美國銀行 (BAC) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Q3 Bank of America earnings call. At this time, I would like to turn the program over to Lee McEntire. Please go ahead.

大家好，歡迎參加今天的美國銀行第三季財報電話會議。現在，我想將這個項目交給 Lee McEntire。請繼續。

Good morning. Thank you. Thank you for joining us to review our third 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.

早安.謝謝。感謝您與我們一起回顧我們的第三季業績。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。

Brian Moynihan will make some brief comments before turning the call over to Alastair Borthwick, our CFO, to discuss more of the details in the quarter. Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. The forward-looking statements are based on management's current expectations and assumptions and those are subject to risks and uncertainties laid out.

在將電話轉給我們的財務長阿拉斯泰爾·博思威克 (Alastair Borthwick) 討論本季度的更多細節之前，布萊恩·莫伊尼漢 (Brian Moynihan) 將發表一些簡短的評論。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，並受所列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 the earnings material and available on the SEC filings on the website. Information about non-GAAP financial measures, including reconciliations to US GAAP, can also be found in our earnings materials and are also available on the 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收益資料中詳細說明，並可在網站上的 SEC 文件中找到。有關非公認會計準則財務指標的資訊（包括與美國公認會計準則的對帳）也可以在我們的收益資料中找到，也可以在網站上找到。

With that, Brian, over to you.

布萊恩，現在輪到你了。

Thank you, Lee, and good morning, and thank you, all, for joining us. Bank of America delivered a strong third quarter with good growth both in the top line revenue and bottom line EPS, all driven by strong operating leverage. Our ROTCE improved to 15.4%, this quarter's results provide good momentum as we finish 2025 and head into 2026.

謝謝你，李，早安，也謝謝大家加入我們。美國銀行第三季表現強勁，營收和每股盈餘均實現良好成長，這一切都得益於強勁的經營槓桿。我們的 ROTCE 提高至 15.4%，本季的業績為我們結束 2025 年、邁入 2026 年提供了良好的勢頭。

We have been demonstrating consistent organic growth for many quarters. This quarter's results highlight the continued organic strength of our world-class deposit and lending capabilities. Our results also underscore the benefits of a diversified business model with top-tier position, not only in lending and deposits, but also across the market-driven businesses in Wealth Management, Global Markets and Global Banking.

我們已經連續多個季度實現了持續的有機成長。本季的業績凸顯了我們世界一流的存款和貸款能力的持續有機實力。我們的業績也凸顯了多元化商業模式的優勢，不僅在貸款和存款領域佔據頂級地位，而且在財富管理、全球市場和全球銀行等市場驅動的業務領域也佔據頂級地位。

Before I turn over to Alastair, I'm going to hit a few highlights here. We reported revenue of $28 billion, up 11% year-over-year. EPS was $1.06, up 31% year-over-year. We drove operating leverage of 560 basis points in the quarter. The efficiency ratio fell below 62%. The return on assets reached 98 basis points. And during the quarter, we returned to our shareholders $7.4 billion through dividends and share repurchases.

在交給阿拉斯泰爾之前，我想先講幾個重點。我們報告的收入為 280 億美元，年增 11%。每股收益為 1.06 美元，年增 31%。本季我們的經營槓桿率達到了 560 個基點。效率比降至62%以下。資產報酬率達到98個基點。本季度，我們透過股利和股票回購向股東返還了 74 億美元。

Net interest income on an FTE basis reached a record $15.4 billion. That was supported by strong commercial loan and deposit growth, along with continued balance sheet positioning. Investment banking fees exceeded $2 billion, up 43% year-over-year. Our team in sales and trading grew revenue 8%, marking our 14th consecutive quarter of year-over-year revenue growth.

以全職當量計算的淨利息收入達到創紀錄的 154 億美元。這得益於強勁的商業貸款和存款成長以及持續的資產負債表定位。投資銀行費用超過20億美元，較去年成長43%。我們的銷售和交易團隊的收入成長了 8%，這標誌著我們連續第 14 個季度實現同比增長。

Our asset management fees increased 12% compared to last year. All the business segments contribute to earnings improvement and had growth in earnings. Two stood out this quarter. Our consumer banking team delivered $3.4 billion in after-tax earnings, up 28% year-over-year, with 600 basis points of operating leverage. This reflects strong revenue growth and disciplined expense management.

我們的資產管理費比去年增加了12%。所有業務部門均對獲利改善作出貢獻並實現獲利成長。本季有兩家公司表現突出。我們的消費者銀行團隊實現了 34 億美元的稅後收益，年增 28%，營運槓桿為 600 個基點。這反映了強勁的收入成長和嚴格的費用管理。

This business is driven off the core operating accounts of our consumer customers, and we gained more than this quarter. These accounts have strong balances per account the customers give us great customer scores, and we operate them at lower cost with more primacy in the account and lower attrition compared to anyone in the industry. That is a winning combination.

這項業務是由我們的消費者客戶的核心營運帳戶推動的，我們本季的收益超過了這一水平。這些帳戶的每個帳戶都有很高的餘額，客戶給予我們很高的客戶評分，並且與業內任何人相比，我們以更低的成本運營它們，在帳戶中擁有更高的優先權，並且流失率更低。這是一個成功的組合。

Our Global Wealth and Investment Management teams posted net income of nearly $1.3 billion, up 19%. That was driven by the strong Merrill and Private Bank adviser productivity and concomitant continued growth in fee-based assets. Spending in this business was particularly strong with $12 billion in loan growth in this quarter. [GM] also opened another 32,000 banking accounts and grew deposits $3 billion from quarter two.

我們的全球財富和投資管理團隊的淨收入接近 13 億美元，成長 19%。這是由美林和私人銀行顧問的強勁生產力以及隨之而來的收費資產的持續增長所推動的。該業務支出尤為強勁，本季貸款成長120億美元。 [通用汽車]也新增了3.2萬個銀行帳戶，存款較第二季增加了30億美元。

As we look ahead, we believe this quarter's performance continues to reflect the impact of the investments we have made on a continuous basis for many years in technology, talent and client experience. These continue to translate into strong financial results. We have been growing loans with the right risk and deposits as we continue to gain market share through organic growth.

展望未來，我們相信本季的業績將繼續反映出我們多年來在技術、人才和客戶體驗方面持續投資的影響。這些繼續轉化為強勁的財務業績。隨著我們繼續透過有機成長獲得市場份額，我們一直在增加具有適當風險和存款的貸款。

That translated into continuous NII improvements and complement our growth in our fee-based businesses this quarter. I also, as you will commend you to look at the digital slides in the appendix on slides 20, 22 and 24. They show the continued progression across all the businesses of Applied Technology with lots of discussions going on about technology and AI and know the things we give you the stats.

這轉化為持續的 NII 改進並補充了我們本季收費業務的成長。我還建議您查看附錄中第 20、22 和 24 張投影片的數位投影片。它們展示了應用技術所有業務的持續進步，其中有大量關於技術和人工智慧的討論，並且了解我們提供的統計數據。

What you'll see in these slides is the customer-facing activities of Erica, for example. There are many other applications of AI going on in this company but this one has been handling successful interactions for years with scale and that application has now been applied across other businesses and even across our employee base. So we're confident in our trajectory of our results, and we are excited about the opportunities ahead.

例如，您將在這些幻燈片中看到 Erica 面向客戶的活動。這家公司正在實施許多其他人工智慧應用，但這個應用多年來一直在大規模處理成功的交互，並且該應用現已應用於其他業務，甚至我們的員工群體。因此，我們對我們的業績軌跡充滿信心，並且對未來的機會感到興奮。

We look forward to talking to you at Investor Day in November. I'm going to turn it over to Alastair to walk through the financials in more detail.

我們期待在十一月的投資者日與您交談。我將把它交給阿拉斯泰爾，讓他更詳細地介紹財務狀況。

Thank you, Brian. And I'm going to start with slide 3 to begin our discussion. And I just have three things on the income statement that I want to add to Brian's comments. First, we're pleased with the continued demonstration of expense discipline across our businesses. So in the third quarter, we delivered 11% year-over-year revenue growth significantly outpacing 5% expense growth and resulting in that strong 6% operating leverage.

謝謝你，布萊恩。我將從幻燈片 3 開始我們的討論。關於損益表，我只想補充 Brian 的評論中的三點。首先，我們很高興看到我們各業務部門繼續表現出費用紀律。因此，在第三季度，我們的營收年增 11%，大大超過 5% 的支出成長，並實現了 6% 的強勁營運槓桿。

Of the $28.2 billion in total revenue, an aggregated amount of $11.3 billion came from our sales and trading, Investment banking and asset management fees, three of our more highly compensable market-facing areas. So those areas grew 15% year-over-year in the aggregate, and we're excited to continue our investments given their strategic importance and attractive returns.

在 282 億美元的總收入中，總計 113 億美元來自我們的銷售和交易、投資銀行和資產管理費用，這是我們三個面向市場的報酬較高的領域。因此，這些地區整體同比增長了 15%，鑑於其戰略重要性和可觀的回報，我們很高興繼續投資。

When coupled with investment spending and inflation, this revenue growth helps frame the 5% expense growth even better. Importantly, expense growth versus the second quarter was held under 1%, while those same compensable revenue streams grew 8% sequentially, further reinforcing our ability to scale efficiently and invest where it matters most.

當與投資支出和通貨膨脹相結合時，這種收入成長有助於更好地支撐 5% 的支出成長。重要的是，與第二季度相比，費用成長控制在 1% 以下，而相同的可補償收入流環比增長 8%，進一步增強了我們有效擴展和在最重要的地方進行投資的能力。

Second, provision expense improved this quarter with net charge-offs declining 10%, and we had a modest reserve release as a result of both credit card and commercial real estate improvement. The strong asset quality reflects the continued strength of our credit portfolio, years of disciplined risk management and higher growth of the portfolio than other banks with good credit results. Lastly, our average diluted share count declined by 24 million shares from the second quarter. And this quarter included the dilution we've highlighted before in our filings and that comes from our 2008 issued convertible preferred Series L stock.

其次，本季撥備支出有所改善，淨沖銷額下降了 10%，由於信用卡和商業房地產的改善，我們適度釋放了儲備金。強勁的資產品質反映了我們信貸組合的持續強勁、多年來嚴格的風險管理以及比其他信貸業績良好的銀行更高的組合成長。最後，我們的平均稀釋股數較第二季減少了 2,400 萬股。本季包括了我們先前在文件中強調的稀釋，這源自於我們 2008 年發行的可轉換優先 L 系列股票。

On slide 4, you'll note the various earnings highlights Brian and I have talked about. I don't have much to add here and would instead spend just a moment on our continued organic growth, which is powering our loan and deposit activity. We added new clients, and we deepened relationships with existing clients and across consumer, wealth, commercial and institutional businesses, our teams are winning in the marketplace by putting our clients first.

在幻燈片 4 上，您會看到 Brian 和我談到的各種盈利亮點。我在這裡沒有什麼可補充的，只想花一點時間談談我們持續的有機成長，這為我們的貸款和存款活動提供了動力。我們增加了新客戶，並加深了與現有客戶的關係，在消費者、財富、商業和機構業務領域，我們的團隊透過將客戶放在第一位而在市場上取得成功。

As always, we highlight the continued organic growth across each of our businesses driven by client engagement, disciplined execution and strategic investment. And you can see the results there on slide 5. Consumer Banking continued to show strong momentum. We grew another 212,000 net new checking accounts, extending our string of consecutive growth to 27 quarters. This includes the fourth consecutive quarter of increased average non-interest-bearing deposits. And those are important because they are the primary operating account for a relationship and they're quite beneficial as a low-cost funding source.

與往常一樣，我們強調在客戶參與、嚴格執行和策略性投資的推動下，我們各項業務均實現了持續的有機成長。您可以在第 5 張投影片上看到結果。消費銀行業務持續呈現強勁勢頭。我們新增了 212,000 個淨新支票帳戶，將連續成長的勢頭延續到了 27 個季度。其中包括平均無息存款連續第四個季度增加。這些很重要，因為它們是關係的主要營運帳戶，並且作為低成本資金來源非常有益。

Additionally, card, home and auto loan balances grew year-over-year, reflecting healthy consumer demand. and we believe those further cement the relationship beyond just the operating account alone. In small business, we continued our strength of lending growth, and we remain the number one leading provider of credit to small business in the United States.

此外，信用卡、房屋和汽車貸款餘額較去年同期成長，反映出健康的消費者需求。我們相信，這些進一步鞏固了不僅僅是營運帳戶的關係。在小型企業領域，我們繼續保持強勁的貸款成長勢頭，並且仍然是美國第一大小企業信貸提供者。

Global Wealth and Investment Management saw client balances climbed to more than $4.6 trillion driven by strong AUM flows of $84 billion in the past year, strong loan originations and market appreciation. Our advisers continue to deliver comprehensive solutions to help clients achieve their financial goals.

受去年 840 億美元強勁的 AUM 流量、強勁的貸款發放和市場升值的推動，全球財富和投資管理的客戶餘額攀升至 4.6 兆美元以上。我們的顧問繼續提供全面的解決方案，幫助客戶實現他們的財務目標。

In Global Banking, we saw a nice pickup in client activity in investment banking, resulting in market share gains, leadership rankings across many products and the highest non-pandemic fee quarter in our firm's history. Commercial client activity showed a continuation in the demand for loans and cash management needs as treasury service fees increased 12% year-over-year alongside deposit growth of 15%. Global markets continued to deliver on their string of year-over-year revenue growth and also continue to grow loans from healthy demand of our clients.

在全球銀行業務中，我們看到投資銀行客戶活動大幅增加，從而帶來了市場份額的成長、許多產品的領先排名以及公司歷史上非疫情期間費用最高的季度。商業客戶活動顯示貸款和現金管理需求持續成長，因為財務服務費年增 12%，而存款成長 15%。全球市場持續實現營收年增，由於客戶的旺盛需求，貸款也持續成長。

Let's transfer to a discussion of the balance sheet using slide 6, where you can see total assets ended the quarter at $3.4 trillion. That's down $38 billion from the second quarter as good loan growth was offset by lower Global Markets assets and wholesale funding reductions as part of our plan to continue to tighten the balance sheet.

讓我們使用投影片 6 來討論資產負債表，您可以看到本季末的總資產為 3.4 兆美元。這比第二季度下降了 380 億美元，因為良好的貸款成長被全球市場資產的減少和批發融資的減少所抵消，這是我們繼續收緊資產負債表的計劃的一部分。

Importantly, this balance sheet tightening will continue to benefit the net interest yield, NIY. Deposits ended just over $2 trillion and were up $72 million from the year ago period, with growth in both interest-bearing and non-interest-bearing deposits. Average global liquidity sources of $961 billion remains strong, and shareholders' equity of $304 billion was up $4.6 billion from last quarter as we issued $2.5 billion of preferred stock.

重要的是，資產負債表緊縮將繼續有利於淨利息收益率NIY。存款總額略高於 2 兆美元，比去年同期增加了 7,200 萬美元，其中計息存款和不計息存款均有所增加。9,610 億美元的全球平均流動性來源依然強勁，股東權益為 3,040 億美元，較上一季增加了 46 億美元，因為我們發行了 25 億美元的優先股。

Otherwise, a $2 billion increase in tangible common equity to $208 billion included a modest capital build as net income was slightly more than capital distributions, and we saw some improvement in AOCI. We returned $7.4 billion of capital back to shareholders with $2.1 billion in common dividends paid and $5.3 billion of shares repurchased. Tangible book value per share of $28.39 rose 8% from the third quarter of '24.

除此之外，有形普通股權益增加了 20 億美元，達到 2,080 億美元，其中包括適度的資本積累，因為淨收入略高於資本分配，而且我們看到 AOCI 有所改善。我們向股東返還了 74 億美元的資本，其中支付了 21 億美元的普通股股息，並回購了 53 億美元的股票。每股有形帳面價值為 28.39 美元，較 24 年第三季上漲 8%。

Looking at regulatory capital, our CET1 level increased modestly to $203 billion, while the risk-weighted assets were relatively flat and that drove our CET1 ratio higher to 11.6%. This is well above our October 1, 10% regulatory minimum. Our supplemental leverage ratio was 5.8% versus a minimum requirement of 5%, which leaves capacity for balance sheet growth and our $473 billion of total loss absorbing capital means our TLAC ratio remains comfortably above our requirements.

從監理資本來看，我們的 CET1 水準小幅上升至 2,030 億美元，而風險加權資產相對持平，這推動我們的 CET1 比率上升至 11.6%。這遠高於我們 10 月 1 日規定的 10% 的最低監管水準。我們的補充槓桿率為 5.8%，而最低要求為 5%，這為資產負債表的成長留下了空間，而我們 4,730 億美元的總損失吸收資本意味著我們的 TLAC 比率仍然遠高於我們的要求。

On slide 7, we show a 10-quarter trend of average deposits to illustrate the extension of consecutive growth across those periods. Average deposits were up $71 billion or 3.7% from the third quarter of '24. Average consumer deposits were up 1% year-over-year, while Global Banking deposits grew 15% compared to a year ago. Our global capabilities, digital solutions and relationship managers continue to win clients in the marketplace.

在投影片 7 上，我們展示了平均存款的 10 個季度趨勢，以說明這些時期連續成長的延續。平均存款較 24 年第三季增加了 710 億美元，增幅為 3.7%。平均消費者存款年增 1%，而全球銀行存款較去年同期成長 15%。我們的全球能力、數位解決方案和關係經理繼續在市場上贏得客戶。

In addition, we remain disciplined on pricing to achieve that growth. Overall rate paid on total deposits declined 32 basis points year-over-year, reflecting both lower rates and disciplined actions in our Global Banking and Wealth Management businesses. Rate paid on the roughly $950 billion of consumer deposits remained low at 58 basis points in Q3, driven by the operating nature of that account and client base.

此外，我們在定價方面保持紀律，以實現這一增長。總存款支付的整體利率年減 32 個基點，反映了我們全球銀行和財富管理業務的利率下降和紀律處分。受帳戶營運性質和客戶群的影響，第三季約 9,500 億美元消費者存款的利率仍維持在 58 個基點的低點。

Compared to the second quarter, total deposit rate paid rose 2 basis points due to mix shift into interest-bearing, and we expect improvement next quarter driven by repricing after the Fed funds rate cut in late September. Let's turn to loans by looking at average balances on slide 8. You can see loan balances in Q3 of $1.15 trillion improved 9% year-over-year driven by 13% commercial loan growth. Consumer loans grew at a slower pace and importantly, we're up across every loan type.

與第二季相比，由於存款結構轉向計息，支付的總存款利率上升了 2 個基點，我們預計在 9 月底聯邦基金利率下調後的重新定價推動下，下個季度存款利率將有所改善。讓我們透過查看投影片 8 上的平均餘額來了解貸款情況。您可以看到，第三季的貸款餘額為 1.15 兆美元，年增 9%，這得益於商業貸款增加 13%。消費貸款成長速度較慢，重要的是，我們所有類型的貸款都有所成長。

For the second consecutive quarter, every business segment recorded higher average loans on both a year-over-year basis and on a linked-quarter basis. Focusing on commercial loans in global markets, we continue to take advantage of the strong financing demand in the marketplace from institutional borrowers, where we lend against diverse collateral pools. Small business is benefiting from our newly combined local market-based coverage model for small business and business banking, and that's creating more capacity for client expansion.

連續第二個季度，各業務部門的平均貸款金額較去年同期和較上季均有所成長。我們專注於全球市場的商業貸款，並持續利用市場上來自機構借款人的強勁融資需求，透過多樣化的抵押品池提供貸款。小型企業受益於我們新近結合的基於本地市場的小型企業和商業銀行覆蓋模式，這為客戶擴展創造了更大的能力。

And lastly, note the 9% improvement in Wealth Management as affluent clients borrowed for investments in assets like sports and arts and businesses. So all of that balance sheet activity across deposits and loans results in net interest income.

最後，請注意財富管理方面 9% 的改善，因為富裕客戶借款用於投資體育、藝術和商業等資產。因此，所有涉及存款和貸款的資產負債表活動都會產生淨利息收入。

And let's turn our focus to NII on slide 9. On a GAAP non-fully taxable equivalent basis, NII in Q3 was $15.2 billion. On a fully taxable equivalent basis, NII was a little less than $15.4 billion and as I said earlier, that's up 9% from the third quarter of '24. NII grew $1.3 billion year-over-year and $572 million on an FTE basis over the second quarter driven by higher loan and deposit balances and benefits from fixed rate asset repricing. And versus Q2, we also gained an extra day of interest.

讓我們把焦點轉向投影片 9 上的 NII。以 GAAP 非完全應稅等值計算，第三季的 NII 為 152 億美元。以完全應稅等值計算，NII 略低於 154 億美元，正如我之前所說，這比 24 年第三季增加了 9%。由於貸款和存款餘額增加以及固定利率資產重新定價的好處，第二季 NII 年比增加 13 億美元，以 FTE 計算成長 5.72 億美元。與第二季相比，我們還獲得了額外一天的利息。

The net interest yield improved 7 basis points from the second quarter, reflecting the growth in NII, while the earning asset balance modestly declined as loan growth replaced lower-yielding securities and Global Markets balances declined modestly. And as I said, we reduced expensive wholesale funding and cash.

淨利息收益率較第二季度提高了 7 個基點，反映了 NII 的成長，而生息資產餘額略有下降，因為貸款成長取代了收益較低的證券，而且全球市場餘額略有下降。正如我所說，我們減少了昂貴的批發融資和現金。

Regarding interest rate sensitivity, on a dynamic deposit basis, we provide a 12-month change in NII for an instantaneous shift in the curve. So again, that means interest rates would have to instantaneously move another 100 basis points lower than the expected cuts that are already contemplated in the curve. So if you think about that, 100 basis points below what the curve implies more simply put, that would mean, for instance, on the short end, the July Fed funds rate next year will be getting down to 2.25%.

關於利率敏感性，在動態存款基礎上，我們提供了 NII 的 12 個月變化，以反映曲線的瞬時變化。因此，這意味著利率必須立即比曲線中已經預期的降幅再降低 100 個基點。因此，如果您考慮一下，比曲線所暗示的低 100 個基點，更簡單地說，這意味著，例如，在短期內，明年 7 月的聯邦基金利率將降至 2.25%。

So on that basis, a 100 basis point decline would decrease NII over the next 12 months by $2.2 billion. And if rates went up 100 basis points, NII would benefit approximately $1 billion. With regard to a forward view of NII, let me give you a few thoughts. In January and again in April, we provided our expectation that we could exit Q4 of 2025 and with NII on a fully taxable equivalent basin on range of $15.5 billion to $15.7 billion.

因此，在此基礎上，100 個基點的下降將導致未來 12 個月的 NII 減少 22 億美元。如果利率上升 100 個基點，NII 將受益約 10 億美元。關於NII的前瞻性觀點，我想談幾點看法。今年 1 月和 4 月，我們曾預計，我們可以在 2025 年第四季退出，屆時 NII 的完全應稅等值流域將在 155 億美元至 157 億美元之間。

We also noted our expectation for that growth to accelerate in the second half of 2025. Despite all the uncertainties we've experienced around tariffs and rates, we've seen good performance against our expectations. And even with the third quarter late quarter interest rate cut, and with the curve anticipating two more cuts in October and December, we believe fourth quarter NII will be in the higher end of that range of expectations.

我們也預計 2025 年下半年成長將會加速。儘管我們在關稅和利率方面遇到了許多不確定性，但我們的表現仍然超出了我們的預期。即使第三季末降息，並且預計 10 月和 12 月還會再降息兩次，我們相信第四季度的 NII 將處於預期範圍的高端。

So think of that as being $15.6 billion-plus on a fully taxable equivalent basis. And that would represent approximately 8% growth from the fourth quarter of '24. Thinking a bit more generally, we just note for the full year of 2026, our expectations about the drivers of growth are largely aligned with 2025 performance. We expect good core NII performance driven by core loan and deposit growth a little bit above GDP, which will additionally benefit from sizable fixed rate asset repricing.

因此，可以認為以完全應稅等值計算，這筆金額為 156 億美元以上。這意味著較 24 年第四季成長約 8%。更廣泛地思考一下，我們只是注意到，對於 2026 年全年，我們對成長動力的預期與 2025 年的表現基本一致。我們預計，核心貸款和存款成長將略高於 GDP，這將推動核心 NII 表現良好，同時大規模固定利率資產重新定價也將使其受益。

And in 2026, we expect to see roughly $10 billion to $15 billion in combined quarterly mortgage-backed securities and mortgage loans. Those will roll off, and they'll be replaced with new assets at 150 to 200 basis points higher yield. That should result in full year NII growth somewhat similar to 2025 performance over 2024. So think of that as something like 5% to 7% growth.

到 2026 年，我們預計季度抵押貸款支持證券和抵押貸款總額將達到約 100 億至 150 億美元。這些資產將會退出市場，並被收益率高出 150 至 200 個基點的新資產所取代。這應該會導致全年 NII 成長與 2025 年的表現略微相似，而不是 2024 年。所以可以將其視為 5% 到 7% 左右的成長。

Okay. Let's turn to expense, and we'll use slide 10 for the discussion. First, I just want to highlight the strong operating leverage, which we expect again in Q4. We reported $17.3 billion in expense this quarter and that was up modestly compared to the second quarter and up 5% year-over-year.

好的。讓我們轉到費用問題，我們將使用幻燈片 10 進行討論。首先，我只想強調強勁的經營槓桿，我們預期第四季將再次出現這種槓桿。我們報告本季的支出為 173 億美元，與第二季相比略有成長，年增 5%。

As I noted earlier, the year-over-year increase was primarily driven by incentives tied to growth, especially in our market-facing businesses, as well as ongoing investments across the enterprise. Looking ahead to Q4, we expect expenses to remain roughly in line with Q3. As you know, head count is the key driver of expense from compensation and benefits to occupancy costs and technology.

正如我之前提到的，年成長主要得益於與成長相關的激勵措施，尤其是面向市場的業務，以及整個企業的持續投資。展望第四季度，我們預計支出將與第三季大致持平。如您所知，員工人數是從薪資福利到入住成本和技術等費用的主要驅動因素。

And we manage this closely not just in total numbers, but also an organizational structure, ensuring we're striking the right balance of managers and teams. And the good news is we continue to manage headcount well. So looking at the past three years, we've been able to lower our headcount from a peak of 217,000 to 213,000 now. And more recently, since the third quarter of last year, we're down 500, which includes the addition last quarter of nearly 2,000-plus college grads, and it's this disciplined approach that supports both efficiency and growth.

我們不僅在總數上進行密切管理，而且在組織結構上也進行密切管理，以確保我們在管理人員和團隊之間取得適當的平衡。好消息是我們繼續好好管理員工人數。因此，回顧過去三年，我們已經能夠將員工人數從最高峰的 217,000 人減少到現在的 213,000 人。最近，自去年第三季以來，我們的員工減少了 500 人，其中包括上個季度新增的近 2,000 多名大學畢業生，正是這種嚴謹的方法支持了效率和成長。

So let's now move to credit and turn to slide 11. And you can see asset quality remains sound with improvements in several key indicators. Net charge-offs were $1.4 billion, down about 10% from the second quarter, with the improvement split pretty evenly between credit card and commercial real estate. The total net charge-off ratio this quarter was 47 basis points, down 8 basis points from Q2. Q3 provision expense was $1.3 billion and mostly matched net charge-offs.

現在讓我們轉到致謝部分並翻轉到投影片 11。您可以看到資產品質依然良好，幾個關鍵指標都有改善。淨沖銷額為 14 億美元，較第二季下降約 10%，其中信用卡和商業房地產的增幅相當均衡。本季總淨沖銷率為47個基點，較第二季下降8個基點。第三季撥備支出為 13 億美元，與淨沖銷額基本持平。

We had a modest reserve release associated with improved outlooks for both credit card and commercial real estate. Focusing on total net charge-offs again and looking forward, in the near term, we would not expect much change in total net charge-offs given the steady consumer delinquency trends, stability of C&I and reductions in CRE exposures.

由於信用卡和商業房地產前景改善，我們適度釋放了儲備金。再次關注總淨沖銷額並展望未來，鑑於消費者拖欠趨勢穩定、商業與工業穩定以及商業房地產風險敞口減少，我們預計短期內總淨沖銷額不會發生太大變化。

On slide 12, in addition to the improvement in consumer losses, note the reductions in both reservable criticized and non-performing loan metrics commercial portfolios. Non-performing loans are down 19% from Q2 and reservable criticized exposure in commercial real estate is now down nearly 25% from the third quarter of '24 as we dealt with the more problematic exposures across the year.

在第 12 張投影片上，除了消費者損失有所改善之外，還請注意應準備金批評和不良貸款指標商業投資組合的減少。由於我們全年都在處理更棘手的風險敞口，不良貸款較第二季度下降了 19%，而商業房地產中備受詬病的應準備金風險敞口較 2024 年第三季度下降了近 25%。

Let's turn to the performance across our lines of business, beginning with Consumer Banking on slide 13. Consumer Banking delivered strong results, generating $11.2 billion in revenue, up 7% year-over-year and $3.4 billion in net income or 28% growth.

讓我們來看看我們各業務線的表現，從幻燈片 13 上的消費者銀行業務開始。消費者銀行業務業績強勁，營收 112 億美元，年增 7%，淨收入 34 億美元，成長 28%。

Return on allocated capital rose to 31% -- these results reflect the value of our deposit franchise, underscoring both the breadth of our platform and the success of our organic growth strategy and digital banking capabilities. Innovations such as family banking, our high-value cashback credit cards and our industry-leading preferred rewards program are delivering differentiated value to clients and value we believe is unmatched elsewhere.

分配資本回報率上升至 31%——這些結果反映了我們的存款特許經營權的價值，凸顯了我們平台的廣度以及我們的有機成長策略和數位銀行能力的成功。家庭銀行業務、高價值現金回饋信用卡以及我們行業領先的優先獎勵計劃等創新正在為客戶提供差異化的價值，而我們認為這些價值在其他地方是無與倫比的。

This client value proposition, combined with disciplined pricing helped drive a 9% year-over-year increase in net interest income. Another strong highlight this quarter was expense management, which enabled us to deliver more than 600 basis points of operating leverage. Continued innovation and the deployment of advanced technology and tools helped us to hold expense growth to just 1% year-over-year, while revenue grew significantly. As a result, our efficiency ratio improved, falling below 50% for the quarter.

這項客戶價值主張，加上嚴格的定價，幫助推動淨利息收入年增 9%。本季的另一個亮點是費用管理，這使我們能夠實現超過 600 個基點的營運槓桿。持續的創新和先進技術和工具的部署幫助我們將費用成長率控制在僅 1% 左右，而收入卻大幅成長。結果，我們的效率比率提高了，本季降至 50% 以下。

We continue to invest in high tech, which drove higher digital engagement, and we continue to invest in high touch. We continued our march into new markets, filled out more of previously expanded markets and supported our brand in those communities. As an example, we just opened four new financial centers in Idaho over the past six months, expanding our presence and complementing our existing Merrill team in the local market to better serve clients in that region.

我們持續投資高科技，這推動了更高的數位參與度，我們也持續投資高接觸。我們繼續進軍新市場，填補更多先前擴展的市場，並在這些社群中支持我們的品牌。例如，我們在過去六個月中剛剛在愛達荷州開設了四個新的金融中心，擴大了我們的影響力並補充了我們在當地市場的現有美林團隊，以更好地服務該地區的客戶。

Consumer investment balances grew 17% to $580 billion, supported by market appreciation and $19 billion in full year client flows. Third quarter average balance per new account of $110,000 is up 6% from last year. And the investment platform serves as a great catch basin for first-time investors and for more affluent investors looking to manage some element of their own money.

受市場升值和全年 190 億美元客戶流量的推動，消費者投資餘額增加 17%，達到 5,800 億美元。第三季每個新帳戶的平均餘額為 11 萬美元，比去年同期成長 6%。該投資平台為首次投資者和希望管理部分自有資金的富裕投資者提供了絕佳的投資機會。

As mentioned earlier, consumer net charge-offs improved on a linked-quarter basis following a decline in delinquencies. The largest component of consumer losses is credit card, and our loss rate decreased from 3.82% to 3.4% linked quarter. This contributed to an improved risk-adjusted margin on credit card approaching 7.5%. Finally, as shown on appendix slide 20, strong digital adoption and Erica engagement continues and customer experience scores remain elevated, reflecting the impact of our ongoing investments in digital capabilities.

如前所述，隨著拖欠率下降，消費者淨沖銷額較上月有所改善。消費者損失的最大組成部分是信用卡，我們的損失率從上個季度的 3.82% 下降到 3.4%。這有助於提高信用卡的風險調整利潤率，接近 7.5%。最後，如附錄投影片 20 所示，強勁的數位化採用和 Erica 參與度持續提升，客戶體驗評分保持較高水平，反映了我們對數位化能力的持續投資的影響。

Turning to Wealth Management on slide 14. The business delivered a strong quarter, marked by improved profitability. Net income grew 19% year-over-year to nearly $1.3 billion, driven by new household growth, strong AUM flows, loan growth and disciplined expense management that produced meaningful operating leverage and a 26% return on allocated capital.

前往第 14 張投影片上的財富管理。本季度，該業務表現強勁，獲利能力增強。淨收入年增 19%，達到近 13 億美元，這得益於新家庭的成長、強勁的 AUM 流動、貸款的成長以及嚴格的費用管理，從而產生了有意義的經營槓桿和 26% 的分配資本回報率。

We achieved 300 basis points of operating leverage, which contributed to a 27% pretax margin, an improvement of over 200 basis points. Together, Merrill and the Private Bank managed $4.6 trillion in client balances and continue to generate organic growth with $84 billion in AUM flows over the past year. This reflects a healthy mix of new client assets and existing clients putting more capital to work.

我們實現了 300 個基點的營運槓桿，有助於實現 27% 的稅前利潤率，提高了 200 多個基點。美林和私人銀行共管理 4.6 兆美元的客戶餘額，並在過去一年中繼續實現有機成長，資產管理規模 (AUM) 流量達到 840 億美元。這反映了新客戶資產和現有客戶投入更多資本的健康組合。

During this past quarter, Merrill and the Private Bank added 5,400 net new relationships with the average size of new relationships continuing to grow across both businesses. And importantly, we're not just adding relationships, we're deepening the ones we enjoy already. And reflecting the strength of our integrated model and our product offering, the percentage of clients with banking products continue to rise, and it's now at 63%.

在過去的一個季度中，美林和私人銀行新增了 5,400 個淨新客戶關係，兩家公司新增客戶關係的平均規模持續成長。重要的是，我們不只是增加關係，我們還在加深我們已經擁有的關係。擁有銀行產品的客戶比例持續上升，目前已達到 63%，反映了我們綜合模式和產品供應的優勢。

In the third quarter, GWIM reported record revenue of $6.3 billion, up 10% year-over-year, led by a 12% increase in asset management fees. Loan growth remained strong, and we saw a notable pickup in custom lending with both volume and loan size increasing, and that drove a 9% year-over-year increase in average loans.

第三季度，GWIM 營收創歷史新高，達 63 億美元，年增 10%，其中資產管理費成長 12%。貸款成長依然強勁，我們看到客製化貸款顯著回升，貸款量和貸款規模均有所增加，這推動平均貸款年增 9%。

Finally, I'd highlight the continued digital momentum as shown on slide 22. New accounts are increasingly being opened digitally, underscoring the effectiveness of our digital investments and the evolving preferences of our clients.

最後，我想強調幻燈片 22 中所示的持續數位化勢頭。越來越多的新帳戶透過數位化方式開設，凸顯了我們數位化投資的有效性以及客戶不斷變化的偏好。

On slide 15, you see the results for Global Banking, which benefited from improved investment banking activity, significant deposit growth and solid loan performance. In Q3, Global Banking delivered net income of $2.1 billion, up 12% year-over-year, supported by 500 basis points of operating leverage and a 17% return on allocated capital.

在第 15 張投影片上，您可以看到全球銀行業務的業績，該業務受益於投資銀行活動的改善、存款的大幅增長和貸款業績的穩健。第三季度，全球銀行業務淨收入達 21 億美元，年增 12%，這得益於 500 個基點的經營槓桿和 17% 的分配資本回報率。

The standout driver of performance was a 43% year-over-year increase in firm-wide investment banking fees, which fueled 7% overall revenue growth. Firm-wide investment banking fees rose across the solution set. Advisory was up 51% debt underwriting increased 42% and equity underwriting grew 34%. We maintained our number three position year-to-date, and we also gained market share during the quarter.

業績的突出推動力是全公司投資銀行費用年增 43%，推動整體營收成長 7%。整個公司的投資銀行費用在整個解決方案中都有所上漲。諮詢業務成長 51%，債務承銷成長 42%，股票承銷成長 34%。今年迄今為止，我們保持了第三的位置，並且在本季度我們的市場份額也增加了。

Notably, we participated in several of the industry's largest transactions, a clear testament to the value clients place on our financial advice and solutions. Non-interest expense grew compared to last year as we continue to invest in the future. And average deposits grew 15% year-over-year, contributing to a 6% increase in global transaction services revenue. And importantly, disciplined pricing, coupled with lower rates led to a 47-basis point decline in rate paid compared to a year ago.

值得注意的是，我們參與了業界幾項最大的交易，這清楚地證明了客戶對我們的財務建議和解決方案的重視。由於我們繼續投資未來，非利息支出與去年相比有所增長。平均存款年增15%，推動全球交易服務收入成長6%。重要的是，嚴格的定價加上較低的利率導致支付利率與一年前相比下降了 47 個基點。

Switching to Global Markets on slide 16. I'll focus my comments on results, excluding DVA, as we typically do. As Brian mentioned, we extended our streak of strong revenue and earnings performance and once again achieved a solid 13% return on allocated capital.

在第 16 張投影片上切換到全球市場。我將像往常一樣，重點評論結果，不包括 DVA。正如 Brian 所提到的，我們延續了強勁的營收和獲利表現，並再次實現了 13% 的穩健分配資本回報率。

In the third quarter, Global Markets generated net income of $1.6 billion, up modestly year-over-year and consistent with the prior quarter. Revenue, excluding DVA, grew 10% year-over-year, driven by strong sales and trading performance and the benefit of higher investment banking revenue shared with Global Banking.

第三季度，全球市場淨收入為 16 億美元，年比略有成長，與上一季持平。不包括 DVA 的營收年增 10%，這得益於強勁的銷售和交易業績以及與全球銀行業務共享的更高投資銀行收入。

Focusing on sales and trading, revenue ex-DVA rose 8% year-over-year to $5.3 billion. FICC revenue grew 5%, driven by improved performance in credit products. Equities trading led the improvement with 14% revenue growth, supported by increased financing activity in Asia. Expense growth year-over-year reflects both the revenue increase and higher trading-related costs in certain Asian markets, and those costs are passed through to clients and therefore, appear in both the revenue line and the expense line.

專注於銷售和交易，扣除DVA後的營收年增8%，達到53億美元。固定收益、大宗商品和大宗商品受信貸產品業績改善的推動，營收成長了 5%。受亞洲融資活動增加的推動，股票交易收入成長 14%，引領了這一成長。費用年增率反映了某些亞洲市場的收入成長和交易相關成本的增加，這些成本轉嫁給了客戶，因此同時出現在收入線和費用線中。

As noted earlier, we continue to benefit from lending opportunities tied to highly collateralized pools of high-quality assets and clients value our expertise and the liquidity we provide in delivering these solutions. On slide 17, all other shows a loss of $6 million in the third quarter with very little to talk about here.

如前所述，我們繼續受益於與高品質資產高度抵押池相關的貸款機會，客戶重視我們的專業知識以及我們在提供這些解決方案時提供的流動性。在第 17 張投影片上，所有其他內容都顯示第三季虧損 600 萬美元，但這裡幾乎沒有什麼可談的。

Our third quarter effective tax rate was 10.4%. And excluding the tax credits related to investments in renewable energy and affordable housing and a small number -- a small amount of discrete items, the effective tax rate would have been much closer to a normal corporate tax rate at approximately 23%.

我們第三季的有效稅率為10.4%。並且，如果不包括與再生能源和經濟適用房投資相關的稅收抵免以及少量離散項目，實際稅率將更接近正常的企業稅率，約為 23%。

So thank you. And with that, we'll jump into the Q&A.

所以謝謝你。接下來，我們將進入問答環節。

(Operator Instructions)

（操作員指示）

Glenn Schorr, Evercore.

格倫·肖爾 (Glenn Schorr)，Evercore。

Before you start, let me just say, it seems like one of the phone lines may have cut out at some point during the call, but the webcast was working throughout. So just a reminder that the website will have the replay of the call in case you were on one of the lines that might have had a break in it. So Glenn, go ahead.

在您開始之前，我只想說，似乎其中一條電話線在通話過程中的某個時刻中斷了，但網路直播始終正常進行。因此，需要提醒的是，如果您所處的線路可能出現中斷，網站將重播該通話。那麼格倫，繼續吧。

No problem. So Alastair, I heard your comments on the expense message for the fourth quarter. So I appreciate that. I guess I have a bigger picture AI question of -- okay. Big banks still are -- you're ahead of the curve in terms of digitizing the whole franchise.

沒問題。所以阿拉斯泰爾，我聽到了你對第四季度費用資訊的評論。我很感激。我想我有一個更大的人工智慧問題——好的。大銀行仍然如此——在整個特許經營數位化方面，你們處於領先地位。

But with the infusion of AI throughout the organization, and you still have big manual functions throughout the firm. Why aren't you and others talking about AI as a huge efficiency driver of better margins in the years to come. Is it just a little too far off. Am I a little too optimistic? I was just curious on that front. I think your operating leverage is great. I'm not talking about that. I'm just talking about AI's potential in general.

但隨著人工智慧在整個組織的注入，整個公司仍然需要大量的手動功能。為什麼您和其他人不談論人工智慧作為未來幾年提高利潤率的巨大效率驅動力。是不是有點太遠了？我是不是有點太樂觀了？我只是對此感到好奇。我認為你們的經營槓桿很高。我不是說這個。我只是在談論人工智慧的整體潛力。

I take -- Glenn, it's Brian. Good to hear your voice. Look, we believe Applied Technology, which is a range of outcomes from the digitization that we show in those pages in 2022 and '24, over the period of time and the customer adoption of technologies and interface in our company and technology always provides that. So we had 285,000 people 15 years ago. We have 213,000 people.

我認為──格倫，我是布萊恩。很高興聽到你的聲音。看，我們相信應用技術是我們在 2022 年和 24 年的頁面中展示的一系列數位化成果，隨著時間的推移，客戶對我們公司技術和介面的採用以及技術始終能夠提供這一點。15 年前我們有 285,000 人。我們有213,000人。

Three years ago, we had 217,000 people after pandemic and all the manual stuff we had to build up. We've worked that back down. So we believe strongly that all technologies help drive that. And this technology and artificial intelligence allows you to do things that heretofore haven't done. And so I think the question is just it's to put it in place, you have to have your data appropriately rate.

三年前，疫情過後，我們擁有 217,000 名員工，我們必須建立所有手動工作。我們已經解決了這個問題。因此，我們堅信所有技術都有助於推動這一目標。這項技術和人工智慧可以讓你做以前從未做過的事情。所以我認為問題只是將其落實到位，你必須對你的數據進行適當的評估。

You have to make sure the models are going to give the right answer. It has to be in a controlled environment because in a regulated institution like ourselves, we don't get -- excuse saying the model said it, sorry, it has to be right. And so if we turn down a mortgage loan under automated underwriting, we're liable for the outcome irrespective of how we did it. So we're seeing it go everywhere.

你必須確保模型能夠給出正確的答案。它必須處於受控環境中，因為在像我們這樣的受監管機構中，我們無法得到——對不起，說模型說了什麼，對不起，它必須是正確的。因此，如果我們在自動承保下拒絕抵押貸款，無論我們如何拒絕，我們都要對結果負責。所以我們看到它無所不在。

And the volume activity in the company have gone up huge since that period of time where the headcount has come down by a lot. And so we continue to apply it. What I'd look at carefully on those pages is things like on the consumer page, you'll see Erica Interactions building up and Erica users building up, and we've gone from 210 questions that could be answered to 700 but just to put that in context, over the last 24 hours, there were 2 million interfaces where a consumer got an answer from Erica and our company.

自從員工人數大幅減少以來，公司的業務量卻大幅增加。因此我們繼續應用它。我會仔細查看這些頁面上的內容，例如在消費者頁面上，你會看到 Erica Interactions 和 Erica User 的數量都在增加，我們可以回答的問題從 210 個增加到了 700 個，但具體來說，在過去 24 小時內，消費者從 Erica 和我們公司獲得了 200 萬個界面的答案。

And that same technology is applied in institutional basis. I think you can see on page 22, if I'm right, or maybe '24, but you can see that, Erica, in the institutional, a lot smaller number of customers, but rising very fast. So that's just one model. We have models all over the company. So we believe strongly that this will have an impact we will continue to manage it. But the implementation, these are not proofs of concept and things like that. They're past tens of things happening. 2 million customer faces yesterday. So this isn't something to come. We've been at it a while.

同樣的技術也應用於機構基礎。如果我沒記錯的話，我想你可以在第 22 頁或第 24 頁看到，但你可以看到，艾莉卡，在機構中，客戶數量少了很多，但成長速度非常快。這只是一種模型。我們公司各處都有模特兒。因此，我們堅信這將產生影響，我們將繼續管理它。但就實施而言，這些並不是概念證明之類的東西。他們已經經歷了數十件事情。昨天有 200 萬名顧客。所以這不是即將發生的事情。我們已經做了一段時間了。

But I think the idea of providing constant leverage and constant reinvestment with the same expense base is really what we're after and then grow the revenue faster, continue to take market share. So its impact on expenses is felt. We are reinvesting some of that to actually grow faster and you're seeing the results of that.

但我認為，在相同的費用基礎上提供持續的槓桿和持續的再投資才是我們真正追求的，然後更快地增加收入，繼續佔領市場份額。因此，它對費用的影響是顯而易見的。我們正在對其中的一部分進行再投資，以實現更快的成長，而您也看到了其成果。

Okay. So that more revenue and same expenses would still bring us better margins in the future. That's really where I'm going. It sounds like you agree but you don't want me to pin you down on a point in time.

好的。這樣，更多的收入和相同的支出仍將為我們帶來未來更好的利潤。這才是我真正要去的地方。聽起來你同意了，但你不想讓我給你確定一個時間點。

Yes. I think to say this will happen next week or the week after, you have to be a little careful because we have to get it right. That model took us years to perfect. It's not something you can snap your fingers at and make up. And then we have -- it's even being changed, too. So stay tuned. We'll give you more of that broader we'll have the experts talk to you in early November.

是的。我認為，如果說這會在下週或下週發生，你必須小心一點，因為我們必須把事情做好。我們花了數年時間才完善這個模型。這不是你彈指一揮就能解決的事。然後我們——它甚至也發生了改變。敬請關注。我們將為您提供更廣泛的信息，我們將在 11 月初邀請專家與您交談。

But it's here, it's working. I'm proud of the team for taking it to implementation across the board but it allows us to continue to manage this company with (inaudible) Just in the last five years, we have 20% more core checking holders in consumer than we did five years ago, think about that. And consumer checking balances are up by 50%. 50% in that time, if you think about the leverage in that, and that's why the consumer is kicking in as the NOI kicks in, you're seeing them have such good year-over-year results.

但它就在這裡，它正在發揮作用。我為團隊全面實施該計劃感到自豪，但它使我們能夠繼續管理這家公司（聽不清楚）僅在過去五年中，我們消費者的核心支票持有人就比五年前增加了 20％，想想看。消費者支票餘額增加了 50%。在此期間，如果你考慮其中的槓桿作用，那麼 50% 就是為什麼消費者在營業淨收入開始發揮作用時也會開始行動，你會看到他們取得瞭如此好的同比業績。

Okay. I appreciate that. Thank you.

好的。我很感激。謝謝。

John McDonald, Truist Securities.

約翰·麥克唐納，Truist Securities。

Hi, good morning. You guys had good results across all your capital markets businesses, sales and trading, IB wealth. It's always hard to have an outlook here. But just wondering broadly how you're feeling about the environment pipelines and investments made in those businesses against what's usually a seasonally slower fourth quarter and coming off such a strong 3Q.

嗨，早安。你們在所有資本市場業務、銷售和交易以及 IB 財富方面都取得了良好的表現。在這裡總是很難有一個展望。但我只是想知道，相對於通常季節性較慢的第四季度和如此強勁的第三季度，您對環境管道和對這些業務的投資有何看法。

Thanks, John. I'll start with investment banking. We've obviously seen a pickup in activity here in the third quarter. We were happy to see that. As we've seen more certainty now around trade and tariffs and around taxes as well. It's allowed our client base to make longer-term decisions, and that's reflected in our investment banking activity.

謝謝，約翰。我先從投資銀行業務開始。我們顯然看到第三季這裡的活動有所回升。我們很高興看到這一點。正如我們現在所看到的，貿易、關稅和稅收方面也更加確定了。它使我們的客戶群能夠做出更長期的決策，這反映在我們的投資銀行活動中。

In terms of the pipelines, they're up this quarter, up over double digits. So we feel good about the pipeline and the way it's developing. And we'll need to see how the transactions execute in Q4 but it feels like a good environment in terms of, for example, M&A at this point. Around the Global Markets business, we've obviously invested significantly there just as we have in investment banking.

就管道而言，本季管道數量增加，增幅超過兩位數。因此，我們對該管道及其發展方式感到滿意。我們需要觀察第四季的交易執行情況，但就目前的情況來看，例如併購，環境良好。圍繞著全球市場業務，我們顯然已經投入了大量資金，就像我們在投資銀行業務方面所做的那樣。

I should go back to investment banking and the investments we've made there. We've always profiled the investment we've made in middle markets and in international and in earlier-stage faster-growing economy. So that's been a big part of our investment banking growth in the course of the past year or so.

我應該回到投資銀行業以及我們在那裡進行的投資。我們始終關注在中端市場、國際市場和早期快速成長的經濟體中所做的投資。因此，這在過去一年左右的時間裡一直是我們投資銀行業務成長的重要組成部分。

When we get to sales and trading, we've obviously invested a lot there in terms of technology and people and balance sheet. Normally, in Q4, you see a seasonal impact from client activity slowing as you move into the fourth quarter, that would be pretty normal. But the constructive environment for the sales and trading business remains as investor clients continue to reposition based on rates and policies as they develop around the world. So it feels like a continued constructive environment for the Global Market sales and trading business.

當我們談到銷售和交易時，我們顯然在技術、人員和資產負債表方面投入了大量資金。通常，在第四季度，您會看到客戶活動放緩的季節性影響，這是很正常的。但隨著投資者客戶繼續根據全球利率和政策的變化重新調整部位，銷售和交易業務的良好環境仍然存在。因此，對於全球市場銷售和交易業務來說，這似乎是一個持續建設性的環境。

Great. Thanks, Alastair. And just also, you mentioned deposit beta. What are you expecting for deposit beta across your various businesses if we continue to see the Fed moving rates down?

偉大的。謝謝，阿拉斯泰爾。而且，您剛才也提到了存款測試版。如果聯準會繼續降低利率，您對各個業務的存款貝塔值有何預期？

I think you'll see us do the same thing we've been doing. In the wealth business, obviously, we tend to move with money market rates. Those tend to be a full pass-through. So in the wealth business, I'd expect us to fully pass through rate cuts from this point forward. And around Global Banking, while we always do it on a client-by-client basis, particularly around interest-bearing, we'd expect to pass through as the rate cuts develop as well.

我想你會看到我們做著和以前一樣的事。在財富業務中，顯然我們傾向於跟隨貨幣市場利率變動。這些往往是完全傳遞的。因此，在財富業務方面，我預計從現在開始我們將全面實施降息。在全球銀行業務方面，雖然我們總是根據每位客戶的具體情況進行調整，特別是在計息業務方面，但我們預計隨著降息的推進，這些調整也會隨之進行。

So I'd expect you to see us with the same disciplined pricing on the way down. As we offered on the way back up. And the only thing I think you just have to remember is because the September rate cut came so late, you won't see that in our Q3 numbers, but you will see it in our Q4 numbers.

因此，我希望您看到我們在價格下降的過程中採取同樣嚴格的定價策略。正如我們在回來的路上所說的。我認為你唯一需要記住的是，由於 9 月降息來得太晚，你不會在我們的第三季數據中看到這一點，但你會在我們的第四季數據中看到它。

Got it. Okay, thank you.

知道了。好的，謝謝。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

Hey, good morning. Alastair, you noted you took down more expensive wholesale funding on the liability side, which kept the balance sheet relatively flat, which seems more NIM accretive than NII accretive. So the question, I guess, is how many quarters of that do you expect? And what sort of earning asset growth should we expect over the next year or so?

嘿，早安。阿拉斯泰爾，您指出，您在負債方面減少了更昂貴的批發融資，這使得資產負債表保持相對平穩，這似乎對淨利息收入 (NIM) 的增值大於對淨利息收入 (NII) 的增值。所以我想問題是，您預計會有多少個季度？那麼，未來一年左右，我們該期待什麼樣的獲利資產成長呢？

Yeah. So we've talked about that would be a focus for us over time. When people ask us about net interest yield, we tried to explain, it's going to improve over time based on two things. First is net interest income is going to continue to increase. And the second is the balance sheet, we don't think will grow quite as fast as the loans and deposits grow.

是的。因此，我們已經討論過這將成為我們長期關注的重點。當人們問我們淨利息收益率時，我們試圖解釋，基於兩件事，它會隨著時間的推移而改善。首先是淨利息收入將持續增加。第二是資產負債表，我們認為其成長速度不會像貸款和存款的成長速度那麼快。

And that's because there's still some more wholesale funding that we can pay down. As you point out, it doesn't cost us anything in terms of NII, but it is net interest yield accretive. So we've got a little bit more of that to do. It wouldn't be the major part of our NIY, net interest yield accretion. But I think you can almost think about it being kind of like 1% slower maybe over the course of the next year or so.

這是因為我們還可以償還一些批發資金。正如您所指出的，它不會為我們帶來任何 NII 成本，但它會增加淨利息收益。所以我們還有很多事情要做。它不會成為我們 NIY 淨利息收益成長的主要部分。但我認為你幾乎可以想像，在未來一年左右的時間裡，它的速度可能會慢 1%。

Okay. No, that's helpful. And then just maybe pivoting to capital. You guys -- as you noted, you're well above your 10% minimum. It seems like we have surcharges likely coming down and other reforms. Why not -- how do you think about the buffer where it is today? And what prevents you from taking that down a little bit? And if you have a longer-term target that would be great.

好的。不，這很有幫助。然後也許就轉向資本。你們——正如你們所說，你們已經遠遠超過了 10% 的最低標準。看起來我們的附加費可能會下降，並且還會進行其他改革。為什麼不呢——您如何看待今天的緩衝區？那麼什麼阻止你將其降低一點呢？如果您有一個長期目標那就太好了。

Our target will be, as we said before, Jim, sort of 50 basis points over the regulatory minimums. And so you should expect us to keep working that down. Interesting enough of the ratios are flat this quarter because of the extra earnings and stuff. So we took $7.3 billion of capital and put it back in there.

正如我們之前所說，吉姆，我們的目標是比監管最低標準高出 50 個基點。所以你應該期待我們繼續努力。有趣的是，由於額外收益等因素，本季的比率持平。因此，我們拿出 73 億美元的資本並將其重新投入那裡。

You'd expect us to continue at a good rate and then through a good organic growth, which is what we use the capital for, we used up some of it, and we'll continue to work it down if that organic growth isn't sufficient to use up the capital over the near term. We got to get these rules finalized. We make sure all the different -- 10% is a 10.2% on the averaging.

你會期望我們繼續保持良好的速度，然後透過良好的有機成長，這就是我們使用資本的目的，我們已經用掉了一部分資本，如果有機成長不足以在短期內用完資本，我們將繼續減少資本。我們必須最終確定這些規則。我們確保所有不同之處——10% 平均為 10.2%。

This is all flapping out there, you'd expect in the first half of next year. The intent is there, the outlines and rules there. The adoption of the actual rules is what we want to make sure it gets through and then we'll adjust. But our hope would be to grow our way through it because then you'd see a lot more earnings. But if not, we'll just keep peeling down the capital.

這一切都在發生，預計明年上半年就會發生。意圖就在那裡，大綱和規則就在那裡。我們希望確保實際規則的採用能夠順利通過，然後我們會進行調整。但我們希望能夠透過這種方式成長，因為這樣你就會看到更多的收益。但如果不是，我們將繼續削減資本。

Okay. Fair enough, thanks.

好的。很公平，謝謝。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi, good morning. You reported clearly a standout quarter with a ROTCE of 15.4%. I know I'm probably jumping ahead of what you plan to say on November 5, Brian. But one of your closest peers, Wells Fargo did put out a medium-term target of 17% to 18%. JPMorgan has had a 17% ROTCE target through the cycle for a long time. Given that you've hit this target now, should we presume that this is something that you could sustain over the near term and perhaps continue to work upwards sort of closer to those pure targets?

嗨，早安。您報告了一個非常出色的季度，ROTCE 為 15.4%。布萊恩，我知道我可能搶先說出了你 11 月 5 日計劃要說的話。但最接近的同業之一富國銀行確實提出了 17% 至 18% 的中期目標。摩根大通長期以來一直將 ROTCE 目標設定為 17%。鑑於您現在已經達到了這個目標，我們是否可以假設這是您可以在短期內維持的目標，並且可能繼續努力以更接近這些純粹的目標？

So Erika, I mean, I think you should expect us to continue to walk our return on tangible common equity north from here. We plan to take you through that at Investor Day. But I think if you take the kind of NII growth that we anticipate, you compound that over several years. When you think about the organic growth of the platform delivers, and then you think about the boost we get from fixed rate asset repricing. And you combine that with the fee growth, it gets pretty interesting over time. So we'll walk you through that when we get together in November.

所以 Erika，我的意思是，我認為你應該期待我們從現在開始繼續提高有形普通股權益回報率。我們計劃在投資者日向您介紹這一點。但我認為，如果按照我們預期的 NII 成長速度，那麼幾年內 NII 的成長速度就會增加。當您考慮平台帶來的有機成長時，您會想到我們從固定利率資產重新定價中獲得的推動力。再加上費用的成長，隨著時間的推移，情況會變得非常有趣。因此，當我們在十一月聚會時，我們會向您詳細介紹這一點。

Great. And on the efficiency ratio, one of your peers talked about a natural inflation rate just in labor of 3% to 4%. And clearly, you're delivering operating leverage this quarter and what you're implying for the fourth quarter as well. I guess this is a two-part question.

偉大的。關於效率比率，您的一位同事談到勞動力的自然通貨膨脹率達到 3% 至 4%。顯然，本季你們實現了經營槓桿，第四季也是如此。我想這是一個由兩個部分組成的問題。

As we think about how you're framing that ROTCE walk and 2026, do you sort of plan to move away from the 1% to 2% expense growth and talk about efficiency instead? Or is there sort of enough still identifiable inefficient expenses in the franchise that you could recycle and perhaps continue on sort of this lower sort of expense rate target?

當我們思考您如何規劃 ROTCE 步行和 2026 年時，您是否計劃擺脫 1% 到 2% 的費用增長，轉而談論效率？或者特許經營中是否還有足夠多可識別的低效費用，您可以回收這些費用，或許可以繼續維持這種較低的費用率目標？

I think Erika, there's a lot of pieces of that, but the expenses in our company are driven by the numbers of teammates and then what we pay them. And so our job is to keep using the technology as we just -- as I discussed earlier, that continues to allow us to do more with the same amount of people or less people, and then to pay those people more in relation to the productivity of the company.

我認為 Erika，有很多這樣的因素，但我們公司的開支取決於隊友的數量以及我們支付給他們的薪水。因此，我們的工作就是繼續使用科技——正如我之前所討論的，這使我們能夠用相同數量或更少的人做更多的事情，然後根據公司的生產力向這些人支付更多的報酬。

And so yes, there's an embedded cost of teammates that grow, and we want to grow because FA compensation grows, they have PCA, private bankers client compensation grows, investment bankers because that grows more directly in line with revenue.

所以是的，隊友的嵌入式成本正在增長，我們希望增長，因為 FA 薪酬正在增長，他們有 PCA，私人銀行家客戶薪酬在增長，投資銀行家的增長更直接地與收入同步。

But think about it in a broad context. If we keep the head count basically running flattish. The volumes across it, the NII across it higher, and the growth that's coming is through some of the markets related businesses and then managing headcount appropriately around in the back office and other types of things.

但請從更廣闊的背景來思考這個問題。如果我們保持員工人數基本持平。它的交易量、NII 都更高，而即將到來的成長是透過一些與市場相關的業務，然後在後台辦公室和其他類型的事務中適當地管理員工人數來實現的。

That's good. What AI does give us a chance to manage some of the expense base a little differently going forward than we had in the past, which will be helpful. And so we feel good about that. Whether it's -- the idea is to grow revenue as faster, faster than expenses and create operating leverage is a simple way to think about it. But it's complex.

那挺好的。人工智慧確實讓我們有機會以與過去略有不同的方式管理部分費用基礎，這將會很有幫助。因此我們對此感到很高興。無論是——這個想法是讓收入成長得比支出更快，並創造經營槓桿是一種簡單的思考方式。但它很複雜。

And then the actual efficiency ratio, remember, this gets down to comparisons between companies or business mix. So our wealth management efficiency ratio inherently 74% or 26% pretax margin, consumers at 50%. Banking is down below 50%. It really -- you got to sit how much of your revenue is coming through the various pieces will determine the aggregate efficiency ratio. Our job is just to continue to improve it.

然後是實際效率比率，請記住，這歸結為公司或業務組合之間的比較。因此，我們的財富管理效率比率本質上是 74% 或 26% 的稅前利潤率，消費者為 50%。銀行業務下降了 50% 以下。確實——你必須弄清楚你的收入有多少來自各個部分，這將決定整體效率比率。我們的工作只是繼續改進它。

Improved from the 62%?

從 62% 有改善嗎？

Yes.

是的。

Got it. Thank you so much.

知道了。太感謝了。

Mike Mayo with Wells Fargo Securities.

富國證券公司的 Mike Mayo。

Hey, Brian. You left me hanging with that last answer when you talked about the efficiency ratio, you expect to improve -- it was 65% last year, last quarter and 62% and improve the efficiency ratio to what -- do we have to wait until November 5? Or is that something that is kind of a guide to or -- and also in terms of -- I'm just looking for some more meat on the bone, so to speak. I mean, I guess, year-over-year headcount is down 500 and revenues are up $3 billion. So I think that's kind of what you're talking about, but where does that eventually take you to, given your business mix?

嘿，布萊恩。當您談到效率比率時，您留給我的最後一個答案是，您預計效率比率會提高——去年是 65%，上個季度是 62%，將效率比率提高到多少——我們必須等到 11 月 5 日嗎？或者這是一種指導，或者 — — 換句話說 — — 我只是在尋找一些更有實質內容的東西，可以這麼說。我的意思是，我猜，與去年同期相比，員工人數減少了 500 人，而收入卻增加了 30 億美元。所以我認為這就是您所談論的內容，但考慮到您的業務組合，這最終會將您帶到何處？

Look, the question is where is the revenue coming from for the next four quarters. NII is obviously much more efficient in the sense of cost because same loan balances the same people producing additional credit relationships, the embedded cost of production and consumer for the 1 million cards, we do new cards we do a quarter, the number one small business lender in the country and producing good growth there.

問題是未來四個季度的收入來自哪裡。從成本角度來看，NII 顯然更加高效，因為同樣的貸款平衡了同樣的人，產生了額外的信用關係，100 萬張卡的生產和消費者嵌入成本，我們每季度發行新卡一次，成為該國第一大小企業貸款機構，並在那裡產生良好的增長。

That all falls to bottom line. The expense base is built to have that kind of activity growth. So we feel good about it. We'll give you more guidance. But at the end of day, it will be a result of where the revenue is coming from especially in the markets business and how much that impacts it. But you should be very confident, Mike, we manage expense as well in this company and the headcount well. And so we'll continue to do that.

這一切都歸結於底線。費用基礎的建立是為了實現這種活動的成長。所以我們對此感覺很好。我們將為您提供更多指導。但最終，這將取決於收入來源，尤其是市場業務的收入來源以及其影響程度。但是你應該要非常有信心，麥克，我們公司的費用管理和員工人數管理得很好。因此我們會繼續這樣做。

Could you just give us a little bit more on AI? I mean you're ranked top 10 globally as far as a bank and using AI and with your patents and everything else. And it's getting back to that first question on this call, how much savings do you have from AI? How do you measure those savings? What are some of the best initiatives you think you have? Or just help us frame how that could transform the company a little bit more, if you could?

您能否向我們詳細介紹一下人工智慧？我的意思是，就銀行、人工智慧的使用、專利和其他所有方面而言，你們在全球排名前十。回到本次電話會議的第一個問題，人工智慧可以為您節省多少錢？您如何衡量這些節省？您認為自己有哪些最佳措施？或者，如果可以的話，請幫我們規劃如何進一步改變公司？

Yeah. Well, as I said, with a little bit more time to dedicate to that discussion. We'll have a panel the expert show you the work we're doing. But I'd make three or four points about AI. Our view of AI is its enhanced intelligence that the teammates are going to be critical to delivering the services.

是的。好吧，正如我所說的，我會花更多的時間來討論這個問題。我們將安排專家小組向您展示我們正在做的工作。但我想就人工智慧提出三、四點看法。我們對人工智慧的看法是，它的增強智能對於隊友提供服務至關重要。

And therefore, it's an enhanced intelligence, not an artificial intelligence. The second is it's not something to think about. It's something happened. As I said yesterday, 2 million customer interactions were handled through the Erica platform just on the consumer side alone. And then the third thing is we think the paybacks are coming in there. But what's interesting is that the places we can apply are different than some of the other technologies we had in the past.

因此，它是一種增強智能，而不是人工智慧。第二，這不是什麼值得思考的事。有事出現了。正如我昨天所說，光是在消費者方面，透過 Erica 平台處理的客戶的互動就有 200 萬次。第三件事是，我們認為回報即將到來。但有趣的是，我們可以應用的地方與我們過去擁有的一些其他技術不同。

So -- and we'll take you through that. So we feel good about it ought to help with the overall efficiency of the company -- human cost being 60%, 70% of our costs. But it comes with higher technology costs, higher work. So just in the coding area, we've saved about 10% of the aggregate amount of coders we have working but we're dedicating that to drive more efficiencies.

那麼——我們將帶您了解這一點。因此，我們覺得這應該有助於提高公司的整體效率——人力成本占我們成本的 60% 到 70%。但它伴隨著更高的技術成本和更高的工作量。因此，僅在編碼領域，我們就節省了大約 10% 的編碼員總數，但我們致力於提高效率。

So we'll take you through all that. It's exciting. It's not a theoretical question that Bank of America, it's an applied question of Bank of America but you do have to be careful about extrapolating things that have to be done right in order to work. And the $3 billion we spent on data in sort of 2014 to '19 to get the data perfect in this company or it's perfectly could, perfect is beyond reach. But that kind of number has to be spent by competitors, and we spend admittedly for potentially a little bit different reason, but it takes that much work.

因此我們將帶您了解這一切。這很令人興奮。對美國銀行來說，這不是理論問題，而是應用問題，但你必須小心推論為了發揮作用必須正確做的事情。我們在 2014 年至 2019 年期間在數據上花費了 30 億美元，以使公司的數據變得完美，或者說完美是遙不可及的。但競爭對手也必須花費這麼多錢，我們承認，我們花費這些錢的原因可能略有不同，但這需要大量的工作。

All right. I'll take that as a teaser for November 5. Thank you.

好的。我會將其作為 11 月 5 日的預告。謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Great, good morning. On credit, overall, really strong results. I mean under the hood, if we go at a level deep, is there anything that's given you a little bit of pause today versus maybe three to six months ago? And anywhere that you're not leaning into with the balance sheet with the growth picking up anywhere you're avoiding? Thank you.

太好了，早安。整體而言，業績確實強勁。我的意思是，如果我們深入一點，與三到六個月前相比，今天有什麼事情讓您稍微停下來思考一下嗎？您在資產負債表中沒有傾向的任何地方，以及在成長回升的任何地方，您都在避免什麼？謝謝。

Well, the broad outline is not yet and no, meaning -- and not yet. We haven't decided to change anything. And no, we're not really observing anything other than continued strong performance in the credit portfolios. So the report -- the results we reported today, you can see consumer charge-offs came down again. And commercial charge-offs came down again.

嗯，概括地說，還沒有，沒有，意思是──還沒有。我們還沒有決定改變任何事情。不，除了信貸組合持續強勁的表現之外，我們實際上沒有觀察到任何其他情況。因此，根據我們今天報告的結果，您可以看到消費者沖銷額再次下降。商業沖銷額再次下降。

Now those commercial charge-offs at a really, really low level. So credit remains in a good place. And we built this responsible growth strategy to do two things: first, to have a risk appetite that we're proud of through the cycle; and second, to deliver loan growth that exceeds the industry. So we feel like we're succeeding on both of those right now.

現在這些商業沖銷處於非常非常低的水平。因此，信用狀況依然良好。我們制定這項負責任的成長策略是為了做兩件事：首先，在整個週期中保持令我們自豪的風險偏好；其次，實現超過產業的貸款成長。因此，我們感覺我們現在在這兩方面都取得了成功。

Now when you see headlines do you immediately do a look across on everything, yes. If something changes overnight, do we spend time as a team considering, is there anything we should be changing. Yes. But right now, the broad message we need to send to people right now is the credit portfolios are performing very well at this point.

現在，當您看到標題時，您是否會立即瀏覽所有內容，是的。如果一夜之間發生了變化，我們作為一個團隊是否會花時間考慮，是否有什麼是我們應該改變的。是的。但目前，我們需要向人們傳達的廣泛訊息是，信貸組合目前表現非常好。

So -- hey, Chris, welcome to coverage of our company. Core like this is salubrious and that it shows you can both grow and do it the right way and have great credit results. So -- and if you look beyond that, remember, our industry, the regulated part of our industry the 30 banks or so go through a CCAR test.

所以——嘿，克里斯，歡迎來到我們公司的報道。這樣的核心是有益健康的，它表明你既可以成長，又可以以正確的方式去做，並獲得良好的信用結果。所以 — — 如果你看得更遠一些，請記住，我們的行業，我們行業受監管的部分，大約 30 家銀行都要經過 CCAR 測試。

You get to see the results on. They go through tremendous share credit depth of examinations you see. And so I think if you look at the statistics by our industry and our peers, they are in strong shape and the comparisons to 2019 are interesting because that was like a 50-year low in our or -- 50 years good -- the best year in 50 years in our company's credit history. So we're comparing it to one of the best years. So we feel very good about it. We can both grow and do it with the right risk and Alastair talked about that. So we're comfortable we're pushing forward.

您可以看到結果。您會看到，他們經歷了極其嚴格的信用審查。因此，我認為，如果你看一下我們行業和同行的統計數據，你會發現它們的狀況良好，與 2019 年的比較很有趣，因為那是我們公司 50 年來的最低點，或者說 50 年的好年景，是我們公司 50 年來信用歷史上最好的一年。因此，我們將其與最好的年份之一進行比較。所以我們對此感覺非常好。我們既可以成長，又可以承擔適當的風險，阿拉斯泰爾就談到了這一點。因此，我們很放心地繼續前進。

All right. Great Brian, Alastair, thanks so much.

好的。偉大的布萊恩，阿拉斯泰爾，非常感謝。

Ken Usdin, Autonomous Research.

肯‧烏斯丁，自主研究。

Hi, good morning, thanks. Just a follow-on on the loan growth side. A lot of the loan growth you've been putting on in the commercial side, it looks like it's been in the market segment. And just wondering just how much full capacity you have to continue to build that part of the book, how much demand you're still seeing for it? And how do you think about like the spreads and returns on that part of the business versus kind of the banking book growth?

嗨，早上好，謝謝。這只是貸款成長方面的後續。你們在商業領域投入的大量貸款成長看起來都集中在市場領域。我只是想知道您有多少能力繼續創作這本書的這一部分，您仍然看到對它有多少需求？您如何看待該部分業務的利差和回報與銀行帳戶成長之間的關係？

Yeah. So in terms of capacity, we've got a lot. And I say that because, obviously, a $2 trillion of deposits and $1.150 billion of loans. We've got substantial excess that we can provide for clients in the economy over time. So we've got a lot of capacity. In terms of demand, I'd say it's been reasonably robust over the course of the past couple of years.

是的。因此，就容量而言，我們已經擁有了很多。我這樣說是因為，顯然，有 2 兆美元的存款和 11.5 億美元的貸款。隨著時間的推移，我們可以為經濟中的客戶提供大量的剩餘資源。因此，我們擁有很大的產能。就需求而言，我認為過去幾年的需求一直相當強勁。

And we happen to be in a good place to capitalize on that because when you talk about the world's leading asset managers, we have great relationships with them in our Global Markets business and in investment banking. And then we're in a position where we're not loaned up. So we have the ability to provide the lending capital.

我們恰好處於一個可以利用這一點的有利位置，因為當你談論世界領先的資產管理公司時，我們在全球市場業務和投資銀行業務中與他們保持著良好的關係。然後我們就處於沒有被借出的狀態。所以我們有能力提供貸款資本。

And then you got to structure it the right way. And we obviously have that capability. So those sorts of things put us in a good position to see that demand. Spreads have been attractive. A big part of the Global Markets story of improving returns over time has been growing their loan book with attractive returns, and you've seen them consistently improve return on capital.

然後你必須以正確的方式建構它。我們顯然有這個能力。因此，這些事情使我們處於有利地位來看到這種需求。利差一直頗具吸引力。全球市場在不斷提高回報率的過程中，很大一部分原因是透過吸引人的回報率來增加貸款帳簿，而且你已經看到他們不斷提高資本回報率。

So we've been happy there. And then the only other thing I would just remind you is because these are often so well collateralized and structured, they're typically investment grade. They typically have better risk ratings than some of the lending that we do in other places. And our RS credit and our net charge-offs in this area have been close to 0. So we've had terrific empirical performance from this portfolio over a long period of time.

所以我們在那裡過得很開心。然後我唯一要提醒你的是，由於這些債券通常具有良好的抵押和結構，因此它們通常屬於投資等級。它們的風險評級通常比我們在其他地方提供的一些貸款要好。我們在該領域的 RS 信用和淨沖銷額已接近 0。因此，長期以來，我們的投資組合都取得了出色的實證表現。

Got it. Okay. And on the retail side, on the consumer side, it looks like consumer deposits on average were down a little bit sequentially. Just wanted to see what you're thinking about. I know that's been something you've been looking for to get that mix going more towards retail deposit growth, and it's been a little bit more wholesale in the last couple of quarters.

知道了。好的。從零售和消費者的角度來看，消費者存款平均數似乎較上季略有下降。只是想看看你在想什麼。我知道您一直在尋找一種方式來讓這種組合更多地促進零售存款成長，並且在過去幾個季度中批發存款的增長有所增加。

What are you seeing just in terms of when you expect that to inflect? And is it just people are putting money elsewhere, whether it's back in the markets or other places? Just your thoughts on retail deposit growth from here. Thanks.

您預計這種變化何時會發生？人們是否只是把錢投到其他地方，無論是回到市場還是其他地方？這只是您對零售存款成長的看法。謝謝。

Yeah. Well, look, we're encouraged. If you look back to last year's third quarter, we're up, and we were up second quarter to second quarter. So a little bit of this is second to third quarter seasonality. We feel like we have inflected on consumer. So we're up 1% year-over-year. I think you're detecting from me, would we love to see more growth in consumer? Would we like to be back to the 4%-plus that we typically enjoy? Yes, we would.

是的。嗯，看，我們受到了鼓舞。如果回顧去年第三季度，我們的業績是上升的，而且第二季到第二季我們的業績也是上升的。這有點與第二季到第三季的季節性有關。我們感覺我們已經對消費者產生了影響。因此我們比去年同期成長了 1%。我想您從我這裡察覺到了，我們是否希望看到消費者有更多成長？我們是否願意回到通常享有的 4% 以上的水平？是的，我們會的。

But remember, we're coming off of a period where consumer deposits really had to normalize after pandemic. And it was important for us to get to the third quarter of '24 where it looks like we kind of bottomed out. Now we're a year further in. And we're growing the core. So you can see our non-interest-bearing was up 1%.

但請記住，我們剛剛經歷了疫情之後消費者存款必須真正正常化的時期。對我們來說，進入 2024 年第三季非常重要，因為看起來我們已經觸底了。現在我們又過了一年。我們正在發展核心。所以你可以看到我們的無息收入上漲了 1%。

So look, we're not -- at this point, we're not chasing CDs broadly speaking. So that's not where the growth is coming from. We're trying to make sure these are high-quality operating deposits with the clients that really stick with us for the next 20 or 30 or 40 years. So that remains the strategy.

所以你看，我們不是——目前，我們並不是廣泛地追逐 CD。所以這不是成長的來源。我們正努力確保這些是高品質的營運存款，客戶將在未來 20 年、30 年或 40 年內真正與我們合作。所以這仍然是策略。

Yeah. Alastair, I'd just add, if you look at page 19, lower left, you'll see that the growth, as Alastair said, the 1%, $9 billion from third quarter last year to this year was all in the low interest and non-interest category, which is the more beneficial part of it. So go back to that 220,000 units of new checking primacy, new checking accounts that are all primary that we focus on the primary account and household.

是的。阿拉斯泰爾，我想補充一點，如果你看一下第 19 頁的左下角，你會發現，正如阿拉斯泰爾所說，從去年第三季度到今年的增長 1%，即 90 億美元，全部屬於低息和非利息類別，這是其中更有利的部分。因此，回到那 22 萬個新的支票帳戶，這些新支票帳戶都是主要的，我們關注的是主要帳戶和家庭。

Think of that compounding over the last three years, 0.75 million new checking accounts per year that are 90%-plus primary and household or the core transactional account. That's where we see that compounding in. Against that was sort of a buildup of some of the rate-seeking activity and a rundown of that.

想想過去三年的複合成長率，每年新增 75 萬個支票帳戶，其中 90% 以上是主要和家庭或核心交易帳戶。這就是我們看到的複合現象。與此相對的是一些利率尋求活動的增加和減少。

And then secondly, against that, frankly, was the higher-end consumers moving their money out in the lower-end stuff as rates rose that we're behind. But if you look in the core bracket of consumer, they're actually growing the deposits in that business, and those customers continue to grow.

其次，坦白說，與此相反的是，隨著利率上升，高端消費者將資金轉移到低端產品上，而我們卻落後了。但如果你看一下核心消費者群體，你會發現他們實際上正在增​​加該業務的存款，而且這些客戶的數量也持續成長。

Okay. Got it, thanks, guys.

好的。明白了，謝謝大家。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Hi, good morning. Can you talk about how sensitive you are to lower medium and long-term rates? We've obviously seen a decent drop here just kind of in the context of the benefits from fixed rate asset repricing and the [2.2%] NIM that you've talked about looking out a couple of years.

嗨，早安。您能談談您對中長期利率降低的敏感度嗎？顯然，我們已經看到了相當大的下降，這在某種程度上是在固定利率資產重新定價和您談論的幾年內 [2.2%] NIM 帶來的好處的背景下發生的。

Matt, I don't have a great deal to add to what I covered earlier. So when we talk about that asset sensitivity of an instantaneous drop in 100 basis points at both the long end and the short end, it has an impact of $2.2 billion of net interest income. So that obviously requires, number one, it happens tomorrow.

馬特，對於我之前所講的內容，我沒有太多要補充的。因此，當我們談論長期和短期資產瞬間下降 100 個基點的資產敏感性時，它將對 22 億美元的淨利息收入產生影響。因此，這顯然要求，首先，它必須在明天發生。

Number two, it exists all year. And number three, it happens at the short end and the long end, all at the same time. So I don't know how you would assign a probability to that, but it's obviously on the lower end. But we provide it so you get a general sense for asset sensitivity.

第二，它全年都存在。第三，這種情況同時發生在短端和長端。所以我不知道你會如何分配這個機率，但它顯然處於較低的水平。但我們提供它是為了讓您對資產敏感性有一個大致的了解。

On the short end, you'd end up seeing probably 80% or so because so much, obviously, of the company's balance sheet just reprices daily. And then the longer end is probably 20% of the sensitivity. And that tends to be the fixed rate asset repricing.

從短期來看，你最終可能會看到 80% 左右的跌幅，因為顯然公司資產負債表的大部分內容每天都會重新定價。較長的一端大概是靈敏度的 20%。這往往是固定利率資產重新定價。

And then the question becomes, if you've got fixed rate asset repricing over many, many years, obviously, it can impact positively or negatively depending on where rates go and bounce around over that period of time. So we'll have plenty of time to guide you, I think, each quarter as we go through and we can share with you what's actually happened with rates and then what that means looking forward.

那麼問題就變成了，如果你對固定利率資產進行多年的重新定價，那麼顯然，它會產生積極或消極的影響，這取決於利率在那段時間的走勢和波動。因此，我認為，每個季度我們都會有足夠的時間來指導您，我們可以與您分享利率的實際情況以及這對未來意味著什麼。

Okay. And then just on this kind of more medium-term NIM outlook that you've talked about [2.2%] sometimes it's [2%] sometimes maybe a little bit higher depending on the mix of earning assets and growth. But just any updates on that as you think about the medium-term NIM outlook? Thank you.

好的。然後，就您談到的這種中期 NIM 前景而言，[2.2%] 有時是 [2%]，有時可能會更高一點，這取決於生息資產和成長的組合。但是，當您考慮中期 NIM 前景時，對此有什麼更新嗎？謝謝。

No update other than we're one further quarter into that March. We added 7 basis points this quarter. We're up over 2%. And the team and I know what we need to do. We just have to keep going.

除了已經進入三月一個季度之外，沒有其他更新。本季我們增加了 7 個基點。我們上漲了2%以上。我和團隊都知道我們需要做什麼。我們必須繼續前進。

Okay. Thank you.

好的。謝謝。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, good morning. So Alastair and Brian, I wanted to make sure I got the guidance right here. First off, on the NII, as you're thinking about 2026, highlighting that the inputs are similar to this year. And you indicated 5% to 7% up NII '26 over '25. Is that right?

嗨，早安。所以 Alastair 和 Brian，我想確保我在這裡得到了正確的指導。首先，關於 NII，由於您正在考慮 2026 年，因此強調輸入與今年相似。您指出，26 年 NII 比 25 年增長了 5% 至 7%。是嗎？

Yes. And the background there, Betsy, just so you know is we're obviously going to get pretty good core growth from just the organic behavior of the clients and adding some over time. So think about that like 4% to 5% and then you get a little bit of boost from fixed rate asset repricing. You got a little bit of rate cuts in the future. But when you add all that together, we feel like it's probably something like 5% to 7%.

是的。貝琪，你知道，我們顯然會從客戶的有機行為和隨著時間的推移而增加的一些行為中獲得相當好的核心成長。因此，想像一下 4% 到 5% 左右，然後你會從固定利率資產重新定價中獲得一點提振。未來利率會稍微降低。但當你把所有這些加在一起時，我們覺得大概是 5% 到 7% 左右。

Okay. Great. That was what I was wondering if it's just NIM or is that NIM plus volume and it's all in holistic.

好的。偉大的。我想知道的是，它是否只是 NIM，或者是 NIM 加上體積，而這一切都是整體的。

Yeah. And again, here we are, it's whatever it is, October 15. So as we go through time, we'll be able to update you more. And I think we'll give you a sense also at Investor Day of how that plays out over the course of multiple years because obviously, we're going to get this asset repricing over multiple years, and we're going to benefit from that.

是的。再說一次，不管是什麼日子，10 月 15 日。因此，隨著時間的推移，我們將能夠為您提供更多資訊。我認為，我們也會在投資者日讓您了解這種情況在未來幾年內會如何發展，因為顯然，我們將在多年內對資產進行重新定價，並且我們將從中受益。

Yes, of course. And then more near term, there was a comment you made about expenses being flat in next quarter versus this quarter.

是的當然。然後從近期來看，您曾評論下個季度的支出將與本季持平。

Yeah. I think I said we thought they'd be flattish because we anticipate the headcount is going to be flattish. And that's just a question of what happens with the revenue side.

是的。我想我說過我們認為它們會持平，因為我們預計員工人數將會持平。這只是一個收入方面會發生什麼的問題。

The headcount would be flattish. Okay. But I wanted to get a sense as to are you thinking about -- how are you thinking about NII and fees on the back of that? Because the question that's coming up is, hey, you're guiding down for next quarter on expenses coming in flattish, not coming down. But I'm wondering what's your expectation for capital markets and other compensatory revenues? Because I think we would like to hear the whole picture, not just one piece of the income statement outlook.

員工總數將基本保持不變。好的。但我想了解一下您在考慮什麼——您是如何考慮 NII 和相關費用的？因為接下來的問題是，嘿，您預測下個季度的支出將持平，而不是下降。但我想知道您對資本市場和其他補償收入的期望是什麼？因為我認為我們希望了解整體情況，而不僅僅是損益表前景的一部分。

Yeah. So let me try to reframe on the expense side, what I'm trying to communicate is the overall expense base for the company, we expect to be kind of flattish for the fourth quarter because the headcount is flattish, we can just see that. It's just -- that's where it is, and that's the biggest part of the expense base of the company.

是的。因此，讓我嘗試重新建構費用方面，我想要傳達的是公司的整體費用基礎，我們預計第四季度將持平，因為員工人數持平，我們可以看到這一點。只是——情況就是這樣，而且這是公司支出基礎中最大的一部分。

Now obviously, we have to watch and see what happens with revenue in the fourth quarter. We don't know that yet. But we have no reason to believe anything other than sort of flattish kind of expense at this point for the fourth quarter. And then in terms of the net interest income, I think we tried to make sure we were clear.

現在顯然，我們必須觀察第四季的收入狀況。我們還不知道。但目前我們沒有理由相信第四季的支出將保持穩定。然後就淨利息收入而言，我想我們試圖確保我們是清楚的。

We had earlier in the year thought $15.5 billion to $15.7 billion. We were making that projection a long time ago. That was a year ago. And now that we're three quarters through and now that the third quarter was probably a little ahead of where we hoped, we kind of feel like it's $15.6 billion or higher. It's going to be the higher end of the range is what we're trying to communicate.

今年早些時候，我們預計該數字將達到 155 億美元至 157 億美元。我們很久以前就做出這個預測了。那是一年前的事了。現在我們已經度過了三個季度，第三季度的業績可能比我們預期的要好一些，我們感覺它會達到 156 億美元甚至更高。我們試圖傳達的是，這將是該範圍的高端。

Okay. And the capital markets backlog, how is that shaping up? And what does that look like for next quarter?

好的。資本市場積壓情形如何？下個季度的情況如何？

Well, in terms of the investment banking outlook, I talked about that earlier. The pipeline looks good. It's just a question of what we can execute in Q4, but it feels to us like this is a more constructive environment for investment banking than it was earlier in the year.

嗯，關於投資銀行前景，我之前已經談過了。管道看起來不錯。這只是我們在第四季能執行什麼的問題，但我們感覺這對投資銀行來說是一個比今年早些時候更具建設性的環境。

And then in terms of the sales and trading business, obviously, we have to think about the normal Q4 seasonality when you think about it relative to Q3. But it is a -- I'd say it remains a very constructive environment for the Sales and Trading business in particular.

然後就銷售和交易業務而言，顯然，當你考慮相對於第三季時，我們必須考慮正常的第四季季節性。但我想說，對於銷售和交易業務來說，這仍然是一個非常有建設性的環境。

So we feel good about that. We're off to a good start this quarter, but obviously, it will depend on what happens with the -- it will obviously depend on what happens with the markets overall. And then just taking a big zoom out, always the key for us is just we got to manage those businesses for the long term. And we're looking forward to talking about that when we get together in November, together for Investor Day.

因此我們對此感到很高興。本季我們開局良好，但顯然，這將取決於整體市場的情況。然後，從更大角度來看，對我們來說，關鍵始終是我們必須長期管理這些業務。我們期待在十一月投資者日聚會時討論這個問題。

Sound great. Thanks so much. Appreciate it.

聽起來很棒。非常感謝。非常感謝。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Hi, Alastair. Hi, Brian. Alastair, you guys are talking about your consumer deposits. And when you look at your consumer deposits back in the fourth quarter of 2019 and compare it to today, obviously, they're higher. And the Fed shows the entire industry's consumer deposits household checking account deposits are significantly higher from pre-pandemic. So that pandemic surge hasn't left the banking system.

你好，阿拉斯泰爾。你好，布萊恩。阿拉斯泰爾，你們正在談論消費者存款。當您回顧 2019 年第四季的消費者存款並將其與今天進行比較時，顯然它們更高。聯準會的數據顯示，整個產業的消費者存款家庭支票帳戶存款較疫情前大幅增加。因此，疫情的激增尚未影響銀行體系。

Do you guys have any color on what you're seeing from that behavior from pre-pandemic to today? I know you're taking market share and you're growing why yours are growing. But any color on why we still have such elevated levels of deposits?

你們對從疫情前到今天的行為有何看法？我知道你們正在佔領市場份額，並且正在成長，這就是你們不斷增長的原因。但為什麼我們的沉積物水平仍然如此之高？

Gerard, so I think if you remember back, and we're all in '21 and stuff trying to have the great debate about where all this cash that was put into the economy is going to flow right back out, et cetera. And if you drew a line of the growth rate leading up to '19 over a long period of time and then saw a bubble above it, it was working -- it's basically worked its way back down relative -- in the aggregate amount of deposits and relative synchronicity to the long-term growth rate.

傑拉德，所以我認為如果你還記得的話，我們都在 21 世紀，試圖就投入經濟的所有現金將流回何處等問題展開一場大辯論。如果你畫一條長期來看截至 2019 年的成長率線，然後看到其上方有一個泡沫，那麼它就起作用了——基本上是相對地回落——存款總量和與長期增長率的相對同步性。

So the size of economy is bigger. The notional economy is bigger. We can get economists in our company, and I'm sure in your company that will have a great debate, notional real economy sizes and stuff. But it's just -- the economy is bigger, the amount of cash the circulation is bigger. So therefore, you expect it.

所以經濟規模更大。名義經濟規模更大。我們公司可以聘請經濟學家，我相信貴公司也會就名義上的實體經濟規模等展開激烈的辯論。但事實是──經濟規模越大，現金流通量就越大。因此，你期待它。

Now the most important thing, though, is that we've gained share during that time in terms of core transactional. So we're 20%, 30% more core deposit transaction accounts in our consumer business. That's numbers of customers who are carrying instead of $6,000, $7,000 an average $9,000 in average and at the same time, we're probably -- we've reduced the numbers of branches because of more digitization, automation, the numbers of teammates in consumer dedicated to service et cetera. So it's a great operating leverage. So even though the economy grew and everything else.

不過，現在最重要的是，我們在核心交易方面的份額在此期間有所增長。因此，我們的消費者業務中的核心存款交易帳戶增加了 20% 到 30%。這意味著平均持有 6,000 美元、7,000 美元或 9,000 美元的客戶數量，與此同時，我們可能 - 由於數字化、自動化程度的提高，以及專門為消費者服務的隊友數量等，我們減少了分支機構的數量。所以這是一個很好的經營槓桿。因此，儘管經濟成長，其他一切都在成長。

The fact of the matter is those deposits that are core and the all-in cost of all consumer deposits 58 basis points against the current rate environment is a big profit improvement in that consumer business. And just in the last year, you saw a 30% increase, and it's still gaining the efficiency not from cost reduction as much cost levels against the NII improvement as the NII comes in the company, they are a big beneficiary of that amount.

事實上，這些核心存款和所有消費者存款的總成本在當前利率環境下下降了 58 個基點，這對消費者業務的利潤來說是一個很大的提升。僅在去年，你就看到了 30% 的成長，而且它仍然在提高效率，這並非來自成本削減，而是來自 NII 改進的成本水平，因為 NII 進入公司後，他們是這一數額的巨大受益者。

So it's -- so I'd say I think you're now seeing deposits grow in the industry now for -- at our company now for many quarters. (inaudible) almost 2 years, 1.5 years to 2 years ago where we bottomed out and have been growing since then. And so you ought to grow with economic growth. And if you take share, you go a little faster, that's the gig that we don't see any dynamic that even as they continue to adjust interest rates and stuff that you see a lot of money flowing back out of the banking system, it's kind of already happened, frankly.

所以 — — 所以我想說，我認為您現在看到我們公司的存款在行業中不斷增長 — — 已經持續了好幾個季度了。 （聽不清楚）差不多 2 年，1.5 年到 2 年前，我們觸底了，從那時起就一直在增長。因此，你們應該隨著經濟成長而成長。如果你佔有份額，你會走得更快一點，這就是我們沒有看到任何動態的情況，即使他們繼續調整利率和其他東西，你會看到大量資金從銀行系統回流，坦率地說，這已經發生了。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Saul Martinez, HSBC.

匯豐銀行的索爾·馬丁內斯。

Hi, good morning. Thanks for taking my question. Obviously, you've had pretty impressive growth in commercial loans and markets landing up 36% and just look at overall US commercial -- overall commercial loan growth. well into the double digits. You obviously have a very good track record versus your peers in terms of credit and underwriting.

嗨，早安。感謝您回答我的問題。顯然，商業貸款和市場的成長相當令人印象深刻，達到了 36%，看看美國整體商業——整體商業貸款成長，達到了兩位數。顯然，與同行相比，您在信貸和承保方面有著非常良好的業績記錄。

But that -- but I guess the question is what -- I guess what should give us confidence that you're not compromising on risk to get that kind of -- the kind of growth that you're seeing. What's allowing you to take share and grow in an outsized way versus your peers without changes to pricing or risk assessment?

但那——但我想問題是——我想什麼應該讓我們有信心，你不會為了獲得那種——你所看到的那種成長而犧牲風險。是什麼讓您能夠在不改變定價或風險評估的情況下，獲得比同業更大的市場份額和成長？

Yeah. Well, this is not new for us. And this is all focused on our clients. That's a core part of responsible growth. It's got to be focused on clients. And the clients that we're talking about here are typically the top asset managers or the top financial institutions in the world. So that's who we're interested in working with here.

是的。嗯，這對我們來說並不新鮮。這一切都以我們的客戶為中心。這是負責任成長的核心部分。它必須以客戶為中心。我們在這裡談論的客戶通常是世界頂級資產管理公司或頂級金融機構。這就是我們感興趣的合作對象。

Beyond that, we're looking for collateral pools. We want high quality, we want diversified. We're looking for structures that have security, credit enhancement, performance triggers mark-to-market. They typically tend to be shorter duration, and then we don't put all our eggs in one basket. We're diversified across multiple sectors. So that can be mortgage, or it can be asset based.

除此之外，我們還在尋找抵押池。我們要高品質，我們要多樣化。我們正在尋找具有安全性、信用增進、績效觸發和按市價計價的結構。它們的持續時間通常較短，而且我們不會把所有的雞蛋都放在一個籃子裡。我們的業務涉及多個領域。所以這可以是抵押貸款，也可以是基於資產的。

It can be business lending or private equity, it can be consumer assets or subscription facilities. And when you add all that up, you end up with a diversified book that's typically investment grade, it's lower risk, and the loss content, if you look at our res crit, it's less than a basis point. If you look at our NCLs, it's less than 0.1%.

它可以是商業貸款或私募股權，可以是消費資產或認購設施。當你把所有這些加起來時，你最終會得到一本多元化的書，它通常是投資級的，風險較低，如果你看看我們的 res crit，它的損失內容還不到一個基點。如果你看一下我們的 NCL，你會發現它不到 0.1%。

So by the time you have those great clients, you have good collateral, you have good structures, generally speaking, [intentive] of the losses. And then -- the asset test ultimately shows up in returns for the Global Markets business because any losses they absorb.

因此，當你擁有了那些優秀的客戶、良好的抵押品和良好的結構時，一般來說，就可以避免損失。然後——資產測試最終會體現在全球市場業務的回報中，因為他們會吸收任何損失。

And over time, they've done a good job of deploying capital while increasing ROA and return on capital. So we feel like that business has worked well. Final thing I'll just say is, I mean, I feel like we have differentiated capability here in that we tend to have very strong relationships with these global markets clients that we talked about. We have the structuring and the underwriting.

隨著時間的推移，他們在配置資本的同時，也提高了 ROA 和資本回報率。所以我們覺得這項業務進展順利。最後我想說的是，我覺得我們在這裡具有差異化的能力，因為我們傾向於與我們談論的這些全球市場客戶建立非常牢固的關係。我們有結構和承銷。

And we've got the excess in the form of lots of deposits and less loans where we can actually make loans to those clients to satisfy the demand. Then it's just a question of, are we getting the return for the risk. We believe that we are.

我們擁有大量存款和較少貸款，這些存款過剩，我們實際上可以向這些客戶提供貸款以滿足需求。那麼問題就只是，我們是否能從承擔風險中獲得報酬。我們相信確實如此。

Okay. That's helpful. I guess a related question. And I'd love to get your perspective on the sustainability of the results of your capital markets businesses. So not just the markets business, but investment banking as well. I mean this quarter, investment banking fees were at levels you haven't seen since 2021.

好的。這很有幫助。我想這是一個相關的問題。我很想了解您對資本市場業務成果可持續性的看法。因此，不僅是市場業務，還有投資銀行業務。我的意思是，本季的投資銀行費用達到了 2021 年以來從未見過的水平。

And it feels like we really are in a sweet spot where we're seeing a resurgent investment banking activity, a lot of optimism that this has legs. And this is also occurring in an environment where the markets businesses are performing well, not just for you guys, but for a lot of folks. And I'm just curious if an environment where we do see investment banking continuing to grow over a multiyear period, is that consistent?

感覺我們確實處於一個甜蜜點，我們看到投資銀行活動正在復蘇，很多人對此持樂觀態度。這也是在市場業務表現良好的環境下發生的，不僅對你們如此，對許多人也是如此。我只是好奇，我們是否確實看到投資銀行業務在多年內持續成長的環境，這是否一致？

Is that an environment where the markets businesses can continue to stay at current levels in terms of revenues because those are businesses that do generally benefit from more volatile economic and market backdrop. So I'm curious if you have a view on sort of the interplay between those two and whether the markets businesses can continue to do well in an environment that is a little bit more stable, that is more suited to investment banking continuing to grow.

在這樣的環境下，市場企業的收入是否可以繼續保持在當前水平，因為這些企業通常會受益於更動盪的經濟和市場背景。所以我很好奇，您是否對這兩者之間的相互作用有什麼看法，以及市場業務是否能夠在一個更穩定、更適合投資銀行持續成長的環境中繼續表現良好。

I think -- so let's sort that. And one of the reasons why we started a long time ago disclosing Global Markets separately as a separate operating unit because it supports the whole company, including the wealth management business, including the consumer business for FX transactions. So we disclosed it separately, but to do -- to show its breadth in the company, but also to show it's less volatile than people assume it is when you're running the way that Jim and the team have run it.

我認為——那麼讓我們來解決這個問題。我們很久以前就開始將全球市場單獨揭露為獨立營運部門的原因之一是，它支援整個公司，包括財富管理業務，包括外匯交易的消費者業務。因此，我們單獨披露了這一點，但這樣做是為了展示它在公司中的廣度，同時也表明當你按照吉姆和團隊的方式運作時，它的波動性比人們想像的要小。

So 14 quarters in a row of year-over-year revenue growth is a pretty sustainable record. And there might be some day that's broken. It has been broken for three years-plus. So that's good. And the profitability, i.e., the returns of the business continue to go up. And that has a lot to do with how they conduct the business and how they -- it's a moving business, not a storage business. It's not holding a lot of risk on a given day.

因此，連續 14 個季度的營收年增率是一個相當可持續的記錄。並且可能有一天它會被打破。它已經壞了三年多了。這很好。獲利能力，即業務報酬率持續上升。這與他們如何開展業務以及他們如何開展業務有很大關係——這是搬家業務，而不是倉儲業務。在某一天它不會承擔太大的風險。

On the lending, it's high-quality assets underneath and no subprime, et cetera, et cetera. So that's -- so we feel that is sustainable. And yes, does it benefit and especially on the equity side, when markets are moving around and people are trading more, sure, you saw that this quarter. But overall, it just keeps grinding its way forward.

就貸款而言，其底層資產品質較高，沒有次級貸款等等。所以——我們認為這是可持續的。是的，它確實有好處，特別是在股票方面，當市場波動、人們交易增多時，當然，您在本季度看到了這一點。但總體而言，它只是繼續努力前進。

Now when you look on the investment banking, $2 billion in fees coming in the quarter, everybody expected it to be less than that, it came. But you're seeing the activity spread out geographically. You're seeing a lot of activity in the midsized market in the US, which we are capturing through the combination of our investment banking teammates and our commercial banking teammates to cover all the markets and are out there in our middle market franchise and capturing strong market share from those customers.

現在，當你看投資銀行業務時，本季的費用為 20 億美元，每個人都預期它會低於這個數字，但事實確實如此。但你會看到，活動在地理上是分散的。您會看到美國中型市場活動頻繁，我們透過投資銀行團隊成員和商業銀行團隊成員的結合來覆蓋所有市場，並進入中型市場特許經營領域，並從這些客戶那裡奪取強大的市場份額。

But I think one of the things you need to think about is that business, we run a global corporate investment banking business as a consolidated -- as a business, and that goes into Global Banking in our middle market and our business banking business. Why that's important to think about is with our relationship with these customers, we have their credit relationship, their transaction services relationship and the fees for that anchor 12% year-over-year and their investment banking and their hedging and other types of things on top of that in the markets.

但我認為你需要考慮的事情之一是，我們經營的全球企業投資銀行業務是一個合併業務，它涉及我們中端市場的全球銀行業務和商業銀行業務。考慮這一點很重要，因為我們與這些客戶的關係，我們有他們的信用關係、他們的交易服務關係，以及與去年同期相比增長 12% 的費用，還有他們的投資銀行業務、對沖業務以及市場上的其他類型的東西。

And by doing all that, you actually have a more stable revenue stream attached to that business. So whether investment banking goes up or down by $100 million. If you look at the Global Banking results, the volume of revenue is coming from the lending side and the deposit side. So it's great to see Matt and the team have a good quarter but Matthew themselves would tell you, it's also great that the loans grew -- the deposits grew year-over-year. The loans are solid that in working with the middle market and the loan growth we're seeing there. It's a holistic view of the customer, and I think that's sustainable.

透過這樣做，您實際上可以獲得與該業務相關的更穩定的收入來源。因此，無論投資銀行業務增加或減少 1 億美元。如果你看一下全球銀行業務的業績，你會發現收入主要來自貸款人和存款方。因此，很高興看到馬特和團隊有一個良好的季度業績，但馬修自己會告訴你，貸款成長也很好——存款同比增長。這些貸款是穩健的，與中端市場合作，我們看到那裡的貸款成長。這是對客戶的整體看法，我認為這是可持續的。

Great. That's very helpful. Thank you.

偉大的。這非常有幫助。謝謝。

And it does appear that there are no further questions at this time. I would now like to return the call to Brian.

目前看來沒有其他問題了。我現在想回電給 Brian。

Thank you, operator. First, I want to thank our team here at Bank of America. A quarter like this is a (inaudible) setting for us to finish up '25 and head to '26. It's a great amount of work done by talent team, and I want to thank them for doing that. Next, I think for you as shareholders, you also saw a good quarter, good returns, good operating leverage, good growth in the core businesses, some extra kick from investment banking and else.

謝謝您，接線生。首先，我要感謝美國銀行的團隊。這樣的一個季度是我們結束 25 年、邁向 26 年的一個（聽不清楚）背景。人才團隊做了大量工作，我要感謝他們。其次，我認為對於股東來說，你們也看到了一個良好的季度，良好的回報，良好的經營槓桿，核心業務的良好增長，以及來自投資銀行的一些額外推動等等。

But I think as we started, just focus on all the businesses grew their earnings, all the businesses have strong returns, and they all created operating leverage by and large. So we feel very good about that as we turn to '26. So we look forward to seeing you few weeks in our Investor Day and thanks for your time and attention.

但我認為，當我們開始時，只需專注於所有業務的獲利成長，所有業務都獲得強勁回報，並且它們總體上都創造了經營槓桿。因此，當我們邁向 26 年時，我們對此感到非常高興。因此，我們期待在投資者日的幾週內見到您，感謝您的時間和關注。

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

今天的節目到此結束。感謝您的參與。您可以隨時連接並度過美好的下午。