這是必須要做的，因為我們實際上在使用 2010 年、2011 年或 2012 年有關我們公司和其他公司經濟規模的數據來判斷其係統重要性，以便將其納入指數。

It hasn't been -- the proposal was indexed a year ago or so from then on, that wasn't really right because it skips all the run up in size after the pandemic. So we have to see more of this come together. Expect us to work that capital down one way or the other way, but we're always trying to grow the company, and that's what that extra capital there is to grow the company loans, deposit -- loans, more interactions, more transactions, the balance sheet markets is growing, and they've done a good job returning on it.

事實並非如此——該提案大約在一年前就被編入了索引，但這並不準確，因為它跳過了疫情之後的所有規模增長。因此，我們必須看到更多這樣的情況出現。希望我們能以某種方式利用這些資本，但我們始終在努力發展公司，而這些額外的資本就是為了增加公司貸款、存款——貸款、更多的互動、更多的交易，資產負債表市場正在成長，他們在回報方面做得很好。

So that's what we keep doing. So back up 50 basis points is a target buffers. We just got a change in the last few weeks. The change is still being debated about the implementation timing. We got to get the GCIB thing figured out, because if they don't index it, we'll have an increase coming at us in another year or so. And all this we're working on, but at the end of the day is we've just returned all the capital we earn back to the shareholders, and we'll continue to do that and more if the business [can't use] to grow.

這就是我們一直在做的事情。因此，回溯 50 個基點是一個目標緩衝。我們只是在過去幾週內發生了一些變化。關於這項變更的實施時間，目前仍存在爭議。我們必須弄清楚 GCIB 的事情，因為如果他們不對其進行索引，那麼在一年左右的時間裡，我們的 GCIB 費用就會增加。我們正在努力實現這一切，但最終我們只是把賺到的所有資本還給了股東，如果業務無法成長，我們將繼續這樣做，甚至更多。

And just my follow up question here, Brian, is are there businesses that you're prioritizing in terms of redeploying that capital to that perhaps -- where the profitability looks better under this regime and the $5.3 billion of stock that you bought back this quarter, would that be indicative of your appetite for the rest of the year?

布萊恩，我的後續問題是，在重新部署資本方面，您是否優先考慮哪些業務——在這種制度下盈利能力看起來更好，而您本季度回購了 53 億美元的股票，這是否表明了您對今年剩餘時間的興趣？

I think the answer on the size [of buyback] is absolutely because we just did it, so obviously, [didn't] think of our appetite. Every business has an opportunity for growth. Some will have more RWA intensity. Some will have less. If you notice the RWAs in the industry have grown, and ours have grown pretty rapidly. We need to all need to fine tune that. That's part due to the models and stuff that are being pushed around behind the scenes. I hope we get more rational discussion about -- but every business has the opportunity to grow.

我認為關於回購規模的答案是肯定的，因為我們剛剛做了這件事，所以很明顯，沒有考慮到我們的胃口。每個企業都有成長的機會。有些企業的 RWA 強度會更高。有些人會少一些。如果你注意到行業中的 RWA 已經成長，而且我們的成長相當迅速。我們都需要對此進行微調。這部分是由於幕後推動的模型和東西。我希望我們能夠進行更理性的討論——但每個企業都有成長的機會。

We -- and so the most discrete decision we made was to put -- with Jim Demare and team, is to give them more capital and capacity to grow, and they've used that wisely. But if you look across our businesses, that's the lowest return on allocated capital. So we have to be careful to get the returns. We have to make sure that the Wealth Management business and the Consumer business, which have very high returns on capital, are also growing.

因此，我們做出的最謹慎的決定是與 Jim Demare 和團隊合作，為他們提供更多的資本和發展能力，他們明智地利用了這一點。但如果你縱觀我們的業務，你會發現這是分配資本的最低迴報率。因此我們必須小心才能獲得回報。我們必須確保資本報酬率非常高的財富管理業務和消費者業務也能成長。

So everybody can grow if they need the capital, they'll take it down and we -- there's no -- the issue is always how much expense you can deploy to grow more than it is how much capital you could deploy.

因此，每個人都可以發展，如果他們需要資本，他們就會把它拿下來，而我們 - 沒有 - 問題始終是你可以部署多少費用來實現增長，而不是你可以部署多少資本。

All right. Thank you.

好的。謝謝。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Two questions. I want to follow up on what you were just talking about. I was wondering with relation to markets RWA. I thought in the past there had been no kind of ceiling on that, but now it's gone. So can you talk to how much RWA are you willing to allocate to the Markets business?

兩個問題。我想繼續討論一下您剛才談論的內容。我對市場 RWA 的關係感到疑惑。我過去以為這方面沒有任何上限，但現在沒有了。那麼您能談談您願意為市場業務分配多少 RWA 嗎？

As long as they get the returns, and that's the key, because they -- we got the dynamics of their returns allocated capital. We've got the dynamics of their impact on net interest income. So given team have got to get the returns and return on assets has to be moved towards 100 basis points and beyond. So there's no theoretical ceiling. It's just the dynamics to how far they can go before they do it. We went from a $600 billion or $700 billion balance sheet to base good [trillion], and that that will ebb and flow based on clients' activity.

只要他們獲得回報，這就是關鍵，因為他們——我們得到了他們分配資本的回報動態。我們了解了它們對淨利息收入的影響動態。因此，給定團隊必須獲得回報，資產回報率必須達到 100 個基點甚至更高。因此不存在理論上的上限。這只是他們在行動之前能走多遠的動力。我們的資產負債表從 6000 億美元或 7000 億美元降至基礎良好（萬億美元），並且這一數字將根據客戶的活動而起伏。

The GCIB buffer calculation, we're not worried about that. We've gone from basically [250 to 300] and it'll move up, so we wouldn't worry about that because as they're deploying, they're actually getting enough return and it's absorbing the impact of the rest of the company. That's the other thing you always have to be careful of is markets can cause a GCIB trigger and everybody pays for it. And so we make sure that they can actually get the return. It justifies not only what goes into their business but what the whole company experiences.

GCIB 緩衝區計算，我們並不擔心這個。我們基本上已經從 [250 到 300] 成長到了現在，而且還會繼續成長，所以我們不必擔心這一點，因為隨著他們的部署，他們實際上獲得了足夠的回報，並且吸收了公司其他部分的影響。您必須時刻注意的另一件事是，市場可能會引發 GCIB 觸發事件，每個人都會為此付出代價。因此我們確保他們確實能夠獲得回報。它不僅證明了他們的業務所付出的努力，也證明了整個公司所經歷的一切。

And that's why it's -- the calibration is critical that they -- we got to get these things all work together. And the calibration of GCIB is critical, and the reality is that you've had a basic 20% growth in the capital requirements. There's no major change in risk for most of us across the last three or four years just by methodologies of GCIB (inaudible) and RWA calculations behind the scenes where they're pushing us on the models and stuff like that.

這就是為什麼校準至關重要——我們必須讓這些東西協同工作。GCIB 的校準至關重要，而現實情況是，您的資本需求基本上增加了 20%。在過去的三、四年裡，我們大多數人的風險並沒有發生重大變化，只是透過 GCIB（聽不清楚）的方法和幕後 RWA 計算，他們在模型和類似的東西上推動我們。

But Betsy, we're not aware of any RWA ceiling and the Global Markets businesses you've seen. It's just growing as the company grows, and we've just continued to invest there.

但是 Betsy，我們不知道您所看到的任何 RWA 上限和全球市場業務。隨著公司的發展，它也不斷成長，我們也一直在繼續在那裡投資。

Okay, great. And then follow-up question is just on the -- question on how you are approaching your wind and solar investments with the tax plan that is going through? How are you thinking about that business and how should we be anticipating how that will roll through your P&L?

好的，太好了。然後後續問題是—您如何利用正在實施的稅務計畫來處理風能和太陽能投資？您如何看待這項業務？我們應該如何預測它將如何影響您的損益表？

Yeah, so, I read your report. I think it was pretty good in terms of laying out what the issues are. What we're anticipating is there's going to be a period here where our clients are still going to want to install wind and solar, so we're obviously going to support that.

是的，我讀了你的報告。我認為它在闡述問題方面做得非常好。我們預計，在一段時間內，我們的客戶仍然希望安裝風能和太陽能，因此我們顯然會支持這一點。

Now, they have to get them into production, and they have to get it all -- they have to get construction started by a couple of different dates, but you can think about it as between now and 2027, that's when you're going to see all of these things begin to slow and then stop.

現在，他們必須將它們投入生產，他們必須完成所有工作——他們必須在幾個不同的日期之前開始建設，但你可以想想，從現在到 2027 年，那時你會看到所有這些事情開始放緩然後停止。

We happen to have, number one, an install base of production [types credits]. So that will stay with us. But those will begin to burn down over the course of the next eight years. That's the way I would think about that. And then the low-income housing tax credits aren't impacted, so we anticipate we'll continue to be involved with those.

首先，我們剛好擁有生產安裝基礎[類型信用]。所以我們會記住這一點。但在接下來的八年裡，這些都會開始被燒毀。我就是這麼想的。低收入住房稅收抵免不會受到影響，因此我們預計我們將繼續參與其中。

So I would say we're likely to be involved in deals for the next couple of years and then you'll start to see the portfolio come down in the course of 2028 all the way through 2033, and it'll just burn down gradually over time, Betsy.

因此我想說，我們可能會在未來幾年參與交易，然後你會看到投資組合在 2028 年到 2033 年期間下降，並且隨著時間的推移它會逐漸減少，貝琪。

And then the housing, does the housing investments increased to offset that wind and solar fade?

那麼對於住房，住房投資的增加是否可以抵消風能和太陽能的衰退？

That' s largely a question of the size of that market. So if that market sort of grows with GDP, it may not increase in terms of size that we do as a company because we're just supporting the clients that we're working with, but if it were to grow significantly, then it could take some of that gap, but I'm not sure that will happen.

這很大程度取決於市場規模。因此，如果該市場隨著 GDP 增長，其規模可能不會像我們公司那樣增長，因為我們只是在支持與我們合作的客戶，但如果它大幅增長，那麼它可能會彌補部分差距，但我不確定這是否會發生。

Yeah, the housing has been a relatively constant number where the clean energy, the wind and solar in particular, is going to be intertemporal now because of the stuff that goes on and the effects downstream, et cetera, like that. The housing's pretty consistent. It's just a question of how, as Alastair said, how big the demand can be and how -- it's a competitive market other people go for it too, so I wouldn't expect that to come close to absorbing.

是的，住房數量一直相對穩定，而清潔能源，特別是風能和太陽能，現在將是跨期的，因為發生的事情及其下游影響等等。住房相當一致。正如阿拉斯泰爾所說，這只是一個需求有多大以及如何——這是一個競爭激烈的市場，其他人也在爭奪這個市場，所以我預計它不會接近吸收量。

Okay. Excellent, thank you.

好的。非常好，謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Brian, you've talked a lot about this responsible growth and the credit's been tremendous over the years. In terms of the journey on the growth portion, I'm interested in your assessment of where you are versus where you desire to be. And then maybe secondarily, a little bit more comments or color on the loan growth in the quarter of the conversations that you're having with borrowers a degree of confidence.

布萊恩，您多次談論了這種負責任的成長，這些年來，這種成長獲得了巨大的讚譽。就成長歷程而言，我對你對自己目前所處位置和期望所處位置的評估很感興趣。其次，也許您可以對本季的貸款成長發表更多評論或評論，以顯示您與借款人之間的信心程度。

So I think we always are pushing our team to grow faster. You have loan growth faster and (inaudible) faster and the economy grows and grow the economy and then turn that into strong profit. I think you've seen them do that. The commercial loan growth, leave aside the markets which you can look at, and that has elements to it which are specific to the clients that we work with that are financing pools of assets and et cetera.

所以我認為我們一直在推動我們的團隊更快成長。貸款成長越來越快（聽不清楚），經濟成長越來越快，然後將其轉化為豐厚的利潤。我想你已經看到他們這樣做了。商業貸款的成長，撇開你可以觀察到的市場不談，它包含一些特定於我們合作的客戶因素，即資產融資池等等。

If you look in the core middle market, Wendy and the team have done a good job growing the core middle market business, even with the nature of the frankly the commercial real estate flat down. So she's growing, I think, 6%, 8% year-over-year absent commercial real estate.

如果你看一下核心中端市場，你會發現，儘管商業房地產的性質已經趨於平穩，但 Wendy 和團隊在發展核心中端市場業務方面做得很好。因此我認為，她的商業房地產業務同比增長了 6% 至 8%。

The small business banking area, the loan growth was okay over the years. We now have a lot of capacity that's up to $50 million revenue companies we effectively doubled the size of sales force by converting some of the (inaudible) sales force into that group. They've started to grow the balances. Now we'll see some growth there. It's a small portfolio of $13 billion.

小型企業銀行業務領域，多年來貸款成長良好。我們現在擁有許多產能高達 5000 萬美元收入的公司，透過將部分（聽不清楚）銷售人員轉變為該群體，我們有效地使銷售隊伍規模翻了一番。他們已經開始增加餘額。現在我們會看到那裡出現一些增長。這是一個價值 130 億美元的小型投資組合。

Small business generally, which is a much larger portfolio, is growing in mid-single digits or higher year-over-year. They've done a good job. So we feel good about loan growth. I think the key is that this customer demand and line usage is still down so we've grown across the board but we -- line usage moving to where it was more traditionally is 3 or 4 percentage points of usage, which is a percent or two of loan growth on top of it, so we feel good about that, just as customers get more used to the situation and do it.

小型企業整體而言規模較大，年增率達到中個位數甚至更高。他們做得很好。因此我們對貸款成長感到樂觀。我認為關鍵在於客戶需求和線路使用率仍然下降，因此我們全面實現了成長，但線路使用率已恢復到傳統水平，為使用率的 3 到 4 個百分點，也就是貸款成長率的 1% 到 2%，因此我們對此感到滿意，因為客戶已經逐漸習慣了這種情況並開始這樣做。

So we feel good about the growth and we're seeing every consumer category, I think, grow a little bit this quarter and we can probably push a little harder in some areas there and the teams works on that but you got to be careful of the volatility of consumer credit when you we still have unemployment predicted to go up in most of the surveys we look at. So we're being careful there too.

因此，我們對成長感到滿意，而且我認為本季每個消費類別都出現了小幅增長，我們可能會在某些領域加大力度，團隊也在努力實現這一目標，但我們必須警惕消費信貸的波動，因為我們觀察到的大多數調查都顯示失業率仍將上升。所以我們在這方面也很小心。

Great. Thanks for that, Brian. And then secondarily, some of your peers have talked about the willingness to look externally for uses of capital. I may have missed this in your earlier remarks, but is there any -- aside from funding the balance sheet and some of your growth initiatives, is there anything within the franchise that you would be looking to perhaps allocate more capital externally?

偉大的。謝謝你，布萊恩。其次，一些同行談到了從外部尋找資本用途的意願。我可能在您之前的評論中忽略了這一點，但是除了為資產負債表和一些增長計劃提供資金外，您是否還希望在特許經營權範圍內分配更多外部資本？

Yeah, I mean -- well, I think if you're talking about acquisitions in the deposit side, that's not available to us, but in technology space, we bought some companies over the last several years that they're going to be relatively small uses. (inaudible) we bought one of the medical payments area, then we can bring it to our scale and through and so there's possibilities in that area, but really, its organic growth is the reality because they are huge deposit share for 30 years plus.

是的，我的意思是——嗯，我認為如果你談論的是存款方面的收購，那對我們來說是不可行的，但在技術領域，我們在過去幾年收購了一些公司，它們的用途相對較小。 （聽不清楚）我們收購了醫療支付領域的一個公司，然後我們可以將其擴大到我們的規模，因此該領域存在可能性，但實際上，它的有機增長才是現實，因為它們在 30 多年來一直佔據巨大的存款份額。

We've not -- have been allowed to buy another depository institution. So that game's done, how we got to do its organic expansion and that's what we did in all the markets and we're continuing that push, the expansion markets we call them, and we're seeing success and we'll continue that push, but that's more of a deployment of resources so we take them out of places and push them so we're down over all branches year over year.

我們沒有被允許收購另一家存款機構。所以那個遊戲已經完成了，我們要進行有機擴張，這就是我們在所有市場所做的，我們將繼續推動，我們稱之為擴張市場，我們看到了成功，我們將繼續推動，但這更多的是資源的部署，所以我們把它們從各個地方拿出來推廣，這樣我們每年都會在所有分支機構中推廣。

You can see that but (inaudible) these new markets are grown, so it's more of an expense redeployment question and a human being redeployment question as we get the efficiencies. It is a capital deployment question, frankly.

你可以看到，但是（聽不清楚）這些新市場正在成長，所以隨著我們獲得效率，這更多的是一個費用重新部署問題和人力重新部署問題。坦白說，這是一個資本配置問題。

Right, yeah, I was definitely referring to non-bank, so appreciate the color. Thanks, Brian.

是的，是的，我肯定指的是非銀行，所以請欣賞這種顏色。謝謝，布萊恩。

Jim Mitchell, Seaport Global.

吉姆·米切爾，Seaport Global。

Alastair, I know you don't want to give a hard target for NII for next year. Appreciate that, but with the high jumping off point and then you have a little more puts and takes the most, I guess you have potential headwinds from this (inaudible) accretion rolling off. You got rate cuts embedded in the forward curve. But loan growth and deposit growth are picking up, cash flow hedges are rolling off, asset repricing. How does it all -- in your mind, how does it all fit together next year? Do you -- can you grow off that 4Q jumping off point in your mind, or just any thoughts would be great? And the answer is yes.

阿拉斯泰爾，我知道你不想為明年的 NII 設定一個硬性目標。我很感激，但由於起點很高，而且你還有更多的事情要做，我想你可能會因為這種（聽不清楚）的增生而遇到阻力。遠期曲線中嵌入了利率削減。但貸款成長和存款成長正在回升，現金流對沖正在減少，資產重新定價。在您看來，明年這一切將如何協調一致？你能在心中從 4Q 的起點出發嗎，或是任何想法都可以嗎？答案是肯定的。

Well, look, the answer to that is yes, because the company's built, as Brian said, for organic growth. So as we continue to add clients, as we do more with the existing client base. That's when you see the loan growth and the deposit growth coming through. So there's always headwinds in any given year, but our mentality will be when we come off of Q4, how do we grow NII sequentially each quarter from there, and we're going to benefit again from that fixed rate asset repricing again next year. So that acts as a tailwind.

嗯，答案是肯定的，因為正如布萊恩所說，公司是為了實現有機成長而建立的。因此，隨著我們不斷增加客戶，我們會在現有客戶群上做更多的事情。那時你會看到貸款成長和存款成長。因此，任何一年總會有阻力，但我們的心態是，當我們度過第四季度時，我們如何從那時起每個季度連續增加 NII，並且明年我們將再次受益於固定利率資產重新定價。因此，這就起到了順風的作用。

The first quarter is just a little bit different because of day count. But in general, I think you should think about NI, at least our expectation is we're just going to keep growing it quarter after quarter.

第一季由於天數計算略有不同。但總的來說，我認為你應該考慮一下 NI，至少我們的預期是，我們將逐季繼續成長。

Okay, that's great. And maybe just you had highlighted that balance sheet mix has changed a little bit, and you're focused more on NII growth than NIM. I know you had historically or previously talked about a [220 to 230] longer term target. Is that different now or how do you think about that longer term target?

好的，太好了。也許您只是強調了資產負債表組合發生了一些變化，並且您更關注 NII 成長而不是 NIM。我知道您以前曾談論過 [220 到 230] 的長期目標。現在情況有什麼不同嗎？或者您如何看待這個長期目標？

No, it's not different. I just think any given quarter can be interesting. And this quarter was interesting because, number one, we had really high volumes in active markets. So in a period like that, Global Markets clients are asking us for a balance sheet. We're going to provide that assuming it's well priced, and we felt like it was. So we saw the Global Markets business take on more in the way of earning assets that sometimes [NIY] dilutive.

不，沒有什麼不同。我只是認為任何一個季度都會很有趣。這個季度很有趣，因為首先，我們在活躍市場的交易量非常高。因此，在這樣的時期，全球市場客戶要求我們提供資產負債表。只要價格合理，我們就會提供這種服務，我們也覺得確實如此。因此，我們看到全球市場業務在獲利資產方面承擔了更多責任，而這些資產有時 [NIY] 會稀釋公司的權益。

But it can still be NII slightly positive, so you've got a little bit of that going on. And then in Commercial this quarter, we just took on some, I mentioned this in the speech, but we took on a couple of very large commercial deposits at the end of the quarter, and those are NIY dilutive but slightly NII positive. So I think in the grand scheme, this was just an instant quarter where the NIY came in slightly differently, but the long term remains exactly the same. We're going to drive it back to that [220 to 230] with every available opportunity.

但它仍然可能對 NII 產生輕微的正面影響，所以你會遇到一些這樣的情況。然後在本季度的商業領域，我們剛剛承擔了一些，我在演講中提到了這一點，但我們在本季度末承擔了一些非常大的商業存款，這些存款對 NIY 有稀釋作用，但對 NII 有略微正向影響。因此，我認為從總體上看，這只是 NIY 出現略微不同時的一個季度，但長期來看情況完全相同。我們會利用每一個機會將比數追回至 [220 到 230]。

Oka, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

It does appear that there are no further questions at this time. I would now like to turn it back to Brian for any additional or closing remarks.

目前看來沒有其他問題。現在我想把時間交還給 Brian，請他發表任何補充或結束語。

So thank you again for spending time with us this morning. Leave you where we started. We saw again a client activity across the board. We're now seeing the second-half benefits of the kick in and we'll expect to get the kick in and NII pushing operating leverage back in the business. That will continue to be solid revenue growth, earnings per share as we look forward. And as we talked about and showed you some examples, we're now seeing the augmented intelligence, artificial intelligence capacity starting to build in the company, which will add to our efficiency efforts going forward.

再次感謝您今天上午抽出時間與我們在一起。回到我們開始的地方。我們再次看到客戶全面開展活動。我們現在看到了下半年的效益，我們預期效益和 NII 將推動業務重新發揮營運槓桿作用。我們期待營收和每股盈餘繼續穩健成長。正如我們所討論並向您展示的一些例子，我們現在看到增強智慧、人工智慧能力開始在公司中建立，這將有助於我們未來的效率努力。

Thank you for your time and we look forward to talking next time.

感謝您的時間，我們期待下次再談。

This does conclude today's program. Thank you for your participation. You may disconnect at any time and have a wonderful afternoon.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接並度過美好的下午。