紐約梅隆銀行 (BK) 2020 Q2 法說會逐字稿

Good morning, and welcome to the 2020 Second Quarter Earnings conference call hosted by BNY Mellon.

早安，歡迎參加紐約梅隆銀行主辦的 2020 年第二季財報電話會議。

(Operator Instructions) Please note that this conference call webcast will be recorded and will consist of copyrighted material.

（操作員說明）請注意，本次電話會議網路廣播將被錄製並包含受版權保護的資料。

You may not record or rebroadcast these materials without BNY Mellon's consent.

未經紐約梅隆銀行同意，您不得錄製或轉播這些資料。

I'll now turn the call over to Madga Palczynska, BNY Mellon's Global Head of Investor Relations.

現在我將把電話轉給紐約梅隆銀行投資者關係全球主管 Madga Palczynska。

Please go ahead.

請繼續。

Good morning.

早安.

Today, BNY Mellon released its results for the second quarter of 2020.

今天，紐約梅隆銀行發布了 2020 年第二季業績。

The earnings press release and the financial highlights presentation to accompany this call are both available on our website at bnymellon.com.

本次電話會議附帶的收益新聞稿和財務摘要演示均可在我們的網站 bnymellon.com 上取得。

Todd Gibbons, BNY Mellon's CEO, will lead the call.

紐約梅隆銀行執行長 Todd Gibbons 將主持此次電話會議。

Then Mike Santomassimo, our CFO, will take you through our earnings presentation.

然後我們的財務長 Mike Santomassimo 將向您介紹我們的收益演示。

Following Mike's prepared remarks, there will be a Q&A session.

在麥克準備好的發言之後，將進行問答環節。

As a reminder, please limit yourself to 2 questions.

提醒一下，請限制自己提出 2 個問題。

Before we begin, please note that our remarks today may include forward-looking statements.

在開始之前，請注意，我們今天的言論可能包含前瞻性陳述。

Actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors, including those identified in the cautionary statement in the earnings press release, the financial highlights presentation and in our documents filed with the SEC, all available on our website.

由於各種因素的影響，實際結果可能與我們的前瞻性陳述所顯示或暗示的結果有重大差異，包括收益新聞稿中的警示聲明、財務摘要演示以及我們向SEC 提交的文件中確定的因素，所有可在我們的網站上找到。

Forward-looking statements made on this call speak only as of today, July 15, 2020, and will not be updated.

本次電話會議所做的前瞻性陳述僅截至今天（2020 年 7 月 15 日），且不會更新。

With that, I will hand over to Todd.

這樣，我就把任務交給托德了。

Thank you, Magda, and good morning, everyone.

謝謝你，瑪格達，大家早安。

Before diving into the numbers, let me share a few thoughts on how our business has been performing as we've adapted to a new normal during the second quarter.

在深入研究這些數字之前，讓我先分享一些關於我們在第二季適應新常態時業務表現的一些想法。

Volumes and volatility normalized somewhat across our businesses from the extreme first quarter disruption and conversations with clients have shifted from dealing with the crisis to how we can help support their business in this new environment.

從第一季的極端混亂中我們的業務量和波動性有所恢復，與客戶的對話已經從處理危機轉向我們如何在新環境中幫助支持他們的業務。

But much uncertainty remains over the timing and shape of the global economic recovery.

但全球經濟復甦的時間和形式仍有很大不確定性。

In addition, the low interest rate policy is a significant headwind for us that is unlikely to change in the near term.

此外，低利率政策對我們來說是一個重大阻力，短期內不太可能改變。

Operationally, we continue to navigate the repercussions of the pandemic.

在營運方面，我們繼續應對這場流行病的影響。

Around 95% of our employees continue to work remotely, doing a phenomenal job delivering excellent service to our clients.

我們約 95% 的員工繼續遠距工作，並為客戶提供優質服務。

Our operating platforms and infrastructures are supporting the current market working model well with record volumes in certain areas.

我們的營運平台和基礎設施很好地支援了當前的市場工作模式，在某些領域創下了創紀錄的交易量。

All of which has put us in a good position as we discuss new business opportunities with our clients.

所有這些都使我們在與客戶討論新的商機時處於有利地位。

Turning to our second quarter financial results.

轉向我們第二季的財務業績。

We reported solid pretax income of $1.2 billion and earnings per share of $1.01.

我們報告的稅前收入為 12 億美元，每股收益為 1.01 美元。

As a reminder, we did not buy best shares in the second quarter in line with other big banks.

提醒一下，我們沒有像其他大銀行一樣買第二季最好的股票。

We accreted capital and ended the quarter with a common equity Tier 1 ratio of 12.6%, up around 120 basis points from the last quarter.

我們累積了資本，本季末普通股一級資本比率為 12.6%，比上季上升約 120 個基點。

Our average balance sheet increased year-over-year to $415 billion, mainly driven by strong deposit inflows and associated growth in the securities portfolio.

我們的平均資產負債表年增至 4,150 億美元，這主要是由強勁的存款流入和證券投資組合的相關成長所推動的。

Revenue was up 2% despite the impact of lower interest rates and related money market fee waivers, all of our Investment Service businesses showed resilient performance.

儘管受到利率下降和相關貨幣市場費用減免的影響，收入仍增長了 2%，但我們所有的投資服務業務均表現出彈性的表現。

Asset Servicing, in particular, is showing nice pockets of growth, and our focus on service quality is paying off.

尤其是資產服務，顯示出良好的成長勢頭，我們對服務品質的關注正在得到回報。

The challenges that asset managers are dealing with are driving more of them to outsource and our unique capabilities in fund accounting and transfer agencies as well as investments we've made in building out our digital and data capabilities positions us well.

資產管理公司面臨的挑戰正在促使更多的資產管理公司進行外包，而我們在基金會計和轉帳機構方面的獨特能力以及我們在建立數位和資料能力方面所做的投資使我們處於有利地位。

Last month, more than 800 attendees representing over 160 client firms and 25 consulting firms and vendors that we work closely with participated in our virtual ENGAGE '20 Invent.

上個月，代表 160 多家客戶公司以及與我們密切合作的 25 家顧問公司和供應商的 800 多名與會者參加了我們的虛擬 ENGAGE '20 Invent。

ENGAGE, which has long been the premier data and technology conference for buy-side investment managers, highlights next generation, cloud-first business applications.

ENGAGE 長期以來一直是買方投資經理的首要數據和技術會議，重點介紹下一代雲端優先業務應用程式。

During the event, we announced the launch of our new data and analytics offerings, an expanded relationship with Microsoft to provide these solutions on the Microsoft Azure public cloud.

活動期間，我們宣布推出新的資料和分析產品，擴大與 Microsoft 的合作關係，在 Microsoft Azure 公有雲上提供這些解決方案。

We are pleased to have clients such as Charles Schwab and Nuveen share case studies on how their businesses will benefit from our newest offerings.

我們很高興 Charles Schwab 和 Nuveen 等客戶分享案例研究，了解他們的企業將如何從我們的最新產品中受益。

Those include a new cloud-based data vault that supports the rapid onboarding of data, whether public markets data, private proprietary or unstructured data.

其中包括一個新的基於雲端的數據保險庫，支援數據的快速加載，無論是公共市場數據、私人專有數據還是非結構化數據。

To offer greater flexibility and accelerate client innovation and discovery.

提供更大的靈活性並加速客戶的創新和發現。

We also released our new ESG application which supports the creation of investment portfolios, customized to individual clients, environmental, social and governance preferences and provide crowdsourced guidance around the preferred ESG factors and priorities.

我們還發布了新的 ESG 應用程序，該應用程式支援創建投資組合，根據個人客戶、環境、社會和治理偏好進行定制，並圍繞首選 ESG 因素和優先事項提供眾包指導。

And our distribution analytics application, which builds upon our intermediary analytic service, leveraging data from broker-dealers and RIAs to predict drivers of demand for mutual funds and ETFs so they can identify how to successfully gain market share.

我們的分銷分析應用程式建立在我們的中介分析服務的基礎上，利用經紀交易商和 RIA 的數據來預測共同基金和 ETF 需求的驅動因素，以便他們能夠確定如何成功獲得市場份額。

And across all our businesses, there are opportunities to capture greater market share within products, services, target client segments and markets.

在我們所有的業務中，都有機會在產品、服務、目標客戶群和市場中佔領更大的市場份額。

Much of this is the outcome of consistently investing in technology and talent.

這在很大程度上是對技術和人才持續投資的結果。

There's been an acceleration this year in the adoption of digital solutions by our clients who continue to review opportunities to automate.

今年，我們的客戶對數位解決方案的採用加速了，他們繼續審視自動化的機會。

The progress we're making in digitizing our business positions us well on this front, and we're increasing our investment spend on technology-driven automation initiatives in 2020.

我們在業務數位化方面取得的進展使我們在這方面處於有利地位，並且我們將在 2020 年增加對技術驅動的自動化計劃的投資支出。

In March through June alone, we migrated over 100 clients to digital solutions and are accelerating our plans to do the same across all of our Asset Servicing clients.

僅從 3 月到 6 月，我們就將 100 多個客戶遷移到數位解決方案，並正在加快我們的計劃，在所有資產服務客戶中執行相同的操作。

We are now accepting digital signatures on many tax-related forms to support remote processing, digitizing these processes will help thousands of clients and reduce the millions of physical documents we deal with each year.

我們現在接受許多稅務相關表格上的數位簽名以支援遠端處理，數位化這些流程將幫助成千上萬的客戶，並減少我們每年處理的數百萬份實體文件。

We also developed a new API enabled FX solution jointly with Deutsche Bank that can dramatically improve confirmation times for restricted emergent market currency trades to provide front office users with faster execution and enhanced workflow transparency.

我們還與德意志銀行共同開發了一種支援API 的新外匯解決方案，該解決方案可以顯著縮短受限制的新興市場貨幣交易的確認時間，從而為前台用戶提供更快的執行速度和增強的工作流程透明度。

So we've accelerated our progress on the digital front, and there are dozens of other examples.

因此，我們加快了數位化的進展，還有許多其他例子。

I'm proud that we've been working with the regulators and the industry to bring our capabilities in supporting the markets.

我很自豪我們一直與監管機構和產業合作，發揮我們支持市場的能力。

Since last quarter, we've been administering the primary dealer credit facility, which facilitates dealers' inventory financing.

自上個季度以來，我們一直在管理一級經銷商信貸安排，這有利於經銷商的庫存融資。

Our Corporate Trust business has also been mandated as the term asset-backed securities loan facility administrator, and we're also servicing [colt] funds and asset servicing.

我們的企業信託業務也被授權為資產支持證券貸款便利管理者，我們也為[colt]基金和資產服務提供服務。

Additionally, we're playing an important role in the Fed support of liquidity in the municipal markets via the municipal liquidity facility.

此外，我們在聯準會透過市政流動性工具支持市政市場流動性方面發揮重要作用。

This one is a demonstration of the power of our uniquely broad range of solutions.

這證明了我們獨特的廣泛解決方案的力量。

We're able to bring together the expertise from Asset Servicing, Corporate Trust, Investment Management and Capital Markets to create a complex solution to support the facility.

我們能夠匯集資產服務、企業信託、投資管理和資本市場的專業知識，創建複雜的解決方案來支援該設施。

Looking ahead to the second half of 2020, we are confident that our business model, expense control and conservative credit risk profile will serve us well.

展望2020年下半年，我們相信我們的業務模式、費用控制和保守的信用風險狀況將為我們帶來良好的服務。

Our efforts with clients are yielding results with higher win ratios, better revenue retention at a good pipeline in purchasing an Asset Servicing in particular.

我們與客戶的努力正在取得成果，尤其是在購買資產服務方面，在良好的管道中獲得了更高的獲勝率和更好的收入保留。

We are pleased with the momentum we are seeing across all of our businesses.

我們對所有業務的發展勢頭感到滿意。

The low interest rate environment will present a significant challenge, both through net interest revenue and money market fee waivers in Pershing and Investment Management and to a lesser extent, other Investment Services businesses.

低利率環境將帶來重大挑戰，包括潘興和投資管理公司以及其他投資服務業務的淨利息收入和貨幣市場費用減免。

But at the same time, we will benefit from increases in transaction volumes, FX volatility, stronger market levels and activity in our Clearance and Collateral Management business.

但同時，我們將受益於交易量的增加、外匯波動、市場水平的增強以及我們的清算和抵押品管理業務的活動。

The recent DFAST and CCAR results demonstrate the strength and resilience of our business model.

最近的 DFAST 和 CCAR 結果證明了我們業務模式的實力和彈性。

We had the lowest peak to trough reduction in CET1 capital under the Fed's model relative to other U.S.-based G-SIB's at just 20 basis points.

在聯準會的模型下，相對於其他美國 G-SIB，我們的 CET1 資本減少幅度是最低的，僅為 20 個基點。

Now that's well below the minimum SCB requirement.

現在這遠低於 SCB 的最低要求。

Looking ahead at our capital returns, we expect to maintain our quarterly common stock dividend of $0.31, and we will not buy back shares during the third quarter.

展望未來我們的資本回報，我們預計將維持 0.31 美元的季度普通股股息，並且我們不會在第三季回購股票。

We have a very strong capital position and low-risk model that should allow us to perform well under a wide range of scenarios.

我們擁有非常強大的資本狀況和低風險模型，這應該使我們能夠在各種情況下表現良好。

We will commence buybacks as soon as possible, depending on the economic and regulatory environment, our outlook for the business and outcome of the resubmitted capital plans based on new scenarios we expect to receive later this year.

我們將盡快開始回購，具體取決於經濟和監管環境、我們的業務前景以及基於我們預計今年稍後收到的新情況重新提交的資本計劃的結果。

In the second quarter, we opportunistically issued $1 billion in preferred stock, and we think this gives us opportunity to restack our capital down the road.

在第二季度，我們趁機發行了 10 億美元的優先股，我們認為這給了我們未來重新整合資本的機會。

Longer term, our growth is not dependent on increasing risk-weighted assets, which gives us the ability to return at least 100% of capital to shareholders, and we're confident in our ability to continue returning attractive levels of capital.

從長遠來看，我們的成長並不依賴風險加權資產的增加，這使我們有能力向股東返還至少 100% 的資本，並且我們對繼續返還具有吸引力的資本水準的能力充滿信心。

And while the outlook for the economy remains uncertain for the foreseeable future, I know that we will continue to navigate this environment well by deepening our client engagement as demand for our service grows, benefiting from improving quality and improving efficiency of our operations.

儘管在可預見的未來經濟前景仍然不確定，但我知道，隨著對我們服務的需求的增長，我們將透過深化客戶參與來繼續很好地應對這種環境，並從提高品質和提高我們的營運效率中受益。

Last week, we announced that with the upcoming retirement of Mitchell Harris, we've elevated Hanneke Smits to CEO of Investment Management, effective October 1. Hanneke has been leading Newton investment management since 2016 and has spearheaded Newton's business momentum and client-centric culture.

上週，我們宣布，隨著Mitchell Harris 即將退休，我們已將Hanneke Smits 提升為投資管理首席執行官，自10 月1 日起生效。業務動能和以客戶為中心的文化。

Under Mitchell's leadership, we've made great progress in building a diversified Investment Management business, and we thank him for that.

在米切爾的領導下，我們在建立多元化投資管理業務方面取得了巨大進展，我們對此表示感謝。

As we move forward, Hanneke is ideally suited to build on this strong foundation to continue to drive performance and innovation across our investment products.

隨著我們的前進，Hanneke 非常適合在這個堅實的基礎上繼續推動我們投資產品的績效和創新。

Catherine Keating will continue in her role as CEO of BNY Mellon Wealth Management.

凱瑟琳基廷 (Catherine Keating) 將繼續擔任紐約梅隆銀行財富管理公司執行長。

And both Catherine and Hanneke will report directly to me.

凱瑟琳和漢內克都將直接向我報告。

Mitchell has cultivated a strong bench of leaders, including Hanneke and Catherine, who will continue to drive the execution of our strategic priorities to deliver leading investment solutions to our clients, underpinned by exceptional investment performance.

米切爾培養了一群強大的領導者，包括漢內克和凱瑟琳，他們將繼續推動我們策略重點的執行，以卓越的投資績效為基礎，為我們的客戶提供領先的投資解決方案。

Now before I hand it over to Mike, let me address how we've been responding to recent events that have drawn attention to the very real racial and social issues in our communities.

現在，在我將其交給麥克之前，讓我談談我們如何應對最近發生的事件，這些事件引起了人們對我們社區中非常現實的種族和社會問題的關注。

Our Board and our Executive committee are passionate about using our voices and being positive change agents.

我們的董事會和執行委員會熱衷於利用我們的聲音並成為積極的變革推動者。

As a company, we take great pride in all of our differences and our diversity of experiences and perspectives leads to better business outcome that starts with the diversity of our Board, which is 30% African-American, 40% minorities and 30% female.

作為一家公司，我們對我們的所有差異感到非常自豪，我們的經驗和觀點的多樣性可以帶來更好的業務成果，這首先是我們董事會的多樣性，其中30% 為非裔美國人，40 % 為少數族裔，30% 為女性。

We are challenging ourselves to do more.

我們正在挑戰自己做得更多。

We're supporting activities that create sustainable change, including philanthropy targeted at creating opportunity, matching employee donations to nonprofits that support and strengthen the well-being of underrepresented communities.

我們支持創造永續變革的活動，包括旨在創造機會的慈善事業、將員工捐款與非營利組織相匹配，以支持和加強代表性不足的社區的福祉。

Encouraging community volunteerism, doing pro bono legal work to advance minority businesses, raising cultural awareness and strengthening our commitment to attract, develop and retain a diverse workforce.

鼓勵社區志工服務，進行無償法律工作以促進少數族裔企業發展，提高文化意識並加強我們吸引、發展和留住多元化勞動力的承諾。

We're holding more open forms that foster meaningful dialogue and that we hope will bring us closer together during these challenging times.

我們正在舉行更開放的形式，以促進有意義的對話，並希望在這個充滿挑戰的時期使我們更加緊密地聯繫在一起。

We're learning from each other, building [emphasis] and strengthening inclusive leadership skills that will serve us well and continuing to drive a high-performance culture.

我們正在互相學習，建立[重點]並加強包容性的領導技能，這將對我們很有幫助，並繼續推動高績效文化。

We're expanding support for the well-being and emotional resilience of our people and their families with additional employer services, resources and coaches who have cultural confidence.

我們正在透過額外的雇主服務、資源和具有文化自信的教練來擴大對員工及其家庭的福祉和情感恢復的支持。

We know these efforts like all the other components of our corporate social responsibility strategy are making us a stronger company.

我們知道，這些努力就像我們企業社會責任策略的所有其他組成部分一樣，正在使我們成為更強大的公司。

Last week, we released our 2019 CSR report, which introduces our new strategy pillars with associated goals and key performance indicators for the next 5 years.

上週，我們發布了 2019 年企業社會責任報告，其中介紹了我們的新策略支柱以及未來 5 年的相關目標和關鍵績效指標。

They include increasing senior leadership positions held by women and ethnically and racially diverse employees.

其中包括越來越多的高階領導職位由女性以及不同種族和種族的員工擔任。

While we're proud that for the sixth consecutive year, we've been named to the Dow Jones Sustainable World Index.

我們很自豪連續第六年入選道瓊斯永續發展世界指數。

We're going to continue to challenge ourselves to do more.

我們將繼續挑戰自己，做得更多。

In the long run, we firmly believe that doing what's right for the community, our employees and our clients is in the best interest of our shareholders.

從長遠來看，我們堅信，為社區、員工和客戶做正確的事情符合股東的最大利益。

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

有了這個，我會把它交給麥克。

Thanks, Todd, and good morning, everyone.

謝謝托德，大家早安。

Let me run through the details of our results for the quarter, and all comparisons will be on a year-over-year basis unless I specify otherwise.

讓我詳細介紹本季的業績，除非我另有說明，所有比較都將按年進行。

Beginning on Page 3 of the financial highlights document.

從財務摘要文件的第 3 頁開始。

In the second quarter of 2020, we reported earnings of $901 million, down 7%, while earnings per share was flat at $1.01.

2020 年第二季度，我們報告獲利 9.01 億美元，下降 7%，而每股收益持平於 1.01 美元。

Total revenue was $4 billion, up 2% even as we felt the impact of lower interest rates through money market fee waivers and in our net interest income.

儘管我們透過貨幣市場費用減免和淨利息收入感受到了較低利率的影響，但總收入仍達到 40 億美元，成長了 2%。

Fee revenue increased 2%, primarily reflecting higher fees in Pershing and Asset Servicing, partially offset by money market fee waivers, lower investment management fees and the unfavorable impact of a stronger U.S. dollar, fee waivers negatively impacted growth by approximately 3%.

費用收入成長了2%，主要反映了潘興和資產服務的費用增加，部分被貨幣市場費用減免、投資管理費降低以及美元走強的不利影響所抵消，費用減免對增長產生了約3% 的負面影響。

Net interest revenue declined 3% year-over-year to $780 million and was down 4% versus the prior quarter.

淨利息收入年減 3%，至 7.8 億美元，季減 4%。

Our provision for credit losses was $143 million in the quarter, and this was primarily driven by ratings downgrades, particularly across our commercial real estate book and the continuation of a challenging macroeconomic outlook.

本季我們的信貸損失準備金為 1.43 億美元，這主要是由於評級下調（特別是我們的商業房地產帳簿）以及持續充滿挑戰的宏觀經濟前景所致。

We had no actual charge-offs during the quarter.

本季我們沒有實際沖銷。

Expenses were up approximately 1% as we continue to balance ongoing expense discipline with our technology investments, and we still expect full year expenses to be flat to last year.

由於我們繼續平衡持續的費用紀律與技術投資，費用增加了約 1%，並且我們仍然預計全年費用將與去年持平。

We had a solid return on tangible equity of 19% and maintained a pretax margin of over 29%.

我們的有形資產報酬率為 19%，稅前利潤率維持在 29% 以上。

Now moving to capital and liquidity on Page 4. Our capital and liquidity ratios remain strong and well above internal targets and regulatory minimums.

現在轉向第 4 頁的資本和流動性。

In terms of shareholder capital returns, in the second quarter, we suspended share repurchases, along with other financial services for our member banks, and will do so again in the third quarter in line with federal reserve requirements.

在股東資本回報方面，第二季我們暫停了對會員銀行的股票回購以及其他金融服務，並將在第三季根據聯準會的要求再次這樣做。

We continue to pay our quarterly cash dividend, which totaled $278 million in the second quarter and believe we have ample capacity to continue to pay the dividend in a variety of economic scenarios.

我們繼續支付季度現金股息，第二季總計 2.78 億美元，並相信我們有足夠的能力在各種經濟情況下繼續支付股息。

Common Equity Tier 1 capital totaled $20 billion at June 30, and our CET1 ratio was 12.6% under the advanced approach and 12.7% under the standardized approach.

截至 6 月 30 日，普通股一級資本總額為 200 億美元，高級法下我們的 CET1 比率為 12.6%，標準法下為 12.7%。

Under the new stress capital buffer rules that will become effective October 1, we will need to maintain a CET1 ratio of 8.5%, including a 2.5% stress capital buffer, which is the minimum and a 1.5% G-SIB surcharge.

根據 10 月 1 日生效的新壓力資本緩衝規則，我們需要維持 8.5% 的 CET1 比率，包括最低 2.5% 的壓力資本緩衝和 1.5% 的 G-SIB 附加費。

As we think about our binding capital ratio constraint going forward, Tier 1 leverage can be more binding than CET1 due to the buffers we need to hold for potential growth in deposits, which are more volatile than RWA during times of market volatility, very much like what we've seen over the last 2 quarters.

當我們考慮未來具有約束力的資本比率限制時，一級槓桿可能比CET1 更具約束力，因為我們需要為存款的潛在成長保留緩衝，而在市場波動期間，存款的波動性比RWA 更大，非常類似於我們在過去兩個季度所看到的情況。

As always, we will continue to optimize our capital ratios across all the constraints.

一如既往，我們將繼續克服所有限制來優化我們的資本比率。

Our average LCR in the second quarter was 112%.

我們第二季的平均 LCR 為 112%。

Now turning to Page 5. My comments on interest revenue will highlight the sequential changes.

現在翻到第 5 頁。

Net interest revenue was $780 million, down 4%.

淨利息收入為 7.8 億美元，下降 4%。

While client-driven deposit growth drove the increase in our average balance sheet, this benefit was more than offset by a full quarter impact of lower interest rates.

雖然客戶驅動的存款成長推動了我們平均資產負債表的增加，但這一收益被較低利率的整個季度影響所抵消。

Hedging activity added modestly to the linked quarter comparison, as you can see in the bar chart, and is primarily offset in foreign exchange and other trading fees.

正如您在條形圖中看到的那樣，對沖活動適度增加了相關季度的比較，並且主要被外匯和其他交易費用所抵消。

Average deposit balances were up $25 billion versus the first quarter averages and are up $62 billion or 28% versus last year.

平均存款餘額較第一季平均增加 250 億美元，較去年增加 620 億美元，成長 28%。

This growth is across all of our businesses, some increasing from the monetary reserves in the system, clients [like] to cash and some from internal deposit initiatives that are linked to operational and fee-generating activities.

這種成長涉及我們所有的業務，其中一些成長來自系統中的貨幣儲備、客戶[如]現金，還有一些來自與營運和收費活動相關的內部存款計畫。

As we've mentioned in the past, we generate and manage significant amounts of cash across our franchise.

正如我們過去提到的，我們在整個特許經營範圍內產生和管理大量現金。

This is a key client differentiator for us, particularly in volatile markets.

這對我們來說是一個關鍵的客戶差異化因素，特別是在動盪的市場。

We provide cash management services that have led to good growth in deposits in our balance sheet, growth in money market funds in our open architecture money market investment platform and through [tri fast] cash products.

我們提供的現金管理服務使我們的資產負債表中的存款、我們開放式架構貨幣市場投資平台中的貨幣市場基金以及透過[三快]現金產品實現了良好成長。

We've passed along the Fed rate cuts as interest-bearing deposit rates declined to minus 3 basis points in the second quarter.

隨著第二季計息存款利率降至-3個基點，我們已經同意聯準會降息。

This was the result of the combination of very low rates paid in the U.S., plus negative rates on euro-denominated deposits.

這是美國支付的利率極低，加上歐元計價存款負利率綜合作用的結果。

As a reminder, approximately 25% of our deposits are non-U.

提醒一下，我們大約 25% 的存款是非美國存款。

S. dollar.

美元。

On average, the securities portfolio increased approximately $19 billion versus the first quarter and around $32 billion in the last year as we have deployed the growing deposit base.

平均而言，由於我們部署了不斷增長的存款基礎，證券投資組合較第一季增加了約 190 億美元，去年增加了約 320 億美元。

The net interest margin of 88 basis points was down 13 basis points versus the first quarter, driven by the increase in deposits and lower-yielding low-risk interest-earning assets.

淨利差為88個基點，較第一季下降13個基點，主要受存款和低收益低風險生息資產增加帶動。

We continue to focus on optimizing net interest revenue rather than just net interest margin.

我們繼續專注於優化淨利息收入，而不僅僅是淨利差。

Now moving to Page 6, which provides some color on our asset mix.

現在轉到第 6 頁，它為我們的資產組合提供了一些色彩。

Our average interest-earning assets increased to $358 billion, approximately 40% of these assets are held in cash or reverse repos while 43% are in our securities portfolio and 16% in our loan portfolio.

我們的平均生息資產增加至3,580億美元，其中約40%以現金或逆回購方式持有，43%在我們的證券投資組合中，16%在我們的貸款投資組合中。

In addition to the funded loans shown on the page, we also have unfunded committed lines, the details of which can be found in the 10-Q.

除了頁面上顯示的有資金支持的貸款外，我們還有無資金支持的承諾額度，其詳細資訊可以在 10-Q 中找到。

During the quarter, we saw about $1 billion of the $3 billion of borrowings drawn down from revolving credit facilities repaid.

在本季度，我們從循環信貸額度提取的 30 億美元借款中看到約 10 億美元得到償還。

And we're closely monitoring the portfolio, particularly the commercial real estate exposure and other sectors more acutely impacted by the current environment.

我們正在密切關注投資組合，特別是商業房地產敞口和其他受當前環境影響更嚴重的行業。

The impact of credits, including commercial real estate, are performing well but may see additional downgrades, depending on the shape and speed of the recovery.

包括商業房地產在內的信貸影響表現良好，但可能會進一步下調，這取決於復甦的形式和速度。

Turning to the securities portfolio.

轉向證券投資組合。

We have a high-quality liquid portfolio, much of it is in U.S. government agency securities, U.S. treasuries and sovereign debt.

我們擁有高品質的流動性投資組合，其中大部分是美國政府機構證券、美國國債和主權債務。

The portfolio increased as we deployed more cash into securities including the commercial paper and CDs we purchased from our affiliated and third-party money market funds.

隨著我們將更多現金投入證券（包括從附屬機構和第三方貨幣市場基金購買的商業票據和 CD），投資組合也隨之增加。

The $4 billion of CLOs are highly rated with 99% AAA or AA, 100% of the nonagencies, CMBS are AAA and have solid subordination.

價值 40 億美元的 CLO 評級很高，99% 為 AAA 或 AA，非機構評級為 100%，CMBS 為 AAA，具有穩固的從屬地位。

The rest of the ratings breakdown can be found in the supplement.

其餘的評級細目可以在補充中找到。

Page 7 provides an overview on expenses.

第 7 頁提供了費用概述。

On a consolidated basis, expenses of $2.7 billion were up around 1%, driven by higher technology expenses and pension costs, offset by lower business development expenses, namely travel and marketing and the favorable impact of a stronger U.S. dollar.

綜合來看，27 億美元的支出成長了1% 左右，這是由於技術支出和退休金成本增加，但業務開發支出（即差旅和行銷支出）的下降以及美元走強的有利影響抵消了這一影響。

Distribution expenses were only slightly impacted by money market fee waivers and investment management as the bulk of the impact for money market fee waivers was in Pershing and from third-party funds.

分銷費用僅受到貨幣市場費用減免和投資管理的輕微影響，因為貨幣市場費用減免的大部分影響來自潘興和第三方基金。

Turning to Page 8. Total investment services revenue was up 3%.

翻到第 8 頁。

Assets under custody in our administration increased 5% year-over-year to $37.3 trillion, primarily reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar.

本屆政府託管的資產年增 5%，達到 37.3 兆美元，主要反映了市場價值的上升，但部分被美元走強的不利影響所抵消。

Foreign exchange and other trading revenue in the segment increased 16% year-over-year, driven primarily by higher volatility as well as organic client growth in foreign exchange, even as industry volumes were down slightly.

儘管行業交易量略有下降，但該部門的外匯和其他交易收入同比增長 16%，這主要是由於波動性加大以及外匯客戶的有機增長所致。

Within Asset Servicing, revenue was up 5% to $1.5 billion, primarily reflecting higher FX, higher client volumes across securities lending, liquidity services and transaction volumes as well as a onetime fee.

資產服務部門的收入成長了 5%，達到 15 億美元，主要反映了外匯匯率上漲、證券借貸、流動性服務和交易量以及一次性費用等客戶數量的增加。

Securities lending revenues were higher on improved spreads and a strong demand for U.S. government bonds.

由於利差改善和對美國政府債券的強勁需求，證券借貸收入增加。

In Pershing, revenue was up 1% to $578 million, despite the impact of money market fee waivers, reflecting much higher money market fund balances, which were up 40% and higher transaction volumes but down from the exceptional volumes we experienced in the first quarter.

儘管受到貨幣市場費用減免的影響，潘興的收入仍增長了1%，達到5.78 億美元，這反映出貨幣市場基金餘額大幅增加，增長了40%，交易量也有所增加，但低於第一季度的異常交易量。

The net impact of money market fee waivers, partially offset by higher money market fund balances negatively impacted Pershing's revenue growth by 3%.

貨幣市場費用減免的淨影響（部分被貨幣市場基金餘額增加所抵消）對潘星的收入成長產生了 3% 的負面影響。

Issuer services revenue decreased 3% to $431 million, reflecting declines in both Corporate Trust and Depository Receipts revenue.

發行人服務收入下降 3%，至 4.31 億美元，反映企業信託和存託憑證收入均下降。

Depository Receipts revenue was primarily impacted by lower corporate action volumes, while in Corporate Trust's new business and deposit growth was offset by lower volumes in some products and interest rates.

存託憑證收入主要受到企業行動量下降的影響，而企業信託的新業務和存款成長被某些產品和利率的下降所抵銷。

Treasury services revenue was up 7% to $340 million, driven by higher liquidity balances and related fees, offset by lower payment volumes correlated to lower economic activity.

受流動性餘額和相關費用增加的推動，財資服務收入成長 7%，達到 3.4 億美元，但被與經濟活動減少相關的支付量減少所抵銷。

Deposit balances increased year-on-year by 40% as investments in new capabilities and increased focus on deposit gathering were critical to retaining most of the growth from earlier in the year.

存款餘額同比增長 40%，因為對新能力的投資和對存款收集的更多關注對於保持今年早些時候的大部分增長至關重要。

Clearance and Collateral Management revenues were up 4% to $295 million from higher clearance volumes, mostly from non-U.

由於清算量增加（主要來自非美國），清算和抵押品管理收入成長 4%，達到 2.95 億美元。

S. clients as well as fees and deposit balances.

美國客戶以及費用和存款餘額。

Average tri-party collateral management balances are up 4% in the U.S. and 9% outside the U.S.

美國三方抵押品管理餘額平均成長 4%，美國以外地區成長 9%。

Page 9 summarizes the key drivers that affected the year-over-year revenue comparisons for each of our investment services businesses.

第 9 頁總結了影響我們每項投資服務業務年比收入比較的主要驅動因素。

Now turning to investment and wealth management on Page 10.

現在轉向第 10 頁的投資和財富管理。

Total investment in wealth management revenue was down 3%.

理財收入總投資下降3%。

Investment Management revenue was roughly flat to $621 million, reflecting the unfavorable change in the mix of assets under management since the second quarter of 2019 and the impact of money market fee waivers, partially offset by equity investment gains, net of hedges, including seed capital.

投資管理收入大致持平，為 6.21 億美元，反映出自 2019 年第二季以來管理資產組合的不利變化以及貨幣市場費用豁免的影響，部分被股權投資收益（扣除對沖後，包括種子資本）所抵消。

Please note the gains from seed capital include results from unconsolidated and consolidated investment management funds, both of which can be lumpy in any given quarter, depending on market conditions.

請注意，種子資本的收益包括未合併和合併的投資管理基金的結果，這兩種基金在任何特定季度都可能不穩定，具體取決於市場狀況。

Details can be found in the supplement on the consolidated income statement, the gains are either an investment in other income or income from consolidated investment management funds, while the negative impact from their hedging were approximately $30 million as recorded in other trading.

詳細資訊可以在合併損益表的補充中找到，收益要么是對其他收入的投資，要么是合併投資管理基金的收入，而其他交易中記錄的對沖負面影響約為3000萬美元。

We had inflows of $20 billion in the quarter, reflecting continued cash inflows as well as long-term flows into index funds and fixed income.

本季我們的資金流入為 200 億美元，反映出持續的現金流入以及流入指數基金和固定收益的長期資金。

Overall assets under management of just under $2 trillion or up 6% year-over-year, primarily due to higher markets and cash inflows.

管理的總資產略低於 2 兆美元，年增 6%，這主要是由於市場上漲和現金流入。

Wealth management revenue was down 9% year-over-year to $265 million, primarily reflecting lower net interest revenue due to lower interest rates and client migration to lower fee fixed income and cash products.

財富管理收入年減 9% 至 2.65 億美元，主要反映了由於利率下降以及客戶轉向費用較低的固定收益和現金產品而導致的淨利息收入下降。

Now a few comments about the third quarter.

現在對第三季進行一些評論。

First, I would caution you, as we did last quarter, that the environment remains fluid and variables are changing quickly.

首先，我要提醒您，正如我們上季度所做的那樣，環境仍然不穩定，變數正在迅速變化。

Looking ahead at net interest revenue, we will have a full quarter of lower rates in the third quarter, especially short-term LIBOR rates, which declined throughout the second quarter.

展望淨利息收入，第三季整個季利率都會下降，尤其是短期倫敦銀行同業拆借利率（LIBOR），整個第二季都在下降。

We have also seen some pickup in prepayment speeds in our mortgage-backed securities portfolio, given current and expected refinancing volumes.

考慮到當前和預期的再融資量，我們的抵押貸款支持證券投資組合的預付款速度也有所加快。

Significant excess liquidity in the system continues to drive elevated deposit levels versus 2019, but the exit rate from Q2 is just a little lower than the average for the quarter.

與 2019 年相比，系統中流動性嚴重過剩，繼續推動存款水準上升，但第二季的退出率僅略低於該季度的平均水準。

And as a result, we currently expect net interest revenue to decline 8% to 11% sequentially.

因此，我們目前預計淨利息收入將較上季下降 8% 至 11%。

However, based on current market conditions, we would expect net interest revenue to begin to stabilize in the third quarter.

然而，根據目前的市場狀況，我們預計淨利息收入將在第三季開始穩定。

Now in money market fee waivers, the pretax impact in the second quarter was $80 million, net of distribution expense, with the biggest impact in Pershing.

現在，在貨幣市場費用減免方面，扣除分銷費用後，第二季的稅前影響為 8,000 萬美元，其中對潘興的影響最大。

It's important to note that the -- that approximately $50 million of this impact has been offset by a substantial increase in money market fund balances, resulting in a net impact of approximately $30 million in the second quarter.

值得注意的是，約 5,000 萬美元的影響已被貨幣市場基金餘額的大幅增加所抵消，導致第二季淨影響約為 3,000 萬美元。

We expect the impact from fee waivers to increase in the third quarter by about $30 million to $45 million net of lower distribution expenses.

我們預計第三季費用減免的影響將增加約 3,000 萬美元至 4,500 萬美元（扣除分銷費用）。

This additional impact in the third quarter would also be reduced if money market fund balances continue to grow.

如果貨幣市場基金餘額持續成長，第三季的額外影響也將減少。

A little over half of that impact will be in Pershing with the rest of the investment management and asset servicing.

其中超過一半的影響將發生在潘興，以及其餘的投資管理和資產服務。

We currently expect that we will incur an incremental $25 million in the fourth quarter and will be at a full run rate impact from fee waivers of about $135 million to $150 million, offset by the incremental money market fund balance growth that we've seen in the second quarter for net impact of about $85 million to $100 million per quarter by year end.

我們目前預計第四季度將增加 2,500 萬美元，費用減免將產生約 1.35 億至 1.5 億美元的全額運行率影響，這被我們在 2017 年看到的增量貨幣市場基金餘額增長所抵消。到年底，第二季每季的淨影響約為8,500 萬至1 億美元。

This quarterly impact could be reduced if money market fund balances continue to grow further.

如果貨幣市場基金餘額繼續進一步增長，這一季度影響可能會減少。

Current equity market level should be a modest positive if they hold.

如果目前的股市水準保持不變，應該會適度積極。

We saw transactional activity in FX continue to normalize over the course of the second quarter, assuming this continues it will be modest headwind sequentially, although we expect the related dues will be higher than in the prior year.

我們看到外匯交易活動在第二季繼續正常化，假設這種情況持續下去，那麼接下來將是溫和的逆風，儘管我們預期相關費用將高於去年。

If we see some volatility in the equity markets, transactional activity could pick up.

如果我們看到股市出現一些波動，交易活動可能會增加。

On expenses, we will expect them to be flat versus 2019, excluding notable items, this includes the 50 basis point full year-over-year impact from higher pension expense.

在支出方面，我們預計支出將與 2019 年持平，排除值得注意的項目，其中包括退休金支出增加帶來的 50 個基點的同比影響。

Credit costs will be highly dependent upon individual credits, the future path of the health crisis and how the economic forecast changed by the time we get to the end of the third quarter.

信貸成本將高度依賴個人信貸、健康危機的未來路徑以及到第三季末時經濟預測的變化。

In terms of our effective tax rate, while it was a little lower this quarter, we expect it to be approximately 20% for the full year versus prior guidance of 20% to 21%.

就我們的有效稅率而言，雖然本季略低，但我們預計全年稅率約為 20%，而先前的指導值為 20% 至 21%。

With that, operator, can we please open the lines up for questions.

那麼，接線員，我們可以打開提問隊列嗎？

(Operator Instructions) Our first question comes from the line of Betsy Graseck with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Betsy Graseck。

Thanks for the time this morning.

謝謝你今天早上的時間。

A couple of questions.

有幾個問題。

One, Todd, you mentioned the virtual presentation that you gave or the virtual conference that you gave.

第一，托德，您提到了您進行的虛擬演示或您進行的虛擬會議。

And I wanted to understand how important that is for generating new client activity?

我想了解這對於產生新客戶活動有多重要？

And if you think that, that virtual kind of format and forum can deliver the same kind of client activity growth that you've seen in prior years, (inaudible)?

如果您認為這種虛擬形式和論壇可以帶來與前幾年相同的客戶活動成長（聽不清楚）？

Yes.

是的。

First of all, in terms of engaging with our clients, it's been pretty effective.

首先，在與客戶互動方面，它非常有效。

I think initially, I think there was a little reticence as we moved into the crisis, but now we basically see this as our BAU.

我認為最初，當我們陷入危機時，我認為有一點沉默，但現在我們基本上將其視為我們的 BAU。

And so both clients and I think ourselves have gotten quite a bit better at managing the technology to actually communicate and connect and share what we're doing.

因此，客戶和我認為我們自己在管理技術以實際溝通、連接和分享我們正在做的事情方面已經取得了相當大的進步。

So this particular conference where we had about 1,000 clients and vendors come into it was -- we also posted on our website, a whole series of detailed analysis of some of the new capabilities that are out there and available to them.

因此，這次有大約 1,000 名客戶和供應商參加的特殊會議 - 我們也在我們的網站上發布了對他們可用的一些新功能的一系列詳細分析。

And the hits against that have been very high.

反對的點擊率非常高。

So I think it's been pretty effective.

所以我認為這非常有效。

We've actually seen the pipeline grow.

我們實際上已經看到管道的成長。

We've also seen retention high and actually, sales are up in the first half of the year over where we were last year.

我們也看到保留率很高，實際上，今年上半年的銷售額比去年有所成長。

Okay.

好的。

All right.

好的。

That's helpful.

這很有幫助。

And then Mike, on the guidance, could we just dig in a little bit on the NII contract that you gave?

然後，麥克，根據指導，我們可以深入了解您提供的 NII 合約嗎？

I think you said NII down 8% to 11%.

我想你說NII下降了8%到11%。

Maybe just give us some color on the drivers there?

也許只是給我們一些關於那裡的司機的資訊？

And is it -- and why do you see it ameliorating as you go into 3Q and 4Q?

是嗎？

And if you could give us a sense of the differences in the drivers between deposit growth and yield compression, that'd be helpful.

如果您能讓我們了解存款成長和收益率壓縮之間驅動因素的差異，那將會有所幫助。

Yes, sure, Betsy.

是的，當然，貝特西。

So I think when you look at the third quarter, it's really all about rates coming down and getting the full impact of that for the full quarter, that's really the primary driver.

因此，我認為當你看到第三季時，實際上一切都是關於利率下降並在整個季度獲得其全面影響，這確實是主要驅動力。

And there's a series of actions that I think you can see that we're taking in the results, both in increasing the securities portfolio and optimizing sort of how we're investing there.

我認為您可以看到我們正在採取的一系列行動的結果，包括增加證券投資組合和優化我們的投資方式。

And so I think as you sort of lookout past the third quarter and you look at all the actions we're taking, plus you look at where the forward curves are that gives us some confidence that it begins to stabilize in the third quarter as we look forward.

因此，我認為，當你展望第三季度之後，你會看到我們正在採取的所有行動，再加上你會看到遠期曲線在哪裡，這給了我們一些信心，隨著我們的發展，它在第三季度開始穩定下來。

And obviously, the forward view on deposits will sort of have some impact on that but the marginal dollar gets a little less impactful with rates where they are.

顯然，對存款的前瞻性看法會對此產生一些影響，但邊際美元的影響會隨著利率的變化而減弱。

Our next question comes from the line of Glenn Schorr with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Glenn Schorr。

Maybe just a quick follow-up on the rate impact.

也許只是對利率影響的快速跟進。

We used to think an anchor might be the 2015 NIM low.

我們曾經認為錨點可能是 2015 年淨利差低點。

But I guess, I appreciate the long end has come down more than it was then.

但我想，我很欣賞長期的結果比當時下降更多。

You mentioned focusing on NII over net interest margins.

您提到關注NII而非淨利差。

So I guess there could be more down there.

所以我想下面可能還有更多。

So my quickie is deposits sticking around despite the interest-bearing deposit rate being minus 3 basis points.

因此，我的快速看法是，儘管計息存款利率為負 3 個基點，但存款仍然存在。

I'm curious to hear any color on client conversations there.

我很想聽聽客戶談話中的任何色彩。

And if that's now at its resting point?

如果現在處於靜止狀態呢？

Or is there more room on the negative side as clients park and have no other alternatives?

或者，當客戶停車且沒有其他選擇時，是否還有更多的負空間？

Mike, why don't I start that one, and then you can probably give a little bit of color.

麥克，我為什麼不開始那個，然後你也許可以提供一點顏色。

I think that we're -- again, the mix of deposits makes a big impact, Glenn, on that rate.

我認為，格倫，存款的組合對利率產生了很大的影響。

So there are a fair amount of foreign deposits and European deposits that are actually carrying a negative rate, and we've passed that through to the clients.

因此，有相當數量的外國存款和歐洲存款實際上是負利率，我們已將其傳遞給客戶。

In the U.S., with the IOER around 10 basis points, that seems to be anchoring somewhat around that rate, unless we see changes going on in the money markets, which we haven't seen a whole lot of noise yet.

在美國，IOER 約為 10 個基點，這似乎在一定程度上錨定在該利率附近，除非我們看到貨幣市場正在發生變化，而我們還沒有看到太多噪音。

So I think most of the downside pass-through has already been made.

因此，我認為大部分下行傳導已經完成。

I don't know, Mike, if you have anything to add to that?

麥克，我不知道你還有什麼要補充的嗎？

Yes.

是的。

No, I think that's right.

不，我認為這是對的。

I mean, I think the negative is really driven by euros, as Todd said, Glenn.

我的意思是，我認為負面因素實際上是由歐元驅動的，正如托德所說，格倫。

And when you look at the U.S. dollar deposits, it's a low single-digit sort of interest rate paid now on the book.

當你查看美元存款時，你會發現現在帳面上支付的利率很低。

And so there's not a lot of room to continue to bring that down.

因此，沒有足夠的空間繼續降低這一點。

I appreciate that.

我很欣賞這一點。

One qualifier on the provision.

該條款的一項限定詞。

Obviously, we're riding to a worse economic backdrop, but you also mentioned the impact that downgrades have.

顯然，我們正面臨更糟糕的經濟背景，但您也提到了評級下調的影響。

So my question is if we move forward and the economic scenarios don't change.

所以我的問題是，如果我們繼續前進，經濟狀況不會改變。

In other words, we feel like we're kind of where we're at, will further downgrades keep -- continue to be the gift that keeps giving on the provision?

換句話說，我們覺得我們現在的處境是這樣的，進一步的降級是否會繼續下去──繼續成為不斷給予供應的禮物？

We're just trying to dimensionalize how much to bake-in if the economic scenario doesn't change?

我們只是想確定如果經濟狀況沒有改變，需要烘烤多少？

Okay.

好的。

Mike, you have anything to add?

麥克，你還有什麼要補充的嗎？

Yes, sure, Todd.

是的，當然，托德。

So, Glenn, I think it's a tough question to ask, right?

所以，格倫，我認為這是一個很難問的問題，對吧？

And so if things don't get worse from what is being projected now in the scenarios, then you would expect that the issuer downgrades should be somewhat limited from here, but there will be idiosyncratic issues that may change some of that.

因此，如果情況沒有從現在預測的情況變得更糟，那麼您會期望發行人的降級從這裡開始應該受到一定程度的限制，但將會出現一些特殊的問題，可能會改變其中的一些情況。

So I think, obviously, these -- the downgrades and the scenarios are somewhat interrelated as we sort of look at both of them.

所以我認為，顯然，這些——降級和情景在某種程度上是相互關聯的，因為我們對它們都進行了研究。

Our next question comes from the line of Ken Usdin with Jefferies.

我們的下一個問題來自 Ken Usdin 和 Jefferies 的對話。

Mike, just a follow-up on the fee waiver commentary.

麥克，只是關於費用減免評論的後續行動。

I just want to make sure that we're talking about it the right way in terms of the total number versus the gross.

我只是想確保我們在總數和總量方面以正確的方式談論它。

So are you saying that you'd expect that growth to continue when you gave us the 2 sets of numbers.

那麼，您是說，當您向我們提供這兩組數字時，您預計這種增長會持續下去。

So just the cadence going forward?

那麼只是前進的節奏呢？

I guess, maybe if you can just help us understand the net trajectory from here would be the better way, I think, to help us think through that?

我想，如果你能幫助我們理解這裡的淨軌跡，我想，也許是幫助我們思考這個問題的更好方法？

Yes.

是的。

No, no, sure.

不，不，當然。

I know -- and I can appreciate it's probably a little complicated.

我知道——而且我知道這可能有點複雜。

But so as you sort of look at the net impact of $80 million to $100 million by the time we get to year end, underpinning that assumes that balances holds to about where they are.

但是，當你看看到年底時 8,000 萬至 1 億美元的淨影響時，就會支持這一假設，即餘額保持在當前水準。

So it does not assume that there is additional growth there.

因此，它並不假設那裡有額外的增長。

And so I think if we do continue to see growth in the balances, we will see that get offset a bit as we look towards the end of the year.

因此，我認為，如果我們確實繼續看到餘額的增長，那麼當我們展望年底時，我們會看到這種情況會有所抵消。

Okay.

好的。

So right, that net number, the $80 million to $100 million minus $50 million from growth, that assumes the balances are flat from here.

沒錯，這個淨值是 8,000 萬美元到 1 億美元減去成長帶來的 5,000 萬美元，假設餘額從現在開始持平。

Okay.

好的。

Geographically, a couple of quick things.

從地理上來說，有幾件事很簡單。

Could you just help us understand the size of the onetime gain in asset servicing and then just can you talk through the -- just the income statement line asset servicing?

您能否幫助我們了解資產服務一次性收益的規模，然後您能談談損益表資產服務嗎？

Just what's happening underneath the surface there in terms of core servicing collateral and broker-dealer services?

就核心服務抵押品和經紀交易商服務而言，表面之下到底發生了什麼事？

Mike, do you want to take that one?

麥克，你想拿那個嗎？

Yeah, sure.

是的，當然。

So yes.

所以是的。

So the onetime fee, Ken, is actually in other income.

所以肯，一次性費用其實是在其他收入。

It's not in the asset servicing fee line.

它不在資產服務費範圍內。

It's not something we have disclosed exactly what it is, not super meaningful, but it does show up in the other income line.

我們還沒有確切地披露它是什麼，也沒有什麼超級意義，但它確實出現在其他收入線中。

So it doesn't impact your fee -- your asset servicing fees at all.

因此，它根本不會影響您的費用—您的資產服務費。

As you sort of look at what's underneath asset servicing and the fee line, I think you're seeing growth in both the clearance and collateral management business and the asset servicing business, as sort of Todd pointed out the different drivers there that are sort of impacting that line.

當您查看資產服務和費用線的底層內容時，我認為您會看到清算和抵押品管理業務以及資產服務業務的增長，正如托德指出的不同驅動因素影響那條線。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Can you just -- one more on the fee waivers.

您能否再談一談關於費用減免的問題。

Can we track the level of money market fund balances?

我們可以追蹤貨幣市場基金餘額水準嗎？

I appreciate, obviously, there's assets funds in the asset management business, but it's also a number of third-party funds on the Pershing platform.

我很欣賞，顯然，資產管理業務中有資產基金，但潘興平台上也有一些第三方基金。

So I don't know if you've got that disclosed for the level of those balances, and if it's something that we can track given the Pershing side, I don't think we can see?

所以我不知道你們是否已經披露了這些餘額的水平，以及我們是否可以追踪潘興方面的情況，我認為我們看不到？

Mike, do you want to take that one?

麥克，你想拿那個嗎？

Yes.

是的。

Yes, sure.

是的，當然。

And Brian, there's actually a couple of drivers underneath the fund balances.

布萊恩，基金餘額背後實際上有幾個驅動因素。

One, we're obviously seeing it Pershing, and that's not something that we disclose.

第一，我們顯然看到了潘興，但我們沒有透露這一點。

And two, we're also seeing it growth in asset servicing as well, where we sweep money into money market funds through our open architecture platform there (inaudible) but also a bunch of other (inaudible).

第二，我們也看到資產服務領域的成長，我們透過我們的開放式架構平台（聽不清楚）將資金投入貨幣市場基金，但也有許多其他平台（聽不清楚）。

Those 2 numbers are not something that we disclose.

這兩個數字不是我們透露的。

So we've seen growth across the platform, we've seen growth really in all channels.

所以我們看到了整個平台的成長，我們看到了所有管道的成長。

Right.

正確的。

So you could have an organic growth dynamic in this that's different than the money market fund industry at large that could keep that -- the fee waivers closer or even less than $85 million to $100 million, is that a feasible conclusion?

因此，這方面可能會出現有機成長動力，這與整個貨幣市場基金產業不同，後者可以保持這一點——費用減免接近甚至低於 8,500 萬美元至 1 億美元，這是一個可行的結論嗎？

Potentially, yes, potentially.

有可能，是的，有可能。

Okay.

好的。

And then just maybe just to talk on the new business and asset servicing.

然後也許只是談論新業務和資產服務。

Todd, you mentioned a lot of initiatives partly from the tech investments on the data bulk and also the distribution analytics system.

托德，您提到了許多舉措，部分來自對資料量和分佈分析系統的技術投資。

Any way to frame what type of -- or what level of the new business do you think you're getting from these initiatives in say the next -- or what you expect in the next, say, 6 months or so?

有什麼方法可以確定您認為接下來會從這些舉措中獲得什麼類型的新業務或什麼級別的新業務，或者您期望在接下來的 6 個月左右的時間裡獲得什麼？

And any kind of revenue impact or growth impact to asset servicing, you think, as a result of these initiatives?

您認為這些舉措會對資產服務產生任何收入影響或成長影響嗎？

Yes.

是的。

I think, first of all, some of these are very new and some of the applications that we've just put out there, we've just gone live in the past month or so.

我認為，首先，其中一些是非常新的，而我們剛剛推出的一些應用程式在過去一個月左右剛剛上線。

So our estimate is that we could see some meaningful growth driven by the data and -- the digital and data analytics that we're offering that we talked about.

因此，我們的估計是，我們可以看到由數據以及我們所討論的數字和數據分析所驅動的一些有意義的增長。

So it's just now gathering momentum.

所以現在它正在積聚動力。

There is a lot of discussions.

有很多討論。

And -- but it's early.

而且——但現在還早。

We've got a couple of beta clients on it that we described, and they actually participated in the ENGAGE conference, both Charles Schwab and Nuveen.

我們已經描述了幾個測試版客戶，他們實際上參加了 ENGAGE 會議，包括 Charles Schwab 和 Nuveen。

But I think underlying it, if you look at our pipeline, if you look at the growth rate that we demonstrated, we are seeing a little bit of organic growth for the first time in a while.

但我認為，從根本上來說，如果你看看我們的管道，如果你看看我們展示的成長率，我們一段時間以來第一次看到一點有機成長。

Our next question comes from the line of Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

So a couple of quick follow-ups.

因此，進行一些快速跟進。

I guess first one is around NIR.

我猜第一個是 NIR 左右。

So you guys talked about optimizing NIR off of sort of 3Q trough levels, which makes sense.

所以你們討論了從 3Q 谷值水平優化 NIR，這是有道理的。

Can you walk us through sort of the opportunities that you see to invest some of the excess cash that kind of compiled in the balance sheet into secures portfolio.

您能否向我們介紹一下您認為將資產負債表中累積的一些多餘現金投資到安全投資組合中的機會。

So anything specifically you can point to in terms of how much could ultimately be moved to securities over time and sort of the yields you guys expect to earn on that?

那麼，您可以具體指出，隨著時間的推移，最終有多少資金可以轉移到證券上，以及您期望從中獲得的收益嗎？

And then anything you guys could do on the liability side as well.

然後你們在責任方面也可以做任何事。

So deposit costs will be kind of what they are with the market.

因此，存款成本將與市場情況相同。

But curious if there's an opportunity to further restack long-term debt so you guys do a little bit of that in the quarter.

但很好奇是否有機會進一步重新調整長期債務，以便你們在本季做一些這樣的事情。

Mike?

麥克風？

Sure.

當然。

Yes.

是的。

I'll just -- I'll try to get all of those pieces, Alex, or remind me if I don't.

我只是——我會盡力拿到所有這些碎片，亞歷克斯，或者如果我沒有的話提醒我。

So as you sort of -- maybe I'll start with the last 1 first.

所以，正如你所說——也許我會先從最後一個開始。

So if you look at the liability side, we're always looking for ways to sort of optimize.

因此，如果你看看責任方面，我們總是在尋找優化的方法。

As you said, deposit costs are probably near where they're going to bottom in the U.S., but on the margin, there may be a little bit here and there with particular clients.

正如您所說，美國的存款成本可能接近觸底水平，但在邊際上，特定客戶的存款成本可能會下降。

On the long-term debt side, we are looking at optimizing that more.

在長期債務方面，我們正在考慮進一步優化。

I think you'll see us kind of bring that down maybe just a little bit as we sort of look forward over the next quarter.

我想你會看到我們在展望下個季度時可能會稍微降低一點。

But I think, obviously, we need to keep enough long-term debt to meet a bunch of different constraints that we've got, but we're -- but I do think there's a little bit of opportunity to optimize that as we look forward.

但我認為，顯然，我們需要保留足夠的長期債務來滿足我們所面臨的一系列不同的限制，但我們——但我確實認為，正如我們所看到的，有一些優化這一點的機會向前。

On the security side, you can see the increases over there sequentially and year-on-year are pretty significant in terms of what we've been able to redeploy.

在安全性方面，您可以看到那裡的連續增長和同比增長對於我們能夠重新部署的內容非常顯著。

The majority of that has gone into sort of highly liquid assets sort of HQLA as sort of the term goes, right?

其中大部分都進入了高流動性資產，就像術​​語所說的 HQLA 一樣，對嗎？

And I think you'll see us continue to put more into HQLA assets as well as look for opportunities where we can get the right risk profile and the right return for some less liquid assets as we sort of look forward.

我想你會看到我們繼續向 HQLA 資產投入更多資金，並尋找機會，讓我們能夠為一些流動性較低的資產獲得正確的風險狀況和正確的回報，就像我們所期待的那樣。

And as we sort of get more experience with the deposit base, and we've been talking about this now for a couple of quarters.

隨著我們在存款基礎方面獲得更多經驗，我們已經討論這個問題幾個季度了。

As we sort of see the behavior of the deposits come on to the balance sheet.

正如我們所看到的，存款的行為出現在資產負債表上。

Each month, every 30, 60, 90 days, you get a better sense of what the operational nature and the duration of those deposits are going to look like.

每個月、每 30、60、90 天，您都會更了解這些存款的營運性質和期限。

And so you can sort of keep -- you can keep optimizing how much you're going to deploy each month and each quarter as you look forward.

因此，您可以繼續優化每個月和每季要部署的數量。

And so we're doing that.

所以我們正在這樣做。

So we still think there's some opportunity to continue to deploy more.

因此，我們仍然認為有機會繼續部署更多。

Great.

偉大的。

That's helpful.

這很有幫助。

And my second question is just around the expense outlook.

我的第二個問題是關於費用前景的。

I think early in the quarter, you guys spoke at a conference and the outlook for expenses for 2020, I believe it was flat to down, and it sounds like it's flat now.

我想在本季度初，你們在一次會議上談到了 2020 年的支出前景，我相信它是持平到下降的，現在聽起來好像是持平的。

So what's changed or could expenses still decline this year?

那麼今年發生了什麼變化或支出是否仍會下降？

And maybe just a quick reminder in terms of how much incremental tech spend is running through P&L in 2020, which part of that, I guess, is supposed to phase out into 2021?

也許只是快速提醒一下 2020 年損益表中的增量技術支出有多少，我猜其中哪一部分應該在 2021 年逐步淘汰？

Okay.

好的。

Mike, why don't I start with this and maybe you can add some additional color.

麥克，我為什麼不從這個開始，也許你可以添加一些額外的顏色。

I think we've guided for a while that we'll be flat or around flat for the rest of the year, and I'm confident that we'll do that, at least that or better.

我認為我們已經指導了一段時間，今年剩餘時間我們將持平或持平，我相信我們會做到這一點，至少做到這一點或更好。

And as we look out to next year, I think we've got significant opportunities around our efficiency programs, especially in operations.

當我們展望明年時，我認為我們在效率計劃方面有重大機會，特別是在營運方面。

And the increased spend that we've made over the past couple of years in Tech will begin to abate as the investments in infrastructure and resiliency will be largely behind us.

過去幾年我們在科技方面增加的支出將開始減少，因為對基礎設施和彈性的投資將在很大程度上落後於我們。

So we think we've got more that we can do here looking out over the next year or 2. Mike, do you want to give a little more color around the tech spend?

因此，我們認為，展望未來一兩年，我們可以做更多的事情。

Yes.

是的。

Look, I think as we've talked about, now, in the last couple of years, we've -- as Todd said, we've been making those investments in the operating platforms as well as other capabilities like we talked about with data and analytics and other new products across the different businesses.

聽著，我認為正如我們所討論的，現在，在過去幾年中，正如托德所說，我們一直在操作平台以及其他功能方面進行投資，就像我們談到的那樣數據和分析以及跨不同業務的其他新產品。

And I think while the growth rate has been slowing over the last year, I think, as Todd said, we've got much more flexibility to sort of look at that as we sort of exit the year.

我認為，雖然去年的成長率一直在放緩，但我認為，正如托德所說，當我們結束這一年時，我們有更大的靈活性來看待這個問題。

The only other thing I'd add is, we're seeing the benefit of the efficiencies come through.

我唯一要補充的是，我們看到了效率帶來的好處。

We're spending less in operations this year than we did last year.

今年我們的營運支出比去年少。

We're going to spend less next year than we did this year.

明年我們的支出將比今年少。

And we feel very confident that we've got line of sight to continue to execute on the efficiency agenda as Todd mentioned.

我們非常有信心，我們有能力繼續執行托德提到的效率議程。

Right.

正確的。

And I think in 2020, Alex, I'll add to that, I think we probably made the biggest spend that we've made in tech in increasing efficiencies across -- the operating efficiencies across the company.

我認為，亞歷克斯，我想在 2020 年，我會補充一點，我認為我們可能在技術方面投入了最大的支出，以提高整個公司的營運效率。

Our next question comes from the line of Brennan Hawken with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

Well, first, actually, I'd like to just start with the request.

嗯，首先，實際上，我想從請求開始。

The fee waiver dynamic is -- it seems like there's a lot of moving parts.

費用減免的動態是——似乎有很多變化的部分。

Just something to consider for coming quarters, maybe a little enhanced disclosure or maybe a memo disclosure, so we could try to consider how to model some of these components given that there's balance movement and all this other stuff.

只是未來幾個季度需要考慮的事情，也許會稍微增強披露，或者可能是備忘錄披露，因此我們可以嘗試考慮如何對其中一些組件進行建模，因為存在平衡運動和所有其他內容。

I know it's probably tricky.

我知道這可能很棘手。

But it might help.

但這可能會有所幫助。

But taking a step back, widening it back the lens a little.

但退後一步，將鏡頭往後拉寬一點。

We're clearly in a rate environment that's a lot more challenging for your business model.

顯然，我們所處的費率環境對您的業務模式更具挑戰性。

The idea that monetary policy, low rates as a monetary policy tool.

貨幣政策的觀點認為，低利率作為貨幣政策工具。

This certainly seems to be now the new normal, and it's not look a temporary thing that we're all dealing with here.

這現在似乎已經成為新常態，而我們現在面臨的並不是暫時的事情。

Are you starting to think about different ways in which you can engage with your customer base, different ways in which you can structure your relationships in the deposit dynamics, so you can have more confidence in the duration of the deposits.

您是否開始考慮與客戶群互動的不同方式，在存款動態中建立關係的不同方式，以便您對存款期限更有信心。

How are you making adjustments?

你如何進行調整？

Or how are you thinking about making adjustments to sort of the fundamental ways in which you engage with your customers, so you can ensure that you can monetize the components of the -- of all these relationships in the most effective way, given low rates are going to be around for probably some time?

或者，您如何考慮對與客戶互動的基本方式進行調整，以便確保您能夠以最有效的方式將所有這些關係的組成部分貨幣化，因為利率較低可能會存在一段時間？

So, Mike, why don't I take that?

那麼，麥克，我為什麼不接受呢？

And then I think you can add some color to it.

然後我想你可以給它添加一些顏色。

So first of all, Brennan, the comments around the fee waivers, we'll take that to heart.

首先，布倫南，關於費用減免的評論，我們會牢記在心。

Look, I want to make sure something is clear because there might be a little confusion here.

聽著，我想確保有些事情是清楚的，因為這裡可能有點混亂。

What we've indicated is that we think that the full impact of interest rates to our net interest income will begin to stabilize in the third quarter.

我們已經表明，我們認為利率對淨利息收入的全面影響將在第三季開始穩定。

And then -- which is basically saying that we're coming out with approximately that run rate as we go forward.

然後——這基本上是說，隨著我們的前進，我們將得出大約這個運行率。

And that's taking into consideration what we know today with the shape of the yield curve.

這考慮到了我們今天所了解的殖利率曲線的形狀。

So we see some stability here as we reset around the very low interest rate environment as we fully reset around it.

因此，當我們圍繞極低利率環境進行重置時，我們會看到一些穩定性，因為我們完全圍繞它進行重置。

That same impact is going to be fully reset through fee waivers by the end of the year.

到今年年底，同樣的影響將透過費用減免完全重置。

And if you look at the disclosures that Mike had given you, it's very specific to what that is.

如果你看一下麥克向你提供的披露信息，你會發現它的內容非常具體。

We don't know what the actual balances are going to be.

我們不知道實際餘額是多少。

So if the balances grow, then that impact can be quite a bit less because there'll be additional income related to money market balances.

因此，如果餘額成長，那麼這種影響可能會小得多，因為將會有與貨幣市場餘額相關的額外收入。

So I wanted to make that clear.

所以我想澄清這一點。

In terms of how we're working with our clients and pricing, whether it's around -- whether it's directly around deposit activity or our treasury services they're certainly taking the interest rate environment into consideration.

就我們如何與客戶合作和定價而言，無論是直接圍繞存款活動還是我們的財務服務，他們肯定都會考慮利率環境。

And anytime we put together more of our platform business like an asset servicing.

任何時候我們都會整合更多的平台業務，例如資產服務。

We take that into the pricing discussion, taking whatever market conditions would be a likely implication to our margins and that type of activity.

我們將這一點納入定價討論中，考慮任何市場條件可能對我們的利潤和此類活動產生的影響。

So that -- so we're doing that on a day-to-day basis.

所以我們每天都在做這件事。

Mike, you have anything to add to that?

麥克，你還有什麼要補充的嗎？

No, I think that's right.

不，我認為這是對的。

And we're continuing to have a pretty close dialogue with a lot of the clients that have large or medium-sized sort of balances with us.

我們將繼續與許多與我們擁有大或中型餘額的客戶進行非常密切的對話。

And I think in part, as you look at a business like treasury services, it's ensuring that we get our fair share of the payments business and the fee revenue that comes along with having these balances.

我認為，在某種程度上，當你審視像財務服務這樣的業務時，它確保我們在支付業務中獲得公平的份額，並獲得這些餘額帶來的費用收入。

And so I think it's not only about optimizing sort of the reinvestment side of the balance sheet.

因此，我認為這不僅僅是優化資產負債表再投資方面的問題。

It's also about making sure that we're monetizing the fee relationship with these clients as well.

這也是為了確保我們也能將與這些客戶的費用關係貨幣化。

And that's as much a focus for us and our client and sales folks as is the balance sheet side of it.

對於我們、我們的客戶和銷售人員來說，這與資產負債表方面一樣重要。

Yes.

是的。

No, I appreciate that, and that's all very, very fair.

不，我很欣賞這一點，這非常非常公平。

When we think about capital, you flagged the strong showing of Bank of New York through the DFAST process.

當我們考慮資本時，您透過 DFAST 流程標記了紐約銀行的強勁表現。

Can you talk about, like, clearly, you have a low-risk model.

您能否清楚地談談您的低風險模型。

It was clearly showcased during the DFAST.

它在 DFAST 期間得到了清晰的展示。

But because you're categorized as a G-SIB, you are now continue -- you're constrained in the ability to return capital.

但因為你被歸類為 G-SIB，所以你現在要繼續下去——你返還資本的能力受到限制。

And so even though you're pretty far above a lot of your requirements, you cannot manage the capital base as much as you will.

因此，即使您遠遠超出了許多要求，您也無法像您希望的那樣管理資本基礎。

How are the engage -- how is the engagement with the regulators as far as trying to point that out, are -- is there going to be a staggered start based upon risk -- inherent risk in the business model where the G-SIB's that are lower risk should be able to start returning capital sooner?

參與程度如何——就試圖指出這一點而言，與監管機構的接觸程度如何——是否會根據風險採取交錯的開始——G-SIB 所採用的商業模式中的固有風險風險較低是否應該能夠更快開始返還資本？

Or is this going to be one of these things that all the G-SIB's are lumped together?

或者這會是所有 G-SIB 都集中在一起的事情之一嗎？

And therefore, firms that have really, really minimal credit risk profiles like BK end up at the same starting line as some of the big investment banks and commercial banks?

因此，像 BK 這樣信用風險狀況非常非常低的公司最終會與一些大型投資銀行和商業銀行處於同一起跑線嗎？

Yes.

是的。

So Mike, I'll start with this one, too.

麥克，我也將從這個開始。

So I mean, as you know, the stress test is a idiosyncratic test for us.

所以我的意思是，正如你所知，壓力測試對我們來說是一個特殊的測試。

And so as we go through it, we have performed quite well.

因此，當我們經歷它時，我們表現得相當不錯。

We have submitted our capital action plans, and we have indicated that we will look and we performed quite well.

我們已經提交了我們的資本行動計劃，我們已經表示我們會關注，而且我們表現得很好。

And now there's going to be a reevaluation using some new scenarios that were sometime at the end of the third or [second] or fourth quarter.

現在將使用第三季末、第二季或第四季末的一些新場景進行重新評估。

And so we'll go through that process.

我們將完成這個過程。

That being said, we expect to perform quite well, just given the resiliency, as you pointed out, of our balance sheet and our business model.

話雖這麼說，正如您所指出的，考慮到我們的資產負債表和業務模式的彈性，我們預計會表現得相當好。

One of the things that comes out of the new stressed capital buffer, the SCB model is that you get a little more flexibility around your buybacks, you don't have to -- you're not limited on a quarterly basis.

新的壓力資本緩衝（SCB 模型）的好處之一是，您在回購方面獲得了更多的靈活性，但您不必這樣做 - 您不受季度限制。

You just need to stay within your SCB.

您只需要留在您的 SCB 內。

So there could be a timing difference based on whatever regulatory considerations or the environment might look like.

因此，根據監管考慮或環境可能會出現時間差異。

But ultimately, as we accrete capital, that just puts us in a stronger position to buy it back when that -- when the opportunity arises.

但最終，當我們累積資本時，這只會讓我們處於更有利的地位，以便在機會出現時將其回購。

So I like where we -- I like the way we are accreting capital, and I think that puts us in a position to buy back a considerable amount of stock as soon as possible.

所以我喜歡我們累積資本的方式，我認為這使我們能夠盡快回購大量股票。

Our next question comes from the line of Mike Carrier with Bank of America.

我們的下一個問題來自 Mike Carrier 與美國銀行的電話。

So first, I just want to try to understand the activity that has been with COVID impact and could normalize if it had too.

首先，我只想嘗試了解受新冠疫情影響的活動，如果也有影響的話，可能會恢復正常。

Any color on how much the deposit balance growth has been driven by some of the policy response it could normalize.

任何關於存款餘額成長在多大程度上是由某些可能正常化的政策反應所推動的顏色。

And then you guys noted if new business wins, and that's an area that you would have expected to be a bit more challenging just in this environment?

然後你們注意到如果新業務獲勝，你們預期在這種環境下這個領域會更具挑戰性嗎？

And so have you seen much impact?

那麼你看到了很大的影響嗎？

And do you see like a pipeline forming up sequentially just start to normalize as we get back?

您是否認為當我們回來時，按順序形成的管道就開始正常化？

So Mike, can you clarify the first part of that question?

麥克，你能澄清這個問題的第一部分嗎？

I didn't quite catch it.

我不太明白。

Yes, sure.

是的，當然。

The first part was just on the growth in deposit balances.

第一部分是關於存款餘額的成長。

I know it's hard to determine exactly what drive some of those balances.

我知道很難確定到底是什麼推動了其中一些平衡。

But some firms have tried to quantify what's been kind of impacted by the coronavirus and some of the policy responses versus what's more sort of core business operations.

但一些公司試圖量化冠狀病毒和一些政策反應與核心業務運營的影響。

So that was the first part.

這是第一部分。

And then the second part was just on the new business wins, you would have expected that to be a little bit more challenging in this environment, but it seems like you continue to have some decent wins there.

然後第二部分只是關於新業務的勝利，你可能會期望在這種環境下更具挑戰性，但看起來你仍然在那裡取得了一些不錯的勝利。

So just wanted to try to gauge, how has that been impacted by this environment in terms of the pipeline?

所以只是想嘗試衡量一下，就管道而言，這種環境是如何影響的？

Okay.

好的。

Mike, do you want to take the deposit component of the question?

麥克，您想接受問題的存款部分嗎？

Yes.

是的。

Sure, Mike.

當然，麥克。

So as you sort of look at what's happened since the middle of March, what you saw was this massive increase.

因此，當你看看三月中旬以來發生的事情時，你會看到這種巨大的增長。

And if you recall what our spot balance was at the end of the first quarter, it was $337 billion in terms of deposits.

如果你還記得第一季末我們的現貨餘額是多少，就存款而言，它是 3370 億美元。

And so that huge volatile piece of the deposit balance has come off already.

因此，存款餘額中巨大的不穩定部分已經消失。

And as you can see where we were for the quarter in the 280s in terms of the average.

正如您所看到的，就平均值而言，我們在 280 年代的季度處於什麼位置。

And so you've already seen that sort of massive spike retreat.

所以你已經看到了那種大規模的尖峰撤退。

And so while it's -- in hindsight, you'll have a better view in terms of what's driven the increase from the February balances of around 230 to where we are today.

因此，事後看來，您將更好地了解是什麼推動了從 2 月的 230 左右的餘額增長到今天的水平。

But I think it's hard to ignore that -- the environment that's been caused -- the economic environment that's been caused by the pandemic is a big driver of the pace at which those deposits have increased from the February levels.

但我認為很難忽視這一點——大流行造成的環境——大流行造成的經濟環境是這些存款較2月份水平增長的一個重要推動因素。

But as we look forward, while we're in this environment, for sure, it feels like we're in this environment for longer.

但當我們展望未來時，當我們處於這種環境時，當然，我們會感覺到我們在這種環境中待的時間更長。

It's hard to see given all of the response, the policy, the monetary policy response from the Fed and others that the balances would retreat much more from where they are.

考慮到聯準會和其他機構的所有反應、政策、貨幣政策反應，很難看出餘額會比目前的水準大幅下降。

And I can take the second component of your question, Mike, which was around the new business wins.

麥克，我可以回答你問題的第二個部分，就是圍繞新業務的勝利。

I mean the clients are still making servicer decisions.

我的意思是客戶仍在做出服務商決定。

And relative to last year, we've probably seen -- we've been winning and retaining more deals and higher value deals, which is important.

相對於去年，我們可能已經看到——我們贏得並保留了更多交易和更高價值的交易，這很重要。

I think we've learned how to work from home.

我認為我們已經學會如何在家工作。

We've ramped up our focus on client management over that time.

在那段時間裡，我們加強了對客戶管理的關注。

And we're actually seeing an increase in activity with reviews and presentations being done virtually.

我們實際上看到活動增加，評論和演示都是虛擬進行的。

And we've got some nice wins around EPS around our mid-office space, and we continue to implement at a rapid pace against the mid office.

我們在中型辦公室空間的每股收益方面取得了一些不錯的成果，並且我們繼續快速實施針對中型辦公室的實施。

We've got the TALF servicing related wins as well.

我們也獲得了 TALF 服務相關的勝利。

So the pipeline remains strong.

因此，管道仍然強勁。

I think we're just -- we're getting used to this as being the current normal.

我認為我們只是——我們已經習慣了這是當前的常態。

Got it.

知道了。

Okay.

好的。

And then Mike, you said a quick cleanup, there were just a few positive items in the quarter, I think some that investment gains in funds.

然後麥克，你說快速清理，本季只有一些積極的項目，我認為一些基金的投資收益。

And then you mentioned that other investment in income that asset servicing fee.

然後您提到了其他投資收入即資產服務費。

Away from that, I'm assuming that most of it was just market-related, just given what we saw in the quarter.

除此之外，考慮到我們在本季看到的情況，我認為大部分都與市場有關。

But were there any other factors and for those line items, I'm assuming we just expect that to normalize lower ahead, but just any color if there are any other nuances there?

但是是否還有其他因素，對於這些訂單項，我假設我們只是期望未來正常化較低，但如果有任何其他細微差別，則只是任何顏色？

No.

不。

I think it's pretty straightforward on those investment and other income.

我認為這些投資和其他收入非常簡單。

You can kind of see the breakdown of that in the supplement.

您可以在補充中看到其中的細分。

The thing that will be in the other income line that will be volatile.

其他收入線中的東西將會波動。

Obviously, you see capital and how the market sort of moves within the quarter.

顯然，您會看到資本以及市場在本季內的趨勢。

And then the other trading line, you'll have some impact there as well from the same moves.

然後是另一條交易線，您也會因相同的舉動而產生一些影響。

Our next question comes from the line of Mike Mayo with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的麥克梅奧。

I'm just trying to reconcile a couple of thoughts.

我只是想調和一些想法。

Todd, you had some really positive comments with your introductory remarks and maybe you can elaborate some on your work with the government and what kind of fees you get from that?

托德，您在介紹性發言中得到了一些非常積極的評論，也許您可以詳細說明您與政府的合作以及您從中獲得的費用？

And how sustainable those fees are.

這些費用的可持續性如何。

But then Mike, you certainly commented about the impact of lower interest rates, and you're certainly not sugarcoating that.

但是麥克，您確實評論了較低利率的影響，而且您肯定沒有粉飾這一點。

So that's trying to connect those 2 different thoughts.

所以這是試圖將這兩種不同的想法連結起來。

And the other 2 different thoughts I have is you guys are certainly service more fixed income assets than your peers.

我的另外兩個不同的想法是，你們肯定比同行提供更多的固定收益資產。

So you should be benefiting from that quite a bit.

所以你應該會從中受益匪淺。

And I'm not sure if that's showing up as much as you might expect with the increased fixed income activity?

我不確定隨著固定收益活動的增加，這種情況是否會像您預期的那樣出現？

Yes, Mike, thanks.

是的，麥克，謝謝。

So in terms of -- there are a number of government programs that we're participating or that we are supporting or administering, some of them are showing some growth.

因此，就我們正在參與、支持或管理的許多政府計劃而言，其中一些計劃顯示出一些增長。

For example, the PDCF is where we use our tri-party repo system.

例如，PDCF 是我們使用三方回購系統的地方。

So it's just -- it's reflected in the amount of tri-party repo activity.

所以這反映在三方回購活動的數量。

Which we did see go up in the first quarter and sustain itself, to a certain extent, although it's starting to come off a little bit in the second and third quarter.

我們確實看到第一季有所上升，並在一定程度上維持了自身水平，儘管第二季和第三季開始略有下降。

But we are seeing good activity on the global side of the tri-party book.

但我們看到三方書在全球範圍內的良好活動。

And it's really going to -- it's going to be a matter of how much those programs are taken up before we see any revenue.

在我們看到任何收入之前，這將取決於這些計劃的參與程度。

I think the more important is the other component of our revenue growth across our Investment Services business.

我認為更重要的是我們投資服務業務收入成長的另一個組成部分。

In terms of the fixed income activity, where you're seeing a clearing in collateral management, you are seeing increased clearing volumes on our clearing platform, and we are benefiting to a certain extent from that.

就固定收益活動而言，您會看到抵押品管理中的清算，您會看到我們清算平台上清算量的增加，我們在一定程度上從中受益。

And I think that was reflected.

我認為這已經得到反映。

If you looked at the investment services uptick, in the highlights, you could see that.

如果您關注投資服務的成長，您可以在亮點中看到這一點。

And I think we've been very directive where we are with the interest rates.

我認為我們在利率方面一直非常有指導性。

But I think the important thing to know is that we are -- we see ourselves reaching a bottom here in a very short period of time.

但我認為重要的是要知道，我們看到自己在很短的時間內觸底。

So when you add it all together, do you think -- you said flat expenses for the year, revenues, any guidance for the year for that relative to those expenses?

因此，當你把所有這些加在一起時，你認為——你說的是今年的固定費用、收入，以及與這些費用相關的今年的任何指導嗎？

Well, I think that the headwinds for revenues we've disclosed to you.

嗯，我認為我們已經向您披露了收入的不利因素。

And that's all interest rate related.

這都是與利率相關的。

Okay.

好的。

And so do you think you can get flat operating leverage this year or positive or negative?

那麼您認為今年的營運槓桿率會持平還是正值還是負值？

Or are you just -- you just don't want to make a call on that?

或者你只是——你只是不想就此打個電話？

Right now, I wouldn't make a call on that just given the uncertainty around some of those elements.

目前，考慮到其中一些因素的不確定性，我不會對此做出呼籲。

Okay.

好的。

Lastly, you are investing in technology.

最後，您正在投資技術。

So that -- you said that's elevated this year, and that should fall off some next year.

所以，你說今年這個數字有上升，明年應該會有所下降。

So that's -- you're not going to sacrifice those investments over the long term.

所以，從長遠來看，你不會犧牲這些投資。

That's correct.

這是正確的。

That's correct, Mike.

是的，麥克。

I mean we -- in fact, the investments we made in operating efficiencies that we'll see the benefit over the next couple of years, is the highest we've ever made -- will be the highest we've ever made in 2020.

我的意思是，事實上，我們在營運效率方面所做的投資將在未來幾年內看到效益，這是我們有史以來最高的投資，將是我們在 2020 年所做的最高投資。

(Operator Instructions) We'll next go to Rob Wildhack with Autonomous Research.

（操作員說明）接下來我們將前往 Rob Wildhack 進行自主研究。

There have been some headlines that some of your peers are rolling out what seems to be a similar integration to and the partnership you struck with Aladdin and BlackRock.

有一些頭條新聞稱，您的一些同行正在推出似乎與您與阿拉丁和貝萊德達成的合作夥伴關係類似的整合。

Can you talk about what you're seeing on that front and maybe highlight what you think differentiates your integration there versus some of the other options?

您能否談談您在這方面看到的情況，並可能強調您認為您的整合與其他一些選項的差異？

Mike, do you want to do that one?

麥克，你想做那個嗎？

Or you want me to take it?

還是你想讓我拿走？

Why don't you take it, Mike?

你為什麼不接受它，麥克？

Yes, sure, Rob.

是的，當然，羅布。

The -- look, I think as you would expect, BlackRock works with a whole series of providers and those providers would use Aladdin in some form or fashion.

看起來，我認為正如您所期望的那樣，貝萊德與一系列提供者合作，這些提供者將以某種形式或方式使用阿拉丁。

And I think that's to be expected and was happening already.

我認為這是可以預料的並且已經發生了。

I think the good news is, we're the only provider that has all our capabilities embedded inside of Aladdin.

我認為好消息是，我們是唯一將所有功能嵌入到阿拉丁中的提供者。

And so the widgets or the capabilities or the functionality that we've built are actually accessible through Aladdin, and we're the only ones that you can do that.

因此，我們建造的小部件或功能實際上可以透過 Aladdin 訪問，而且我們是唯一可以做到這一點的。

So I think we've got a really strong relationship with BlackRock on the servicing side and the partnership side, and we look forward to continuing to build new capabilities with them that continue to differentiate what our common clients can do versus others, but we do think there's some differences there.

因此，我認為我們在服務方面和合作夥伴方面與貝萊德建立了非常牢固的關係，我們期待著繼續與他們建立新的能力，繼續區分我們的普通客戶與其他客戶可以做的事情，但我們確實認為那裡存在一些差異。

Our next question comes from the line of Gerard Cassidy with RBC.

我們的下一個問題來自加拿大皇家銀行 (RBC) 的 Gerard Cassidy。

The question I have has to do with the credit quality.

我的問題與信用品質有關。

Clearly, you guys are not a credit-centric bank, like some of the universal banks.

顯然，你們並不是像一些全能銀行那樣以信貸為中心的銀行。

But can you give us some color on the provision that you put up, what -- you book out your portfolio.

但是你能給我們一些關於你提出的條款的資訊嗎？

When is that provision allocated to that portfolio?

該準備金何時分配給該投資組合？

And was it just general allocations or were there some specific reserves that you put against specific loans?

這只是一般分配還是有一些針對特定貸款的特定準備金？

Mike, do you want to take it?

麥克，你想接受嗎？

Yes, Gerard.

是的，傑拉德。

So I would say generally, the build was related to commercial real estate portion of the portfolio.

所以我一般來說，建設與投資組合的商業房地產部分有關。

That's certainly where the biggest piece of it was.

這當然是其中最大的部分。

It's not a general sort of allocation.

這不是一般的分配。

Obviously, it's a very detailed sort of name by name, and then you apply all the modeling that goes around with it.

顯然，這是一種非常詳細的按名稱分類，然後應用與之相關的所有建模。

But as you sort of look at the bill, the biggest portion of it would be related to the commercial real estate portion.

但當你仔細查看該法案時，你會發現其中最大的一部分與商業房地產部分有關。

Very good.

非常好。

And then coming back to the deposit rates.

然後回到存款利率。

You saw about, I guess, 11% or 12% increase in your foreign office deposits.

我猜想，您的駐外辦事處存款增加了 11% 或 12%。

And the average rate went in the first quarter, we paid 20 basis points, I think, or 29 basis points down to negative 12.

第一季的平均利率下降了 20 個基點，我認為，或者說下降了 29 個基點，降至負 12 個基點。

What interest rates should we be watching overseas to the negative rates?

海外負利率我們該關注哪些利率？

And we had the growth, even though you went to negative rates.

儘管實行負利率，但我們還是實現了成長。

I think deposits essentially inelastic, meaning is there a point where you would be concerned that people would move money out as the negative rates went too negative?

我認為存款基本上缺乏彈性，這意味著您是否會擔心人們會因為負利率變得太負而將資金轉移出去？

Mike, do you want to take that?

麥克，你想要那個嗎？

[It was] for 29 to 12, yes.

[是] 29 點到 12 點，是的。

Sure.

當然。

Yes.

是的。

And Gerard, when you look at the disclosure there, domestic versus foreign offices, that doesn't necessarily denote currency denomination, a good chunk of the deposits in the foreign offices are actually U.S. dollar deposits.

傑拉德，當你查看那裡的披露資訊時，國內辦事處與國外辦事處的情況並不一定表示貨幣面額，國外辦事處的很大一部分存款實際上是美元存款。

And so I think you really sort of need to look at the rate in aggregate when you think about what's happened over the quarter.

因此，我認為當您考慮本季發生的情況時，您確實需要查看整體利率。

I think when you look at the -- and so as you sort of look at that rate coming down, the biggest driver of the rate coming down in the foreign offices is actually us paying lower amounts on U.S. dollars, not increased negative rates outside the U.S. but obviously, the biggest driver for us other than U.S. dollar is going to be our euro deposits when you think about negative rates, and that's something we're focused on.

我認為，當你看到利率下降時，外國辦事處利率下降的最大推動因素實際上是我們支付的美元金額減少，而不是境外負利率的增加。 ，對我們來說最大的推動因素將是我們的歐元存款，這也是我們關注的重點。

I think when you think about our deposits inelastic, I think there's a portion of the deposits that are very much tied to the underlying operational activity.

我認為，當你考慮到我們的存款缺乏彈性時，我認為有一部分存款與基礎營運活動密切相關。

And so I think that there is -- we have -- we do -- when we charge clients for negative rates, there are spreads attached to those negative rates.

因此，我認為，當我們向客戶收取負利率時，這些負利率會產生利差。

And we haven't seen much movement as a result of the pricing and the spreads that we've applied to those deposits.

我們還沒有看到由於我們對這些存款應用的定價和利差而產生太大的變化。

Our next question comes from the line of Brian Kleinhanzl with KBW.

我們的下一個問題來自 KBW 的 Brian Kleinhanzl。

Great.

偉大的。

Just a real quick question first on that tax rate guide, I mean you give it for the full year this year, but is that also a good number to use on a go-forward basis, the 20%?

首先是關於稅率指南的一個真正的快速問題，我的意思是你給出了今年全年的稅率，但這也是一個適合未來使用的數字，20%？

Mike?

麥克風？

I would probably think 20% to 21% as you sort of look forward based on what we know today, but I think for this year, it's definitely closer to 20%.

根據我們今天所知道的情況，我可能會認為是 20% 到 21%，但我認為今年肯定會接近 20%。

Perfect.

完美的。

And then just a quick follow-up on the expenses.

然後快速跟進費用。

I heard the flat expense guide this year, but obviously, there's a lot of kind of one-timers and unique nature going on given the current situation.

我今年聽到了固定費用指南，但顯然，鑑於目前的情況，有很多一次性的和獨特的性質正在發生。

So is that the right way to think about expenses as we look forward to '21 and that there should be a natural downward progression to expenses just as these one-timers go away.

因此，當我們展望 21 世紀時，這是考慮支出的正確方法嗎？

And then the rest of the -- you guys think about expenses which is really going to be driven by revenue growth in the next year so that there is some kind of downward by some expenses to start with for '21?

然後剩下的——你們想一下支出，這實際上將由明年的收入成長驅動，因此 21 世紀的一些支出會有所下降？

Well, yes.

嗯，是的。

What I had indicated there are a couple of good things.

我所指出的有幾件好事。

Number one, is I think the efficiencies that we've invested in will continue to register themselves next year.

第一，我認為我們投資的效率明年將繼續發揮作用。

And over the next couple of years.

在接下來的幾年裡。

And we're not slowing down on that.

我們並沒有放慢腳步。

There's a lot more automation, a lot of additional things that we can do to make ourselves more efficient and actually improve the client experience at the same time.

我們可以做更多的自動化、很多額外的事情來提高自己的效率，同時真正改善客戶體驗。

And on top of that, we have been growing our tech expense quite a bit over the past 3 years.

最重要的是，過去三年我們的技術支出一直在大幅成長。

A lot of that was infrastructure, resiliency as well as some of the efficiency investments and some of the product capabilities.

其中很大一部分是基礎設施、彈性以及一些效率投資和一些產品功能。

We think a firm of the infrastructure component of that will be behind us, which should give us a bit of a tailwind as we look out over the next couple of years.

我們認為，基礎設施部分的一家公司將在我們身後，這應該會給我們帶來一些順風，因為我們展望未來幾年。

We have a follow-up question from Brian Bedell with Deutsche Bank.

我們有德意志銀行布萊恩·比德爾 (Brian Bedell) 提出的後續問題。

Mike, just maybe just to dive in a little bit more on the balance sheet.

麥克，也許只是想進一步了解資產負債表。

Deposit levels, I think, at period end were up at [305 versus the 283] average.

我認為，期末存款水準上升至平均 [305 vs 283]。

So maybe just some commentary on whether you think that was the typical quarter end spike?

那麼也許只是一些關於您是否認為這是典型的季度末峰值的評論？

Or do you think those levels are -- and the period levels of deposits are sustainable as you see it right now in 3Q?

或者您認為這些水平是——而且存款的周期水平是可持續的嗎？

And then just on the securities mix that you talked about moving more short-term shifting to balance sheet composition towards security as you get confidence in those durability of the deposits.

然後，就您談到的證券組合而言，隨著您對存款的耐久性有信心，將更多的短期資產負債表結構轉向安全性。

What type of level do you think that mix could go up to you from the 43%?

您認為這種組合可以從 43% 上升到什麼程度？

Because I guess you could potentially get some NIM expansion after this bottoms in 3Q if you do that?

因為我猜如果你這樣做的話，在第三季觸底後你可能會得到一些淨利差擴張？

Sure.

當然。

I'll start with the first one, Brian.

我將從第一個開始，布萊恩。

I think the -- you can't read much into 1 days worth of deposit balances.

我認為——你無法解讀 1 天的存款餘額。

And so I would sort of put that in the bucket of a typical quarter end spot number.

所以我會把它放在典型的季末現貨號碼。

And so sometimes, that will be higher, sometimes it will be lower.

所以有時會更高，有時會更低。

And there was 1 deposit that sort of drove that up a little bit for a particular client.

對於特定客戶來說，一筆存款有點增加了這一點。

So I think the guidance I gave around the current levels are slightly below where the average was is probably a good way to sort of think about where we are right now.

因此，我認為我針對當前水平給出的指導略低於平均水平，這可能是思考我們目前所處位置的好方法。

I think as you sort of think about how much we can deploy into the securities portfolio I think that's something that's dynamic based on sort of how we feel about the stability and the longevity of those deposits.

我認為，當你考慮到我們可以在證券投資組合中部署多少資金時，我認為這是動態的，基於我們對這些存款的穩定性和壽命的感受。

You'll see us continue to optimize as we go into the quarter.

當我們進入本季度時，您會看到我們繼續優化。

It's not something we'll give you a specific percentage on because obviously, there are other drivers of that, but we do think there's continued opportunity there.

我們不會為您提供具體的百分比，因為顯然還有其他驅動因素，但我們確實認為那裡存在持續的機會。

Okay.

好的。

Fair enough.

很公平。

And then just on the deposits and money market fund balances.

然後是存款和貨幣市場基金餘額。

Are you agnostic mostly between that client usage as that cash moves around between third-party money market balances and drive this, of course, as well versus the deposits on the balance sheet in those programs?

當然，您是否對客戶使用情況（因為現金在第三方貨幣市場餘額之間流動並推動這一點）以及這些計劃中資產負債表上的存款之間不可知？

Or I guess, the question there, are you agnostic as to where that lands?

或者我猜，那裡的問題是，你不知道它會落在哪裡嗎？

Or are you trying to favor 1 area over the other in terms of revenue generation capabilities, I guess, on the fee versus the balance sheet side?

或者，我想，在費用與資產負債表方面，您是否試圖在創收能力方面偏向某一領域而不是另一個領域？

You may take that, Todd?

你可以接受嗎，托德？

Yes.

是的。

Mike.

麥克風。

I think the answer is it depends, Brian.

我認為答案是視情況而定，布萊恩。

I think when you think about short-term balances, that we know won't be around for very long.

我認為，當你考慮短期平衡時，我們知道這種平衡不會持續很久。

I think we are relatively agnostic with IOER at 10 basis points of where they go, whether it's in a money market fund or on the balance sheet.

我認為我們對 IOER 的走向相對不可知，無論是在貨幣市場基金或資產負債表上，IOER 的走向都是 10 個基點。

I think we'll earn about the same.

我想我們會賺到一樣的錢。

I think as you sort of think about operational deposits, we are -- over time, we'll make more money with them being on the balance sheet.

我認為，當你考慮營運存款時，我們——隨著時間的推移，我們將透過它們在資產負債表上賺更多的錢。

I'll be very specific with clients, but thanks for the question.

我會對客戶說得非常具體，但謝謝你的提問。

We also do have a follow-up question from Alex Blostein with Goldman Sachs.

我們還有來自高盛的 Alex Blostein 的後續問題。

Sorry for the (inaudible) but back to this money market fund dynamic real quick.

抱歉（聽不清楚），但很快就回到了貨幣市場基金的動態。

So, Mike, I think on the last update, you guys had said you expect the pretax impact on a quarterly basis from money market fee waivers to be about $50 million to $75 million.

所以，麥克，我想在上次更新中，你們曾說過，你們預計貨幣市場費用減免對季度的稅前影響約為 5000 萬至 7500 萬美元。

And you talked about that being probably at the higher end of that range in the second quarter.

您談到第二季可能處於該範圍的高端。

Now you guys guiding to $80 million to $100 million by the end of the year.

現在你們的目標是到年底達到 8,000 萬到 1 億美元。

So I just want to make sure that these 2 numbers are kind of comparable.

所以我只是想確保這兩個數字具有可比性。

And essentially, we're just talking about $20 million more in sort of incremental pretax input from fee waivers.

本質上，我們只是在談論透過費用減免增加 2000 萬美元的增量稅前投入。

Yes.

是的。

It's a good question, Alex.

這是個好問題，亞歷克斯。

I think the -- when you look at the $50 million to $75 million, at that point, it was unclear what was going to happen with money fund balances.

我認為，當你看到 5000 萬至 7500 萬美元時，不清楚貨幣基金餘額會發生什麼。

And so I think the $50 million to $75 million was the gross impact.

所以我認為 5000 萬至 7500 萬美元是整體影響。

And as we sort of look at the $85 million to $100 million, that's the net impact of now is accounting for the fact that we think the balance growth that we saw is going to stick with us for a while.

當我們審視 8,500 萬至 1 億美元時，這就是現在的淨影響，因為我們認為我們所看到的餘額成長將持續一段時間。

So if you look at what I gave in my script, I said by the fourth quarter, the gross impact will be $135 million to $150 million, which is equivalent to that $50 million to $75 million, but it will be offset by the fact that we think the balances will stick around.

因此，如果你看看我在劇本中給出的內容，我說到第四季度，總影響將達到1.35 億至1.5 億美元，相當於5000 萬至7500 萬美元，但這將被以下事實所抵消：我們認為平衡將會維持下去。

So that's how you get them from $85 million to $100 million.

這就是你如何將他們的收入從 8500 萬美元增加到 1 億美元。

And it does appear we have no further questions in the queue at this time.

目前看來我們隊列中沒有其他問題了。

I'd like to turn the conference back over to Mr. Todd Gibbons for any additional or closing remarks.

我想將會議轉交託德·吉本斯先生發表補充或結束語。

Okay.

好的。

Thank you, everybody, for your questions.

謝謝大家的提問。

And obviously, you can reach out to Madga in Investor Relations for any further follow-up.

顯然，您可以聯繫投資者關係部門的 Madga 進行進一步的後續追蹤。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call webcast.

今天的電話會議網路廣播到此結束。

A replay of this conference call webcast will be available on the BNY Mellon Investor Relations website at 2:00 p.m.

本次電話會議網路直播的重播將於下午 2:00 在紐約梅隆銀行投資者關係網站上播放。

Eastern Standard Time today.

今天東部標準時間。

Have a good day.

祝你有美好的一天。