紐約梅隆銀行 (BK) 2022 Q2 法說會逐字稿

Good morning, and welcome to the 2022 Second Quarter Earnings Conference call hosted by BNY Mellon. (Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY Mellon's consent.

早上好，歡迎參加由紐約梅隆銀行主辦的 2022 年第二季度收益電話會議。 （操作員說明）請注意，本次電話會議和網絡廣播將被錄製並包含受版權保護的材料。未經紐約梅隆銀行同意，您不得錄製或轉播這些材料。

I will now turn the call over to Marius Merz, BNY Mellon Head of Investor Relations. Please go ahead, sir.

我現在將把電話轉給紐約梅隆銀行投資者關係主管 Marius Merz。請繼續，先生。

Thank you, operator. Good morning, everyone, and welcome to our second Quarter 2022 Earnings Call. As always, we will reference our financial highlights presentation which can be found on the Investor Relations page of our website at bnymellon.com.

謝謝你，接線員。大家早上好，歡迎參加我們的 2022 年第二季度財報電話會議。與往常一樣，我們將參考我們的財務摘要演示文稿，該演示文稿可在我們網站 bnymellon.com 的投資者關係頁面上找到。

I'm joined by Todd Gibbons, our Chief Executive Officer; Robin Vince, President and CEO-elect; and Emily Portney, our Chief Financial Officer. Today, Robin will lead the call and make introductory remarks, followed by Emily, who will then take you through the earnings presentation. Following their prepared remarks, there will be a Q&A session.

我們的首席執行官 Todd Gibbons 也加入了我的行列。 Robin Vince，總裁兼首席執行官當選人；和我們的首席財務官 Emily Portney。今天，Robin 將主持電話會議並發表介紹性發言，隨後是 Emily，然後她將帶您完成財報演示。在他們準備好的發言之後，將有一個問答環節。

Before we begin, please note that our remarks include forward-looking statements and non-GAAP measures. Information about these statements and non-GAAP measures are available in the earnings press release, financial supplement and financial highlights presentation, all available on the Investor Relations page of our website. Forward-looking statements made on this call speak only as of today, July 15, 2022, and will not be updated.

在我們開始之前，請注意我們的評論包括前瞻性陳述和非公認會計原則措施。有關這些聲明和非公認會計原則措施的信息可在收益新聞稿、財務補充和財務摘要介紹中獲得，所有這些都可以在我們網站的投資者關係頁面上找到。在本次電話會議上發表的前瞻性陳述僅在今天，即 2022 年 7 月 15 日發表，不會更新。

With that, I will turn it over to Robin.

有了這個，我會把它交給羅賓。

Thank you, Marius, and thank you, everyone, for joining us this morning. Before we talk about our results for the quarter, I'd like to take a moment and recognize that today is Todd's last earnings call.

謝謝你，馬呂斯，謝謝大家今天早上加入我們。在我們談論本季度的業績之前，我想花點時間承認今天是托德的最後一次財報電話會議。

Todd, on behalf of all of us here at BNY Mellon, I'd like to thank you for your leadership and for your many years of service to the firm and our clients. For nearly 4 decades, you made a tremendous impact on BNY Mellon and its evolution from the rather traditional commercial bank that we once were to the globally significant financial services firm, sitting at the heart of the financial ecosystem, that we are today.

托德，我代表紐約梅隆銀行的所有人，感謝您的領導和多年來為公司和我們的客戶提供的服務。在近 4 年的時間裡，您對紐約梅隆銀行及其從我們曾經是相當傳統的商業銀行到如今處於金融生態系統核心的全球重要金融服務公司的演變產生了巨大影響。

When the Board asked you to take the helm at a very challenging time amid a worldwide pandemic, you not only navigated the firm through this unprecedented environment with a steady hand, but you also continued to drive our client and growth agenda forward. On a more personal note, I want to thank you for working so closely with me during this transition. I know it was always important to you to ensure a seamless transition before you retire, and I couldn't have had a better partner on this journey.

當董事會要求您在全球大流行中充滿挑戰的時刻掌舵時，您不僅穩妥地帶領公司度過了這一前所未有的環境，而且還繼續推動我們的客戶和增長議程向前發展。就個人而言，我要感謝您在此過渡期間與我密切合作。我知道在退休前確保無縫過渡對您來說一直很重要，而在這段旅程中，我沒有比這更好的合作夥伴了。

Having spent a meaningful part of the last 4 months meeting and listening to our employees, clients and many other stakeholders, I'm even more optimistic about the next chapter for BNY Mellon.

在過去 4 個月的會議中度過了有意義的一部分並聽取了我們的員工、客戶和許多其他利益相關者的意見後，我對紐約梅隆銀行的下一章更加樂觀。

At the very heart of our firm lies an exceptional client franchise. Our clients truly view us as a trusted partner, and a resounding message that I have heard is that our clients want to do more with us. We have a growth opportunity by making that easier for them. We have to do a better job connecting the dots both internally and externally, and we will.

我們公司的核心是卓越的客戶特許經營權。我們的客戶真正將我們視為值得信賴的合作夥伴，而我聽到的一個響亮的信息是我們的客戶希望與我們一起做更多的事情。我們通過讓他們更容易獲得增長機會。我們必須更好地連接內部和外部的點，我們會的。

And while our investments over the last couple of years have paid off in the form of the remarkably resilient platform that we have today, I'm also of the view that the efficiency opportunity available in driving our operating model transformation has more runway. I look forward to formally taking on my new role at the end of August and will continue to share my views on our strategy and plans over the coming months.

雖然我們在過去幾年的投資以我們今天擁有的極具彈性的平台形式獲得了回報，但我也認為推動我們的運營模式轉型的效率機會還有更多的跑道。我期待在 8 月底正式擔任新職務，並將繼續分享我對未來幾個月戰略和計劃的看法。

Moving on to the quarter. I'll start with some broader perspectives before I run through a few financial highlights, and then I'll turn it over to Emily to review our results for the quarter in more detail.

進入季度。在介紹一些財務亮點之前，我將從更廣泛的視角開始，然後我將把它交給艾米麗，以更詳細地審查我們本季度的業績。

During the quarter, we continued to see high levels of volatility across both global equity and fixed income markets, persistently high inflation, rapidly evolving monetary policy around the world, and all this against an increasingly complicated geopolitical landscape. You've all seen those charts. The S&P 500 had its worst first half performance in over 50 years. 10-year treasuries had the worst start to the year since the beginning of the index in the early '70s. And with 150 basis points in rate hikes, this is the fastest tightening cycle over 6 months since the Volcker era at the end of the '70s.

在本季度，我們繼續看到全球股票和固定收益市場的高度波動、持續的高通脹、世界各地迅速演變的貨幣政策，以及所有這一切都與日益複雜的地緣政治格局形成鮮明對比。你們都看過這些圖表。標準普爾 500 指數的上半年表現是 50 多年來最差的。自 70 年代初該指數開始以來，10 年期國債的開局最為糟糕。加息 150 個基點，這是自 70 年代末沃爾克時代以來 6 個月內最快的緊縮週期。

Underneath these headlines, what we're seeing across our platforms is that investors are clearly rebalancing and derisking. We're seeing asset reallocation from growth to value, higher-than-expected cash balances and relatively shallow market liquidity, making it harder for investors to move risk. That said, in our role as a critical infrastructure provider touching so much of the core financial system, we do see today that markets continue to function in an orderly fashion, trades are settling and fails and overdrafts are at fairly normal levels.

在這些頭條新聞之下，我們在我們的平台上看到的是，投資者顯然正在重新平衡和降低風險。我們看到資產從增長到價值的重新配置、高於預期的現金餘額和相對較弱的市場流動性，使投資者更難轉移風險。也就是說，作為涉及核心金融體系的關鍵基礎設施提供商，我們今天確實看到市場繼續以有序的方式運作，交易正在結算和失敗，透支處於相當正常的水平。

Turning to our performance in the quarter and referring to Page 2 of our financial highlights presentation. We reported EPS of $1.03 on $4.3 billion of revenue and a return on tangible common equity of 19%. Excluding the impact of notable items, EPS was $1.15 and return on tangible common equity was 21%.

談到我們在本季度的表現，並參考我們財務摘要介紹的第 2 頁。我們報告的每股收益為 1.03 美元，收入為 43 億美元，有形普通股的回報率為 19%。不計重要項目的影響，每股收益為 1.15 美元，有形普通股的回報率為 21%。

Our second quarter results reflect the benefit of higher interest rates, the strength of our diversified platform and our unwavering commitment to our clients. Those clients clearly value our resilience, the quality of our services and insights and the trusted relationship that they have with BNY Mellon. While lower market values adversely impacted asset-based fees, elevated volatility, wider spreads and higher transaction activity across new and existing clients hampered the impact.

我們第二季度的業績反映了更高利率的好處、我們多元化平台的實力以及我們對客戶的堅定承諾。這些客戶顯然重視我們的韌性、我們的服務質量和洞察力，以及他們與紐約梅隆銀行之間的信任關係。雖然較低的市場價值對基於資產的費用產生了不利影響，但波動性上升、價差擴大以及新客戶和現有客戶的交易活動增加阻礙了這種影響。

Asset Servicing continued to see healthy client volumes and our sales momentum and pipelines continue to be strong. Wins and mandates are up year-on-year, and that's broad-based across products and geographies, producing a strong pipeline of AUC/A to be installed over time. And our retention rates continue to be exceptionally high, north of 90%.

資產服務繼續看到健康的客戶數量，我們的銷售勢頭和渠道繼續強勁。贏得和授權的數量逐年增加，這在產品和地區的基礎上廣泛，隨著時間的推移產生了強大的 AUC/A 管道。我們的保留率仍然非常高，超過 90%。

In our ETF servicing business, total funds serviced are up 5% year-to-date, enabling ETF AUC/A to hold steady despite the impact from lower market values. And in alts, wins year-to-date have already exceeded all of 2021. It's also worth noting that more than 20% of our multiproduct deals have a data and analytics component as our D&A capabilities become more meaningful to our overall Asset Servicing deal pipeline.

在我們的 ETF 服務業務中，服務的總基金今年迄今增長了 5%，使 ETF AUC/A 在市場價值下跌的影響下保持穩定。在 alts 中，年初至今的勝利已經超過了 2021 年全年。還值得注意的是，我們 20% 以上的多產品交易都包含數據和分析組件，因為我們的 D&A 能力對我們的整體資產服務交易渠道變得更有意義.

In our Markets franchise, FX revenue was up nicely year-over-year and the business continued its steady climb in the Euromoney FX survey, landing at #8 overall this year, our highest ranking ever, up from #13 a year ago and #32 in 2018, while also maintaining its top 3 real money ranking.

在我們的市場專營權中，外匯收入同比增長良好，該業務在 Euromoney 外匯調查中繼續穩步攀升，今年總體排名第 8 位，這是我們有史以來的最高排名，高於一年前的第 13 位和 # 2018 年排名第 32，同時也保持其真實貨幣排名前 3 位。

Issuer Services, and in particular Depository Receipts, had a solid quarter on the back of growth in dividend annuity fees and cancellation activity.

由於股息年金費用和取消活動的增長，發行人服務，特別是存託憑證，季度表現穩健。

In Pershing, year-over-year revenue was also up, and we're seeing encouraging signs in terms of sales momentum. We continued to gather net new assets this quarter, albeit at a slightly slower pace given the market backdrop. But the pipeline for the second half and beyond remains strong as we continue to grow the core business and see renewed client interest in digital wealth solutions as well as the advisory tools we will offer through our Pershing X initiative.

在潘興，收入同比也有所增長，我們看到銷售勢頭方面令人鼓舞的跡象。本季度我們繼續收集淨新資產，儘管在市場背景下速度略有放緩。但是，隨著我們繼續發展核心業務並看到客戶對數字財富解決方案以及我們將通過 Pershing X 計劃提供的諮詢工具重新產生興趣，下半年及以後的管道仍然強勁。

In a great One BNY Mellon example, this quarter, Pershing and Asset Servicing combined their capabilities to roll out what is essentially a self-directed vehicle for a large government agency, offering choice of roughly 5,000 funds to a total addressable population of about 6 million eligible participants for the benefit of their retirement plans.

在一個偉大的 One BNY Mellon 示例中，本季度，Pershing 和 Asset Servicing 結合了他們的能力，為大型政府機構推出了本質上是一種自我導向的工具，為大約 600 萬的總可尋址人口提供大約 5,000 種基金的選擇符合條件的參與者為其退休計劃的利益。

Last month, Pershing hosted its INSITE conference with 1,600 business leaders, industry advocates and next-generation talent. This conference is a flagship event for Pershing and we were pleased to announce some next-generation tech solutions for advisors and wealth management professionals with the introduction of the latest generation of our Pershing platform and enhancements to our API suite.

上個月，潘興與 1,600 名商業領袖、行業倡導者和下一代人才共同舉辦了 INSITE 會議。本次會議是 Pershing 的旗艦活動，我們很高興地宣佈為顧問和財富管理專業人士提供一些下一代技術解決方案，其中引入了最新一代的 Pershing 平台並增強了我們的 API 套件。

Turning to Clearance and Collateral Management. The business delivered another strong quarter of growth on the back of higher securities clearance volumes, where market volatility continues to drive activity levels in U.S. treasuries. And we also saw average collateral management balances reached another record of $5.2 trillion in the quarter, driven by money market fund demand for the RRP facility.

轉向清算和抵押品管理。在證券清算量增加的背景下，該業務實現了又一個強勁的季度增長，市場波動繼續推動美國國債的活動水平。我們還看到，在貨幣市場基金對 RRP 工具的需求推動下，本季度平均抵押品管理餘額達到了 5.2 萬億美元的新紀錄。

Treasury Services also delivered solid growth, driven by higher rates and higher payment volumes as well as broad-based growth across multiple products: Core U.S. dollar wire, debit card processing and immediate payments from both new and existing clients.

資金服務也實現了穩健增長，這得益於更高的利率和更高的支付量，以及多種產品的廣泛增長：核心美元電匯、借記卡處理以及新老客戶的即時支付。

Our Investment Management business was significantly impacted by lower market values, the unfavorable impact of the stronger U.S. dollar and clients derisking amid an increasingly uncertain environment. Having said that, our investment performance remained strong with over 70% of our top 30 strategies by revenue in the top 2 quartiles on a 3-year basis. Insight was ranked first by Greenwich Associates for overall quality in LDI for the 12th year in a row and was ranked first for fixed income overall quality with U.K. consultants.

我們的投資管理業務受到市場價值下跌、美元走強的不利影響以及客戶在日益不確定的環境中降低風險的重大影響。話雖如此，我們的投資表現依然強勁，在 3 年的基礎上，按收入計算的前 30 強策略中有 70% 以上位於前 2 個四分之一。 Insight 連續第 12 年被 Greenwich Associates 評為 LDI 整體質量第一，並在英國顧問公司的固定收益整體質量方面排名第一。

And BOLD, which is the new cash management fund share class launched to help investors make a positive direct social impact, raised another $2 billion in the quarter, bringing total AUM to over $3 billion in just 4 months.

BOLD 是新推出的現金管理基金份額類別，旨在幫助投資者產生積極的直接社會影響，在本季度又籌集了 20 億美元，在短短 4 個月內使總資產管理規模超過 30 億美元。

As most of you saw, we also announced the sale of Alcentra to Franklin Templeton at the end of May. This transaction, which is expected to close in the first quarter of 2023, builds upon our strategic relationship with Franklin Templeton as we will continue to offer our Alcentra's capabilities in BNY Mellon's sub-advised funds and in select regions via our global distribution platform. We will also provide Alcentra with ongoing Asset Servicing support.

正如你們大多數人所看到的，我們還在 5 月底宣布將 Alcentra 出售給富蘭克林鄧普頓。該交易預計將於 2023 年第一季度完成，基於我們與富蘭克林鄧普頓的戰略關係，因為我們將繼續通過我們的全球分銷平台在紐約梅隆銀行的次級建議基金和特定地區提供我們 Alcentra 的能力。我們還將為 Alcentra 提供持續的資產服務支持。

At closing, we expect that this sale will increase the firm's CET1 capital by about $0.5 billion and it will free up seed capital to help accelerate our strategy of developing new, differentiated solutions from our specialist investment firms that meet the evolving needs of our clients.

交易結束時，我們預計此次出售將使公司的 CET1 資本增加約 5 億美元，並將釋放種子資本，以幫助加快我們的戰略，從我們的專業投資公司開發新的、差異化的解決方案，以滿足客戶不斷變化的需求。

And finally, Wealth Management continued to execute against its 3-pronged strategy: Acquiring more client relationships in the ultra high net worth family office segments, deepening banking relationships and investing in technology and driving efficiency. As we engage with our clients in this space, we continue to lead with some of the most innovative digital capabilities in the industry.

最後，財富管理繼續執行其三管齊下的戰略：在超高淨值家族辦公室領域獲得更多客戶關係、深化銀行關係以及投資技術和提高效率。隨著我們在這一領域與客戶互動，我們將繼續以業內一些最具創新性的數字能力處於領先地位。

For a second consecutive year, the Financial Times named BNY Mellon the Best Private Bank for Digital Wealth Planning, North America, recognizing our Wealth Online client portal and our proprietary goals-based planning tool advice path. And the Family Wealth Report recognized our Active Wealth Accelerator as the best customer-facing digital platform.

連續第二年，《金融時報》將紐約梅隆銀行評為北美最佳數字財富規劃私人銀行，以表彰我們的財富在線客戶門戶和我們專有的基於目標的規劃工具建議路徑。家庭財富報告將我們的 Active Wealth Accelerator 認定為面向客戶的最佳數字平台。

Turning to capital. Despite the significant headwind from rapidly rising interest rates, we remain well capitalized with healthy capital buffers to support our clients with a strong balance sheet in this volatile market environment. The recently announced results of the Fed's 2022 stress test demonstrated once again that BNY Mellon has one of the most resilient business models and balance sheets in the industry. And our preliminary stress capital buffer, as calculated in the test, remains at the Fed's 2.5% floor.

轉向資本。儘管利率快速上升帶來了巨大的阻力，但我們仍然擁有充足的資本，擁有健康的資本緩衝，可以在這個動蕩的市場環境中為我們的客戶提供強大的資產負債表。美聯儲最近公佈的 2022 年壓力測試結果再次表明，紐約梅隆銀行擁有業內最具彈性的商業模式和資產負債表之一。根據測試計算，我們初步的壓力資本緩衝仍保持在美聯儲 2.5% 的下限。

And so as expected, earlier this morning, we announced that our Board approved an increase in our quarterly cash dividend by 9% to $0.37 per share in the third quarter.

正如預期的那樣，今天早上早些時候，我們宣布董事會批准將第三季度的季度現金股息增加 9% 至每股 0.37 美元。

Now before I turn it over to Emily, I'd be remiss not to also touch on our announcement last week that Dermot McDonogh will join us in November and become our next CFO, effective February 1, 2023. I've known Dermot for over 20 years and I'm really looking forward to his addition to our team. And I'm also pleased for Emily, who, after helping Dermot transition into the CFO role, will take on leadership of several of our key growth areas, namely Treasury Services, Credit Services and Clearance and Collateral Management, reporting directly to me.

現在，在我把它交給艾米麗之前，我還沒有提到我們上周宣布德莫特麥克多諾將於 11 月加入我們並成為我們的下一任首席財務官，自 2023 年 2 月 1 日起生效。我已經認識德莫特了20 年了，我真的很期待他加入我們的團隊。我也為 Emily 感到高興，她在幫助 Dermot 轉變為 CFO 角色後，將領導我們的幾個關鍵增長領域，即資金服務、信貸服務以及清算和抵押品管理，直接向我匯報。

But in the meantime, I certainly like reminding Emily that she still has a few more earnings calls to go. And so with that, over to you, Emily.

但與此同時，我當然喜歡提醒艾米麗，她還有幾個財報電話要進行。就這樣，交給你，艾米麗。

Thank you, Robin, and good morning, everyone. As I walk you through the details of our results for the quarter, all comparisons will be on a year-over-year basis unless I specify otherwise.

謝謝你，羅賓，大家早上好。當我向您介紹本季度業績的詳細信息時，除非我另有說明，否則所有比較都將按年進行。

Turning on Page 3. Total revenue for the second quarter of $4.3 billion grew by 7%. Fee revenue was up 4%. This increase primarily reflects the abatement of money market fee waivers as well as continued underlying momentum across Security Services and Market and Wealth Services, partially offset by the unfavorable impact of a stronger U.S. dollar and lower market values across both equity and fixed income markets.

打開第 3 頁。第二季度的總收入為 43 億美元，增長了 7%。費用收入增長了 4%。這一增長主要反映了貨幣市場費用減免的減少以及證券服務和市場與財富服務的持續潛在動力，部分被美元走強以及股票和固定收益市場市場價值下跌的不利影響所抵消。

Money market fee waivers, net of distribution and servicing expense, were $66 million in the quarter, an improvement of $133 million compared to the prior quarter, driven primarily by higher average short-term interest rates.

本季度貨幣市場費用減免（扣除分銷和服務費用）為 6600 萬美元，與上一季度相比增加了 1.33 億美元，主要受平均短期利率上升的推動。

Firm-wide AUC/A of $43 trillion decreased by 4% as continued growth from new and existing clients was more than offset by the impact of lower market values and currency headwinds. AUM of $1.9 trillion decreased by 17%, reflecting lower market values and the unfavorable impact of the stronger U.S. dollar.

公司範圍內的 AUC/A 為 43 萬億美元，下降了 4%，因為新客戶和現有客戶的持續增長被較低的市場價值和貨幣逆風的影響所抵消。資產管理規模為 1.9 萬億美元，下降 17%，反映了較低的市場價值和美元走強的不利影響。

Investment and other revenue was $91 million, reflecting a quarter with strong trading performance as well as the benefit of a strategic equity investment gain which was partially offset by seed capital losses.

投資和其他收入為 9100 萬美元，反映了該季度強勁的交易表現以及戰略股權投資收益的好處，該收益被種子資本損失部分抵消。

And net interest revenue increased by 28%, primarily reflecting higher rates and a change in asset mix.

淨利息收入增長了 28%，主要反映了更高的利率和資產組合的變化。

Expenses were up 12%, including the impact of higher litigation reserves, a notable item this quarter. Excluding notable items, expenses were flat quarter-over-quarter, as expected, which translates to an increase of 8% year-over-year. The year-over-year growth includes, among other items, the impact of pulling forward our annual merit increase to the second quarter from the third quarter.

費用增長了 12%，包括本季度值得注意的訴訟準備金增加的影響。不包括值得注意的項目，如預期的那樣，費用環比持平，這意味著同比增長 8%。同比增長包括將我們的年度績效增長從第三季度提前到第二季度的影響。

Provision for credit losses was $47 million versus the provision benefit of $86 million in the second quarter of last year, and they primarily reflect changes in the macroeconomic forecast.

信貸損失準備金為 4700 萬美元，而去年第二季度的準備金收益為 8600 萬美元，主要反映了宏觀經濟預測的變化。

Our effective tax rate was 21.1%. The notable item increased our effective tax rate for the quarter by approximately 150 basis points.

我們的有效稅率為 21.1%。值得注意的項目將我們本季度的有效稅率提高了大約 150 個基點。

Reported EPS was $1.03, pretax margin was 26% and return on tangible common equity was 19%. Excluding the impact of notable items, EPS was $1.15, pretax margin was 28% and return on tangible common equity was 21%.

報告的每股收益為 1.03 美元，稅前利潤率為 26%，有形普通股的回報率為 19%。不計重要項目的影響，每股收益為 1.15 美元，稅前利潤率為 28%，有形普通股的回報率為 21%。

Now on to capital and liquidity on Page 4. Our consolidated Tier 1 leverage ratio was 5.2%, down 10 basis points sequentially. The continued sharp rise in interest rates in the quarter resulted in an approximately $900 million after-tax unrealized loss on our available-for-sale securities portfolio. And we distributed 33% of earnings to our shareholders through approximately $280 million in common stock dividends. Our CET1 ratio was 10%, down slightly versus the prior quarter. And finally, our LCR was 111%, up 2 percentage points sequentially.

現在談談第 4 頁的資本和流動性。我們的綜合一級槓桿比率為 5.2%，環比下降 10 個基點。本季度利率持續大幅上升導致我們的可供出售證券投資組合產生約 9 億美元的稅後未實現虧損。我們通過大約 2.8 億美元的普通股股息向股東分配了 33% 的收益。我們的 CET1 比率為 10%，與上一季度相比略有下降。最後，我們的 LCR 為 111%，環比上升 2 個百分點。

Turning to our net interest revenue and balance sheet trends on Page 5, which I will talk about in sequential terms. Net interest revenue was $824 million, up 18% sequentially. This increase was driven by the impact of higher interest rates on interest-earning assets, partially offset by higher funding expense. Average deposit balances and average interest-earning assets both declined by 1% sequentially. Loan balances grew by 3% sequentially, primarily driven by collateralized loans in wealth management and growth in capital call finance and trade finance. Our securities portfolio balances were down 3%.

轉向我們在第 5 頁上的淨利息收入和資產負債表趨勢，我將依次討論。淨利息收入為 8.24 億美元，環比增長 18%。這一增長是由較高的利率對生息資產的影響推動的，部分被較高的融資費用所抵消。平均存款餘額和平均生息資產環比均下降1%。貸款餘額環比增長 3%，主要受財富管理抵押貸款以及資本調用融資和貿易融資增長的推動。我們的證券投資組合餘額下降了 3%。

Moving on to expenses on Page 6. Expenses for the quarter were $3.1 billion on a reported basis and $3 billion excluding the impact of higher litigation reserves. Excluding notable items, expenses were flat quarter-over-quarter, as expected, and up 8% year-on-year. This year-over-year increase reflects investments net of efficiency savings, the pull-forward of our merit program as well as higher revenue-related expenses. The benefit of the stronger U.S. dollar was largely offset by persistently higher inflation.

繼續第 6 頁的費用。本季度報告的費用為 31 億美元，不包括訴訟準備金增加的影響為 30 億美元。不包括值得注意的項目，支出與預期一致，環比持平，同比增長 8%。這一同比增長反映了扣除效率節約後的投資、我們的績效計劃的推進以及與收入相關的費用增加。美元走強的好處在很大程度上被持續走高的通脹所抵消。

A few additional details regarding noteworthy year-over-year expense variances. Staff expense was up 7%, driven by investments and the annual employee merit increase, which in the prior year, was effective in the third quarter. Distribution and servicing expense was up 23%, reflecting higher distribution costs associated with money market funds. Business development expense was up, reflecting some normalization of travel and entertainment off a low base from last year. And lastly, the change in other expense was largely driven by the increase in the litigation reserves.

關於值得注意的同比費用差異的一些額外細節。在投資和年度員工績效增長的推動下，員工費用增長了 7%，這在去年第三季度生效。分銷和服務費用增長 23%，反映出與貨幣市場基金相關的更高分銷成本。業務發展費用增加，反映出旅遊和娛樂從去年的低基數開始有所恢復。最後，其他費用的變化主要是由於訴訟準備金的增加。

Turning to Page 7 for a closer look at our business segments. Securities Services reported total revenue of $2 billion, up 12% compared to the prior year. Fee revenue increased 8% and net interest revenue was up 29%, reflecting higher interest rates, partially offset by lower deposit balances.

轉到第 7 頁，詳細了解我們的業務部門。證券服務報告的總收入為 20 億美元，比上一年增長 12%。手續費收入增長 8%，淨利息收入增長 29%，反映出利率上升，但部分被存款餘額下降所抵消。

As I discuss the performance of our Securities Services and Market and Wealth Services segments, I will focus comments on the investment services fees for each line of business, which you can find in our financial supplement.

當我討論我們的證券服務和市場與財富服務部門的業績時，我將重點評論每個業務線的投資服務費用，您可以在我們的財務補充中找到這些費用。

In Asset Servicing, investment services fees grew by 4%. This increase reflects lower money market fee waivers and higher client activity, partially offset by the unfavorable impact of the stronger U.S. dollar and lower market values. Asset Servicing continued to deliver healthy organic growth from both existing and new clients, and our pipeline continued to grow across client segments and with particular strength in EMEA.

在資產服務方面，投資服務費用增長了 4%。這一增長反映了貨幣市場費用減免減少和客戶活動增加，部分被美元走強和市場價值下跌的不利影響所抵消。資產服務繼續為現有客戶和新客戶帶來健康的有機增長，我們的管道繼續在客戶群中增長，在歐洲、中東和非洲地區尤其具有優勢。

In Issuer Services, investment service fees were up 10%, reflecting higher Depositary Receipts revenue and lower money market fee waivers, partially offset by the impact of the previously disclosed lost business in the prior year in Corporate Trust.

在發行人服務方面，投資服務費上漲 10%，反映了存託憑證收入增加和貨幣市場費用減免減少，部分被之前披露的企業信託業務損失的影響所抵消。

Next, Market and Wealth Services on Page 8. Market and Wealth Services reported total revenue of $1.3 billion, an increase of 10% compared to the prior year. Fee revenue was up 9%, and net interest revenue was up 18%, reflecting higher interest rates and higher loan balances, partially offset by lower deposit balances.

接下來是第 8 頁的市場和財富服務。市場和財富服務報告的總收入為 13 億美元，與上一年相比增長了 10%。手續費收入增長 9%，淨利息收入增長 18%，反映出較高的利率和較高的貸款餘額，部分被較低的存款餘額所抵消。

In Pershing, investment services fees were up 9%. The positive impact of lower money market fee waivers and higher transaction activity was partially offset by the impact of lost business in the prior year, as previously disclosed. Net new assets were $16 billion in the quarter.

在潘興，投資服務費上漲了 9%。如前所述，貨幣市場費用減免和交易活動增加的積極影響被上一年業務損失的影響部分抵消。本季度的淨新資產為 160 億美元。

In Treasury Services, investment services fees were up 10%, reflecting the benefit of lower money market fee waivers as well as higher payment volumes on the back of growth from both new and existing clients.

在財資服務方面，投資服務費用上漲了 10%，這反映了貨幣市場費用減免以及新老客戶增長帶來的更高支付量的好處。

And in Clearance and Collateral Management, investment services fees were up 5%, primarily reflecting higher U.S. clearance volumes amid elevated market volatility and continued geopolitical uncertainty, all driving strong demand for U.S. treasury securities.

在清算和抵押品管理方面，投資服務費上漲 5%，主要反映了在市場波動加劇和地緣政治不確定性持續的情況下美國清算量增加，所有這些都推動了對美國國債的強勁需求。

Now turning to Investment and Wealth Management on Page 9. Investment and Wealth Management reported total revenue of $899 million, down 10%. Fee revenue was down 9%. Investment and other revenue was a negative $13 million, which included seed capital losses as opposed to gains in the prior year. And net interest revenue was up 32%, reflecting higher interest rates as well as higher deposit balances.

現在轉到第 9 頁的投資和財富管理。投資和財富管理報告的總收入為 8.99 億美元，下降了 10%。費用收入下降了 9%。投資和其他收入為負 1300 萬美元，其中包括種子資本損失，而不是上一年的收益。淨利息收入增長 32%，反映出更高的利率和更高的存款餘額。

As mentioned earlier, we ended the quarter with assets under management of $1.9 trillion, down 17% year-over-year. This decrease primarily reflects lower market values and the unfavorable impact of the stronger U.S. dollar as approximately 45% of our AUM are denominated in foreign currencies. As it relates to flows in the quarter, we saw $14 billion of net inflows into long-term products and $26 billion of net outflows from cash. LDI continued to be a bright spot among our active strategies with $12 billion of net inflows. And our index strategies gathered $12 billion of net inflows as well.

如前所述，本季度末我們管理的資產為 1.9 萬億美元，同比下降 17%。這一下降主要反映了較低的市場價值和美元走強的不利影響，因為我們大約 45% 的 AUM 以外幣計價。由於與本季度的流量有關，我們看到 140 億美元的淨流入長期產品和 260 億美元的現金淨流出。 LDI 繼續成為我們積極策略中的亮點，淨流入達 120 億美元。我們的指數策略也收集了 120 億美元的淨流入。

In Investment Management, revenue was down 14%, reflecting the unfavorable impact of the stronger U.S. dollar, lower seed capital results and lower market values, partially offset by the benefit of lower fee waivers. Further to Robin's comments on our positive investment performance, just this past weekend, Barron's recognized our Dynamic Value Fund and Income Stock Fund as 2 top performing active funds based on year-to-date results as well as longer-term track record.

在投資管理方面，收入下降了 14%，反映出美元走強、種子資本業績下降和市值下降的不利影響，部分被費用減免的好處所抵消。繼 Robin 對我們積極的投資表現的評論之後，就在上週末，Barron's 將我們的動態價值基金和收入股票基金評為基於年初至今業績和長期業績記錄的 2 個表現最佳的主動基金。

Wealth Management revenue was down 1% as growth from higher net interest revenue resulting from higher interest rates and healthy deposit growth was offset by a decline in fee revenue resulting from lower market values. The business has continued to increase the number of clients who use our banking services, which is now at 60%, up significantly from a couple of years ago. And client assets of $264 billion were down 13% year-over-year, primarily driven by lower market values.

財富管理收入下降 1%，原因是利率上升和存款健康增長導致的淨利息收入增加，但被市值下降導致的手續費收入下降所抵消。該業務繼續增加使用我們銀行服務的客戶數量，目前已達到 60%，與幾年前相比顯著增加。 2640 億美元的客戶資產同比下降 13%，這主要是由於市場價值下降。

Page 10 shows the results of the Other segment.

第 10 頁顯示了其他部分的結果。

I will close with a few comments on our outlook for the second half of the year. As we all know, the intersection of significant market volatility, rapidly evolving monetary policy from central banks around the world, continued geopolitical tension and increasing uncertainty about the macroeconomic environment has made forecasting difficult.

最後，我將對我們下半年的展望發表一些評論。眾所周知，市場劇烈波動、全球央行貨幣政策迅速演變、地緣政治持續緊張以及宏觀經濟環境不確定性增加等因素共同作用，使預測變得困難。

Based on current market-implied interest rates for the second half of the year, we now expect the percentage growth in net interest revenue for the full year to be in the low 20s compared to the prior year. This improved outlook continues to assume modest deposit runoff in the second half of the year, and it also assumes slightly lower deposit betas than previously expected, which has been informed by our repricing experience to date.

根據目前下半年的市場隱含利率，我們現在預計全年淨利息收入的增長百分比將比上年保持在 20 多歲的低點。這種改善的前景繼續假設下半年存款減少，並且還假設存款貝塔值略低於先前預期，這是我們迄今為止的重新定價經驗所證明的。

Since we last provided you our fee revenue outlook for the year on our first quarter earnings call, both equity and fixed income market values have declined further and the U.S. dollar has continued to strengthen significantly against most major currencies. Assuming equity and fixed income values as well as currencies stay at the level where they ended the second quarter, we would project fee revenue for the full year to be flat to slightly up year-over-year.

自從我們上次在第一季度財報電話會議上向您提供今年的費用收入展望以來，股票和固定收益市場價值均進一步下跌，美元兌大多數主要貨幣繼續大幅走強。假設股票和固定收益價值以及貨幣保持在第二季度末的水平，我們預計全年的費用收入將與去年同期持平或略有上升。

As it relates to expenses, ex notable items for the year, we continue to manage towards a year-over-year increase in the 5% to 5.5% range. Continuously strong inflationary headwinds are expected to largely offset the favorable impact of the stronger U.S. dollar. Revenue-related expenses are increasing as fee waivers abate and we're onboarding our strong sales pipeline. And we continue to invest in the targeted growth and efficiency initiatives that we've highlighted before.

由於它與費用有關，除本年度值得注意的項目外，我們繼續努力實現 5% 至 5.5% 範圍內的同比增長。預計持續強勁的通脹逆風將在很大程度上抵消美元走強的有利影響。隨著費用減免的減少，與收入相關的費用正在增加，並且我們正在加入我們強大的銷售渠道。我們將繼續投資於我們之前強調的有針對性的增長和效率計劃。

Due to the impact of the notable item in the second quarter, we now expect our effective tax rate for the year to be closer to 19.5%. Taken together with our 16.7% tax rate in the first quarter, our expectation for a 19.5% to 20% tax rate in the second half of this year remains unchanged.

由於第二季度值得注意的項目的影響，我們現在預計我們今年的有效稅率將接近 19.5%。加上我們第一季度 16.7% 的稅率，我們對今年下半年 19.5% 至 20% 的稅率的預期保持不變。

And last but not least, we continue to be cautious on buybacks in this volatile environment. Although, based on current projections, we expect to end the third quarter at or above our internal capital ratio target.

最後但並非最不重要的一點是，在這種動蕩的環境中，我們繼續對回購持謹慎態度。儘管根據目前的預測，我們預計第三季度末將達到或高於我們的內部資本比率目標。

With that, operator, can you please open the line for questions.

有了這個，接線員，你能打開電話提問嗎？

(Operator Instructions) Jim Mitchell from Seaport Global.

（操作員說明）Seaport Global 的 Jim Mitchell。

Emily, that was sort of intriguing, I guess, talking about your thoughts now on betas and the deposit declines and the higher NII. So can you kind of talk about a little bit -- unpack that a little bit more in terms of what's changed over the last few weeks? What you're seeing with -- after the latest rate hike? And how you're thinking about NII from here?

艾米麗，我想，談論你現在對 beta 和存款下降和更高 NII 的看法有點有趣。所以你能談談一點點 - 就過去幾週發生的變化再解開一點嗎？在最近一次加息之後，你看到了什麼？從這裡你是如何看待 NII 的？

Sure. Jim, so as you rightly point out, we've increased our NIR guide. We now expect NIR to grow in the low 20% range year-on-year. And really, the main things which have changed from a couple of weeks ago is that deposits haven't run off as fast as we had expected. Also, betas are coming in a bit lower than we had anticipated. And also now baked into that, our expectation that, of course, we'll get some higher yields from cash held at central banks just given the pace of monetary policy.

當然。 Jim，正如您正確指出的那樣，我們增加了 NIR 指南。我們現在預計 NIR 將同比增長 20%。實際上，與幾週前相比，主要的變化是存款沒有像我們預期的那樣快速流失。此外，Beta 版的發布也比我們預期的要低一些。現在也考慮到這一點，我們的預期當然是，鑑於貨幣政策的步伐，我們將從中央銀行持有的現金中獲得更高的收益率。

So those are the main drivers that are in the outlook for the full year. And I would just obviously kind of caveat everything, that there's a tremendous amount of uncertainty and it's pretty impressive at the time.

因此，這些是全年展望的主要驅動因素。而且我顯然會警告一切，存在巨大的不確定性，在當時令人印象深刻。

Okay. That's helpful. And then -- and just your comment of getting to where you want to be in the third quarter on capital. If all else equal, does that mean you would be thinking about getting back into the buyback game in the fourth quarter? Or is it still a little too early to be calling for that?

好的。這很有幫助。然後 - 只是您對在第三季度達到您想要達到的資本水平的評論。如果其他條件相同，這是否意味著您會考慮在第四季度重新參與回購遊戲？還是現在呼籲這樣做還為時過早？

So what we've always said in terms of capital returns, and specifically buybacks, that they would be dependent upon the trajectory for both AOCI as well as deposit levels, both of which were -- AOCI was a bit -- it deteriorated this quarter, and deposits were a bit higher, as I just suggested.

因此，我們一直在資本回報，特別是回購方面所說的，它們將取決於 AOCI 和存款水平的軌跡，這兩者都 - AOCI 有點 - 本季度惡化，而且存款要高一些，正如我剛才建議的那樣。

It's still an incredibly uncertain environment, so of course, we're going to continue to be cautious. We do expect deposits to decline. And so we are projecting that we'll be north of our internal targets, which of course for Tier 1 leverage, is 5.5%. And we want to be north of our CET1 of 10% on a sustainable basis. And then it's about that time that we'll start to talk about and think about buyback activity.

這仍然是一個非常不確定的環境，所以當然，我們將繼續保持謹慎。我們確實預計存款會下降。因此，我們預計我們將在內部目標以北，當然對於一級槓桿而言，該目標是 5.5%。我們希望在可持續的基礎上達到 10% 的 CET1 以北。然後就是那個時候，我們將開始談論和考慮回購活動。

Having said that, as you all know, it's completely situational and very dependent upon the future outlook.

話雖如此，眾所周知，這完全取決於情境，並且非常依賴於未來的前景。

And our next question comes from Betsy Graseck from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

Robin, I had a question for you. It's been probably more than 5 years, maybe a decade, we've all been getting questions on the threat of technology, the threat of blockchain to your industry. And it kind of comes and goes in waves. And over the last 2 weeks, I just got another barrage of questions on this. So I wanted to, as your first call here as CEO -- incoming CEO, can you give us your sense as to how you see the time frame and the speed with which you need to be transforming the organization?

羅賓，我有一個問題要問你。可能已經超過 5 年，也可能是 10 年，我們都收到了關於技術威脅、區塊鏈對你的行業的威脅的問題。它有點像波浪一樣來來去去。在過去的兩周里，我又收到了一連串關於此的問題。所以我想，作為你作為 CEO 的第一個電話——即將上任的 CEO，你能告訴我們你如何看待時間框架和你需要以何種速度來改變組織嗎？

Sure. So this is -- if you just step back, this is a super interesting space in our industry. And I think about it as, once upon a time, there was paper everywhere. We had runners, we had markets closing. Then we had the rise of computing and we've had traditional ledgers for the past 50 years. Now we've got a great new technology in the form of blockchain, and that gives us the opportunity to do new things, and we're excited about that.

當然。所以這是 - 如果你退後一步，這是我們行業中一個非常有趣的空間。我想，從前，到處都是紙。我們有跑步者，我們有市場關閉。然後我們有了計算的興起，在過去的 50 年裡我們一直擁有傳統的分類賬。現在我們有了區塊鏈形式的偉大新技術，這給了我們做新事物的機會，我們對此感到興奮。

We think it's going to bring great opportunity to our business. You're right, there's an element of potential disruption risk and so we've got to be ahead of that. But we also see a lot of opportunity in everything that this brings to bear.

我們認為這將為我們的業務帶來巨大的機遇。你是對的，存在潛在的破壞風險因素，所以我們必須提前做好準備。但我們也看到了這帶來的一切機會。

And I'll just note that the amount of interest that we have from our clients in us helping them to navigate this landscape is really remarkable. That's demand from the institutional clients around looking after cryptos, which we view as interesting but not really the main core of digital assets; to building various different capabilities across the digital asset life cycle, coins, tokenized assets.

我只想指出，我們的客戶對我們幫助他們駕馭這一領域的興趣非常顯著。這是機構客戶對加密貨幣的需求，我們認為這很有趣，但並不是數字資產的主要核心；在數字資產生命週期、硬幣、代幣化資產中構建各種不同的能力。

And we've already cemented ourselves as a leader in the space with all the work that we've been doing for some of these stablecoin providers. We've been doing our traditional business with them, looking after traditional assets as part of their stablecoin portfolio. But in doing so, we've really inserted ourselves into the ecosystem, and that gives us a great landscape.

我們已經通過我們為其中一些穩定幣供應商所做的所有工作鞏固了自己在該領域的領導地位。我們一直在與他們開展傳統業務，將傳統資產作為其穩定幣投資組合的一部分。但在這樣做的過程中，我們真的將自己融入了生態系統，這給了我們一個很好的景觀。

So there's a lot to do here. My view on this is it's going to be years and potentially decades for the full effects to be known. But we're in it and we're excited about it.

所以這裡有很多事情要做。我對此的看法是，要了解全部影響將需要數年甚至數十年的時間。但我們參與其中，我們對此感到興奮。

And the operating leverage as you go through this journey, how do you think about managing that?

以及您在此過程中的運營槓桿，您如何看待管理它？

This is a super long-term journey, Betsy. I think it's very hard to have a point of view. But if I zoom out, would I say, at the margin, it's probably helpful longer term? But I'm going to emphasize super longer term on that. Sure, it probably should be, because I think some of the inefficiency of post-trade processes, you can squeeze more of that out with some of these new technologies. And as was the case in the handover, I'm sure, from paper to original computer ledges. But this is going to be a while in the making. And of course, we are going to have to invest to get us from A to B on this thing.

這是一個超級長期的旅程，Betsy。我認為很難有一個觀點。但如果我縮小，我會說，在邊緣，它可能對長期有用嗎？但我將強調超長期。當然，它可能應該是，因為我認為交易後流程的一些低效率，你可以用這些新技術中的一些擠出更多的東西。我敢肯定，就像移交時的情況一樣，從紙張到原始計算機壁架。但這將需要一段時間。當然，我們將不得不投資讓我們在這件事上從 A 到 B。

Gerard Cassidy from RBC.

加拿大皇家銀行的杰拉德·卡西迪。

Emily, when you look at your fee revenue, you gave us some guidance on if the markets don't change materially from where we are today by the end of the year, you gave us that guidance. Can you remind us, what percentage of fee revenues would you say are tied to values, where they're variable rate-priced for your customers, versus a fixed price?

艾米麗，當你查看你的費用收入時，你給了我們一些指導，說明市場到今年年底是否不會發生重大變化，你給了我們指導。你能提醒我們，你會說多少百分比的費用收入與價值相關，它們對你的客戶來說是可變費率定價，而不是固定價格？

It really depends by line of business. But for example, when you think about Asset Servicing, it's about 50%. And...

這真的取決於業務線。但是例如，當您考慮資產服務時，它大約是 50%。和...

Very good. And then -- yes, go ahead. I'm sorry. Go ahead.

很好。然後——是的，繼續。對不起。前進。

No, I was going to say, just to give a bit more color on just in terms of unpacking that fee guidance because I think it's probably helpful.

不，我要說的是，只是在打開該費用指南方面提供更多顏色，因為我認為這可能會有所幫助。

So when you think about now, the year-on-year change of flat to slightly up, about 5% of that is coming from the abatement of waivers. That is more than offset, call it 5% to 6%, from what I would call market factors. And in that is market levels, as you just suggest. It's also currency as well as the impact of geopolitical factors.

所以當你現在想想，同比持平到小幅上漲，其中大約 5% 來自豁免的減少。這遠遠超過了我所說的市場因素的抵消，稱之為 5% 到 6%。正如您剛才所建議的那樣，這就是市場水平。它也是貨幣以及地緣政治因素的影響。

So for us, obviously, some of the impact, the loss that we took on Russia and in Ukraine just in terms of ceasing business in that region. But then that is offset by organic growth, but is still is expected to be between 50 basis points to 100 basis points. And really, we have very strong fundamentals across Asset Servicing, Treasury Services, CCM. And even in Pershing and Corporate Trust, which are lapping some lost business from last year, the fundamentals and the pipelines are strong.

因此，對我們而言，顯然，僅就停止在該地區的業務而言，我們對俄羅斯和烏克蘭造成的一些影響和損失。但這被有機增長所抵消，但仍預計在 50 個基點至 100 個基點之間。事實上，我們在資產服務、資金服務、CCM 方面擁有非常強大的基本面。甚至在潘興和企業信託，它們從去年開始失去一些業務，基本面和管道都很強勁。

Very good. And maybe for Robin. Obviously, disruption is going to create opportunities for some companies over the next 6 to 12 months to make acquisitions. Can you give us your thoughts on what you think you can add, if you need something, to the product set that Bank of New York has?

很好。也許對於羅賓。顯然，顛覆將為一些公司在未來 6 到 12 個月內進行收購創造機會。您能否告訴我們您認為可以在紐約銀行擁有的產品集中添加什麼（如果您需要某些東西）？

Sure. So I think about this pretty similarly to the way that Todd and Emily have described this before. It is largely for us, at least as we sit here today, Gerard, an opportunity to acquire capabilities.

當然。所以我認為這與托德和艾米麗之前描述的方式非常相似。杰拉德，至少在我們今天坐在這裡的時候，這對我們來說很大程度上是一個獲得能力的機會。

As you can imagine, a large and transformational sort of transaction is not very high on my list of priorities right now. I'm much more focused on the organic growth, the opportunities that we have across the franchise and also just really driving the operating effectiveness of the company.

正如你所想像的那樣，目前在我的優先事項列表中，一項大型且具有變革性的交易並不是很重要。我更關注有機增長，我們在整個特許經營中擁有的機會，以及真正推動公司的運營效率。

But as you saw last year, we made an acquisition in the form of Optimal Asset Management, which sped us a little bit along on our journey on Pershing X. We made an acquisition in the form of Milestone, which was helpful and accretive to our business broadly in Asset Servicing. And so we're going to continue to be on the lookout for those types of things. But as with anything in the M&A space, there's a high bar.

但正如您在去年看到的，我們以 Optimal Asset Management 的形式進行了收購，這加快了我們在 Pershing X 上的旅程。我們以 Milestone 的形式進行了收購，這對我們有幫助和增值在資產服務領域廣泛開展業務。因此，我們將繼續關注這些類型的事情。但與併購領域的任何事情一樣，有一個很高的標準。

Very good. And Todd, good luck in the next run. Great job being at Bank of New York.

很好。還有托德，祝你下一輪好運。在紐約銀行工作很棒。

Thank you so much. Appreciate that.

太感謝了。感謝。

Ken Usdin from Jefferies.

傑富瑞的肯·烏斯丁。

Best of luck, again also, both of you, Robin and Todd.

再次祝你們好運，羅賓和托德。

Thanks, Ken.

謝謝，肯。

Emily, on the deposit side, can you talk a little bit more about your -- you said, your slightly different expectations for beta. So I'm just wondering, can you flesh that out for us in terms of how you think that projects?

艾米麗，在存款方面，你能多談談你的 - 你說過，你對測試版的期望略有不同。所以我只是想知道，您能否根據您對這些項目的看法為我們詳細說明？

And also, can you help us understand the difference between how you might expect deposits in the U.S. deposit side to act versus when we start to see the impact of the non-U.S. deposit base move?

此外，您能否幫助我們了解您預期美國存款方面的存款如何行動與我們開始看到非美國存款基礎變動的影響之間的區別？

Sure. So what are we -- there's a couple of things in there, so -- about deposits, so -- I mean, about the betas in particular. So betas have been coming in a little bit better than we had anticipated, call it 5% or 10%.

當然。那麼我們是什麼 - 那裡有幾件事，所以 - 關於存款，所以 - 我的意思是，特別是關於貝塔。因此，Beta 的到來比我們預期的要好一點，稱之為 5% 或 10%。

Why that is? Certainly, the way -- our thinking is that it's probably due to a couple of factors: Certainly, the sheer amount of liquidity that's in the system; the risk-off behavior that you're seeing just based on the uncertainty; but also, proactive management by us in terms of our deposit base and targeting operational deposits that we do want to retain.

為什麼會這樣？當然，方式——我們的想法是，這可能是由於幾個因素：當然，系統中的大量流動性；您所看到的僅基於不確定性的風險規避行為；而且，我們在存款基礎和目標我們確實希望保留的運營存款方面進行主動管理。

We still think that ultimately betas will retrace what we saw in the last cycle. Although like I said, they're currently lagging what was actually anticipated. It's -- we're seeing pretty much similar scenes in both the U.S. as well as Europe. What I would say is, as the ECB gets to 0, that's probably the toughest place to be for us. And then as soon as they get negative, we expect betas to also kind of largely retrace what we saw in the last cycle. But that's basically what we're seeing and thinking.

我們仍然認為，最終 beta 版將追溯我們在上一個週期中看到的情況。儘管就像我說的那樣，他們目前落後於實際預期。這是 - 我們在美國和歐洲都看到了非常相似的場景。我想說的是，隨著歐洲央行降到零，這可能是我們最艱難的地方。然後，一旦它們變為負數，我們預計 beta 也將在很大程度上回溯我們在上一個週期中看到的情況。但這基本上就是我們所看到和思考的。

Okay. Got it. And then any updated thoughts in terms of -- you gave us that update on where you expect deposits to be this year. But on a through-the-cycle basis, do you have any way of dimensionalizing how you think total deposits might act through this cycle versus last as well, in terms of either mix shift or total?

好的。知道了。然後任何更新的想法 - 你向我們提供了關於今年存款的最新信息。但是在整個週期的基礎上，您是否有任何方法來衡量您認為總存款在本週期與上一個週期中的表現，無論是混合轉變還是總量？

Yes, sure. So just a couple of things. The first thing I would just say is I just would step back for just a moment and just remind folks about the central role we play in terms of liquidity across the financial ecosystem.

是的，當然。所以只有幾件事。我要說的第一件事是，我只想退後一步，提醒人們我們在整個金融生態系統的流動性方面發揮的核心作用。

So we manage on any given day $1.2 trillion in liquidity across our sophisticated clients. So some of that, of course, is on balance sheet as we're talking about. But there's also a significant chunk of that's off balance sheet. We offer a lot of off balance sheet options, whether it's our own money market funds, third party money market funds, take repo.

因此，我們在任何一天都為成熟的客戶管理著 1.2 萬億美元的流動性。當然，正如我們所說，其中一些在資產負債表上。但也有很大一部分是在資產負債表外。我們提供很多表外選擇，無論是我們自己的貨幣市場基金、第三方貨幣市場基金、回購。

So what I would just -- the reason I say all that is just that, as deposits move, we will also get some benefit and see some of that moving around the system based upon where we are in what I would call each cul-de-sac. So we can benefit from that and see all of that as cash moves around the system.

所以我想說的是——我這麼說的原因就是，隨著存款的移動，我們也會得到一些好處，並看到其中一些在系統中移動，這取決於我們所處的位置，我稱之為每個死胡同-囊。因此，我們可以從中受益，並將所有這些都視為現金在系統中的流動。

But getting very specifically into your question on deposits and deposit balances. What I would say for this year, and then I'll talk about the landing point. For this year, assuming currently implied rates are realized, we would expect deposit -- average deposit balances to probably decline another 5% to 10% from where they were in the second quarter, and that was $311 billion. They -- and just to give you some color, in June, they were at $305 billion. And on a spot basis, they're already below that. Some of that, of course, expected because of seasonally.

但是要非常具體地回答您關於存款和存款餘額的問題。今年我會說什麼，然後我會談談著陸點。今年，假設目前的隱含利率已經實現，我們預計存款——平均存款餘額可能會比第二季度的水平再下降 5% 至 10%，即 3110 億美元。它們——只是為了給你一些顏色，在 6 月份，它們達到了 3050 億美元。在現場，他們已經低於這個水平。當然，其中一些是由於季節性原因而預期的。

Likewise, just a reminder. When you think about the components of our deposit base, we would expect most of that runoff to be in NIBs. And so we'd expect NIBs to revert to about, call it, 20% to 25% of our total deposit base. They're currently about 30%.

同樣，只是一個提醒。當您考慮我們存款基礎的組成部分時，我們預計大部分徑流將在 NIB 中。因此，我們預計 NIB 將恢復到我們總存款基礎的 20% 到 25% 左右。他們目前約為 30%。

And then when you just think about the entirety of the cycle, when we're fully through the cycle and just putting it in perspective. So between the fourth quarter of 2019 and the fourth quarter of 2021, deposits increased by about $100 billion. About 50% of that was NIBs. They are, of course, as we've always talked about, more rate-sensitive. And we would expect also, given the change in mix of our business, Treasury Services is a much bigger business, Asset Servicing likewise is a bigger business, so we think we'll be able to retain roughly 2/3 of that when it's all said and done.

然後，當您考慮整個週期時，當我們完全通過週期並正確看待它時。因此，從 2019 年第四季度到 2021 年第四季度，存款增加了約 1000 億美元。其中大約 50% 是 NIB。當然，正如我們一直在談論的那樣，它們對利率更加敏感。我們還預計，鑑於我們業務組合的變化，財資服務是一項更大的業務，資產服務同樣是一項更大的業務，所以我們認為我們將能夠保留大約 2/3 的業務。說和做。

Mike Mayo, Wells Fargo.

邁克·梅奧，富國銀行。

Can you hear me?

你能聽到我嗎？

Yes, Mike.

是的，邁克。

Okay. Great. Just the big picture question back to Robin. You started off the call saying that customers would like to do more business with BNY Mellon, and that would be by connecting the dots. And connecting the dots is a simple and powerful statement but also so extremely difficult to execute because these dots are in different business lines, different geographies, managed by different people.

好的。偉大的。只是回到羅賓的大局問題。您在電話開始時說客戶希望與紐約梅隆銀行開展更多業務，那就是通過連接點。將這些點連接起來是一個簡單而有力的陳述，但也非常難以執行，因為這些點位於不同的業務線、不同的地區，由不同的人管理。

So how are you able to connect the dots and really focus around the customer when so many of these businesses are in disparate parts of the firm? Just conceptually, how do you attack a problem like that?

那麼，當這些業務中有這麼多位於公司的不同部分時，您如何能夠將這些點聯繫起來並真正關注客戶呢？只是從概念上講，你如何解決這樣的問題？

So yes, it's a great question, Mike. And it's one -- it's something that I'm really very enthusiastic about at the firm. As you know, one of the benefits of having spent a lot of time really talking to clients over the course of the past 4 months; and having worked across and really spent time with employees at all levels, up and down the company, internationally, it has really been to be able to get into this particular opportunity that I highlighted that you just referenced.

所以是的，這是一個很好的問題，邁克。這是一個 - 這是我在公司非常熱衷的事情。如您所知，在過去 4 個月中花大量時間與客戶真正交談的好處之一；並且在國際上與公司上下所有級別的員工一起工作並真正花時間，這真的是能夠進入這個我強調的你剛剛提到的特殊機會。

And I feel we've got a few things that are really going for us. So number one, we've got this real, differentiated trust from our clients. And so there's a will to do more business with us. And actually, I get questions from clients that ask me that they want to do more business with us and they're not sure how to do more business with us. And so that, frankly, is a pretty differentiated situation to be in and I view that as a real advantage.

我覺得我們有一些真正適合我們的事情。所以第一，我們從客戶那裡得到了這種真正的、與眾不同的信任。因此，有意願與我們開展更多業務。實際上，我收到客戶的問題，他們問我他們想與我們開展更多業務，但他們不確定如何與我們開展更多業務。因此，坦率地說，這是一個非常不同的情況，我認為這是一個真正的優勢。

Second, we have a large set of related and interconnected businesses. So it's not like we're trying to sell completely different products to people where it's a real reach. These are adjacent business lines. So it's collateral talking about margin, it's collateral talking about Treasury Services, Treasury Services for wealth clients, foreign exchange for Treasury Services clients. It's real adjacent things. And so there's that opportunity as a result of the nature of the businesses we're in.

第二，我們有大量相關聯的業務。因此，我們並不是想向真正觸手可及的人銷售完全不同的產品。這些是相鄰的業務線。因此，抵押品談論保證金，抵押品談論資金服務，財富客戶的資金服務，資金服務客戶的外匯。這是真正的相鄰事物。因此，由於我們所從事的業務的性質，就有了這樣的機會。

And then third, it's actually the culture of the people. We have people here at BNY Mellon who are client first; firm, second; self, third. That is a very powerful cultural attribute, and I intend to mine that and the other 2 things.

第三，這實際上是人民的文化。在紐約梅隆銀行，我們有客戶至上的人；堅定，第二；自我，第三。這是一個非常強大的文化屬性，我打算挖掘它和其他兩件事。

And I'll just give you one example because I mentioned it in my prepared remarks, but I think it's a great example, which is, Pershing and Asset Servicing came together over the course of the past few months to provide this new capability for this large government client that I referred to, which has a significant addressable market for us.

我只給你一個例子，因為我在準備好的評論中提到了它，但我認為這是一個很好的例子，即 Pershing 和 Asset Servicing 在過去幾個月的過程中聯合起來為此提供了這種新功能我提到的大型政府客戶，對我們來說有一個重要的潛在市場。

But the interesting thing. Although the revenue hopefully will be interesting, the really interesting thing there is how they came together. And I think it is different than maybe the way it would have been a few years ago. So I'm optimistic about this and we'll keep talking to you about it. We call it One BNY Mellon. And I'll be pleased to give you updates along the way.

但有趣的是。儘管希望收入會很有趣，但真正有趣的是它們是如何走到一起的。而且我認為這可能與幾年前的情況不同。所以我對此持樂觀態度，我們將繼續與您討論。我們稱它為 One BNY Mellon。我很樂意在此過程中為您提供最新信息。

And then one follow-up on that. Just your client first; firm, second; self, third. How do people get paid for doing this? Or how do you -- just from a 10,000-foot level, how do you think about individuals getting paid for connecting the firm the way you would like? Because to the extent that incentives ultimately drive behavior, if people get paid more for doing it, they're more likely to do it. Or maybe you disagree.

然後對此進行跟進。客戶至上；堅定，第二；自我，第三。人們如何為此獲得報酬？或者您如何——僅從 10,000 英尺的高度，您如何看待個人因按照您希望的方式連接公司而獲得報酬？因為就激勵最終驅動行為而言，如果人們因為這樣做而獲得更多報酬，他們就更有可能這樣做。或者你可能不同意。

Well, I'm not naive. So of course, financial compensation comes into it. But on that hierarchy of client first; firm, second; self, third, the compensation bit, while important, was in fact third on that list. And people take a lot of pride associated with these sales and rallying around to deliver the firm for clients. And so we're going to do all of the above: Leverage the pride of our institution, America's oldest bank; the fact that we have this incredible connectivity with our franchise; and of course, we'll align appropriately the rewards, both financial and nonfinancial, to achieve those objectives.

好吧，我並不天真。因此，當然，經濟補償也包括在內。但首先是客戶的層次結構；堅定，第二；自我，第三，補償位雖然很重要，但實際上在該列表中排名第三。人們對這些銷售和團結起來為客戶提供公司感到非常自豪。所以我們要做到以上所有：利用我們機構的自豪感，美國最古老的銀行；事實上，我們與我們的特許經營權有著令人難以置信的聯繫；當然，我們將適當調整財務和非財務獎勵，以實現這些目標。

(Operator Instructions) Brennan Hawken from UBS.

（操作員說明）瑞銀的布倫南霍肯。

I guess I'm curious on the relationship with fee revs and expenses. It seems as though, of course, we've got a challenging market environment, so not surprising to see the fee revenue pressure. I guess just if you could update us on the thinking around the sort of rigidity, so to speak, of the operating expenses. And whether or not there's an ability to do something, given the challenging environment, to ease some of that pressure a bit.

我想我很好奇與費用轉速和費用的關係。當然，我們似乎面臨著充滿挑戰的市場環境，因此看到收費收入壓力也就不足為奇了。我想如果你能更新我們關於那種僵化的想法，可以說是運營費用。考慮到充滿挑戰的環境，是否有能力做某事來緩解一些壓力。

And I think you usually, Emily, guide to core expenses, so we'd back out the charge this quarter. But just housekeeping-wise, confirm that.

我認為你通常，艾米麗，指導核心費用，所以我們會在本季度取消收費。但只是家政方面，確認這一點。

Sure. So there's a lot in there, Brennan, so let me take a step back. So just when you think about the 5% to 5.5% up guide for the year, it's kind of very much in line with what we've been talking about since the beginning of the year. Any benefit that we are getting from currency tailwinds is being more than offset by much more persistent inflation pressure.

當然。所以里面有很多東西，布倫南，所以讓我退後一步。因此，當您考慮今年 5% 至 5.5% 的上漲指導時，它與我們自年初以來一直在談論的內容非常一致。我們從貨幣順風中獲得的任何好處都被更持久的通脹壓力所抵消。

So if you just take that out of the equation, the 5% to 5.5% up is about 2%, driven by higher revenue-related expenses. Think distribution expenses associated with the abatement of money market fee waivers, think clearing fees associated with higher volumes. And also in that number is higher onboarding costs associated with the strong pipeline that we're onboarding across various different businesses. And so the remainder really relates to investment net of efficiencies as well as what I would call normalizing costs as we return to the office, like T&E and occupancy, et cetera.

因此，如果你把它排除在外，5% 到 5.5% 的漲幅約為 2%，這是由更高的收入相關費用推動的。想想與減少貨幣市場費用減免相關的分銷費用，想想與更高交易量相關的清算費用。而且在這個數字中，與我們在各種不同業務中加入的強大管道相關的更高的加入成本。因此，其餘部分確實與投資淨效率以及我們返回辦公室時我所說的正常化成本有關，例如 T&E 和入住率等。

And in terms of just kind of how we think about managing the cost base. And when we think about the cost base in general, it's really 3 main categories that we talk about here. One is the revenue-related category. The other is the structural around the bank category. It's obviously difficult -- it's a little bit more difficult to move in the near term. And then there's the change the bank, or investments, the discretionary category.

就我們如何考慮管理成本基礎而言。當我們考慮總體成本基礎時，我們在這裡討論的實際上是 3 個主要類別。一是與收入相關的類別。另一個是圍繞銀行類別的結構。這顯然很困難——在短期內移動有點困難。然後是銀行或投資，可自由支配類別的變化。

As Rob and myself, Todd, have all talked about before, we see a lot of compelling opportunities. Very -- I mean, I'd say a lot, but we've been extraordinarily targeted in those opportunities, Pershing X, future of collateral, data analytics, et cetera, and we will stay the course on those investments. You don't just stop and start them based on a macroeconomic backdrop, and they are important to the future of the firm.

正如 Rob 和我自己 Todd 之前所說的那樣，我們看到了很多令人信服的機會。非常 - 我的意思是，我想說很多，但我們一直非常關注這些機會，Pershing X，抵押品的未來，數據分析等等，我們將堅持這些投資。你不只是根據宏觀經濟背景停止和啟動它們，它們對公司的未來很重要。

Having said that, there are areas of course that we are pushing on and that we can hopefully accelerate from an efficiency perspective, things like eliminating bureaucracy, automating the manual processes that still we have across the firm, optimizing our real estate and geographic footprint, better scaling our vendor usage to get more buying power, reducing unnecessary temps and consultants, all of those sorts of things. And that could be meaningful in totality.

話雖如此，我們當然正在推進某些領域，並且希望從效率的角度來看我們可以加速，例如消除官僚主義，自動化我們在整個公司中仍然擁有的手動流程，優化我們的房地產和地理足跡，更好地擴展我們的供應商使用以獲得更多的購買力，減少不必要的臨時工和顧問，所有這些事情。總的來說，這可能是有意義的。

Okay. Just the core part of the question. This is -- you guys guide to core expenses, right?

好的。只是問題的核心部分。這是——你們指導核心費用，對吧？

Yes. I'm sorry. Yes, it was core ex notables, correct.

是的。對不起。是的，這是核心前名人，正確的。

No, I know. I had a bunch of pieces. So I just wanted to make sure you got that. Okay. No, I appreciate all of that.

不，我知道。我有一堆碎片。所以我只是想確保你明白這一點。好的。不，我很欣賞這一切。

I guess when we think about the pieces of the expenses that are tied to the revenue and the pipeline and everything, would that suggest then -- because the revenue trends have actually been adverse a year -- in this year versus where we had started. So should we be thinking that some of those benefits that -- where you're having some expenses or bearing some expenses this year would be coming in 2023? Is that the deal? Or is the idea that the revenue that's tied to the expenses is getting offset by some of the environmental headwinds that we've all seen?

我想當我們考慮與收入和管道以及一切相關的費用時，這是否會暗示 - 因為收入趨勢實際上是不利的一年 - 今年與我們開始的地方相比。那麼，我們是否應該認為，今年有一些支出或承擔一些支出的那些好處將在 2023 年到來？那是交易嗎？還是認為與費用相關的收入正在被我們都看到的一些環境不利因素所抵消？

Well, I mean, just to remind you. I mean, the environmental headwinds, meaning market levels and currency, have been an enormous headwind. So I mean, that's the challenge very much this year.

好吧，我的意思是，只是為了提醒你。我的意思是，環境逆風，即市場水平和貨幣，一直是一個巨大的逆風。所以我的意思是，這是今年的挑戰。

Yes, it is fair to say that some of the cost base is just the normal upfront costs that we have in this industry for onboarding clients, that you will actually see the fee revenue realized over '23, '24 and beyond.

是的，可以公平地說，一些成本基礎只是我們在這個行業中為入職客戶提供的正常前期成本，您實際上會看到在 23 年、24 年及以後實現的費用收入。

Rob Wildhack from Autonomous Research.

來自 Autonomous Research 的 Rob Wildhack。

You called out a nice to-be-installed pipeline AUC/A. Can you just remind us how long that takes to get installed and start generating revenue?

您調用了一個不錯的待安裝管道 AUC/A。您能否提醒我們安裝並開始產生收入需要多長時間？

And is there any notable difference in the profitability of some of the new wins? Like is that ETF business that you called out any more or less profitable? Anything like that worth noting?

一些新勝利的盈利能力是否有顯著差異？就像您所說的那個 ETF 業務或多或少是有利可圖的？有什麼值得注意的嗎？

so there are a couple of things in that question. So when we think about -- I mean, the to-be-installed and how it -- the timing of the onboarding is obviously just very dependent upon the business unit you're talking about. But generally speaking, it's about a kind of 6 -- anywhere from a 6-month to a 12-month onboarding kind of time frame.

所以這個問題有幾件事。因此，當我們考慮 - 我的意思是，要安裝的設備以及如何安裝 - 入職時間顯然非常取決於您所談論的業務部門。但一般來說，它大約是 6 - 從 6 個月到 12 個月的入職時間框架。

And in terms of just the -- kind of how we think about the profitability and the fees generated from the pipeline in the terms of ETFs, et cetera. Robin, if you want to...

就我們如何看待 ETF 等條款中的盈利能力和管道產生的費用而言。羅賓，如果你想...

Yes. I would say that we are very focused on the net margin contribution of new business that we're bringing on. We have a rigorous process to look at that. As you look at the overall margin of the business, I think we're a bit victim of, and that was choices at the time, of business that was onboarded that wasn't always at the appropriate margin. And so we're very -- we're being very scrupulous about that as we look at the business coming in today.

是的。我想說的是，我們非常關注我們帶來的新業務的淨利潤貢獻。我們有一個嚴格的過程來看待這一點。當您查看業務的整體利潤率時，我認為我們有點受害，而那是當時的選擇，即加入的業務並不總是處於適當的利潤率。所以我們非常 - 當我們看到今天的業務時，我們對此非常謹慎。

Okay. And a quick one, Emily. Could you just quantify, or did you quantify, what the effect of that merit increase that was pulled into 2Q?

好的。還有一個快速的，艾米麗。您能否量化，或者您是否量化了被拉入第二季度的績效提升的影響？

It was about 1% when you -- just in terms of the quarter-on-quarter variance.

僅就季度差異而言，大約為 1%。

Okay. And congrats to you and to Todd and Robin.

好的。並祝賀你和托德和羅賓。

Thank you. Thanks, Rob.

謝謝你。謝謝，羅伯。

Thanks, Rob.

謝謝，羅伯。

And our final question comes from the line of Brian Bedell with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Brian Bedell。

Great. Great. And I also echo my congrats and good luck for Todd. And welcome, Robin. And also for Emily.

偉大的。偉大的。我也對托德表示祝賀和好運。歡迎您，羅賓。還有艾米麗。

Thanks, Brian.

謝謝，布賴恩。

Just a couple of small modeling questions for Emily and then a strategic revenue growth question for Robin.

艾米麗只有幾個小的建模問題，然後是羅賓的戰略收入增長問題。

So just with Emily, just checking if your net interest revenue assumptions are using just the forward curve globally for central banks' hikes.

因此，只需使用 Emily，只需檢查您的淨利息收入假設是否僅使用全球遠期曲線來計算中央銀行的加息。

And also if you can size the strategic investment equity gain in the quarter.

此外，如果您可以確定本季度的戰略投資股權收益。

And then also on the Issuer Services, that $300 million was really strong. Is that a reasonable run rate into the second half?

然後在發行人服務方面，這 3 億美元確實很強勁。這是進入下半場的合理運行率嗎？

You asked 3 questions there. So first, in terms of deposits, yes, we use the forward curve for all major countries and/or regions. So it is global.

你在那裡問了3個問題。首先，就存款而言，是的，我們使用所有主要國家和/或地區的遠期曲線。所以它是全球性的。

Two, what was your two? Sorry.

二，你的二是什麼？對不起。

Just the strategic investment gain that you called out, can you size it out?

只是你所說的戰略投資收益，你能衡量一下嗎？

Yes. We're not disclosing that specifically. But it did -- it was part of the reason and a driver why investment and other income was $90 million. But we've also given you the normal run rate for that line. So you can kind of think about what that would therefore mean.

是的。我們沒有具體披露。但它確實做到了——這是投資和其他收入為 9000 萬美元的部分原因和驅動力。但我們也為您提供了該線路的正常運行速度。所以你可以考慮一下這意味著什麼。

But it is also worth saying that there were some seed capital losses net of hedges in that line this quarter that did not exist in the -- or actually, that were a gain in the second quarter of last year. So all of that is playing through the investment and other income line.

但也值得一提的是，本季度該行中存在一些扣除對沖的種子資本損失，而這些損失在去年第二季度並不存在——或者實際上，這是去年第二季度的收益。所以所有這些都是通過投資和其他收入線發揮作用的。

And then your last question was?

然後你的最後一個問題是？

The Issuer Services was really good this quarter, and if that was a good run rate. Yes.

本季度的發行人服務非常好，如果這是一個不錯的運行率的話。是的。

Yes. Yes, of course. So in Issuer Services, ultimately, we had a better performance in DRs than we had originally anticipated and just strong dividend activity. Some of that is seasonal that you normally just see first quarter to second quarter. So that's really the driver.

是的。是的當然。因此，在發行人服務方面，最終，我們在 DR 方面的表現比我們最初預期的要好，而且股息活動也很強勁。其中一些是季節性的，您通常只看到第一季度到第二季度。所以這才是真正的司機。

Okay. Great. And then Robin, if we could just finish on Pershing X. It sounds like you are making traction there. I know that's still like a 2-plus year type of sort of materiality, at least at the last earnings call. So I don't know if you want to update us on whether you think that might actually happen sooner.

好的。偉大的。然後羅賓，如果我們能完成 Pershing X。聽起來你正在那裡取得進展。我知道，至少在上次財報電話會議上，這仍然是一種 2 年以上的重要性。所以我不知道你是否想告訴我們你是否認為這實際上可能會更早發生。

And then just on the organic growth, which is looking like 50 to 100 basis points like you said for this year. Just with all of these initiatives, do you have an -- do you envision of where that organic growth rate could maybe go in the next couple of years? It sounds like there's a lot of exciting growth initiatives and business opportunities given how you've characterized it.

然後就有機增長而言，就像你今年所說的那樣，它看起來像 50 到 100 個基點。僅通過所有這些舉措，您是否有 - 您是否設想過有機增長率在未來幾年內可能會走向何方？鑑於您對它的描述，聽起來有很多令人興奮的增長計劃和商機。

Sure. So let me start, Brian, with Pershing X. And so we're very pleased with the progress that we've made. Ainslie onboarded in the second half of last year, as you know. She just crossed the 9-month mark. We've rounded out the management team. We acquired Optimal Asset Management.

當然。那麼讓我從 Pershing X 開始吧，Brian。所以我們對我們所取得的進展感到非常滿意。如您所知，Ainslie 於去年下半年入職。她剛剛跨過了9個月的大關。我們已經完善了管理團隊。我們收購了 Optimal Asset Management。

We actually integrated our Allbridge business into Pershing X as well, which has been quite helpful because it's quickly augmented the number of engineers, an extra 150 engineers into the mix. And so we've had hands on keyboards writing code for the past 3 months on that.

實際上，我們也將 Allbridge 業務整合到了 Pershing X 中，這非常有幫助，因為它迅速增加了工程師的數量，額外增加了 150 名工程師。因此，在過去的 3 個月裡，我們一直在使用鍵盤編寫代碼。

We feel we're very much on track, and we're expecting to launch a very early minimum viable product with a very small select group of clients by the end of the year on the business, which will be helpful. And we've been taking a lot of client advice along the way and have had a lot of client engagement, which is helpful not only to make sure that we're building exactly what clients want, which, as you know, is the origin of the product, but also of course helps us with sort of the early presale of the whole conversation.

我們覺得我們已經走上了正軌，我們希望在今年年底之前推出一個非常早期的最小可行產品，並在該業務上為一小部分客戶選擇，這將是有幫助的。在此過程中，我們一直在聽取大量客戶建議，並與客戶進行了大量互動，這不僅有助於確保我們構建的正是客戶想要的，正如你所知，這就是起源產品，但當然也有助於我們進行整個對話的早期預售。

So we're excited about the direction of travel. I'll reiterate my prior point on the revenue though, which is we don't expect to have a meaningful drop to the bottom line on this thing, I said at the time, for a couple of years. That was a quarter ago. So we're still on that same track notwithstanding the fact that we're going to be starting testing the MVP at the end of the year. And it's a multiyear endeavor for us and we remain excited about it.

所以我們對旅行的方向感到興奮。不過，我會重申我之前關於收入的觀點，我當時說，幾年內我們預計這件事的底線不會有實質性的下降。那是四分之一之前。因此，儘管我們將在年底開始測試 MVP，但我們仍然在同一條軌道上。這對我們來說是一項多年的努力，我們仍然對此感到興奮。

In terms of organic growth sort of more broadly. I will say that, that comes in a couple of different forms. Of course, we've got the interesting initiatives like Pershing X, like our investment in RTP. We've also got it in the form of the margin walk that we've walked you through before in Asset Servicing, which includes top line activity as well as the bottom line as we do all of that. But -- so we've got all of those initiatives, those contribute to organic growth.

就有機增長而言，範圍更廣。我會說，它有幾種不同的形式。當然，我們有像 Pershing X 這樣有趣的舉措，比如我們對 RTP 的投資。我們還以我們之前在資產服務中向您介紹的保證金走訪的形式獲得了它，其中包括頂線活動以及我們所做的所有這些活動的底線。但是 - 所以我們有所有這些舉措，這些舉措有助於有機增長。

But we also think that, to my conversation earlier on about One BNY Mellon, that there is blocking and tackling, which isn't necessarily glamorous but it's important under the hood, to make sure that we really are introducing all of our clients to all of the products and capabilities and platforms of BNY Mellon. And I'm excited that, that's going to contribute growth as well over time. Not in a position to give you a number today, but I think it will be part of the equation.

但我們也認為，在我之前關於 One BNY Mellon 的談話中，有阻攔和攔截，這不一定很迷人，但在幕後很重要，以確保我們真正將所有客戶介紹給所有人紐約梅隆銀行的產品、能力和平台。我很興奮，隨著時間的推移，這也將有助於增長。今天無法給你一個數字，但我認為這將是等式的一部分。

And with that, that does conclude our question-and-answer session for today. I would now like to hand the call back over to Robin with any additional or closing remarks.

至此，我們今天的問答環節就結束了。我現在想將電話轉回羅賓，並附上任何補充或結束語。

Well, thank you very much, operator. And thank you, everyone, for your interest in BNY Mellon. I know it's a very crowded morning today, so we appreciate you dialing in. If you have any follow-up questions, please do reach out to Marius and the IR team. But let me just say be well and enjoy your summer as we finish up. Thank you.

好的，非常感謝你，接線員。感謝大家對紐約梅隆銀行的興趣。我知道今天早上非常擁擠，所以我們感謝您撥入。如果您有任何後續問題，請聯繫 Marius 和 IR 團隊。但是，讓我說要好好享受你的夏天，因為我們結束了。謝謝你。

Thank you. This does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Mellon Investor Relations website at 2:00 p.m. Eastern Standard time today. Have a great day.

謝謝你。今天的會議和網絡直播到此結束。本次電話會議和網絡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。今天東部標準時間。祝你有美好的一天。