紐約梅隆銀行 (BK) 2022 Q3 法說會逐字稿

Good morning, and welcome to the 2022 Third Quarter Earnings Conference Call hosted by BNY Mellon. (Operator Instructions)

早上好，歡迎參加由紐約梅隆銀行主辦的 2022 年第三季度收益電話會議。 （操作員說明）

Please note that this conference call and webcast will be recorded and will consist of copyright material. You may not record or rebroadcast these materials without BNY Mellon's consent.

請注意，本次電話會議和網絡廣播將被錄製，並包含版權材料。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.

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。

Thank you, operator. Good morning, everyone, and welcome to our third 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 年第三季度財報電話會議。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 Robin Vince, President and Chief Executive Officer; and Emily Portney, our Chief Financial Officer. Robin will make introductory remarks, and Emily will then take you through the earnings presentation. Following their prepared remarks, there will be a Q&A session.

總裁兼首席執行官 Robin Vince 也加入了我的行列；和我們的首席財務官 Emily Portney。羅賓將做介紹性發言，然後艾米麗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, October 17, 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 10 月 17 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. Having formally taken over as CEO a little over a month ago, it is a tremendous honor to usher in a new chapter for this great institution. After spending a significant portion of the past few months, engaging with clients, regulators, employees and other business leaders, I'm excited about our exceptional client franchise, our central role in global financial markets and the opportunity that lies ahead.

謝謝你，馬呂斯，謝謝大家今天早上加入我們。一個多月前正式接任首席執行官一職，很榮幸為這家偉大的機構開啟新篇章。在過去幾個月的大部分時間裡與客戶、監管機構、員工和其他商業領袖接觸後，我對我們卓越的客戶特許經營權、我們在全球金融市場中的核心作用以及未來的機遇感到興奮。

Now as a new CEO and considering the current environment, and it being the time of year when budgets and strategic plans are helpfully debated and brought together, naturally I'm using this opportunity to take a particularly close look at our priorities.

現在，作為新任 CEO，考慮到當前環境，以及每年對預算和戰略計劃進行有益辯論和匯總的時候，我自然會利用這個機會特別仔細地審視我們的優先事項。

While I'm still reviewing everything, it's apparent to me that while we've made good progress in a number of areas over the last couple of years, there are also clearly opportunities to further enhance BNY Mellon's performance for our clients and shareholders alike.

雖然我仍在審查一切，但對我來說很明顯，雖然我們在過去幾年中在許多領域取得了良好進展，但顯然還有機會進一步提高紐約梅隆銀行對我們的客戶和股東的表現。

First, I see exciting growth opportunities and numerous examples of innovation like Pershing X, the reimagining of our collateral and custody platforms, digital assets and real-time payments that we need to continue to invest in and execute on with great discipline and urgency.

首先，我看到了令人興奮的增長機會和眾多創新示例，例如 Pershing X、我們的抵押品和託管平台、數字資產和實時支付的重新構想，我們需要繼續以嚴格的紀律和緊迫性進行投資和執行。

Second, we're not just reviewing the top line, we are also closely examining our cost base and margins. I'm questioning how we do things, and I'm of the view that our margins should be better in some areas.

其次，我們不僅在審查收入，我們還在仔細檢查我們的成本基礎和利潤率。我質疑我們是如何做事的，我認為我們的利潤率在某些領域應該會更好。

For example, we talked to you about improving our pretax margin in Securities Services to 30% over the medium term. More broadly, we are also going to be looking for efficiency opportunities as we drive our operating model transformation, and will be very determined to see them through.

例如，我們與您討論了在中期將我們在證券服務的稅前利潤率提高到 30% 的問題。更廣泛地說，我們還將在推動運營模式轉型的過程中尋找提高效率的機會，並將堅定地堅持下去。

And third, while we have been providing more holistic solutions to clients that we believe our unique collection of businesses is better placed to deliver, we have the potential to do a lot more. I touched on this on the last earnings call, but I continue to believe that the opportunity to deliver the whole firm through a more unified One BNY Mellon is meaningful. As we continue to work through and bottom out all of these opportunities in the coming months, we will be regularly providing you with progress updates along the way.

第三，雖然我們一直在為客戶提供更全面的解決方案，我們相信我們獨特的業務集合更適合交付，但我們有潛力做更多的事情。我在上次財報電話會議上談到了這一點，但我仍然相信，通過一個更加統一的紐約梅隆銀行來交付整個公司的機會是有意義的。隨著我們在接下來的幾個月中繼續努力解決所有這些機會，我們將在此過程中定期為您提供進展更新。

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 financial results in more detail.

進入季度。在介紹一些財務亮點之前，我將從一些更廣泛的視角開始，然後我將把它交給 Emily 來更詳細地審查我們的財務業績。

As you are aware, during the quarter, we continue to see high levels of volatility across both global equity and fixed income markets; persistently high inflation, driving increased expectations for significant rapid rate increases by central banks in developed countries; a strengthening U.S. dollar; and a complex geopolitical landscape.

如您所知，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；持續高通脹，推動發達國家央行大幅快速加息的預期增加；美元走強；和復雜的地緣政治格局。

We also began to see some government intervention; for example, Japan stepping into the FX market to manage their currency. And this was particularly on display in the U.K. wherein the last few weeks, there has been extraordinary volatility in the gilt market as a result of the U.K. government's spending and taxation plans. This led to a series of actions by the Bank of England, including delaying their QT plans, announcing a gilt purchase program and a liquidity facility aimed to stabilize the market. Our business model as a core provider touching so much of the financial system gives us a terrific vantage point on what's going on in markets.

我們也開始看到一些政府乾預；例如，日本進入外匯市場以管理其貨幣。這在英國表現得尤為明顯，在過去幾週，由於英國政府的支出和稅收計劃，金邊市場出現了異常波動。這導致英格蘭銀行採取了一系列行動，包括推遲 QT 計劃、宣布金邊債券購買計劃和旨在穩定市場的流動性工具。我們作為核心供應商的商業模式涉及金融系統的許多方面，為我們提供了一個很好的有利位置，可以了解市場上正在發生的事情。

For example, our data shows that building up throughout the quarter and heading into quarter end, the market was extremely short euros to levels not seen in quite a few years. And we've seen international holders selling U.S. treasuries.

例如，我們的數據顯示，在整個季度建立並進入季度末，市場極度空頭歐元至多年未見的水平。我們已經看到國際持有人出售美國國債。

And more broadly, it's clear that market liquidity continues to be challenged in some markets more so than in others. As we sit here today, most markets have continued to function in a relatively orderly fashion, trades are settling and fails and overdrafts are at fairly normal levels. But clearly, risks are elevated and the system feels more fragile than it was a few months ago.

更廣泛地說，很明顯，市場流動性在某些市場繼續受到挑戰比在其他市場更大。當我們今天坐在這裡時，大多數市場繼續以相對有序的方式運作，交易正在結算和失敗，透支處於相當正常的水平。但顯然，風險升高了，系統感覺比幾個月前更脆弱。

While the environment is quite uncertain, our platform of trust and innovation is very much in demand by our clients. As their cost pressures rise, we are seeing a lot of interest in engaging with us to review operating models. The scale of our platforms should allow us to lower operating costs for our clients, enabling them to focus on their core strengths.

雖然環境非常不確定，但我們的客戶非常需要我們的信任和創新平台。隨著他們的成本壓力上升，我們看到很多人有興趣與我們合作審查運營模式。我們平台的規模應該使我們能夠為客戶降低運營成本，使他們能夠專注於自己的核心優勢。

Turning to our performance in the quarter and referring to Page 2 of our financial highlights presentation. We reported EPS of $0.39 on $4.3 billion of revenue and a return on tangible common equity of 7%. These results were impacted by a goodwill impairment charge that Emily will discuss in more detail shortly. Excluding the impact of notable items, EPS was $1.21, up 11% year-over-year, and our return on tangible common equity was 22%.

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 0.39 美元，收入為 43 億美元，有形普通股回報率為 7%。這些結果受到商譽減值費用的影響，Emily 將在稍後更詳細地討論。不計重要項目的影響，每股收益為 1.21 美元，同比增長 11%，我們的有形普通股回報率為 22%。

Revenue grew 6% year-over-year, a testament to the diversity and resiliency of our business model. This performance reflected the benefit of higher interest rates as well as continued strength in client volumes and balances across our Securities Services and Market and Wealth Services segments.

收入同比增長 6%，證明了我們業務模式的多樣性和彈性。這一業績反映了更高利率的好處，以及我們證券服務和市場和財富服務部門的客戶數量和余額持續強勁。

While investment in Wealth Management was naturally more affected by the continued decline in global market values, particularly in Investment Management, the business delivered positive net inflows in the quarter and continued to deliver solid investment performance for our clients.

雖然財富管理的投資自然會受到全球市場價值持續下跌的更大影響，尤其是投資管理業務，但該業務在本季度實現了正的淨流入，並繼續為我們的客戶帶來穩健的投資業績。

Touching on a few business highlights. Asset Servicing continued to deliver solid top line results, and our sales momentum remains strong, with wins and mandates up from a strong 2021 and yet to be installed AUC/A meaningfully higher than last quarter.

談到一些業務亮點。 Asset Servicing 繼續提供穩健的頂線業績，我們的銷售勢頭依然強勁，與 2021 年的強勁業績相比，勝率和授權量有所增加，但 AUC/A 的安裝量仍顯著高於上一季度。

In ETFs, we continue to see strong net inflows and the total number of funds serviced is up almost 10% from the beginning of the year. We're also seeing strong momentum and traction in the alts space and have an active pipeline across credit, private equity and real estate.

在 ETF 中，我們繼續看到強勁的淨流入，服務的基金總數比年初增長了近 10%。我們還看到替代空間的強勁勢頭和牽引力，並在信貸、私募股權和房地產領域擁有活躍的管道。

And we were pleased to announce that Aviva Investors, a large European-based global asset manager, recently appointed us to provide a fully integrated operating model for certain front office support services as well as middle and back office activities, allowing them to focus on delivering an exceptional client experience powered in no small part by the scale and capabilities of our platform.

我們很高興地宣布，總部位於歐洲的大型全球資產管理公司 Aviva Investors 最近任命我們為某些前台支持服務以及中後台活動提供完全集成的運營模式，使他們能夠專注於交付卓越的客戶體驗在很大程度上得益於我們平台的規模和能力。

And finally, following the formation of our digital assets unit in 2021, we are now live with our Digital Asset Custody platform in the U.S.

最後，隨著我們在 2021 年成立數字資產部門，我們現在在美國使用我們的數字資產託管平台。

To this point, we continue to see significant institutional demand for resilient, scalable financial infrastructure built to accommodate both traditional and digital assets. And we see Digital Asset Custody as an important foundational capability for the future of financial markets as blockchain technology allows for tokenization of all kinds of assets and currencies.

到目前為止，我們繼續看到機構對彈性、可擴展的金融基礎設施的巨大需求，這些基礎設施可以同時容納傳統資產和數字資產。我們認為數字資產託管是金融市場未來的重要基礎能力，因為區塊鏈技術允許對各種資產和貨幣進行代幣化。

But just to be clear, we did not invest in this space just for the purpose of custodying crypto. We see this as the beginning of a much broader journey.

但需要明確的是，我們投資這個領域並不是為了保管加密貨幣。我們將此視為更廣泛旅程的開始。

Pershing had a solid and resilient quarter, benefiting from its diverse revenue mix that includes not only market-based fees but also transaction fees, balanced base fees, subscription fees and net interest revenue with many of these income streams playing well in the current environment.

博星的季度業績穩健且富有彈性，這得益於其多樣化的收入組合，不僅包括基於市場的費用，還包括交易費用、平衡的基本費用、訂閱費和淨利息收入，其中許多收入流在當前環境中表現良好。

We also gathered a strong $45 billion of net new assets in the quarter, and the pipeline remains healthy, boding well for flows in the months ahead.

我們還在本季度收集了強勁的 450 億美元的淨新資產，並且管道保持健康，預示著未來幾個月的資金流動良好。

Pershing X reached another milestone through an equity investment and partnership with Conquest Planning, a fintech, which uses AI and powerful analytics tools to help advisers improve their efficiency and create highly customizable financial plans for their clients. X's Minimum Viable Product remains on track to launch in the fourth quarter. Our client engagement, together with the product design input which that brings, is helping us to accelerate and enhance the delivery of an exciting end-to-end digital experience for advisers.

Pershing X 通過股權投資和與金融科技公司 Conquest Planning 的合作達到了另一個里程碑，該公司使用人工智能和強大的分析工具來幫助顧問提高效率並為客戶制定高度可定制的財務計劃。 X 的最小可行產品仍有望在第四季度推出。我們的客戶參與以及由此帶來的產品設計投入，正在幫助我們加速和增強為顧問提供令人興奮的端到端數字體驗。

Clearance and Collateral Management delivered strong growth on the back of higher U.S. clearance volumes, as market volatility continues to drive secondary trading activity in U.S. treasuries. In fact, in September, settlement volumes were the highest they've been since March of 2020. We also saw growth in margin-related services, reflecting the industry-leading work that the team is doing to help our clients comply with uncleared margin rules in derivatives trading.

由於市場波動繼續推動美國國債的二級交易活動，清算和抵押品管理在美國清算量增加的背景下實現了強勁增長。事實上，9 月份的結算量是自 2020 年 3 月以來的最高水平。我們還看到保證金相關服務的增長，這反映了該團隊為幫助我們的客戶遵守未清算保證金規則所做的行業領先工作在衍生品交易中。

Treasury Services achieved a number of wins this quarter as we continue to bring innovative new solutions to the market. We were awarded a contract for white-labeled trade processing for a major U.S. bank. We sponsored our first supply chain financing program for a major investment-grade corporate client, and we were awarded and will be managing payroll and digital asset transfers for a major digital asset client.

隨著我們繼續為市場帶來創新的新解決方案，Treasury Services 在本季度取得了多項勝利。我們獲得了美國一家大型銀行的白標貿易處理合同。我們為一家大型投資級企業客戶贊助了我們的第一個供應鏈融資計劃，我們獲獎並將為一家大型數字資產客戶管理工資單和數字資產轉移。

Recognizing our momentum in this business, The Banker named us 2022 Global Transaction Bank of the Year. We're also proud to have been recognized by them with additional awards for our work to transform the real-time and digital payment space and optimize trade finance payments by leveraging emerging technologies.

認識到我們在這項業務中的發展勢頭，《銀行家》將我們評為 2022 年度全球交易銀行。我們也很自豪能夠因我們通過利用新興技術改變實時和數字支付空間並優化貿易融資支付而獲得額外獎項的認可。

Let me conclude with a note of humility about the uncertainty that we're all witnessing in markets these days. None of us can predict the exact path of markets and the economic conditions from here, and the level of uncertainty is greater than many have become used to.

讓我以謙虛的態度結束我們這些天在市場上目睹的不確定性。我們誰都無法從這裡預測市場的確切路徑和經濟狀況，而且不確定性程度比許多人已經習慣的要大。

As a firm, we are positioning ourselves conservatively in this environment and recognize that the strength and stability of our platform is important for the uninterrupted functioning of a significant part of global capital markets. We're proud of this role and the service that we deliver to our clients around the world.

作為一家公司，我們在這種環境中保守地定位自己，並認識到我們平台的實力和穩定性對於全球資本市場重要部分的不間斷運作非常重要。我們為這個角色以及我們為世界各地的客戶提供的服務感到自豪。

With that, I'll hand it over to Emily for the more detailed review of our financial performance in the quarter.

有了這個，我將把它交給艾米麗，以便更詳細地審查我們本季度的財務業績。

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。

Starting on Page 3. Total revenues increased by 6% to $4.3 billion in the third quarter. Fee revenue was down 1% as the benefit of lower money market fee waivers and organic growth across our Securities Services and Market and Wealth Services segments was offset by the impact of lower market values across equity and fixed income markets and the unfavorable impact of the stronger U.S. dollar.

從第 3 頁開始。第三季度總收入增長 6%，達到 43 億美元。費用收入下降 1%，原因是我們證券服務和市場與財富服務部門的貨幣市場費用減免和有機增長的好處被股票和固定收益市場的較低市場價值的影響以及更強的不利影響所抵消美元。

Firm-wide assets under custody and/or administration of $42.2 trillion decreased by 7%. The impact of lower market values and currency headwinds was tempered by continued growth from new and existing clients. And assets under management of $1.8 trillion decreased by 23%, also reflecting lower market values and the unfavorable impact of the stronger U.S. dollar, partially offset by cumulative net inflows.

全公司託管和/或管理的資產為 42.2 萬億美元，下降了 7%。新客戶和現有客戶的持續增長緩解了市場價值下跌和貨幣逆風的影響。 1.8 萬億美元的管理資產減少了 23%，也反映了較低的市場價值和美元走強的不利影響，部分被累計淨流入所抵消。

Investment and other revenue was $117 million in the quarter. This included a $37 million gain on the sale of our HedgeMark subsidiary. Through a minority equity stake in the combined company, we will continue participating in their growth and our clients will certainly benefit from a robust suite of managed account solutions.

本季度的投資和其他收入為 1.17 億美元。這包括出售我們的 HedgeMark 子公司獲得的 3700 萬美元收益。通過合併後公司的少數股權，我們將繼續參與他們的發展，我們的客戶肯定會從一套強大的託管賬戶解決方案中受益。

Net interest revenue increased by 44%, primarily reflecting higher interest rates. Reported expenses were up 26%. This included a $680 million impairment of goodwill associated with our Investment Management reporting unit, which was driven by lower market values and a higher discount rate. While having impacted our earnings for the quarter, this impairment represented a noncash charge and did not affect the firm's liquidity position, tangible common equity or regulatory capital ratios.

淨利息收入增加 44%，主要反映較高的利率。報告的費用增長了 26%。這包括與我們的投資管理報告部門相關的 6.8 億美元商譽減值，這是由於較低的市場價值和較高的貼現率所致。雖然影響了我們本季度的收益，但這種減值是一項非現金費用，不會影響公司的流動性狀況、有形普通股或監管資本比率。

Excluding notable items, expenses were up 4%. Provision for credit losses was a benefit of $30 million, primarily reflecting reserve releases related to cash balances and exposure to Russia as well as a modest benefit from our commercial real estate portfolio.

不包括值得注意的項目，費用增長了 4%。信貸損失準備金帶來了 3000 萬美元的收益，主要反映了與現金餘額和俄羅斯風險敞口相關的準備金釋放，以及我們的商業房地產投資組合帶來的適度收益。

Our effective tax rate was 38.4% or 19.5%, excluding notable items. Reported EPS was $0.39, pretax margin was 15% and return on tangible common equity was 7%. Excluding the impact of notable items, EPS was $1.21, pretax margin was 31% and return on tangible common equity was 22%.

我們的有效稅率為 38.4% 或 19.5%，不包括值得注意的項目。報告的每股收益為 0.39 美元，稅前利潤率為 15%，有形普通股的回報率為 7%。不計重要項目的影響，每股收益為 1.21 美元，稅前利潤率為 31%，有形普通股的回報率為 22%。

Now on to capital and liquidity on Page 4. Our consolidated Tier 1 leverage ratio was 5.4%, up 19 basis points sequentially, reflecting the benefit of lower average assets, which was partially offset by a decrease in Tier 1 capital.

現在轉到第 4 頁的資本和流動性。我們的綜合一級槓桿比率為 5.4%，環比上升 19 個基點，這反映了較低的平均資產帶來的好處，這部分被一級資本的減少所抵消。

The sharp increase in interest rates, especially in the last weeks of the quarter, resulted in an increase of the unrealized loss on our available-for-sale securities portfolio of approximately $900 million after tax during the quarter. And we distributed approximately $300 million of earnings to our shareholders through common stock dividends. As I mentioned earlier, the goodwill impairment did not affect our regulatory capital ratio. Our CET1 ratio was flat sequentially at 10%. And finally, our LCR was 116%, up 5 percentage points sequentially.

利率的急劇上升，尤其是在本季度的最後幾週，導致本季度我們的可供出售證券投資組合的稅後未實現虧損增加約 9 億美元。我們通過普通股股息向股東分配了大約 3 億美元的收益。正如我之前提到的，商譽減值並沒有影響我們的監管資本比率。我們的 CET1 比率連續保持在 10%。最後，我們的 LCR 為 116%，環比上升 5 個百分點。

Turning to our net interest revenue and balance sheet trends on Page 5, which I'll also talk about in sequential terms. Net interest revenue of $926 million was up 12% sequentially. This increase primarily reflects higher interest rates on interest-earning assets, partially offset by higher funding expense. Average deposit balances decreased 7%. The strengthening of the U.S. dollar contributed approximately 1 percentage point to this decline.

轉向我們在第 5 頁上的淨利息收入和資產負債表趨勢，我還將按順序進行討論。淨利息收入為 9.26 億美元，環比增長 12%。這一增長主要反映了生息資產的較高利率，部分被較高的融資費用所抵消。平均存款餘額減少 7%。美元走強對這一下降貢獻了大約 1 個百分點。

Overall, this is largely consistent with our previously expressed expectation for the trajectory of deposit balances through the remainder of the year amid continuously rising interest rates as well as typical seasonal declines in deposit balances in the third quarter, while noninterest-bearing deposit balances continue to hold up better than we had previously expected.

總體而言，在利率持續上升以及第三季度存款餘額典型的季節性下降的情況下，這與我們之前對今年剩餘時間存款餘額軌蹟的預期基本一致，而非生息存款餘額繼續下降。比我們之前預期的要好。

Average interest-earning assets decreased by 5%. Underneath that, cash and reverse repo declined by 10%; loan balances decreased by 1%; and our securities portfolio balances were down 2%.

平均生息資產減少5%。在此之下，現金和逆回購下降了 10%；貸款餘額減少1%；我們的證券投資組合餘額下降了 2%。

Moving on to expenses on Page 6. Expenses for the quarter were $3.7 billion on a reported basis. Excluding notable items, expenses of $3 billion were down 1% quarter-over-quarter and up 4% year-over-year. This year-over-year increase reflects investments net of efficiency saves; higher revenue-related expenses, including higher distribution expenses related to the abatement of fee waivers; as well as the impact of inflation, partially offset by the benefit of the stronger U.S. dollar. A few additional details regarding noteworthy year-over-year expense variances. Distribution and servicing expense was up 16%, driven by higher distribution costs associated with money market funds.

繼續第 6 頁的費用。根據報告，本季度的費用為 37 億美元。不包括值得注意的項目，30 億美元的支出環比下降 1%，同比增長 4%。這一同比增長反映了扣除效率節約後的投資；更高的收入相關費用，包括與減少費用減免相關的更高分銷費用；以及通貨膨脹的影響，部分被美元走強的好處所抵消。關於值得注意的同比費用差異的一些額外細節。由於與貨幣市場基金相關的更高的分銷成本，分銷和服務費用增長了 16%。

Business development expenses increased as travel and entertainment expense continued to normalize off a low base last year. And lastly, the change in other expenses reflects litigation expenses in the prior year.

由於差旅和娛樂費用從去年的低基數繼續正常化，業務發展費用增加。最後，其他費用的變化反映了上一年的訴訟費用。

Turning to Page 7 for a closer look at our business segments. Securities Services reported total revenue of $2.1 billion, an increase of 13% compared to the prior year. Fee revenue was up 1% and net interest revenue increased by 54%, driven by 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 21 億美元，比上年增長 13%。在利率上升的推動下，手續費收入增長 1%，淨利息收入增長 54%，但部分被存款餘額減少所抵消。

As I discuss the performance of our Securities Services and Market and Wealth Services segments, I will focus my comments on 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，我將把我的評論集中在每個業務線的投資服務費用上，您可以在我們的財務補充中找到這些費用。

In Asset Servicing, investment services fees were down 3% as growth from abating money market fee waivers, higher client activity and net new business was more than offset by the impact of lower market values and the strengthening of the U.S. dollar.

在資產服務方面，投資服務費用下降了 3%，原因是貨幣市場費用減免、客戶活動增加和淨新業務的增長被市場價值下跌和美元走強的影響所抵消。

We continue seeing healthy organic growth from both new and existing clients and our sales momentum continues, with wins year-to-date up meaningfully compared to an already strong 2021.

我們繼續看到新客戶和現有客戶的健康有機增長，我們的銷售勢頭仍在繼續，與本已強勁的 2021 年相比，今年迄今的業績顯著增長。

In Issuer Services, investment service fees were up 2%, primarily reflecting the reduction of money market fee waivers, partially offset by previously disclosed lost business in Corporate Trust in the prior year and lower fees from Depository Receipts programs for Russian issuers.

在發行人服務方面，投資服務費上漲 2%，主要反映貨幣市場費用減免的減少，部分被先前披露的上一年企業信託業務損失以及俄羅斯發行人的存託憑證計劃費用降低所抵消。

Next, Market and Wealth Services on Page 8. Market and Wealth Services reported total revenue of $1.4 billion, up 17% compared to the prior year. Fee revenue increased 11% and net interest revenue was up 34%, 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 14 億美元，比上一年增長 17%。手續費收入增長 11%，淨利息收入增長 34%，反映了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 16%. The positive impact of lower money market fee waivers and higher client activity was partially offset by the impact of previously disclosed lost business in the second half of last year and lower market level.

在潘興，投資服務費上漲了 16%。貨幣市場費用豁免減少和客戶活動增加的積極影響被先前披露的去年下半年業務損失和市場水平下降的影響部分抵消。

Net new assets were $45 billion in the quarter. On an annualized basis, this translates into a 9% growth rate, highlighting a strong quarter of inflows for both new and existing clients especially in this current environment.

本季度淨新資產為 450 億美元。按年計算，這轉化為 9% 的增長率，突出了新客戶和現有客戶的強勁季度流入，尤其是在當前環境下。

An average active clearing accounts increased by 3% year-on-year. In Treasury Services, investment services fees were up 3%, driven by lower money market fee waivers, new business and slightly higher payment volumes, partially offset by higher earnings credits for our clients on the back of higher interest rates. And in Clearance and Collateral Management, investment services fees were up 5%, primarily reflecting higher U.S. government clearance volumes driven by continued demand for U.S. treasury securities due to elevated volatility amid a rapidly evolving monetary policy backdrop.

平均活躍清算賬戶同比增長3%。在資金服務方面，投資服務費用上漲了 3%，這主要是由於貨幣市場費用減免、新業務和支付量略有增加，但部分被我們的客戶因利率上升而獲得的更高收益信貸所抵消。在清算和抵押品管理方面，投資服務費用上漲了 5%，主要反映了美國政府清算量的增加，這是由於在快速變化的貨幣政策背景下波動加劇導致對美國國債的持續需求推動的。

Now turning to Investment and Wealth Management on Page 9. Investment and Wealth Management reported total revenue of $862 million, down 16%. Fee revenue was also down 16% and net interest revenue was up 21%, reflecting higher interest rates and higher loan 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 8.62 億美元，下降了 16%。手續費收入也下降了 16%，淨利息收入增長了 21%，反映了更高的利率和更高的貸款餘額。

As I mentioned earlier, assets under management of $1.8 trillion decreased 23% year-on-year. The decrease primarily reflects lower market values and the unfavorable impact of the stronger U.S. dollar as about 40% of our AUM are denominated in foreign currencies, partially offset by cumulative net inflows. As it relates to flows in the quarter, we saw $23 billion of net inflows into long-term products and $2 billion of net outflows from cash.

正如我之前提到的，管理的資產為 1.8 萬億美元，同比下降 23%。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 40% 的 AUM 以外幣計價，部分被累計淨流入所抵消。由於與本季度的流量有關，我們看到 230 億美元的淨流入長期產品和 20 億美元的現金淨流出。

In Investment Management, revenue was down 20%, primarily reflecting lower market values, the unfavorable impact of the stronger U.S. dollar as well as changes in the AUM mix, partially offset by lower fee waivers.

在投資管理方面，收入下降了 20%，主要反映了較低的市場價值、美元走強的不利影響以及資產管理規模組合的變化，部分被較低的費用減免所抵消。

Robin mentioned the extraordinary volatility in the U.K. government bond market earlier. This has caused some significant challenges for U.K. pension scheme over the past few weeks.

羅賓早些時候提到了英國政府債券市場的異常波動。在過去的幾周里，這給英國的養老金計劃帶來了一些重大挑戰。

As a manager of liability-driven investment strategies, Insight has been working closely with our clients to maintain the appropriate hedging levels in their portfolios. And I'd like to note that as an agent between our LDI clients and their market counterparties, we have no balance sheet exposure.

作為負債驅動型投資策略的經理，Insight 一直與我們的客戶密切合作，以維持其投資組合中適當的對沖水平。我想指出，作為我們 LDI 客戶與其市場交易對手之間的代理，我們沒有資產負債表風險敞口。

In Wealth Management, revenue was down 7% as the decline in fee revenue resulting from lower market values was partially offset by higher net interest revenue, reflecting higher interest rates.

在財富管理方面，收入下降 7%，原因是市場價值下降導致的費用收入下降部分被較高的淨利息收入所抵消，這反映了較高的利率。

Client assets of $256 billion were down 17% year-over-year, primarily driven by lower market values. Page 10 shows the results of the Other segment.

客戶資產為 2560 億美元，同比下降 17%，主要受市值下跌的推動。第 10 頁顯示了其他部分的結果。

As always, I'd like to close with a few comments on our outlook for the remainder of the year as we see it today, acknowledging the heightened uncertainty about the macroeconomic environment and continued market volatility. Based on current market-implied interest rates, we now expect net interest revenue for the full year to be up approximately 30% compared to 2021 as we expect another quarter of sequential NIR growth.

與往常一樣，我想對我們今天看到的今年剩餘時間的前景發表一些評論，承認宏觀經濟環境的不確定性加劇和市場持續波動。根據當前的市場隱含利率，我們現在預計全年淨利息收入將比 2021 年增長約 30%，因為我們預計 NIR 將再有一個季度連續增長。

Given the continued decline in equity and fixed income markets as well as the continued strengthening of the U.S. dollar, we now expect fee revenue for the full year to be down slightly compared to 2021, assuming equity and fixed income values as well as currency stay at the levels where they ended the third quarter.

鑑於股票和固定收益市場的持續下滑以及美元的持續走強，我們現在預計，假設股票和固定收益價值以及貨幣保持在他們在第三季度結束的水平。

We continue to expect expenses, excluding notable items for the full year to be within the range of up 5% to 5.5% that we had guided you throughout the year. That being said, we are intensely focused on disciplined expense management and are working hard to drive this towards the bottom half of that range, and we still expect an effective tax rate between 19.5% and 20% in the fourth quarter.

我們繼續預計費用（不包括全年值得注意的項目）將在我們全年指導您的 5% 至 5.5% 的範圍內。話雖如此，我們非常關注有紀律的費用管理，並正在努力將其推向該範圍的下半部分，我們仍預計第四季度的有效稅率在 19.5% 至 20% 之間。

And finally, I'll note that we continue to manage to a Tier 1 leverage ratio target of 5.5% as well as a CET1 ratio target of 10%. As we think about the right timing for a resumption of buybacks in the coming months, we will continue to be prudent and consider capital levels, the expected trajectory of deposit balances at AOCI as well as the economic outlook at that time.

最後，我要指出的是，我們繼續實現 5.5% 的一級槓桿比率目標和 10% 的 CET1 比率目標。當我們考慮在未來幾個月恢復回購的正確時機時，我們將繼續審慎並考慮資本水平、AOCI 存款餘額的預期軌跡以及當時的經濟前景。

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) Our first question comes from the line of Glenn Schorr from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Glenn Schorr。

So I appreciate your comments about acting as agent in the LDI cases in the U.K. I wonder if we could get a little more of the ins and outs, the impact to both BK and clients because Insight has been a great acquisition that's produced a lot of flows for you in the past. So I'm curious on impact in the quarter when you get more collateral, when clients have lower balances and what you think clients are going to do with this business going forward?

因此，我感謝您對在英國擔任 LDI 案件的代理人的評論。我想知道我們是否可以了解更多的來龍去脈，對 BK 和客戶的影響，因為 Insight 是一項偉大的收購，產生了很多過去為你流淌。因此，我很好奇當您獲得更多抵押品時，當客戶餘額較低時，本季度的影響以及您認為客戶將如何處理這項業務？

Sure. Thanks for the question. Obviously, this topic has been in the news a lot over the course of the past few weeks. Let's maybe just start by stepping back and remember what LDI actually stands for and what it is, so it's liability-driven investing. And the principle at work, as I think you know, but let me just recap it is really the investment approach that ensures that the assets ultimately are moving more in line with the value of the liabilities. And so we think that principle, which has been very important to the pension space over time, is an important one. And it's going to be something that we would expect to continue. I mean these strategies have been employed by many years. They've been extensively embraced by the pension regulators in the U.K. and then the consultants who advise our pension clients in the space.

當然。謝謝你的問題。顯然，在過去的幾周里，這個話題經常出現在新聞中。讓我們先退後一步，記住 LDI 的真正含義和它是什麼，所以它是負債驅動的投資。正如我想你知道的那樣，工作原理，但讓我回顧一下，真正確保資產最終與負債價值更加一致的投資方法。因此，我們認為隨著時間的推移對養老金空間非常重要的這一原則是一項重要的原則。這將是我們期望繼續下去的事情。我的意思是這些策略已經使用了很多年。它們已被英國的養老金監管機構廣泛接受，然後是在該領域為我們的養老金客戶提供建議的顧問。

The second thing I'd say is that, more broadly, higher interest rates have actually served to improve the funding positions of most pension funds because the value of the liabilities has decreased by more than the decreases in their gilt holdings. And so that has been a net positive in terms of contributing to the pension funds' funding status.

我要說的第二件事是，更廣泛地說，更高的利率實際上有助於改善大多數養老基金的資金狀況，因為負債價值的下降幅度超過了其金邊債券持有量的下降幅度。因此，這對養老基金的資助地位來說是一個淨積極因素。

But look, clearly, as you pointed out, the speed and the magnitude of the rise in the U.K. government bond yields has been pretty unprecedented and certainly has created challenges in the market with the sort of speed and magnitude of everything that's been going on. And that's created issues, including liquidity issues, for many of these pension funds. You've had to sell gilts and mobilize other forms of liquidity in order to be able to meet the margin calls on derivatives.

但是，顯然，正如您所指出的那樣，英國政府債券收益率上升的速度和幅度是前所未有的，並且肯定以正在發生的一切速度和幅度給市場帶來了挑戰。這給許多養老基金帶來了問題，包括流動性問題。您必須出售金邊債券並調動其他形式的流動性才能滿足衍生品的追加保證金要求。

And as you know, they are the principal on the derivatives. This has clearly put a strain on the markets. I mean the sheer size of the pension market versus the U.K. gilt market just sort of shows the degree of impact that they can have. And it's also highlighted some operational challenges if you just think about the 2-day settlement of margin versus the time to liquidate assets across the wider asset pools, and that's been exacerbated actually by some operational providers. We actually don't provide direct operational support to Insight. That's done by a third party. And what happened as a result of all of that? Well, clearly, people are raising additional liquidity, which makes a lot of sense.

如您所知，他們是衍生品的主要負責人。這顯然給市場帶來了壓力。我的意思是養老金市場與英國金邊市場的絕對規模只是在某種程度上顯示了它們可以產生的影響程度。如果您僅考慮 2 天的保證金結算與清算更廣泛資產池中的資產的時間，它還突出了一些運營挑戰，而一些運營提供商實際上加劇了這種情況。我們實際上不向 Insight 提供直接的運營支持。這是由第三方完成的。所有這一切的結果是什麼？嗯，很明顯，人們正在增加額外的流動性，這很有意義。

Now we've been pleased, to the other part of your question, we've been pleased with Insight's performance. They've been focused actually on building collateral buffers throughout the year, and this prudence, I think, has been quite helpful in protecting client portfolios. And Insight has also been, over time, working on a strategy that they called integrated solutions, which is really encouraging pension funds to be able to look across all of the types of assets that they have so that they see the whole and not just the individual pieces. So the investment of maybe less liquid components is done with a mind and a view to what's being done and where leverage might exist elsewhere in the portfolio. And I think that, that integrated approach which they've been a big proponent of has actually been a good solution in this particular crisis.

現在我們很高興，對於您問題的另一部分，我們對 Insight 的表現感到滿意。他們實際上全年都專注於建立抵押緩衝，我認為這種謹慎對保護客戶投資組合非常有幫助。隨著時間的推移，Insight 也一直致力於製定一種他們稱為綜合解決方案的戰略，這確實鼓勵養老基金能夠查看他們擁有的所有類型的資產，以便他們看到整體，而不僅僅是個別作品。因此，對流動性較低的成分進行投資時，要考慮到正在做的事情以及投資組合中其他地方可能存在槓桿的位置。我認為，他們一直大力支持的那種綜合方法實際上是這場特殊危機的一個很好的解決方案。

And so we actually think that net-net, our solution is being strengthened in the market. Insight's reputation has done quite well. In fact, they are turning away new business as they've seen and benefited, frankly, from the incomings and a bit of the flight to quality. So clearly, a situation that's still evolving. Today's market looks a little bit better following some of the news at the end of last week and over the weekend. But we're watching it very closely.

所以我們實際上認為net-net，我們的解決方案正在市場上得到加強。 Insight 的聲譽非常好。事實上，他們正在拒絕新業務，坦率地說，他們已經看到並受益於收入和對質量的一點追求。很明顯，情況仍在發展中。在上週末和周末的一些消息之後，今天的市場看起來好一些。但我們正在密切關注它。

So I appreciate all that color. I follow everything and it feels like nothing on balance sheet risk didn't have major client outflows. The last part I wasn't sure about is why would they be turning away new business? Or are clients not going to use this as much forward or just use less leverage? I'm curious on your outlook. Again, I think it was a good source of flows in the past, and just curious what you think going forward.

所以我很欣賞所有這些顏色。我關注所有事情，感覺資產負債表風險中沒有什麼沒有主要客戶流出。我不確定的最後一部分是為什麼他們會拒絕新業務？還是客戶不會盡可能多地使用這一點，或者只是使用更少的槓桿？我很好奇你的前景。同樣，我認為它在過去是一個很好的流量來源，只是好奇你對未來的看法。

Yes. So the reason why we've been turning away some new business is because really, we want to protect the interest of our existing clients. And so taking on more problematic situations and there are some in the market which have less funding and liquidity available and then essentially taking them into our franchise and having to deal with that problem. This didn't seem like the smartest moment to do that and also, frankly, wasn't in the interest of our existing clients who've been along with Insight along the journey. So that's actually the reason there.

是的。所以我們一直拒絕一些新業務的原因是，我們真的想保護現有客戶的利益。因此，承擔更多有問題的情況，市場上有一些可用的資金和流動性較少，然後基本上將它們納入我們的特許經營權並不得不處理這個問題。這似乎不是最明智的做法，而且坦率地說，這也不符合我們現有客戶的利益，他們一直與 Insight 一路同行。所以這實際上是那裡的原因。

But more broadly, we do expect to continue to get incoming phone calls given some of the differentiated nature of how Insight has performed through this, and we view that to be positive for the franchise.

但更廣泛地說，鑑於 Insight 在此過程中表現的一些差異化性質，我們確實希望繼續接到來電，我們認為這對特許經營權是積極的。

So actually, I view that as something of a tailwind because these types of reputational events in the market frankly can sift out some of the different players.

所以實際上，我認為這是一種順風，因為市場上這些類型的聲譽事件坦率地說可以篩選出一些不同的參與者。

The next question comes from Mike Brown from KBW.

下一個問題來自 KBW 的 Mike Brown。

So Robin, I noticed that the AUC/A declined just about 2% quarter-over-quarter. This would be less than we'd expect given the market backdrop here. You talked about the strong sales momentum and recent wins. So how much did organic growth contribute this quarter, if you could kind of quantify that? And when did that come in, in the quarter?

所以 Robin，我注意到 AUC/A 環比下降了大約 2%。鑑於這裡的市場背景，這將低於我們的預期。您談到了強勁的銷售勢頭和最近的勝利。那麼，如果您可以量化一下，本季度的有機增長貢獻了多少？那是什麼時候出現的，在這個季度？

It's Emily, I'll take that. The AUC/A really speaks to -- the trends in AUC/A speak to the diversity of the franchise overall. So firm-wide, AUC/A was down about 7%. That was based on lower Securities Services AUC/A of about 11%, but very much tempered by growth in Market and Wealth Services, led by CCM.

是艾米麗，我會接受的。 AUC/A 確實說明了——AUC/A 的趨勢說明了整個特許經營的多樣性。因此，在整個公司範圍內，AUC/A 下降了約 7%。這是基於較低的證券服務 AUC/A 約 11%，但在很大程度上受到以 CCM 為首的市場和財富服務的增長的緩和。

If you want to kind of drill down a bit more in terms of Securities Services and what you're seeing there about -- the 11% decline, about 13% of that was due to lower market values as well as the strengthening U.S. dollar, and that was partially offset by about 2% of net new business.

如果您想進一步了解證券服務以及您所看到的情況——下降 11%，其中約 13% 是由於市場價值下降和美元走強，這被大約 2% 的淨新業務所部分抵消。

Okay. Great. And then -- and if I heard your comments correctly on the share buybacks, it sounds like it's really dependent on the capital levels. But did I understand that correctly that it's still possible that you will -- that you could be in the market for buybacks this quarter if the capital levels perform as expected?

好的。偉大的。然後 - 如果我正確地聽到了你對股票回購的評論，聽起來它真的取決於資本水平。但我是否正確理解，如果資本水平按預期表現，你仍然有可能在本季度進入回購市場？

As I said in my prepared remarks, and it's very important that everyone really understands, we're going to continue to be prudent with respect to buybacks. So I think that's natural given the continued volatility that we're seeing across the markets and frankly, the uncertain macroeconomic environment. We also -- we do want to be above our internal target for our capital ratios before we consider resuming buybacks. So it is true that when we think about capital distribution, frankly, our approach hasn't changed. Whether it's this quarter or next quarter, it's always going to be informed by the rate trajectory and the corresponding impact on AOCI, the size of our balance sheet, market conditions, of course, and frankly, our forward outlook.

正如我在準備好的講話中所說，每個人都真正理解這一點非常重要，我們將繼續對回購持謹慎態度。因此，鑑於我們在整個市場中看到的持續波動以及坦率地說，不確定的宏觀經濟環境，我認為這是很自然的。我們還 - 在我們考慮恢復回購之前，我們確實希望我們的資本比率高於我們的內部目標。因此，坦率地說，當我們考慮資本分配時，我們的方法確實沒有改變。無論是本季度還是下個季度，利率軌跡和對 AOCI 的相應影響、我們的資產負債表規模、市場狀況，當然，坦率地說，還有我們的前瞻性展望，都會為它提供信息。

But what I would remind everybody is that beyond the near term, we have a business model that really allows a meaningful amount of return to -- of our capital to shareholders and pending the sale of Alcentra as well as over time, as rates do move in a different direction, that AOCI will be pulling back to par, and that will -- both of those things will free up meaningful capital levels.

但我要提醒大家的是，在短期內，我們有一種商業模式，可以真正讓我們的資本回報給股東，等待 Alcentra 的出售以及隨著時間的推移，隨著利率的變化在不同的方向上，AOCI 將回落至標準水平，這將——這兩件事都將釋放有意義的資本水平。

We will now take our next question from Steven Chubak from Wolfe Research.

我們現在將向 Wolfe Research 的 Steven Chubak 提出我們的下一個問題。

Wanted to start off with a question on the operating margin. While the operating backdrop, Robin, as you noted, remains highly uncertain; in the last Fed tightening cycle, the company was generating mid-30s operating margins fairly consistently, so well above current levels. I just wanted to get your perspective or take on whether you see a credible path to getting to those type -- back to those types of operating margins. And what are some of the drivers that could potentially help you close the gap here?

想從關於營業利潤率的問題開始。正如您所指出的，儘管運營背景仍然高度不確定；在上一個美聯儲緊縮週期中，該公司相當穩定地產生了 30 年代中期的營業利潤率，遠高於當前水平。我只是想了解你的觀點，或者看看你是否看到了一條通往這些類型的可靠途徑——回到那些類型的營業利潤率。有哪些驅動因素可能會幫助您縮小差距？

Sure, Steven. Well, I'll just start by reminding you, and I mentioned this in my prepared remarks, but when we announced our resegmentation in December last year, Emily and I both commented on the fact that we were driving towards a 30%-plus margin in our Securities Services segment, which, as you know, is not where we have been. And we said at the time, that was going to be made up of a variety of different components. It was going to be top line organic growth. It was also going to be, of course, the rate cycle, which is a meaningful contributor. And we do view that as an important contributor to our firm.

當然，史蒂文。好吧，我首先要提醒你，我在準備好的發言中提到了這一點，但是當我們在去年 12 月宣布重新細分時，艾米麗和我都評論說我們正朝著 30% 以上的利潤率邁進在我們的證券服務部門，如您所知，這不是我們曾經去過的地方。我們當時說，這將由各種不同的組件組成。這將是頂線的有機增長。當然，這也將是利率週期，這是一個有意義的貢獻者。我們確實認為這是對我們公司的重要貢獻。

And then third, it was going to be through focus on the bottom line. And so if you take that as a microcosm for a second, that's exactly how I think about the strategy for the whole firm. We're laser-focused on executing on our growth investments. Things like Pershing X, real-time payments and some of the other things that I've detailed before. But we also have to be a very good steward of expenses. And although we've made significant investments in resiliency over the course of the past 4 to 5 years, I feel that there is more room for us to be able to invest in efficiency-related technology. So investing in technology on the top line and the bottom line but with a more sense of tangible payoffs that are available than maybe we've seen in the resiliency space, which is really a cost of doing business.

第三，這將是通過關注底線。因此，如果您將其視為一個縮影，那正是我對整個公司戰略的看法。我們專注於執行我們的增長投資。像 Pershing X、實時支付和我之前詳細介紹過的其他一些東西。但我們也必須是一個非常好的開支管家。儘管在過去的 4 到 5 年中，我們在彈性方面進行了大量投資，但我認為我們還有更多空間可以投資於與效率相關的技術。因此，投資於頂線和底線的技術，但比我們在彈性領域看到的更切實的回報感，這實際上是做生意的成本。

Emily can comment maybe just for a moment on our budget process because we're in that season, and we've adjusted our budget process to really try to get at this margin question that you raised.

Emily 可以對我們的預算流程發表評論，因為我們正處於那個季節，我們已經調整了我們的預算流程，以真正嘗試解決您提出的這個保證金問題。

Sure. So we are, as Robin said, intensely focused on our forward expense trajectory. And in the budget cycle that we've just kicked off, we're actually doubling down on a rubric that we've actually used historically, but mostly just for tech. And now we're looking at it and applying that rubric across the entire company. And in effect, what we're doing is stratifying all of our expenses across 3 buckets.

當然。因此，正如羅賓所說，我們非常關注我們的前瞻性支出軌跡。在我們剛剛開始的預算週期中，我們實際上正在加倍關注我們在歷史上實際使用過的標準，但主要用於技術。現在我們正在研究它並將該標準應用於整個公司。實際上，我們正在做的是將我們所有的費用分為三個類別。

So first is really structural or run the bank. Second is change the bank. And we're really drilling into that category to be very clear about if we're making investments, are they for growth? Are they to transform? Or for that matter, are they to continue to meet ongoing regulatory obligations? And third, of course, the third bucket is just revenue related, which obviously rise with top line growth.

所以首先是真正的結構或經營銀行。二是換銀行。我們真的在深入研究這個類別，非常清楚我們是否在進行投資，它們是為了增長嗎？他們要轉型嗎？或者就此而言，他們是否繼續履行持續的監管義務？第三，當然，第三部分只是與收入相關，顯然隨著收入的增長而上升。

So I can share that as we go through this, more than 50% of our expenses are structural in nature. They are certainly higher where -- higher than we think they should be, as Robin has alluded to. And we're very, very heavily focused on driving these down.

所以我可以分享一下，當我們經歷這個時，我們超過 50% 的支出是結構性的。正如羅賓所暗示的那樣，它們肯定比我們認為它們應該更高的地方更高。我們非常非常專注於降低這些。

In some areas, we have multiyear programs like transfer agency, fund accounting, et cetera, which are businesses that are highly manual in nature. And we do have programs to make them more efficient, and we'll come back to you when we finish the planning process.

在某些領域，我們有多年計劃，如轉賬代理、基金會計等，這些都是高度手工操作的業務。我們確實有提高效率的計劃，我們會在完成計劃過程後回复您。

Thanks for all that color. It's really helpful perspective. And maybe just for my follow-up on the deposit outlook. Emily, you noted that the noninterest-bearing outflows have been tracking better so far this cycle. And as a percentage of total deposits, it's still fairly elevated at 28%. I believe last cycle it troughed somewhere around 22%. What's your expectation in terms of the pace of noninterest-bearing outflow? What's driving the better outcome this cycle? And where do you expect NIBs to ultimately trough this cycle relative to last?

感謝所有的顏色。這是一個非常有用的觀點。也許只是為了我對存款前景的跟進。艾米麗，您注意到本週期到目前為止，無息外流的跟踪情況更好。而作為總存款的百分比，它仍然相當高，達到 28%。我相信上個週期它在 22% 左右觸底。您對無息資金流出的速度有何預期？是什麼推動了這個週期的更好結果？相對於上一個週期，您預計 NIB 最終會在哪裡度過這個週期？

So I think I've mentioned and we still believe that NIBs will ultimately revert to what we saw prepandemic, which would be about 20% to 25% of our total deposit base. We actually think that, that might happen here in the fourth quarter.

所以我想我已經提到過，我們仍然相信 NIB 最終會恢復到我們在大流行前看到的狀態，這將占我們總存款基礎的 20% 到 25% 左右。我們實際上認為，這可能會在第四季度發生。

In terms of why they've held so-so steady, I think some of that is probably risk-off behavior. Some of that is just our businesses are a bit bigger. And ultimately, what I would say is that we have seen when we look at our deposit trend overall, and this is very important, irrespective NIBs or IBs, the runoff we've seen thus far has been largely nonoperational in nature, and that's actually good. We're seeing the right runoff, and I think very much due to our very significant -- what's become much more sophisticated pricing across clients and segments and businesses.

至於他們為何如此穩定，我認為其中一些可能是風險規避行為。其中一些只是我們的業務更大一些。最後，我要說的是，當我們觀察我們的整體存款趨勢時，我們已經看到了這一點，這非常重要，無論 NIB 還是 IB，我們迄今為止看到的徑流在本質上基本上是非操作性的，這實際上是好的。我們看到了正確的徑流，我認為這很大程度上歸功於我們非常重要的——跨客戶、細分市場和企業的定價變得更加複雜。

We will now take our next question from Ken Usdin from Jefferies.

我們現在將向 Jefferies 的 Ken Usdin 提出我們的下一個問題。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員說明）

Yes. Operator, let's move on to the next question and come back to Ken later.

是的。接線員，讓我們繼續下一個問題，稍後再回到肯。

We will now take our next question from Betsy Graseck from Morgan Stanley.

我們現在將向摩根士丹利的 Betsy Graseck 提出我們的下一個問題。

This is Ryan Kenny on behalf of Betsy. Wondering if you could give us more color on the goodwill charge. What specifically was the driver of the charge this quarter? And does it give you more flexibility on your strategy in investment management?

我是代表 Betsy 的 Ryan Kenny。想知道您是否可以在商譽費用上給我們更多顏色。本季度收費的具體原因是什麼？它是否為您的投資管理策略提供了更大的靈活性？

Sure. Happy to. So first of all, let's be clear about what it is and what it isn't. So it's not the outcome of any changes in our strategy. It's also not related to the pending sale of Alcentra. And it's also not a statement about the fundamental health of the business as we see it today and going forward. It is the outcome of our regular impairment testing process, and it's a reflection of both the lower market values that we've seen across equity and fixed income markets and also a higher discount rate. So inevitably wrapped up in your question is the strategy. And so maybe I'll just recap for a second where we are on that investment management journey.

當然。高興。所以首先，讓我們弄清楚它是什麼，不是什麼。因此，這不是我們戰略發生任何變化的結果。這也與 Alcentra 的待售交易無關。而且，這也不是關於我們今天和未來的業務基本健康狀況的聲明。這是我們定期減值測試過程的結果，它既反映了我們在股票和固定收益市場上看到的較低市場價值，也反映了較高的貼現率。因此，不可避免地包含在您的問題中的是策略。因此，也許我會回顧一下我們在投資管理過程中所處的位置。

As you know, over the course of the past 15 years or so, we've streamlined the investment portfolio. We used to have 27 independent investment management firms. That's down to 7 once Alcentra is closed. That helps us to sharpen our focus as does the fact that we've improved substantially the alignment between strategy and the individual firms. And so we've realigned Mellon's investment capabilities into parts of Newton and Insight and Dreyfus. We think that helps make it less confusing for our clients externally and sharpens the focus internally.

如您所知，在過去 15 年左右的時間裡，我們精簡了投資組合。我們曾經擁有 27 家獨立的投資管理公司。一旦 Alcentra 關閉，這個數字就會下降到 7 個。這有助於我們更加專注，因為我們已經大大改善了戰略與各個公司之間的一致性。因此，我們將 Mellon 的投資能力重新整合到 Newton 和 Insight 和 Dreyfus 的部分業務中。我們認為這有助於在外部減少我們的客戶的困惑，並在內部加強關注點。

We're also investing in the types of solutions that, of course, people want in this day and age and some of those outcome-orientated solutions, active ETFs, responsible investing. We talked about BOLD, I think, on our last earnings call in the money market fund space. It's another example of that. And then very importantly, in the investment management space, the investment performance has improved and remains healthy. So kind of that's where we are.

當然，我們還投資於人們在這個時代想要的解決方案類型，以及一些以結果為導向的解決方案、主動 ETF、負責任的投資。我認為，我們在貨幣市場基金領域的最後一次財報電話會議上談到了 BOLD。這是另一個例子。然後非常重要的是，在投資管理領域，投資業績有所改善並保持健康。這就是我們所處的位置。

We will now take our next question from Alex Blostein from Goldman Sachs.

我們現在將向高盛的亞歷克斯·布洛斯坦提出下一個問題。

So there's been a number of liquidity challenges in the market, and Robin, you alluded to those in your prepared remarks as well. So as BK serves, obviously, a fairly critical function in sort of the capital markets plumbing globally, what are some of the risks, I guess, you're most mindful of that we should be looking after? And as you think about any opportunities that this kind of environment creates for the bank as well, I would love to hear your thoughts on that.

所以市場上存在許多流動性挑戰，羅賓，你在準備好的評論中也提到了這些挑戰。因此，顯然，由於 BK 在全球資本市場管道中發揮著相當重要的作用，我想，您最注意我們應該關注的一些風險是什麼？當您考慮這種環境也為銀行創造的任何機會時，我很想听聽您對此的看法。

Sure. So Alex, we've got a bunch of different crosscurrents at the moment in the system. On the cash side, we're coming off the back of QE. Central bank is obviously driving very aggressively at inflation, clearly necessary given the continued prints. But then on the flip side, and these 2 things don't necessarily always happen at the same time, which is what makes it complicated is we've got supply chain issues ongoing, geopolitics, energy prices, risks of recession, already very much front and center.

當然。所以亞歷克斯，我們目前在系統中有一堆不同的交叉流。在現金方面，我們正在擺脫量化寬鬆政策。中央銀行顯然正在非常積極地推動通脹，鑑於持續的印記，這顯然是必要的。但另一方面，這兩件事不一定總是同時發生，這讓事情變得複雜的是，我們的供應鏈問題仍在持續，地緣政治、能源價格、衰退風險已經非常嚴重了前面和中間。

And so we've got sort of a risk-on and a risk-off angles sort of happening at the same time. We've also seen some pretty unprecedented starting places for some of these markets. And I think that's a little bit for us where we see some of the concern, which is that the usual tool kits around market stability aren't available in maybe quite the same way. You saw that in the U.K., where just to take that as a microcosm for a second, their bond market goes through a little bit of tumult as a result of some news in the government actions.

所以我們有一種風險承擔和風險規避的角度同時發生。對於其中一些市場，我們還看到了一些前所未有的起點。我認為這對我們來說有點令人擔憂，即圍繞市場穩定性的常用工具包可能無法以完全相同的方式獲得。你在英國看到了，只是把它作為一個縮影，他們的債券市場由於政府行動中的一些消息而經歷了一些動盪。

And at the time, the Bank of England was still in the QT process, which they had to suspend to then go do some buying. You just can't really be doing buying and selling at the same time. That's a good example of the fact that the tool kits aren't fully available.

當時，英格蘭銀行仍處於 QT 流程中，他們不得不暫停該流程，然後再進行一些購買。你不能真正同時進行買賣。這是工具包不完全可用的一個很好的例子。

We look at the scale of moves in the market and we look at the amounts of liquidity. And so much has been done in the banking sector, particularly over the course of the past decade post financial regulatory reform. The regulators have been very much at it. So banks, massive amounts of liquidity, large amounts of capital very well set up for this. But if you have huge selling from other market constituents, there is a little bit of a question there of where the buyer is going to be. And we see echoes of that in the U.K. market. There are legitimate concerns about that in the U.S. market. If there were a significant episode as we've seen in the past, what does that pivot looks like?

我們著眼於市場波動的規模和流動性的數量。銀行業已經做了很多工作，尤其是在金融監管改革後的過去十年中。監管機構對此非常重視。所以銀行，大量的流動性，大量的資本為此做好了充分的準備。但是，如果您有來自其他市場成分的大量拋售，那麼買家將在哪裡出現一些問題。我們在英國市場也看到了類似的情況。美國市場對此存在合理的擔憂。如果像我們過去看到的那樣有一個重要的插曲，那麼這個樞軸是什麼樣的？

And to some extent, those are the consequences of having and benefiting from the most liquid markets in the world on a normal basis and also being the place where people store their cash. And when they want cash, they need it back and they're selling. So the question becomes who are the buyers? We've seen the Central Bank of Japan having to be sellers of treasuries as they defend their currency.

在某種程度上，這些是在正常情況下擁有世界上流動性最強的市場並從中受益的結果，也是人們存放現金的地方。當他們想要現金時，他們需要它並且他們正在出售。那麼問題就變成了誰是買家？我們已經看到日本中央銀行在捍衛自己的貨幣時不得不成為國債的賣家。

So there's a lot going on in the world, and it's a bit complex. But I think we have a healthy amount of caution as we saw this play out over the course of the coming weeks and months.

所以世界上發生了很多事情，而且有點複雜。但我認為我們有相當謹慎的態度，因為我們在接下來的幾周和幾個月內看到了這種情況。

Got you. All right. And then my follow-up just around the LDI dynamic again, and I appreciate your comments around Insight on the asset management side. But I guess, as a servicer, curious how you're thinking about your exposure to U.K. pension plans on the Asset Servicing side of the business, either as custodian or middle or back office administrator. Any sort of implications for fees or deposits we should be thinking about as U.K. pensions post more collateral?

得到你。好的。然後我再次圍繞 LDI 動態進行後續跟進，感謝您在資產管理方面對 Insight 發表的評論。但我想，作為一名服務人員，你會好奇你是如何考慮你在資產服務方面的英國養老金計劃的，無論是作為託管人還是中間或後台管理員。隨著英國養老金發布更多抵押品，我們應該考慮對費用或存款有什麼影響？

Yes. It's been pretty business as usual for us on the servicing side. As I mentioned before, that isn't the case everywhere. Clearly, there have been issues in that market, and there are a couple of providers who've had some more stresses associated with the massive upsurge in volumes, but that has not been our experience. Clearly, there is more cash in the market generally. And look, let me just make a broader point about cash because I think it's a very interesting position for us as a company, the various different roles that we play in cash because yes, we have deposits on our balance sheet, that tends to be a lot of the focus that we talk about in terms of cash. But we actually manage over $1 trillion of daily liquidity for our clients in markets all around the world. And this goes way beyond deposits on our balance sheet. It goes to our money market fund business, it goes to our market-leading LiquidityDirect portal, which helps treasurers and other cash managers be able to direct cash through the system.

是的。在服務方面對我們來說一切照舊。正如我之前提到的，並非所有地方都是如此。顯然，該市場存在問題，並且有幾家供應商因銷量大幅增長而承受了更多壓力，但這不是我們的經驗。顯然，市場上普遍存在更多現金。看，讓我更廣泛地談談現金，因為我認為這對我們公司來說是一個非常有趣的職位，我們在現金中扮演的各種不同角色，因為是的，我們的資產負債表上有存款，這往往是我們在現金方面談論的很多焦點。但我們實際上為全球市場的客戶管理著超過 1 萬億美元的每日流動性。這遠遠超出了我們資產負債表上的存款。它進入我們的貨幣市場基金業務，進入我們市場領先的 LiquidityDirect 門戶，幫助財務主管和其他現金經理能夠通過系統引導現金。

And so we actually feel pretty well positioned as a company on the topic of cash because sort of irrespective of exactly where the flow is heading, we set ourselves in a little bit of an orchestration role in the middle of that, which we think is really quite good for our franchise over time.

因此，作為一家公司，我們實際上感覺在現金這個話題上處於非常有利的地位，因為無論資金流向何方，我們都會在其中扮演一個編排角色，我們認為這確實是隨著時間的推移，對我們的特許經營權非常有利。

We will now take our next question from Mike Mayo from Wells Fargo Securities.

我們現在將向富國證券的 Mike Mayo 提出下一個問題。

Okay. Great. I'm going to answer my question, I think, which you're guiding a little bit lower for fees, but you're not guiding lower for expenses. And I guess the answer is because you're looking to invest through the cycle, if you can validate that. And then just more on the Digital Asset Custody platform, you said that custody of digital assets and crypto are simply the start of a journey. And there's a lot written pro and con as it relates to digital currencies. Clearly, you think this has legs. Maybe that's one reason why you're going to invest maybe more even with softer fees. But if you could elaborate on that.

好的。偉大的。我將回答我的問題，我認為，您對費用的指導要低一些，但您不會對費用的指導要低一些。我想答案是因為你希望通過這個週期進行投資，如果你可以驗證的話。然後在數字資產託管平台上，您說數字資產和加密貨幣的託管只是旅程的開始。並且有很多關於數字貨幣的書面贊成和反對。顯然，你認為這是有腿的。也許這就是為什麼即使費用較低，您也會進行更多投資的原因之一。但如果你能詳細說明的話。

Sure. Mike, let me -- I'll take the whole thing. So first of all, in terms of -- we're not reguiding on expenses. Emily said that the original guidance of 5% to 5.5% is intact, but she also said that we're aiming towards the lower end of that range. So that's meant to be sort of a vote of confidence in our own active management of expenses, which we're really driving at. And we are very, very focused, as Emily said earlier on, on this journey. And so you should expect us to continue to give you updates on how we do on that over time.

當然。邁克，讓我 - 我會接受整個事情。首先，就 - 我們沒有對費用進行指導。 Emily 表示，最初的 5% 至 5.5% 的指導是完整的，但她也表示我們的目標是達到該範圍的下限。因此，這意味著對我們自己積極管理費用的信心投票，這是我們真正推動的。正如艾米麗早些時候所說，我們非常非常專注於這次旅程。因此，您應該期望我們會隨著時間的推移繼續向您提供有關我們如何做到這一點的最新信息。

Let me talk a little bit about digital assets because it is a very important question, and I tried to stress this in my prepared remarks around the fact that it really isn't just about crypto.

讓我談談數字資產，因為這是一個非常重要的問題，我試圖在我準備好的評論中強調這一點，即它實際上不僅僅是關於加密貨幣。

So one of the things that we did recently was we did a survey of large institutional asset managers, asset owners, hedge funds. About 40% of them already hold crypto in their portfolios. About 75% of them are actively investing or exploring investing in digital assets. But here's the important stat, which is over 90% of them are interested in investing in some type of tokenized asset within the next few years. And so what we've heard from our clients is they want institutional-grade solutions in the space. And the way that we think about the world is, yes, sure, there are cryptos and those are things that are clearly have had a lot of spotlight recently, but we view the tokenization of other types of assets, whether they're traditional financial assets or maybe assets that haven't been as easy to manage in the financial system, like hard commodities, real estate, forests, they're all sorts of things. You could think about certificates and with the world of ESG, some of those things could be much better managed using tokens.

所以我們最近做的一件事是我們對大型機構資產管理公司、資產所有者、對沖基金進行了調查。其中大約 40% 的人已經在他們的投資組合中持有加密貨幣。其中約 75% 正在積極投資或探索投資數字資產。但這裡有一個重要的統計數據，超過 90% 的人有興趣在未來幾年內投資某種類型的代幣化資產。因此，我們從客戶那裡聽到的是，他們想要該領域的機構級解決方案。我們對世界的看法是，是的，當然，有加密貨幣，這些東西最近顯然受到了很多關注，但我們認為其他類型資產的代幣化，無論它們是傳統的金融資產，或者在金融體系中不太容易管理的資產，比如硬商品、房地產、森林，它們是各種各樣的東西。您可以考慮證書，在 ESG 的世界中，使用令牌可以更好地管理其中一些事情。

And then also tokenized currencies where real currencies, fiat currencies or proxies for fair currencies, we also think could be quite interesting. Now all of this is over the course of the next few years. The actual dematerialization of assets from paper into technology back in the '60s and '70s, took a long time to actually happen. It was not coincidentally happening with the rise of computing in business. Now we've got a new technology. The rise of that in business, we think, is going to be important. But I'm not going to put an exact time scale on it, but it's years, maybe it's even decades for full adoption. But we thought that with a longer-term view, this was an important space.

然後還有代幣化貨幣，其中真實貨幣、法定貨幣或公平貨幣的代理，我們也認為可能非常有趣。現在所有這一切都在未來幾年的過程中。早在 60 年代和 70 年代，資產從紙張到技術的實際非物質化需要很長時間才能真正發生。這與商業計算的興起並非巧合。現在我們有了一項新技術。我們認為，商業領域的興起將很重要。但我不會給出確切的時間尺度，但它是幾年，甚至可能是幾十年才能完全採用。但我們認為，從長遠來看，這是一個重要的空間。

Now we're not spending a ton of money on it, but we're deliberately investing in smart places in that ecosystem so that we are prepared to be there for our clients over the long term on this important journey.

現在我們並沒有在上面花費大量資金，而是有意投資於該生態系統中的智能場所，以便我們準備好在這一重要旅程中長期為我們的客戶服務。

And what was the tipping point, just as a follow-up, the tipping point for you to really highlight this? I mean this is front and center here. This was the third area that you've mentioned investing. You said Pershing X, collateral, digital assets, real-time payments. This was #3 on your list. So certainly, it's moved up in priority. And crypto has been around a little while now. What was the tipping point here? Was it a new survey of your clients? Did you see something in the market? What's changed?

什麼是引爆點，作為後續行動，你真正強調這一點的引爆點是什麼？我的意思是這裡是前面和中心。這是你提到的第三個投資領域。你說 Pershing X，抵押品，數字資產，實時支付。這是你名單上的第 3 名。所以當然，它的優先級提高了。加密貨幣已經存在了一段時間。這裡的轉折點是什麼？這是對您的客戶的新調查嗎？你在市場上看到了什麼嗎？有什麼改變？

So I mentioned the survey. The survey wasn't the tipping point, but it was an affirmation. But the answer to your question is client demand. Our clients want institutional-grade custody and solutions in this space. And I enjoyed the quip that I read in the media maybe a year or so ago, which is, you know what, it's not a real asset until BNY Mellon say they'll look after it.

所以我提到了調查。調查不是引爆點，但它是一種肯定。但是您的問題的答案是客戶需求。我們的客戶希望在這個領域獲得機構級的託管和解決方案。我很喜歡大約一年前在媒體上讀到的俏皮話，也就是說，你知道嗎，在紐約梅隆銀行說他們會照顧它之前，它並不是真正的資產。

We will now take our next question from Brennan Hawken from UBS.

我們現在將向瑞銀的布倫南霍肯提出我們的下一個問題。

A couple of follow-ups on deposits. So Emily, you've previously indicated that you had expected by the fourth quarter that deposits on an average basis would be down 5% to 10%. They were actually down -- they're already down 7% based on the 3Q average. Should we still think about that range of 5% to 10%? Or might that end up being different? And maybe if you could update on how beta is tracking in your expectation there, too.

關於存款的一些後續行動。所以艾米麗，您之前曾表示，您預計到第四季度存款平均會下降 5% 到 10%。他們實際上下跌了——基於第三季度的平均值，他們已經下跌了 7%。我們還應該考慮 5% 到 10% 的範圍嗎？或者最終可能會有所不同？也許如果您也可以更新 beta 如何在您的期望中跟踪。

Sure. So you're correct, I did guide, I think it was around second quarter that we'd expect a decline of about 5% to 10% by -- well, average to average Q2 to Q4. In the third quarter, as you also rightfully pointed out, deposits down 7%. Now that's in part due to the strengthening of the U.S. dollar, which was a headwind of about 1%. And also just seasonality, just that you normally see lower deposit levels in the third quarter.

當然。所以你是對的，我確實指導過，我認為在第二季度左右，我們預計第二季度到第四季度的平均下降幅度約為 5% 到 10%。正如您也正確指出的那樣，在第三季度，存款下降了 7%。現在這部分是由於美元走強，這是一個約 1% 的逆風。還有季節性因素，只是您通常會在第三季度看到較低的存款水平。

For the fourth quarter, we are anticipating a decline of about 3% to 4%. And as I mentioned before, we expect it to be mostly in NIB, as the percentage of NIBs as a total of our deposit base kind of reverts back to pre-pandemic levels.

對於第四季度，我們預計下降約 3% 至 4%。正如我之前提到的，我們預計它將主要在 NIB 中，因為 NIB 占我們存款基礎總量的百分比會恢復到大流行前的水平。

And like anything, there's a lot of uncertainty out there. So this is what we are anticipating based on the forward curve and ultimately, the forward curve and what we have been seeing so far this year.

就像任何事情一樣，那裡有很多不確定性。因此，這就是我們基於遠期曲線的預期，最終，遠期曲線以及我們今年迄今為止所看到的。

In terms of betas, betas do continue to be a little better than we had anticipated. Just as a note, they do vary widely by line of business. So Treasury Services and markets certainly have much higher betas than say, Asset Servicing or Corporate Trust. So it's just important to keep that in mind.

就測試版而言，測試版確實比我們預期的要好一些。請注意，它們確實因業務線而異。因此，財政部服務和市場的貝塔係數肯定比資產服務或企業信託要高得多。所以記住這一點很重要。

Looking ahead, we do expect marginal betas to continue to ramp higher as rates continue to rise. But at the end of the day, we do think that they will largely retrace what we saw in the last cycle and so ultimately end up higher than where they are today. And again, I would just say that's just another factor. Whether it's deposit balances or betas, those are all factors that are somewhat uncertain based upon the macroeconomic backdrop.

展望未來，我們確實預計隨著利率繼續上升，邊際貝塔係數將繼續上升。但歸根結底，我們確實認為它們將在很大程度上回溯我們在上一個週期中看到的情況，因此最終最終會高於現在的水平。再說一次，我只想說這只是另一個因素。無論是存款餘額還是貝塔係數，這些都是在宏觀經濟背景下有些不確定的因素。

Yes. Okay. And then another sort of related question. Helpful to get full year 2022 NII expectation for sure. But when we step back a bit and think about -- I know it's too early to comment on next year, but just sort of generally speaking, at this point, we've gotten back to triple-digit NIM. Rates continue to be pretty robust. You think your beta is going to largely replace last cycle, as you just said. Is there any reason why the NIM can't retrace the prior cycle NIM?

是的。好的。然後是另一種相關的問題。肯定有助於獲得 2022 年全年 NII 預期。但是，當我們退後一步想一想——我知道現在評論明年還為時過早，但總的來說，在這一點上，我們已經回到了三位數的 NIM。利率繼續相當強勁。正如您剛才所說，您認為您的測試版將在很大程度上取代上一個週期。 NIM有什麼理由不能回溯前一個週期的NIM？

And when we think about the security reinvestment tailwinds for 2023, any reason why once policy rates stop moving higher, you're going to largely see some stabilization because that's what kicks off most of your deposit repricing? And then you've got a tailwind from reinvestment that continues to flow through into 2023. Is there anything wrong with thinking about things that way? And how long do you think it might take for the NIM to? Is it possible to retrace the last cycle? And how long do you think that might take?

當我們考慮到 2023 年的安全再投資順風時，為什麼一旦政策利率停止走高，你會在很大程度上看到一些穩定，因為這是你大部分存款重新定價的開始？然後，您從再投資中獲得了順風，這種順風將持續到 2023 年。這樣思考事情有什麼問題嗎？您認為 NIM 可能需要多長時間？是否可以回溯上一個週期？你認為這可能需要多長時間？

Well, there's a lot there, so let me try to unpack it a bit. As you have seen from our financials, we've seen several consecutive quarters of sharp increases in NIM. We do expect another step-up in the fourth quarter and even beyond the fourth quarter. Based on a lot of the factors that you mentioned, we do expect that NIM will continue to expand but probably at a slower rate.

好吧，那裡有很多，所以讓我試著打開它。正如您從我們的財務數據中看到的那樣，我們已經看到 NIM 連續幾個季度大幅增長。我們確實預計第四季度甚至第四季度之後還會有進一步的增長。基於您提到的許多因素，我們確實預計 NIM 將繼續擴大，但速度可能會放緩。

In terms of portfolio positioning, we do actually think that rates will continue to surprise to the upside. And so we're therefore really positioned for greater asset sensitivity. But of course, we continue to be nimble there. And as we think about the portfolio overall, obviously, we're managing it with the objective of optimizing capital liquidity as well as NIR.

在投資組合定位方面，我們確實認為利率將繼續意外上行。因此，我們確實為更高的資產敏感性做好了準備。但是，當然，我們在那裡仍然很靈活。當我們考慮整體投資組合時，顯然，我們管理它的目的是優化資本流動性和 NIR。

We will now take our next question from Brian Bedell from Deutsche Bank.

我們現在將向德意志銀行的 Brian Bedell 提出下一個問題。

That was kind of my question on net interest income as well. Maybe just one point on that. Just technical on the Fed funds purchased spread, that's on the asset and liability side. I see that spread went up to about $72 million in 3Q versus $38 million in the second quarter. I guess how should we think about that book as more of a matched book with a spread sort of contained in that area? Or actually, is that poised to dramatically rise in the next couple of quarters?

這也是我關於淨利息收入的問題。也許只有一點。只是關於聯邦基金購買的利差的技術性，這是在資產和負債方面。我看到第三季度的價差上升到約 7200 萬美元，而第二季度為 3800 萬美元。我想我們應該如何將這本書視為更多匹配的書，其中包含在該區域中的傳播類型？或者實際上，這是否會在接下來的幾個季度中大幅上升？

Yes. I think on that particular question, I think it's just best to follow up specifically with IR. If you're asking more specifically about the kind of the outlook for NIR, which is kind of the broader-based question, based on the forward curve that we see today, we would probably expect some growth from our Q4 exit rate. And just to kind of talk a bit about the drivers there, of course, as I mentioned earlier, we expect central banks to continue to increase rates and then they'll probably remain elevated for most of the year. We do think that a large majority of the deposit outflows will be behind us by year-end. And again, that's largely because our client base is institutional, more rate sensitive than -- sensitive to the size of the balance sheet. We could have a little bit more runoff, but we do expect also some organic growth NIBs, as I've already talked about, and marginal betas will increase. So all of those factors just are kind of coming into the fact that we would expect some growth from our fourth quarter exit rates. Of course, lots of uncertainties.

是的。我認為在這個特定問題上，我認為最好專門跟進 IR。如果您根據我們今天看到的遠期曲線更具體地詢問 NIR 的前景，這是一個更廣泛的問題，我們可能預計第四季度的退出率會有所增長。當然，就像我之前提到的那樣，只是稍微談談那裡的驅動因素，我們預計央行將繼續加息，然後它們可能會在一年的大部分時間裡保持高位。我們確實認為，到年底，大部分存款外流都會過去。再說一次，這主要是因為我們的客戶群是機構性的，比對資產負債表的規模更敏感。我們可能會有更多的徑流，但我們確實預計也會出現一些有機增長的 NIB，正如我已經談到的那樣，邊際 beta 將會增加。因此，所有這些因素都會導致我們預計第四季度退出率會有所增長。當然，還有很多不確定性。

That's great color. And maybe if I can pivot to the organic growth initiatives that you talked about in your prepared remarks, Robin. Maybe if you could just focus on real-time payments. You've talked a lot about Pershing X recently and, of course, the digital platform. But maybe just if you can talk a little bit about sort of the -- what you're thinking in that area. And to what extent you think these initiatives can enhance that organic growth rate. I don't know if it's too early to put out a target there for 2% or 3%? Or do you think we're going to stay in the sort of 1% plus range for a little while?

這顏色真好。如果我可以轉向您在準備好的講話中談到的有機增長計劃，羅賓。也許你可以只專注於實時支付。您最近談了很多關於 Pershing X 的話題，當然還有數字平台。但也許只要你能談談你在那個領域的想法。您認為這些舉措可以在多大程度上提高有機增長率。我不知道現在將目標定為 2% 或 3% 是否為時過早？還是您認為我們會在 1% 以上的範圍內停留一段時間？

So it's a little too early for a specific target. As I mentioned in my prepared remarks, we're working through all of the various different businesses, understanding the priorities for each one. And as we come out of all of that, we'll have a better sense on that part of the question. But let me talk about real-time payments because I think this is quite interesting for a few different reasons. It is a new payment rail. And whenever there's a disruption or a change in the ecosystem, you have some degree of change in sort of the established order or at least the opportunity for that disruption.

因此，對於特定目標來說，這還為時過早。正如我在準備好的評論中提到的那樣，我們正在處理所有不同的業務，了解每個業務的優先事項。當我們從所有這些中走出來時，我們將對問題的這一部分有更好的理解。但是讓我談談實時支付，因為我認為這很有趣，有幾個不同的原因。這是一種新的支付方式。每當生態系統發生中斷或變化時，您就會在一定程度上改變既定秩序，或者至少有機會發生這種中斷。

And so for us, we think that those opportunities don't come along every day. And so we're quite focused on taking advantage of that. But it's also part of a broader solution set because providing faster payments is nice and safer payments is good. But when it's combined with the ability to do digital invoicing in the request for payment and when that's combined with payment validation, fraud protection and other data services, they can become very interesting solutions for clients. And we view ourselves as not just a payment provider but a platform provider for entry into the banking system. And we think this is where it overlaps very nicely.

所以對我們來說，我們認為這些機會不會每天都出現。所以我們非常專注於利用這一點。但它也是更廣泛的解決方案集的一部分，因為提供更快的支付是好的，更安全的支付是好的。但是，當它與在付款請求中進行數字發票的能力相結合時，當它與付款驗證、欺詐保護和其他數據服務相結合時，它們可以成為客戶非常有趣的解決方案。我們不僅將自己視為支付提供商，而且將自己視為進入銀行系統的平台提供商。我們認為這是它很好地重疊的地方。

You'll remember that we cover 97% of the world's top 100 banks. That makes us, with that installed customer base and then the leadership on the product side, it makes us a very appealing partner for fintechs and regional banks as they are thinking about wanting to take advantage of all those capabilities, but either because they don't actually want to be a bank in the case of some fintechs or in the case of the fact that it's very expensive to make all of this investment, and we've done that in the case of other regional banks.

您會記得我們覆蓋了全球 100 強銀行中的 97%。這使我們擁有已安裝的客戶群，然後在產品方面處於領先地位，這使我們成為金融科技和區域銀行非常有吸引力的合作夥伴，因為他們正在考慮想要利用所有這些能力，但要么是因為他們沒有對於某些金融科技公司，或者在進行所有這些投資非常昂貴的情況下，我們實際上不想成為一家銀行，而我們已經在其他區域性銀行的情況下做到了這一點。

We're now providing access to RTP, Zelle, account validation, soon-to-be FedNow, white-label solutions and with the real-time invoicing. And we think that whoever gets that collective set of rails up and running, really frankly has an advantage.

我們現在提供對 RTP、Zelle、賬戶驗證、即將推出的 FedNow、白標解決方案和實時發票的訪問。而且我們認為，無論誰讓這套集體軌道啟動並運行，坦率地說，他們都有優勢。

And as you know, we were the first bank to make real-time payments. We were the first to launch a real-time e-billing, and we're leading in the whole process with FedNow as part of that rollout as well, working very closely with the Fed and other banks as well.

如您所知，我們是第一家進行實時支付的銀行。我們是第一個推出實時電子賬單的公司，我們在整個流程中處於領先地位，FedNow 作為推出的一部分，也與美聯儲和其他銀行密切合作。

So it's for all of those reasons that I think this is an interesting space. We haven't put a number on it, but we're certainly getting franchise traction.

因此，出於所有這些原因，我認為這是一個有趣的空間。我們還沒有給出具體數字，但我們肯定會獲得特許經營權。

And our final question comes from Gerard Cassidy from RBC Capital Markets.

我們的最後一個問題來自加拿大皇家銀行資本市場的 Gerard Cassidy。

Emily, can you share with us your way you guys are managing your securities portfolio? In view, I think you said you think rates will be going higher as we go forward in terms of the strategies of moving some into held-to-maturity versus available-for-sale to protect you on the AOCI. And as you go forward, how are you looking at the AOCI issue?

Emily，你能和我們分享一下你們管理證券投資組合的方式嗎？鑑於此，我認為您說過您認為利率會隨著我們在將一些股票轉為持有至到期而不是可供出售以保護您在 AOCI 上的策略前進而走高。在您前進的過程中，您如何看待 AOCI 問題？

Sure. So as I did say before, we do expect the environment to remain volatile and actually rates to continue to surprise to the upside. And frankly, we really would need some change in tone from central banks or some evidence that inflation is declining probably to change our view on that. So we are continuing to position the portfolio for greater asset sensitivity.

當然。因此，正如我之前所說，我們確實預計環境將繼續波動，實際上利率將繼續意外上行。坦率地說，我們確實需要中央銀行改變基調，或者提供一些通脹正在下降的證據來改變我們對此的看法。因此，我們將繼續定位投資組合以提高資產敏感性。

Year-to-date, we have reduced DV01 by about 50%. Duration is also the lowest it's been in a really long time. You do mention that certainly, we did also take measures earlier in the year to protect against AOCI volatility. And so we did move a portion of the portfolio, about 40% of it now is in held-to-maturity, that certainly has helped with diminishing AOCI unrealized losses. They would have been more, of course, than they have been if we had not taken that action. But ultimately, the portfolio is positioned for greater asset sensitivity.

年初至今，我們已將 DV01 降低了約 50%。持續時間也是很長時間以來的最低值。您確實提到了這一點，我們在今年早些時候也確實採取了措施來防止 AOCI 波動。因此，我們確實轉移了部分投資組合，其中約 40% 現在持有至到期，這無疑有助於減少 AOCI 未實現損失。當然，如果我們沒有採取那項行動，他們會比他們更多。但最終，投資組合定位於更高的資產敏感性。

Having said that, we are going to be very, very nimble. And should the environment change, we do benefit actually from the fact that 60% of the portfolio is designated as available-for-sale and have a short duration. So we can be pretty flexible and act very swiftly.

話雖如此，我們將非常非常靈活。如果環境發生變化，我們確實受益於 60% 的投資組合被指定為可供出售且期限較短的事實。因此，我們可以非常靈活並迅速採取行動。

Does it make sense since you have so much in available-for-sale, that you're an advanced approach bank? So it's already going through your CET1 ratio to actually take some realized losses and then redeploy those funds at higher yields?

既然你有這麼多可供出售的東西，那麼你是一家高級方法銀行，這有意義嗎？所以它已經通過你的 CET1 比率來實際承擔一些已實現的損失，然後以更高的收益率重新部署這些資金？

We feel very comfortable where we are in terms of held-to-maturity. We really want to retain flexibility and also certainly want the flexibility around not only managing interest rate risk, but of course, liquidity as well.

就持有至到期而言，我們感到非常自在。我們真的希望保持靈活性，當然也希望在管理利率風險方面具有靈活性，當然還有流動性。

Very good. And then just as a follow-up question, I know you've touched a lot about your deposits today in your answers to questions. Just one last question on deposits. QT now is in full speed operation here in the United States. Have you noticed any change in the deposit outflows since we've gone to the $94 billion, $95 billion a month? And how do you -- I know you pointed out deposits are going to come down in the fourth quarter. But when you look out to next year, is that going to change your thinking at all? Or is it behaving as you expected?

很好。然後作為一個後續問題，我知道您今天在回答問題時已經觸及了很多關於您的存款的問題。關於存款的最後一個問題。 QT現在在美國這裡全速運行。自從我們達到每月 940 億美元、950 億美元以來，您是否注意到存款流出的任何變化？你怎麼 - 我知道你指出存款將在第四季度下降。但是當你展望明年時，這會改變你的想法嗎？或者它的行為是否符合您的預期？

Yes. I think as I indicated, deposit outflows are behaving pretty much as we anticipated. We do think the lion's share of the runoff will be behind us by the end of this year and why we think that our client base is predominantly institutional in the past and even now. They've proven to be much more sensitive to rates than actually just the size of the Fed's balance sheet. Also, just as a reminder, our businesses are much bigger. They've grown significantly since what we've seen in the last cycle. So Treasury Services is much bigger, AUC/A and Asset Servicing is much bigger where that comes, just naturally more deposits. And even what we've seen in the runoff, as I suggested or said before, it's been mostly nonoperational. So I think we feel pretty good about our expectations here and that the large majority is behind us. Having said that, could there be more runoff?

是的。我認為正如我所指出的，存款流出的表現與我們預期的差不多。我們確實認為，到今年年底，我們將在徑流中佔據最大份額，以及為什麼我們認為過去甚至現在我們的客戶群主要是機構客戶。事實證明，它們對利率的敏感程度遠遠超過美聯儲資產負債表的規模。另外，提醒一下，我們的業務要大得多。自從我們在上一個週期中看到以來，它們已經顯著增長。因此，Treasury Services 要大得多，AUC/A 和 Asset Servicing 要大得多，自然會有更多的存款。甚至我們在徑流中看到的，正如我之前建議或所說的那樣，它大多是無法運行的。所以我認為我們對這裡的期望感覺很好，而且絕大多數人都支持我們。話雖如此，能否有更多的徑流？

Yes, I mean there's so much uncertainty, whether it's interest rate volatility, the levels of the RRP, macroeconomic uncertainty in general. So that's our best guesstimate based on the forward curve of what we've seen thus far.

是的，我的意思是存在很多不確定性，無論是利率波動、RRP 水平還是總體宏觀經濟不確定性。因此，這是我們基於迄今為止所見的前向曲線的最佳猜測。

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

至此，我們今天的問答環節就結束了。我現在將把電話轉回給羅賓，並附上任何補充或結束語。

Thank you, operator, and thank you, everyone, for your interest in BNY Mellon. If you have any follow-up questions, please reach out to Marius and the IR team. Be well.

謝謝接線員，也謝謝大家對紐約梅隆銀行的興趣。如果您有任何後續問題，請聯繫 Marius 和 IR 團隊。好好的。

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。