Barclays PLC (BCS) 2023 Q4 法說會逐字稿

Good morning. Thank you, everybody, for coming here, and welcome to our full year 2023 results presentation as well as our investor update. You could see the agenda for the day on this slide. And so what we will do is we'll just go into the results for 2023 before turning to the broader investor update.

早安.感謝大家來到這裡，歡迎來到我們的 2023 年全年業績發表會以及投資者動態。您可以在這張投影片上看到當天的議程。因此，我們要做的就是先了解 2023 年的業績，然後再轉向更廣泛的投資者更新。

So as you saw this morning, I'll start with the results announcement, with the performance highlights and then I'll hand over to Anna to take you -- take us all through the financials. So we are delivering against our guidance. So we achieved -- delivered on all our targets in 2023. And together with our consistently strong capital position throughout this year, what this enabled us to do was to give shareholders a material increase in distributions.

正如你們今天早上所看到的，我將從業績公告和業績亮點開始，然後我將交給安娜來帶領你們——帶領我們所有人了解財務狀況。因此，我們正在違背我們的指導方針。因此，我們在 2023 年實現了所有目標。

Excluding the Q4 structural cost actions, return on tangible equity was 10.6% for 2023, in line with our target of above 10%. And on the same basis, our cost-to-income ratio was 63%, in line with our guidance for the low 60s for the full year.

排除第四季的結構性成本行動，2023 年有形股本回報率為 10.6%，符合我們 10% 以上的目標。在同樣的基礎上，我們的成本收入比為 63%，與我們全年 60 左右的指導一致。

As well as being accretive to future returns, the structural cost actions did not limit our ability to deliver a 37% year-on-year increase in total distributions, which now amounted to GBP 3 billion. This GBP 3 billion number for 2023 included a total dividend of 8p per share with the full year amount of the dividend of 5.3p being announced today and as well as a full year buyback of GBP 1 billion, which we expect to start in the coming days, and that's on top of the GBP 750 million at the half year.

除了增加未來回報外，結構性成本行動並沒有限制我們實現總分配年增 37%（目前已達 30 億英鎊）的能力。 2023 年的 30 億英鎊數字包括每股 8 便士的總股息，今天宣布的全年股息金額為 5.3 便士，以及我們預計將在未來開始的 10 億英鎊全年回購天，這還不包括半年的7.5 億英鎊。

Tangible book value per share has increased by 36p year-on-year to 331p. And our CET1 ratio was 13.8%, which is at the top end of our target range, which you will recall is 13% to 14%.

每股有形帳面價值年增 36 便士，達到 331 便士。我們的 CET1 比率為 13.8%，處於我們目標範圍的上限，您可能還記得是 13% 到 14%。

Overall, we view this performance as a strong foundation on which to build towards our revised financial targets over the next 3 years and which we announced this morning and we'll talk about in greater detail in a few minutes.

總體而言，我們認為這項業績為實現未來三年修訂後的財務目標奠定了堅實的基礎，我們今天早上宣布了這一目標，我們將在幾分鐘內更詳細地討論這一目標。

But before that, the financial part of these results. Anna, over to you.

但在此之前，是這些結果的財務部分。安娜，交給你了。

Thank you, Venkat, and good morning, everyone.

謝謝你，Venkat，大家早安。

Turning now to Slide 5. I think I'm going to need a script. Thank you very much. On a statutory basis, RoTE was 9% for full year 2023. This included the GBP 0.9 billion of structural cost actions taken in Q4. And given the materiality of those Q4 charge over and above normal annual cost actions, I'm going to exclude it from the financial performance metrics today.

現在轉到投影片 5。非常感謝。依照法定標準，2023 年全年 RoTE 為 9%。考慮到第四季度費用的重要性超出了正常的年度成本行動，我將把它從今天的財務績效指標中排除。

On this basis, 2023 return on tangible equity was 10.6%. I would note that there was no impact from the overissuance of securities this year, but given the material impacts to income and costs in 2022, I will also use adjusted numbers as comparators.

以此計算，2023年有形股本回報率為10.6%。我要指出的是，今年證券超額發行沒有影響，但考慮到對 2022 年收入和成本的重大影響，我還將使用調整後的數字作為比較。

Group profit before tax was GBP 7.5 billion, down 3% year-on-year, and income increased by GBP 0.7 billion, while costs were GBP 0.2 billion higher, excluding the Q4 cost actions. Within costs, litigation and conduct charges were small this year at GBP 37 million compared to around GBP 0.6 billion in 2022. And operating costs, which include L&C, were up by GBP 0.8 billion. Impairment charges were GBP 0.7 billion up to GBP 1.9 billion, representing a loan loss ratio of 46 basis points, better than our through-the-cycle guidance of 50 to 60.

集團稅前利潤為75億英鎊，年減3%，收入增加7億英鎊，而成本增加2億英鎊，不包括第四季的成本行動。在成本方面，今年的訴訟和行為費用為 3,700 萬英鎊，而 2022 年約為 6 億英鎊。減損費用為 7 億英鎊至 19 億英鎊，貸款損失率為 46 個基點，優於我們 50 至 60 個基點的整個週期指引。

As usual, I'll now cover the 3 drivers of our returns: income, costs and credit risk management. We saw a continuation of year-to-date income trends through the fourth quarter, resulting in total income up 3% at GBP 25.4 billion for the year. Barclays UK income was up 5%, with growth in net interest income from rate increases outweighing lower cards income and the transfer of UK Wealth in Q2.

像往常一樣，我現在將介紹我們回報的三個驅動因素：收入、成本和信用風險管理。我們看到第四季延續了年初至今的收入趨勢，導致全年總收入成長 3%，達到 254 億英鎊。巴克萊英國收入成長 5%，第二季升息帶來的淨利息收入成長超過了銀行卡收入和英國財富轉移的下降。

Consumer cards and payments income grew strongly, up 18%, driven by higher margins and balanced growth in both US Cards and the Private Bank. Corporate and Investment Bank income was down 4% as lower volatility in markets and a record low banking wallet impacted the industry. This outweighed the tailwind from interest rates in the Corporate Bank.

受美國卡和私人銀行利潤率提高以及平衡成長的推動，消費卡和支付收入強勁成長，成長 18%。由於市場波動性降低和銀行錢包創歷史新低對該行業產生了影響，企業和投資銀行收入下降了 4%。這超過了企業銀行利率的推動作用。

On the next slide, you can see net interest income across the bank and that it grew by GBP 2.1 billion or 20% year-on-year, driving a 44 basis point increase in group NIM to 3.98%. The biggest contributors to NII growth were CC&P and CIB, together adding GBP 1.3 billion with around 1/4 of the total NII growth coming from BUK.

在下一張投影片中，您可以看到整個銀行的淨利息收入，年增 21 億英鎊，即 20%，帶動集團淨利差 (NIM) 成長 44 個基點，達到 3.98%。 NII 成長的最大貢獻者是 CC&P 和 CIB，總計增加了 13 億英鎊，其中約 1/4 的 NII 成長來自 BUK。

Going forward, whilst we will still report net interest margin, we will guide to group NII excluding the Investment Bank and head office. This is expected to be around GBP 0.3 billion lower in 2024 at around GBP 10.7 billion. BUK is expected to be approximately GBP 6.1 billion of this, excluding the impact of Tesco, which I'll touch on shortly. The benefits from the structural hedge are expected to be offset by continued product market pressures, particularly in the U.K.

展望未來，雖然我們仍將報告淨利差，但我們將指導不包括投資銀行和總部的 NII 組。預計到 2024 年，這一數字將減少約 3 億英鎊，達到 107 億英鎊左右。 BUK 預計約為 61 億英鎊，不包括特易購的影響，我稍後會談到。結構性對沖帶來的好處預計將被持續的產品市場壓力所抵消，特別是在英國。

Turning now to the structural hedge in more detail. The structural hedge is designed to reduce volatility in NII and manage interest rate risk. As rates have risen, this has dampened the growth in our NII, but in a falling rate environment we will see the benefit from the protection that it gives us.

現在更詳細地討論結構性對沖。結構性對沖旨在減少NII的波動性並管理利率風險。隨著利率上升，這抑制了我們的國家資訊基礎設施的成長，但在利率下降的環境中，我們將看到它為我們提供的保護帶來的好處。

It generated GBP 3.6 billion in gross hedge income in 2023, up from GBP 2.2 billion in the prior year. It also provides a high degree of confidence in the net interest income growth assumed in our forward plan. To illustrate this, GBP 3.8 billion of gross hedge income is already locked in for 2024 from the hedge investment we did through 2023, and this will continue to build.

2023 年，該公司的對沖總收入為 36 億英鎊，高於前一年的 22 億英鎊。這也為我們的遠期計畫中假設的淨利息收入成長提供了高度的信心。為了說明這一點，我們在 2023 年進行的對沖投資中已經鎖定了 2024 年 38 億英鎊的總對沖收入，而且這一數字還將繼續增加。

Given trends in retail deposits, we do expect the notional balance to reduce in 2024 at a broadly similar rate to Q4 '23 before stabilizing in 2025. We have approximately GBP 170 billion of hedges maturing over the next 3 years, and we expect to roll around 3/4 of them over the period and with reinvestment rates remaining well above the average maturing yields of around 1.5% for the next 3 years. So we do expect the reinvestment to outweigh notional hedge declines.

鑑於零售存款的趨勢，我們確實預計名義餘額將在2024 年以與23 年第4 季大致相似的速度減少，然後在2025 年穩定下來。我們預計將展期其中約 3/4 在此期間進行，再投資率仍遠高於未來 3 年約 1.5% 的平均到期收益率。因此，我們確實預期再投資將超過名義對沖下降。

Turning now to costs on Slide 9. As guided, quarterly costs through the year remained below the Q1 high point. This excluded the Q4 bank levy of GBP 180 million which was flat year-on-year, and the cost-income ratio for the year was 63%, excluding the Q4 structural cost actions.

現在轉向幻燈片 9 上的成本。這不包括第四季銀行徵費1.8億英鎊，與去年同期持平，全年成本收入比為63%，不包括第四季結構性成本行動。

Group costs of GBP 16 billion were up GBP 0.2 billion year-on-year. Operating costs increased to support business growth and enhance resilience and control. For example, partner focused spend to drive balanced growth in US Cards and Kensington mortgages in the U.K. as well as technology investments to support markets within the CIB. The impact of inflation was more than offset by efficiency savings.

集團成本為 160 億英鎊，年增 2 億英鎊。營運成本增加以支持業務成長並增強彈性和控制力。例如，以合作夥伴為重點的支出推動美國卡和英國肯辛頓抵押貸款的平衡成長，以及支持 CIB 內部市場的技術投資。通貨膨脹的影響被效率節省所抵消。

Looking at the GBP 927 million of Q4 structural cost actions in more detail now on the next slide. These were across 3 main categories: people, property and infrastructure. Around half was in our head office and relates to our merchant acquiring and German consumer financing businesses as well as the Canary Wharf office lease exit.

下一張投影片將更詳細地介紹第四季 9.27 億英鎊的結構性成本行動。這些涉及三個主要類別：人員、財產和基礎設施。大約一半在我們的總部，與我們的商業收單和德國消費者融資業務以及金絲雀碼頭辦公室租賃退出有關。

A large proportion of this head office charge is goodwill and intangible write-downs and which will have no impact on capital. And the other charges are spread across the businesses. We expect the overall payback to be just under 2 years with around half of the cost savings landing in 2024. You'll hear later how these cost actions are a key pillar in our plans to improve efficiency and drive a more productive cost base going forward.

總部費用的很大一部分是商譽和無形資產減記，這不會對資本產生影響。其他費用則分攤到各個企業。我們預計整體投資回收期將在不到2 年的時間內，大約一半的成本節省將在2024 年實現。計劃的關鍵支柱。

Moving on to credit on Slide 11. The impairment allowance was broadly stable at GBP 6.3 billion and we maintained our balance sheet coverage at 1.4%. The total impairment charge for 2023 of GBP 1.9 billion was up around GBP 0.7 billion year-on-year, and the full year loan loss rate of 46 basis points was below our through-the-cycle guidance. As we expected, this included a higher Q4 loan loss rate of 54 basis points driven by an increase in US Cards. US Cards was also the largest component of the full year charge of GBP 1.5 billion in CC&P.

轉向投影片 11 上的信貸。 2023 年減損準備總額為 19 億英鎊，年增約 7 億英鎊，全年貸款損失率為 46 個基點，低於我們的整個週期指引。正如我們預期的那樣，其中包括因美國信用卡增加而導致第四季度貸款損失率上升 54 個基點。美國卡也是 CC&P 全年 15 億英鎊費用中最大的組成部分。

The full year Barclays UK charge was around GBP 300 million with a loan loss rate of 14 basis points. We continue to see conservative consumer behaviors across all our U.K. portfolios, and we do expect the loan loss rate in BUK to increase over the next 3 years as we grow unsecured lending.

巴克萊英國全年費用約 3 億英鎊，貸款損失率為 14 個基點。我們在英國所有投資組合中繼續看到保守的消費者行為，我們確實預計，隨著無擔保貸款的成長，未來 3 年內 BUK 的貸款損失率將會上升。

I'll go into more detail on the US Cards impairment on the next slide. Our US Cards portfolio credit trends are in line with the broader industry. The US Consumer Bank loan loss rate is elevated in comparison to recent periods as we build our impairment reserves because of an increase in delinquencies.

我將在下一張投影片上詳細介紹美國卡的減損情況。我們的美國卡投資組合信貸趨勢與更廣泛的行業一致。由於拖欠率增加，我們建立了減損準備金，因此美國消費者銀行的貸款損失率與近期相比有所上升。

Write-offs are low, but we do expect them to increase during 2024, which is why we're building the reserve now. As a result, our US Cards coverage ratio stands at 10.2% on an IFRS 9 basis, and when calculated on a U.S. accounting basis, the CECL coverage ratio of 8.2% is in line with our US Cards peers.

沖銷率較低，但我們預期 2024 年沖銷率會增加，這就是我們現在建立儲備的原因。因此，按照 IFRS 9 計算，我們的美國卡覆蓋率為 10.2%，而按照美國會計準則計算，CECL 覆蓋率為 8.2%，與美國卡同行的水平一致。

The portfolio remains high quality with 88% of the book above a 660 FICO. We do expect the impairment charge to remain elevated through the first half of 2024 and then to reduce in the second half. Overall, I'd expect the charge for '24 to be below the 2023 level, and we're guiding to a 400 basis points loan loss rate through the cycle.

該投資組合仍然保持著高品質，其中 88% 的帳面價值高於 660 FICO。我們確實預計減損費用將在 2024 年上半年保持在較高水平，然後在下半年下降。總體而言，我預計 24 年的費用將低於 2023 年的水平，並且我們將整個週期的貸款損失率指導為 400 個基點。

A brief word on Q4 performance on the next slide before I take you through the businesses. Profit before tax excluding Q4 structural cost actions was GBP 1 billion, down GBP 0.3 billion. Income was down GBP 0.2 billion year-on-year at GBP 5.6 billion, the second best Q4 in the last 5 years after 2022. This was driven by a reduction in non-NII, partially offset by an increase in NII, whilst operating costs were broadly stable. Impairment was around GBP 50 million higher at GBP 0.6 billion with the higher Q4 charge in CC&P from US Cards, partially offset by a lower Barclays UK charge.

在我向您介紹業務之前，請在下一張投影片中簡要介紹第四季度的業績。不包括第四季結構性成本行動的稅前利潤為 10 億英鎊，減少 3 億英鎊。營收年減 2 億英鎊，至 56 億英鎊，是自 2022 年以來近 5 年來第二好的第四季。 。第四季美國信用卡 CC&P 費用增加，減損增加約 5,000 萬英鎊，達到 6 億英鎊，但部分被巴克萊英國費用減少所抵銷。

Moving now to the business performance starting with Barclays UK on Slide 14. RoTE was 19.7% in Q4 and has been consistently around 20% every quarter this year. Total income was GBP 1.8 billion with net interest income stable at GBP 1.6 billion and a GBP 0.2 billion reduction in non-NII year-on-year. This reflected the transfer of UK Wealth business in Q2 and a number of one-offs. We would expect non-NII to revert to a run rate greater than GBP 250 million per quarter going forward.

現在轉向幻燈片 14 中巴克萊英國公司的業務績效。總收入為18億英鎊，淨利息收入穩定在16億英鎊，非NII年減2億英鎊。這反映了第二季英國財富業務的轉移以及一些一次性的業務。我們預計非 NII 的運行率將恢復到每季 2.5 億英鎊以上。

The NII generated a NIM in BUK of 307 basis points for Q4 and 313 for the full year. We said at Q3 that our 305 to 310 basis points guidance was sensitive to the level and mix of deposits, and the deposit trends that we saw in Q3 slowed materially in Q4. Deposits were down GBP 2.1 billion compared to the reduction of GBP 6.6 billion in Q3 as the pace of deposit outflows and migration to higher savings rate slowed.

第四季 NII 產生的 BUK 淨利差為 307 個基點，全年為 313 個基點。我們在第三季表示，我們的 305 至 310 個基點指引對存款水準和組合很敏感，我們在第三季看到的存款趨勢在第四季度大幅放緩。由於存款外流和向更高儲蓄率遷移的步伐放緩，存款減少了 21 億英鎊，而第三季減少了 66 億英鎊。

The other NIM drivers played out broadly as we expected, and you can see these on the chart on the right-hand side. The structural hedge continued to be a tailwind to NIM, although a more modest 7 basis points in Q4 due to lower swap rates and a reduced hedge roll in the quarter. Bank rate effects turned negative in half 2, reflecting pass-through in pricing and mortgage churn continue to ease. We also saw a positive contribution from treasury in the other category, as we flagged earlier in the year.

其他 NIM 驅動程式的表現正如我們預期的那樣，您可以在右側的圖表中看到這些。結構性對沖繼續成為淨利差的順風車，儘管由於掉期利率下降和本季對沖展期減少，第四季度的利率下降了 7 個基點。銀行利率效應在 2 月一半轉為負值，反映出定價傳遞和抵押貸款流失持續緩解。正如我們在今年早些時候指出的那樣，我們也看到了財務部門在其他類別中的積極貢獻。

Looking forward to 2024, we are guiding to NII for Barclays UK of circa GBP 6.1 billion compared to GBP 6.4 billion in 2023. We will have a building tailwind from the hedge roll. However, in the short term, consistent with our industry expectations, we do expect this to be more than offset by some further reduction in deposits but at a slower rate than in 2022 and a net reduction in mortgage balances. This excludes the impact of the Tesco Bank acquisition, which I'll summarize on the next slide.

展望 2024 年，我們預計巴克萊英國的 NII 約為 61 億英鎊，而 2023 年為 64 億英鎊。然而，從短期來看，與我們的行業預期一致，我們確實預計這將被存款的進一步減少所抵消，但速度將低於 2022 年，以及抵押貸款餘額的淨減少。這不包括樂購銀行收購的影響，我將在下一張投影片中總結這一點。

The acquisition accelerates our intention to grow unsecured lending in Barclays UK, which we will discuss in more detail later. The transaction involves the acquisition of GBP 8.3 billion unsecured lending balances, roughly half credit card receivables and half unsecured loans, and approximately GBP 6.7 billion of customer deposits. This will result in GBP 8 billion of RWAs in completion, which is expected to be in half 2.

此次收購加速了我們在巴克萊英國增加無擔保貸款的意圖，我們將在稍後更詳細地討論這一點。該交易涉及收購83億英鎊的無擔保貸款餘額、約一半的信用卡應收帳款和一半的無擔保貸款，以及約67億英鎊的客戶存款。這將導致 80 億英鎊的 RWA 完成，預計將減半 2。

Given the uncertainty around this timing, our 2024 guidance does not include the impact of the acquisition, although it is reflected in our 2026 plans that we're announcing later today. Once completed, we estimate initially generating NII of around GBP 400 million annualized and growing from that level. And as we complete the integration, costs will be somewhat elevated, but they should be broadly neutral to the cost -- group cost-income ratio.

鑑於這一時間點的不確定性，我們 2024 年的指引不包括收購的影響，儘管它反映在我們今天稍後宣布的 2026 年計畫中。一旦完成，我們預計最初將產生每年約 4 億英鎊的 NII，並在此基礎上不斷增長。當我們完成整合時，成本將會上升，但它們對於成本——集團成本收入比來說應該是大致中性的。

And as usual, following a portfolio acquisition, we also anticipate elevated impairment initially under IFRS 9 but again expect that to normalize. As a result, we forecast a slightly reduced BUK RoTE in 2024, but once integrated, the business will have an attractive RoTE profile accretive to the group RoTE over time.

與往常一樣，在投資組合收購之後，我們預計 IFRS 9 下的減值最初會上升，但再次預期這種情況會正常化。因此，我們預測 2024 年 BUK RoTE 會略有下降，但一旦整合，該業務將擁有有吸引力的 RoTE 概況，隨著時間的推移，集團 RoTE 會不斷增加。

Turning now to Consumer Cards & Payments. Continued growth in US Cards receivables and Private Bank client balances drove a GBP 0.1 billion increase in CC&P total income year-on-year. US Cards balances grew to just over $32 billion, up $2 billion in Q4, reflecting seasonally higher year-end spend. Client assets and liabilities in the Private Bank grew by GBP 4 billion in the quarter to around GBP 183 billion with most of the growth being in invested assets. This is a positive trend for the future, but the initial growth is in assets under supervision, which does attract lower fees.

現在轉向消費卡和支付。美國卡應收帳款和私人銀行客戶餘額的持續成長帶動 CC&P 總收入年增 1 億英鎊。美國卡餘額成長至略高於 320 億美元，第四季增加 20 億美元，反映了年終支出的季節性成長。本季私人銀行的客戶資產和負債增加了 40 億英鎊，達到約 1,830 億英鎊，其中大部分成長來自投資資產。這對未來來說是一個積極的趨勢，但最初的成長是受監管資產的成長，這確實會吸引較低的費用。

CC&P RoTE was 2.6%, reflecting the impairment build in US Cards I've just talked about. And this will be the last time we report the CC&P segment as we start to disclose our US Consumer Bank and our Private Bank & Wealth Management businesses separately.

CC&P RoTE 為 2.6%，反映了我剛才談到的美國信用卡的減損情況。這將是我們最後一次報告 CC&P 部門，因為我們開始分別揭露我們的美國消費者銀行和私人銀行與財富管理業務。

Moving on to the CIB. CIB income of GBP 2.4 billion was impacted by lower year-on-year global markets income. The Q4 market environment had lower volatility in markets and subdued industry activity for banking. Investment Banking performed relatively well in this context, up 13% in U.S. dollars and up 36% on Q3 with DCM outperforming the market and offsetting continued lower activity in ECM and M&A.

繼續前往 CIB。 CIB 收入為 24 億英鎊，受到全球市場收入年減的影響。第四季市場環境的市場波動性較低，銀行業的產業活動也受到抑制。在此背景下，投資銀行業務表現相對較好，以美元計價上漲 13%，第三季上漲 36%，其中 DCM 表現優於市場，抵消了 ECM 和併購活動持續下降的影響。

We maintained our banking market share in 2023 whilst we repositioned the business in a record low year for the industry wallet. Markets income was down 14% in U.S. dollars against a record Q4 comparator for us, whilst our business mix also affected us.

我們在 2023 年保持了銀行業市場份額，同時在行業錢包創歷史新低的一年中重新定位了業務。與創紀錄的第四季相比，我們的市場收入以美元計算下降了 14%，同時我們的業務組合也影響了我們。

Corporate lending income was materially down on Q3 at GBP 40 million, primarily due to leveraged loan finance marks of GBP 85 million. Underlying corporate lending income was stable. Transaction Banking deposits were also stable whilst income fell slightly versus Q3. Whilst deposit migration continues, this was at a slower pace than earlier in the year. And as a result, we are now again rolling a portion of the structural hedge related to corporate deposits.

企業貸款收入較第三季大幅下降至 4,000 萬英鎊，主要是由於槓桿貸款融資標記為 8,500 萬英鎊。企業基礎貸款收入穩定。交易銀行存款也穩定，但收入較第三季略有下降。雖然存款遷移仍在繼續，但速度比今年早些時候要慢。因此，我們現在再次滾動部分與企業存款相關的結構性對沖。

Looking at markets in detail on the next slide. There were several factors driving our performance in markets this quarter. Similar to Q3, both our business mix and the record comparator contributed to FICC income being down 22% year-on-year in dollars. Lower volatility in U.K. gilts compared to Q4 '22 and an industry-wide slowdown in rates and credit impacted Barclays more than our peers. And conversely, the market rebounded in securitized products where we currently lack scale. Equities performed broadly in line with peers, up 3% in U.S. dollars year-on-year.

下一張投影片詳細介紹了市場。有幾個因素推動了我們本季的市場表現。與第三季類似，我們的業務組合和創紀錄的比較器都導致 FICC 收入（以美元計算）年減 22%。與 22 年第四季相比，英國國債的波動性較低，而且整個產業的利率和信貸放緩對巴克萊銀行的影響比我們的同業更大。相反，我們目前缺乏規模的證券化產品市場出現反彈。股票表現與同業基本一致，以美元計算年增 3%。

Looking at the longer-term trends in markets over the last 4 years, our share and income has been consistently higher than in the previous 3. And our income now includes a greater proportion of financing which, as we've said before, provides greater stability to our overall markets income.

從過去四年市場的長期趨勢來看，我們的份額和收入一直高於前三年。市場收入的穩定性。

Turning now to the capital funding and liquidity metrics on the next slide. We continue to maintain a well-capitalized and liquid balance sheet with diverse sources of funding and a significant excess of deposits over loans.

現在轉向下一張投影片上的資本融資和流動性指標。我們持續維持資本充足、流動性強的資產負債表，資金來源多元化，存款遠超過貸款。

Looking at capital in more detail on Slide 21. We finished the year with a CET1 ratio of 13.8%. The announced GBP 1 billion share buyback will take us to 13.5%, in the middle of our target range. We generated 18 basis points of capital from earnings in Q4 and just under 150 basis points over the full year, both of which exclude a circa 20 basis points impact of the Q4 structural cost actions. Excluding the reduction due to FX, the GBP 6 billion increase in RWAs reduced capital in Q4 by 23 basis points. We'll say more about our RWA flight path over the next 3 years later, but I want to address 2 main headwinds here.

在幻燈片 21 中更詳細地了解資本。宣布的 10 億英鎊股票回購將使我們的回購比例達到 13.5%，處於目標範圍的中間位置。我們從第四季度的利潤中獲得了 18 個基點的資本，全年則獲得了略低於 150 個基點的資本，這兩者均排除了第四季度結構性成本行動約 20 個基點的影響。排除因外匯造成的減少，RWA 增加 60 億英鎊，導致第四季資本減少 23 個基點。我們將在未來 3 年後更多地討論我們的 RWA 飛行路線，但我想在這裡解決兩個主要阻力。

The first is a move of our US Cards portfolio to an internal rating-based or IRB model. We continue to make significant progress towards at least 85% of credit risk RWAs being IRB, which is the level required by the PRA for IRB bank. This move results in an expected increase in RWAs of around GBP 16 billion from half 2 2024. We don't expect any further material impacts from model migrations from current portfolios beyond US Cards.

第一個是我們的美國卡投資組合轉向基於內部評級或 IRB 模型。我們繼續在至少 85% 的信用風險 RWA 成為 IRB 方面取得重大進展，這是 PRA 對 IRB 銀行要求的水平。這項舉措預計從 2024 年 2 月起 RWA 將增加約 160 億英鎊。

The second headwind is Basel 3.1, which we have quantified publicly for some time. The PRA's recent policy paper was constructive, and we've also worked through some refinements and mitigations. Furthermore, our previous Basel 3.1 guidance included an element for US Cards RWAs, which has been superseded by the IRB migration.

第二個阻力是巴塞爾協議 3.1，我們已經公開量化了一段時間。 PRA 最近的政策文件具有建設性，我們也進行了一些改進和緩解措施。此外，我們先前的巴塞爾 3.1 指南包括美國卡 RWA 的一個元素，該元素已被 IRB 遷移所取代。

The aggregate impact of these factors means a materially lower impact from Basel 3 on implementation. And given this lower estimate, the total effect of the two headwinds is broadly aligned to the previously guided day 1 impact of Basel 3.1 towards the lower end of the 5% to 10% of group RWAs. Furthermore, as more risks are captured in pillar 1, we would expect some offsets in our pillar 2 requirements.

這些因素的整體影響意味著巴塞爾協議 3 對實施的影響大大降低。鑑於這一較低的估計，這兩個不利因素的整體影響與先前指導的巴塞爾 3.1 第 1 天對 5% 至 10% 集團 RWA 下限的影響大致一致。此外，隨著第一支柱中包含更多的風險，我們預計第二支柱的要求會得到一些抵消。

On this slide, we're illustrating the drivers of the RWA increase from implementing IRB for US Cards. When applied to US Cards, our IRB models generate greater risk weight density versus standardized models. And the key driver is that the models include 2009 financial crisis stress loss assumptions despite current and expected experience being materially less adverse.

在此投影片中，我們將說明因對美國卡片實施 IRB 而導致 RWA 增加的驅動因素。當應用於美國卡時，我們的 IRB 模型比標準化模型產生更大的風險權重密度。關鍵驅動因素是，儘管當前和預期的不利情況要小得多，但模型仍包含 2009 年金融危機壓力損失假設。

Under the U.S. Basel 3 end game treatment, we expect our peers in the U.S. to also experience a capital increase, although noting that these rules are yet to be finalized. There will be further details on planned migration in the US Consumer Bank presentation later on.

根據美國巴塞爾協議 3 的最終協議，我們預計美國同行也將經歷增資，但我們注意到這些規則尚未最終確定。稍後美國消費者銀行的演示中將提供有關計劃遷移的更多詳細資訊。

So to summarize, we delivered on our financial targets in 2023. This, along with our strong capital position, enabled us to deliver a material increase in distributions to shareholders. It also represents a strong foundation on which to improve over the next 3 years.

總而言之，我們在 2023 年實現了財務目標。它也為未來 3 年的改進奠定了堅實的基礎。

I'm now going to take the Q&A.

我現在要接受問答。

Given the time constraints we have, please, can I ask you to limit yourself to a maximum of 2 questions per person. And please stick to the full year results topics. There'll be plenty of time to discuss the investor update later on. And if you could please introduce yourself, as usual, not least I'm blinded by lights so I can't actually see you very well. So thank you. Alvaro?

鑑於我們的時間有限，請問您可以限制每人最多提出 2 個問題嗎？請關注全年業績主題。稍後會有充足的時間討論投資者的最新情況。如果您能像往常一樣介紹一下自己，尤其是我被燈光弄瞎了所以我實際上看不清您。所以謝謝你。阿爾瓦羅？

Alvaro Serrano from Morgan Stanley. A couple of questions, please. On the markets performance in Q4, you've touched obviously on the drivers behind it. But I wonder in the guidance you've given for 2024, what kind of environment sort of are you factoring given it's proven to be pretty volatile?

摩根士丹利的阿爾瓦羅·塞拉諾。請教幾個問題。關於第四季的市場表現，您顯然已經觸及了背後的驅動因素。但我想知道，在您為 2024 年提供的指導中，考慮到事實證明它非常不穩定，您會考慮什麼樣的環境？

And maybe the general environment for CIB, how you're seeing it and what you factored in that, how sensitive is that 10.5% to changes in the environment? And related to the Tesco slide, I mean, the -- it does look pretty profitable. But maybe when you've discussed Tesco and what the discussion was, had at the Board, how did you compare that acquisition versus potential topping up your share buyback that you would have been able to announce otherwise?

也許 CIB 的整體環境，您如何看待它以及您考慮的因素是什麼，這 10.5% 對環境變化有多敏感？與特易購的幻燈片相關，我的意思是，它看起來確實非常有利可圖。但也許當你討論過特易購以及董事會討論的內容時，你如何比較這次收購與你本來可以宣布的股票回購潛力？

Okay. Thank you for that. So thanks for both questions. So in terms of the markets environment, I'm not going to give a trading update at this point. But what you will see later on is that the assumptions that we're making about both the markets and the banking wallet are very reasonable actually. We're not expecting an increase in the market's wallet in particular in 2024. So we believe they're reasonable assumptions. And actually, that leaves the actions to grow revenues largely in our hands, and Venkat and Adeel will talk about those later.

好的。謝謝你。謝謝你提出兩個問題。因此，就市場環境而言，我目前不打算提供交易更新。但稍後你會看到，我們對市場和銀行錢包所做的假設其實是非常合理的。我們預計市場的錢包不會增加，特別是在 2024 年。事實上，增加收入的行動主要掌握在我們手中，Venkat 和 Adeel 稍後會討論這些問題。

In terms of Tesco, we will be talking later about our desire to grow lending in the U.K. and unsecured lending in particular. Now many of you have commented on the fact that we've lost market share in unsecured over the last few years. And actually, what Tesco does is it allows us to accelerate and secure the plans that we would otherwise have pursued organically. And we believe that we can make those investments and fulfill the distribution plans, not only the ones that we've announced today but the targets that we are giving ourselves over the next 3 years. So we'll balance shareholder returns with investments but in our high returning businesses.

就特易購而言，我們稍後將討論我們在英國增加貸款，特別是無擔保貸款的願望。現在，你們中的許多人都評論了這樣一個事實：過去幾年我們失去了無擔保市場份額。事實上，特易購所做的是讓我們能夠加速並確保我們本來可以有機地實施的計畫。我們相信我們能夠進行這些投資並實現分配計劃，不僅是我們今天宣布的計劃，還有我們在未來三年內為自己設定的目標。因此，我們將平衡股東回報與投資，但在我們的高回報業務中。

Okay. Next question, please. If I could go to Joe, please. Thank you. If you're beyond the first row of tables, I really won't be able to see you. So thank you.

好的。請下一個問題。如果我可以去找喬，謝謝。謝謝。如果你超出了第一排桌子，我就真的看不見你了。所以謝謝你。

It's Joe Dickerson from Jefferies. Just a quick question since we're sticking to the Q4 here. This other element of the U.K. NIM keeps on rearing its head. So that was a favorable 9 basis points quarter-on-quarter. Do you expect that to smooth out over '24, this kind of volatility from the other aspect? And I suppose related to that, what are the market indicators we might be able to look at to see how that line is moving? Because it's been pretty material now for -- off and on for some quarters.

我是傑富瑞集團的喬·迪克森。只是一個簡單的問題，因為我們在這裡堅持第四季。英國 NIM 的另一個因素不斷抬頭。因此，季度環比上升 9 個基點是有利的。您是否希望從另一個方面消除 24 年的這種波動？我想與此相關的是，我們可以透過哪些市場指標來了解該線的移動情況？因為對於某些季度來說，它現在已經非常重要了。

Okay. So just to remind you, what's included in that other. So two things really, basically any other product other than deposits and mortgages. So to the extent that we're seeing cards or, indeed, our SME lending moving around, you're going to see it flow through there, but also treasury.

好的。所以只是提醒您，其他內容包含哪些內容。所以實際上有兩件事，基本上是存款和抵押貸款以外的任何其他產品。因此，就我們看到銀行卡或事實上我們的中小企業貸款流動而言，你會看到它流經那裡，但也流經國庫。

So our NIM, remember, is an all-in NIM, some of our peers have a banking NIM, which excludes those treasury impacts. Really, what's going on in the fourth quarter is a reversal of what we talked about a year ago. And as such, I don't expect that impact to reverse as we go into 2024. So it's really a reversal of the previous impacts in most material form.

因此，請記住，我們的淨利差是一個全面的淨利差，我們的一些同業有銀行業的淨利差，其中排除了財務影響。確實，第四季度發生的情況與我們一年前談論的情況相反。因此，我預計這種影響在進入 2024 年時不會逆轉。

Thank you. Okay. Can I go to this corner, please? Thank you.

謝謝。好的。請問我可以去這個角落嗎？謝謝。

It's Guy Stebbings from BNP Paribas Exane. One on U.K. mortgages and one on US Cards. I think you said in your remarks earlier that you're going to see a net reduction in mortgage balances in the U.K., excluding the Tesco acquisition. It just seems a little bit odd given some of the improving dynamics within that market from a volume perspective, in terms of the data. So I just wanted to check assumptions there. Also some peers have talked to better new lending spreads in 2024 versus 2023.

我是法國巴黎銀行的蓋伊‧斯特賓斯 (Guy Stebbings)。一份用於英國抵押貸款，一份用於美國卡。我想你在早些時候的演講中說過，你將看到英國抵押貸款餘額的淨減少，不包括特易購的收購。從數據的角度來看，考慮到該市場的一些動態改善，這似乎有點奇怪。所以我只是想檢查那裡的假設。此外，一些同行也表示 2024 年新貸款利差將比 2023 年更好。

And then on US Cards, it's quite a step up in capital requirements from that model change. Just interested to hear if that changes your views at all in terms of the appropriate pace of growth for that business, or was this something that was always going to happen at some point in time? It's just particular timing.

然後，在美國卡上，由於模型的改變，資本需求有了很大的提高。只是想知道這是否會改變您對該業務適當成長速度的看法，或者這是否總是會在某個時間點發生？只是特定的時間而已。

Thank you, Guy. So the mortgage market through 2023 and actually as we enter 2024 has been somewhat dominated by refinancing activity. So it's pretty skinny margins, still attractive but skinny. And it tends to lead to a negative net in the market, which is what we've seen. So we're calling out nothing more than that, really, that the trends through the tail end of '23 have been towards negative net.

謝謝你，蓋伊。因此，到 2023 年以及實際上進入 2024 年時，抵押貸款市場在某種程度上一直由再融資活動主導。所以它的利潤相當微薄，仍然有吸引力，但微薄。這往往會導致市場出現負淨值，而這就是我們所看到的。因此，我們實際上只是指出，23 年末的趨勢一直是負淨值。

And similarly, that matches up with, I would say, the broader macro trend around deposits, where with QT and a sort of more constricted money supply, we'd expect deposits to fall. So it's really that, that we're calling out in BUK, a contraction in the market in those 2 larger products, which we would expect to reduce our net interest income expectations before ultimately we see the balance sheet start to grow, and we'd expect that in the second half of '24.

同樣，我想說，這與圍繞存款的更廣泛的宏觀趨勢相匹配，在量化寬鬆和貨幣供應量更加緊張的情況下，我們預計存款將會下降。因此，我們實際上在 BUK 呼籲，這兩種較大產品的市場收縮，我們預計這將降低我們的淨利息收入預期，然後最終我們看到資產負債表開始增長，我們'預計在24 年下半年。

Your second question, so I'm not going to comment too much on the strategy of the cards business because we're going to come to that. But we obviously always knew that we were going to have to go through an IRB conversion for US Cards. We typically update the market when the quantum becomes clear and when the timing becomes clear. And that's become clear to us in Q1 of this year, which is why we're updating you now.

你的第二個問題，所以我不會對信用卡業務的策略發表太多評論，因為我們將會談到這一點。但我們顯然一直都知道我們必須對美國卡進行 IRB 轉換。我們通常會在數量變得清晰並且時機變得明確時更新市場。我們在今年第一季就清楚了這一點，這就是我們現在向您通報最新情況的原因。

As I said previously, we included an estimate for it contained within our Basel number. And actually, the way things have turned out, it's a bit bigger, it's a year earlier, but conversely is offset by some of the updates that we have on Basel. But later on, Denny will take you through some of the ways in which we expect to specifically counteract this. Okay. Thank you.

正如我之前所說，我們在巴塞爾數據中包含了對此的估計。事實上，事實證明，它有點大，比一年前的時間要早，但相反，我們在巴塞爾的一些更新抵消了這一影響。但稍後，丹尼將帶您了解我們希望專門解決這個問題的一些方法。好的。謝謝。

It's Ben Toms from RBC. Just back to the NIM, if that's okay. Your NIM for the full year came in above expectations. Can you just talk a little bit about the deposit dynamics you saw in Q4 and where they were better than you previously expected? And then into 2024, I think you talked about deposits, expectations for the deposit balance to continue to fall. Maybe just about how you would extrapolate Q4 into 2024.

我是加拿大皇家銀行的本‧湯姆斯。如果可以的話，就回到 NIM 吧。您全年的淨利差高於預期。您能否簡單談談您在第四季度看到的存款動態以及哪些方面比您之前的預期要好？然後進入2024年，我想你談到了存款，預期存款餘額將繼續下降。也許你會如何將第四季推斷到 2024 年。

Okay. Thank you, Ben. Yes, we ended the year with a Q4 NIM of 3.07%, bringing the full year to 3.13%. You might recall at Q3, we said we expected to be between 3.05% and 3.10%, but that was largely dependent on deposit dynamics. And actually, it might be good to go to Slide 15 if we can because it might be helpful for this question. We said it'd be largely dependent on deposit dynamics, and if we saw a replication of Q3, we'd be at the top end of that range. And by my math, that's around 2.96%. We ended up at 3.07%.

好的。謝謝你，本。是的，我們第四季的淨利差為 3.07%，全年淨利差達到 3.13%。您可能還記得，在第三季度，我們表示預計利率將在 3.05% 至 3.10% 之間，但這在很大程度上取決於存款動態。實際上，如果可以的話，最好轉到幻燈片 15，因為它可能對這個問題有幫助。我們表示，這在很大程度上取決於存款動態，如果我們看到第三季的情況複製，我們將處於該範圍的頂端。根據我的計算，這個比例約為 2.96%。我們最終的利率為 3.07%。

And the biggest driver is really that movement that you can see on the slide, where the deposit pressure in Q3 was 16 basis points and the deposit pressure in Q4 was 7. And that's really because we saw a stabilization of deposits across Q4. And I think that comes sort of in two ways. Firstly, customer behavior, customer migration really slowed down. And secondly, we saw a stabilization in pricing as the rate environment settled.

最大的推動因素實際上是你在幻燈片上看到的走勢，第三季度的存款壓力為16 個基點，第四季度的存款壓力為7 個基點。存款趨於穩定。我認為這有兩種方式。首先，客戶行為、客戶遷移確實放緩。其次，隨著利率環境的穩定，我們看到定價趨於穩定。

So as a result, it was a markedly different deposit environment. Now clearly, we take that forward into 2024, noting those macro trends, and I would say, also noting that Q1 and Q2 tend to be fairly active as a deposit matter just because of seasonal effects, so paydown of tax, et cetera, but also because of the ISA season. But in the second half of 2024, I would expect this deposit activity to slow down and perhaps settle a little. And of course, we've got that ongoing impact of the structural hedge.

因此，這是一個明顯不同的存款環境。現在顯然，我們將這一點推進到2024 年，注意到這些宏觀趨勢，我想說，還注意到第一季和第二季作為存款問題往往相當活躍，只是因為季節性影響，因此繳稅等等，但是也是因為ISA賽季。但在 2024 年下半年，我預期這種存款活動將會放緩，甚至可能會稍微穩定下來。當然，我們也受到結構性對沖的持續影響。

So as we go into 2024, I think it's fair to say perhaps there's a bit more NIM stabilization than we might have expected. But we expect downward pressure on the balance sheet coming from both deposits and mortgages. And we'd expect to start growing the balance sheet again really towards the back end of the year, particularly, for example, through organic cards growth in the second half of 2024. And of course, none of that includes Tesco, and we'll update you when we know the completion date.

因此，當我們進入 2024 年時，我認為可以公平地說，淨利差的穩定程度可能比我們預期的要高一些。但我們預期資產負債表的下行壓力將來自存款和抵押貸款。我們預計到今年年底，資產負債表將再次開始成長，特別是透過 2024 年下半年卡的自然成長。

Okay. Where next? Rohith?

好的。接下來要去哪裡？羅希斯？

Rohith Chandra-Rajan, Bank of America. Thanks for the color on FICC. Just in markets, the equities business, looks like it's been struggling with market share for about the last 18 months or so. So I was wondering if you could give us a little bit more color about if there are particular product areas that have been more challenging relative to the peer group.

羅希斯·錢德拉-拉詹，美國銀行。感謝 FICC 上的顏色。就市場而言，股票業務在過去 18 個月左右的時間裡似乎一直在努力爭奪市場份額。因此，我想知道您是否可以向我們提供更多信息，說明是否存在相對於同行更具挑戰性的特定產品領域。

And then secondly, just on -- back on capital. You seem very confident that it's just US Cards where we've got model updates. Why do you not expect them anywhere else, because that's already been completed? Or you think the risk weightings on the other models are in the right place?

其次，回到資本。您似乎非常有信心，我們只有美國卡才有型號更新。為什麼你不期望他們在其他地方出現，因為那已經完成了？或者您認為其他模型的風險權重處於正確的位置？

So on equities, actually, our performance is fine in the fourth quarter. Nothing I'd specifically call out. Adeel is going to talk later on about a couple of specific product areas where we want to do -- where we have a bit more focus ongoing. So I'll let him pick that up then. But there's nothing stand out, there's nothing particular that I would call out for Q4.

所以在股票方面，其實我們第四季的表現還不錯。我沒有什麼好特別指出的。 Adeel 稍後將討論我們想要做的幾個特定產品領域——我們正在專注於這些領域。那我就讓他來接。但沒有什麼突出的，沒有什麼特別值得我為第四季提出的。

On the capital point, as I said before, it's a requirement for IRB banks to get to 85%. The eagle-eyed amongst you, if you look in the pillar 3, I forgot which table would it might be, 28, you'll be able to see that actually post-US Cards, we get to around 67%. The step between here and full compliance is largely around the wholesale models. And actually under standardized, the wholesale models do a pretty good job of having the right weights against counterparties to reflect what would otherwise be an advanced treatment.

在資本點上，如我之前所說，IRB銀行的要求是達到85%。眼尖的你們，如果你們看看第3個支柱，我忘了它可能是哪張桌子，28，你們會看到實際上美國後的卡，我們達到了67%左右。從這裡到完全合規之間的一步主要是圍繞批發模式。實際上，在標準化的情況下，批發模型在對交易對手進行正確的權重方面做得相當好，以反映本來是先進的治療方法。

So on wholesale, which is our only remaining big movement to make, we are not anticipating a significant movement in RWAs. And of course, outside of cards, you'd expect a movement from standardized to advanced to actually reduce the RWAs. It just doesn't in particular with cards. And our UK Cards book is already IRB-compliant. So this brings the US Cards book up in alignment with that.

因此，在批發方面，這是我們唯一剩下的大動作，我們預計 RWA 不會發生重大變化。當然，除了卡片之外，您還期望從標準化到高級的轉變能夠真正減少 RWA。它只是不適用於卡片。我們的 UK Cards 書籍已符合 IRB 標準。因此，這使美國卡片書與此保持一致。

Okay, Andy. I think, Andy, you might be our last question in the interest of time.

好吧，安迪。我想，安迪，為了節省時間，你可能是我們最後一個問題。

It's Andrew Coombs from Citi. Two questions, please. First, on the U.K., we talked about the net interest income, which came in notably ahead of consensus.

我是花旗銀行的安德魯·庫姆斯。請教兩個問題。首先，在英國，我們討論了淨利息收入，該收入明顯領先於共識。

Can you please speak up?

你能說一下嗎？

Of course. So in the U.K. net interest income, we've already talked about and came in notably ahead of consensus expectations. But on the flip side, the non-net interest income came in below expectations. I know there is the transfer of WM in our NII there. Are there any other one-offs you'd like to call out in the non-NII in the U.K.?

當然。因此，在英國的淨利息收入方面，我們已經討論過並且明顯超出了共識預期。但另一方面，非淨利息收入低於預期。我知道我們NII裡面有WM的轉帳。在英國的非國家資訊基礎設施中，您是否還想指出其他一次性的情況？

And my second question, a similar vein. The corporate revenues in CIB, again slightly lower in the quarter. Anything you'd like to call out there in terms of leveraged finance marks or hedges or anything else in that line item?

我的第二個問題也是類似的。 CIB 的企業營收本季再次小幅下降。您想在槓桿融資標記或對沖或該行項目中的其他任何內容方面提出什麼要求嗎？

Okay. Thank you, Andy. So on the non-NII in the U.K., as you pointed out, it has changed structurally because we moved UK Wealth into Private Banking & Wealth, and we did that in Q2 of '23. The other thing just to call out is, previously, we've seen sort of relatively lumpy debt sales go through that line in the past. Don't expect that going forward. We've got a forward flow arrangements. So it drips through the P&L in a much more gradual way.

好的。謝謝你，安迪。因此，對於英國的非 NII，正如您所指出的，它發生了結構性變化，因為我們將英國財富轉移到私人銀行和財富，我們在 23 年第二季就這樣做了。需要指出的另一件事是，之前我們已經看到相對不穩定的債務銷售經歷了這條線。不要指望未來會這樣。我們有向前流動的安排。因此它以一種更漸進的方式滲透到損益表中。

In terms of the one-offs across Q3 being positive and Q4 being negative, they're all too small really. There's nothing I would specifically call out, which is why we're trying to be helpful here and give you some guidance to help you model it going forward and saying that we expect it to be above GBP 250 million.

就第三季為正值和第四季為負值的一次性因素而言，它們確實太小了。我沒有什麼要特別指出的，這就是為什麼我們試圖在這裡提供幫助，並為您提供一些指導，以幫助您對其進行建模，並表示我們預計其金額將超過 2.5 億英鎊。

And on the corporate lending line, clearly, that does include the costs of our SFT and it does include the cost of the portfolio hedges. But really, the only significant point in the current quarter is GBP 85 million of leveraged loan marks that we took in the quarter. I wouldn't call anything else out specifically. I'd say that underlying corporate lending income is broadly stable from where it's been over the last few quarters.

顯然，在企業貸款方面，這確實包括我們的 SFT 成本，也包括投資組合對沖的成本。但實際上，本季唯一重要的一點是我們在本季獲得的 8,500 萬英鎊槓桿貸款馬克。我不會特別指出任何其他內容。我想說的是，基本企業貸款收入與過去幾季相比基本上穩定。

Okay. And with that, I will close the full year part and invite Venkat to pick up the strategy update.

好的。至此，我將結束全年部分，並邀請 Venkat 了解策略更新。

Thank you, Anna. Right. So now we come to the strategy update part. It's been 10 years since our last Investor Day. A lot has changed in the world since then. A lot has changed at Barclays. So today, what we do is we present our vision for the future. It's a vision of a better run, more strongly performing, higher-returning bank.

謝謝你，安娜。正確的。現在我們進入策略更新部分。距離上次投資者日已經過了 10 年。從那時起，世界發生了許多變化。巴克萊銀行發生了很多變化。所以今天，我們所做的就是展示我們對未來的願景。這是一個經營更好、業績更強勁、回報更高的銀行的願景。

It's a vision of a Barclays which encompasses a potent collection of businesses and capabilities. Each is strong by itself. And together, they are mutually beneficial and reinforcing. It's a Barclays which is appropriate to a changing and multipolar world, one which values a U.K.-based bank.

這是巴克萊銀行的願景，其中包含了一系列強大的業務和能力。每個人本身都很強。而且它們在一起是互惠互利、互相促進的。這是一家適合不斷變化的多極世界的巴克萊銀行，它重視一家總部位於英國的銀行。

Equally, it is a Barclays which seeks to deepen and broaden its role in the U.K. even as it engages with the world from London. As I say, we are very bullish on the U.K. as a place in which to do business and from which to do business. Importantly, it is a vision for Barclays that is committed to generating strong financial returns and distributing them to shareholders.

同樣，它也是一家巴克萊銀行，在從倫敦與世界接觸的同時，也尋求深化和擴大在英國的角色。正如我所說，我們非常看好英國作為開展業務的地點和開展業務的出發點。重要的是，巴克萊銀行的願景是致力於產生強勁的財務回報並將其分配給股東。

In my 2 years as CEO, I have worked very closely with my colleagues in the Executive Committee, outside of it and with the Board, examining the path on which we have been, the direction we need to take forward. And what you will see in here today are the results of that work. We are creating a simpler, a better, a more balanced bank, words which I will come back to later. It's dedicated to higher returns for its investors, and how we do that is equally important. It's a vision anchored in ambition, measured ambitions I call it, and it's driven by disciplined delivery. And as I said, it's harnessed to our home here in the U.K.

在擔任執行長的兩年裡，我與執行委員會、執行委員會之外以及董事會的同事密切合作，審視我們走過的道路，以及我們需要前進的方向。今天您將在這裡看到的就是這項工作的成果。我們正在創建一個更簡單、更好、更平衡的銀行，我稍後會談到這些話。它致力於為投資者帶來更高的回報，而我們如何做到這一點同樣重要。這是一個以雄心為基礎的願景，我稱之為有節制的雄心，它是由嚴格的交付所驅動的。正如我所說，它被運用到我們英國的家。

So we've embraced this plan of measured ambition, measured confidence. We start actually with very strong foundations. Over 20 million U.K. retail customers, and that is before Tesco, and we bank a 1/4 of U.K. corporates. In the U.S., our credit card business has a further 20 million customers. In our Investment Bank, we've built leading global markets and banking businesses, which are at scale today. I repeat, at scale today, delivering for our clients at a time when many competitors have pulled back and, in fact, some still continue to do so.

因此，我們接受了這個雄心勃勃、信心十足的計劃。我們實際上是從非常堅實的基礎開始的。英國有超過 2,000 萬零售客戶（還不包括特易購），我們為 1/4 的英國企業提供銀行服務。在美國，我們的信用卡業務還有 2,000 萬客戶。在我們的投資銀行中，我們建立了領先的全球市場和銀行業務，並達到了今天的規模。我重複一遍，今天，在許多競爭對手已經撤退，事實上，有些競爭對手仍在繼續這樣做的時候，我們正在大規模地為我們的客戶提供服務。

For a long time, fixed income has been the calling card of Barclays. We are #3 in credit and joined first in fixed income financing. Our Investment Bank has led landmark transactions. And importantly to me, we were the top U.K. investment bank in 2023. This is a title to which I feel we always must aspire.

長期以來，固定收益一直是巴克萊的名片。我們在信用領域排名第三，在固定收益融資領域排名第一。我們的投資銀行主導了具有里程碑意義的交易。對我來說重要的是，我們將在 2023 年成為英國頂級投資銀行。

I said that we did an investor update 10 years ago. And Barclays has changed since that time, in fact, changed substantially for the better. We've strengthened the bank financially, improved its capitalization and are now leaner. We reduced our headcount by about 1/3 over this period and our footprint from more than 50 countries then to 38 today.

我說我們10年前就做過投資者更新。從那時起，巴克萊銀行就發生了變化，事實上，發生了巨大的變化，變得更好了。我們增強了銀行的財務實力，提高了其資本，現在更加精簡。在此期間，我們的員工人數減少了約 1/3，足跡從當時的 50 多個國家減少到今天的 38 個。

We've exited nonpriority businesses in Africa, in Asia, in European retail banking as well as commodities, and there are 2 more in advanced stages of discussion. We've reduced our RWAs by about 20% in this period, strengthened our CET1 ratio by 4.5 percentage points to 13.8% at year-end, as we just spoke about. And at the same time, unfortunately, we have incurred about GBP 16 billion on litigation and conduct issues and costs.

我們已經退出了非洲、亞洲、歐洲零售銀行以及大宗商品的非優先業務，還有另外兩個業務正處於討論的後期階段。正如我們剛才所說，我們在此期間將 RWA 降低了約 20%，將 CET1 比率提高了 4.5 個百分點，達到年底的 13.8%。同時，不幸的是，我們因訴訟和行為問題及成本而產生了約 160 億英鎊。

To me, this is a very, very disappointing number and it is a stark and serious reminder as to why it is so important to run a bank well. And at the heart of running a bank well is what I call running it in a consistently excellent way. It is the surest way we have to preserve our reputation, protect our bank and all our shareholders.

對我來說，這是一個非常非常令人失望的數字，它鮮明而嚴肅地提醒我們為什麼經營好銀行如此重要。良好經營銀行的核心是我所說的以始終如一的卓越方式經營銀行。這是我們維護聲譽、保護我們的銀行和所有股東的最可靠方法。

Over the same period, we have reset our financial performance, particularly in the last 3 years, delivering return on tangible equity above 10% since 2021 and distributing GBP 7.7 billion to shareholders in that period, which is 35% higher than the prior 7 years put together. And while this has been an improvement, it is not enough. And indeed, our shareholder experience needs to be better. We have listened, we have heard and we will do even better.

同期，我們重新調整了財務業績，特別是在過去 3 年，自 2021 年以來，有形股本回報率超過 10%，同期向股東分配了 77 億英鎊，比前 7 年高出 35%連綴。雖然這是一個進步，但還不夠。事實上，我們的股東體驗需要更好。我們已經傾聽，我們已經聽到，我們會做得更好。

So how will we do even better? At one level, I want Barclays to be renowned for excellent operational performance. To me, operational performance and financial success are two sides of the same coin. Operationally, we have worked to what I call this new standard of consistent excellence for over 1.5 years, looking to reduce complexity, harnessing technology, promoting strong risk and controls and aiming to deliver a better customer experience. We need to continue to do this.

那我們要怎麼樣才能做得更好呢？一方面，我希望巴克萊銀行能夠以卓越的營運表現而聞名。對我來說，營運績效和財務成功是同一枚硬幣的兩個面向。在營運方面，我們已經按照我所說的持續卓越的新標準工作了 1.5 年多，尋求降低複雜性、利用技術、促進強有力的風險和控制，並旨在提供更好的客戶體驗。我們需要繼續這樣做。

Financially, we need to drive towards higher returns from our businesses while improving our efficiency. As I will talk about, we will invest RWAs in our higher returning consumer and corporate businesses while maintaining the RWAs in the Investment Bank broadly stable at their current absolute level.

在財務上，我們需要在提高效率的同時提高業務回報。正如我將要談到的，我們將把風險加權資產投資於回報率較高的消費者和企業業務，同時將投資銀行的風險加權資產維持在目前的絕對水準大致穩定。

As you will hear, the Investment Bank RWAs will shrink in real terms as they will have to self absorb the impact of Basel 3.1. Crucially, we are targeting higher, more predictable shareholder distributions. And lastly, we will have clearer financial reporting, which will allow you and us to mark our progress more easily.

正如您將聽到的那樣，投資銀行的 RWA 將實際收縮，因為它們必須自行吸收巴塞爾 3.1 的影響。至關重要的是，我們的目標是實現更高、更可預測的股東分配。最後，我們將擁有更清晰的財務報告，這將使您和我們能夠更輕鬆地標記我們的進度。

So what will this plan deliver? First of all, improvement in RoTE from 9% statutorily in 2023 to 12% and above -- to greater than 12% in 2026. Second, we plan to distribute at least GBP 10 billion to shareholders between 2024 and 2026, and this is about 50% of our current market capitalization. Third, we are putting a cap on the RWAs in our Investment Bank, reducing its share of RWAs from 63% in our current CIB construct to around 50% by 2026. And to me, these are the 3 important parameters and numbers that we're focused on.

那麼這個計劃將帶來什麼？首先，RoTE從2023年法定的9%提高到12%及以上，到2026年超過12%。 %。第三，我們正在為投資銀行中的RWA 設定上限，到2026 年將其RWA 份額從我們目前CIB 結構中的63% 減少到50% 左右。重要參數和數字。

How will we do this? Over the next 3 years, we aim to make the bank simpler, run it better and make it more balanced. What does simpler mean? It means, first of all, a simpler business structure and then one that is organized and operated in a simpler way.

我們將如何做到這一點？未來三年，我們的目標是讓銀行變得更簡單、運作得更好、更平衡。更簡單是什麼意思？這首先意味著更簡單的業務結構，然後以更簡單的方式組織和運作。

I'll spend some time on this slide. From today, we will run Barclays through a business structure that, as I said, delivers greater accountability and transparency in reporting to investors. And there are 3 messages I'd like to bring out on this slide: one, why is this a simpler structure; two, why do we have each of these 5 businesses; and three, why do they fit together, okay?

我將花一些時間在這張投影片上。從今天開始，我們將透過一個業務結構來經營巴克萊銀行，正如我所說，該結構將在向投資者報告時提供更大的責任感和透明度。我想在這張投影片上傳達 3 個訊息：第一，為什麼這是一個更簡單的結構；第二，為什麼這是一個更簡單的結構？二、為什麼我們要有這5個業務；還有三個，為什麼他們適合在一起，好嗎？

The structure is simpler because even though we go from 3 units to 5, this reflects the way in which we serve our customers and clients and it increases the transparency on our performance. We will no longer report either Consumer Cards & Payments or the Corporate & Investment Bank in their current construct. Instead first, we bring private banking and wealth management at Barclays into one unit and we report this separately from the US Consumer Bank, which contains our specialty credit card partnership business in the U.S.

結構更簡單，因為即使我們從 3 個單位增加到 5 個單位，這也反映了我們為客戶和客戶提供服務的方式，並提高了我們績效的透明度。我們將不再報告目前結構中的消費者卡與支付或企業與投資銀行。相反，我們首先將巴克萊銀行的私人銀行業務和財富管理業務合併為一個部門，並將其與美國消費者銀行分開報告，後者包含我們在美國的專業信用卡合作夥伴業務。

From the old CIB, we have created the UK Corporate Bank, which serves midsized corporates in the U.K. And this will be managed and reported separately from the Investment Bank, which now comprises Global Markets and Investment Banking. The Investment Banking part also includes our international corporate bank, which serves multinational corporate and institutional clients under one roof.

在舊的 CIB 的基礎上，我們創建了英國企業銀行，為英國的中型企業提供服務，這將與投資銀行分開管理和報告，投資銀行現在包括全球市場和投資銀行業務。投資銀行部分還包括我們的國際企業銀行，該銀行為跨國企業和機構客戶提供一站式服務。

As part of our effort to become a simpler business, we've also considered the strengths and opportunities within our portfolio. As a result of that, if you look at what is in gray, we are in advanced discussions on the sale of our German consumer business and our Italian mortgage book, and this will complete our exit from European retail outside of the U.K. We are also evaluating options for our U.K. merchant acquiring business, which I will talk more about later. So the first point was the 5 businesses.

作為我們努力簡化業務的一部分，我們也考慮了我們產品組合中的優勢和機會。因此，如果你看一下灰色部分，我們正在就出售我們的德國消費者業務和我們的意大利抵押貸款賬簿進行深入討論，這將完成我們從英國以外的歐洲零售業的退出。業務的選擇，我將在稍後詳細討論。所以第一個點就是5家企業。

The second point is, how do we think about each of these businesses. We are at scale in Barclays UK, we are at scale in the Investment Bank, and we are at scale in the UK Corporate Bank. Our focus is on improving each one of them. Some parts will need to grow and they will.

第二點是，我們如何看待這些業務。我們在英國巴克萊銀行具有一定規模，在投資銀行具有一定規模，在英國企業銀行也具有一定規模。我們的重點是改進其中每一項。有些部分需要生長，而且它們會生長。

In the Private Bank & Wealth Management space, we are very profitable, as we'll show you, but we need to scale further. And in the US Consumer Bank, we are on a journey to scale while mentioning our specialist -- maintaining our specialist focus, which must be more profitable. And that includes better management of capital and a lower cost to income ratio, and we'll talk about that.

正如我們將向您展示的那樣，在私人銀行和財富管理領域，我們的利潤非常豐厚，但我們需要進一步擴大規模。在美國消費者銀行，我們正在擴大規模，同時提到我們的專家——保持我們的專業專注，這必須能帶來更多利潤。這包括更好的資本管理和更低的成本收入比，我們將討論這一點。

Finally, why does this collection of businesses fit together? The way we think about it is either they have a U.K. focus and/or they bring synergies to the bank. For instance, if you take the US Consumer Bank, it has client synergies with the Investment Bank but also with our US Cards capability as our Tesco mortgage -- Tesco Bank transaction shows. And given that we have in that transaction entered into a partnership program, which is, in fact, the focus of our specialty business in the U.S. Further, the U.S. consumer business diversifies our Investment Bank in the U.S. stress test, CCAR.

最後，為什麼這一系列企業會聚在一起？我們的想法是，他們要么專注於英國，要么為銀行帶來協同效應。例如，如果您以美國消費者銀行為例，它不僅與投資銀行具有客戶協同效應，而且還與我們的美國卡功能具有協同效應，正如我們的樂購抵押貸款 - 樂購銀行交易所示。鑑於我們在那筆交易中籤訂了合作夥伴計劃，這實際上是我們在美國專業業務的重點。

Lastly, we've announced management changes this morning for our 5 businesses. They reflect both the promotion of the next generation of leaders for our important businesses as well as a rotation within Barclays to broaden the experience of some of our existing business heads.

最後，我們今天早上宣布了 5 家企業的管理層變動。它們既反映了我們重要業務的下一代領導者的晉升，也反映了巴克萊銀行內部的輪換，以拓寬我們一些現有業務負責人的經驗。

So Barclays UK will be run by Vim Maru, who ran the equivalent business at Lloyd's, and we look to him to apply his experience with Barclays UK. The UK Corporate Bank will be run by Matt Hammerstein, my colleague who has run Barclays UK for over half a decade and is now ready to step into this new challenge. His deep experience in the U.K. makes him an opportune and fit person to run this division.

因此，巴克萊英國公司將由維姆·馬魯（Vim Maru）經營，他曾在勞合社經營過類似業務，我們希望他能運用他在巴克萊英國公司的經驗。英國企業銀行將由我的同事 Matt Hammerstein 管理，他管理巴克萊英國銀行已超過五年，現在已準備好迎接這項新挑戰。他在英國的豐富經驗使他成為管理該部門的合適人選。

Private Banking & Wealth will be managed by my colleague, Sasha Wiggins, who has served as both my chief of staff and managed our public policy effort most recently. She has her career anchored in our private bank before she ran our business in Ireland, and she brings the knowledge and the profile and the connectivity within the bank to achieve this ambition successfully.

私人銀行與財富部門將由我的同事 Sasha Wiggins 管理，她最近擔任我的幕僚長並管理我們的公共政策工作。在愛爾蘭經營我們的業務之前，她的職業生涯主要集中在我們的私人銀行，她帶來了銀行內部的知識、形象和聯繫，以成功實現這一雄心壯志。

And our Investment Bank will be run by Adeel Khan as Global Head of Markets and Cathal Deasy and Taylor Wright, who remain Co-Heads of Investment Banking. Stephen Dainton, who co-ran Markets with Adeel, is appointed President of Barclays Bank plc and Head of the Investment Bank management.

我們的投資銀行將由 Adeel Khan 擔任全球市場主管，Cathal Deasy 和 Taylor Wright 繼續擔任投資銀行聯席主管。與阿迪爾共同經營市場部的史蒂芬丹頓 (Stephen Dainton) 被任命為巴克萊銀行 (Barclays Bank plc) 總裁兼投資銀行管理主管。

My colleague, Paul Compton, who's been with us on the Executive Committee for 8 years, will step back from his current role as Global Head of the CIB and become Chairman of Investment Banking, speaking and working with our most critical clients. The US Consumer Bank continues to be run by Denny Nealon. These business leaders are all members of the Barclays Executive Committee, and they will report to me.

我的同事保羅·康普頓(Paul Compton) 已在我們的執行委員會工作了8 年，他將辭去目前CIB 全球主管的職務，轉而擔任投資銀行業務主席，與我們最關鍵的客戶進行交流和合作。美國消費者銀行繼續由丹尼·尼爾倫 (Denny Nealon) 經營。這些商界領袖都是巴克萊執行委員會的成員，他們將向我報告。

So that was the structure. Equally important in running the bank in a simpler way is how we operate them. We removed 5,000 roles in 2023. We are also repositioning about 30% of the people from our common platform, Barclays Execution Services, which we call BX. That's about 20,000 people. And we are driving that, moving them into the businesses, driving closer ownership, greater accountability and speed of execution.

這就是結構。以更簡單的方式經營銀行同樣重要的是我們如何經營銀行。 2023 年，我們裁減了 5,000 個職位。大約有2萬人。我們正在推動這一目標，將他們轉移到業務中，推動更緊密的所有權、更大的責任和執行速度。

We are focused on technology, which is a big driver of simplicity. 75% of our workload so far has been moved to the cloud with a plan to get this to 85% to 90%. We expect to decommission a further 450 to 500 legacy systems on top of the 400 that we have decommissioned to date and with a much greater focus in the future on buy versus build.

我們專注於技術，這是簡化的重要驅動力。到目前為止，我們 75% 的工作負載已轉移到雲端，並計劃將其提高到 85% 到 90%。除了迄今為止已退役的 400 個遺留系統外，我們預計還將退役 450 至 500 個遺留系統，並且未來將更加關注購買與建造。

So I said, first, a simpler bank and then a better bank. What does better mean? Having a simpler business means we can focus on delivering better performance for our customers and clients and as well as improving -- delivering an improved financial performance for you, our shareholders. And we managed to do it in these ways.

所以我說，首先是一家更簡單的銀行，然後是更好的銀行。更好是什麼意思？擁有更簡單的業務意味著我們可以專注於為我們的客戶和客戶提供更好的業績，並為您（我們的股東）提供改進的財務表現。我們設法透過這些方式做到這一點。

First, to better returns. As you have heard, we aim to deliver greater than 12% RoTE by 2026. To do that, we will continue to generate consistently high returns in Barclays UK, the UK Corporate Bank and Private Banking & Wealth while investing more in these higher-returning businesses. At the same time, we aim to improve the Investment Bank's RoTE from 7% in '23 to be in line with the group target of above 12% by 2026.

第一，為了更好的回報。正如您所聽說的，我們的目標是到2026 年實現超過12% 的RoTE。大對這些回報較高的投資。同時，我們的目標是將投資銀行的 RoTE 從 23 年的 7% 提高到 2026 年 12% 以上的集團目標。

And in the US Consumer Bank, we are also targeting an RoTE of -- for 2026 in line with the group. So up from the 4% in 2023 and building back towards the levels of RoTE which we have delivered previously. So we are generating higher group returns by a combination of delivering higher returns from businesses which need to improve and allocating more core capital to businesses that have consistently generated higher returns, and we expect them to continue to do so.

在美國消費者銀行，我們也將 2026 年的 RoTE 目標定為與集團一致。因此，從 2023 年的 4% 開始，我們將恢復到我們先前交付的 RoTE 水準。因此，我們透過向需要改進的企業提供更高的回報以及向持續產生更高回報的企業分配更多核心資本來創造更高的集團回報，我們預計他們將繼續這樣做。

The second part of running better is to continue to invest selectively. We have spent GBP 300 million on cost efficiency and revenue growth and protection in 2023, and this number is increasing to GBP 500 million by 2026. And while we continue to invest selectively in the Investment Bank, the proportion that goes to consumer-facing businesses will grow to 70% and the absolute amount will double. We are getting capital resources, as I said, and investment resources.

跑得更好的第二部分是繼續有選擇地投資。 2023 年，我們在成本效率、收入成長和保護上花費了3 億英鎊，到2026 年，這一數字將增加到5 億英鎊。的企業的比例將成長至70%，絕對數量將翻倍。正如我所說，我們正在獲得資本資源和投資資源。

Better income is not just higher income but better quality income. And we aim to grow our total income to around GBP 30 billion by 2026. Today, we already have a balanced mix of NII and non-NII, which is relatively resilient through rate cycles.

更好的收入不僅是更高的收入，而且是更高品質的收入。我們的目標是到 2026 年將總收入增加到 300 億英鎊左右。

But if you look at the bottom of this chart, you see two parts: Retail & Corporate and Financing. We consider these two to be more stable income streams and they have grown by about 35% since 2021. And the proportion from these more stable income streams will be about 70% of the bank's total income by 2026. This slide reflects the anticipated effect of the announced acquisition of Tesco Bank and the planned disposal of our German cards business.

但如果您查看此圖表的底部，您會看到兩個部分：零售和企業以及融資。我們認為這兩個是更穩定的收入來源，自2021 年以來成長了約35%。反映了預期的效果宣布收購樂購銀行併計劃出售我們的德國卡業務。

Lastly, and very importantly to me, happy and satisfied customers are the sine qua non for any enterprise. And we need to improve our customer experience and outcomes. I mean, to illustrate this in the U.K., our Net Promoters Score is ranked 8th among the 12 leading banks. This is not good enough. We aim to improve the customer experience by investing in it deeply and making it not just a point of focus, but a point of ambition and a point of pride.

最後，對我來說非常重要的是，快樂和滿意的客戶是任何企業的必要條件。我們需要改善客戶體驗和成果。我的意思是，為了說明這一點，我們的淨推薦值在英國 12 家領先銀行中排名第 8。這還不夠好。我們的目標是透過深入投資來改善客戶體驗，使其不僅成為焦點，而且成為雄心壯志和自豪感。

Our investments across our businesses are aimed at operational excellence and client satisfaction. As I said at the start, they are the same thing and it's the same side -- it's one other side of the coin of financial performance.

我們對各個業務的投資旨在實現卓越營運和客戶滿意度。正如我一開始所說的，它們是同一件事，而且是同一面——這是財務績效硬幣的另一面。

So we spoke about simpler, we spoke about better and we spoke -- now I'm going to talk about a more balanced bank. And what does it mean? It means a more balanced allocation of RWAs with more capital deployed to our highest returning opportunities and it also means a more balanced geographical footprint, more concentrated in the U.K. and in the U.S.

所以我們討論了更簡單，我們討論了更好，我們討論了——現在我要討論一個更平衡的銀行。這意味著什麼？這意味著 RWA 的分配更加平衡，將更多資本部署到回報率最高的機會上，也意味著地理分佈更加平衡，更加集中在英國和美國。

We will continue to exert discipline on how we allocate capital both across the bank and within the businesses of the bank. Of the GBP 50 billion which we now expect in RWA increase between now and 2026, we intend to allocate about GBP 30 billion to our 3 U.K. businesses: Barclays UK, the UK Corporate Bank and Private Banking & Wealth Management. Now this includes the about GBP 8 billion in RWAs in the Tesco Bank acquisition, which we announced 10 days ago.

我們將繼續對整個銀行和銀行業務內部的資本分配實行嚴格的紀律。從現在到 2026 年，我們預計 RWA 將增加 500 億英鎊，其中我們打算將約 300 億英鎊分配給我們的 3 個英國業務：英國巴克萊銀行、英國企業銀行以及私人銀行和財富管理。現在，這包括我們 10 天前宣布的 Tesco Bank 收購中約 80 億英鎊的 RWA。

Of the GBP 20 billion in RWA increases allocated to the US Consumer Bank, about GBP 16 billion is driven by the changes in regulation that Anna spoke about earlier. Investment Bank RWAs, as I have said, will be relatively stable and, in fact, shrink in real terms because they are absorbing -- we are absorbing in the Investment Bank the impact of Basel 3.1. Over the medium term, this will rebalance RWAs between our consumer and wholesale businesses and will support more consistent and higher returns.

在分配給美國消費者銀行的 200 億英鎊 RWA 增加中，約 160 億英鎊是由安娜之前談到的監管變化推動的。正如我所說，投資銀行的 RWA 將相對穩定，事實上，以實際價值計算，它們會收縮，因為它們正在吸收——我們正在投資銀行吸收巴塞爾 3.1 的影響。從中期來看，這將重新平衡我們的消費者和批發業務之間的 RWA，並將支持更一致和更高的回報。

As I have said, the Investment Bank is both very competitive and at scale. Our prior CIB construct accounted for about 63% of the group's RWAs. The newly segmented Investment Bank accounts for about 58%. And as a result of the rebalancing of the group that we've announced today, it will reduce to about 50% by 2026. Further, as I'll talk about later, we will recycle capital dynamically to the highest returning areas within the Investment Bank, and I'll talk about that in the next presentation. And we do that so that it can grow income without needing more capital, improving productivity and returns for the group. Taken together, all of this delivers a more balanced bank.

正如我所說，投資銀行的競爭力和規模都非常大。我們先前的 CIB 建置佔該組 RWA 的約 63%。新細分的投資銀行約佔58%。由於我們今天宣布的集團再平衡，到 2026 年，這一比例將減少到 50% 左右。 ，我將在下一個演講中討論這個問題。我們這樣做是為了在不需要更多資本的情況下增加收入，提高集團的生產力和回報。總而言之，所有這些都使銀行變得更加平衡。

Now coming to geography. I said earlier that we feel very confident in being a bank that operates in the U.K. and from the U.K., and it is time to grow in our U.K. market. We have been a U.K.-centered bank for 330 years. We are still transatlantic with an important presence in New York. But the U.K. is a great place to run a scaled banking franchise. The economy has remained resilient. The legal and regulatory environment is extremely strong and trusted. And for our international businesses, people want a U.K. counterparty. Taken together, operating out of London, we aim to be the U.K.-centered leader in global finance.

現在來談談地理。我之前說過，我們對成為一家在英國運作並來自英國的銀行非常有信心，現在是在英國市場發展的時候了。 330 年來，我們一直是一家以英國為中心的銀行。我們仍然跨大西洋，在紐約擁有重要的業務。但英國是經營大規模銀行業務的好地方。經濟仍然保持彈性。法律和監管環境極為強大且值得信賴。對於我們的國際業務，人們需要英國的交易對手。總的來說，我們在倫敦開展業務，目標是成為以英國為中心的全球金融領導者。

So in summary, we aim for stronger returns, greater shareholder distributions and operational excellence. They all go together. We will do so by having a simpler structure, better operation and financial performance and a more balanced business.

總而言之，我們的目標是實現更高的回報、更大的股東分配和卓越的營運。他們都一起去。我們將透過更簡單的結構、更好的營運和財務表現以及更平衡的業務來實現這一目標。

So I repeat the words I said earlier. On the one hand, simpler, better, more balanced. That's the type of bank. On the other, we get there with our approach of being disciplined, consistently excellent in our operations and risk managed in a way that will deliver enhanced returns for our shareholders.

所以我重複我之前說過的話。一方面，更簡單、更好、更平衡。這就是銀行的類型。另一方面，我們透過遵守紀律、一致地出色營運和風險管理來實現這一目標，從而為股東帶來更高的回報。

So what I will do now is turn it over to Anna to talk through what all of this means in financial terms for our shareholders in more detail. Anna?

所以我現在要做的就是把它交給安娜，更詳細地討論這一切對我們股東的財務意味著什麼。安娜？

Thank you, Venkat. As you've heard, our new 3-year framework sets out more ambitious financial targets versus going already, and meaningfully higher shareholder distributions. I'm now going to take you through what underpins these plans.

謝謝你，文卡特。正如您所聽說的，我們新的三年框架設定了比現有目標更雄心勃勃的財務目標，以及有意義的更高的股東分配。現在我將帶您了解這些計劃的基礎。

We start from a strong foundation, having delivered RoTE above 10% for 3 years now, excluding the structural cost actions taken in the last quarter. Our objective is to deliver RoTE above 12% in 2026 as we grow and generate further efficiencies. Along the way in 2024, we aim to deliver returns of greater than 10% whilst we reposition the organization and navigate the changing macroeconomic environment.

我們擁有堅實的基礎，目前已連續 3 年實現 10% 以上的 RoTE（不包括上季度採取的結構性成本行動）。我們的目標是隨著我們的發展和效率的進一步提高，到 2026 年將 RoTE 提高 12% 以上。到 2024 年，我們的目標是實現超過 10% 的回報，同時重新定位組織並應對不斷變化的宏觀經濟環境。

Our plans to 2026 include the announced acquisition of Tesco Bank and the planned disposals of the German consumer business and Italian mortgage book, where we are in advanced discussions. I do anticipate that these planned disposals will reduce RoTE in 2024. So on an underlying basis, I expect we'll deliver around 10.5%, broadly flat to 2023. But this inorganic activity focuses our businesses for RoTE improvement beyond 2024.

我們到 2026 年的計畫包括宣布收購樂購銀行，以及計畫出售德國消費者業務和義大利抵押貸款業務，我們正在對此進行深入討論。我確實預計這些計劃中的處置將在2024 年減少RoTE。年之後的RoTE 改善上。

So in executing these plans, we are focused more on what we can control. And over the coming slides, I'll talk you through the drivers of RoTE across income, costs, impairment and why we're comfortable with the assumptions that we have made. But before I do though, I would like to cover the impacts from the cash flow hedge reserve on this slide.

因此，在執行這些計劃時，我們更關注我們可以控制的事情。在接下來的投影片中，我將向您介紹 RoTE 在收入、成本、減損方面的驅動因素，以及為什麼我們對我們所做的假設感到滿意。但在此之前，我想先介紹一下這張投影片上現金流對沖準備金的影響。

With a year-end value of negative GBP 3.7 billion, it is currently a drag to tangible book value per share. As we expect its value to increase going forward, we're confident that our tangible book value will increase from the year-end position of 331p per share. And whilst mechanistically it creates a drag on RoTE, it's worth remembering that its movement -- that movements in the cash flow hedge reserve don't impact our ability to distribute capital.

年終價值為負 37 億英鎊，目前拖累每股有形帳面價值。由於我們預計其價值未來會增加，因此我們有信心我們的有形帳面價值將從年末每股 331 便士的基礎上增加。雖然從機械上講，它對 RoTE 造成了拖累，但值得記住的是，它的變動——現金流對沖儲備的變動不會影響我們分配資本的能力。

So turning first to income. So what underpins our nearly GBP 5 billion of income growth? First, a tailwind from our structural hedge; second, some reasonable assumptions in the investment banking wallet; and third, the deployment of RWAs into areas where we have a credible opportunity to grow. So the plan includes the capital effect of GBP 30 billion of RWAs deployed into high-returning U.K. business, and we will focus that on areas where we are, frankly, underrepresented.

所以先轉向收入。那麼是什麼支撐著我們近 50 億英鎊的營收成長呢？首先，我們的結構性對沖帶來的動力；其次，投資銀行錢包中的一些合理假設；第三，將 RWA 部署到我們有可靠發展機會的領域。因此，該計劃包括部署到高回報英國企業的 300 億英鎊 RWA 的資本效應，坦白說，我們將重點放在我們代表性不足的領域。

For example, we've been traditionally been underweight in high loan to value mortgages. Our acquisition of Kensington provides us with the capability to expand in specialty mortgages and drive higher margins. In our UK Corporate Bank, our ratio of loans to deposits is very low and much lower than our peers. In UK Cards, we have lost ground and aim to recover it. And clearly, the acquisition of the Tesco business accelerates and secures our plans in this respect.

例如，我們傳統上一直低估高貸款價值抵押貸款。收購 Kensington 使我們能夠擴大專業抵押貸款業務並提高利潤率。在我們英國企業銀行，我們的貸存比非常低，遠低於我們的同業。在英國卡方面，我們已經失去了市場，並致力於收復失地。顯然，收購樂購業務加速並確保了我們在這方面的計劃。

As a reminder, we hedged the return from rate-insensitive deposit balances and our equity, and in doing so, we smooth our income profile through rate cycles, reducing interest rate risk. Given that we are at the point in the cycle where rates may have peaked and are now expected to fall, it acts as an important stabilizer. We have around GBP 170 billion of hedges maturing over the next 3 years at an average yield of 1.5%, significantly lower than current swap rates.

提醒一下，我們對沖了對利率不敏感的存款餘額和股本的回報，透過這樣做，我們在利率週期中平滑了我們的收入狀況，降低了利率風險。鑑於我們正處於利率可能已見頂、目前預計將下降的周期階段，它可以作為重要的穩定劑。我們有約 1700 億英鎊的對沖在未來 3 年內到期，平均殖利率為 1.5%，遠低於目前掉期利率。

The expected NII tailwind is significant and predictable. GBP 8.6 billion of aggregate income is already locked in over the next 3 years. And in addition to that, reinvesting around 3/4 of the GBP 170 billion at current swap rates would compound over the next 3 years to increase structural hedge income in 2026 by GBP 2 billion versus 2023.

預期的 NII 順風是顯著且可預測的。未來 3 年已鎖定 86 億英鎊的總收入。除此之外，以當前掉期利率對 1700 億英鎊中的約 3/4 進行再投資將在未來 3 年內實現複利，從而使 2026 年的結構性對沖收入比 2023 年增加 20 億英鎊。

Turning now to the assumptions that underpin our Investment Bank. Venkat and the Adeel are going to take you through how we plan to improve our RWA productivity and reallocate capital within the Investment Bank overall to generate higher income and returns. But it's very important to us that our growth in the Investment Bank is driven more by the execution of our own initiatives than by the market wallet.

現在轉向支撐我們投資銀行的假設。 Venkat 和 Adeel 將向您介紹我們計劃如何提高 RWA 生產力並在投資銀行內部重新分配資本，以產生更高的收入和回報。但對我們來說非常重要的是，我們投資銀行的成長更多是由我們自己的計劃的執行而不是市場錢包推動的。

So we are not assuming that the market wallet returns to the highs of 2020 and '21. In fact, our plans assume that the markets wallet is broadly flat to 2023, and the Investment Banking wallet reverts to the 10-year average from last year's decade lows. Going forward, we do expect higher income from the Investment Bank.

因此，我們並不假設市場錢包會回到 2020 年和 21 年的高點。事實上，我們的計劃假設市場錢包到 2023 年將基本持平，投資銀行錢包將從去年的十年低點恢復到 10 年平均水平。展望未來，我們確實預期投資銀行的收入會更高。

Of course, managing costs is at the heart of what we control, and I'm now going to explain how both the efficiency programs and the changing shape of our investment spend deliver a more efficient and profitable bank. I gave a breakdown of our structural cost actions earlier. And to date, we've used efficiency savings to offset inflation.

當然，管理成本是我們控制的核心，我現在將解釋效率計劃和不斷變化的投資支出形式如何使銀行更有效率和獲利。我之前對我們的結構性成本行動進行了細分。迄今為止，我們已經利用效率節約來抵銷通貨膨脹。

Now we expect these to more than offset inflation, giving us capacity for business growth. The first GBP 1 billion of savings lands in 2024, including payback from around half of the Q4 structural cost actions, and a further GBP 1 billion of cost efficiencies is expected through to 2026. And it's really important to stress that the efforts will not end there but continue to benefit our businesses beyond that point.

現在，我們預計這些將足以抵消通貨膨脹，從而使我們有能力實現業務成長。首批 10 億英鎊儲蓄土地將於 2024 年實現，包括第四季度結構性成本行動約一半的回報，預計到 2026 年將進一步實現 10 億英鎊成本效益。在那之後繼續使我們的業務受益。

We would expect our business growth cost to flex in line with income. So overall, we're targeting a cost-to-income ratio in the high 50s by 2026, improving from 63% in 2023. Given the income target of GBP 30 billion by 2026, we'd expect costs to be higher in absolute terms versus '24 at around GBP 17 billion.

我們預計我們的業務成長成本將根據收入而變化。因此，總體而言，我們的目標是到 2026 年將成本收入比提高到 50 左右，高於 2023 年的 63%。年約170 億英鎊。

So spend on regulatory change has been very intense in the run-up to Basel 3.1, and we anticipate that this will peak in 2024 and then fall to a more normal level as material projects complete. This will give us the capacity to invest more in income growth, efficiencies and returns without increasing our total investment spend. And on the next slide, you'll see how these actions will improve efficiencies in each of our businesses.

因此，在巴塞爾 3.1 之前，監管變革的支出非常緊張，我們預計這筆支出將在 2024 年達到頂峰，然後隨著重大項目的完成而降至更正常的水平。這將使我們有能力在不增加總投資支出的情況下對收入成長、效率和回報進行更多投資。在下一張投影片中，您將看到這些行動將如何提高我們每項業務的效率。

We expect to drive better cost-income ratios across all of our divisions and not all of them, however, will be top quartile compared to peers by 2026. Whilst leading cost efficiency is a goal for all of our businesses over time, for some of them, we don't believe it's a credible ambition within this plan period. Barclays UK and the Investment Bank fall into that category and together represents some 70% of the cost savings we're expecting. And whilst the 2026 targets will take us more in line with the top quartile of peers, they don't represent the scale of our ambition, and we're committed to driving further efficiency savings beyond that point.

我們希望在所有部門中實現更好的成本收入比，但到2026 年，並非所有部門都能躋身同行前四分之一。但對於某些業務來說，對他們來說，我們認為在這個計畫期間內這不是一個可信的目標。英國巴克萊銀行和投資銀行就屬於這一類，它們合計占我們預期成本節省的 70% 左右。雖然 2026 年的目標將使我們與同行中的前四分之一更加一致，但它們並不代表我們的雄心壯志，我們致力於在此基礎上進一步推動效率節約。

In BUK, our ongoing transformation program has been successful in streamlining and digitizing the business, but there is more to do. And you'll hear more on how the identified savings will offset inflation and facilitate growth. In the Investment Bank, we spent about GBP 3 billion since 2021 to sustain and grow future income, and around 2/3 of that is in market technology whilst the focus in banking has been more on people. And we will now monetize the investments. So in the future, we aim to self-fund further investments, and total costs are expected to rise only modestly from 2023 levels.

在 BUK，我們正在進行的轉型計劃在業務精簡和數位化方面取得了成功，但還有更多工作要做。您將聽到更多有關確定的儲蓄將如何抵消通貨膨脹和促進成長的資訊。在投資銀行方面，自 2021 年以來，我們花費了約 30 億英鎊來維持和增加未來收入，其中約 2/3 用於市場技術，而銀行業的重點則更多地放在人身上。我們現在將把投資貨幣化。因此，未來我們的目標是自籌資金進一步投資，預計總成本僅比 2023 年的水準略有上升。

Turning now to our risk positioning. I explained earlier that we plan to increase RWAs in Barclays UK, UK Corporate and Private Banking & Wealth by an aggregate GBP 30 billion. This is a substantial shift in capital allocation and will reflect significant growth in lending across all 3 businesses in the plan period. When considering the associated risk, it is essential to understand where we start from in balance sheet terms.

現在轉向我們的風險定位。我之前解釋過，我們計劃將英國巴克萊銀行、英國企業和私人銀行與財富部門的 RWA 增加總計 300 億英鎊。這是資本配置的重大轉變，並將反映出計畫期間所有 3 項業務的貸款顯著成長。在考慮相關風險時，有必要了解我們從資產負債表的角度出發。

We've grown lending between 2019 and 2023 by GBP 29 billion but that's through mortgages at low LTVs and lending to corporates over which we have significant loss protection through risk transfer trades. Our unsecured lending has fallen despite US Cards growth. So at this point in the cycle and as inflation continues to fall, we see an opportunity to reestablish our position in lending in the U.K. and unsecured in particular. And because of where we start, we're comfortable that we can do that within our existing risk appetite whilst maintaining our 50 to 60 basis point loan loss rate through the cycle target.

2019 年至 2023 年間，我們的貸款增加了 290 億英鎊，但這是透過低 LTV 抵押貸款以及向我們透過風險轉移交易獲得重大損失保護的企業提供貸款實現的。儘管美國信用卡有所增長，但我們的無擔保貸款卻有所下降。因此，在周期的這個階段，隨著通膨持續下降，我們看到了重新確立我們在英國貸款（尤其是無擔保貸款）地位的機會。由於我們的起點，我們很高興能夠在現有的風險偏好範圍內做到這一點，同時在整個週期目標中保持 50 至 60 個基點的貸款損失率。

In Barclays UK, as we grow, we expect a normalization in loan loss rates towards 35 basis points, consistent with the 2019 level. In the US Corporate Bank, we expect a loan loss ratio of about 400 basis points through the cycle as we grow a more diversified portfolio and optimize our credit mix, still prime but not exclusively super prime like our airline files.

在巴克萊英國，隨著我們的發展，我們預期貸款損失率將正常化至 35 個基點，與 2019 年的水準一致。在美國企業銀行，隨著我們發展更多元化的投資組合並優化我們的信貸組合，我們預計整個週期的貸款損失率約為400 個基點，信貸組合仍然是優質貸款，但不像我們的航空公司檔案那樣完全是超優質信貸。

And finally, as we grow our UK Corporate Bank lending book, we'll maintain our diversified portfolio, including our long-standing prudent approach to commercial real estate. And we'll continue to use significant risk transfer protection where appropriate, and I expect a loan loss rate of about 35 basis points.

最後，隨著我們英國企業銀行貸款規模的擴大，我們將維持多元化的投資組合，包括我們長期以來對商業房地產的審慎態度。我們將繼續在適當的情況下使用重大風險轉移保護，我預計貸款損失率約為 35 個基點。

Over recent years, we benefited from our diversified business model through a range of macro environments. And this diversification has provided us with relative stability to RoTE during the 2020 to '23 period that we've just experienced. For example, in 2022 at the onset of the pandemic, our Global Markets business supported our performance when elevated impairment charges impacted the rest of the group. In 2023, we've seen a weaker Investment Bank income and decreased volatility and lower deal activity. But in this environment, our consumer and corporate businesses have provided ballast to group returns.

近年來，我們在一系列宏觀環境下受益於多元化的業務模式。這種多元化為我們剛經歷的 2020 年至 23 年期間的 RoTE 提供了相對穩定性。例如，2022 年疫情爆發時，當減損費用增加影響了集團其他業務時，我們的全球市場業務支撐了我們的表現。 2023 年，我們看到投資銀行收入疲軟、波動性下降和交易活動減少。但在這種環境下，我們的消費者和企業業務為集團回報提供了壓艙石。

We believe there's a natural offset built into our diversified business model by income and by geography and further supported by the stabilizing effect of the structural hedge. And reflecting this, we are confident that we can deliver consistent returns in a range of scenarios, providing a floor to our ambition.

我們相信，我們的多元化業務模式因收入和地理位置而存在天然的抵消作用，並得到結構性對沖的穩定效應的進一步支持。反映這一點，我們有信心在各種情況下提供一致的回報，為我們的雄心壯志提供基礎。

And on this slide, we've provided you with our macroeconomic and market assumptions which we view as realistic. The next few slides describe how our drive towards higher and more predictable returns come together for our shareholders.

在這張投影片上，我們向您提供了我們認為現實的宏觀經濟和市場假設。接下來的幾張投影片描述了我們如何為股東實現更高、更可預測的回報。

We have a clear hierarchy for capital allocation. In order of priority, first, how much capital do we need to run the bank, taking into account regulatory changes including Basel 3.1. Our 13% to 14% CET1 ratio range remains unchanged with sufficient flexibility and appetite to operate within the range and absorb headwinds. By doing so, we'll deliver for our investors, our customers, our clients and our colleagues regardless of the environment.

我們有清晰的資本配置層級結構。按照優先順序，首先是我們需要多少資本來營運銀行，並考慮到包括巴塞爾 3.1 在內的監管變化。我們的 13% 至 14% CET1 比率範圍保持不變，具有足夠的靈活性和意願，可以在該範圍內運作並吸收不利因素。透過這樣做，無論環境如何，我們都將為我們的投資者、我們的客戶、我們的客戶和我們的同事提供服務。

Our next priority, having maintained our target regulatory capital, is to our shareholders, and going forward we expect to generate a greater amount of free capital for shareholder distributions. And third, we will balance this thoughtfully as we invest selectively in our higher-returning divisions, resulting in a more profitable RWA mix over time and a better bank for our stakeholders.

我們的下一個優先事項是維持我們的目標監管資本，這是我們的股東，展望未來，我們預計將為股東分配產生更多的自由資本。第三，當我們選擇性地投資於回報率較高的部門時，我們將深思熟慮地平衡這一點，從而隨著時間的推移帶來更有利可圖的RWA 組合，並為我們的利益相關者提供更好的銀行。

We set a high bar for investment returns relative to the importance we place on shareholder distributions. In 2023, our 9% statutory RoTE delivered more than 125 basis points of CET1 capital accretion. By 2026, with higher returns, we expect this to grow above 200 basis points. We expect meaningful capital generation over the next 3 years. Taking into account capital demands from regulatory change and investment in higher-returning businesses, we expect to have meaningful free capital supporting our distribution plan on the following slide.

相對於我們對股東分配的重視，我們為投資回報設定了很高的標準。 2023 年，我們 9% 的法定 RoTE 實現了超過 125 個基點的 CET1 資本增值。到 2026 年，隨著回報率的提高，我們預計這一數字將增長至 200 個基點以上。我們預計未來三年將產生有意義的資本。考慮到監管變化和投資高回報業務的資本需求，我們預計將有有意義的自由資本來支持下一張投影片中的分配計畫。

We have distributed a total of GBP 7.7 billion to shareholders over the past 3 years compared to GBP 5.7 billion over the preceding 7, and we expect this to increase further through to 2026. We've made one step change. And as you've heard today, we plan to make another and return at least GBP 10 billion to shareholders between 2024 and 2026. And this is in addition to today's announced full year final distribution.

過去 3 年，我們總共向股東分配了 77 億英鎊，而前 7 年為 57 億英鎊，我們預計這一數字到 2026 年將進一步增加。正如您今天所聽到的，我們計劃再進行一次，並在 2024 年至 2026 年間向股東返還至少 100 億英鎊。

Including those distributions, the total would be at least GBP 11.8 billion by 2026 and represents approximately 55% of our current market cap. From this year onwards, we plan to keep the total dividend broadly stable and grow dividend per share progressively through lower share count. Over the past 3 years, we've reduced our total number of shares in issue by around 13% and do expect further reduction from the higher planned share buybacks from here.

包括這些分配在內，到 2026 年，總額將至少達到 118 億英鎊，約占我們目前市值的 55%。從今年起，我們計劃保持股息總額大致穩定，並透過減少股份數量逐步增加每股股息。在過去 3 年裡，我們已將已發行股票總數減少了約 13%，並且預計從這裡開始計劃的更高股票回購將進一步減少。

So to summarize, there are 3 key points of reset in today's targets. First, we're targeting a RoTE of above 12% in 2026, up from 9% statutory in 2024. Second, we expect this improved profitability to support our plans to distribute at least GBP 10 billion to shareholders between 2024 and 2026. And finally, the proportion of the RWAs in our Investment Bank to the rest of the bank will reduce to around 50% by 2026.

總結一下，今天的目標重置有3個重點。首先，我們的目標是2026 年RoTE 達到12% 以上，高於2024 年法定的9%。最後到2026年，我們投資銀行中的RWA佔銀行其他部門的比例將減少到50%左右。

We have also set ourselves some supporting targets, which allow us and you to track our progress. We expect to grow our income to around GBP 30 billion by 2026 with more stable income streams growing by around 15% and maintaining a high-quality mix.

我們也為自己設定了一些支持目標，使我們和您能夠追蹤我們的進度。我們預計到 2026 年，我們的收入將增長至 300 億英鎊左右，收入來源更加穩定，增長 15% 左右，並保持高品質的組合。

We aim to improve our cost-income ratio to the high 50s as we balance future investments with further efficiency savings and capitalize on the cost actions we've taken already. And we maintain our 50 to 60 basis points loan loss rate guidance as we grow our loan book within the existing risk appetite, all the while maintaining a solid foundation and operating across our 13% to 14% CET1 ratio range.

我們的目標是將我們的成本收入比提高到 50 左右，因為我們必須在未來的投資與進一步的效率節約之間取得平衡，並利用我們已經採取的成本行動。隨著我們在現有風險偏好範圍內擴大貸款規模，我們維持 50 至 60 個基點的貸款損失率指導，同時保持堅實的基礎並在 13% 至 14% 的 CET1 比率範圍內運作。

Now I'll hand back to Venkat.

現在我將交還給 Venkat。

Thanks, Anna. So to summarize this first part of the presentation, what is the investment case for Barclays? As I said, we have very strong foundations. We have a high returning U.K. retail and corporate franchise, which complements our top-tier global Investment Bank with scale in our home market in the U.K. and in the U.S.

謝謝，安娜。那麼，總結一下簡報的第一部分，巴克萊銀行的投資案例是什麼？正如我所說，我們有非常堅實的基礎。我們在英國擁有高回報的零售和企業特許經營權，這與我們在英國和美國本土市場的規模的頂級全球投資銀行形成了補充。

We manage our capital in a disciplined way, growing our higher returning divisions while improving RWA productivity within the investment bank. And over the medium term, we will rebalance our capital allocation between and across our consumer and wholesale businesses, and we do this in order to support more consistent and higher returns to our shareholders.

我們以嚴格的方式管理資本，發展更高回報的部門，同時提高投資銀行內的 RWA 生產力。從中期來看，我們將重新平衡消費者和批發業務之間的資本配置，這樣做是為了支持股東獲得更一致和更高的回報。

So from a strong foundation of double-digit returns over the life of the plan, we plan to deliver over 12% RoTE by 2026. And I think this reflects both ambition and realism. We are well capitalized, have deep liquidity, sound risk management. And when you combine that with consistent and improved profitability, we believe it enables a higher return of capital to you, our shareholders.

因此，以計劃生命週期內兩位數回報的堅實基礎為基礎，我們計劃在 2026 年實現超過 12% 的 RoTE。我們資本充足，流動性充足，風險管理健全。當您將其與持續且不斷提高的盈利能力相結合時，我們相信它可以為您（我們的股東）帶來更高的資本回報。

And we plan to return at least GBP 10 billion, as Anna said, to shareholders between '24 and '26. This is our vision for a better run, more strongly performing and high-returning Barclays.

正如安娜所說，我們計劃在 24 年至 26 年間向股東返還至少 100 億英鎊。這是我們對巴克萊銀行更好的營運、更強勁的業績和更高的回報的願景。

So I will now open for question and answers, for which we have about half an hour assigned.

現在我將開始問答環節，我們為此分配了大約半小時的時間。

Please limit yourself to two questions per room so that we can get around as many of you as possible. As always, please introduce yourself, and there will be more time for Q&A after the business presentations. Alvaro?

請限制每個房間提出兩個問題，以便我們能夠盡可能解答您的問題。一如既往，請先介紹自己，商業簡報結束後會有更多的問答時間。阿爾瓦羅？

Alvaro Serrano from Morgan Stanley, again. Just a couple of questions on, I guess, capital allocation and distribution. The disposals you've earmarked at Germany, sort of the mortgage -- Italian mortgage business and the payments merchant acquiring, is this about sort of simplifying the business, sort of redeploying capital to sort of your core regions that you have identified? And/or how much do you need this to further GBP 10 billion distribution?

再次是來自摩根士丹利的阿爾瓦羅·塞拉諾。我想只有幾個關於資本配置和分配的問題。您在德國指定的處置方式，例如抵押貸款、義大利抵押貸款業務和支付業務收購，是為了簡化業務，還是為了將資本重新部署到您已經確定的核心區域？和/或您需要多少資金才能進一步分配 100 億英鎊？

I guess where I'm coming from is there's quite a bit of headwinds, as Anna pointed out probably earlier, than expected on credit card. Do you need these disposals for the GBP 10 billion distribution to happen? How much are they dependent? And should we think about the GBP 10 billion to be a progressive number? Or is it back-end loaded? Or can you maybe talk about that?

我想我的出發點是信用卡方面存在相當多的阻力，正如安娜可能更早指出的那樣。您是否需要進行這些處置才能實現 100 億英鎊的分配？他們的依賴性有多大？我們是否應該將 100 億英鎊視為一個累進數字？還是後端載入的？或者你能談談這個嗎？

Yes. So let me answer the first part about the actions and then Anna can cover the capital piece. We're doing this to simplify our business. We -- in fact, one of these things was identified many years ago is something we wanted to do in Italian mortgages. And German cards, we are not the best holder for that asset. It's noncore to us. So that's the reason to do it. Obviously, if you gain some benefits from it, you can deploy it elsewhere. But the primary purpose is the simplification of our business and concentrating in our core capabilities.

是的。因此，讓我回答有關行動的第一部分，然後安娜可以討論主要部分。我們這樣做是為了簡化我們的業務。事實上，我們多年前就已經確定了其中一件事，那就是我們想要在義大利抵押貸款中做的事情。至於德國卡，我們並不是該資產的最佳持有者。這對我們來說不是核心。這就是這樣做的原因。顯然，如果您從中獲得了一些好處，則可以將其部署到其他地方。但主要目的是簡化我們的業務並專注於我們的核心能力。

Thank you, Alvaro. Let me pick up the capital detail there. So if I just take the businesses in turn, as Venkat said, the overall objective is simplification. Our German cards business is not large in scale. You'll see from our disclosures, it's about EUR 4.5 billion. And as we noted earlier, we would expect that to be -- the disposal to be slightly accretive to capital but not an enormous number given the scale of the business.

謝謝你，阿爾瓦羅。讓我了解一下資本細節。因此，如果我按照 Venkat 的說法依序處理業務，整體目標就是簡化。我們的德國卡業務規模不大。從我們披露的資訊中您會看到，該金額約為 45 億歐元。正如我們之前指出的，我們預計此次出售將略微增加資本，但考慮到業務規模，不會增加大量資本。

Our Italian mortgage business, we are relatively well progressed. We might expect some negative impact on RoTE from the sales I called out previously, but we expect that to be capital neutral. So it's actually neutral to our distribution plans.

我們的義大利抵押貸款業務，進展相對較好。我們可能會預期我之前提到的銷售會對 RoTE 產生一些負面影響，但我們預計這將是資本中立的。所以它實際上對我們的分配計劃是中性的。

And in relation to the payments business, we're not required -- or our distribution plans do not require any action on that business at all. As we said, we've got it under a strategic review as we consider future options for it. But we don't require a sale of that business to fulfill the GBP 10 billion.

就支付業務而言，我們不需要——或者我們的分銷計劃根本不需要對該業務採取任何行動。正如我們所說，我們在考慮未來的選擇時對其進行了戰略審查。但我們並不要求出售該業務才能實現 100 億英鎊的目標。

As it relates to specific timing, the way I would think about it is we'd expect '24 to be broadly similar to '23 and we'd expect distributions to increase over time at the point when Basel 3.1 is behind us and when the high returns for the businesses start to come through. So I would say a gradual increase over time.

由於它與具體時間相關，我的想法是，我們預計「24」將與「23」大致相似，並且我們預計當巴塞爾3.1 已經過去以及當巴塞爾3.1 已經過去時，分佈會隨著時間的推移而增加。所以我會說隨著時間的推移逐漸增加。

Okay. I was going to say Jason has his hand up for longer. So let's go to Jason.

好的。我想說傑森舉手的時間更長。那麼就讓我們去找傑森吧。

Jason Napier from UBS. Two, perhaps following on from the comment you've just made. The impact of disposals in the round, all of the potential things that you're trying to get done on this year's RoTE, I appreciate Italy probably is a loss-making endeavor but there may be gains elsewhere. So what have you got in the RoTE guide for this year for that?

瑞銀 (UBS) 的賈森·納皮爾 (Jason Napier)。第二，也許是您剛發表的評論的後續內容。全面處置的影響，以及您在今年的 RoTE 上試圖完成的所有潛在事情，我認為義大利可能是一項虧損的努力，但其他地方可能會有所收穫。那麼今年的 RoTE 指南中有哪些內容呢？

And then secondly, the targets for 2024 quite clearly suggests no negative operating leverage from all the moving around that's going to take place in the balance sheet and so on. And while I appreciate a lot of the guidance you've given for 2026, as you look at consensus for 2024, it's at least 10% lower in profit terms than you're suggesting you'll achieve today. Is there any color that you can provide on the place where you think the market is too pessimistic?

其次，2024 年的目標非常明確地表明，資產負債表等方面將發生的所有變動不會產生負面的營運槓桿。雖然我很欣賞您對 2026 年給予的許多指導，但當您審視 2024 年的共識時，從利潤角度來看，它至少比您建議的今天要實現的目標低 10%。您認為市場過於悲觀的地方有什麼顏色可以提供嗎？

Yes. Okay. So I referred to it in my scripted remarks. We'd expect the impact of inorganic to be around 40 or 50 basis points this year. So that's why we've distinguished between our statutory target of greater than 10 and indeed the number that I called out on an underlying basis, which is around 10.5. And as the RoTE matter, the biggest moving part in there is actually Italian mortgages. But as I said, not expected to have a significant impact on capital. So hopefully, that's relatively clear for 2024.

是的。好的。所以我在我的腳本發言中提到了它。我們預計今年無機股的影響將在 40 或 50 個基點左右。這就是為什麼我們區分了大於 10 的法定目標和我在基本基礎上提出的數字（大約 10.5）。就 RoTE 而言，其中最大的變動因素實際上是義大利抵押貸款。但正如我所說，預計不會對資本產生重大影響。所以希望 2024 年情況會相對清晰。

In terms of 2024, I would say as I look at consensus, obviously, our plans are above their -- my expectation of cost is broadly an element with consensus, so I think around 16.5, I would be happy with that number. There is clearly a difference in terms of income expectation. I'd also call out, it looks like there's a difference in terms of impairment expectation as well. Remember, before I talked about US Cards perhaps being a little bit heavier in the first half of the year and then falling later. So I think they're probably the biggest differences, Jason.

就2024 年而言，我想說，當我審視共識時，顯然，我們的計劃高於他們——我對成本的預期基本上是達成共識的一個因素，所以我認為在16.5 左右，我會對這個數字感到滿意。收入預期有明顯差異。我還想指出，看起來減損預期也有差異。請記住，之前我談到美國卡可能會在上半年有點重，然後會下跌。所以我認為它們可能是最大的區別，傑森。

It's Raul Sinha from JPMorgan. If I can have two as well, please. The first one is just one of the key highlights of your plan is the growth ambition both in the U.K. and outside the U.K. And I guess if we look at the evolution over the last few years, the change here seems to be the ambition to grow the U.K. and, in particular, I guess, a change in the U.K. unsecured and cards strategy.

我是摩根大通的勞爾辛哈。如果我也可以要兩個的話，拜託了。第一個只是您計劃的關鍵亮點之一，即在英國和英國以外的增長雄心。和信用卡策略的改變。

I think, Anna, you described it as not a change in risk appetite. And I was wondering if you could elaborate that. Because from the outside, it might appear that you are changing your risk appetite to take more risk in the U.K. So that's the first question.

我認為，安娜，你將其描述為風險偏好的變化。我想知道你能否詳細說明一下。因為從外部來看，您可能正在改變風險偏好，在英國承擔更多風險，所以這是第一個問題。

The second question is there are plenty of people out here who are more -- who reward cost-cutting plans and might be less optimistic on the revenue environment. So just on that point, the GBP 1.7 billion of business growth-related costs, could you give us a little bit more color in terms of how permanent those costs might be, and if you ended up in a macro environment, which is slightly different from what is in your plan, how much of that GBP 1.7 billion can be flexed quite easily?

第二個問題是，這裡有很多人更喜歡削減成本的計劃，但對收入環境可能不太樂觀。因此，就這一點而言，17 億英鎊的業務增長相關成本，您能否為我們提供更多關於這些成本可能持續多久的信息，以及如果您最終處於略有不同的宏觀環境中從您的計劃來看，這17 億英鎊中有多少可以輕鬆靈活運用？

Shall I take the first part, Anna, on risk? And then you take the second part on cost.

安娜，我應該冒險參加第一部分嗎？然後你看第二部分的成本。

Yes, sure.

是的，當然。

So within our broad risk appetite, which is the way we generally look at not just what our expected losses, our credit losses are but also internal stress tests and so on, this fits well. In a sense, it's a reversal of a risk position which the former Chief Risk Officer took a few years ago where post-Brexit and in COVID, we were extremely cautious on the UK Consumer, rightly or wrongly. And equally, there was a structure which we had in our credit card business that favored longer term, bigger balance transfers.

因此，在我們廣泛的風險偏好範圍內，這就是我們通常不僅考慮預期損失、信用損失，而且考慮內部壓力測試等的方式，這非常適合。從某種意義上說，這是前首席風險官幾年前所採取的風險立場的逆轉，在脫歐後和新冠疫情期間，我們對英國消費者極為謹慎，無論正確與否。同樣，我們的信用卡業務有一個結構，有利於長期、更大的餘額轉移。

What we're talking about now is something that does not emphasize that. It is a generally higher quality but broader expansion of unsecured lending. And this is both in loans and in cards. The Tesco portfolio by our judgment has a very similar credit profile to our own. And so it is within the broader risk limits. Obviously, you're taking on more risk by doing it than if you didn't, which is the point of your question. But we think on a risk return basis, it's going to be accretive, which is why -- of course, why we do it.

我們現在談論的並不是強調這一點。這是一種品質更高但範圍更廣的無擔保貸款。這不僅體現在貸款方面，也體現在信用卡方面。根據我們的判斷，樂購投資組合的信用狀況與我們的非常相似。因此它處於更廣泛的風險限制之內。顯然，這樣做比不這樣做要承擔更多的風險，這就是你問題的重點。但我們認為，從風險回報的角度來看，這將會帶來增值，這就是為什麼——當然，也是我們這樣做的原因。

Thank you, Venkat. I think also, Raul, it's really important to remember where we started. In BUK, I think over the last 10 quarters or so, we've had a very, very low loan loss rate. We've consistently -- under consensus, consistently under 30 basis points. So we're starting from an extremely low base rate. And actually, we've already started acquiring. We stepped back into the market in '22. It just takes a while for that lending to season through, which is what we're observing now.

謝謝你，文卡特。我還認為，勞爾，記住我們從哪裡開始真的很重要。在 BUK，我認為在過去 10 個季度左右的時間裡，我們的貸款損失率非常非常低。我們一致認為，利率始終低於 30 個基點。因此，我們從極低的基本費率開始。事實上，我們已經開始收購了。我們在 22 年重返市場。貸款需要一段時間才能結束，這就是我們現在所觀察到的。

On your second question around costs, our fundamental objective here is the RoTE, it's 12%. And therefore, as far as Venkat and I are concerned, the primary target is the cost-income ratio target. The GBP 17 billion is the number that falls out, okay? And that GBP 1.7 billion is the business growth that we would expect to flex. Now most of that is run the bank cost, there'll be an element of performance costs in there. And of course, we will seek to flex that if the income is either up or down relative to that GBP 17 billion, and that's why we're calling that number out specifically.

關於你關於成本的第二個問題，我們的基本目標是 RoTE，它是 12%。因此，對我和文卡特來說，首要目標是成本收入比目標。 170億英鎊是掉出來的數字，好嗎？ 17 億英鎊是我們預計會實現的業務成長。現在大部分都是銀行成本，其中會有績效成本的一部分。當然，如果收入相對於 170 億英鎊上升或下降，我們將尋求調整這一點，這就是我們特別指出這個數字的原因。

As to your point around the macro though, I'll take you back to the point where we feel like we've made realistic assumptions. We've got a well-diversified bank. So we're confident in our ability to grow. We've set out today for you the expectation of that, which is 30 and 17. Obviously, over time, we'll flex both of those numbers, but the RoTE is the heart.

至於你關於宏觀的觀點，我會帶你回到我們認為我們已經做出了現實假設的觀點。我們有一家多元化的銀行。因此，我們對自己的成長能力充滿信心。我們今天為您設定了 30 和 17 的期望。

And when we've looked at this plan through the range of economic scenarios Anna put out, we think it's fairly robust. Nothing is ever totally in variant, but it's fairly robust to changes in that. Okay. Sorry.

當我們透過安娜提出的一系列經濟情景來審視這個計劃時，我們認為它相當穩健。沒有什麼是完全變化的，但它對變化的抵抗力相當強。好的。對不起。

And Ben, Joe and then Andy, all right? Okay.

然後是本、喬，然後是安迪，好嗎？好的。

Ben Toms from RBC. You mentioned at the beginning, if you wind back 10 years and look at the last investor update and since that point in time, we've had GBP 16 billion of litigation and conduct issues. Going forward, could you just give us kind of what you've penciled in to the plan for conduct and litigation going forward given that was probably quite a big surprise versus last time? And maybe comment on whether there's anything in there for motor finance.

來自加拿大皇家銀行的本·湯姆斯。您在一開始提到，如果您倒退 10 年並查看最後一次投資者更新，從那時起，我們已經遇到了價值 160 億英鎊的訴訟和行為問題。展望未來，您能否向我們介紹一下您在未來的行為和訴訟計劃中所寫的內容，因為與上次相比，這可能是一個很大的驚喜？也許可以評論一下其中是否有汽車金融方面的內容。

And then secondly, in terms of the ambition for the Investment Bank and keeping RWAs flattish, 50% of total group by 2026. Can you maybe just give some color on which product lines are the ones in the Investment Bank that will probably bear the brunt of absorbing the Basel 3.1 RWA inflation?

其次，就投資銀行的雄心壯志和保持 RWA 持平而言，到 2026 年將佔總資產的 50%。

Can I just say on the second half, why don't we wait till we have the Investment Bank presentation? You're going to get more detail on that. And then if you still have a question, we can. On the first half, Anna, if you want to take it.

我可以在下半年說，為什麼我們不等到投資銀行的展示呢？您將獲得更多相關細節。如果您還有疑問，我們可以。上半場，安娜，如果你想主罰的話。

So as we plan going forward, obviously, we plan for an ongoing and relatively low level of litigation and conduct costs. Just purely as a technical matter, if we were planning for anything in a concrete way or if we expected anything in a concrete way, then we'd be providing now and calling that out in today's results. So that's how we think about it.

因此，當我們計劃繼續前進時，顯然，我們計劃持續且相對較低的訴訟和行為成本。純粹作為一個技術問題，如果我們以具體的方式計劃任何事情，或者如果我們以具體的方式期望任何事情，那麼我們現在就會提供並在今天的結果中指出這一點。這就是我們的想法。

As it relates to motor finance, we exited the business in 2019. Up to that point, we had a relatively low single-digit market share. There's clearly the FCA review ongoing. There are a number of potential outcomes from that. And so at this point, we have not sought to make a provision both because of that range of outcomes, but also because we haven't received a material number of complaints. So that's the reason why we haven't provided at this stage.

由於與汽車金融相關，我們在 2019 年退出了該業務。顯然 FCA 審查正在進行中。這有許多潛在的結果。因此，在這一點上，我們並未尋求做出規定，這既是因為一系列結果，也是因為我們還沒有收到大量投訴。這就是我們現階段沒有提供的原因。

Sorry, Joe, go ahead. Then I'll come back there.

抱歉，喬，繼續吧。然後我會回到那裡。

It's Joe Dickerson again from Jefferies. Just on the -- looking at the optionality in the U.K. merchant acquiring business. One, I'm supposing there's nothing in the '26 targets that suggests completing something on that front, and correct me if I'm wrong. And then two, is this something that you're looking at more from a cost efficiency standpoint? Or what would be the rationale there? Is it that it doesn't fit with the integrated overall payment solution, et cetera?

又是來自 Jefferies 的 Joe Dickerson。看看英國商家收單業務的選擇性。第一，我認為 26 年的目標中沒有任何內容建議在這方面完成一些事情，如果我錯了，請糾正我。第二，您是否從成本效率的角度來考慮這一點？或者那裡的理由是什麼？是不是跟整體支付解決方案不契合等等？

So let me again go to the second part first and then Anna can come to the first part. We'll talk more about it. But in a nutshell, what it is, is about a form of partnership to deliver better technology more efficiently on acquiring to our clients. We intend to remain in the full ecosystem of payments, which includes acquiring. It's just we think that part can be delivered better in partnership with others, and that's what we're talking about. And so we'll come back to that.

那麼讓我再一次先講第二部分，然後安娜可以講第一部分。我們會詳細討論它。但簡而言之，它是一種合作形式，旨在更有效地為我們的客戶提供更好的技術。我們打算留在完整的支付生態系統中，其中包括收單。只是我們認為與其他人合作可以更好地交付該部分，這就是我們正在討論的內容。所以我們會回到這個主題。

And Joe, just in relation to the 2026 targets, we've included merchant acquiring within those targets, partly because we are exploring options. At this point in time, we haven't made any decisions. But also, as Venkat pointed out, this business in whatever form is critical to Barclays, the Barclays ecosystem, and in particular, to our corporate and SME clients. So either way, it's a service that we would expect to have.

Joe，就 2026 年目標而言，我們已將商家收購納入這些目標，部分原因是我們正在探索各種選擇。目前，我們尚未做出任何決定。而且，正如 Venkat 所指出的那樣，無論何種形式的業務對於巴克萊、巴克萊生態系統，尤其是我們的企業和中小企業客戶至關重要。因此，無論哪種方式，這都是我們期望擁有的服務。

Yes, Andy.

是的，安迪。

It's Andrew Coombs from Citi again. Two questions. First, big picture strategic question. If you believe the press, as part of Project Minerva, originally, there were some bigger strategic decisions considered, be it US Cards, the equities business, et cetera, et cetera. Obviously, what you've decided today is more kind of shifting things around the edges and reallocation of capital as opposed to any larger exits or divestments. So if you could just elaborate on thoughts there, if there was anything you considered, anything you ruled out, that would be helpful.

又是花旗銀行的安德魯‧庫姆斯 (Andrew Coombs)。兩個問題。首先，大局戰略問題。如果你相信媒體的話，作為密涅瓦計畫的一部分，最初考慮了一些更大的戰略決策，無論是美國卡、股票業務等等。顯然，您今天的決定更多的是在邊緣轉移事物並重新分配資本，而不是任何更大規模的退出或撤資。因此，如果你能詳細闡述你的想法，如果你考慮過什麼，排除過什麼，那將會很有幫助。

Second question, number-specific question on Slide 48, our favorite hedge roll. And I missed this initially, but in the footnote, you say you only plan to roll 3/4 of the hedge, which would suggest quite a sizable decline in the notional. So why is that? What's the rationale there? And if you could also just provide us with the split of where the income is recognized now on the new segmentation basis. So 2/3 will be in U.K., but how does the other 1/3 split between IB and corporate U.K.?

第二個問題，關於幻燈片 48 的數字特定問題，我們最喜歡的對沖卷。我最初錯過了這一點，但在腳註中，你說你只計劃滾動 3/4 的對沖，這表明名義上有相當大的下降。那麼這是為什麼呢？這裡面有什麼道理嗎？如果您也可以向我們提供現在在新的細分基礎上確認收入的劃分情況。因此 2/3 將在英國，但另外 1/3 如何在 IB 和英國企業之間分配？

So what I said at the start, Andy, was that in 2 years as CEO, working with my colleagues, working with the Board, we've obviously taken a broad and deep look at the bank and the direction which we want to take. And your question was specifically about the Investment Bank. And it has been very clear to me from the very start that the Investment Bank, a, has been at scale, approaching scale, that the businesses which we have work fairly well together and are linked and are mutually reinforcing.

安迪，我一開始就說過，在擔任執行長的兩年裡，與我的同事、董事會合作，我們顯然對銀行以及我們想要採取的方向進行了廣泛而深入的審視。你的問題具體是關於投資銀行的。我從一開始就非常清楚，投資銀行已經形成規模，接近規模，我們的業務合作得相當好，相互聯繫、相輔相成。

We'll talk a little about efficiencies which we can do within the Investment Bank, between banking and markets and even within markets.

我們將討論一些我們可以在投資銀行內部、銀行與市場之間甚至市場內部提高效率的問題。

So I'll come back later to that question about where are we getting a lot of the efficiencies from when we come to the Investment Bank section. But it's equally important to recognize where we start from in the Investment Bank. There are many businesses in which we are not. And we are at scale for what we do. We are not in commodities, we are not in Asian equities, we are not in local emerging markets other than in India and a bit in Brazil and Mexico, actually Mexico. So there are things we are not in and we don't plan to get into them.

因此，我稍後會回到這個問題，即當我們來到投資銀行部門時，我們從哪裡獲得大量效率。但同樣重要的是要認識到我們在投資銀行的起點。有很多業務我們不涉足。我們所做的事情是規模化的。我們不投資大宗商品，不投資亞洲股票，也不投資印度以外的當地新興市場，還有巴西和墨西哥，實際上是墨西哥。所以有些事情我們不參與，也不打算參與。

And if you even look at the last 3 or 4 years, the areas we have built are 3, and Adeel will talk about it, areas of focus. Financing is one of them where we've been steadily accreting market share; equities has been one of them through prime, but not just prime; and securitized products because in the fixed income is the calling card of Barclays, as I said, and you can't be in fixed income without being strong in securitized products.

如果你看看過去 3 或 4 年，我們建立的領域是 3 個，Adeel 會談論它，重點領域。融資是我們穩步擴大市場份額的其中之一。股票在黃金時期一直是其中之一，但不僅僅是黃金時期；和證券化產品，因為正如我所說，固定收益是巴克萊的名片，如果不擅長證券化產品，就不可能涉足固定收益。

And we've always been good in origination and financing and what we are doing is building trading. So it is very conscious of the ecosystem in markets, and in banking, as we will talk about, it's been debt capital markets heavy moving to equity and ECM. But it fits together. We don't feel the need at the scale which we have and the footprint that we have to take any of the sort of more drastic actions that others have taken.

我們在發起和融資方面一直表現出色，我們正在做的是建立交易。因此，它非常了解市場和銀行業的生態系統，正如我們將要討論的那樣，債務資本市場正在大量轉向股票和 ECM。但它很適合在一起。我們認為，就我們現有的規模和足跡而言，我們沒有必要採取其他人已經採取的更激烈的行動。

So let's come back to US Cards. I believe it's a business of great synergy, as I have said, and it stands on its own two feet. It had a low RoTE print this year, but we're going to talk to you about how we manage the capital change as well as how we -- not just in capital management but also cost management. So we'll come back to that.

讓我們回到美國卡。正如我所說，我相信這是一項具有巨大協同效應的業務，而且它是自力更生的。今年的 RoTE 印刷品較低，但我們將與您討論我們如何管理資本變更以及我們如何——不僅在資本管理方面，而且在成本管理方面。所以我們會回到這一點。

And on the hedge roll, I mean, what that 3/4 tells you is that we do expect continued migration and reduction in deposits and I've called out the sort of broader macro effects and really we're reflecting those. So that's why we're saying we -- our assumption is that we'll roll about 3/4 of it, and that's what builds up the math that I referred to.

在對沖方面，我的意思是，3/4 告訴你的是，我們確實預計將出現持續的移民和存款減少，我已經指出了更廣泛的宏觀影響，我們確實正在反映這些影響。所以這就是為什麼我們說我們 - 我們的假設是我們將滾動大約 3/4，這就是我提到的數學的基礎。

As to where that actually lands, still 1/3 within BUK. The rest of it will be spread across UK Corporate. There will be some in the Investment Bank both because of the International Corporate Bank, but also remember, the equity structural hedges allocated through RWAs and then obviously the Private Banking & Wealth. So perhaps we'll come back to you and others, Andy, with a bit more of a detailed split of how we expect that to land in the future.

至於實際落地的地方，仍是 BUK 內的 1/3。其餘部分將分散到英國企業。投資銀行中會有一些，因為國際公司銀行，但也要記住，透過 RWA 分配的股權結構對沖，然後顯然是私人銀行和財富。因此，也許我們會回到你和其他人那裡，安迪，對我們期望未來如何落地進行更詳細的劃分。

Guy Stebbings from BNP Paribas Exane. Building on the first of Andy's question again, around the outlook for the IB in the plan. I presume you had multiple iterations that you considered, and one of those perhaps you wouldn't have constrained capital to the IB at all as you are in real terms here ex the regulatory changes. I'm just interested in that plan, how much incremental revenues you might have generated from the IB. Obviously, not looking for a number, but just in broad senses. And with that being the case, if you are constraining capital, I'm just trying to get a sense as to how much that could inhibit market share gains.

法國巴黎銀行的蓋伊‧斯特賓斯 (Guy Stebbings)。再次以安迪的第一個問題為基礎，圍繞計劃中 IB 的前景。我想您考慮過多次迭代，其中之一也許您根本不會限制 IB 的資本，因為您實際上是在監管變化之外。我只是對該計劃感興趣，您可能從 IB 中獲得多少增量收入。顯然，不是在尋找數字，而是在廣義上。在這種情況下，如果你限制資本，我只是想了解這會在多大程度上抑制市場佔有率的成長。

So just as we -- as I said, we came to a conclusion very quickly that the IB was at scale. We came to a conclusion equally quickly that it was at the appropriate scale, right? And in fact, what we needed to get was capital efficiency, which is what we are doing. And that's what we're going to talk about. So in essence, the analysis didn't go there. I didn't think it needed to go there, right? Capital efficiency was what we thought we could get. And what you will see later is a plan that looks to get greater revenues with less capital.

正如我所說，我們很快就得出結論，IB 已經達到一定規模。我們同樣很快就得出結論，它的規模是適當的，對嗎？事實上，我們需要獲得的是資本效率，而這正是我們正在做的事情。這就是我們要討論的內容。所以本質上，分析並沒有到那裡。我覺得沒必要去那裡吧？資本效率是我們認為可以獲得的。稍後您將看到一個旨在以更少的資本獲得更多收入的計劃。

Right. Other questions, yes.

正確的。其他問題，是的。

Rohith Chandra-Rajan. And just kind of follow on from that, actually. If your revenue aspirations end up being more capital intensive than you currently plan for, how would you deal with that? Would you not go for those revenues and maintain your RWA expectations? Or would you try and cut costs further to compensate? Or would -- I guess the other option is to change your distribution. So when you're thinking about those options, what would be the ordering there? So that was the first one.

羅希斯·錢德拉·拉詹。實際上，只是延續這一點。如果您的收入期望最終比您目前的計劃更加資本密集，您將如何應對？您不會追求這些收入並維持您的 RWA 預期嗎？或者你會嘗試進一步削減成本來彌補嗎？或者 - 我想另一個選擇是改變你的發行版。那麼，當您考慮這些選項時，順序是什麼？這是第一個。

And then the second one was just, you've given us some very helpful information on how you're resegmenting the businesses. Curious to understand a bit more about how that changes the way that you actually run the business. So this essentially is a breaking out of subdivisions within existing businesses. So what synergies or improvements does that drive across the business? Is it just focus or is it something else?

第二個問題是，您向我們提供了一些關於如何重新劃分業務的非常有用的信息。我很想多了解這如何改變您實際經營業務的方式。所以這本質上是對現有業務區隔的突破。那麼這會為整個企業帶來哪些綜效或改進呢？只是專注還是有其他原因？

Shall I try both?

我要兩個都試試看嗎？

Yes.

是的。

Okay. So I think when you look at the way we -- Anna described the capital and the use of capital, she said there were three things. The first thing was to be a well-capitalized bank, and that is the 13% to 14%. The second thing was the shareholder returns, the GBP 10 billion and the third thing was after that, investments.

好的。所以我認為，當你看看我們——安娜描述資本和資本的使用的方式時，她說有三件事。首先是成為一家資本充足的銀行，也就是13%到14%的銀行。第二件事是股東回報，100 億英鎊，第三件事是投資。

If you look at the investments we're making and have been making and we lay out in this plan, they are in businesses that are today returning in the high teens or 20% and above, well above what most people would consider our cost of capital. So that's basically the answer to your question, Rohith, that if we have that waterfall, we have the discipline that anything we are going to do is going to be above what is our accepted cost of capital. And so I don't foresee ourselves breaking from that waterfall, right? We're going to be guided by it. That's the first part.

如果你看看我們正在做的和一直在做的投資，以及我們在這個計劃中列出的投資，你會發現它們所在的企業今天的回報率高達10% 或20% 及以上，遠高於大多數人認為我們的成本。這基本上就是你問題的答案，羅希斯，如果我們有瀑布，我們就有紀律，我們要做的任何事情都將高於我們可接受的資本成本。所以我預計我們不會從瀑布中衝出來，對嗎？我們將以此為指導。這是第一部分。

On resegmentation, and Anna, you should step into both. But on resegmentation, first of all, as I said, it's guided by how we run our businesses and our clients. There are tremendous synergies, including synergies which you might not easily anticipate. I spoke about the synergies between US Cards and the UK Cards business. Tesco is a 20 million partnership credit card portfolio, 20 million is a lot of people to bring on to your systems. When we did Gap, we did 10 million, right? So we clearly have an experience of a scale that, frankly, no other U.K. bank can match.

關於重新分割和安娜，你應該兩者兼而有之。但在重新細分方面，正如我所說，首先，它以我們經營業務和客戶的方式為指導。其中存在巨大的協同效應，包括您可能不容易預料到的協同效應。我談到了美國卡和英國卡業務之間的協同效應。 Tesco 是一個 2000 萬個合作信用卡組合，2000 萬是很多人可以帶入你的系統的。我們做Gap的時候，我們做了1000萬，對吧？因此，坦白說，我們顯然擁有其他英國銀行無法比擬的規模經驗。

You'll also see synergies between Private Banking & Wealth and our corporate bank, Private Banking & Wealth and our Investment Bank in terms of both products and clients and, of course, Private Banking & Wealth and our U.K. banking network. We'll talk about that and the corporate bank synergies to everybody. So there are strong synergies which we intend to exploit and continue to exploit as we go through this. And you'll hear more about it in the afternoon or later today.

您還將看到私人銀行與財富與我們的企業銀行、私人銀行與財富與我們的投資銀行在產品和客戶方面的協同作用，當然還有私人銀行與財富與我們的英國銀行網絡之間的協同作用。我們將向大家討論這一點以及企業銀行的綜效。因此，在我們經歷這一過程的過程中，我們打算利用並繼續利用強大的協同效應。今天下午或晚些時候您會聽到更多相關資訊。

And I'll just reiterate that the capital allocation priorities are very clear. On the second point, the way I think about it is we report how we manage, not the other way around. And we want to manage the business in a very client-focused way. And therefore, our reporting is changing in alignment with that. But we will still continue to generate the synergies that Venkat is talking about. We will still leverage common technologies and common services across our BX entity. So still very, very focused on keeping the firm connected with that consistency.

我只想重申，資本配置的優先順序非常明確。關於第二點，我的想法是我們報告我們的管理方式，而不是相反。我們希望以一種以客戶為中心的方式來管理業務。因此，我們的報告正在隨之改變。但我們仍將繼續產生文卡特所說的綜效。我們仍將在整個 BX 實體中利用通用技術和通用服務。所以仍然非常非常注重保持公司的一致性。

And when you think about that last point about common technologies and services, when you run a large bank today, as some of you who work in one know, there's a lot of investment that you have to make. We spoke about GBP 1 billion plus in regulatory change. It's models, it's fraud systems, it's all sorts of things, risk systems. And to be able to, in essence, spread it across many businesses is really, really important, right? So it's a synergy in cost that people don't often think about, but redeploying quantitative resources, redeploying databases and technology is a big part of it.

當你想到關於通用技術和服務的最後一點時，當你今天經營一家大型銀行時，正如在銀行工作的一些人知道的那樣，你必須進行大量投資。我們談到了超過 10 億英鎊的監管變革。它是模型，它是欺詐系統，它是各種各樣的東西，風險系統。從本質上講，能夠將其傳播到許多企業確實非常重要，對吧？所以這是人們不常考慮的成本協同效應，但重新部署定量資源、重新部署資料庫和技術是其中很大一部分。

Other questions? All right. So we reassemble at 10:45. So there is food and drink at the back. We'll come back to our regular presentations. The ladies is somewhere there and the gents is somewhere outside. Thank you. So we'll see you at 10:45, about 20 minutes.

還有其他問題嗎？好的。所以我們在10點45分重新集合。所以後面有食物和飲料。我們將回到我們的常規演示。女士們在那裡的某個地方，男士們在外面的某個地方。謝謝。我們將於 10 點 45 分見，大約 20 分鐘。

(Break)

（休息）

Thank you. All right. So we're now going to begin with the discussions about the individual businesses. We'll begin first with the Investment Bank and then we'll go to US Cards and Barclays UK. And then I will come back to spend 2 minutes on -- not 2 minutes, a few minutes, on the UK Corporate Bank and Private Banking & Wealth. Later this year, you're going to hear from the heads of those businesses in more detail. And then within the Investment Bank, Adeel Khan is going to talk about the Markets business. I will cover banking at a higher level. And later this year, you'll hear from Cathal and Taylor in detail on banking.

謝謝。好的。因此，我們現在將開始討論各個業務。我們先從投資銀行開始，然後再到美國信用卡公司和英國巴克萊銀行。然後我會回來花 2 分鐘——不是 2 分鐘，而是幾分鐘——英國企業銀行和私人銀行與財富。今年晚些時候，您將聽到這些企業負責人的更詳細資料。然後在投資銀行內部，阿迪爾汗 (Adeel Khan) 將談論市場業務。我將介紹更高層次的銀行業。今年晚些時候，您將聽到 Cathal 和 Taylor 關於銀行業的詳細介紹。

So let's begin with the Investment Bank. For over 2 decades, investors have been asking questions about the size and the importance of the Investment Bank at Barclays. And you heard a little even today. Should we have it? Will it be competitive? Is it good for the U.K. to have an investment bank? And more. Let me be very clear. I am proud of what we've achieved. We have built a leading business, a globally competitive investment bank. As I've said, it's performed very well. It is at scale. It is a critical part of Barclays and will continue to be an important part of Barclays.

讓我們從投資銀行開始。二十多年來，投資人一直在詢問巴克萊投資銀行的規模和重要性。即使在今天你也聽到了一點。我們應該擁有它嗎？會有競爭力嗎？英國設立投資銀行有好處嗎？還有更多。讓我說得很清楚。我為我們所取得的成就感到自豪。我們建立了領先的業務、具有全球競爭力的投資銀行。正如我所說，它的表現非常好。這是規模化的。它是巴克萊銀行的重要組成部分，並將繼續是巴克萊銀行的重要組成部分。

I'm equally clear that there is a lot more to do. Our Investment Bank has to be higher-returning, and relatively speaking, it has to become a smaller part of Barclays. As I've also said in answer to some of the questions, our Investment Bank is a focused business. We powerfully cover large sections of the global capital markets with deep client relationships. And what we want to do is strengthen this position in our key areas of coverage. We aim to deepen our client relationships and to monetize the investments which we have already made. And even as our Investment Bank grows in absolute income, we aim to hold our capital broadly flat to today's levels. And so importantly, therefore, we expect a higher RoTE from our Investment Bank.

我同樣清楚，還有很多事情要做。我們的投資銀行必須有更高的回報，相對而言，它必須成為巴克萊的一小部分。正如我在回答一些問題時所說的那樣，我們的投資銀行是一項專注的業務。我們憑藉著深厚的客戶關係，有力地涵蓋了全球資本市場的大部分領域。我們想要做的是加強我們在關鍵覆蓋領域的這一地位。我們的目標是加深我們的客戶關係並將我們已經進行的投資貨幣化。即使我們的投資銀行的絕對收入成長，我們的目標還是將我們的資本大致保持在今天的水平。因此，非常重要的是，我們期望我們的投資銀行會獲得更高的 RoTE。

And we're going to be more efficient in our use of capital, as I've discussed earlier. But the simple way to think about it is that we are looking for the Investment Bank to grow and to contribute more while consuming less, to contribute more while consuming less and we're going to show you how.

正如我之前討論的那樣，我們將更有效地利用資本。但簡單的思考方式是，我們正在尋求投資銀行的發展，並在減少消耗的同時做出更多的貢獻，在減少消耗的同時做出更多的貢獻，我們將向您展示如何做到這一點。

So what is the Investment Bank? We've changed its structure, as I mentioned earlier. And so going forward, it's two businesses: Global Markets and Investment Banking. Together in 2023, they contributed GBP 11 billion of top line revenue to the bank. The UK Corporate Bank was part of what we called the CIB, and that is now reported separately and I'll talk about it later.

那什麼是投資銀行呢？正如我之前提到的，我們改變了它的結構。展望未來，它有兩項業務：全球市場和投資銀行業務。 2023 年，他們共同為銀行貢獻了 110 億英鎊的營收。英國企業銀行是我們所說的 CIB 的一部分，現在是單獨報告的，我稍後會討論它。

There is also an important business, the International Corporate Bank with serves our largest corporate clients in the U.K. and elsewhere. It already works closely with our Investment Banking business but now will be managed, operated and reported as one unit.

還有一項重要業務，即國際企業銀行，為我們在英國和其他地方最大的企業客戶提供服務。它已經與我們的投資銀行業務密切合作，但現在將作為一個單位進行管理、運作和報告。

This combination of businesses will allow us to deepen our relationships with clients, both large cap and multinational corporates, which require access to the full spectrum of Investment Banking capabilities. And so that is beyond DCM, ECM and advisory into corporate lending and transaction banking. The Global Markets business, which comprises fixed income and equities, remains the same. Important, of course, is how markets and banking cooperate and work together to deliver the entire suite of investment bank capabilities to our clients, and I'll come back to that.

這種業務組合將使我們能夠加深與大型企業和跨國公司客戶的關係，這些客戶需要獲得全方位的投資銀行能力。因此，這超出了 DCM、ECM 以及企業貸款和交易銀行業務的諮詢範圍。由固定收益和股票組成的全球市場業務保持不變。當然，重要的是市場和銀行如何合作和共同努力，為我們的客戶提供整套投資銀行能力，我將回到這一點。

So today, the Investment Bank has strong foundations, as I said, with the scale and breadth to succeed amongst our largest global peers. And we are focused on our core strengths, which is very important. It's diversified and has a stable top line, which I will take you through, and we have focused top tier businesses and have demonstrated strong risk and capital discipline.

因此，正如我所說，如今，投資銀行擁有堅實的基礎，其規模和廣度足以在全球最大的同行中取得成功。我們專注於我們的核心優勢，這一點非常重要。它是多元化的，具有穩定的收入，我將向您介紹這一點，我們專注於頂級業務，並表現出強大的風險和資本紀律。

The secret sauce in our Investment Bank is in our synergies. I'll repeat it. The secret sauce in our Investment Bank is in our synergies. We are big enough to offer multiple sophisticated products to our clients but both nimble and culturally driven to work closely across banking and markets to customize delivery and to create tailored solutions. And this nimbleness and cultural drive are really important.

我們投資銀行的秘訣在於我們的綜效。我再說一次。我們投資銀行的秘訣在於我們的綜效。我們的規模足夠大，可以為客戶提供多種複雜的產品，但我們也靈活且受文化驅動，能夠在銀行和市場之間密切合作，定制交付並創建量身定制的解決方案。這種靈活性和文化動力非常重要。

In fact, we are renowned for the sophistication of our service, especially our fixed income and risk solutions for our clients. About 55% of our revenues come from the Americas, which is the largest financial market in the world, and which is why I believe we are the only known U.S. (sic) [U.K.] domiciled investment bank that can consistently compete with the U.S. banks and win. This audience more than anybody else should appreciate the importance of a strong research franchise, and so I think you know us well here.

事實上，我們以先進的服務而聞名，尤其是我們為客戶提供的固定收益和風險解決方案。我們大約 55% 的收入來自美洲，這是世界上最大的金融市場，這就是為什麼我相信我們是唯一一家在美國（原文如此）[英國]註冊的、能夠持續與美國銀行競爭的投資銀行並獲勝。這些觀眾比其他任何人都更應該認識到強大的研究特許經營權的重要性，所以我認為你們在這裡很了解我們。

We have many top research teams and we are maintaining momentum as a top 5 research house globally. We lead with data-driven content and help clients identify and adapt to changing thematic trends of the future, and these capabilities underpin our client relationships. And it's an important ingredient in helping us grow our rankings both with our top 100 markets clients and with banking clients, and you'll hear Adeel about that in a minute.

我們擁有許多頂尖的研究團隊，並保持著全球前 5 名研究機構的勢頭。我們以數據驅動的內容為主導，幫助客戶識別和適應未來不斷變化的主題趨勢，這些能力支撐著我們的客戶關係。它是幫助我們提高 100 強市場客戶和銀行客戶排名的重要因素，稍後您就會聽到 Adeel 的說法。

So let's go to financial performance. Looking at our financial performance over the last 3 years, what you will see is that our income has been relatively stable at around GBP 11 billion, and I'll talk a little about that, but RoTE has reduced from 14% 3 years ago to 7% in 2023. Both RWAs and costs have risen as we've invested deliberately in the business.

那麼就讓我們來看看財務業績。看看我們過去3年的財務表現，你會看到我們的收入一直相對穩定在110億英鎊左右，我會稍微談一下，但是RoTE已經從3年前的14%下降到2023 年將增長7% 。

But what we want to show you now is how we will improve our RWA productivity, capture cost efficiencies and generate income growth by monetizing the investments which we have already made. We aim for the RoTE of the Investment Bank to be in line with the group's greater than 12% target by 2026 through 3 key levers: income, RWA productivity and cost.

但我們現在想要向您展示的是我們將如何透過將我們已經進行的投資貨幣化來提高 RWA 生產力、實現成本效率並實現收入成長。我們的目標是透過收入、RWA 生產力和成本這 3 個關鍵槓桿，使投資銀行的 RoTE 與集團到 2026 年超過 12% 的目標保持一致。

So let me start with income. One reason why people have always questioned the value of the Investment Bank within Barclays is they think that it's a volatile business. And up to a point, it is. There are parts of this business income that fluctuate with the markets and fluctuate with the economic environment. What we have been doing though is to construct a business that has greater stability through two things: one is diversification; and the other is what we call ballast, businesses with stable income.

那麼就讓我從收入開始吧。人們總是質疑巴克萊投資銀行的價值，原因之一是他們認為這是一項不穩定的業務。在某種程度上，確實如此。這個業務收入有一部分是隨市場波動、隨經濟環境波動的。但我們一直在做的是透過兩件事來建立一個更穩定的業務：一是多元化；二是多元化。另一種是我們所謂的鎮流器，也就是收入穩定的企業。

So if you look at the top line, it has been in the GBP 11 billion to GBP 11.5 billion range since 2020 through changing, and some would argue, volatile market environments which include COVID, which include recent geopolitical instability. So let me take those two things first.

因此，如果你看一下營收，你會發現自2020 年以來，由於包括新冠疫情在內的動盪市場環境（包括最近的地緣政治不穩定）的變化（有人認為），營收一直在110 億英鎊至115 億英鎊之間。所以讓我先來說說這兩件事。

First, you take diversification. We get diversification between the volatility-related elements of banking fees and market trading revenues or what we call intermediation, the top two lines. And in volatile markets, trading revenues go up, deal volumes tend to shrink. And in common times, the opposite happens. So this makes the combination of the two more stable than for banks which have only one deal making or only have trading, right? That's the diversification between the relatively volatile elements.

首先，你採取多元化。我們在銀行費用和市場交易收入或我們所說的中介（前兩條線）與波動性相關的因素之間實現了多元化。在動盪的市場中，交易收入會上升，但交易量往往會萎縮。而在通常情況下，情況恰恰相反。因此，這使得兩者的結合比只有一筆交易或只有交易的銀行更穩定，對吧？這就是相對波動性元素之間的多樣化。

Then you come to the ballast, which is what you see circled at the bottom. And the first part of that is our financing income, the money which we make from lending to institutional clients against stocks, what people call prime, and against bonds, which we call fixed income financing. It's a business in which we have invested heavily over the last number of years. It's technologically complex and it's very sophisticated.

然後你來到鎮流器，這就是你在底部看到的圓圈。第一部分是我們的融資收入，我們透過向機構客戶提供股票貸款（人們稱之為優質貸款）和債券貸款（我們稱之為固定收益融資）來賺取資金。過去幾年我們在這項業務上投入了大量資金。它的技術非常複雜，而且非常精密。

You have to manage the risks well. And our income has grown from around GBP 1.8 billion in 2019 to GBP 2.9 billion in 2023. Adeel will talk about this in a moment. The second source of ballast is our International Corporate Bank. That income has grown also. It's helped, of course, by the rising interest rate environment. But in turn, it makes for a more stable top line.

你必須好好管理風險。我們的收入已從 2019 年的 18 億英鎊左右增長到 2023 年的 29 億英鎊。鎮流器的第二個來源是我們的國際企業銀行。收入也有所增長。當然，不斷上升的利率環境對此有所幫助。但反過來，它又帶來了更穩定的收入。

So I said first is income. And you continue with income, and what you've got, as I said, is a scale business overall but two businesses at slightly different stages of evolution and success. In Global Markets, we've made significant investments in technology and capital and we've had a corresponding growth in revenues.

所以我說首先是收入。你繼續獲得收入，正如我所說，你所得到的總體上是一個規模化的業務，但兩個業務的發展和成功階段略有不同。在全球市場，我們在技術和資本方面進行了大量投資，收入也有了相應的成長。

What we want to do now is monetize the investments which we have made and continue and deepen our capital discipline. The bottom line here is that the Markets business is at scale, it's well invested in, and it's a counterparty of choice for the most sophisticated investors in the world.

我們現在要做的是將我們所做的投資貨幣化，並繼續並深化我們的資本紀律。這裡的底線是，市場業務規模龐大，投資充足，並且是世界上最成熟的投資者的首選交易對手。

The Investment Banking business is at an earlier stage of maturity. It has just gone through a repositioning under new leadership. We have to strengthen in DCM and in the U.K. and with financial response -- we have strength in DCM and in the U.K. and with financial responses, but we need them to broaden and we need to deepen. We have a greater focus here on RWA productivity, trying to move the business from being debt-heavy, which tends to be RWA-heavy, to be more balanced across advisory and ECM and fully integrate with our International Corporate Bank.

投資銀行業務正處於成熟的早期階段。它剛剛在新領導層的領導下進行了重新定位。我們必須加強 DCM 和英國的財務應對措施——我們在 DCM 和英國的財務應對措施方面擁有優勢，但我們需要擴大並深化這些措施。我們更加關注 RWA 生產力，試圖將業務從負債累累（通常是 RWA 沉重）轉變為在諮詢和 ECM 方面更加平衡，並與我們的國際企業銀行完全整合。

Anna spoke to you earlier about the income growth in the Investment Bank and how much of it is under control -- is in our control. And on this slide, what I want to convey to you is that over half of our income growth is coming from initiatives which we control. This means, of course, doing things better because our team and client relationships can improve and deepen, and it is not arising from heroic assumptions about wallet growth or market share.

安娜早些時候向您談到了投資銀行的收入成長以及其中有多少是在我們的控制之下的。在這張投影片上，我想向您傳達的是，我們一半以上的收入成長來自我們控制的舉措。當然，這意味著做得更好，因為我們的團隊和客戶關係可以改善和加深，而這並不是源自於對錢包成長或市場份額的英雄假設。

We expect high single-digit income CAGR through 2026, but over half of that comes from management initiatives in markets and banking which Adeel and I will cover in more detail shortly. The remainder comes from a normalization of the industry wallet. But as you heard from Anna earlier, it's not the industry wallet going from lows to highs, but it's going from its currently low levels to more historically normal levels.

我們預計到 2026 年收入複合年增長率將達到高個位數，但其中一半以上來自市場和銀行業的管理舉措，我和阿迪爾將很快對此進行更詳細的介紹。其餘部分則來自產業錢包的規範化。但正如您之前從安娜那裡聽到的那樣，這並不是行業錢包從低點上升到高點，而是從目前的低水平上升到歷史上更正常的水平。

So the first lever was income. The second is RWA productivity. So moving to that second lever, what does RWA productivity mean? And why is it important? As you can see from the top left, as we've increased RWAs in the Markets business, we've actually kept the ratio of income to RWAs relatively constant. This reflects capital discipline, which we need to continue by recycling capital continuously to higher-returning opportunities. And it also benefits from the higher velocity capital which we allocate to markets.

所以第一個槓桿就是收入。第二個是 RWA 生產力。那麼轉向第二個槓桿，RWA 生產力又意味著什麼？為什麼它很重要？正如您從左上角看到的那樣，隨著我們增加了市場業務中的 RWA，我們實際上保持了收入與 RWA 的比率相對穩定。這反映了資本紀律，我們需要透過不斷地將資本回收到回報率更高的機會來繼續實行資本紀律。它也受益於我們分配給市場的更高週轉率的資本。

On the other hand, the right-hand side shows banking income over RWA, and this has declined over this period, which reflects the reliance on DCM in our current mix. As I mentioned, we have a plan to improve this and I'll cover this among the key initiatives in a moment. Overall, we intend to increase RWA productivity by reallocating capital towards the higher-returning international corporate bank and within -- that's within Investment Banking, and as well as towards financing opportunities in markets.

另一方面，右側顯示銀行收入相對於 RWA 的比例，並且在此期間有所下降，這反映了我們當前組合中對 DCM 的依賴。正如我所提到的，我們有一個計劃來改進這一點，我稍後將在關鍵舉措中介紹這一點。總體而言，我們打算透過將資本重新分配給回報率更高的國際企業銀行和投資銀行業務以及市場上的融資機會來提高 RWA 生產力。

So income, RWA productivity, cost. And so the third importantly lever is cost. We have invested in a very planned and focused way in the Investment Bank both in markets and banking to the tune of about GBP 3 billion in cash investment in the last 3 years. In markets, it's mostly been about technology. Investing in the modernization of our infrastructure not only simplifies our operations and reduces costs, it also drives improved stability on our platforms, which leads to better client outcomes. Remember what I said at the start, technology excellence and client outcomes are the same thing.

因此，收入、RWA 生產力、成本。因此，第三個重要的槓桿是成本。過去 3 年，我們以非常有計劃和集中的方式在市場和銀行業投資銀行進行了約 30 億英鎊的現金投資。在市場中，主要與科技有關。投資我們的基礎設施現代化不僅可以簡化我們的營運並降低成本，還可以提高我們平台的穩定性，從而為客戶帶來更好的成果。請記住我在開始時所說的，技術卓越和客戶成果是同一回事。

In Investment Banking, of course, it's much more of a human capital business. And what we've invested is in people with a focus of the infusion of talent in our focus sectors and products. Now what we intend to do is to monetize these investments and grow future income with relatively modest cost growth expected across the Investment Bank. So this includes higher performance costs given the higher income which we have in our plan. We will, of course, continue to make focused investments in our client franchise, but we expect these to be self-funded by efficiency savings. Overall, we expect to deliver an improved cost income ratio from around 69% we have now to the high 50s by 2026.

當然，在投資銀行業，它更多的是人力資本業務。我們投資的重點是在我們的重點領域和產品中註入人才。現在我們打算做的是將這些投資貨幣化，並以整個投資銀行預計相對溫和的成本成長來增加未來收入。因此，考慮到我們計劃中的收入較高，這包括更高的績效成本。當然，我們將繼續對我們的客戶特許經營權進行集中投資，但我們預計這些投資將透過效率節省來自籌資金。總體而言，我們預計到 2026 年，成本收入比將從現在的 69% 左右提高到 50%左右。

So let me now take you through these two pieces, and Adeel Khan is going to begin -- I'll begin with Investment Banking and then Adeel will go to market. So in Investment Banking, I said that our markets and banking businesses are at different stages of evolution. What our markets business did 3 to 5 years ago has been paying off, and we look to do the same in Investment Banking.

現在讓我帶您了解這兩部分，Adeel Khan 將開始——我將從投資銀行開始，然後 Adeel 將進入市場。所以在投資銀行領域，我說我們的市場和銀行業務處於不同的發展階段。我們的市場業務三到五年前所做的事情已經取得了回報，我們希望在投資銀行領域也能做到同樣的事情。

So we start with some points of advantage. As I said, we are consistently #6 globally. We finished this year of 2023 as the top U.K. investment bank, which is a position I always aspire to hold.

所以我們從一些優勢開始。正如我所說，我們在全球始終排名第六。 2023 年，我們成為英國頂尖投資銀行，這是我一直渴望擔任的職位。

We look more like a U.S. bank than a European one. If you look at -- 66% of our revenue is coming from the Americas, and which is a much more profitable market than Europe. I've also said debt and DCM is the calling card of Barclays, where we are #5 globally. We also rank #5 with financial sponsors and have established ECM and advisory practices, but we need to grow them, and I'll describe that shortly.

我們看起來更像是美國銀行，而不是歐洲銀行。如果你看一下——我們 66% 的收入來自美洲，這是一個比歐洲利潤更高的市場。我還說過債務和 DCM 是巴克萊銀行的名片，我們在全球排名第五。我們在財務贊助商方面也排名第五，並建立了 ECM 和諮詢實踐，但我們需要發展它們，我很快就會對此進行描述。

We intend to leverage our strength in DCM in several ways. We'll drive greater product penetration with clients, making existing capital allocated to our loan book work harder for us.

我們打算透過多種方式利用我們在 DCM 方面的優勢。我們將提高產品對客戶的滲透率，使分配到我們貸款簿上的現有資本更有效地為我們服務。

First, we aim to broaden the product relationship with existing clients, principally by a treasury-oriented products and services. Second, we will continue to provide sophisticated rates, FX and equity risk management solutions to our clients through ongoing collaboration with global markets, and these synergies are important. This kind of business is typically originated with investment banking clients, but designed and executed in our markets business.

首先，我們的目標是擴大與現有客戶的產品關係，主要是透過以資金為導向的產品和服務。其次，我們將透過與全球市場的持續合作，持續為客戶提供複雜的利率、外匯和股票風險管理解決方案，這些協同效應非常重要。此類業務通常起源於投資銀行客戶，但在我們的市場業務中設計和執行。

Adding incremental products requires minimal additional capital and provides attractive recurring revenues, as I'll cover on the next slide. Our international corporate banking business is already well established in the U.K, where if you look at it, 92% of our U.K. investment banking clients have corporate banking dealings with us. That number is far lower outside the U.K., and we aim to increase that by fully integrating our treasury platform into the investment bank.

增加增量產品需要最少的額外資本，並提供有吸引力的經常性收入，正如我將在下一張投影片中介紹的那樣。我們的國際企業銀行業務在英國已經很成熟，如果你仔細觀察一下，你會發現我們 92% 的英國投資銀行客戶與我們有企業銀行業務往來。英國以外的地區這一數字要低得多，我們的目標是透過將我們的財務平台完全整合到投資銀行中來增加這一數字。

The ICB generates high-quality income, and about 80% of it is recurring, therefore, making it more stable and more predictable. And it is capital efficient, helping RWA productivity, which is an important area of focus for us, as I said.

ICB 產生高品質的收入，其中約 80% 是經常性的，因此更穩定、更可預測。正如我所說，它具有資本效率，有助於提高 RWA 生產力，這是我們關注的重要領域。

We also need to rebalance our investment banking mix. We recognize clearly that we're overweight in DCM, and we are going to grow the proportion of our relative share in ECM and M&A.

我們還需要重新平衡我們的投資銀行業務組合。我們清楚地認識到我們在 DCM 中的比重過高，並且我們將增加在 ECM 和併購中的相對份額比例。

And we aim to do this in 2 ways. First, we have invested on the top right to upgrade talent in technology, health care and energy transition. Over 60% of the hires for which we made in 2023 were in these sectors. And together, they represent -- these sectors represent about 40% of the industry wallet in the last 3 years. And we are confident that they will continue to be important. We also have an opportunity to leverage our strong position with financial sponsor relationships where we rank on par with our U.S. peers, and to do more ECM and M&A with the same sponsor clients as our U.S. peers do.

我們的目標是透過兩種方式做到這一點。首先，我們對右上方進行了投資，以提昇技術、醫療保健和能源轉型的人才水準。 2023 年，我們招募的員工中有超過 60% 來自這些行業。過去 3 年，這些產業合計約佔產業錢包的 40%。我們相信它們將繼續發揮重要作用。我們還有機會利用我們在財務贊助商關係中的強大地位，與美國同行的排名不相上下，並與美國同行一樣與相同的贊助商客戶進行更多的 ECM 和併購。

So to summarize on investment banking. We've got the products. We've got the client relationships. We've got the capability. What we've got to do now is to translate it into returns. And the bottom line in the Investment Bank is we expect to generate about GBP 700 million of income growth by 2026 from management initiatives. We will do this by building our fee share to the levels we had a few years ago in the ways in which I outlined and by improving our income productivity to drive further returns.

總結一下投資銀行業務。我們已經有產品了。我們有客戶關係。我們有能力。我們現在要做的就是將其轉化為回報。投資銀行的底線是，我們預計到 2026 年，管理措施將帶來約 7 億英鎊的收入成長。為此，我們將按照我概述的方式將我們的費用份額提高到幾年前的水平，並提高我們的收入生產力以推動進一步的回報。

I will turn over now to Adeel to talk about Global Markets, and then I'll come back to conclude.

我現在將請阿迪爾談談全球市場，然後我會回來做總結。

Thank you, Venkat. Good morning, everyone. My name is Adeel Khan. I run the markets business at Barclays, and I've been here for the last 15 years, a stat I'm incredibly proud of.

謝謝你，文卡特。大家早安。我叫阿迪爾汗。我在巴克萊銀行負責市場業務，過去 15 年我一直在這裡工作，我對此感到非常自豪。

So before I start, I think it's important to set the stage. Over the last few years, we've all lived in an increasingly challenging environment. This has been experienced by a lot of you. As Venkat mentioned, we've gone through a pandemic, a war in Middle East and Europe and also an unpredictable inflationary environment. So our clients have also experienced this, and they increasingly need a more reliable partner.

因此，在開始之前，我認為做好準備很重要。在過去的幾年裡，我們都生活在一個日益充滿挑戰的環境中。你們很多人都經歷過這一點。正如文卡特所提到的，我們經歷了一場大流行、中東和歐洲的戰爭以及不可預測的通膨環境。所以我們的客戶也經歷過這樣的情況，他們越來越需要一個更可靠的合作夥伴。

So with all of this in mind, our ambition for the business is fairly simple. Number one, we want to be a consistent partner for our clients. And secondly, we want to drive stable double-digit returns for our shareholders.

因此，考慮到所有這些，我們對業務的抱負相當簡單。第一，我們希望成為客戶始終如一的合作夥伴。其次，我們希望為股東帶來穩定的兩位數回報。

So how do we do this and what are our drivers for success? Firstly, we want deep, broad client relationships within our business. Secondly, we want prudent risk and capital discipline within our businesses. And lastly, we want to transform our technology to drive better outcomes.

那麼我們如何做到這一點以及我們成功的驅動力是什麼？首先，我們希望在我們的業務範圍內建立深入、廣泛的客戶關係。其次，我們希望在我們的業務中實行審慎的風險和資本紀律。最後，我們希望改造我們的技術以取得更好的成果。

So now I will run you through our plans for the next few years. But before that, let's start with the numbers.

現在我將向您介紹我們未來幾年的計劃。但在此之前，讓我們先從數字開始。

So on the top left, you can see, in 2019, we produced GBP 5.3 billion of revenues. Now we knew at GBP 5.3 billion, we cannot produce stable double-digit returns or be consistent to our clients. So we embarked on a new strategy. And over the last 4 years, we have increased our average revenues by GBP 2.2 billion. And today, we run a GBP 7.5 billion revenue franchise.

在左上角，您可以看到，2019 年我們的收入為 53 億英鎊。現在我們知道，在 53 億英鎊的規模下，我們無法產生穩定的兩位數回報，也無法與客戶保持一致。因此我們開始實施新的策略。在過去 4 年裡，我們的平均收入增加了 22 億英鎊。如今，我們擁有 75 億英鎊的特許經營收入。

Now we care deeply about the capital we used to produce these numbers. And last year, our income to RWA ratio was 6.2%. Now that is a little light compared to where we like to operate, and we have generally operated higher. Plus in periods of volatility, like 2020, we were at 8%, which means we serve as a natural hedge for group income.

現在我們非常關心用於產生這些數字的資本。去年，我們的營收與 RWA 的比率為 6.2%。現在，與我們喜歡的操作相比，這有點輕，而且我們通常會操作得更高。另外，在波動時期，例如 2020 年，我們的利率為 8%，這意味著我們可以作為集團收入的自然對沖工具。

Now over this period, we've also grown our institutional client market share by 200 basis points. In fact, since 2019, we have been the second fastest-growing client franchise among the major banks.

在此期間，我們的機構客戶市佔率也增加了 200 個基點。事實上，自 2019 年以來，我們一直是主要銀行中成長第二快的客戶特許經營機構。

Now if you look on the right, you can see that we have diversified ourselves across geographies, capabilities and businesses. Our regional footprint has a strong lean towards Americas. As Venkat mentioned, we are the only non-U.S. bank with scale access to the largest capital markets pool in the world. Our businesses are equally weighted among equities, spread and macro. And while individually these revenue streams can be volatile depending on the operating environment, together, we think they're stable. And lastly, we have grown financing. It is 1/3 of our revenues today. This is a stable and predictable income that allows us to be more strategic with our clients.

現在，如果你向右看，你會發現我們已經在地域、能力和業務上多元化了。我們的區域足跡主要集中在美洲。正如 Venkat 所提到的，我們是唯一一家能夠大規模進入全球最大資本市場的非美國銀行。我們的業務在股票、利差和宏觀方面的權重相同。雖然這些收入流單獨來看可能會根據營運環境而波動，但總的來說，我們認為它們是穩定的。最後，我們增加了融資。這是我們今天收入的 1/3。這是一項穩定且可預測的收入，使我們能夠與客戶更具策略性。

So in summary, when you think about markets today, it is a business with deep, broad client relationships. It's also highly diversified, so it can produce stable double-digit returns. And lastly, it is at scale, at scale to be competitive and a relevant player in the market.

總而言之，當你思考當今的市場時，你會發現這是一個擁有深厚、廣泛客戶關係的企業。它還高度多元化，因此可以產生穩定的兩位數回報。最後，規模化才能具有競爭力並成為市場中的相關參與者。

Now Venkat talked about simpler, better and more balanced. I will walk you through the same journey and -- starting with simple. So for us, it's very simple. Our client franchise is what drives everything. On the top left, you can see through an intense focus on our clients, we have been improving our client franchise. Today, we are a top 5 client franchise in global markets, in fixed income and in equities.

現在，Venkat 談到了更簡單、更好、更平衡。我將引導您完成相同的旅程—從簡單開始。所以對我們來說，這非常簡單。我們的客戶特許經營權是一切的驅動力。在左上角，您可以看到我們對客戶的高度關注，我們一直在改善我們的客戶特許經營權。如今，我們是全球市場固定收益和股票領域排名前五的客戶群。

In fact, what is more impressive because you have U.S. banks in the mix here is that we have grown our client franchise by 1 notch in markets, 2 notches in fixed income and 3 notches in equities.

事實上，更令人印象深刻的是，因為這裡有美國銀行，所以我們在市場上的客戶特許經營權提高了1 個等級，在固定收益領域提高了2 個等級，在股票領域提高了3 個等級。

Within our client franchise, we have also grown our share with the top 100 clients by 220 basis points, and our growth and progress is not limited to that account base. We've made similar progress with the next 150 and the rest of our clients.

在我們的客戶群中，我們與前 100 名客戶的份額也增加了 220 個基點，而且我們的成長和進步不僅限於該客戶群。我們在接下來的 150 家以及其他客戶中也取得了類似的進展。

Now if you look on the right, you can see how many of our top 100 clients we rank top 5 with. In 2021, that number was 30. We wanted to deepen our relationships with these clients. Why? Because they are large and they're growing. They're also more complex. So they like to partner with the same reliable banks again and again. And that brings more predictability and stability to our income.

現在，如果您查看右側，您可以看到我們在前 100 家客戶中有多少位居前 5 位。 2021 年，這個數字為 30。為什麼？因為它們很大並且正在成長。它們也更複雜。因此，他們喜歡一次又一次地與同樣可靠的銀行合作。這為我們的收入帶來了更多的可預測性和穩定性。

So we implemented an accountability framework with a lead client executive per account. And we figured out where we needed to lean in across the investment bank and the group versus asking for more. And today, through that framework, we have grown our number to 49.

因此，我們實施了一個問責框架，每個客戶都有一個首席客戶主管。我們弄清楚了我們需要在整個投資銀行和整個集團中發揮哪些作用，而不是要求更多。如今，透過該框架，我們的數量已增至 49 個。

Now we will apply the same framework and intensity of coverage to grow this number further to 70 by 2026. Now staying on the theme of simpler, clients are important. They bring us to business, but the stability of our platform relies heavily on how well we risk manage ourselves.

現在，我們將應用相同的框架和覆蓋強度，到 2026 年將這一數字進一步增加到 70 個。它們讓我們開展業務，但我們平台的穩定性在很大程度上取決於我們自身風險管理的程度。

On the left, you can see that we have broadly kept this flat, broadly stable VAR profile despite transacting much more volumes through our platforms. Over the last few years, we've also made a deliberate effort to move away from illiquid, longer-dated type intermediation activities into more flow-focused businesses.

在左側，您可以看到，儘管透過我們的平台進行的交易量要多得多，但我們基本上保持了這種平坦、穩定的 VAR 概況。在過去的幾年裡，我們也刻意努力從流動性差、期限較長的中介活動轉向更注重流量的業務。

And so because of that, today, we turn over 80% of our market's cash balance sheet on a weekly basis. And this is what enables us to outperform in periods of volatility like Q1 '20 and Q2 '22. At the same time, 70% of our capital profile today is under 2 years, and that is how we recycle 20% of our intermediation RWAs every quarter towards higher returning opportunities.

因此，今天，我們每週週轉市場現金資產負債表的 80%。這就是我們能夠在 20 年第一季和 22 年第二季等波動時期表現出色的原因。同時，我們今天 70% 的資本狀況不足 2 年，這就是我們每季回收 20% 的中介 RWA 以獲得更高回報機會的方式。

Now on the right, you can see the bell curve of our income distribution, and you can see how we have shifted it to the right. In 2019, half of our trading days sat in the 0 to GBP 15 million bucket. Today, we have moved them all into the GBP 16 million to GBP 30 million bucket. This effectively means we have raised the floor on our income, and it also makes us more stable. In this process, we've also taken the number of our loss days or loss-making days from 16 to 7 in 2023.

現在在右側，您可以看到我們收入分配的鐘形曲線，您可以看到我們如何將其向右移動。 2019 年，我們一半的交易日位於 0 至 1500 萬英鎊之間。今天，我們將它們全部轉移到 1600 萬英鎊至 3000 萬英鎊的範圍內。這其實意味著我們提高了收入下限，也讓我們更加穩定。在此過程中，我們也將虧損天數或虧損天數從 16 天減少到 2023 年的 7 天。

Now moving to the theme of better. Let's start with our businesses. Here, you can see the strength of our franchise. Our top 5 revenue ranked businesses are 53% of the wallet today. So effectively, we are a top 5 player in half of the market's wallet. This is a very large wallet of nearly GBP 100 billion. And within these businesses, we have a strong market share of 11% today.

現在轉向更好的主題。讓我們從我們的業務開始。在這裡，您可以看到我們特許經營的實力。我們收入排名前 5 名的企業目前佔錢包的 53%。因此，實際上，我們是佔據市場一半錢包的前 5 名參與者。這是一個接近1000億英鎊的非常大的錢包。在這些業務中，我們目前擁有 11% 的強勁市場份額。

In 2019, we had an 8% market share. And over the last few years, we have grown that, and we've held a double-digit market share now for the last 3 years. Also today, 72% of our income comes from these established capabilities, which again, means we are more stable.

2019年，我們的市佔率為8%。在過去的幾年裡，我們的市場份額有所增長，並且在過去的三年裡我們已經保持了兩位數的市場份額。今天，我們 72% 的收入來自這些已建立的能力，這再次意味著我們更加穩定。

So how did we achieve this? Since 2019, we used our capital discipline and allocated them an extra 5 points of capital. And now 5 years later, their contribution to our revenues has increased by 12 points versus the respective wallet contribution only growing by 2 points. This tells you that there is strong evidence here that when we provide oxygen to our established capabilities, we can outperform the market.

那我們是如何實現這目標的呢？自2019年以來，我們運用資本紀律，為他們分配了額外的5點資本。 5 年後的今天，他們對我們收入的貢獻增加了 12 個百分點，而相應的錢包貢獻僅增加了 2 個百分點。這告訴您，這裡有強有力的證據表明，當我們為我們既定的能力提供氧氣時，我們可以跑贏大盤。

Let's take the example of our equity prime business, which Venkat talked about. In 2019, we were outside the top 5. This is a business that requires a huge amount of infrastructure. And we know in order to finance a client, we must be able to execute clear, settle and as a service to collateral across all major global markets. So when the operating environment changed in 2020, we invested. And today, we run a top 5 franchise that actively compete with its U.S. peers.

讓我們以 Venkat 談到的我們的股權主要業務為例。 2019 年，我們沒有進入前 5 名。我們知道，為了向客戶提供融資，我們必須能夠在全球所有主要市場上執行清算、結算和抵押貸款服務。所以當2020年經營環境改變時，我們就進行了投資。如今，我們經營排名前五名的特許經營權，與美國同行積極競爭。

Now I'd like to make 2 final points on this slide. Firstly, the 11% market share we have here, this is in our established capabilities. We want to grow this further. This is where we have operating leverage. And secondly, as Venkat mentioned, prior to 2019, we did make some very difficult decisions. We exited commodities. We exited parts of our onshore emerging market trading businesses. We exited parts of our Asia equity business, and that is what has allowed us and enabled us to be consistent to our clients for the last few years.

現在我想在這張投影片上提出最後兩點。首先，我們這裡有11%的市場份額，這是我們既定的能力。我們希望進一步發展這一點。這就是我們擁有營運槓桿的地方。其次，正如 Venkat 所提到的，在 2019 年之前，我們確實做出了一些非常困難的決定。我們退出大宗商品。我們退出了部分在岸新興市場貿易業務。我們退出了部分亞洲股票業務，這使我們能夠在過去幾年中與客戶保持一致。

Now moving on to the rest of our franchise. There are parts of our franchise where we are not top 5. We still have a healthy market share of 5% within these businesses. And we think about -- when we think about these businesses, they are important to us for 2 reasons: firstly, they help us maintain a stable ecosystem to our clients, so we can be consistent to our clients.

現在繼續我們的特許經營的其餘部分。我們的某些特許經營業務並未進入前 5 名。當我們考慮這些業務時，我們認為它們對我們很重要，原因有二：首先，它們幫助我們為客戶維持一個穩定的生態系統，這樣我們就可以與客戶保持一致。

Secondly, they represent opportunities for us, either because we have lost some market share or the operating environment is changing. For example, last year, in European rates and equity derivatives, we did lose some market share due to idiosyncratic reasons. But traditionally, these businesses have been very large for us because in rate, we have our sterling franchise. We're also a primary dealer in 17 countries. And our corporate derivative franchise through banking brings us large structural advantages.

其次，它們對我們來說是機會，要么是因為我們失去了一些市場份額，要么是經營環境正在改變。例如，去年在歐洲利率和股票衍生性商品領域，我們確實因為特殊原因失去了一些市場份額。但傳統上，這些業務對我們來說非常大，因為就價格而言，我們擁有英鎊的特許經營權。我們也是 17 個國家的一級經銷商。我們透過銀行業獲得的企業衍生性商品特許經營權為我們帶來了巨大的結構性優勢。

Similarly, in equity derivatives, we are one of the largest issuers of structured notes. So over the last 12 months, we are addressing our platform gaps, and we have already allocated them the capital they need to regain their lost market shares.

同樣，在股票衍生性商品領域，我們是最大的結構性票據發行人之一。因此，在過去 12 個月中，我們正在解決我們的平台差距，並且我們已經為他們分配了重新獲得失去的市場份額所需的資本。

Securitized products is a different example. This is where the operating environment has changed. The life cycle here is you originate a pool of assets, you finance those assets and finally, you trade those securities. We have a top 3 origination franchise, we've built a top 5 financing franchise, but we did not trade these securities.

證券化產品是另一個例子。這就是運作環境改變的地方。這裡的生命週期是您創建資產池，為這些資產提供資金，最後交易這些證券。我們擁有排名前 3 的發起特許經營權，我們已經建立了排名前 5 的融資特許經營權，但我們沒有交易這些證券。

So in 2021, when QT was starting, we realized there was an opportunity. So we invested in the product. And today, just as the operating environment is improving and our clients need us, our investment is starting to come alive. Now these 3 opportunities together represent an extra GBP 500 million of revenues for us. And just a 1% market share here gives us an extra GBP 200 million of revenues. So given our historic market shares and the fact that our client franchise has stayed strong within these businesses, it gives us confidence that our plans are measured and prudent.

所以在 2021 年，當 QT 啟動時，我們意識到有一個機會。所以我們投資了這個產品。如今，隨著經營環境的改善以及客戶需要我們，我們的投資開始發揮作用。現在，這 3 個機會總計為我們帶來了 5 億英鎊的額外收入。僅僅 1% 的市佔率就可以為我們帶來 2 億英鎊的額外收入。因此，考慮到我們歷史上的市場份額以及我們的客戶特許經營權在這些業務中保持強勁的事實，這讓我們相信我們的計劃是經過衡量和審慎的。

Now staying on the theme of better, a common dependency across all of this is technology. Today, within our trading businesses, our clients increasingly experience us through our electronic offering and in our financing businesses, through the stability and delivery of our platforms.

現在繼續討論更好的主題，所有這一切的共同依賴是技術。如今，在我們的貿易業務中，我們的客戶越來越多地透過我們的電子產品和融資業務以及我們平台的穩定性和交付來體驗我們。

Now this experience relies heavily on running a smooth life cycle of a transaction, and the life cycle of the transaction through pre-trade, pricing and post trade has large dependencies on your technology infrastructure. So our journey here started by simplifying our infrastructure. We started getting rid of legacy applications, legacy point-to-point feed, and we have now decommissioned 84 applications since 2021.

現在，這種體驗在很大程度上依賴於運行交易的平穩生命週期，而交易前、定價和交易後的交易生命週期在很大程度上依賴於您的技術基礎設施。因此，我們的旅程從簡化我們的基礎設施開始。我們開始淘汰舊應用程式、舊點對點來源，自 2021 年以來我們現在已停用 84 個應用程式。

Once we simplified our infrastructure, we started modernizing it, we started putting new applications on the cloud, we started containerizing new applications and we also started creating more reusable applications. So what happens once you have simplified and modernized your infrastructure? You start to become more stable and agile. And today, we run a much more reliable platform.

一旦我們簡化了基礎設施，我們就開始對其進行現代化改造，我們開始將新應用程式放在雲端上，我們開始對新應用程式進行容器化，我們也開始創建更多可重複使用的應用程式。那麼，一旦您的基礎設施得到簡化和現代化，會發生什麼事？你開始變得更加穩定和敏捷。今天，我們運行著一個更可靠的平台。

Our outages are down by 78%, and that is something our clients care about deeply. At the same time, our breaks are down by 53%, and that is something our regulators care about deeply. And finally, now, we are more agile. We are releasing more algorithms. We're deploying product features quicker within our platforms.

我們的中斷次數減少了 78%，這是我們的客戶非常關心的事情。同時，我們的故障率下降了 53%，這是我們的監管機構非常關心的事情。最後，現在我們更敏捷了。我們正在發布更多演算法。我們正在我們的平台內更快地部署產品功能。

So why does all of this matter? Because eventually, we want better electronic platforms because we want these businesses to play a bigger role in our revenues as their capital-light businesses. And you can see that our efforts are paying off. Today, we are ranked #1 on London Stock Exchange, and we have grown our low-touch equity and FX revenues by 87% since 2019.

那麼為什麼這一切都很重要呢？因為最終，我們想要更好的電子平台，因為我們希望這些企業作為輕資本企業在我們的收入中發揮更大的作用。你可以看到我們的努力正在得到回報。如今，我們在倫敦證券交易所排名第一，自 2019 年以來，我們的低接觸股票和外匯收入成長了 87%。

So finally, moving to the theme of more balanced. We want to be more predictable and stable, so we did that by growing financing. Since 2019, through a very deliberate strategy, we have grown our financing revenues at a 13% CAGR from GBP 1.8 billion to GBP 2.9 billion in 2023. Today, they represent 36% of our markets' revenues, a very stable 36%.

最後，轉向更平衡的主題。我們希望變得更加可預測和穩定，因此我們透過增加融資來做到這一點。自2019 年以來，透過一項非常審慎的策略，我們的融資收入以13% 的複合年增長率增長，從18 億英鎊增長到2023 年的29 億英鎊。 ，非常穩定的36%。

Now why did we want to grow these revenues? Firstly, they represent stable and predictable income for us. Secondly, if you look at all the consolidation -- AUM consolidation going on among clients, their financing needs are going up. This gives us an opportunity and enables us to be a much deeper partner with our largest accounts. Thirdly, these are RWA-efficient businesses that are secured lending businesses. So we like the risk profile -- the risk-weighted profile of these businesses. And lastly, there are huge barriers to entry here. So to operate at scale, you require a huge amount of investment.

現在我們為什麼要增加這些收入？首先，它們對我們來說代表著穩定且可預測的收入。其次，如果你看看客戶之間正在進行的資產管理規模整合，你會發現他們的融資需求正在上升。這給了我們一個機會，使我們能夠成為擁有最大客戶的更深入的合作夥伴。第三，這些是 RWA 高效率的企業，也是有擔保的貸款企業。因此，我們喜歡風險狀況—這些企業的風險加權狀況。最後，這裡存在著巨大的進入障礙。因此，要規模化運營，就需要大量的投資。

Now our platform has been tested over the last few years here. Between 2019 and '23, there were some very large moves in asset prices. And these moves happen in a very, very short period of time. That is the worst kind of operating environment you can have for this business. Despite all of that, we managed our credit and operational risks very well through this period.

現在我們的平台已經在過去幾年中經過了測試。 2019 年至 23 年間，資產價格出現了一些非常大的波動。這些動作發生在非常非常短的時間內。對於這項業務來說，這是最糟糕的營運環境。儘管如此，我們在此期間仍然很好地管理了信用和營運風險。

Now I want to share 2 more facts with you before I leave this slide that gives us confidence in our financing platform today. Today, we have a financing relationship with 96 of our top 100 markets clients. Secondly, over the last few -- or since 2021, over 50% -- more than 50% of 1 billion-plus hedge fund launches. These are large, very experienced hedge fund managers. They chose Barclays to be their prime broker at the beginning of their journey. That gives us a lot of confidence in our platform, but it also tells you that clients are trusting us at the beginning of their journey.

現在，在結束這張投影片之前，我想與您分享另外 2 個事實，這讓我們對今天的融資平台充滿信心。如今，我們與 100 強市場客戶中的 96 家建立了融資關係。其次，在過去幾年中——或者說自 2021 年以來，超過 50%——超過 10 億隻對沖基金的發行規模超過了 50%。這些都是經驗豐富的大型對沖基金經理人。他們在旅程開始時選擇巴克萊銀行作為他們的主要經紀人。這讓我們對我們的平台充滿信心，同時也告訴您客戶在旅程開始時就信任我們。

Now to wrap up. We will stay focused on clients. We want to further deepen our relationships by achieving a top 5 rank with 70 of our top 100 clients. We're going to remain prudent around risk and capital management. We're going to deliver an extra GBP 500 million through a 3 select intermediation businesses while maintaining momentum in our top 5 franchises. We will complete and monetize our technology transformation so capital-light businesses can play a bigger role. And finally, we're going to bring more balance to our financing revenues by growing them by an extra GBP 600 million.

現在總結一下。我們將繼續以客戶為中心。我們希望與 100 強客戶中的 70 家躋身前 5 名，進一步加深我們的關係。我們將在風險和資本管理方面保持謹慎。我們將透過 3 家選定的中介業務額外提供 5 億英鎊，同時保持我們前 5 名特許經營的勢頭。我們將完成技術轉型並將其貨幣化，以便輕資本企業能夠發揮更大的作用。最後，我們將透過額外增加 6 億英鎊來使我們的融資收入更加平衡。

Now I'd like to finish by saying we have been executing a strategy that is working since 2019. We have been consistent to our clients. We have been a reliable partner to our clients. At the same time, we have the ability to produce double-digit returns regardless of the operating environment. So the next few years are about executing the same strategy with the same precision and discipline that we have applied over the last few years.

最後，我想說的是，我們一直在執行自 2019 年以來一直有效的策略。我們一直是客戶值得信賴的合作夥伴。同時，無論經營環境如何，我們都有能力產生兩位數的回報。因此，接下來的幾年將以我們過去幾年所採用的同樣的精確度和紀律來執行相同的策略。

Thank you. And now I'll pass it back to Venkat.

謝謝。現在我會把它傳回給 Venkat。

Thank you, Adeel. So I'll wrap up on the Investment Bank. So what you've heard from Adeel in the market side and what you heard from me is that, overall, we intend to improve the Investment Bank's RoTE to be in line with the group target of about 12% -- above 12% by 2026.

謝謝你，阿迪爾。我將結束投資銀行。因此，您從市場方面的 Adeel 和我那裡聽到的是，總體而言，我們打算提高投資銀行的 RoTE，使其符合約 12% 的集團目標——到 2026 年超過 12% 。

We recognize that this is a significant increase on the 7% last year. And I believe, from what I've told you though, that -- and what you've heard from Adeel, that this is a credible and achievable ambition built from the foundations we've developed. Our income growth target in this is a high single-digit CAGR, and it's firmly predicated on initiatives which are within our control. And it monetizes investments which we have made in cost and capital, driving strong operating jaws and resulting in a cost-to-income ratio in the high 50s.

我們認識到，這比去年的 7% 有顯著增長。我相信，根據我告訴你們的情況，以及你們從阿迪爾那裡聽到的情況，這是一個建立在我們已經開發的基礎上的可信且可實現的雄心壯志。我們在這方面的收入成長目標是高個位數的複合年增長率，並且它堅定地基於我們控制範圍內的舉措。它將我們在成本和資本方面的投資貨幣化，推動了強勁的營運能力，並導致成本收入比高達 50 左右。

You have heard that we are limiting the proportion of the Investment Bank's RWAs to the rest of the group at around 50% by 2026 as we allocate more capital elsewhere to higher return in consumer and corporate businesses. We can achieve this while absorbing regulatory inflation within the Investment Bank due to the capital discipline, which already exists in our markets business and a pathway to improving return on RWA in the Investment Bank.

您聽說過，到 2026 年，我們將把投資銀行 RWA 佔集團其他部門的比例限制在 50% 左右，因為我們將更多資本分配到其他地方，以提高消費者和企業業務的回報。我們可以實現這一目標，同時吸收投資銀行內部的監管通膨，因為資本紀律已經存在於我們的市場業務中，也是提高投資銀行 RWA 回報的途徑。

And as I said at the start of this, we are looking for the investment bank overall to do more with less, keeping the cloud clients at the heart of what we do and indeed deepening those relationships with clients. We expect this plan to generate stable and attractive returns on a consistent basis, supporting our group targets and delivering value to our shareholders.

正如我在本文開頭所說，我們希望投資銀行能夠以更少的資源做更多的事情，將雲端客戶置於我們工作的核心位置，並確實加深與客戶的關係。我們預計該計劃將持續產生穩定且有吸引力的回報，支持我們的集團目標並為股東創造價值。

So I will now hand over to Denny Nealon to take you through the U.S. Consumer Bank presentation.

現在我將請 Denny Nealon 向您介紹美國消費者銀行的示範。

Okay. So good morning, everybody. I'm Denny Nealon, CEO of the U.S. Consumer Bank, a role I've held for the last 4 years. I've been in the financial services industry more than 25 years, having previously worked at JPMorgan Chase and Bank One, and have been with Barclays since 2004. I'm excited to be here today and talk with you about the U.S. Consumer Bank, a business that was previously reported within the Consumer, Cards and Payments division.

好的。大家早安。我是美國消費者銀行 (U.S. Consumer Bank) 執行長丹尼·尼爾倫 (Denny Nealon)，過去 4 年我一直擔任該職位。我在金融服務業工作了 25 年多，之前曾在摩根大通和第一銀行工作，自 2004 年以來一直在巴克萊銀行工作。之前曾在消費者、卡片和支付部門內報告。

I'll focus my comments on 3 areas. First, I'll provide an overview of the business as well as some key U.S. market characteristics. Then I'll review our financial performance and key performance drivers. And finally, I'll walk through our plan to achieve mid-teens RoTE on a sustainable basis post migration to IRB capital rules.

我將集中評論 3 個方面。首先，我將概述該業務以及美國市場的一些關鍵特徵。然後我將回顧我們的財務表現和關鍵績效驅動因素。最後，我將詳細介紹我們的計劃，以在遷移到 IRB 資本規則後可持續實現 15 左右的 RoTE。

Now let me tell you more about the business. So the U.S. consumer bank has been part of Barclays for 20 years, and we're principally focused on providing credit cards to U.S. consumers. We operate in what we call partnership cards, which is essentially a business-to-business to consumer model where we partner with global corporations. Partners choose us to help them drive increased sales and customer loyalty to the co-brand or reward cards that we provide. Focusing on partnership cards is a conscious choice that we made, which plays to our strengths in a market where we would otherwise have to invest significantly to build brand awareness.

現在讓我向您介紹更多有關該業務的資訊。因此，美國消費者銀行成為巴克萊銀行的一部分已經有 20 年了，我們主要致力於向美國消費者提供信用卡。我們採用所謂的合作夥伴卡進行運營，這本質上是一種企業對企業對消費者的模式，我們與全球企業合作。合作夥伴選擇我們來幫助他們提高我們提供的聯合品牌或獎勵卡的銷售和客戶忠誠度。專注於合作夥伴卡是我們做出的有意識的選擇，這在我們必須大量投資來建立品牌知名度的市場中發揮了我們的優勢。

The strategy has worked well for us. We've grown significantly, and are now the ninth largest issuer in the U.S. and a leading partnership issuer. We have approximately 20 million customers across 20 partnerships and [$32 billion]

該策略對我們來說效果很好。我們發展迅速，現已成為美國第九大發行人，也是領先的合作發行人。我們在 20 個合作夥伴中擁有約 2,000 萬客戶，[價值 320 億美元]

(technical difficulty)

（技術難度）

Okay. So starting back with Slide 92. As you can see on this slide, we partnered with 20 leading U.S. brands across multiple industries, and I already mentioned a few of them by name. A key point here, very strong relationships, many of whom have been with us for more than a decade, and our historical renewal rate is about 90%. And importantly, this portfolio is very balanced by size without undue concentration risk.

好的。那麼從幻燈片 92 開始。這裡的一個關鍵點是，非常牢固的關係，其中許多人已經和我們在一起十多年了，我們的歷史續約率約為 90%。重要的是，該投資組合的規模非常平衡，沒有過度集中的風險。

That said, the current portfolio mix is heavily weighted to airlines so we are diversifying our sector exposure. The addition of Gap and a partner in 2022 was a noteworthy first step, which I'll talk more about later.

也就是說，目前的投資組合組合對航空公司的權重很大，因此我們正在多元化我們的產業投資。 2022 年 Gap 和一位合作夥伴的加入是值得注意的第一步，我將在稍後詳細討論。

So Slide 93, and now turning to financial performance from '21 to '23. First point -- first, I'll point out that the 4% RoTE delivered in '23 is clearly below our target level. And I'll explain the drivers of this performance shortly. But it's important to state that this level of return is not representative of the strong underlying performance of the business. We've grown net receivables by $10 billion or 45% over the last 2 years to $32 billion.

投影片 93，現在轉向 '21 到 '23 的財務績效。第一點——首先，我要指出，23 年交付的 4% RoTE 明顯低於我們的目標水準。我很快就會解釋這種性能的驅動因素。但必須指出的是，這種回報水準並不代表該業務強勁的基本業績。過去兩年，我們的應收帳款淨額成長了 100 億美元，即 45%，達到 320 億美元。

We've achieved that through a balanced mix of strong organic growth post-COVID and strong inorganic growth from the acquisition of the AARP and GAAP portfolios, with combined balances of close to $4 billion at acquisition.

我們透過平衡新冠疫情後的強勁有機成長和收購 AARP 和 GAAP 投資組合帶來的強勁無機成長實現了這一目標，收購時的合併餘額接近 40 億美元。

Alongside balance growth, we've also seen significant growth in income and an improvement in NIM to 10.9%, driven by the benefits of a higher interest rate environment, the addition of the Gap portfolio and normalizing revolve rates from COVID lows, and a steadily improving cost-to-income ratio in part reflecting benefits of beginning to scale the business.

除了餘額成長之外，我們還看到收入顯著成長，淨利差(NIM) 改善至10.9%，這得益於較高的利率環境、Gap 投資組合的增加、循環利率從新冠疫情低點正常化以及穩定的利率成長。

But offsetting these, the loan loss rate increased to 500 basis points as we built reserves to the expected rise in write-offs, which were coming off of historic lows consistent with those seen across the industry.

但抵消了這些影響的是，由於我們為預期沖銷增加建立了準備金，貸款損失率上升至 500 個基點，沖銷已脫離與整個行業一致的歷史低點。

In addition, new accounts were down significantly due to less travel during COVID which, otherwise, would have matured and added to profitability in 2023. This, along with a large allowance build, resulted in a lower-than-normal RoTE of 4%.

此外，由於新冠疫情期間旅行減少，新帳戶大幅下降，否則，新帳戶將在 2023 年成熟並增加盈利能力。

Now switching to the next slide, Slide 94. I'd like to use the remainder of this presentation to articulate why we are confident that we can deliver returns in line with the group target by 2026, even in the face of regulatory headwinds in the form of IRB and lengthy legislation, and I'll also give some color on the impairment outlook and why we think it will revert towards our historic long-term average in the future.

現在切換到下一張投影片，投影片 94。 ，我還將對減損前景進行一些說明，以及為什麼我們認為它將在未來恢復到我們的歷史長期平均水平。

Now moving to Slide 95. We have a very clear path to deliver RoTE in line with the group target by 2026, which incorporates 3 elements. The first is the stabilization of consumer credit performance. Second, the specific actions we're taking, which will improve performance by scaling the business, driving improved operational efficiency and expanding margins, each of which I'll talk about in more detail shortly. And third, it considers regulatory headwinds that we are actively working to mitigate. But first, it's important to understand U.S. CB's track record, which gives us confidence that we can deliver on this plan.

現在轉到投影片 95。一是消費信貸表現趨穩。其次，我們正在採取的具體行動，將透過擴大業務規模、提高營運效率和擴大利潤率來提高業績，我很快就會詳細討論每項行動。第三，它考慮了我們正在積極努力緩解的監管阻力。但首先，了解美國 CB 的記錄非常重要，這讓我們有信心實現該計劃。

If you move to Slide 96, please. As you can see from this slide, the business has a long track record of growth, returns and prudent risk management. In the 9 years before COVID, the business delivered an average RoTE of 16%, helping the group achieve its return targets over that time.

請移至投影片 96。正如您從這張投影片中看到的，該業務擁有長期的成長、回報和審慎的風險管理記錄。在新冠疫情爆發之前的 9 年裡，該業務的平均 RoTE 為 16%，幫助該集團在此期間實現了回報目標。

The RoTE performance in 2020 has been uneven, reflecting impacts from COVID. But given the recent balance recovery and normalization of customer behavior, we expect future performance to return to the more consistent pattern delivered between 2011 and 2019.

2020 年的 RoTE 表現參差不齊，反映出新冠疫情的影響。但考慮到最近的平衡恢復和客戶行為的正常化，我們預計未來的業績將恢復到 2011 年至 2019 年期間更加一致的模式。

It's also worth noting that we are making very deliberate investments to scale the business. New account originations and current J-curve effect, principally driven by upfront marketing and day 1 impairment build, which dampens in-year RoTE.

另外值得注意的是，我們正在進行非常謹慎的投資來擴大業務規模。新帳戶的創建和當前的 J 曲線效應主要是由前期行銷和第一天減損建設推動的，這會抑制年內的 RoTE。

That said, these annual new account vintages mature to RoTEs of greater than 20% over time. This is one of the key reasons why scaling the business is so important. This J-curve effect will decrease significantly at greater scale with a mature, higher returning back book becomes a larger percentage of the total portfolio. Additionally, greater scale has the added benefit of reducing volatility when we add new partners in the future.

也就是說，隨著時間的推移，這些年度新帳戶的 RoTE 會達到 20% 以上。這是擴展業務如此重要的關鍵原因之一。隨著成熟、回報率較高的帳簿在總投資組合中所佔的比例越來越大，這種 J 曲線效應將在更大範圍內顯著下降。此外，當我們未來增加新合作夥伴時，更大的規模還有減少波動性的額外好處。

Now moving to Slide 97. We're back up. Okay. Now building on the theme of U.S. CB's strong track record. What we want to highlight on this next page is how the business compared to other top 10 U.S. issuers over the last 10 years using delinquency rates as a proxy for credit quality.

現在轉到投影片 97。好的。現在以美國 CB 的強勁記錄為主題。我們想在下一頁重點介紹的是，該公司在過去 10 年中如何使用拖欠率作為信用品質的代理，與其他美國十大發行人進行比較。

And as you can see from the chart, we have consistently maintained our position within the peer group during the period even in the early and mid-2010s, when our average FICO score was a bit lower than it is today. And being positioned in the middle of the peer group is consistent with our partnership-focused model, where we balance the need to deliver resilient, risk-adjusted margins for shareholders with trying to say yes to as many of our partners' customers as we can. While we've seen a recent uptick in 30-day delinquencies, this was expected as we are coming off historic lows during COVID, and as you can see, very much in line with industry trends.

從圖表中可以看出，即使在 2010 年代初期和中期，我們一直保持在同行中的地位，當時我們的平均 FICO 分數比現在略低。處於同儕群體的中間位置與我們以合作夥伴為中心的模式是一致的，在這種模式中，我們在為股東提供有彈性的、經過風險調整的利潤的需求與盡可能多地向合作夥伴的客戶說「是」的需求之間取得平衡。雖然我們最近看到 30 天拖欠率有所上升，但這是預料之中的，因為我們正在擺脫新冠疫情期間的歷史低點，而且正如您所看到的，這與行業趨勢非常一致。

We believe this 10-year period demonstrates 2 things: first, that we have demonstrated strong credit discipline over time; and second, that we have not taken on outsized risk to grow the portfolio at the rate we have.

我們認為，這十年證明了兩件事：第一，隨著時間的推移，我們表現出了嚴格的信用紀律；其次，我們沒有承擔過大的風險來以現有的速度成長投資組合。

Now let's take a closer look at the drivers of impairment over the last few years. As previously mentioned, the recent normalization of delinquencies was expected and is largely a reflection of customer activity catching up from COVID lows. While write-offs have been broadly stable, you can see that we've rebuilt loan loss reserves to cover the write-offs we expect in the future following the normalization of delinquency rates. While this positions us well for the future, the in-year impact to 2023 was significant.

現在讓我們仔細看看過去幾年造成傷害的因素。如前所述，近期拖欠率正常化是意料之中的，這在很大程度上反映了客戶活動從新冠疫情低點回升的情況。雖然沖銷大致穩定，但您可以看到，我們已經重建了貸款損失準備金，以彌補我們在拖欠率正常化後預計未來的沖銷。雖然這為我們的未來奠定了良好的基礎，但對 2023 年的年內影響是巨大的。

Now looking ahead. We expect delinquencies to continue to tick up in the first half of '24 and then to stabilize. The result is that we expect the '24 and '25 impairment charges to be below '23 levels, and for our loan loss rate during those periods to be closer to our long-term average rate of around 400 basis points.

現在展望未來。我們預計拖欠率將在 24 年上半年持續上升，然後趨於穩定。結果是，我們預計「24」和「25」的減損費用將低於「23」的水平，並且我們在這些時期的貸款損失率將更接近我們約 400 個基點的長期平均率。

Importantly, we remain well provisioned, as evidenced by a strong total coverage ratio of 10.2%. As you can see, we've also provided our U.S. legal entity CECL coverage rate of 8.2%, which is in line with U.S. peers.

重要的是，我們的供應仍然充足，10.2% 的強勁總覆蓋率就證明了這一點。如您所見，我們還提供了 8.2% 的美國法人實體 CECL 覆蓋率，與美國同行一致。

Finally, it's important to note that we continue to feel encouraged by the health of the U.S. consumer. Unemployment levels remain near historic lows. Moderation in inflation is contributing to real wage growth. There are still healthy levels of excess savings and strong spend and repayment levels persist.

最後，值得注意的是，我們繼續對美國消費者的健康狀況感到鼓舞。失業率仍接近歷史低點。通膨放緩有助於實質薪資成長。超額儲蓄仍處於健康水平，支出和還款水平依然強勁。

Now in line with the group, our plan to improve returns can be viewed through the lens of simpler, better and more balanced. And I'll speak to these individually in a moment. But to summarize, we are looking to improve operating efficiency, scale and diversify the business, improve margins and optimize the use of our balance sheet.

現在，與集團一致，我們提高回報的計劃可以從更簡單、更好和更平衡的角度來看待。稍後我將逐一討論這些問題。但總而言之，我們希望提高營運效率，擴大業務規模並實現業務多元化，提高利潤率並優化資產負債表的使用。

Now starting with simpler. As you can see from the charts, a recent investment in the business has improved the operational efficiency, but we recognize there's more to do. We've invested to digitize the business and built a retail platform as part of the Gap acquisition, which will enable us to add new partners more efficiently in the future.

現在從更簡單的開始。正如您從圖表中看到的，最近對該業務的投資提高了營運效率，但我們認識到還有更多工作要做。作為收購 Gap 的一部分，我們投資了業務數位化並建立了零售平台，這將使我們能夠在未來更有效地添加新合作夥伴。

This increased investment to onboard Gap, combined with lower card balances and subdued income post-COVID, drove our cost-to-income ratio in 2021 to 60%, significantly higher than our long-term average. Since then, though, these investments have helped reduce the cost per average active account by 15% and contributed to a reduction in cost income ratio to 51% in 2023.

對 Gap 的投資增加，加上卡片餘額減少和新冠疫情後收入減少，使我們 2021 年的成本收入比達到 60%，顯著高於我們的長期平均水平。但自那時以來，這些投資已有助於將平均活躍帳戶成本降低了 15%，並促使成本收入比率在 2023 年降低至 51%。

Now looking forward, as we continue digitizing, automating and scanning the business, we expect a further reduction in cost per average active account, contributing alongside margin improvements to a cost to income ratio in the mid-40s by 2026, broadly in line with our historic average.

現在展望未來，隨著我們繼續對業務進行數位化、自動化和掃描，我們預計每個平均活躍帳戶的成本將進一步降低，同時利潤率也會提高，到2026 年成本收入比將達到40 多歲，與我們的預期基本一致。

On the left-hand side of the slide, we provided a few examples of what we mean when we say we can become more efficient and improve customer experience by digitizing and automating key customer journeys. Transaction disputes and rewards are 2 great examples of common points of customer friction which, today, too often result in customers reaching out to our call centers.

在投影片的左側，我們提供了一些範例，說明當我們說我們可以透過數位化和自動化關鍵客戶旅程來提高效率並改善客戶體驗時，我們的意思是什麼。交易糾紛和獎勵是客戶摩擦常見點的兩個很好的例子，如今，這些摩擦常常導致客戶聯繫我們的呼叫中心。

We can simplify processes like these that customers can self-serve for the device of their choice without ever picking up their phone. That's simpler for our customers and more efficient for us. And we have similar opportunities in the colleague front. And so we're investing significantly to upgrade colleague tools and are leveraging automation to eliminate manual, time-consuming activities.

我們可以簡化此類流程，客戶無需拿起電話即可自助使用自己選擇的設備。這對我們的客戶來說更簡單，對我們來說更有效率。我們在同事面前也有類似的機會。因此，我們投入大量資金來升級同事的工具，並利用自動化來消除耗時的手動活動。

Now moving to better and more balanced. We will also look to scale and diversify our business, targeting 40 billion in net receivables by 2026. That strong track record of growth since 2011 where we've grown receivables at an 8.5% CAGR versus a 5% industry average, gives us confidence that we can achieve this through a combination of organic and inorganic growth.

現在正在走向更好、更平衡。我們也將尋求擴大業務規模並實現業務多元化，目標是到2026 年應收帳款淨額達到400 億美元。平均為5%，這強勁成長記錄讓我們有信心：我們可以透過有機和無機成長的結合來實現這一目標。

We see a large opportunity to grow in the retail vertical, and we expect the retail portion of the portfolio to increase from around 15% today to around 20% by 2026. And this will also help us rebalance our FICO mix to improve risk-adjusted returns. We also plan to recalibrate our risk-based pricing in response to industry-wide late fee reductions. We expect that over time, this and other actions will fully offset any headwinds from these changes.

我們看到零售垂直領域存在巨大的成長機會，我們預計投資組合中的零售部分到2026 年將從目前的15% 左右增加到20% 左右。風險調整後的水平返回。我們還計劃重新調整基於風險的定價，以應對全行業滯納金的減少。我們預計，隨著時間的推移，這項行動和其他行動將完全抵消這些變化帶來的任何阻力。

Now on the liability side. Today, we're about 60% funded by core deposits, which is a great low-cost way of funding our card assets. We are investing in new capabilities for our deposit platform, including targeted marketing to our partners and a tier-based pricing strategy, which should result in around 75% of funding coming from core deposits by 2026. Overall, we expect these actions to drive more than 100 basis points of NIM expansion by 2026.

現在在責任方面。如今，我們大約 60% 的資金來自核心存款，這是為我們的卡片資產提供資金的一種低成本方式。我們正在為我們的存款平台投資新功能，包括向合作夥伴進行有針對性的行銷和基於層級的定價策略，到2026 年，大約75% 的資金將來自核心存款。將推動更多到 2026 年，淨利差擴張將超過 100 個基點。

Now turning to the shift to IRB capital requirements, which you heard Anna speak about earlier. The first point I'd like to make is to reiterate that this is a PRA-driven adjustment that is industry-wide and not U.S. CB-specific. There is no underlying credit problem that's driving this increase in RWAs. We expect the U.S. card issuers to also see an increase in 2025 under proposed Basel rules.

現在轉向 IRB 資本要求的轉變，您之前聽到安娜談到這一點。我想重申的第一點是重申，這是 PRA 驅動的調整，是整個產業的調整，而不是美國 CB 特有的調整。不存在導致 RWA 增加的潛在信貸問題。我們預計，根據擬議的巴塞爾規則，美國發卡機構在 2025 年的發卡數量也會增加。

But as you can see, the capital treatment for us under IRB is significantly more conservative than the current standardized model. This will impact us in the second half of this year with an expected RWA increase of around GBP 16 billion or risk-weighted density equivalent increase of around 60%.

但正如您所看到的，IRB 下對我們的資本待遇比目前的標準化模型要保守得多。這將在今年下半年對我們產生影響，預計 RWA 將增加約 160 億英鎊，或風險加權密度等效增加約 60%。

While this will have an adverse impact on returns, we've been focused on a series of actions that will reduce the impact and help deliver returns in line with the group target by 2026 and mid-teens returns over the long run. These actions include reoptimizing credit line strategies and leveraging strategic risk transfer agreements to reduce capital requirements, enabling U.S. CB to continue to grow, but at a less capital-intensive rate.

雖然這將對回報產生不利影響，但我們一直致力於採取一系列行動，以減少影響並幫助實現到 2026 年實現集團目標的回報，並從長遠來看實現十幾歲左右的回報。這些行動包括重新優化信貸額度策略和利用策略性風險轉移協議來降低資本要求，使美國商業銀行能夠繼續成長，但資本密集度較低。

So to summarize, the U.S. partnership market is very attractive with solid economics, ample room for growth and require specialized capabilities and expertise that we have developed over the last 20 years. We have a proven track record of winning and growing partnerships, producing strong outcomes for our partners and customers and delivering strong value and return for shareholders.

總而言之，美國合夥企業市場非常有吸引力，具有堅實的經濟實力、充足的成長空間，並且需要我們在過去 20 年中發展的專業能力和專業知識。我們在贏得和發展合作夥伴關係方面擁有良好的記錄，為我們的合作夥伴和客戶帶來了豐厚的成果，並為股東帶來了豐厚的價值和回報。

Although there remains some uncertainty with regard to the macroeconomic environment, we are well positioned. We have extensive experience managing credit through multiple cycles and are also well equipped to manage regulatory change.

儘管宏觀經濟環境仍存在一些不確定性，但我們處於有利位置。我們在管理多個週期的信貸方面擁有豐富的經驗，並且也有能力管理監管變化。

As you can see, we are outlining key targets for the business that underpin our commitment to deliver returns in line with the group target by 2026. First, we will continue to scale the business and grow receivables to 40 billion. We will deliver a net interest margin of more than 12%, which represents more than 100 basis points of growth. We will drive cost-to-income ratio down from the 51% we saw in '23 to the mid-40s, reflecting our long-term average. We will continue to manage credit risk prudently, and we will manage loan loss rate to around 400 basis points, also consistent with our long-term average.

正如您所看到的，我們正在概述業務的關鍵目標，以支持我們在2026 年實現與集團目標一致的回報的承諾。美元。我們將實現超過12%的淨息差，這意味著成長超過100個基點。我們將把成本收入比從 23 世紀 51% 降低到 40 年代中期，以反映我們的長期平均值。我們將繼續審慎管理信用風險，貸款損失率將控制在400個基點左右，也與我們的長期平均水準保持一致。

On RWAs, we are taking action and expect 2026 RWAs to be around GBP 45 billion, which represents an RWA density of around 145%. As we deliver upon these targets, we will be building momentum in the business that not only will deliver returns in line with the group target in '26, but will generate increased confidence in our ability to achieve our long-term goal to deliver mid-teen RoTEs on a sustainable basis.

在 RWA 方面，我們正在採取行動，預計 2026 年 RWA 約為 450 億英鎊，這意味著 RWA 密度約為 145%。當我們實現這些目標時，我們將在業務中建立動力，不僅將實現與 26 年集團目標一致的回報，而且將增強我們對實現中期目標的能力的信心。

Thank you for your time today. I look forward to future opportunities to discuss the business with you. I will now hand over to Vim Maru, CEO of Barclays U.K.

感謝您今天抽出時間。我期待未來有機會與您討論業務。現在我將把工作交給巴克萊英國執行長 Vim Maru。

Good morning, everyone. I'm Vim Maru, the new CEO of Barclays U.K. I know many of you here today through my 20 years in financial services, and I look forward to getting to know you again in my new capacity.

大家早安。我是 Vim Maru，英國巴克萊銀行新任首席執行官。

So let me take you through how Barclays U.K. or BUK, as we call it, is going to support the ambitions and targets that Venkat and Anna just set out. As you know, BUK is our ring-fenced bank. It serves retail customers and small business clients across the U.K.

那麼，讓我向您介紹巴克萊英國公司或我們所說的 BUK 將如何支持 Venkat 和 Anna 剛剛制定的雄心和目標。如您所知，BUK 是我們的隔離銀行。它為英國各地的零售客戶和小型企業客戶提供服務。

Barclays' 330-year heritage helps to build deep customer trust and a strong brand position. Whilst our history gives us those foundations, our focus is on positioning the business for the future as a growing, high-returning business, which delivers good customer outcomes. That's about making BUK more efficient, investing in our client and customer relationships and growing through more tailored products.

巴克萊銀行 330 年的傳承有助於建立深厚的客戶信任和強大的品牌地位。雖然我們的歷史為我們奠定了這些基礎，但我們的重點是將未來的業務定位為不斷成長、高回報的業務，從而提供良好的客戶成果。這就是為了提高 BUK 的效率，投資我們的客戶和客戶關係，並透過更量身訂製的產品來成長。

Before I come to each of those, let me briefly remind you exactly what BUK is. BUK operates at scale in an attractive and sophisticated market. We have 20 million active customers. The depth and breadth of those relationships provide a robust and strong deposit base. That is the foundation of our lending businesses, where we are a leading player in the mortgage, credit card and loan markets for individuals and small businesses.

在逐一介紹之前，讓我先簡單提醒您 BUK 是什麼。 BUK 在一個有吸引力且複雜的市場中大規模運作。我們有 2000 萬活躍客戶。這些關係的深度和廣度提供了穩健而強大的存款基礎。這是我們貸款業務的基礎，我們是個人和小型企業抵押貸款、信用卡和貸款市場的領先參與者。

Over 80% of our income is generated by net interest income, and we are committed to growing this through a combination of lending growth, asset margin enhancement and the structural hedge program that Anna mentioned earlier. That structural hedge program is a fundamentally important part of how we manage the business through an interest rate cycle.

我們超過 80% 的收入來自淨利息收入，我們致力於透過貸款成長、資產利潤率提升和安娜之前提到的結構性對沖計劃相結合來增長淨利息收入。這個結構性對沖計劃是我們如何透過利率週期管理業務的根本重要組成部分。

The strength of our deposit franchise is the result of significant investment in focus over many years, irrespective of the rate cycle. That hedge helps ensure we can maintain investment in our customers, efficiency and asset growth. All of that underpins our plans to maintain a high RoTE performance.

我們存款特許經營權的優勢是多年來重點投資的結果，無論利率週期如何。這種對沖有助於確保我們能夠維持對客戶的投資、效率和資產成長。所有這些都支持我們維持高 RoTE 績效的計劃。

Our RoTE for the past 3 years has been around 18% or higher. We have been disciplined in the way we have delivered these returns with positive jaws in our cost-to-income ratio, low impairments through tight credit controls during the pandemic and a conservative funding profile with low loan-to-deposit ratio. We know we have more work to do to drive more efficiencies and lower our cost-to-income ratio, which we aim to reduce to around 50% by 2026.

過去 3 年我們的 RoTE 約為 18% 或更高。我們在實現這些回報的方式上一直遵守紀律，成本收入比為正值，透過疫情期間嚴格的信貸控制實現低減值，以及貸存比較低的保守融資狀況。我們知道，要提高效率並降低成本收入比，我們還有更多工作要做，我們的目標是到 2026 年將成本收入比降低至 50% 左右。

Our prudent risk and funding profile means we have the capacity to grow lending whilst maintaining our discipline, thus enhancing our profitability. So how do we intend to do that? Consistent with the group's strategy, we are focused on making BUK simpler, better and more balanced. We will be simpler by investing in digitization, automation and technology, delivering material efficiencies.

我們審慎的風險和資金狀況意味著我們有能力在保持紀律的同時增加貸款，從而提高我們的獲利能力。那我們打算如何做到這一點呢？與集團的策略一致，我們致力於讓 BUK 更簡單、更好、更平衡。透過投資數位化、自動化和技術，提高材料效率，我們將變得更加簡單。

We will be better by investing in customer experience and our product offering, supporting the relationships that underpin our deposit franchise and creating opportunities to broaden these relationships. We will be more balanced. We have positioned the business conservatively over the past few years. Now is the time to grow by winning back market share on the asset side of the business, particularly in unsecured lending and business banking.

我們將透過投資於客戶體驗和產品供應、支持支撐我們存款特許經營權的關係並創造擴大這些關係的機會來做得更好。我們會更加平衡。過去幾年我們對業務的定位較為保守。現在是透過贏回業務資產方面的市場份額來實現成長的時候了，特別是在無擔保貸款和商業銀行業務方面。

I'm going to spend a little time on each of those to bring them to life and how we intend to deliver. On delivering a simpler BUK, we have invested significantly in transforming the business in the past 3 years. That, combined with economic headwinds over the pandemic, led to a cost-to-income ratio of 68% in 2021. Our investments and changes in the environment have brought that to 58% today. But we must go further. Our aim is to get that to about 50% by 2026.

我將花一點時間來闡述每一個內容，讓它們變得生動起來，以及我們打算如何實現。為了提供更簡單的 BUK，我們在過去 3 年中在業務轉型方面投入了大量資金。再加上疫情帶來的經濟阻力，導致 2021 年成本收入比達到 68%。但我們必須走得更遠。我們的目標是到 2026 年將這一比例提高到 50% 左右。

In the chart on the left, we have segmented our cost base into 4 parts to show how we think about our costs. We are focused on driving efficiencies across all 4, but I have singled out the top 2 because this is where we believe we lag peers.

在左側圖表中，我們將成本基礎分為 4 個部分，以顯示我們如何看待成本。我們專注於提高所有 4 個領域的效率，但我挑選了前 2 個領域，因為我們認為我們在這方面落後於同業。

On distribution, this covers the cost of servicing our customers day-to-day. We have historically operated with a higher number of branches, creating higher associated real estate and people costs. We have acted by reducing our branch presence as customer behavior has shifted. Our focus will now shift on optimizing the way we engage with our customers and communities. We will do that through a far more efficient and flexible footprint.

在分銷方面，這涵蓋了為客戶提供日常服務的成本。歷史上，我們經營的分行數量較多，因此產生了較高的相關房地產和人力成本。隨著客戶行為的轉變，我們已採取行動減少分公司。我們現在的重點將轉向優化與客戶和社群互動的方式。我們將透過更有效率和靈活的足跡來實現這一目標。

By the end of this year, we will have over 900 touch points available across the country, including branches, flexible community sites and shared banking hubs. Of course, the primary basis of customer interaction today is through our digital channels. In fact, 98% of customer interactions are now digital. Our touch point optimization will strengthen that further, completing our digitization work and leveraging our physical footprint as a value-added complement to it.

到今年年底，我們將在全國擁有 900 多個接觸點，包括分行、靈活的社區站點和共享銀行中心。當然，當今客戶互動的主要基礎是透過我們的數位管道。事實上，現在 98% 的客戶互動都是數位化的。我們的接觸點優化將進一步加強這一點，完成我們的數位化工作，並利用我們的實體足跡作為其增值補充。

In operations and technology, we are in the process of automating the parts of our operation, which are not yet processed straight through and simplifying and upgrading our technology capabilities. The historic complexity and fragmentation of our technology means that the transition cost has increased this proportion of our costs. However, this is an investment in our future capabilities and further efficiencies that we must make. The evolution of our cost base over the last 3 years has been shaped by these investments.

在營運和技術方面，我們正在對尚未直接處理的營運部分進行自動化，並簡化和升級我們的技術能力。我們技術的歷史複雜性和碎片化意味著轉型成本增加了我們成本的比例。然而，這是對我們未來能力和進一步提高效率的投資。過去三年我們成本基礎的演變是由這些投資所決定的。

The left side of this slide outlines the impact of our cost actions to date. We have streamlined BUK through actions such as rationalizing our product portfolio, reducing our branch numbers and headcount and simplifying our technology estate, all of which I mentioned on the prior slide. That has brought base costs down by 7% and contributed to our cost-to-income ratio declining from 68% to 58%, notwithstanding the impact of inflation on our underlying costs. That gives us confidence in our ability to drive our cost-to-income ratio to about 50% in 2026 as our investment in efficiency will continue to offset any lingering inflation. This cost discipline not only delivers efficiency today, but it also creates capacity to invest in both future cost efficiency and future revenue.

這張投影片的左側概述了我們迄今為止的成本行動的影響。我們透過合理化我們的產品組合、減少分支機構數量和員工人數以及簡化我們的技術資產等行動簡化了 BUK，所有這些我在上一張幻燈片中都提到過。儘管通貨膨脹對我們的基本成本產生了影響，但這仍使基本成本下降了 7%，並使我們的成本收入比從 68% 下降至 58%。這讓我們相信我們有能力在 2026 年將成本收入比提高到 50% 左右，因為我們對效率的投資將繼續抵消任何揮之不去的通貨膨脹。這種成本紀律不僅可以提高當前的效率，還可以創造投資未來成本效率和未來收入的能力。

On the right-hand side of this slide, you see that our plans reflect an 80% increase in transformation investment spend over the next 3 years to GBP 1.2 billion from GBP 700 million in the prior 3-year period. Our investment in driving cost efficiencies will continue through customer journey, automation, optimization and simplification. The mix of investment will evolve, with continued focus on revenue growth as we align our products with customer needs better and capture the opportunities of the partnerships that you saw on a prior slide.

在這張投影片的右側，您可以看到我們的計劃反映了未來 3 年內轉型投資支出將從前 3 年期間的 7 億英鎊增加 80% 至 12 億英鎊。我們將繼續透過客戶旅程、自動化、最佳化和簡化來提高成本效率。隨著我們的產品更好地滿足客戶需求並抓住您在上一張投影片中看到的合作夥伴關係的機會，投資組合將會不斷發展，並繼續專注於收入成長。

Combined with the benefits of our investments to date, we expect the income benefit from investment to increase by about GBP 600 million in 2026 from GBP 100 million in the prior period. Combined with the expected efficiency savings, that makes our aim to deliver a cost-to-income ratio of 50%, both achievable and credible.

結合我們迄今的投資收益，我們預計 2026 年投資收益收益將從上期的 1 億英鎊增加約 6 億英鎊。結合預期的效率節約，我們實現 50% 成本收入比的目標既可實現又可信。

Let's shift to how we make BUK better. That requires increased focus on and investment in improving our relationship with our customers and clients. As I mentioned at the beginning, our starting point is strong, evidenced by a deep deposit franchise rooted in trust earned across multiple generations. We know that our focus on transformation over the past years has disrupted those relationships. You see that in the dip in our overall Net Promoter Score in the chart on the top left here.

讓我們轉向如何讓 BUK 變得更好。這需要我們更加關注並投資於改善我們與客戶的關係。正如我在一開始提到的，我們的起點是強大的，植根於多代人贏得的信任的深厚存款特許經營權就證明了這一點。我們知道，過去幾年我們對轉型的關注破壞了這些關係。您可以在左上方圖表中的整體淨推薦值下降中看到這一點。

For example, the scale and pace of our branch closures as well as the product and service simplification that we've undertaken has disrupted how we interact with and support customers. Meanwhile, work required to update the information that we hold on business clients has created understandable frustration on their part. We are committed to enhancing that position from hereon.

例如，我們關閉分行的規模和速度，以及我們所採取的產品和服務簡化措施，都擾亂了我們與客戶互動和支援客戶的方式。同時，更新我們掌握的商業客戶資訊所需的工作給他們帶來了可以理解的挫折感。我們致力於從現在開始加強這一地位。

I showed you earlier that we've rationalized our product offering by 32% and made our range simpler. We did that in part for efficiency but also so that we could invest in tailoring our offering to better align the service that we provide with the needs and expectations of our different customers. We have much more to do to get that alignment as precise as it needs to be.

我之前向您展示過，我們已將產品供應合理化了 32%，並使我們的產品系列更加簡單。我們這樣做的部分原因是為了提高效率，同時也是為了我們可以投資客製化我們的產品，使我們提供的服務更能滿足不同客戶的需求和期望。為了使這種對齊達到所需的精確度，我們還有很多工作要做。

Getting that alignment right creates the opportunities for us to enhance our relationships with our customers. And as we do so, we would expect to see average balances grow and an increase in the number of needs that we solve for each customer. By being better, we improve customer satisfaction, we support our deposit franchise, and we maintain the foundation of a resilient funding profile that enables us to grow the asset side of the business.

正確調整為我們創造了加強與客戶關係的機會。當我們這樣做時，我們預計平均餘額將會成長，我們為每位客戶解決的需求數量也會增加。透過變得更好，我們提高了客戶滿意度，支持我們的存款特許經營權，並維持彈性資金狀況的基礎，使我們能夠發展業務的資產方面。

And that brings me to the third priority, how we intend to make BUK more balanced. As I mentioned at the beginning, we are a scale player across our balance sheet. The last 3 to 4 years has benefited scale players on the liability side of the business as consumers and businesses retained high cash balances across the pandemic. Coupled with economic uncertainty, this severely limited their appetite or need for borrowing.

這讓我想到了第三個優先事項，即我們打算如何讓 BUK 更加平衡。正如我在一開始提到的，我們是資產負債表上的規模參與者。過去三到四年，企業債務負債的規模企業受益，因為消費者和企業在疫情期間保留了高額現金餘額。再加上經濟的不確定性，這嚴重限制了他們的借貸興趣或需求。

We believe we are at the beginning of more stability in the U.K. with the inflation outlook having moderated and the consequent rate stability giving more confidence to borrowers, both individuals and businesses. We are also confident that our investments to date have placed us in a good position so that we can capture the opportunity that recovery will present.

我們相信，英國正處於更穩定的開端，通膨前景有所緩和，隨之而來的利率穩定給個人和企業借款人帶來了更多信心。我們也相信，迄今為止的投資使我們處於有利地位，以便我們能夠抓住復甦帶來的機會。

A quick reminder of where we have come from. We made deliberate choices to navigate the long-standing economic uncertainties in the U.K. with a low-risk profile. That was prudent. But it led to market share declines, particularly in unsecured lending and a lower margin profile in mortgages and a persistence of a low loan-to-deposit ratio in Business Banking.

快速提醒我們從哪裡來。我們做出了深思熟慮的選擇，以低風險的方式應對英國長期存在的經濟不確定性。這是謹慎的做法。但這導致市場佔有率下降，特別是在無擔保貸款和抵押貸款利潤率較低以及商業銀行業務持續較低的貸款存比方面。

In short, we didn't take the opportunity to reallocate or recycle underutilized risk appetite from one area of BUK to another. That opportunity is now in front of us. I'd like to bring each of those to life a little more now.

簡而言之，我們沒有利用機會將未充分利用的風險偏好從 BUK 的一個領域重新分配或回收到另一個領域。這個機會現在就在我們面前。我現在想讓每一個都變得更加生動。

In unsecured lending, our plan is to grow market share. We have simplified our customer journeys and revamped our credit and affordability models to enable this. In consumer loans, we have historically focused on relationship lending, but we will shortly begin to open up our lending to all qualifying customers, whether they bank with us or not. I will shortly come back to a dedicated slide on the recently announced Tesco deal.

在無擔保貸款方面，我們的計劃是擴大市場份額。為了實現這一目標，我們簡化了客戶旅程，並改善了我們的信用和負擔能力模型。在消費貸款方面，我們歷來專注於關係貸款，但我們很快就會開始向所有符合資格的客戶開放貸款，無論他們是否在我們的銀行開戶。我很快就會回到最近宣布的特易購交易的專用幻燈片。

In mortgages, our aim is to improve application margins through a number of initiatives. First, by improving our broker support, including by simplifying how we support brokers and improving the platform through which they provide us with their applications. Secondly, we will do more high loan-to-value lending as a proportion of our total book. Our current position versus peers is conservative at 6%. We have capacity to grow that proportion without materially shifting our risk position.

在抵押貸款方面，我們的目標是透過一系列措施提高申請利潤。首先，改善我們的經紀商支持，包括簡化我們支持經紀商的方式以及改進他們向我們提供應用程式的平台。其次，我們將增加高貸款價值比貸款佔總帳面的比例。與同業相比，我們目前的定位保守為 6%。我們有能力在不實質改變我們的風險狀況的情況下增加這一比例。

We also have the capability to offer specialized solutions through our Kensington acquisition from last year, where the margin opportunity is typically significantly higher than that of our existing Barclays product range. And finally, we intend to increase our focus on the mortgage needs of our Premier and Blue customers who are far more likely to come to us directly.

我們還有能力透過去年收購 Kensington 來提供專業解決方案，其利潤機會通常明顯高於我們現有的巴克萊產品系列。最後，我們打算更加關注 Premier 和 Blue 客戶的抵押貸款需求，他們更有可能直接來找我們。

In Business Banking, we will grow our lending market share by leveraging our existing relationships on the liability side, both in terms of access to customers and our ability to automate credit decisioning, given the visibility we already have on their financial positions. We will also continue to broaden our lending proposition, including in the asset finance space, and accelerate digitization of client journeys to make it easier for them to access what we offer.

在商業銀行業務中，考慮到我們已經掌握的客戶財務狀況的可見性，我們將透過利用我們在負債方面的現有關係來擴大我們的貸款市場份額，無論是在接觸客戶還是我們自動化信貸決策的能力方面。我們也將繼續擴大我們的貸款主張，包括在資產融資領域，並加速客戶旅程的數位化，使他們更容易獲得我們提供的服務。

Whilst lending is at the heart of our growth opportunity, we will conduct this in a controlled way that maintains our disciplined risk profile. I'd like to bring that to life explicitly. As I noted earlier, we made deliberate choices to derisk during periods of macroeconomic uncertainty in the U.K. While that impacted market share negatively, it also led to historically low loan loss rates.

雖然貸款是我們成長機會的核心，但我們將以可控的方式進行貸款，以保持嚴格的風險狀況。我想明確地將其變為現實。正如我之前指出的，我們在英國宏觀經濟不確定時期做出了深思熟慮的選擇，以降低風險。

You see that clearly on the left side of this slide. Today, that rate stands at 14 basis points versus 36 basis points in 2019. It's worth noting that even that 2019 level was lower than years before that. We have capacity to grow within the parameters of our historic loan loss experience. And our 2026 plan delivers a risk profile that is consistent with that 2019 level.

您可以在這張投影片的左側清楚地看到這一點。如今，該利率為 14 個基點，而 2019 年為 36 個基點。我們有能力在歷史貸款損失經歷的範圍內實現成長。我們的 2026 年計畫提供了與 2019 年水準一致的風險狀況。

The right side of this slide shows you that same information in a graphical format for BUK at the top and then cards and loans below that. You can see the larger blue eagle representing 2026 lies in between the 2019 position to its right and the 2023 position to its left for the business overall. My point simply that we have room to grow as we pivot BUK to take advantage of opportunities to increase market share and margins and deliver a more balanced asset profile within BUK and ultimately for the group.

這張投影片的右側以圖形格式向您顯示了頂部的 BUK 的相同訊息，下面是卡片和貸款的資訊。您可以看到代表 2026 年的較大藍鷹位於其右側 2019 年位置和左側 2023 年位置之間。我的觀點只是，當我們以 BUK 為中心，利用機會增加市場份額和利潤，並在 BUK 內部並最終為集團提供更平衡的資產狀況時，我們還有成長的空間。

Given the recent announcement of our intention to acquire the retail banking business of Tesco and enter into a long-term exclusive partnership, you will naturally wonder how that fits within the ambitions that I've just shared. This slide outlines what banking -- what that banking business is, GBP 8 billion of high-quality unsecured loans split evenly between credit cards and personal loans, funded by GBP 7 billion of non-transactional deposits that fit neatly into what I outlined earlier about being better.

鑑於我們最近宣布打算收購樂購的零售銀行業務並建立長期獨家合作夥伴關係，您自然會想知道這是否符合我剛才分享的雄心壯志。這張投影片概述了銀行業——銀行業務是什麼，80 億英鎊的高品質無擔保貸款在信用卡和個人貸款之間平均分配，由70 億英鎊的非交易性存款提供資金，這與我之前概述的內容完全吻合變得更好。

We are naturally excited by this opportunity. It takes us a long way towards the unsecured lending growth ambitions that I just shared. In particular, this provides the opportunity to grow both the lending and deposit products through the Barclays and Tesco brands, which we believe appeal to different segments of the market.

我們自然對這個機會感到興奮。這讓我們在實現我剛才分享的無擔保貸款成長目標方面還有很長的路要走。特別是，這提供了透過巴克萊和樂購品牌發展貸款和存款產品的機會，我們相信這些產品對市場的不同部分都有吸引力。

The long-term exclusive partnership with Tesco also provides an unparalleled platform to work with the U.K.'s leading loyalty program as well as the opportunity to market through Tesco channels and the open market. This builds on our existing U.K. partnerships with other leading retail, consumer electronics and loyalty program brands. Importantly, the customer base is similar to ours, leading to broadly aligned risk profiles. So this fits squarely within the risk appetite framework that I outlined earlier.

與樂購的長期獨家合作夥伴關係還提供了一個無與倫比的平台，可以與英國領先的忠誠度計劃合作，以及透過樂購管道和公開市場進行行銷的機會。這是建立在我們與其他領先的零售、消費性電子和忠誠度計劃品牌現有的英國合作夥伴關係的基礎上的。重要的是，客戶群與我們相似，因此風險狀況大致一致。因此，這完全符合我之前概述的風險偏好框架。

By delivering on our plan, we position BUK for the future and deliver an attractive and sustainable RoTE profile that is high-teens in 2026 on a larger balance sheet. Underpinning that is continued growth in income, where we expect a compound annual growth rate of mid-single digits CAGR over the next 3 years concentrated in net interest income. Our continued focus on efficiency will lead our cost-income ratio to around 50% by 2026. We expect a better utilization of risk appetite to normalize our loan loss rate towards the 2019 level in a controlled and disciplined progression.

透過實施我們的計劃，我們為 BUK 的未來做好了定位，並提供了有吸引力且可持續的 RoTE 概況，到 2026 年，該概況在更大的資產負債表上將達到高位。支撐這一點的是收入的持續成長，我們預計未來 3 年的複合年增長率將達到中個位數，主要集中在淨利息收入。我們對效率的持續關注將使我們的成本收入比到2026 年達到50% 左右。年的水平。

And as we grow our asset position, our RWAs will necessarily grow as a result. And BUK's contribution to the group's RWA profile is expected to grow. Given our focus on unsecured lending, you should expect the impairment build in RWA growth to be slightly more weighted towards the first year than the associated revenue build. That will cause RoTE to moderate in 2024, then recover to our target.

隨著我們資產部位的增加，我們的風險加權資產也必然會隨之成長。 BUK 對集團 RWA 形象的貢獻預計將會成長。鑑於我們對無擔保貸款的關注，您應該預期 RWA 成長的減損損失在第一年的權重將略高於相關收入的增加。這將導致 RoTE 在 2024 年放緩，然後恢復到我們的目標。

Our ability to invest in that future revenue growth, as I said at the very beginning, is protected by the structural hedge reflected in the 2024 net interest income guidance of GBP 6.1 billion that Anna referenced earlier, although that excludes any contribution from the Tesco portfolios when that transfers to BUK, expected in the second half of this year.

正如我在一開始所說的，我們對未來收入成長的投資能力受到安娜之前提到的2024 年61 億英鎊淨利息收入指導中反映的結構性對沖的保護，儘管這不包括樂購投資組合的任何貢獻預計在今年下半年轉移到 BUK。

So our focus on efficiencies will make us simpler. Our focus on our customers and clients will make us better and our plans for growth will make us more balanced. We have invested significantly in recent years to prepare the business to growth. We are now ready to seize the opportunity before us.

因此，我們對效率的關注將使我們變得更簡單。我們對客戶和客戶的關注將使我們變得更好，我們的成長計劃將使我們更加平衡。近年來，我們投入了大量資金，為業務成長做好準備。我們現在準備好抓住擺在我們面前的機會。

Thank you for your time, and I will hand back to Venkat.

感謝您抽出寶貴的時間，我會將其交還給 Venkat。

Thank you. So we will now spend a little time on the Corporate Bank and Private Banking and Wealth, which are two new reporting units. I mentioned that we will also come back later in the year with a presentation on each of these by Matt and Sasha, respectively, in addition to a deep dive on the Investment Bank. So you will have the opportunity later to hear from them.

謝謝。因此，我們現在將花一點時間討論企業銀行和私人銀行與財富，這是兩個新的報告單位。我提到，除了深入探討投資銀行之外，我們還將在今年稍後回來，分別由馬特和薩沙分別就這些內容進行介紹。因此您稍後將有機會收到他們的來信。

The UK Corporate Bank is the beating heart of Barclays' 330-year history. We have relationships with about 25% of the U.K. market. These relationships average 18 years in length. And they are covered with a network of locally based teams around the country.

英國企業銀行是巴克萊 330 年歷史的核心。我們與約 25% 的英國市場建立了合作關係。這些關係平均持續 18 年。他們擁有遍佈全國的本地團隊網絡。

Under the resegmentation, the UK Corporate Bank includes a large part of the operations which we previously reported in the corporate lending and transaction banking lines. It also includes corporate card issuing, previously included in consumer cards and payments.

根據重新劃分，英國企業銀行包括我們先前在企業貸款和交易銀行業務中報告的大部分業務。它還包括以前包含在消費者卡和支付中的公司卡發行。

So what this does is that it brings together our trade and working capital solutions into one business. The integrated business has reported strong returns and last year generated about GBP 1.8 billion in income. The income streams are diversified. And the key priority for us is to grow the fee income alongside capital-efficient growth in lending.

因此，它的作用是將我們的貿易和營運資金解決方案整合到一項業務中。該綜合業務回報強勁，去年創造了約 18 億英鎊的收入。收入來源多元化。我們的首要任務是在貸款資本效率成長的同時增加費用收入。

So what is it that we do here? On this slide, I'll summarize the breadth of our offering to corporates. We support clients with their short- and long-term financing needs, including extending finance to support the transition to net zero. We provide working capital solutions through card issuance, overdrafts, invoice discounting and traditional revolving facilities. We help clients to move their money, to pay suppliers and employees, to collect money from their customers and reconcile their transactions.

那我們在這裡做什麼呢？在這張投影片上，我將總結我們為企業提供的產品的廣度。我們支持客戶的短期和長期融資需求，包括提供融資以支援向淨零過渡。我們透過發卡、透支、發票貼現和傳統循環設施提供營運資金解決方案。我們幫助客戶轉移資金、向供應商和員工付款、向客戶收款並協調交易。

We also help clients to invest liquidity through a range of solutions. We support clients in managing risk as they grow their international exposure through our award-winning trade finance and FX propositions. And what this range does is it positions us well to grow over the next few years while giving clients access to expertise in other parts of the group.

我們也透過一系列解決方案幫助客戶投資流動性。透過我們屢獲殊榮的貿易融資和外匯建議，我們支持客戶管理風險，擴大國際影響力。這個系列的作用是讓我們在未來幾年內能夠更好地發展，同時讓客戶獲得集團其他部門的專業知識。

Our clients' needs are evolving quickly. And we are focused, therefore, on delivering operational needs simply and seamlessly. And to meet these, we have priority areas which are well-defined, starting with the importance of our leading payments ecosystem. And digital delivery is important because it frees up time for our clients.

我們客戶的需求正在快速改變。因此，我們專注於簡單、無縫地滿足營運需求。為了滿足這些目標，我們有明確的優先領域，首先是我們領先的支付生態系統的重要性。數位交付很重要，因為它可以為我們的客戶節省時間。

It also makes our bankers more efficient, allowing them to spend their efforts, sharing data-driven strategic insights. And this client interaction will enable us to deepen and to broaden our client relationships. And as growth opportunities emerge, clients want us to make it easier for them to access the right financing structures in quick and simple ways.

它也使我們的銀行家更有效率，讓他們能夠投入精力，分享數據驅動的策略見解。這種客戶互動將使我們能夠加深和拓寬我們的客戶關係。隨著成長機會的出現，客戶希望我們幫助他們更輕鬆地以快速、簡單的方式獲得正確的融資結構。

I said I would talk about payments. We spoke earlier about looking for a partnership in our merchant acquiring business. So I want to say a little bit about the payment ecosystem, which is about making and receiving payments. This is an essential part of the functions we provide our corporate clients.

我說我要談談付款的問題。我們之前談到在商家收單業務中尋找合作夥伴。所以我想談談支付生態系統，即支付和接收支付。這是我們為企業客戶提供的功能的重要組成部分。

We are one of the largest sterling clearers in the U.K. We're a leading corporate card issuer with more than GBP 12 billion of payments per annum and the third-largest merchant acquirer across Europe. That's the far right. We process over 300 billion payments a year -- GBP 300 billion in payments a year, which we estimate represents 1 in every 3 card payments in the U.K. system.

我們是英國最大的英鎊清算機構之一。那是最右邊的。我們每年處理超過 3000 億筆支付，即每年 3000 億英鎊的支付，我們估計這相當於英國系統中每 3 個卡支付中就有 1 個。

Our objective always is to bring the best capabilities and the most efficient services to our clients. And we pursue the models which deliver these outcomes. Our traditional bank payment systems have largely been built in-house over many years and are very resilient. What we are doing now is focusing on developing further digital solutions.

我們的目標始終是為客戶提供最好的能力和最高效的服務。我們追求能夠實現這些成果的模型。我們傳統的銀行支付系統多年來主要是在內部建構的，並且非常有彈性。我們現在正在做的是專注於開發進一步的數位解決方案。

And the landscape across card issuing in the middle and merchant acquiring on the right has been fast moving with much innovation. We have had years of experience combining strong in-house capabilities with those provided by some of the partners listed here in order to benefit from greater scale in technology and operations.

中間的發卡和右邊的商家收單的格局一直在快速發展，並且有很多創新。我們擁有多年將強大的內部能力與此處列出的一些合作夥伴提供的能力相結合的經驗，以便從更大規模的技術和營運中受益。

In merchant acquiring now, which is on the far right, we are looking at -- we are exploring how best via partnerships to provide further benefits of scale, global scale and new technologies and innovation to our clients. That is what that strategic aspiration is about.

在現在的商業收單中，我們正在研究如何最好地透過合作夥伴關係，為我們的客戶提供規模、全球規模以及新技術和創新的進一步好處。這就是戰略願景的意義。

As with the rest of the bank that you've heard, we talk about simpler, better and more balanced, we're focused on making this business simpler by enabling clients to access the solutions and services more easily. Our main digital channel, something we call iPortal, already gives clients access to a wide variety of services through a single entry point. And they can self-serve about 30% of their needs. And the adoption for these solutions is around 90%.

與您聽說過的銀行的其他部門一樣，我們談論的是更簡單、更好和更平衡，我們致力於透過讓客戶更輕鬆地存取解決方案和服務來使這項業務變得更簡單。我們的主要數位管道（我們稱之為 iPortal）已經讓客戶可以透過單一入口點存取各種服務。他們可以自助滿足大約 30% 的需求。這些解決方案的採用率約為 90%。

We plan now to build on this, expanding our self-service capabilities through both online and mobile access and increasing the efficiency, speed and, frankly, better controls. And what this will allow us to do is to decommission legacy systems.

我們現在計劃在此基礎上，透過線上和行動存取擴展我們的自助服務能力，並提高效率、速度，坦白說，更好的控制。這將使我們能夠做的是退役遺留系統。

And what we've been doing is also investing in stable and automated back-office platforms and the tools our relationship teams use, making their client interactions, as I said, more productive. All of this, we expect, will improve the client experience. We're using efficiencies to fund investment. And it allows us to retain our low cost-income ratio.

我們一直在做的還投資於穩定和自動化的後台平台以及我們的關係團隊使用的工具，正如我所說，使他們的客戶互動更加高效。我們期望所有這一切都將改善客戶體驗。我們正在利用效率來為投資提供資金。它使我們能夠保持較低的成本收入比。

We aim to be better by deepening the relationships which we have. We were the first bank to introduce industry specialist teams more than 20 years ago. And we continue to lead and to innovate. Our network of business development directors has resulted in more than 550 client wins in 2023 and a growing market share. And we are hiring additional coverage bankers in areas where we see growth opportunities and continuing to develop our propositions.

我們的目標是透過加深我們之間的關係來變得更好。 20多年前，我們是第一家引進產業專家團隊的銀行。我們將繼續引領和創新。我們的業務發展總監網路在 2023 年贏得了 550 多個客戶，市佔率不斷成長。我們正在在我們看到成長機會的領域聘請更多的銀行家，並繼續發展我們的主張。

Recently, we migrated our trade finance business from legacy technology to cloud-based systems. 40% of our clients use 5 or more products, which is up 3 percentage points over the last 2 years. And this demonstrates our ability to increase that penetration. And as we deepen our relationships and improve our offering, we think we can do more. With 28% of our clients using 2 products or fewer today, the potential for revenue growth here is significant. And we are confident that we can increase our share of wallet from existing clients and grow through new client acquisitions.

最近，我們將貿易融資業務從傳統技術遷移到基於雲端的系統。我們 40% 的客戶使用 5 種或更多產品，這一比例比過去 2 年上升了 3 個百分點。這顯示我們有能力提高滲透率。隨著我們加深關係並改進我們的產品，我們認為我們可以做得更多。如今，我們 28% 的客戶使用 2 種或更少的產品，因此收入成長潛力巨大。我們有信心增加現有客戶的錢包份額，並透過新客戶的收購實現成長。

So next, I want to focus on lending, which makes us more balanced. We have a loan-to-deposit ratio here in the UK Corporate Bank in the low 30s, and we're well placed to grow, providing a better balance for the business as we grow more fee income. And we will deploy more RWAs to support this effort, which in turn can lead to deeper and wider client relationships.

接下來，我想把重點放在貸款上，這讓我們更加平衡。我們英國企業銀行的貸存比在 30 左右，我們處於良好的成長勢頭，隨著我們增加更多的費用收入，為業務提供更好的平衡。我們將部署更多 RWA 來支援這項工作，這反過來又可以帶來更深、更廣泛的客戶關係。

Our existing book is well diversified across sectors, and we have a track record of low impairment. And so we'll continue, of course, to use the group's significant risk transfer program, providing first loss protection and reducing both impairment risk and capital requirements.

我們現有的帳簿在各個領域都很多元化，並且我們擁有低減損記錄。因此，我們當然會繼續使用集團的重大風險轉移計劃，提供第一損失保護並降低減損風險和資本要求。

Within our credit risk appetite, there are areas where we can be more competitive on price and take larger credit positions with stronger clients. And we are confident in that way of growing lending at attractive risk-adjusted returns as we develop our digital delivery and product offering. And we also expect to generate business for other parts of the bank, leveraging our track record in the debt capital markets.

在我們的信用風險偏好範圍內，在某些領域我們可以在價格上更具競爭力，並與實力更強的客戶建立更大的信用頭寸。隨著我們開發數位交付和產品供應，我們對以具有吸引力的風險調整回報的方式增加貸款充滿信心。我們也希望利用我們在債務資本市場的往績記錄，為銀行的其他部門創造業務。

So finally, on the Corporate Bank, I just want to highlight some key financials and summarize our ambitions. As I said, a key priority is to grow fee income alongside a capital-efficient growth in lending. Our recent performance positions us well to achieve this. And over the last 2 years, we've grown at a 15% CAGR. This reflects, of course, the benefit to NII from the rising rates but also double-digit growth in fee income and net client growth.

最後，關於企業銀行，我只想強調一些關鍵的財務數據並總結我們的雄心壯志。正如我所說，一個關鍵的優先事項是在增加貸款資本效率的同時增加費用收入。我們最近的表現使我們能夠很好地實現這一目標。在過去 2 年裡，我們的複合年增長率為 15%。當然，這不僅反映了國家資訊基礎設施受益於利率上升，而且還反映了費用收入和淨客戶成長的兩位數成長。

And while loan and deposit volumes have been stable, our propositions and client relationships have enabled a 10% growth in clients in the last 2 years. The income growth has actually helped us with -- resulted in a healthy cost-income ratio and contributed to returns increasing from 14% to 20%. We have the opportunity now to grow income further while we increase our investment in simplification and automation.

雖然貸款和存款量一直穩定，但我們的主張和客戶關係使過去 2 年的客戶成長了 10%。收入成長實際上幫助我們實現了健康的成本收入比，並使回報率從 14% 增加到 20%。我們現在有機會進一步增加收入，同時增加對簡化和自動化的投資。

So we still aim to deliver a cost-to-income ratio in the high 40s. And post COVID, we have benefited from a gradual release of modeled impairment. And we expect a more normalized impairment profile going forward. Overall, we expect returns to moderate from the 20% we reported last year, but we still target high-teens over the coming years.

因此，我們的目標仍然是實現 40 左右的成本收入比。在新冠疫情之後，我們受益於模型損傷的逐步釋放。我們預計未來減損情況將更加正常化。總體而言，我們預計回報率將從去年報告的 20% 降至中等水平，但未來幾年我們的目標仍然是高十幾歲。

So to summarize, the UK Corporate Bank is already delivering strong returns. We are confident we can continue to grow at these attractive returns despite the normalization of rates and impairment.

總而言之，英國企業銀行已經帶來了強勁的回報。儘管利率和減損正常化，我們仍然有信心能夠以這些有吸引力的回報繼續成長。

Okay, lastly, Private Bank and Wealth Management. On top of my mind the day I became CEO was an ambition to realize the great opportunity that the Private Bank and Wealth Management business provides for Barclays. We have a strong Private Bank, both in the U.K. and in select international markets. But the Wealth Management business in the U.K. and our Digital Investing business, what we call Smart Investor, was unprofitable and subscale.

好的，最後是私人銀行和財富管理。在我成為執行長的那天，我首先想到的是實現私人銀行和財富管理業務為巴克萊銀行提供的巨大機會。我們在英國和部分國際市場擁有強大的私人銀行。但英國的財富管理業務和我們的數位投資業務（我們稱之為智慧投資者）卻無利可圖且規模較小。

Moreover, these two businesses sat in separate parts of the bank on either side of the ring fence. Over the last 12 months, we have put them together again with the regulatory commission. And what this does is it provides us with a very significant opportunity to serve the financial needs of U.K. customers in our retail business together with serving our high and ultra-high net worth clients.

此外，這兩家企業位於銀行圍籬兩側的不同部分。在過去 12 個月裡，我們與監管委員會再次將它們放在一起。這樣做的作用是，它為我們提供了一個非常重要的機會，可以在我們的零售業務中滿足英國客戶的財務需求，同時為我們的高淨值和超高淨值客戶提供服務。

In addition, it enables us to have a single investment function and shared platforms. We aim to provide advice to our customers and clients at each stage of their financial -- personal financial journeys. And we will do so with robust financial management tools, which are fairly priced, managed transparently, constructed simply and delivered efficiently.

此外，它使我們能夠擁有單一的投資功能和共享平台。我們的目標是在客戶和客戶的財務——個人財務旅程的每個階段為他們提供建議。我們將使用強大的財務管理工具來實現這一目標，這些工具價格合理、管理透明、建造簡單且交付高效。

So this is the Private Bank and Wealth Management business today. As you can see on the left-hand side, the business has been structured into four distinct segments: firstly, self-directed Digital Investing for those who are starting out or want to invest anything from GBP 1 upwards; UK Wealth Management proposition for those at a more advanced stage in their financial journeys; and of course, a service for high and ultra-high net worth clients domestically and internationally, who have a full access to a full suite of private banking products.

這就是今天的私人銀行和財富管理業務。正如您在左側所看到的，該業務分為四個不同的部分：首先，為那些剛起步或想要投資 1 英鎊以上的人提供自主數位投資；英國財富管理為處於金融旅程更高級階段的人士提供建議；當然，也為國內外高淨值和超高淨值客戶提供服務，他們可以全面使用全套私人銀行產品。

What you see on the right is that the business has grown its assets and liabilities on the average of 10% a year over the last 5 years. And it's reasonably well diversified both geographically and in terms of products. The combined business today is already producing high returns, 31% in 2023 compared to 14% RoTE in '21. A good part of that growth has come from deposits, given the impact of higher rates. But we've also been growing our investing and lending offerings.

您在右側看到的是，在過去 5 年裡，該企業的資產和負債平均每年增長 10%。而且它在地域和產品方面都相當多元化。今天合併後的業務已經產生了高回報，2023 年將達到 31%，而 2021 年的 RoTE 為 14%。考慮到利率上升的影響，成長的很大一部分來自存款。但我們也一直在增加投資和貸款產品。

The income has grown from GBP 1 billion to GBP 1.3 billion. And our cost-to-income ratio has shrunk from 86% to 69%. This is a very good and profitable business. But what it needs to do is to scale, particularly in the Digital Investing and the UK Wealth Management segments. Again, given its high contribution to the group, this is an area of investment.

收入從10億英鎊增長到13億英鎊。我們的成本收入比從86%下降到69%。這是一項非常好的且有利可圖的生意。但它需要做的是擴大規模，特別是在數位投資和英國財富管理領域。同樣，鑑於其對集團的巨大貢獻，這是一個投資領域。

So again, we're going to do this by being simpler, better and more balanced. Part of what I -- being simpler, as I said, was to combine the businesses. We now have one management team, a single investment function, shared platforms and simpler segmented customer propositions. And there are significant efficiencies from doing this.

再說一次，我們將透過更簡單、更好和更平衡來做到這一點。正如我所說，更簡單地說，我所做的一部分就是合併業務。我們現在擁有一個管理團隊、單一的投資職能、共享平台和更簡單的細分客戶主張。這樣做可以顯著提高效率。

Part of being better is for us to fully leverage the synergies across the bank. And we are developing a more effective two-way referral flow for clients with other business units within the group. Barclays UK provides us with a significant source of client referrals into Digital Investing and Wealth Management. And having a closer collaboration with the Investment Bank enhances our distinctive point of differentiation by giving Private Banking clients access to a wider range of investment solutions.

對我們來說，變得更好的部分是充分利用整個銀行的綜效。我們正在為集團內其他業務部門的客戶開發更有效的雙向推薦流程。巴克萊英國為我們提供了數位投資和財富管理客戶推薦的重要來源。與投資銀行更密切的合作可以讓私人銀行客戶獲得更廣泛的投資解決方案，從而增強我們獨特的差異化優勢。

Being more balanced is in part by growing our Digital Investing and UK Wealth Management offering to the scale that is aligned to the size and scale of our U.K. retail bank. This proposition has very high operating leverage. And we are focused now on making specific enhancements to provide better service to our customers. Very recently, we launched a new pricing structure. And we will now focus on the content and digital capabilities we need to enhance the customer service and journey.

實現更加平衡的部分原因是，將我們的數位投資和英國財富管理產品擴大到與我們英國零售銀行的規模和規模相符的規模。這個提案具有非常高的營運槓桿。我們現在專注於進行具體的改進，以便為我們的客戶提供更好的服務。最近，我們推出了新的定價結構。我們現在將專注於增強客戶服務和旅程所需的內容和數位功能。

In the UK Wealth Management space, we will lower the entry point to GBP 250,000 and again focus on providing easily accessible advice, digitally enabled as much as possible, and a simplified transparent investment proposition. Both of these will be better integrated within our banking app and our website.

在英國財富管理領域，我們將門檻降低至 25 萬英鎊，並再次專注於提供易於獲取的建議、盡可能數位化的支持以及簡化透明的投資主張。這兩者都將更好地整合到我們的銀行應用程式和網站中。

Moving to the Private Bank. Across the U.K. and our International business, we have over GBP 160 billion of client assets and liabilities. And we provide a high-touch personalized client service. Our priorities are actually fairly similar for both segments. We need to build out our teams, including our U.K. regional footprint as well as our teams in the international markets, where we already have an Investment Banking presence. Also, we need to invest in systems and processes to enhance the client experience. In addition, we will invest in our client solutions, including alternatives and lending capabilities.

轉向私人銀行。在英國和我們的國際業務中，我們擁有超過 1,600 億英鎊的客戶資產和負債。我們提供高接觸度的個人化客戶服務。對於這兩個細分市場，我們的優先事項實際上非常相似。我們需要建立我們的團隊，包括我們在英國區域的業務以及我們在國際市場上的團隊，我們已經在國際市場上開展了投資銀行業務。此外，我們需要投資系統和流程以增強客戶體驗。此外，我們將投資於我們的客戶解決方案，包括替代方案和貸款能力。

Altogether, these priorities are going to require an investment into our Private Bank, which will lead to our RoTE being greater than 25% by 2026, which is slightly lower than last year's numbers. We aim to deliver high-quality, double-digit asset and liability growth across segments and maintain a cost-income ratio in the high 60s.

總而言之，這些優先事項將需要對我們的私人銀行進行投資，這將使我們的 RoTE 到 2026 年超過 25%，略低於去年的數字。我們的目標是在各個細分市場實現高品質、兩位數的資產和負債成長，並將成本收入比保持在 60 左右。

To conclude, we have a great opportunity in this business. And it's one that I'm really excited about. We need to be simpler in terms of our business and the propositions which we provide our customers and clients. We need to be better in terms of our service and technology capabilities and more balanced by scaling our U.K. wealth offering.

總而言之，我們在這項業務中有很大的機會。這是我真正感到興奮的一件事。我們需要在業務以及為客戶和客戶提供的建議方面變得更加簡單。我們需要在服務和技術能力方面變得更好，並透過擴大我們在英國的財富提供來更加平衡。

Now almost every bank talks about doing better in private banking and wealth. And so you might well ask, "What makes Barclays succeed?" I think there are three things. One is the scale and depth of our franchise in the U.K. and how few of our customers use our investment services today. There are 3 million customers in Barclays UK with investable assets who may benefit from our Digital Investing or our U.K. wealth offering.

現在幾乎每家銀行都在談論在私人銀行和財富方面做得更好。因此，您可能會問：“是什麼讓巴克萊銀行取得成功？”我認為有三件事。一是我們在英國特許經營的規模和深度，以及如今使用我們投資服務的客戶是多麼少。巴克萊英國有 300 萬名擁有可投資資產的客戶，他們可能會從我們的數位投資或我們的英國財富產品中受益。

The second, in my opinion, is that the U.K. market could be better served, particularly for those customers in the intermediate stages of their financial journey. I think there's a real role for us to provide a service which is transparent, which is competitive, which is digitally available but with access to human advice.

我認為第二個是英國市場可以得到更好的服務，特別是對於那些處於金融旅程中期階段的客戶。我認為我們的真正作用是提供透明的、有競爭力的、數位化的、但可以獲得人工建議的服務。

And finally, we have proven we can grow this business. Over the last few years -- 5 years, we've grown client assets and liabilities by 10% per annum. We have won awards internationally, the best foreign private bank in Switzerland, the #1 private bank in Monaco, the #1 international private bank in India. And we are confident we can achieve an RoTE of greater than 25% by 2026. And to me, private banking and wealth represents a very attractive opportunity for the bank. It's a capital-light, fee income-based business and high returning.

最後，我們已經證明我們可以發展這項業務。在過去幾年（5 年）中，我們的客戶資產和負債每年增長 10%。我們榮獲國際獎項：瑞士最佳外國私人銀行、摩納哥排名第一的私人銀行、印度排名第一的國際私人銀行。我們有信心在 2026 年實現超過 25% 的 RoTE。這是一項輕資本、以費用收入為基礎、回報率高的業務。

So with that, what we will do is I'll invite my colleagues to come up. And we will move to the final part of Q&A of today's investor update with a Q&A on the business presentation that you've heard. As previously, please limit yourself to two questions and introduce yourself. And I am the emcee. All right. Who would like to go first? Yes, Alvaro?

因此，我們要做的就是邀請我的同事們上來。我們將進入今天投資者更新問答的最後部分，對您所聽到的業務演示進行問答。和以前一樣，請限制自己提出兩個問題並自我介紹。而我是主持人。好的。誰願意先走？是的，阿爾瓦羅？

Happy to go first again. Alvaro Serrano from Morgan Stanley. Just a couple of questions. One is on the efficiency gains in the Investment Bank. I don't know if you can make it a bit more tangible for us, given any examples of where you see capital efficiencies in particular. Obviously, there's been discussion in the past about leveraged finance deals that are still on the balance sheet. Is that a source of capital efficiency? And if so, maybe help us quantify it or give us a bit more sort of flavor on how easy those efficiencies are to deliver?

很高興再次成為第一。摩根士丹利的阿爾瓦羅·塞拉諾。只是幾個問題。一是投資銀行的效率提升。我不知道您是否可以讓我們更切實地了解您在哪些方面特別看到資本效率的例子。顯然，過去一直在討論仍在資產負債表上的槓桿融資交易。這是資本效率的來源嗎？如果是這樣，也許可以幫助我們量化它，或者讓我們更了解這些效率是多麼容易實現？

And second, on U.S. cards, the 12% NIM, you've listed sort of quite a few things that drive the NIM improvement. And rate wasn't one of them. And I realized this business, it's just lower rates is good for it. So maybe I've seen your rate -- Fed rate assumption at the back. But can you quantify maybe how much rates plays into that NIM expansion in the U.S. cards business?

其次，對於美國卡，即 12% 的淨利差，您列出了許多推動淨利差改善的因素。利率不是其中之一。我意識到這項業務，較低的費率對它來說是有好處的。所以也許我已經看到了你的利率——後面的聯準會利率假設。但您能否量化利率對美國信用卡業務的淨利差擴張有何影響？

So why don't I take the first one? I'll pass it to Anna to start on the second one. Maybe Denny, you can chime in afterwards. So at a macro level, within the Investment Bank, efficiency, capital efficiency, which is what I think you're talking about, RWA per unit income, is going to come in a few ways. Within markets, as we've said, we've always maintained a high level. And I think recycling capital and focusing on liquidity and sort of revolving, as Adeel said, 20% a quarter of what we've put out, and increasing that is going to be one source.

那我為什麼不選第一個呢？我會把它交給安娜，讓她開始第二個。也許丹尼，你可以稍後插話。因此，從宏觀層面來看，在投資銀行內部，效率、資本效率，這就是我認為您所說的，每單位收入的 RWA，將透過幾種方式實現。在市場內部，正如我們所說，我們始終保持高水準。我認為回收資本並專注於流動性和某種循環，正如阿迪爾所說，我們所投入的四分之一為 20%，增加這將是一個來源。

In Investment Banking, it's coming in a couple of ways. Number one, it is from the move from DCM, which is capital-heavy, into ECM and M&A. The second is recycling capital as it gets released into the international corporate banking and the transactional services, which are closely -- going to be closely managed by the Investment Bank or managed within the Investment Bank and which represents higher recurring revenue and an allocation of RWAs into the financing side of markets.

在投資銀行業，它以多種方式出現。第一，從重資本的 DCM 轉向 ECM 和併購。第二個是回收資本，因為它被釋放到國際企業銀行業務和交易服務中，這些服務將由投資銀行密切管理或在投資銀行內部管理，這代表著更高的經常性收入和風險加權資產的分配進入市場融資方面。

So at a macro level, that's how it happens. Obviously, with individual clients, over time, we will assess whether we are getting the mix of business for the capital which we lay out and -- but that's part of exactly that reallocation. Okay. And then do you want to start on that, Anna?

所以從宏觀層面來看，事情就是這樣發生的。顯然，對於個人客戶，隨著時間的推移，我們將評估我們是否能夠為我們所佈置的資本獲得業務組合——但這正是重新分配的一部分。好的。那麼安娜，你想開始嗎？

Yes, sure. Why don't I start and then I'll hand to Denny? So you're right, we're not calling out rates. We saw a benefit from rates in '23 actually because of the lag effect of repricing as rates rose within the U.S., which obviously we don't expect to recur. Actually, our NIM expectations are much more about what we expect to happen to pricing, to mix. And deposits do matter but only to the extent that we expect a greater proportion of retail funding in the future. But Denny, you might want to expand on pricing?

是的，當然。為什麼我不開始然後交給丹尼？所以你是對的，我們不會公佈費率。我們看到了 23 年利率的好處，實際上是因為美國境內利率上升導致重新定價的滯後效應，顯然我們預計這種情況不會再次發生。事實上，我們的淨利差預期更多是關於我們對定價和混合的預期。存款確實很重要，但僅限於我們預期未來零售資金所佔比例更大的情況。但是丹尼，你可能想擴大定價範圍？

I think really, as Anna just said, there's really four things going on. So I think the whole industry will see some margin compression as rates come down. So that's built into our forecast. But I highlighted three things that are going to help us drive NIM expansion.

我認為，正如安娜剛才所說，確實發生了四件事。因此，我認為隨著利率的下降，整個產業的利潤率將會受到一定程度的壓縮。這已納入我們的預測。但我強調了三件將幫助我們推動 NIM 擴張的事情。

One is we have -- we are going to be going more in the retail sector. We expect that to help us rebalance our FICO mix. They'll help deliver higher margins. Second, alongside the late fee legislation, we'll be repricing some of our existing accounts. And then we have a really strong, award-winning deposit platform. And we're investing in that. And so we expect to get more value from that going forward. So those three things are what offset that margin compression that you can expect when rates drop.

一是我們將更涉足零售領域。我們希望這能幫助我們重新平衡 FICO 組合。他們將有助於實現更高的利潤。其次，除了滯納金立法外，我們還將對一些現有帳戶重新定價。然後我們擁有一個非常強大、屢獲殊榮的存款平台。我們正在對此進行投資。因此，我們期望未來能從中獲得更多價值。因此，這三件事抵消了利率下降時您可以預期的利潤壓縮。

Next question, yes, Joe? Joe, then Rohith, then Raul.

下一個問題是，喬？喬，然後是羅希斯，然後是勞爾。

Joe Dickerson from Jefferies. Just in terms of the competitive landscape in your two U.S. areas, so the Investment Bank and then the cards and payments business, could you just perhaps elaborate on how the Basel Endgame may be impacting the competitive landscape in the U.S.? Although I do see that the banks in the U.S. have done a pretty good job of pushing back on that, but your views on that would be interesting.

來自傑富瑞集團的喬·迪克森。就美國兩個地區的競爭格局而言，即投資銀行，然後是銀行卡和支付業務，您能否詳細說明一下巴塞爾殘局可能如何影響美國的競爭格局？雖然我確實看到美國的銀行在抵制這一點方面做得很好，但你對此的看法會很有趣。

And then in the consumer space and cards in particular, we've seen in the past 24 hours, Capital One and Discover, effectively Capital One going to the network business, so how you see the impact on the landscape changing in the U.S. cards or not as maybe the case as a result of that merger.

然後在消費領域，特別是在卡領域，我們在過去24 小時內看到了第一資本和Discover，實際上第一資本正在進入網絡業務，那麼您如何看待這對美國卡或卡行業格局變化的影響？

Yes. So let me start with Capital One, Discover. And I will just give a broad answer to the first part of your question and let Adeel and Denny talk about that, unless, Anna, you want to add something, too. So on Capital One, Discover, look, we've got to see the details on it. Clearly, it is a transaction that has based on a cards portfolio as well as payment rails and payment capabilities. And it shows, if anything, that these things are valued in the banking system today.

是的。讓我從第一資本，發現開始。我將對你問題的第一部分給出一個廣泛的答案，然後讓阿迪爾和丹尼討論這個問題，除非安娜你也想補充一些東西。所以在第一資本，發現，看，我們必須看到它的細節。顯然，這是一項基於卡片組合以及支付軌道和支付功能的交易。如果有的話，它表明這些東西在當今的銀行體系中受到重視。

As I hope you've seen in the last few hours, both cards and payments are critical parts of the Barclays proposition as well and something which we think we're good at and trying to do better. So that's my sort of first takeaway from it. And we'll, of course, have to see the details. And I will say that there is a regulatory angle of it, which my colleague, Jason Goldberg, I have to plug Barclays Research, wrote overnight with Terry Ma. And we have to understand that better as well, okay?

正如我希望您在過去幾個小時中看到的那樣，卡片和支付都是巴克萊主張的關鍵部分，也是我們認為自己擅長並努力做得更好的部分。這就是我從中得到的第一個收穫。當然，我們必須查看細節。我想說的是，這有一個監管角度，這是我的同事賈森·戈德伯格（Jason Goldberg）（我必須插上巴克萊研究部）與特里·馬（Terry Ma）連夜寫的。我們也必須更好地理解這一點，好嗎？

So then coming back to the competitive landscape in the U.S., so at one very high level, capital rules generally increase over time and banks adjust to them. The big banks adjust, right? And I imagine that's what ultimately will happen. And what I do hope is whatever settles down in the U.K. -- in the U.S. capital landscape is relatively mirrored in the U.K., where, as you know, the regulators also have a competitiveness mandate in addition to financial safety. So we'll have to see where it goes. And what we hope is that it's sort of fair across both sides of the pond.

那麼回到美國的競爭格局，在一個非常高的水平上，資本規則通常會隨著時間的推移而增加，銀行也會適應這些規則。大銀行都會調整，對嗎？我想這就是最終會發生的事情。我真正希望的是，無論在英國發生什麼，美國的資本格局都能相對反映在英國，正如你所知，除了金融安全之外，英國的監管機構還擁有競爭力方面的授權。所以我們必須看看它會去哪裡。我們希望池塘兩邊都是公平的。

What you have seen us do is move to internalize what that will be, both at the overall Basel level, as Anna said, to the lower end of 5% to 10%, which includes what we said for IRB in the U.S. cards business, already included in U.K. cards and then we've got a bit of corporates to go. So I think it will all finalize over the next 2 years. Hopefully, it will be relatively even. But we will adjust competitively as we have done in the past. Adeel?

正如安娜所說，我們所做的就是在整個巴塞爾層面將其內部化，達到 5% 到 10% 的低端，其中包括我們所說的美國信用卡業務中的 IRB，已經包含在英國卡中，然後我們還有一些企業可以去。所以我認為這一切將在未來兩年內完成。希望它會相對均勻。但我們會像過去那樣進行競爭性調整。阿迪爾？

Yes. Agree with what -- completely agree with what you're saying. I think, as Anna referenced, the impact of Basel, we expect it to be the lower end of 5% to 10%. So that means mid- to high single digits for market. And look, I think I go back to what I said earlier in my presentation, our ambition is to generate double-digit returns for our shareholders. So if there are businesses that will be impacted because of Basel, we'll be ruthless about allocating and reallocating capital within our portfolio to accommodate for that.

是的。同意——完全同意你所說的。我認為，正如安娜所提到的，巴塞爾的影響，我們預計它將是 5% 到 10% 的下限。因此，這意味著市場將達到中高個位數。看，我想我回到我之前在演講中所說的，我們的目標是為股東創造兩位數的回報。因此，如果有企業因巴塞爾協議而受到影響，我們將毫不留情地在我們的投資組合中分配和重新分配資本，以適應這種情況。

Yes. And then on the card side, what I'd say is, as we showed actually on the slide, we expect that through the actions that we're taking that we'll be able to get our density rate to similar levels to what U.S. issuers will have. So I don't think there's going to be any competitive issue there. And at the end of the day, we've had capital differences over the years between the U.S. and the U.K. over time.

是的。然後在卡片方面，我想說的是，正如我們在幻燈片上實際展示的那樣，我們期望透過我們正在採取的行動，我們將能夠使我們的密度率達到與美國相似的水平。 。所以我認為那裡不會有任何競爭問題。歸根結底，隨著時間的推移，美國和英國之間多年來一直存在資本差異。

And it's never kept us from winning business at good returns in the past, now or in the future. And really, because what that really is about at the end of the day is not just about price, it's about can we help partners drive their business forward by helping them increase sales and customer loyalty? And we think because of capabilities that we've built, we do that pretty well.

無論過去、現在或將來，這都不會阻止我們以豐厚的回報贏得業務。事實上，因為歸根結底，這不僅僅是價格問題，而是我們能否透過幫助合作夥伴提高銷售額和客戶忠誠度來幫助他們推動業務發展？我們認為，由於我們已經建立的能力，我們做得很好。

Anna, anything to add?

安娜，有什麼要補充的嗎？

Yes. Just a couple of comments, Joe. The first would be, clearly, we're reacting to what we know here. And there's some time to go to see the final rules. So what the teams are doing is they're firmly focused on what we can control, both in Denny's world and in Adeel's world. We would expect to see some increase in capital in the U.S. from our U.S. peers. The exact level of that, we'll see.

是的。只是幾點評論，喬。顯然，第一個是我們正在對我們所知道的情況做出反應。還有一些時間去查看最終規則。因此，團隊正在做的是，他們堅定地專注於我們可以控制的事情，無論是在丹尼的世界還是在阿迪爾的世界中。我們預計美國同業將增加在美國的資本。具體水平如何，我們拭目以待。

I think what's really important for us to just remember though is that less than 10% of our group capital is in the IHC. So for us, some of these movements in U.S. rules are less important than what happens with our primary regulator in the -- with the PRA in the U.K., which we still expect to be the binding position for Barclays.

我認為對我們來說真正重要的是要記住，我們集團資本的不到 10% 是在 IHC 中。因此，對我們來說，美國規則中的一些變動不如我們的主要監管機構——英國審慎監理局（PRA）發生的事情重要，我們仍然預期英國審慎監理局（PRA）對巴克萊銀行具有約束力。

Rohith?

羅希斯？

Rohith Chandra-Rajan, Bank of America. A couple of questions along similar lines, sorry to be boring. The U.S. -- sorry, the IB, thank you for the additional commentary around kind of the flows of the RWAs. I think so far, really you've talked about optimization, a move from DCM into ECM and advisory and then a negative in terms of -- a small negative in terms of Basel III in markets.

羅希斯·錢德拉-拉詹，美國銀行。幾個類似的問題，抱歉很無聊。美國——抱歉，IB，感謝您對 RWA 流量的補充評論。我認為到目前為止，您實際上已經談到了優化，從 DCM 轉向 ECM 和諮詢，然後是市場巴塞爾 III 方面的一個小負面影響。

Is there anywhere else within particularly, I guess, the markets business where outside of optimization, you might be taking some capital away from businesses in order to fund the capital-light growth that you're talking about in some of the focus areas for markets? That will be the first one.

我想，市場業務中是否還有其他地方，除了優化之外，您可能會從業務中拿走一些資本，以便為您在市場的一些重點領域中談論的輕資本增長提供資金？那將是第一個。

And then again, on -- the second one is just on -- again, on U.S. cards. I guess, what you've shown is you have some inefficiencies relative to your local peers from a capital density perspective, which you expect to offset through mitigation, but that usually comes at some cost. And Venkat, you talked earlier about the benefits of being a diversified business.

然後再一次，第二個剛開始，再一次，在美國卡上。我想，您所展示的是，從資本密度的角度來看，您相對於當地同行存在一些低效率，您希望透過緩解措施來抵消這些低效率，但這通常需要付出一些代價。 Venkat，您之前談到了多元化業務的好處。

But when you've got a stand-alone cards business without a broader U.S. retail offering, there are some, I guess, some headwinds from an efficiency perspective relative to peers. So what is it that makes Barclays a good cards business in the U.S. compared to a large U.S. bank, for example?

但是，當你擁有獨立的信用卡業務而沒有更廣泛的美國零售業務時，我想，從效率角度來看，相對於同行，會存在一些阻力。那麼，與美國大型銀行相比，是什麼讓巴克萊銀行在美國成為一家優秀的銀行卡業務？

Right. Adeel, do you want to take the first one? And let me start on cards and, Denny, you can fill in.

正確的。阿迪爾，你想拿第一個嗎？讓我從卡片開始，丹尼，你可以填寫。

Thank you, Rohith. So we really think about our business through the lens of two components. We have a bunch of top 5 revenue-ranked franchises, where we are maintaining a pretty high income to RWA ratio. And then you have the non-top 5 franchises, which we showed you.

謝謝你，羅希斯。因此，我們確實從兩個組成部分的角度來思考我們的業務。我們擁有許多收入排名前五的特許經營權，我們在這些特許經營權中保持著相當高的收入與 RWA 比率。然後是我們向您展示的非前 5 名特許經營權。

If you look at the non-top 5 franchises, there are two types of businesses there, one which we need to maintain to be stable to our clients. Within those, we have a pretty low capital footprint. And then you have the rest of our franchise, which we think we have room to improve because we have either lost market share or the operating environment is changing.

如果你看一下非前 5 名的特許經營權，你會發現有兩種類型的業務，其中一種是我們需要維持的，以便對我們的客戶保持穩定。其中，我們的資本足跡相當低。然後是我們其餘的特許經營權，我們認為我們還有改進的空間，因為我們要么失去了市場份額，要么經營環境正在改變。

If you look at that component of our franchise today, we have 38% of our RWAs allocated versus them driving 28% of our income. So it also tells you that those three focus businesses which we've talked to you about, we've already allocated the capital they need and the technology resources they need, so we can drive that income over the next -- over the coming years.

如果你看看我們今天特許經營的這個組成部分，我們分配了 38% 的 RWA，而它們驅動了我們收入的 28%。因此，它還告訴您，我們已經與您討論過的這三個重點業務，我們已經分配了他們所需的資本和技術資源，因此我們可以在未來幾年內推動該收入。

So then coming, Rohith, to the question on the U.S. cards business. The first thing to -- that I focus on is we have to have an apples-to-apples comparison. This is a specialized partnership card business. We are not looking to compare this to a broad-based U.S. bank's cards business, which includes its own branded cards. We are not in branded cards. In fact, the important thing, whether you talk about this or whether you can talk about our markets business or Investment Bank is that we focus on the things which we try -- which we think we do very well and which are attractive to our clients.

羅希斯，接下來談談美國信用卡業務的問題。我關注的第一件事是我們必須進行同類比較。這是專門的合作夥伴卡業務。我們並不打算將其與基礎廣泛的美國銀行卡業務（包括其自有品牌卡）進行比較。我們不屬於品牌卡。事實上，重要的是，無論你談論這個還是我們的市場業務或投資銀行，我們都專注於我們嘗試的事情——我們認為我們做得很好並且對我們的客戶有吸引力。

This specialized cards business has a few attractive features to it. Number one is we have 20 corporate clients, B2B2C, 20 million customers. We are not competing with the end customer -- for the end customer with the corporate client. We are not trying to sell them a mortgage. We're not trying to do other things with them, which many other banks might. And what it does is allow us to focus on increasing the engagement with the corporate -- which the corporate customer has with their underlying client. And that is the thing that leads to the revenue uplift for the corporate client. And that's what Denny had on one of his pages, 6x, 7x. So we don't compete.

這種專門的信用卡業務有一些吸引人的特點。第一是我們有 20 個企業客戶，B2B2C，2000 萬客戶。我們不與最終客戶競爭－最終客戶與企業客戶競爭。我們並不是想向他們出售抵押貸款。我們不會嘗試與它們做其他事情，而許多其他銀行可能會這樣做。它的作用是讓我們專注於增加與企業的互動—企業客戶與其潛在客戶的互動。這就是導致企業客戶收入增加的原因。這就是丹尼在他的一頁上的內容，6x、7x。所以我們不競爭。

Second is we are good at what we do. And that's an indication of both the blue-chip quality of our clients and the 90% renewal rate that he spoke about. So an apples-to-apples comparison would not have us talk against the broader U.S. banking market. Of course, there are things we need to do better. We need to adjust for the capital rules. We need to improve and increase our sort of own funding of this and manage our costs better. And as we get scale, improve the RoTE. So we have a lot to do to improve it. But the apples-to-apples comparison is not versus a general U.S. bank. Anything to add?

其次，我們擅長我們所做的事情。這不僅體現了我們客戶的藍籌質量，也體現了他所說的 90% 的續約率。因此，同類比較不會讓我們反對更廣泛的美國銀行市場。當然，還有一些事情我們需要做得更好。我們需要根據資本規則進行調整。我們需要改進和增加我們自己的資金投入，並更好地管理我們的成本。當我們擴大規模時，提高 RoTE。因此，我們還有很多工作要做來改進它。但同類比較並不是與一般的美國銀行比較。有什麼要補充的嗎？

No, I'd just piggyback on something I said earlier. We are a specialist issuer. Most of the largest U.S. banks I think you were really asking about, they don't compete every day in partnerships. They focus on their own proprietary brand. And the other thing I'd point out earlier is the size and scale of the partnership market is very significant. So there's a big game to play for. And we believe that we have built a sustainable competitive advantage and the capabilities we bring to the table.

不，我只是藉用我之前說過的話。我們是一家專業發行人。我想你真正想問的是大多數美國最大的銀行，他們並不是每天都在合作關係中競爭。他們專注於自己的專有品牌。我之前要指出的另一件事是，合作夥伴市場的規模和規模都非常重要。所以有一場重要的比賽要打。我們相信，我們已經建立了可持續的競爭優勢和我們帶來的能力。

And as Venkat said, that focus on driving -- helping drive our partners' businesses forward is different than most banks bring to the table. And so what we build is about how do we -- because we believe if they do well, we do well. And so our focus there is pretty unique. And it's worked really well.

正如 Venkat 所說，專注於推動——幫助推動我們合作夥伴的業務向前發展，與大多數銀行所提出的不同。因此，我們的目標是我們如何做——因為我們相信，如果他們做得好，我們也會做得很好。所以我們的重點是非常獨特的。而且效果非常好。

And if I may add one thing, sorry, Raul, just one thing on risk management in that business. It's underlying credit risk management. But it's also choosing your partners well, choosing partners with whom you can actually bring that expertise to bear and managing that relationship over time, right? And in the end, it's those attributes that lead to a high renewal rate. And it's those attributes that lead to a Tesco choosing us in the U.K. Sorry, Raul. It's coming behind you.

如果我可以補充一件事，對不起，勞爾，我只想補充一點關於該業務的風險管理。這是基本的信用風險管理。但它也能很好地選擇你的合作夥伴，選擇那些你可以真正發揮專業知識的合作夥伴，並隨著時間的推移管理這種關係，對嗎？最終，正是這些屬性帶來了高續訂率。正是這些特質導致樂購在英國選擇了我們。它就在你身後。

It's Raul here from JPMorgan. Still plenty of questions, but I'll stick to two. The first one is on what's going on in the U.K. in terms of consumer duty, so...

我是來自摩根大通的勞爾。還有很多問題，但我會堅持兩個。第一個是關於英國在消費者責任方面正在發生的事情，所以......

In terms of?

按照？

Consumer duty. So there's a broad agenda that is leading to various implications for financial services players. Obviously, apart from motor finance, you're present in most products in the U.K. But one of the features of the U.K. market is very limited cross-selling.

消費者義務。因此，有一個廣泛的議程會對金融服務參與者產生各種影響。顯然，除了汽車金融之外，英國的大多數產品中都有您的身影。

So I guess, the question for you and for Vim is where do you think are the risks for you in your current business model as configured, especially as we go into the new rules, July this year, on the back book?

所以我想，對你和 Vim 來說，問題是你認為在你目前配置的商業模式中，風險在哪裡，特別是當我們在今年 7 月的書本上討論新規則時？

And then secondly, where might be the opportunities for you as other players have to reconfigure their own pricing? And I think your recent Stockbroker changes have probably been a step in that direction.

其次，當其他參與者必須重新配置自己的定價時，您的機會在哪裡？我認為你們最近對股票經紀人的改變可能是朝這個方向邁出的一步。

Let me start with the second half and then I'll turn over to Vim. So I think consumer duty, which is a very beneficial way to look at actually what products people provide to customers and managing this selling risk across -- and appropriateness risk across the consumer product landscape is a good thing for the customer. As in all forms of regulation, it actually ends up benefiting the larger players. Because what we are able to do is understand it, manage it, absorb the fixed costs and operate, which frankly over the long-term serves as a barrier to entry.

讓我從下半場開始，然後我將轉向 Vim。因此，我認為消費者責任是一種非常有益的方式，可以了解人們實際上向客戶提供了什麼產品，並管理整個消費產品領域的銷售風險和適當性風險，這對客戶來說是一件好事。與所有形式的監管一樣，它實際上最終會讓更大的參與者受益。因為我們能夠做的就是理解它、管理它、吸收固定成本並進行運營，坦白說，從長遠來看，這會成為進入障礙。

I think, therefore, when I spoke a little earlier about wealth and I said fairly priced, transparently constructed, efficiently delivered, it's easier for us to do these things than for small companies because we can: a, we know how to do it because we do it in other parts of our business; and b, we can sort of structure it and absorb the costs better. So I think it's an advantage to the large players as generally forms of regulation are.

因此，我認為，當我早些時候談到財富時，我說過價格合理、構建透明、交付高效，我們比小公司更容易做這些事情，因為我們可以：a，我們知道如何做，因為我們在業務的其他部分也這樣做； b，我們可以對其進行某種結構並更好地吸收成本。所以我認為這對大型企業來說是一個優勢，就像一般的監管形式一樣。

So I think a couple of things to add. And I think that point about our scale and what we've done in the past is quite important because I think one of the things that struck me about Barclays, and you'll see it in other banks, too, I guess, is just the culture from a customer focus perspective is really strong. And treating customers fairly has been around for a while. And the nature and behavior that we have here has been strong, too.

所以我想補充幾點。我認為關於我們的規模和我們過去所做的事情非常重要，因為我認為巴克萊銀行讓我印象深刻的事情之一，我想你也會在其他銀行看到它從以客戶為中心的角度來看，這種文化確實很強大。公平對待客戶已經存在一段時間了。我們這裡的性格和行為也很強。

Of course, consumer duty made us think through every line of our business and consider very carefully what are tweaks that we should make. But it's not been as heavy a lift because of the culture that's already innate in our business. And so I think that's been a huge help in where we were and the steps that we had to take. And actually, I think we've made lots of great progress. I think the important thing here is a level playing field. Actually, there are some things that sit outside of the fence in terms of regulation and then making sure that the regulators then apply all of that in a similar and coherent way right across the market. I think that's the important thing to call out.

當然，消費者責任讓我們思考我們業務的每個方面，並非常仔細地考慮我們應該做出哪些調整。但由於我們業務中固有的文化，這並沒有那麼沉重。所以我認為這對我們所處的位置以及我們必須採取的步驟有很大的幫助。事實上，我認為我們已經取得了許多巨大的進步。我認為這裡重要的是公平的競爭環境。實際上，就監管而言，有些事情是不受限制的，然後確保監管機構以類似且一致的方式在整個市場上應用所有這些內容。我認為這是值得呼籲的重要事情。

And then you touched a little bit about sort of limited cross-selling. To some extent, when you look at our balance sheet, and I talked about it, conscious steps that we've taken have led to that. And actually, one of the things that we're trying to do as we lean into the changing shape of our balance sheet as we move forward is actually protecting our franchise and increasing that cross-selling capabilities. At the moment, some of our customers are going somewhere else for a credit card because of what we've chosen to do in the past. That's a real opportunity for us to really deepen the franchise and increase the number of products and services that we offer to our customers.

然後你談到了一些有限的交叉銷售。在某種程度上，當你看看我們的資產負債表時，我談到了它，我們採取的有意識的步驟導致了這一點。實際上，隨著我們不斷前進，隨著資產負債表的不斷變化，我們正在努力做的事情之一實際上是保護我們的特許經營權並提高交叉銷售能力。目前，由於我們過去的選擇，我們的一些客戶正在其他地方辦理信用卡。這對我們來說是一個真正的機會，可以真正深化特許經營並增加我們為客戶提供的產品和服務的數量。

I have one more, just on buyback capacity mainly for Anna. I'm sorry to ask about the next buyback when you've not even started this one. But the capital walk for 2024 is quite difficult to nail down, just given the moving parts that you've got. You start with 13.5% pro forma. And then obviously, first quarter of every year, usually there is a trading-related RWA pickup, so tends to be not very capital-generative. And then I guess, you build capital towards your 125 basis points per year sort of run rate through the year.

我還有一份，主要是關於安娜的回購能力。當你還沒開始這次回購時，我很抱歉詢問下一次回購的情況。但考慮到現有的移動部件，2024 年的首都步行是相當難以確定的。您從預計的 13.5% 開始。顯然，每年第一季度，通常都會出現與交易相關的 RWA 回升，因此資本產生能力往往不強。然後我想，你會為全年 125 個基點的運作率累積資本。

But when we think about the moving parts around the GBP 16 billion of RWA coming in the second half plus the various acquisitions, Tesco, whether or not you sell, the timing of German cards, should we still be thinking about 6 months as the right kind of beat of looking at capital return and buybacks? Or do we think about that as sort of end of '24?

但是，當我們考慮下半年即將到來的 160 億英鎊 RWA 的變動部分以及各種收購時，Tesco，無論您是否出售，德國卡的時機，我們是否仍然應該考慮 6 個月作為正確的時間關注資本回報和回購是什麼樣的節奏？還是我們認為這是 24 世紀的結束？

Thank you. So I think the root of this is the capital-generative nature of the business and our ability to consistently generate capital year in, year out, which we've demonstrated. And I would say that, clearly, there is some seasonalities to the business. You've called out, we typically deploy more capital in Q1. But typically, we generate more capital in Q1. That's what we demonstrate in most years.

謝謝。因此，我認為其根源在於業務的資本生成性質以及我們年復一年持續生成資本的能力，這一點我們已經證明了。我想說的是，顯然，業務存在一些季節性。您已經指出，我們通常會在第一季部署更多資本。但通常情況下，我們在第一季產生更多資本。這就是我們多年來所展示的。

Around the GBP 16 billion and, indeed, the onboarding of Tesco, those are in our capital flight path. And you wouldn't expect me to talk to you specifically about timing today. That's a matter for the Board and it's something that we'll consider. But we have got a fairly consistent pathway going, if you like to look at it that way.

大約 160 億英鎊，事實上，Tesco 的加入，這些都在我們的資本外逃路徑上。你不會指望我今天會專門和你談論時間安排。這是董事會的事，我們會考慮的。但如果你願意這樣看的話，我們已經走上了一條相當一致的道路。

And the other thing that we've done is very clearly highlight for you today our priority, which is: number one, regulation; number two, the shareholder; and number three, investment. So that should tell you how we're thinking about the return of capital as we go through 2024 but actually beyond, into '25 and '26.

我們今天所做的另一件事非常明確地向你們強調了我們的首要任務，那就是：第一，監管；第二，股東；第三，投資。因此，這應該告訴您我們如何考慮 2024 年（但實際上是 25 年和 26 年後）的資本回報。

I think we have time for one more. Go ahead, Ben?

我想我們還有時間再談一談。繼續吧，本？

Ben Toms from RBC. You talked about the improvement in application margins in the U.K. for mortgages. I just wonder whether you might give a sense of where we're at now and where you expect those application margins to go to? It sounds like it's largely mixed base for those margins.

來自加拿大皇家銀行的本·湯姆斯。您談到了英國抵押貸款申請利潤率的提高。我只是想知道您是否可以了解一下我們現在所處的位置以及您預計這些應用程式的利潤將達到什麼程度？聽起來這些利潤的基礎基本上是混合的。

And then secondly, in Wealth and Private Banking, the RoTE, I appreciate the guidance is greater than 25%, which includes some scope for a number bigger than that. But the step-down from where you are today to that number is relatively large. Is there something in there for the fact that you're still having to invest in that business in 2026 and, therefore, post 2026, you'd expect a step-up? Or is there an acceptance that it requires ongoing investment in that business every year?

其次，在財富和私人銀行業務領域，RoTE，我很欣賞指導值大於 25%，其中包括比這個數字更大的一些範圍。但從今天的水平下降到這個數字是相對較大的。事實上，您在 2026 年仍然需要​​投資該業務，因此，在 2026 年之後，您預計會有所提升，這是否意味著什麼？或是否承認每年都需要對該業務進行持續投資？

Right. Do you want to start with mortgages? Go ahead.

正確的。您想從抵押貸款開始嗎？前進。

So as you know, we don't comment on spreads in mortgages. What I would just say is that spreads have been attractive but pretty thin, as I said earlier. Because the market is very much dominated by refinancing activity, and you see that typically in Barclays. If you look at our loan to values, they are low, just above 50% for the portfolio and we're acquiring in the sort of mid-60s. So there is a real margin opportunity here for us to utilize the capability that we've got within Kensington. And Vim, you might want to add to that?

如您所知，我們不對抵押貸款利差發表評論。我只想說，正如我之前所說，利差很有吸引力，但相當小。因為市場在很大程度上是再融資活動主導的，這一點在巴克萊銀行尤其常見。如果你看一下我們的貸款價值比，你會發現它們很低，僅高於投資組合的 50%，而且我們的收購時間大約在 60 年代中期。因此，我們有一個真正的利潤機會來利用肯辛頓內部的能力。 Vim，你可能想補充一下嗎？

So I think -- so mix is one for sure. I think the other is process and service, which I think I'd call out. Because at the moment, if you don't have great service and great process, you end up having to compete more on price. And so I think as we invest more in our capabilities that I talked about, that should help us be able to compete better in the broker market as well as in the direct market, too.

所以我認為——混合肯定是其中之一。我認為另一個是流程和服務，我想我會指出這一點。因為目前，如果您沒有優質的服務和流程，您最終將不得不在價格上進行更多競爭。因此，我認為，隨著我們對我談到的能力進行更多投資，這應該有助於我們能夠在經紀商市場以及直接市場中更好地競爭。

All right, all right. One final question, Andy, for you.

好吧，好吧。安迪，最後一個問題問你。

Andrew Coombs from Citi. I'll just stay on the U.K. Firstly, a clarification on Slide 114. You talk about mid-single-digits NII CAGR in the targets. Is that off of the 2023 GBP 6.4 billion? Or is that off the 2024 GBP 6.1 billion plus the GBP 0.4 billion from Tesco's?

花旗銀行的安德魯·庫姆斯。我將只停留在英國。這是否低於 2023 年 64 億英鎊？或者說這是 2024 年 61 億英鎊加上 Tesco 的 4 億英鎊的一部分？

Very simply, it's from 2023 from the GBP 6.4 billion.

很簡單，就是從 2023 年開始，64 億英鎊。

Perfect. And then more broadly, you outlined some of the initiatives on Slide 111 that you have in order to grow the revenue base. Within that mid-single-digit NII CAGR, there's kind of three moving parts. One is those initiatives that you've outlined, the second is the impact of the structural hedge and then the third is the impact to lower rates, I guess, if I had to break it down to three parts. How much of that revenue CAGR, broadly speaking, is from your own initiatives that you are now implementing, do you think?

完美的。然後更廣泛地講，您在投影片 111 上概述了您為擴大收入基礎而採取的一些舉措。在中等個位數的 NII 複合年增長率中，有三個活動部分。一是您概述的那些舉措，二是結構性對沖的影響，三是對降低利率的影響，我想，如果我必須將其分解為三個部分的話。從廣義上講，您認為收入複合年增長率中有多少來自您現在正在實施的舉措？

So Andy, we haven't broken that down. I think what we have done is we've given you an indication of the RWAs that we expect to deploy within this business. Not directly, but if you take the GBP 30 billion and imagine it's split broadly in alignment with the RWAs of the businesses that we're focused upon, then you'll get an indication of really how much we expect to come from lending growth. And we gave you some modeling tools, if you like, around the structural hedge earlier, so the GBP 170 billion, the reinvestment. And 2/3 of that goes to the U.K.

安迪，我們還沒有詳細說明這一點。我認為我們所做的就是向您提供了我們希望在該業務中部署的 RWA 的指示。不是直接的，但如果你拿 300 億英鎊並想像它按照我們關注的業務的 RWA 進行廣泛分配，那麼你就會知道我們真正期望從貸款增長中獲得多少。如果您願意的話，我們之前為您提供了一些圍繞結構性對沖的建模工具，即 1700 億英鎊的再投資。其中 2/3 流向英國

Right. So sorry, go ahead.

正確的。非常抱歉，請繼續。

No, just going to build, I think it's pretty broad-based as well in terms of those initiatives. So it's not concentrated in one area or the other. And the structural hedge is clearly important. But the dynamics change between '24 and '26 because, obviously, you've still got some deposit migration happening now, then you have a different effect coming with rates. And then of course, all of those lending actions that we've talked about there on that slide start to play through into 2026.

不，只是要建立，我認為就這些舉措而言，它的基礎也相當廣泛。所以它並不集中在一個或另一個區域。結構性對沖顯然很重要。但 24 年和 26 年之間的動態發生了變化，因為顯然現在仍然有一些存款遷移發生，然後利率就會產生不同的影響。當然，我們在幻燈片中討論過的所有貸款行動都會開始持續到 2026 年。

Just very conscious, we didn't answer Ben's second question, which was why do we expect a greater than 25% RoTE in the Private Bank? Do you want to take that one?

只是非常有意識地，我們沒有回答 Ben 的第二個問題，為什麼我們期望私人銀行的 RoTE 高於 25%？你想拿走那個嗎？

Yes, sorry. Let's talk about that. We have some investment. So it is -- investment is what brings it down from the 30%-plus down to 25%. I think on this one, we're looking out to 2026, we are starting from fairly early levels in both the digital investment and the wealth management business. So it will be foolhardy of me to project beyond 2026. But I think it's important to say that this is an important and attractive business for us, and we're going to invest to grow it.

是的，抱歉。我們來談談這個吧。我們有一些投資。事實就是如此——投資將其從 30% 以上降至 25%。我認為在這一點上，我們展望 2026 年，我們在數位投資和財富管理業務方面都從相當早期的水平開始。因此，如果我的計劃超過 2026 年，那就太魯莽了。

Thanks. So those who follow Tesco know that lunch is taken promptly at 1 p.m. So I want to thank you for coming. And let me just repeat and thank you for being here for the last 4.5 hours.

謝謝。所以有追蹤 Tesco 的人都知道午餐是下午 1 點準時吃的。所以我要感謝你的到來。讓我重複一遍，感謝你們在過去 4.5 小時來到這裡。

So I hope you got the sense of why Barclays. We've got very high-returning U.K. retail and corporate franchises. We have a top-tier global investment bank. We've got multiple levers to allocate capital in a disciplined way. We're looking to drive growth within the higher-returning divisions of the bank and greater RWA productivity within the Investment Bank. We are resetting our level on RoTE to 12% -- higher than 12% in '26 and capital return of at least GBP 10 billion in the next 3 years, '24 to '26.

所以我希望你明白為什麼巴克萊銀行。我們擁有回報率非常高的英國零售和企業特許經營權。我們擁有一家全球頂級的投資銀行。我們有多種槓桿以有紀律的方式分配資本。我們希望推動銀行高回報部門的成長，並提高投資銀行內的 RWA 生產力。我們將 RoTE 水準重置為 12%，高於 26 年的 12%，並且在未來 3 年（24 年至 26 年）中資本回報率至少為 100 億英鎊。

Those are summary statistics. There's a lot more. We are available over lunch to chat with you as well. So thank you for coming, and thanks for spending the time with us. We really appreciate it.

這些是匯總統計數據。還有很多。我們也可以在午餐時與您聊天。感謝您的光臨，也感謝您與我們共度時光。我們真的很感激。