紐約梅隆銀行 (BK) 2023 Q1 法說會逐字稿

Good morning, and welcome to the 2023 First 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. I will now turn the call over to Marius Merz, BNY Mellon, Head of Investor Relations. Please go ahead.

早上好，歡迎來到由紐約梅隆銀行主辦的 2023 年第一季度收益電話會議。 （操作員說明）請注意，本次電話會議和網絡廣播將被錄製，並將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。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, and good morning, everyone. Welcome to our first quarter 2023 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.

謝謝接線員，大家早上好。歡迎來到我們 2023 年第一季度的財報電話會議。與往常一樣，我們將參考我們的財務亮點演示文稿，該演示文稿可以在我們網站 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 Dermot McDonogh, our Chief Financial Officer. Robin will start with introductory remarks and Dermot will then take you through the earnings presentation. Following their remarks, there will be a Q&A session.

總裁兼首席執行官 Robin Vince 加入了我的行列；和我們的首席財務官 Dermot McDonogh。 Robin 將首先介紹性發言，然後 Dermot 將帶您完成收益演示。在他們的發言之後，將進行問答環節。

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, April 18, 2023, and will not be updated. With that, I will turn it over to Robin.

在我們開始之前，請注意我們的評論包括前瞻性陳述和非 GAAP 措施。有關這些報表和非 GAAP 措施的信息可在收益新聞稿、財務補充和財務摘要演示中找到，所有這些都可在我們網站的投資者關係頁面上找到。在本次電話會議上做出的前瞻性陳述僅適用於今天，即 2023 年 4 月 18 日，並且不會更新。有了這個，我會把它交給羅賓。

Thank you, Marius, and good morning, everyone. Before I turn the call over to Dermot to review our financial results, I want to provide some broader perspectives and an update on how we're serving our clients stepping up as a first in this complex environment. Following a relatively benign start to the year, markets were quite unsettled in March, when we saw two prominent bank failures in the United States and a government broker distressed bank takeover in Europe.

謝謝 Marius，大家早上好。在我將電話轉給 Dermot 審查我們的財務業績之前，我想提供一些更廣泛的觀點，並更新我們如何在這個複雜的環境中率先為客戶提供服務。在今年開局相對溫和之後，市場在 3 月份相當不穩定，當時我們看到美國兩家著名的銀行倒閉，以及一家政府經紀人在歐洲接管陷入困境的銀行。

While things have calmed down somewhat over the past couple of weeks, after over a decade of zero interest rate monetary policies, the risks and uncertainty associated with the fights against inflation, higher interest rates and quantitative tightening, together with geopolitical tensions remain elevated. And domestically, we continue to march closer to another debt ceiling standoff. Against this backdrop, it's a healthy reminder that the strength of BNY Mellon's highly liquid lower credit risk and well-capitalized balance sheet, in combination with the resilience of our platforms is the bedrock that supports our client franchise.

儘管過去幾週情況有所緩和，但在實施了十多年的零利率貨幣政策之後，與抗通脹、高利率和量化緊縮相關的風險和不確定性，以及地緣政治緊張局勢仍然存在。在國內，我們繼續接近另一個債務上限僵局。在這種背景下，這是一個健康的提醒，紐約梅隆銀行的高流動性、較低的信用風險和資本充足的資產負債表的優勢，加上我們平台的彈性，是支持我們客戶特許經營權的基石。

For nearly 240 years, we've built up a legacy of client and industry trust rooted in our resiliency through good times and bad. We've been a port in the storm for our clients in periods of stress over that time and recent weeks have been no different as we've helped our clients to navigate the volatility in markets with our strong balance sheet and broader liquidity solutions.

在將近 240 年的時間裡，我們建立了客戶和行業信任的傳統，這種信任植根於我們在順境和逆境中的韌性。在那段時間的壓力時期，我們一直是客戶的風暴港，最近幾周也沒有什麼不同，因為我們通過強大的資產負債表和更廣泛的流動性解決方案幫助客戶應對市場波動。

After seeing deposit balances increase following recent market events, we ended the quarter slightly higher than where we started it. And our broader liquidity platform, which manages over $1.3 trillion worth of cash and other short-term investment options on behalf of our clients has seen growth across most channels. But more broadly, the recent events have led to concern around the health and stability of some banks as they've highlighted the critical importance of robust asset and liability management for all financial services participants as one of the largest banks in the United States and as a [G-SIB], we are held and we hold ourselves to a high standard, including stringent capital, liquidity and stress testing requirements.

在看到最近的市場事件後存款餘額增加後，我們在本季度結束時略高於開始時的水平。我們更廣泛的流動性平台代表我們的客戶管理著價值超過 1.3 萬億美元的現金和其他短期投資選擇，在大多數渠道中都取得了增長。但更廣泛地說，最近的事件引發了對一些銀行的健康和穩定性的擔憂，因為它們強調了作為美國最大的銀行之一以及作為美國最大的銀行之一，穩健的資產和負債管理對所有金融服務參與者的至關重要a [G-SIB]，我們被持有並且我們堅持高標準，包括嚴格的資本、流動性和壓力測試要求。

On capital, unrealized losses related to our available-for-sale investment securities portfolio are already reflected in our capital ratios. We have consistently maintained the majority of our investments securities portfolio as available for sale. And as you will recall, we've had a view for a while now that rates would be a little higher in their terminal rate than the market has been pricing it. And so over the last 1.5 years, we meaningfully reduced the duration and enhanced the risk and liquidity profile of the portfolio. Together, these actions provide us with ample flexibility to adjust to changing market conditions as we move through the year.

在資本方面，與我們可供出售的投資證券組合相關的未實現損失已經反映在我們的資本比率中。我們一直保持大部分投資證券組合可供出售。你會記得，我們已經有一段時間的觀點是，他們的終端利率會比市場定價高一點。因此，在過去的 1.5 年裡，我們顯著縮短了投資組合的久期並提高了風險和流動性狀況。總之，這些行動為我們提供了足夠的靈活性，可以在我們度過這一年時適應不斷變化的市場條件。

And on liquidity, our robust liquidity management framework includes risk metrics such as concentration limits and daily liquidity stress testing protocols that go beyond regulatory requirements. It is these periods of stress that also showcase our characteristic resilience and the power of our diversified and lower-risk business model.

在流動性方面，我們強大的流動性管理框架包括風險指標，例如超出監管要求的集中限額和每日流動性壓力測試協議。正是這些壓力時期也展示了我們特有的韌性以及我們多元化和低風險業務模式的力量。

We primarily serve large institutional clients who collectively maintain substantial deposit balances with us as part of the services we provide to support their business activities whether that's custody, cash management, clearing and corporate trust services. As a result, roughly 2/3 of our deposit base is operational and sticky in nature and derived from a diverse set of business lines.

我們主要為大型機構客戶提供服務，這些客戶共同在我們這裡保持大量存款餘額，這是我們為支持他們的業務活動而提供的服務的一部分，無論是託管、現金管理、清算和企業信託服務。因此，我們大約 2/3 的存款基礎具有可操作性和粘性，並且來自不同的業務線。

And as I mentioned earlier, we manage over $1 trillion of cash on behalf of our clients across deposits, money market funds, repos and securities lending, which allows us to retain a connection to the money when it moves around various short-term investment alternatives. And we're also the largest provider of collateral services globally. Our average tri-party balances increased to $5.6 trillion this quarter, which is another example of just how comprehensive our role is in the broader liquidity ecosystem.

正如我之前提到的，我們代表客戶管理超過 1 萬億美元的現金，包括存款、貨幣市場基金、回購和證券借貸，這使我們能夠在資金圍繞各種短期投資選擇流動時保持與資金的聯繫.我們還是全球最大的抵押品服務提供商。本季度我們的平均三方餘額增加到 5.6 萬億美元，這是我們在更廣泛的流動性生態系統中的作用有多全面的另一個例子。

Now turning to our financial performance in the quarter. As you can see on Page 2 of our financial highlights presentation, we delivered solid results. We reported earnings per share of $1.12, up 30% year-over-year or up 20% excluding notable items, primarily in the first quarter of last year. Revenue was up 11% year-over-year. We closely managed expenses, up 3% year-over-year, and we generated a healthy return on tangible common equity of 20%. And given how in focused capital and liquidity are at the moment, I'll note that our Tier 1 leverage ratio as well as our liquidity coverage ratio remains strong and unchanged compared to the prior quarter, well above regulatory requirements and our own management buffers.

現在轉向我們本季度的財務業績。正如您在我們財務摘要演示文稿的第 2 頁上看到的那樣，我們取得了可觀的成果。我們報告的每股收益為 1.12 美元，同比增長 30% 或不計顯著項目增長 20%，主要是在去年第一季度。收入同比增長 11%。我們嚴密管理費用，同比增長 3%，並且我們的有形普通股權益回報率達到 20%。考慮到目前集中資本和流動性的情況，我會注意到我們的一級槓桿率和流動性覆蓋率與上一季度相比保持強勁且沒有變化，遠高於監管要求和我們自己的管理緩衝。

Stepping back for a moment, I'm encouraged by the early progress that we are seeing around the company to deliver on the commitments that we made to you back in January. First, we are bending the cost curve. Our first quarter expense growth came in marginally better than our initial internal plan and we remained firmly committed to cutting our core expense growth by roughly half this year compared to 2022 on a constant currency basis.

退後一步，我對我們在公司中看到的早期進展感到鼓舞，以兌現我們在 1 月份向您做出的承諾。首先，我們正在彎曲成本曲線。我們第一季度的費用增長略好於我們最初的內部計劃，並且我們仍然堅定地致力於將今年的核心費用增長與 2022 年相比以固定匯率計算減少大約一半。

Second, in line with our outlook for the year, we continued to derive healthy growth in net interest revenue.

其次，根據我們今年的展望，我們繼續實現淨利息收入的健康增長。

Third, we delivered positive operating leverage on a year-over-year basis.

第三，我們同比提供了積極的經營槓桿。

And fourth, we returned a meaningful amount of capital to our shareholders, including $1.3 billion of common share repurchases.

第四，我們向股東返還了大量資本，包括 13 億美元的普通股回購。

We've made good initial progress on our plan to return more than 100% of earnings to shareholders in 2023, and we currently expect to continue buying back stock, albeit at a slower pace given the uncertain environment. At the same time, I've made a promise to you to call it as it is when we fall short of our expectations. And so to be candid, our fees being flat year-over-year was somewhat lackluster.

我們在 2023 年將超過 100% 的收益返還給股東的計劃取得了良好的初步進展，我們目前預計將繼續回購股票，儘管鑑於不確定的環境，回購速度會放緩。同時，我向您承諾，當我們沒有達到預期時，就按原樣稱呼它。坦率地說，我們的費用同比持平有點乏善可陳。

Having said that, there were a number of business highlights this quarter that are designed to help us change this trajectory and drive underlying fee growth over time. And so I'll call out a few. In Asset Servicing, the pipeline remains strong, and the margin on new deals is improving as we're increasingly holding the line on price to drive more profitable growth in the business.

話雖如此，本季度有許多業務亮點旨在幫助我們改變這一軌跡並隨著時間的推移推動基礎費用增長。所以我會說出一些。在資產服務方面，管道仍然強勁，新交易的利潤率正在提高，因為我們越來越多地控制價格以推動業務的利潤增長。

ETF activity is up across all measures with healthy increases in AUC/A, orders and flows, and wins with [AUC] and in our data platform service business were pleasing to see this quarter. In January, we announced the launch of our outsourced trading business powered by a platform that already executes more than $1 trillion in volumes annually for our investment management business.

ETF 活動在所有指標上都在上升，AUC/A、訂單和流量的健康增長，以及 [AUC] 和我們數據平台服務業務的勝利在本季度令人高興。 1 月，我們宣布推出由一個平台提供支持的外包交易業務，該平台每年為我們的投資管理業務執行的交易量超過 1 萬億美元。

This global multi-asset trading service can help clients to reduce their costs and focus on alpha generation. While still early days, we think there is significant opportunity here to offer front office trading capabilities in a trusted, unconflicted way to the market.

這種全球多資產交易服務可以幫助客戶降低成本並專注於阿爾法生成。雖然仍處於早期階段，但我們認為這裡有很大的機會以可信賴、無衝突的方式向市場提供前台交易功能。

Pershing brought in a healthy $37 billion of net new assets during the quarter, representing mid-single-digit organic growth on an annualized basis and total revenue was a quarterly record. As part of BNY Mellon, clients recognize Pershing as a source of strength and stability in the marketplace. In the current environment, clients also appreciate the flexibility and choice of our product offering.

Pershing 在本季度帶來了 370 億美元的健康淨新資產，年化有機增長為中個位數，總收入創下季度記錄。作為紐約梅隆銀行的一部分，客戶將博星視為市場實力和穩定性的源泉。在當前環境下，客戶也欣賞我們提供的產品的靈活性和選擇。

Meanwhile, our Pershing X team continues to make great progress as we aim for a broader rollout this summer. Just last week, we announced a collaboration with Snowflake to provide our prospective Pershing X clients with more powerful analytics and faster data management, improving their digital experience so they can operate more efficiently.

與此同時，我們的 Pershing X 團隊繼續取得重大進展，因為我們的目標是在今年夏天進行更廣泛的推廣。就在上週，我們宣布與 Snowflake 合作，為我們潛在的 Pershing X 客戶提供更強大的分析和更快的數據管理，改善他們的數字體驗，使他們能夠更高效地運營。

Clearance and Collateral management activity remained elevated, given the volatility in the market and as dealers increasingly finance larger inventories via tri-party. We continue to see growth from the investments that we've made to increase market connectivity by expanding our tri-party platform into new markets across Asia and EMEA, and into new trade types and collateral pools, reinforcing our role as the only truly global provider of collateral management.

考慮到市場的波動以及交易商越來越多地通過第三方為更大的庫存融資，清算和抵押品管理活動仍然很高。我們通過將我們的三方平台擴展到亞洲和 EMEA 的新市場，以及新的貿易類型和抵押品池，加強我們作為唯一真正的全球供應商的作用，繼續看到我們為增加市場連通性而進行的投資的增長抵押品管理。

Treasury Services delivered broad-based client wins across U.S. dollar, digital and FX payments, liquidity and trade finance products and also saw a nice pickup in account and operational deposit growth towards the end of the quarter.

財務服務在美元、數字和外匯支付、流動性和貿易融資產品方面贏得了廣泛的客戶，並且在本季度末賬戶和運營存款增長也出現了不錯的回升。

Investment and Wealth Management, although our investment performance remains solid, AUM flows were mixed with strength in fixed income and LDI strategies partly offset by outflows in other long-term strategies. During the quarter, our U.K. investment manager launched 5 future legacy funds, its first range of risk-rated sustainable multi-asset funds to support growth in the U.K. retirement market. And back in the U.S., the Dreyfus Bold share class, which we introduced last year, has now raised over $4 billion in AUM.

投資和財富管理，儘管我們的投資業績依然穩健，但資產管理規模的流動與固定收益和 LDI 策略的強勁表現不一，部分被其他長期策略的資金流出所抵消。本季度，我們的英國投資經理推出了 5 只未來遺留基金，這是其首批風險評級可持續多資產基金，旨在支持英國退休市場的增長。回到美國，我們去年推出的 Dreyfus Bold 股票類別現在已經籌集了超過 40 億美元的資產管理規模。

In summary, over the past few months, I've spoken about our combination of client trust at scale platforms, client-focused culture and resilience as a powerful foundation on which we can build. I'm also proud that our culture has been front and center in recent weeks as our people have risen to the occasion, responding commercially and working tirelessly to enable successful outcomes for our clients in these uncertain times.

總而言之，在過去的幾個月裡，我談到了我們將客戶對大規模平台的信任、以客戶為中心的文化和彈性相結合，作為我們可以建立的強大基礎。我也感到自豪的是，我們的文化在最近幾週一直處於前沿和中心，因為我們的員工已經挺身而出，做出商業回應並孜孜不倦地工作，以便在這些不確定的時期為我們的客戶取得成功。

I view this client-first culture as the key to make more out of our diversified portfolio of adjacent businesses. While we are the world's largest custodian and a trust bank, the contributions from Clearance and Collateral Management, Pershing, Treasury Services and Issuer Services are differentiating in our client value proposition. With that, let me officially welcome Dermot to his first earnings call. Dermot, over to you.

我認為這種客戶至上的文化是從我們多元化的相鄰業務組合中獲得更多收益的關鍵。雖然我們是世界上最大的託管人和信託銀行，但清算和抵押品管理、Pershing、Treasury Services 和 Issuer Services 的貢獻在我們的客戶價值主張中脫穎而出。有了這個，讓我正式歡迎 Dermot 參加他的第一次財報電話會議。德莫特，交給你了。

Thank you, Robin, for the introduction, and good morning, everyone. It's a privilege to be here, and I look forward to working with you all. I'll start on Page 3 of the presentation with some additional details on our consolidated financial results in the first quarter.

謝謝羅賓的介紹，大家早上好。很榮幸來到這裡，我期待與大家一起工作。我將從演示文稿的第 3 頁開始，提供有關我們第一季度綜合財務業績的一些其他詳細信息。

Total revenue was $4.4 billion, up 11% year-over-year. This reflects fee revenue being flat as headwinds from lower market value, a stronger dollar and the sale of Alcentra, which closed in November last year, were offset by significant improvement in fee waivers and the absence of a notable item last year related to Russia.

總收入為 44 億美元，同比增長 11%。這反映出費用收入持平，原因是市場價值較低、美元走強以及去年 11 月關閉的 Alcentra 的出售帶來的不利因素被費用減免的顯著改善以及去年沒有與俄羅斯相關的顯著項目所抵消。

Firm-wide assets under custody and/or administration of $46.6 trillion increased by 2% year-over-year. Growth from new and existing clients more than offset the stiff headwinds from lower market values and currency translation, a real testament to the strength and diversification of our franchise.

全公司託管和/或管理的資產為 46.6 萬億美元，同比增長 2%。新客戶和現有客戶的增長遠遠抵消了市場價值下降和貨幣換算帶來的不利影響，這確實證明了我們特許經營權的實力和多元化。

Quarter-over-quarter, assets under custody and/or administration increased by 5%. Assets under management of $1.9 trillion decreased by 16% year-over-year. Here, the impact of lower market values and the stronger dollar was tempered by cumulative net inflows over the 12 months. Quarter-over-quarter, assets under management increased by 4%. Investment and other revenue was $79 million, and included another strong quarter of fixed income trading on the back of elevated volatility and greater demand for U.S. treasuries. And net interest revenue increased by 62% year-over-year, primarily reflecting higher interest rates.

與上一季度相比，託管和/或管理的資產增加了 5%。管理的資產為 1.9 萬億美元，同比下降 16%。在這裡，市場價值下跌和美元走強的影響被過去 12 個月的累計淨流入所緩和。環比而言，管理的資產增長了 4%。投資和其他收入為 7,900 萬美元，其中包括在波動加劇和對美國國債需求增加的背景下又一個強勁季度的固定收益交易。淨利息收入同比增長 62%，主要反映利率上升。

Expenses were up 3%, driven by higher investments and revenue-related expenses, partially offset by efficiency savings and the impact of the sale of Alcentra. The impact of inflation and merit increases were largely offset by the favorable impact of the stronger dollar. And the provision for credit losses was $27 million in the quarter, reflecting changes in the macroeconomic forecast.

由於投資和與收入相關的費用增加，費用增長了 3%，部分被效率節約和出售 Alcentra 的影響所抵消。通貨膨脹和業績增長的影響在很大程度上被美元走強的有利影響所抵消。本季度信貸損失準備金為 2700 萬美元，反映了宏觀經濟預測的變化。

As Robin mentioned earlier, earnings per share were $1.12, up 30% year-over-year or up 20% excluding notable items, largely in the first quarter of last year. Our reported pretax margin was 28% and our return on tangible common equity was 20%, the highest in 3 years.

正如 Robin 之前提到的，每股收益為 1.12 美元，同比增長 30%，不計顯著項目增長 20%，主要是在去年第一季度。我們報告的稅前利潤率為 28%，有形普通股回報率為 20%，為 3 年來最高。

Turning to capital and liquidity on Page 4. Our Tier 1 leverage ratio, which continues to be our binding capital constraint, was 5.8%, essentially flat quarter-over-quarter, and our CET1 ratio was 11%. The strength of our balance sheet and our healthy earnings generation in the quarter allowed us to return $1.6 billion of capital to our common shareholders, including $1.3 billion of common share repurchases while maintaining our capital ratios well above regulatory minimum and above our more stringent management target.

轉到第 4 頁的資本和流動性。我們的一級槓桿比率仍然是我們的約束資本約束，為 5.8%，與上一季度相比基本持平，我們的 CET1 比率為 11%。本季度我們資產負債表的實力和健康的盈利能力使我們能夠向我們的普通股股東返還 16 億美元的資本，包括 13 億美元的普通股回購，同時保持我們的資本比率遠高於監管最低水平和我們更嚴格的管理目標.

Similarly, on liquidity, our liquidity coverage ratio was 118% and also unchanged compared with the prior quarter. The strength of our highly liquid, lower credit risk and well-capitalized balance sheet is one of the cornerstones of our franchise. Starting in late '21 and throughout '22, we proactively reduced the duration and enhanced the risk and liquidity profile of our investment securities portfolio, while consistently keeping over 60% of the book available for sale to position ourselves without the flexibility for changing market and interest rate conditions.

同樣，在流動性方面，我們的流動性覆蓋率為 118%，與上一季度相比也沒有變化。我們的高流動性、較低的信用風險和資本充足的資產負債表的優勢是我們特許經營權的基石之一。從 21 世紀末和整個 22 世紀開始，我們主動縮短了投資證券組合的期限並提高了風險和流動性狀況，同時始終保持 60% 以上的賬簿可供出售，以便在沒有市場變化靈活性的情況下定位自己利率條件。

Between the beginning of this year and early March, we saw deposit balances declined in line with typical seasonal patterns and in line with our expectations, considering continued Central Bank tightening via both rate hikes and quantitative tightening. This was followed by a swift increase in deposit balances as clients of the strength of our balance sheet during the recent turmoil in the banking sector. We ended the quarter with deposit balances up 1% sequentially on a period-end basis, but we expect continued moderation of deposit levels in the months ahead.

從今年年初到 3 月初，考慮到中央銀行通過加息和量化緊縮繼續收緊政策，我們看到存款餘額下降符合典型的季節性模式，也符合我們的預期。隨後，在最近銀行業動盪期間，作為我們資產負債表實力的客戶，存款餘額迅速增加。我們在本季度末的存款餘額環比增長 1%，但我們預計未來幾個月存款水平將繼續放緩。

Now moving on to net interest revenue and further details on the underlying balance sheet trends on Page 5, which I will describe in sequential terms. Net interest revenue of $1.1 billion was up 7% quarter-over-quarter. This sequential increase reflects higher yields on interest-earning assets, partially offset by higher funding costs and the impact of balance sheet size and mix. While it is clearly a very volatile quarter in rates markets, it is worth noting that, on average, realized rates were in line with our projections for the quarter. Our outperformance compared to our prior expectations was primarily driven by slightly lower-than-expected deposit basis.

現在轉到第 5 頁上的淨利息收入和有關資產負債表基本趨勢的更多詳細信息，我將按順序進行描述。淨利息收入為 11 億美元，環比增長 7%。這一連續增長反映了生息資產收益率的提高，部分被更高的融資成本以及資產負債表規模和組合的影響所抵消。雖然這顯然是利率市場非常不穩定的一個季度，但值得注意的是，平均而言，已實現利率符合我們對該季度的預測。與我們之前的預期相比，我們表現出色主要是由於存款基礎略低於預期。

On a quarterly average basis, deposit balances decreased by 3% sequentially. Noninterest-bearing deposits represented 26% of total deposit balances, which continues to be above our long-term range of 20% to 25% based on historical averages in normal interest rate environment.

按季度平均計算，存款餘額環比下降 3%。無息存款佔總存款餘額的 26%，繼續高於我們基於正常利率環境下的歷史平均水平 20% 至 25% 的長期範圍。

Average interest-earning assets decreased by 1% quarter-over-quarter. Underneath that, cash and reverse repo [were flat], loan balances were down 6%, and our investment securities portfolio was flat.

平均生息資產環比下降 1%。在此之下，現金和逆回購 [持平]，貸款餘額下降 6%，我們的投資證券組合持平。

Moving on to expenses on Page 6. Expenses for the quarter were $3.1 billion, up 3% year-over-year. As mentioned earlier, this reflects investments in higher revenue-related expenses, partially offset by efficiency savings and the impact of the sale of Alcentra. The impact of inflation and merit increases was largely offset by the favorable impact of the stronger dollar.

轉到第 6 頁的費用。本季度的費用為 31 億美元，同比增長 3%。如前所述，這反映了對更高收入相關費用的投資，部分被效率節省和出售 Alcentra 的影響所抵消。通貨膨脹和業績增長的影響在很大程度上被美元走強的有利影響所抵消。

Robin has been clear about our determination to bend the cost curve. We're executing with discipline and urgency, as you can see signs of our delivery in our professional, legal and other purchase services, net occupancy and business development line. We feel good about our progress in the first quarter and how it positions us for efficiency savings in the coming quarters to help us meet our goals for the year.

羅賓已經清楚地表明我們決心扭轉成本曲線。我們正在以紀律和緊迫的方式執行，因為您可以在我們的專業、法律和其他採購服務、淨入住率和業務發展線中看到我們交付的跡象。我們對第一季度的進展以及它如何使我們在未來幾個季度實現效率節約以幫助我們實現今年的目標感到滿意。

Turning to our business segments. Let's start with Security Services on Page 7. As I discussed the performance of our Securities Services and Market (inaudible) Services segment, I will comment on the investment services fees for each line of business described in our earnings press release and the financial supplement.

轉向我們的業務部門。讓我們從第 7 頁的安全服務開始。當我討論我們的證券服務和市場（聽不清）服務部門的表現時，我將評論我們的收益新聞稿和財務補充中描述的每項業務的投資服務費用。

Security Services reported total revenue of $2.1 billion, up 19% year-over-year. Fee revenue was up 4%. Within this, FX revenue was down 6% as the benefit of higher volatility was more than offset by a decline in emerging market volume and net interest revenue was up 77%. In Asset Servicing, investment services fees decreased by 5%. The benefit of lower money market fee waivers and net new business was more than offset by the impact of lower market values, lower client activity and the stronger dollar.

安全服務報告的總收入為 21 億美元，同比增長 19%。手續費收入增長了 4%。其中，外匯收入下降了 6%，因為波動性增加的好處被新興市場交易量的下降所抵消，淨利息收入增長了 77%。在資產服務方面，投資服務費下降了 5%。較低的貨幣市場費用減免和新業務淨額的好處被市場價值下降、客戶活動減少和美元走強的影響所抵消。

In Issuer Services, investment services fees increased by 67%. This increase largely reflects the absence of the notable item last year related to Russia as well as lower money market fee waivers in Corporate Trust.

在發行人服務方面，投資服務費增加了 67%。這一增長主要反映了去年沒有與俄羅斯相關的值得注意的項目，以及企業信託中較低的貨幣市場費用減免。

Next, Market and Wealth Services on Page 8. Markets & Wealth Services reported total revenue of $1.5 billion, up 22% year-over-year. Fee revenue was up 10% and net interest revenue increased by 53%.

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 15 億美元，同比增長 22%。手續費收入增長 10%，淨利息收入增長 53%。

In Pershing, investment services fees were up 15%, primarily driven by the abatement of money market fee waivers, partially offset by lower client activity. Net new assets were a healthy $37 billion in the quarter, and average active clearing accounts were up 6% year-on-year.

在 Pershing，投資服務費用上漲了 15%，這主要是由於貨幣市場費用減免的減少，部分被較低的客戶活動所抵消。本季度淨新資產達到 370 億美元，平均活躍清算賬戶同比增長 6%。

In Treasury Services, Investment Services fees decreased slightly by 1% driven by higher earnings credit on noninterest-bearing deposit balances on the back of higher interest rates, partially offset by lower money market fee waivers and net new business. And in Clearance and Collateral Management, Investment Services fees were up 7%, largely reflecting higher used government clearance volumes and make continued demand for U.S. treasuries.

在資金服務方面，投資服務費用小幅下降 1%，這是由於利率上升導致無息存款餘額的收益信貸增加，部分被貨幣市場費用減免和淨新業務減少所抵消。在清算和抵押品管理方面，投資服務費上漲了 7%，主要反映了使用的政府清算量增加以及對美國國債的持續需求。

Moving on to Investment and Wealth Management on Page 9. Investment and Wealth Management reported total revenue of $827 million, down 14% year-over-year. Fee revenue was down 15%. Investment and other revenue was $6 million in the quarter primarily reflecting free capital gains as opposed to losses in the first quarter of last year, and net interest revenue was down 21% year-over-year. Assets under management of $1.9 trillion decreased by 16% year-over-year.

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 8.27 億美元，同比下降 14%。手續費收入下降了 15%。本季度的投資和其他收入為 600 萬美元，主要反映了與去年第一季度的虧損相比的自由資本收益，淨利息收入同比下降 21%。管理的資產為 1.9 萬億美元，同比下降 16%。

As I mentioned earlier, this decrease largely reflects lower market values and the unfavorable impact of the stronger dollar, partially offset by cumulative net inflows. In the quarter, we saw $5 billion of net inflows into long-term products. We continue to see healthy net inflows into our LDI strategies of $10 billion, and we also saw $4 billion of net inflows into our fixed income strategy.

正如我之前提到的，這種下降主要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。本季度，我們看到 50 億美元淨流入長期產品。我們繼續看到 100 億美元的健康淨流入我們的 LDI 策略，我們也看到 40 億美元的淨流入我們的固定收益策略。

In cash, where we expected outflows from a small number of clients, this was offset by healthy inflows on the back of our continued strong investment performance.

在現金方面，我們預計少數客戶會流出現金，但由於我們持續強勁的投資業績，這被健康的流入所抵消。

In Investment Management, revenue was down 15% year-over-year. This decrease reflects the impact of the sale of Alcentra, the mix of cumulative net inflows, lower market values and the stronger dollar and was partially offset by lower money market fee waivers.

在投資管理方面，收入同比下降 15%。這一下降反映了 Alcentra 出售的影響、累積淨流入、較低的市場價值和美元走強的組合，並被較低的貨幣市場費用減免部分抵消。

In Wealth Management, revenue was down 12%, driven by lower market values and changes in product mix. Client assets of $279 million was down 9% year-over-year, primarily driven by lower market values. Page 10 shows the results of the other segments.

在財富管理方面，由於市場價值下降和產品組合發生變化，收入下降了 12%。客戶資產為 2.79 億美元，同比下降 9%，主要原因是市值下降。第 10 頁顯示了其他部分的結果。

I'll close with a few comments on how we're currently thinking about our financial outlook for the year, which in short remains basically unchanged. From our earnings call in January, you will recall that based on March implied forward interest rates at the end of last year, we projected an approximately 20% year-over-year increase in net interest revenue for the full year '23. As you all know, we continue to see significant volatility in rates, markets and market implied forward interest rates currently suggest some meaningful fed easing relative to the [dock] plots. We have positioned ourselves for continued interest rate volatility and retain ample flexibility and liquidity to respond to a wide range of outcomes as the ultimate impact of continued tightening remains uncertain.

最後，我將就我們目前如何看待今年的財務前景發表一些評論，簡而言之，我們的財務前景基本保持不變。從我們 1 月份的財報電話會議中，您會記得，根據去年年底 3 月份的隱含遠期利率，我們預計 23 年全年的淨利息收入將同比增長約 20%。眾所周知，我們繼續看到利率、市場和市場隱含遠期利率的顯著波動，目前表明美聯儲相對於 [碼頭] 圖有一些有意義的寬鬆政策。由於持續緊縮的最終影響仍不確定，我們已為持續的利率波動做好準備，並保留充足的靈活性和流動性以應對廣泛的結果。

We're off to a good start in the first quarter. And based on March implied forward interest rates at the end of March, we still believe our outlook for 20% year-over-year growth in net interest revenue is realistic with some skew to the upside.

我們在第一季度有了一個良好的開端。根據 3 月底的 3 月隱含遠期利率，我們仍然認為我們對淨利息收入同比增長 20% 的預期是現實的，但有些偏向上行。

We also still expect expenses, excluding notable items to be up 4% year-over-year, assuming foreign exchange rates at the end of last year or by approximately 4.5% on a constant currency basis. As we said on our earnings call in January, we are determined to deliver some positive operating leverage this year. We still expect an effective tax rate in the 21% to 22% range and finally, as we calibrate the amount and pace of our continuing share repurchases in the weeks and months ahead, we will be mindful of the continued uncertainty in the operating environment, especially as it relates to the uncertain path of interest rates and so we're planning to maintain our current more conservative capital buffers for the time being.

我們還預計費用（不包括重要項目）同比增長 4%，假設去年年底的匯率或按固定匯率計算約 4.5%。正如我們在 1 月份的財報電話會議上所說，我們決心在今年提供一些積極的經營槓桿。我們仍然預計有效稅率在 21% 至 22% 的範圍內，最後，當我們在未來幾周和幾個月內調整我們持續股票回購的數量和速度時，我們將注意到運營環境的持續不確定性，特別是因為它與利率的不確定路徑有關，所以我們計劃暫時維持我們目前更保守的資本緩衝。

So to wrap up, we're pleased with the company's solid financial performance in the first quarter which have made a challenging operating environment once again showcased the strength and resilience of our business model.

因此，總而言之，我們對公司第一季度穩健的財務業績感到滿意，這使得充滿挑戰的經營環境再次展示了我們商業模式的實力和彈性。

As we look forward, we are continuing to manage our balance sheet conservatively and we are confident that we are well positioned to help our clients navigate the elevated uncertainty in global markets. With that, operator, can you please open the line for Q&A.

展望未來，我們將繼續保守地管理我們的資產負債表，我們相信我們有能力幫助我們的客戶應對全球市場不確定性增加的情況。有了這個，接線員，你能打開問答熱線嗎？

(Operator Instructions). Our first question comes from the line of Kenneth Usdin with Jefferies.

（操作員說明）。我們的第一個問題來自 Jefferies 的 Kenneth Usdin。

Welcome, Dermot. To follow up on your NII, you reiterated 20%, perhaps a little upside. Obviously, with a good start to the year that implies a sequential slide as the year goes through. Can you just kind of help us understand how that works through in terms of what you're expecting for deposit trends and liability costs as you look through to that.

歡迎，德莫特。為了跟進你的 NII，你重申了 20%，也許還有一點上行空間。顯然，今年的良好開端意味著隨著時間的推移連續下滑。你能不能幫助我們了解你對存款趨勢和責任成本的期望，以及你對它的看法。

Okay. And thanks for the question. Before I answer, I'd just like to acknowledge Emily, who is the former CFO and has been a tremendous partner with the transition and to the finance team and Investor Relations team who really helped me settle in well, and it's a real privilege to be here, and I look forward to working with you all.

好的。謝謝你的提問。在我回答之前，我只想感謝 Emily，她是前首席財務官，一直是過渡過程中的重要合作夥伴，也是財務團隊和投資者關係團隊的重要合作夥伴，他們確實幫助我很好地適應了環境，我真的很榮幸能夠來到這裡，我期待著與大家一起工作。

So on to your specific question around the mix between NII and deposits. Look, back in January, the environment was a little bit different to where it is today. We feel we've had a very good start to NII. We did a lot of scenario analysis in January to come up with that number. And look, there was a big kind of divergence between the market implied forward curve, which we use to kind of budget and project where we think NII is versus where the Fed is in the [dot plots]. If you look at it today, there's a little bit more of a coming together of that and there's more of a market color around higher for longer. We're positioned for that. We feel good about this. And as a consequence of that, we've locked in a good quarter and we feel good about subsequent quarters. And look, the important thing in my remarks was skewed to the upside. The range of outcomes is probably more uncertain today than it was in January. We have the debt ceiling to come, geopolitical uncertainty, all the factors that you would know about. And as a consequence, I don't really want to update the guidance, but feel we're solid on 20% with that skewed to the upside.

那麼關於你關於 NII 和存款之間的混合的具體問題。看，回到一月份，環境與今天有點不同。我們覺得我們對 NII 有了一個很好的開端。我們在 1 月份進行了大量情景分析，得出了這個數字。看，市場隱含的遠期曲線之間存在很大的差異，我們用它來進行預算和預測，我們認為 NII 與美聯儲在[點圖]中的位置。如果你今天看它，就會有更多的融合在一起，而且市場顏色會持續更長的時間。我們為此做好了準備。我們對此感覺很好。因此，我們鎖定了一個好的季度，我們對隨後的幾個季度感覺良好。看，我言論中的重要內容偏向了上行。今天的結果範圍可能比一月份更加不確定。我們有即將到來的債務上限、地緣政治的不確定性，以及所有你會知道的因素。因此，我真的不想更新指南，但我覺得我們在 20% 上是穩固的，而且偏向於上行。

Got it. Great. And just as a follow-up then, can you maybe just flesh out a little bit how you're thinking about how the deposit trends go from here, both in an absolute sense? And then perhaps what that mix of DDAs to total looks like from, I think, the 26% that you posted this quarter?

知道了。偉大的。那麼作為後續行動，你能否從絕對意義上稍微充實一下你是如何思考存款趨勢從這裡開始的？然後也許 DDA 與總數的組合看起來像什麼，我認為，你本季度發布的 26%？

Sure. So if you kind of take a step back on deposits and think about coming out of the pandemic and as people started to focus on inflation and having better yield opportunities and you look at the system in total, you see over the course of the last 15 months across the industry, deposits leaving the system, we're kind of tracking that. And we're the same really as everybody else. We're down 3% in terms of average deposits and maybe if I kind of double-click on what happened in the quarter a little bit, up to March, we were in line with our forecast, which kind of gave us the 20% year-over-year growth. We kind of had a blip to the upside for deposits in the latter part of March as a result of a little bit of the turmoil that happens there. We saw a flight to our balance sheet. People wanted to use our platform. And so we saw deposits elevate. Now that's largely moderated, albeit we're a little bit above our forecast. We expect that to moderate further like the rest of the industry in the coming quarters as our clients are sophisticated and they will look for yield.

當然。因此，如果你在存款方面退後一步，考慮擺脫大流行病，隨著人們開始關注通貨膨脹和獲得更好的收益機會，你看看整個系統，你會看到在過去 15 年的過程中整個行業幾個月，存款離開系統，我們正在跟踪它。我們真的和其他人一樣。就平均存款而言，我們下降了 3%，也許如果我稍微雙擊本季度發生的事情，直到 3 月，我們符合我們的預測，這給了我們 20%同比增長。由於那裡發生的一些動盪，我們在 3 月下旬的存款略有上漲。我們看到了資產負債表的航班。人們想使用我們的平台。因此我們看到存款增加。現在這在很大程度上有所緩和，儘管我們略高於我們的預測。我們預計未來幾個季度會像其他行業一樣進一步放緩，因為我們的客戶很成熟，他們會尋求收益。

But look, I refer you to Robin's comments in his remarks where he talked about the cash ecosystem and we kind of touched $1.3 trillion of a cash ecosystem, we want to point them to our products and services. So while they may not use our deposit platform, we want them to use other products within our ecosystem. So we feel very good about where our deposit balances are and the trajectory for the rest of the year.

但是看，我建議你參考羅賓在他談到現金生態系統的評論中的評論，我們有點觸及 1.3 萬億美元的現金生態系統，我們希望將它們指向我們的產品和服務。因此，雖然他們可能不會使用我們的存款平台，但我們希望他們使用我們生態系統中的其他產品。因此，我們對今年剩餘時間的存款餘額和軌跡感到非常滿意。

And our next question will come from Steven Chubak with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Steven Chubak。

So I wanted to start off with just a question on some of the buyback commentary. We saw a strong capital return in the quarter. You noted plans to temper the pace of buyback, was hoping to get some more context as to what's informing that decision. If I think about some of the key inputs, the leverage denominator should be shrinking, albeit modestly, given some of the deposit commentary you decided you've sounded more [sand] going on Basel IV, you're less exposed to credit shocks. It just feels like you're better placed than most to continue a healthy pace of buyback. Just want to understand the decision to retrench a bit in terms of the pace of deployment.

所以我想從一些回購評論的問題開始。我們在本季度看到了強勁的資本回報。你提到了緩和回購步伐的計劃，希望獲得更多關於該決定的背景信息。如果我考慮一些關鍵輸入，槓桿分母應該會縮小，儘管幅度不大，鑑於一些存款評論你認為你聽起來更傾向於巴塞爾協議 IV，你受到信貸衝擊的風險較小。感覺你比大多數人更有條件繼續健康的回購步伐。只是想了解在部署速度方面縮減一點的決定。

Thanks for the question, Steven. I wouldn't use the word retrench. I would just go back to January and kind of just reaffirm what we said we'd do, which is return north of 100% of earnings to our shareholders this year. In Q1, it was a total of $1.6 billion, of which $300 million was dividends, $1.3 billion in share repurchases. So a good start, March came along, and maybe some of it is me being a freshman CFO and wanting to just slow down the pace a bit to see how the macro environment plays out. There's a lot of uncertainty out there. I would reiterate, we are going to continue to buy back but we're just going to take it easy now and watch the situation day by day, week by week. If the situation clarifies itself. If we get debt ceiling resolution, there are a lot of things that play into the next couple of months, and we'll watch and see and adjust accordingly.

謝謝你的問題，史蒂文。我不會使用裁員這個詞。我只想回到一月份，重申我們所說的我們會做的事情，即今年將超過 100% 的收益回報給我們的股東。第一季度，總計16億美元，其中3億美元是股息，13億美元是股票回購。所以一個好的開始，三月來了，也許其中一部分是因為我是一名新任首席財務官，我想稍微放慢腳步，看看宏觀環境如何發揮作用。那裡有很多不確定性。我要重申，我們將繼續回購，但我們現在要放輕鬆，每天、每週觀察情況。如果情況自行澄清。如果我們獲得債務上限決議，接下來幾個月會有很多事情發生，我們會觀察並相應地進行調整。

So just to understand, it's -- you're making adjustments, but are you still committed to the 100% payout or north of 100% payout at least for the time being?

所以只是為了理解，它是 - 你正在做出調整，但你是否仍然致力於至少暫時支付 100% 或超過 100% 的支付？

That's correct, Steven.

沒錯，史蒂文。

Okay, great. And just for my follow-up on the topic of efficiency. Really encouraging to hear that you're doubling the efficiency savings this year. I know you had highlighted that previously. We saw some really nice progress in improving the Security Services operating margin. You talked about staying disciplined on managing cost there. With the margin there above 25%, how quickly do you think you can get to that 30% margin? I wanted to understand what your plans are for the Investment Management segment, in particular. The pro forma the Alcentra sale, the margin there is fairly subdued, just wanted to get some expectation around where you think that margin could potentially traject to over time, what your plans are in terms of efficiency, if there are any for the investment management segment as well?

好的，太好了。只是為了我對效率主題的跟進。聽到你們今年的效率節約翻了一番，真是令人鼓舞。我知道你之前強調過這一點。我們在提高安全服務運營利潤率方面看到了一些非常好的進展。你談到了在管理成本方面保持紀律。如果利潤率超過 25%，您認為您可以多快達到 30% 的利潤率？我特別想了解您對投資管理部門的計劃。 Alcentra 銷售的預估利潤率相當低，只是想對您認為隨著時間的推移利潤率可能會趨向的方向有一些期望，您在效率方面的計劃是什麼，如果有投資管理的話細分也是？

Okay. So there were a few questions there. So I'll try and deal with them as best I can. So if we kind of zoom out for a second and look at the firm, yes, a 28% margin with a 20% or [order] TCE, the highest in 3 years, okay? So margin goods always want to improve. And then you double click into that and you go Security Services, 26% going to 30%. The positive in there is Emily was the CFO for a number of years, and now I get to partner with her figuring out how to drive that margin higher. And so we have a plan, you will have noted that we committed to half the expense growth year-over-year. We're off to a good start and that will have -- that will -- that segment will be a beneficiary of that.

好的。所以那裡有幾個問題。所以我會盡我所能去處理它們。因此，如果我們稍微縮小一下，看看這家公司，是的，28% 的利潤率和 20% 或 [order] TCE，是 3 年來最高的，好嗎？所以保證金商品總是要提高的。然後你雙擊進入它，然後你進入安全服務，26% 到 30%。積極的一面是 Emily 擔任首席財務官多年，現在我開始與她合作，共同研究如何提高利潤率。所以我們有一個計劃，你會注意到我們承諾將費用同比增長一半。我們有一個良好的開端，那將 - 那將會 - 該部分將成為其中的受益者。

Then you double click into the next segment, which is Market & Wealth Services, which is a 48% margin, which I have no problems as CFO with that long may it continue. And then we go into Investment and Wealth Management, which 11% margin is a bit -- to be honest, it's probably a bit disappointing. But 18 months ago, that was a 30% margin business. And we don't see any reason why we can't get back there with a lot of hard work. There were quite a number of headwinds going into that last year, lower market values, a significant strengthening of the dollar. And some of our clients wanted to do a bit of a mix shift from equities to fixed income, and that was going from higher fee to lower fee, but the important point that I would draw to you there is the clients stayed in our ecosystem and that's the key message. Clients are in our ecosystem and just mix shifting, and we're working with our clients to deliver good outcomes for them.

然後你雙擊進入下一個部分，即市場與財富服務，這是一個 48% 的利潤率，我作為首席財務官沒有問題，可以繼續下去。然後我們進入投資和財富管理，11% 的利潤率有點——老實說，這可能有點令人失望。但 18 個月前，這是一個 30% 的利潤率業務。而且我們沒有看到任何我們不能通過大量努力回到那裡的理由。去年有很多不利因素，市場價值下降，美元顯著走強。我們的一些客戶希望從股票轉向固定收益，也就是從更高的費用轉向更低的費用，但我想告訴你的重要一點是，客戶留在我們的生態系統中，這是關鍵信息。客戶在我們的生態系統中，只是混合變化，我們正在與客戶合作，為他們提供良好的結果。

And our next question will come from Alex Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的 Alex Blostein。

I was hoping we can zone in on fees in Investment Services, particularly within Asset Servicing and Pershing. At a macro level, it feels like a lot of things have gone your way, markets were up. Activity rates were very strong, particularly in treasuries, money market funds, retail, et cetera. So all sort of things in your wheelhouse, yet the revenues in both businesses were down sequentially. So can you just unpack a little bit what were some of the offsets that drove to disappointment on fees? And as you look out, I guess, for the rest of the year, I think on the Q4 call, you guys made comments around just the overall [indiscernible] fee growth for 2023. Just wondering to get your latest thoughts on that.

我希望我們可以關注投資服務的費用，尤其是資產服務和 Pershing。在宏觀層面上，感覺很多事情都按照你的方式進行，市場在上漲。活動率非常強勁，尤其是在國債、貨幣市場基金、零售等領域。所以在你的操舵室裡發生了各種各樣的事情，但兩家公司的收入都在連續下降。那麼，您能否稍微分析一下導致費用令人失望的抵消因素是什麼？當你看出來的時候，我想，在今年餘下的時間裡，我想在第四季度的電話會議上，你們就 2023 年的整體 [音頻不清晰] 費用增長發表了評論。只是想知道你們對此的最新想法。

Alex, hope you're well. As a former colleague, I think you were supposed to ask me an easy question, not a hard question. So look, Asset Servicing, the way I kind of think about Asset Servicing is -- and look, the headline number is 2% down, yes. That equates to a little over $50 million, yes. In the context of our quarter, that's a small number. So the way I kind of think big picture, again, I've said this in the answer to other questions, did we attract clients to our ecosystem, yes. And then within that, is like how do we derive fee revenue from those clients. Some of it is to do with market levels, some of it has to do with volume and some of it is other stuff like account opening. So within that context, we did see a risk-off sentiment from our clients wanting to pause, push stuff out to subsequent quarters. So the client volumes were down, and so that really kind of drove the Asset Servicing side of it.

亞歷克斯，希望你一切都好。作為前同事，我認為你應該問我一個簡單的問題，而不是一個很難的問題。所以看，資產服務，我對資產服務的看法是——看，標題數字下降了 2%，是的。是的，這相當於 5000 萬美元多一點。在我們這個季度的背景下，這是一個很小的數字。所以我有點想大局的方式，我在回答其他問題時已經說過，我們是否吸引客戶加入我們的生態系統，是的。然後在其中，就像我們如何從這些客戶那裡獲得費用收入一樣。其中一些與市場水平有關，一些與交易量有關，還有一些與開戶等其他因素有關。因此，在這種情況下，我們確實看到了客戶的避險情緒，他們希望暫停，將事情推到後續季度。因此，客戶量下降了，這確實推動了資產服務方面的發展。

And if you kind of look at Issuer Services, it's a smaller number for us, but that's a seasonal business, and depository receipt is within that. And Q1 is typically a quiet quarter there, and we'll expect that to pick up in Q2 for dividend season.

如果你看一下發行人服務，它對我們來說是一個較小的數字，但這是一個季節性的業務，而存託憑證就在其中。第一季度通常是一個安靜的季度，我們預計在第二季度股息季節會有所回升。

And on the plus side for Asset Servicing, we had higher market levels, and we got some fees from that. So overall, I feel good about Asset Servicing. We have to work hard on the fee outlook, but it's not -- I would say, it's not as negative as some commentators would portray the fee outlook to be as I see the situation today.

在資產服務的有利方面，我們有更高的市場水平，我們從中獲得了一些費用。所以總的來說，我對資產服務感覺很好。我們必須在費用前景上努力工作，但它不是——我想說，它並不像一些評論員描述的那樣消極，就像我今天看到的情況一樣。

As it goes to Pershing, look, we're very excited about the Pershing business. You'll see from our commentary in our prepared remarks that we had $37 billion onto our system. Robin talked about it in his prepared remarks, we're very excited about Pershing X. The partnership with Snowflake. We're going to do a lot of great stuff in that area, and we will tell you about it as the quarters unfold, but Pershing and Pershing X is very, very exciting for us.

至於 Pershing，看，我們對 Pershing 業務感到非常興奮。你會從我們準備好的評論中看到我們的系統有 370 億美元。 Robin 在他準備好的發言中談到了這一點，我們對 Pershing X 感到非常興奮。與 Snowflake 的合作夥伴關係。我們將在該領域做很多偉大的事情，我們會在季度展開時告訴你，但 Pershing 和 Pershing X 對我們來說非常非常令人興奮。

Got you. Maybe as a former colleague, an easier question on the follow-up. I guess as you sort of think about the dynamics in the banking space over the last month, 1.5 months, sort of the disruption that, that's created and some of the opportunities that you guys might see on the back of that, whether it's retaining some of the deposits that came over or some new areas within the fee side of the equation. Where do you think you could lean into most to gain extra share?

明白了也許作為前同事，後續問題更簡單。我想當你在思考過去一個月，1.5 個月銀行業的動態時，會產生一些破壞，你們可能會在這些破壞的背後看到一些機會，無論是保留一些等式的費用方面的存款或一些新領域。您認為您可以從哪些方面獲得更多份額？

Look, Alex, I'll start that. Look, I think the events of March have really shown the importance of asset liability management as a key discipline. And so whether you start on the asset side and think about tailoring your liabilities accordingly or you start on the liability side and make sure that you've got the right duration of assets and the right composition of assets. That to me is lesson #1. I'm sure we'll see a bunch of outcomes from that from policymakers over time as that all gets digested.

聽著，亞歷克斯，我會開始的。看，我認為三月份的事件確實表明了資產負債管理作為一門重要學科的重要性。因此，無論您是從資產端著手並考慮相應地調整負債，還是從負債端著手並確保您擁有正確的資產久期和正確的資產構成。這對我來說是第一課。我敢肯定，隨著時間的推移，我們會看到政策制定者的一系列成果，因為所有這些都得到了消化。

We're in the preparedness business, not the predicting business, and that goes to everything across the franchise and we've positioned ourselves well for this, and we positioned ourselves so that we would be able to deal with lots of different eventualities. And critically, to your question that we could help clients through those various different eventualities. And so we're proud of the fact that we've served as a little bit of a port in the storm for some of our clients. We've had a lot of net new accounts opened in various angles on the business. And I think it's reaffirmed for us and we've said this before, that resiliency is a commercial attribute. We spend a lot of money on resiliency. We spend money in terms of making sure that our technology systems are state-of-the-art, all of the investment that we've made over the course of the past few years, our investment in cyber, but it's also investment in the resiliency of our balance sheet and the combination of that allows us to then be able to use times like this, to be able to attract clients to the platform.

我們從事的是準備業務，而不是預測業務，這涉及到整個特許經營權的方方面面，我們已經為此做好了準備，我們將自己定位為能夠處理許多不同的不測事件。至關重要的是，對於您的問題，我們可以幫助客戶度過各種不同的不測事件。因此，我們為一些客戶充當風暴中的一個小港口而感到自豪。我們在業務的各個角度開設了很多淨新賬戶。我認為這對我們來說是重申的，我們之前已經說過，彈性是一種商業屬性。我們在彈性上花了很多錢。我們花錢確保我們的技術系統是最先進的，我們在過去幾年中所做的所有投資，我們對網絡的投資，但它也投資於我們資產負債表的彈性以及兩者的結合使我們能夠利用這樣的時間來吸引客戶使用該平台。

Dermot talked about a bit more about that ecosystem, which is another example, which is we built the businesses over time, and we've lent into investments in those businesses that allow clients to be able to get what they need within our ecosystem, even when they may be a little risk on, they may be a little risk off, they may favor deposits, they may favor a money market fund, they may favor equities, they may favor fixed income, but we have all of those cylinders, if you will, to the engine to be able to help our clients. We think that breadth and that diversification of the business which is built up over a period of time and which we have been leaning into is very, very important. I know we get described as a trust bank. And by the way, we're proud of the trust that, that Monica implies, but remember that our most profitable, highest growth, highest margin segment of Market and Wealth Services contains a set of businesses which you would not find in a trust bank.

德莫特更多地談到了這個生態系統，這是另一個例子，我們隨著時間的推移建立了業務，我們已經投資了這些業務，使客戶能夠在我們的生態系統中獲得他們需要的東西，甚至當他們可能有點風險時，他們可能會有點風險，他們可能喜歡存款，他們可能喜歡貨幣市場基金，他們可能喜歡股票，他們可能喜歡固定收益，但我們擁有所有這些圓柱體，如果你會，引擎能夠幫助我們的客戶。我們認為，在一段時間內建立起來的業務的廣度和多元化非常非常重要。我知道我們被描述為信託銀行。順便說一下，我們為莫妮卡所暗示的信任感到自豪，但請記住，我們利潤最高、增長最快、利潤率最高的市場和財富服務部門包含一系列您在信託銀行中找不到的業務.

Our next question will come from Brennan Hawken with UBS.

我們的下一個問題將來自瑞銀的 Brennan Hawken。

Dermot, welcome to the role. Looking forward to working with you. A question on the NII reiteration, Dermot. So previously, there was an expectation that noninterest-bearing deposits would get back to the historic 20% to 25% range. Is that still the case? And can you maybe add a little color on why you think the noninterest bearing deposits have stayed above that range that we've seen in prior history. Is there a business mix shift change that has happened or any other structural reason which could cause it?

德莫特，歡迎來到這個角色。期待和你一起工作。關於 NII 重申的問題，Dermot。因此，此前，人們預計無息存款將回到歷史上 20% 至 25% 的範圍。現在還是這樣嗎？您是否可以添加一點顏色，說明為什麼您認為無息存款一直保持在我們之前歷史上看到的範圍之上。是否發生了業務組合轉移變化或任何其他可能導致這種變化的結構性原因？

Thanks for the question, Brennan. So like the way I kind of think about it again is like I know I've said it a couple of times, it really is NIBs and BNY Mellon is really is an ecosystem point that I will start with. Clients leave and we don't lead with the deposit product. Clients come to our ecosystem for a range of products, and they leave their cash with us to prosecute that business. So I'll pick out three examples like Corporate Trust, NIB stay with us because they have to make coupon payments. Treasury Services clients leave balances with us to offset fees. Asset Servicing balances stay with us because of underlying client activity. And then our Clearance and Collateral Management business, I mentioned another one, we have decent NIBs there. So our businesses are bigger than a few years ago. Balances are bigger and clients are doing more with us. So NIBs are just attractive to the ecosystem.

謝謝你的問題，布倫南。因此，就像我再次思考它的方式就像我知道我已經說過幾次一樣，它確實是 NIB，而 BNY Mellon 確實是我將從生態系統開始的點。客戶離開，我們不以存款產品為首。客戶來到我們的生態系統是為了購買一系列產品，他們將現金留給我們以開展該業務。所以我會挑選三個例子，比如 Corporate Trust，NIB 留在我們身邊，因為他們必須支付息票。財務服務客戶將餘額留給我們以抵消費用。由於潛在的客戶活動，資產服務餘額留在我們這裡。然後是我們的清算和抵押品管理業務，我提到了另一個業務，我們在那裡有不錯的 NIB。所以我們的業務比幾年前更大。餘額更大，客戶與我們一起做的更多。所以 NIB 只是對生態系統有吸引力。

So then you kind of take a look at history and you do the bottoms-up analysis. And through the last cycle, NIBs did bottom out at the 20% range. Currently, we're at -- we're still at around the 26% range. It stayed sticky. And I think our reason that you could ascribe to that is clients left cash with us in March because they just wanted to leave and use the safety and resilience of our balance sheet and just it stays there. And so in our forward outlook in terms of why we reiterate the 20% guidance with the skew to the upside is, we expect that to moderate, not meaningfully, but in line with our projection and the work that we did at the beginning of the year. So we feel good about where it is at the moment. We feel good about the forecast. And it's been stickier in the past than we projected it to be is how I would answer it.

因此，您可以回顧一下歷史，然後進行自下而上的分析。在上一個週期中，NIBs 確實在 20% 的範圍內觸底。目前，我們處於 - 我們仍處於 26% 左右的範圍內。它保持粘性。我認為我們可以歸因於此的原因是客戶在 3 月份將現金留在了我們這裡，因為他們只是想離開並使用我們資產負債表的安全性和彈性，而只是留在那裡。因此，在我們的前瞻性展望中，為什麼我們重申 20% 的指導意見並偏向上行，我們預計這會有所緩和，但意義不大，但與我們的預測和我們在 2018 年初所做的工作一致年。所以我們對它目前的位置感覺很好。我們對預測感覺良好。過去它比我們預計的更棘手，這就是我的回答方式。

But we're not relying on that stickiness. And I think that is an important point that Dermot mentioned. And so to the extent that we are -- we will harvest the benefits as we have them, but we definitely recognize that they could go down to the prior cycle those in percentage composition terms, and we're managing ourselves accordingly.

但我們並不依賴於這種粘性。我認為這是 Dermot 提到的一個重要觀點。因此，就我們的程度而言——我們將收穫現有的收益，但我們絕對認識到，它們可能會下降到前一個週期的百分比構成，我們正在相應地管理自己。

That's very, very clear, all that color. Robin, you spoke to -- you actually said it very eloquently resiliency as a commercial attribute. In the past, you've spoken to the embedded position that Bank of New York has a counterparty. How are you thinking about utilizing that position and that commercial attribute of resiliency in order to drive revenue? Do you have any additional color or commentary that you can provide on how you've been thinking about that?

那是非常非常清晰的所有顏色。羅賓，你談過 - 你實際上非常雄辯地將彈性作為一種商業屬性。過去，你曾談到紐約銀行有一個交易對手的嵌入式位置。您如何考慮利用該職位和彈性的商業屬性來增加收入？您是否可以提供任何其他顏色或評論來說明您是如何考慮的？

Sure. So look, we've been quite careful over the course of the events of March to help our clients and to welcome clients into the ecosystem, but we have not wanted to profit from the fact that there's been stress in the system. And so that's obviously an important line, and we participated, as you know, we're one of the eleven banks that participated in helping another key participant in the financial system with a large deposit.

當然。所以看，在 3 月份的事件過程中，我們一直非常謹慎地幫助我們的客戶並歡迎客戶進入生態系統，但我們不想從系統中存在壓力這一事實中獲利。所以這顯然是一條重要的路線，我們參與了，正如你所知，我們是參與幫助金融系統中另一個重要參與者擁有大量存款的 11 家銀行之一。

So we are very cognizant of our role in the system and the responsibility that we have to the system given the role that we play, but at the same time, over time, we do view this resiliency to be a strong commercial asset. So if you step back from the whole of BNY Mellon, I think of ourselves as sort of offering a couple of things that are really differentiating. One is this 239-year history where we touch 20% of the world's investable assets. We are the world's largest custodian. We are the world's largest collateral manager. We have that $1.3 trillion worth of cash in the ecosystem. We have another $5.5 trillion worth of tri-party. That's $7 trillion in total in that space, largest depository receipts firm, #1 in the broker-dealer, Pershing, Wealth Management Infrastructure space, et cetera. We have these terrific individual components. And for us, bringing them together and actually being able to demonstrate to our clients the breadth of the platform with the resiliency that we offer, we think that's a winning combination and one that over time, as I've talked about before, we don't think we've taken full advantage of. So it is telling the story of who we are, our place in the world, the roles that we play and helping our clients to realize just the breadth of activity that they can actually do with us and the fact that they can trust and rely on us.

因此，我們非常清楚我們在系統中的角色以及我們所扮演的角色對系統的責任，但與此同時，隨著時間的推移，我們確實將這種彈性視為強大的商業資產。因此，如果你從整個紐約梅隆銀行退後一步，我認為我們提供了一些真正與眾不同的東西。一是我們擁有 20% 的世界可投資資產的 239 年曆史。我們是世界上最大的託管人。我們是世界上最大的抵押品管理公司。我們在生態系統中擁有價值 1.3 萬億美元的現金。我們還有價值 5.5 萬億美元的三方。在這個領域，最大的存託憑證公司、經紀自營商、Pershing、財富管理基礎設施領域排名第一的公司總共有 7 萬億美元，等等。我們有這些很棒的獨立組件。對於我們來說，將他們聚集在一起並實際上能夠向我們的客戶展示平台的廣度和我們提供的彈性，我們認為這是一個成功的組合，隨著時間的推移，正如我之前談到的那樣，我們不會不要以為我們已經充分利用了。因此，它講述了我們是誰、我們在世界上的位置、我們扮演的角色的故事，並幫助我們的客戶認識到他們實際上可以與我們一起做的活動的廣度，以及他們可以信任和依賴的事實我們。

And our next question will come from Mike Mayo with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券公司的 Mike Mayo。

Well, as you said to me at the annual meeting, it's a new country, new firm, a new job. And so just pulling the lens out a little bit, now that I can ask you a question specifically, how do you approach the CFO job? I mean, what skill set do you bring to the position. I know Emily is still there, bigger and better, but how might you look at things a little bit differently? What kind of lens you use? And what are your kind of objectives, say, over the next several years?

嗯，就像你在年會上對我說的，這是一個新國家、新公司、新工作。所以把鏡頭拉遠一點，現在我可以具體問你一個問題，你如何處理首席財務官的工作？我的意思是，你為這個職位帶來了什麼技能。我知道 Emily 還在那裡，更大更好，但你怎麼看待事情有點不同？你用什麼樣的鏡頭？在接下來的幾年裡，你的目標是什麼？

Okay. So it's kind of interesting, you asked the question, Mike. When Robin and I talked about the opportunity and when I decided to join, I listened to the first earnings call after I've made the decision to join. And Robin, and he's first as kind of CEO of [indiscernible], he talked about connecting the dots across the enterprise, and he's just answered in the question that he just answered there, he talked about that, too. And so, in my prior life, connecting the dots across the enterprise was a thing that I majored on. I also grew up in the financial world, and I intend, hope and plan to bring financial discipline across the firm.

好的。所以這很有趣，你問了這個問題，邁克。當羅賓和我談論這個機會以及當我決定加入時，我在做出加入決定後聽了第一個財報電話會議。羅賓，他首先擔任 [音頻不清晰] 的首席執行官，他談到了將整個企業的點點滴滴聯繫起來，他剛剛回答了他剛剛在那裡回答的問題，他也談到了這一點。因此，在我以前的生活中，將整個企業的點點滴滴聯繫起來是我的專業。我也是在金融界長大的，我打算、希望併計劃在整個公司推行財務紀律。

We have a great finance team here at BNY Mellon. I couldn't be prouder of what they do. And so I kind of think about the role in three ways. One is working with all of you. clients, regulators, external stakeholders, really kind of delivering the message of what we're about at BNY Mellon over the next several years. So I see that as very important.

紐約梅隆銀行擁有一支出色的財務團隊。我為他們的所作所為感到無比自豪。所以我從三個方面來考慮這個角色。一個是與你們所有人一起工作。客戶、監管機構、外部利益相關者，真的在某種程度上傳達了我們在未來幾年在紐約梅隆銀行所做的事情的信息。所以我認為這非常重要。

And then internally, working with the executive committee and the rest of the leadership of the firm and the finance team to develop really good financial analysis in which we can make good strategic decisions about the way we want to take the firm. And that's a lot of work. But the team has already done a good job. And look, you're beginning to see the fruits of this come out in the expense area and other parts.

然後在內部，與執行委員會和公司的其他領導以及財務團隊合作，開發真正好的財務分析，我們可以在其中就我們希望採取的公司方式做出良好的戰略決策。這是很多工作。但是團隊已經做得很好了。看，你開始在費用領域和其他部分看到這種成果。

In terms of our top three priority for this year is really is about slowing the expense growth of the firm. We've made a commitment, one quarter in, we're delivering on us. And this is not about -- I don't think about it in some ways as expense cutting, it's like -- it's attacking structural expense basis in the firm where we can think -- we really fundamentally believe we can do the same thing in just a better way and more efficiently and we want to invest and grow the firm. So it's kind of -- I think about my expense priority is like how do I think about run the bank? And how do I think about grow the bank, because we really want to take those dollars that we get from efficiency and invest in things like Pershing X and other really key growth initiatives. So it's all about financial discipline and giving the team the financial resources they need to grow the firm. And just managing the balance sheet, which is kind of a thing that we've had to do in the last couple of months quite aggressively.

就我們今年的三大優先事項而言，實際上是減緩公司的費用增長。我們做出了承諾，四分之一，我們正在兌現承諾。這不是——我不認為它在某些方面是削減開支，而是——它正在攻擊我們可以思考的公司的結構性開支基礎——我們真的從根本上相信我們可以在只是一種更好的方式和更有效的方式，我們希望投資和發展公司。所以這有點——我認為我的支出優先級就像我如何考慮經營銀行一樣？我如何看待銀行的發展，因為我們真的想把我們從效率中獲得的錢投資於 Pershing X 和其他真正關鍵的增長計劃。所以這一切都與財務紀律有關，並為團隊提供發展公司所需的財務資源。只是管理資產負債表，這是我們在過去幾個月裡必須非常積極地做的事情。

Just one follow-up. Connecting the dots, it makes sense. And you and Robin both came from Goldman Sachs where there's the culture of connecting the dots. It's just the incentives to get people to connect the dots, right? Breaking down the barriers, breaking down the silos and don't people just ultimately do what they get paid for. And isn't that like a big, tough task to change the incentive scheme to get people to connect the dots with each other?

只是一個跟進。連接點，這是有道理的。你和羅賓都來自高盛，那裡有將點點滴滴聯繫在一起的文化。這只是讓人們把這些點聯繫起來的動機，對吧？打破障礙，打破孤島，人們最終不會做他們得到報酬的事情。改變激勵機制讓人們相互聯繫起來，這不是一項艱鉅的任務嗎？

So if your question is, does it take a lot of work? And is it a big task to run a company differently than it's been run before? The answer is absolutely yes. And we have got a leadership team who are very focused on approaching the next decade differently than the last decade. And this point of connecting the dots is a very important one.

所以如果你的問題是，這需要很多工作嗎？以不同於以往的方式經營一家公司是一項艱鉅的任務嗎？答案是肯定的。我們有一個領導團隊，他們非常專注於以不同於過去十年的方式迎接下一個十年。點點滴滴是非常重要的一點。

Let me give you one example. So Dermot was talking about in our Investment Management business. And he also mentioned Pershing. And so Mike, when you look at those two businesses, just interestingly, they couldn't have been run more separately within the ecosystem of BNY Mellon. Investment Management was run as essentially almost a separate company off to the site. Pershing was run essentially as a different separate company off to a different side, and we never really explored the opportunities to be able to think about the manufacturing of investment management with the fact that we have across Pershing and Wealth Management, a $2.5 trillion distribution base. Now we're an open architecture firm. And so we aren't distributing all of our manufactured product into our distribution arms, but we have opportunity to explore that which frankly hasn't been fully explored up until now. Take the adjacency between margin where we've seen a significant growth for our Collateral Management business associated with new margin rules of uncleared margin, exchanges need more efficient margin delivery. Those products are very adjacent to the rest of our Collateral Management business in tri-party. They're also quite adjacent to our foreign exchange business. They're quite adjacent to our cash management ecosystem.

讓我舉一個例子。所以德莫特在我們的投資管理業務中談論。他還提到了潘興。因此，邁克，當你審視這兩項業務時，有趣的是，它們在紐約梅隆銀行的生態系統中無法更加獨立地運行。 Investment Management 基本上是作為一個獨立的公司運營的。 Pershing 本質上是作為一個不同的獨立公司在另一邊運營的，我們從未真正探索過能夠考慮投資管理製造的機會，因為我們擁有 Pershing 和 Wealth Management，一個 2.5 萬億美元的分銷基礎.現在我們是一家開放式架構公司。因此，我們不會將我們所有的製造產品分配到我們的分銷部門，但我們有機會探索坦率地說到目前為止尚未完全探索的東西。以保證金之間的鄰接為例，我們已經看到抵押品管理業務的顯著增長與未清算保證金的新保證金規則相關，交易所需要更有效的保證金交付。這些產品與我們在第三方的其他抵押品管理業務非常接近。他們也與我們的外匯業務非常接近。它們與我們的現金管理生態系統非常接近。

So we have both diversification in the firm, but we also have a lot of natural adjacencies that people haven't explored before. So that's the way I think strategically about it. And then your question is one of the several pillars of execution, which is what are the things that we have to do to actually get after that. Some of those things are structural, some of them are incentive based, some people based, some of them are organizational based. And so we're going to approach all of those different pillars so that we ultimately attack that strategy effectively, and we're very committed to doing it.

所以我們公司既有多元化，也有很多人們以前沒有探索過的自然鄰接關係。這就是我從戰略上考慮的方式。然後你的問題是執行的幾個支柱之一，即我們必須做些什麼才能真正做到這一點。其中一些是結構性的，一些是基於激勵的，一些是基於人的，一些是基於組織的。因此，我們將處理所有這些不同的支柱，以便我們最終有效地攻擊該戰略，並且我們非常致力於這樣做。

Moving on to Gerard Cassidy with RBC.

轉到 RBC 的杰拉德·卡西迪 (Gerard Cassidy)。

Good morning, gentlemen. Can you -- Robin, around the debt ceiling that's coming up for this country, what type of risks there are for your business if a debt ceiling isn't negotiated effectively by Congress and the President. Can you -- what kind of risk do you see in just that situation developing as we go forward?

早上好，先生們。你能不能——羅賓，圍繞這個國家即將到來的債務上限，如果國會和總統沒有有效地談判債務上限，你的企業會有什麼樣的風險。你能——在我們前進的過程中，你認為這種情況會帶來什麼樣的風險？

So first of all, we obviously do play an important and somewhat special role as a market infrastructure provider in the space. And we have a good vantage point on the operating of the treasury market. We don't have a crystal ball though, obviously, in terms of how debt ceiling is going to get resolved. And we do think of the Fed and the treasury as clients of ours as well, and we want a seamless experience as much as possible for them and also, of course, for a broader client franchise. And so we're really doing a couple of things. #1, we think it's our responsibility to the system to lean into the dialogue that's going on in D.C. in a way that can be helpful. And so doing our bit for raising awareness, sort of educating on various things, debt ceiling breach is not the same thing as a government shutdown and making sure that folks really understand what would happen and some of those consequences. And so we're spending time there. We obviously spend time with the Fed and the treasury on the topic, as you would imagine. And then internally, really for the benefit of our clients, we're using all of the lessons learned from the past to update our playbooks. We're putting in automation on various different things, and we are organized around being very ready to be able to execute come what may. Now of course, we're going to take a lot of guidance from the Fed and the Treasury on that as well as we go through it.

因此，首先，作為該領域的市場基礎設施提供商，我們顯然確實發揮著重要且有些特殊的作用。我們在國債市場的運作上有很好的優勢。顯然，就如何解決債務上限問題而言，我們沒有水晶球。我們確實也將美聯儲和財政部視為我們的客戶，我們希望盡可能為他們提供無縫體驗，當然也希望為更廣泛的客戶特許經營權提供服務。所以我們真的在做幾件事。 #1，我們認為我們有責任以一種有益的方式參與華盛頓特區正在進行的對話。因此，盡我們所能提高認識，對各種事情進行教育，違反債務上限與政府關門不同，並確保人們真正了解會發生什麼以及其中一些後果。所以我們花時間在那裡。正如您想像的那樣，我們顯然在這個話題上與美聯儲和財政部共度了時光。然後在內部，真正為了我們客戶的利益，我們正在使用從過去吸取的所有教訓來更新我們的劇本。我們正在對各種不同的事情進行自動化處理，我們的組織結構圍繞著隨時準備好執行可能發生的事情而展開。現在當然，我們將在這方面從美聯儲和財政部那裡獲得很多指導，同時我們也會通過它。

So there are a whole bunch of different things that we are doing. I will also note that in the background, our own iFlow data, which, as you know, we have quite good insights into market liquidity. It shows that once again, treasury market liquidity isn't great. The market is a little bit less supported from foreign buyers. We can see that from our iFlow data and all have access to the information on sort of off the run versus on the run it offers, et cetera. And so it's not great from a starting point, which I think is a cautionary tale to the official sector that we really do want to try to get good outcome on this thing.

所以我們正在做很多不同的事情。我還會注意到在後台，我們自己的 iFlow 數據，如您所知，我們對市場流動性有很好的洞察力。這再次表明，國債市場的流動性並不好。外國買家對市場的支持有所減弱。我們可以從我們的 iFlow 數據中看到這一點，並且所有人都可以訪問它提供的關於運行和運行等的信息。所以從一開始就不是很好，我認為這對官方部門來說是一個警示，我們確實希望在這件事上取得好的結果。

Very good, Robin. And then Dermot, more of a technical question. In your average balance sheet, I think in the supplement, it's Page 7. Can you share with us why is the Fed funds sold yield so high? And the same thing with the Fed funds purchase. The yields N.3% in the first quarter and then the Fed funds sold looks like it's 19.75%. Any particular reason why these seem to be out of line with the rest of the yields in the balance sheet?

很好，羅賓。然後是德莫特，更多的是技術問題。在你的平均資產負債表中，我認為在補充中，它是第 7 頁。你能與我們分享為什麼聯邦基金出售的收益率如此之高嗎？聯邦基金購買也是如此。第一季度的收益率為 N.3%，然後聯邦基金出售的收益率看起來是 19.75%。這些似乎與資產負債表中其餘收益率不一致的任何特殊原因？

Gerard, I think that's kind of largely kind of a gross-up netting issue, but I will get Marius to follow up with you after the call and kind of give you a more detailed explanation.

杰拉德，我認為這在很大程度上是一個粗略的淨額結算問題，但我會讓馬呂斯在電話後跟進你，並給你一個更詳細的解釋。

We'll take a question from Brian Bedell with Deutsche Bank.

我們將接受來自德意志銀行的 Brian Bedell 的提問。

Great welcome Dermot, looking forward to working with you. Maybe to the growth outlook for. Can you guys hear me, okay?

非常歡迎 Dermot，期待與您合作。也許是為了增長前景。你們能聽到我說話嗎？

You're breaking up for a second, Brian. I think you've come back.

你要分手一秒鐘，布賴恩。我想你已經回來了。

Okay. I just wanted to come back to the growth in Pershing and Asset Servicing revenue growth. I heard you loud and clear on the drivers for 1Q as we think about the trajectory over the course of this year, I guess two questions on this. First of all, did you benefit, do you think, from a revenue perspective in those areas on the fee side in March versus January, February? So just to get a sense of how volatility can help the revenue picture?

好的。我只想回到 Pershing 和資產服務收入增長的增長。當我們考慮今年的發展軌跡時，我聽到你對 1Q 的驅動因素大聲而清楚，我想有兩個問題。首先，從收入的角度來看，您認為 3 月與 1 月、2 月相比，從收費方面的收入角度來看，您是否受益？那麼，只是為了了解波動性如何幫助改善收入狀況？

And then secondarily, if you can talk about what you mentioned before in terms of connecting the dots, if you will, and how sort of quickly that can work its way into the revenue picture? Or is that much more of a longer-term goal? And then I'll do a follow-up question separately.

其次，如果你能談談你之前提到的關於連接點的內容，如果你願意的話，以及它能以多快的速度進入收入畫面？或者這是一個更長期的目標？然後我會單獨做一個後續問題。

Okay. So Brian, let me start with Pershing. So I would say in both businesses that you asked a question on Q1 was -- it was predominantly a risk-off environment, but notwithstanding the risk-off environment for Pershing, we attracted $37 billion of new assets onto our system. And so we're growing organically as a nice clip, which we're very pleased about. So I would say Pershing feels good. The outlook feels good and we're going to do the launch -- official launch of Pershing X in June. And so the clients that are basically testing that feel good about what they're seeing. We've got the partnership with Snowflake. So I would say the outlook for that business overall in terms of our continued growth in assets and as a consequence of that, notwithstanding the risk off sentiment in Q1, we believe being the #1 in the market with broker-dealers and several million active clearing accounts that we have on the system. We feel pretty good about the future for that one.

好的。所以布賴恩，讓我從潘興開始。所以我要說的是，你在第一季度問的兩個業務都是 - 它主要是一個避險環境，但儘管 Pershing 的避險環境，我們還是吸引了 370 億美元的新資產到我們的系統中。因此，我們正在有機地成長為一個不錯的剪輯，我們對此感到非常高興。所以我會說潘興感覺很好。前景不錯，我們將在 6 月正式發布 Pershing X。因此，基本上正在測試的客戶對他們所看到的感覺良好。我們與 Snowflake 建立了合作夥伴關係。因此，我想說的是，就我們資產的持續增長而言，該業務的整體前景，因此，儘管第一季度存在風險規避情緒，但我們相信我們是市場上排名第一的經紀自營商和數百萬活躍清算我們在系統上的賬戶。我們對那個人的未來感覺很好。

Asset Servicing, I think the way I would kind of think about Asset Servicing is more steady as she goes, yes. It's a big business. We kind of have a mixtures like, in the past, people have talked about as of as being a fixed income house. And so I would characterize it, we're both a fixed income house and an equity house. And so 2/3 of what comes in is kind of largely fixed income related, 1/3 equities. And we continue to grow our AUC and our AUM and so over time, that mix shift between fixed income and equities, where they either play to our strengths or kind of it will slow us down a bit. So overall, we feel like it's a steady as she goes environment for Asset Servicing.

資產服務，我認為我對資產服務的看法會隨著她的發展而更加穩定，是的。這是一項大生意。我們有點混合，就像過去人們所說的那樣是固定收入的房子。所以我會描述它，我們既是固定收益公司又是股權公司。因此，2/3 的收入主要與固定收益相關，1/3 與股票有關。我們繼續增加我們的 AUC 和 AUM，因此隨著時間的推移，固定收益和股票之間的混合轉變，它們要么發揮我們的優勢，要么在某種程度上讓我們放慢腳步。因此，總的來說，我們覺得隨著她進入資產服務環境，它是一個穩定的環境。

Okay. That's great color. And then if I could just follow up with the comments you made on the global multi-asset trading capabilities. Similar question there. Is that something more near term or a little bit of a longer-term build out? And is that coming in Asset Servicing? Or the FX and other trading line? And then if I can sneak in on Pershing X, if you're rolling that out in June, should we expect a revenue ramp contribution in the second half to that? Or again, is that more of a longer-term build?

好的。那是很棒的顏色。然後我能否跟進您對全球多資產交易功能的評論。那裡有類似的問題。這是更近期的還是更長期的建設？那會出現在資產服務中嗎？還是外匯等交易線？然後，如果我能偷偷摸摸 Pershing X，如果你在 6 月推出它，我們是否應該期待下半年的收入增長貢獻？或者，這更像是一個長期的構建？

So I'll start with Pershing X. That is a longer-term build. We've talked about the fact that it wasn't going to meaningfully contribute over the course of couple of years since we first talked about that. And so that's really a '22, '23 thing. You should expect essentially nothing from it in that period of time, but we'll update as we go past launch, we'll give you some updated view on that. But I view that as being a '24, '25, '26 story overall in terms of its ramp. And again, we're still in beta testing. We feel quite enthusiastic about the client response to the product, but I'm going to reserve judgment until we start signing contracts and we launched live in the market on that.

所以我將從 Pershing X 開始。這是一個長期構建。自從我們第一次討論這個問題以來，我們已經討論過它不會在幾年內做出有意義的貢獻。所以這真的是 22、23 年的事情。在那段時間裡你基本上不會對它抱有任何期望，但我們會在發布後進行更新，我們會給你一些更新的觀點。但我認為，就其坡度而言，這是一個 24 年、25 年、26 年的故事。同樣，我們仍處於 Beta 測試階段。我們對客戶對產品的反應非常熱情，但在我們開始簽訂合同並在市場上推出之前，我會保留判斷。

In terms of outsourced trading, so this is something that we've launched and we made the public launch during the quarter, hence, we've made the comment, but this is a very medium, long-term opportunity. We talked before about the fact that as a firm, we are very interested in crawling up the value chain of the various different businesses that we do in Asset Servicing. Once upon a time it was custody and then middle office got added and now data solutions get added an integration and these various different components that create a broader solution set for investment management and asset owner clients. And now we're adding to that and saying, "Hey, there's not actually a ton of alpha for an asset owner or investment manager, particularly one that is managing in the tens or hundreds of billions of dollars of AUM. There's not a lot of alpha associated with execution. The alpha is in portfolio construction, asset selection, but the actual buy-sell action isn't. And in fact, it's not great scale because clients often need desks in multiple locations. If they're a multi- asset manager, they need lots of different specializations when it comes to the execution. So we have all of that. We've executed $1 trillion or so a year of exactly that type of broad-based asset management execution for our own investment management firm. And so now we've turned that into a platform that can operate not only for ourselves, but also operate for clients.

在外包交易方面，這是我們推出的產品，我們在本季度公開發布，因此，我們發表了評論，但這是一個非常中長期的機會。我們之前談到過這樣一個事實，即作為一家公司，我們非常有興趣爬上我們在資產服務領域所做的各種不同業務的價值鏈。曾幾何時，它是託管，然後添加了中間辦公室，現在添加了數據解決方案和集成，這些不同的組件為投資管理和資產所有者客戶創建了更廣泛的解決方案集。現在我們補充說，“嘿，對於資產所有者或投資經理來說，實際上並沒有太多的 alpha，尤其是管理著數百或數千億美元 AUM 的人。沒有太多與執行相關的 alpha。alpha 存在於投資組合構建、資產選擇中，但實際的買賣行為並非如此。事實上，它的規模並不大，因為客戶通常需要在多個地點設有辦公桌。如果他們是多- 資產經理，他們在執行方面需要很多不同的專業知識。所以我們擁有所有這些。我們已經執行了 1 萬億美元左右的一年左右，正是這種類型的廣泛資產管理執行，用於我們自己的投資管理所以現在我們已經把它變成了一個平台，不僅可以為我們自己運營，也可以為客戶運營。

We're externalizing an existing at-scale platform, which is fully capable across products and we're externalizing that now for clients and saying, "Hey, there's no real alpha for you associated with your own trade execution. Let us take it off hands". And I view this in also in a way as an extension of what we already do in foreign exchange, where we do exactly that on a range of different execution basis for our clients in foreign exchange. And so this is something that we know how to do and something that we already do, now we're externalizing it, and I view it as quite an exciting evolution, but it's a very medium long-term thing as part of our overall journey on fee growth over time.

我們正在外部化一個現有的大規模平台，它完全能夠跨產品，我們現在正在為客戶外部化它，並說，“嘿，與你自己的交易執行相關的真正的 alpha 是沒有的。讓我們把它拿走手”。我認為這在某種程度上也是我們已經在外匯領域所做的工作的延伸，我們在外匯領域為客戶提供一系列不同的執行基礎。因此，這是我們知道如何做的事情，也是我們已經在做的事情，現在我們正在將其外化，我認為這是一個非常令人興奮的演變，但作為我們整體旅程的一部分，這是一個非常中長期的事情隨著時間的推移費用增長。

That's very interesting. Looking forward to hearing a lot more about that in the future.

這很有趣。期待在未來聽到更多關於這方面的信息。

And our next question will come from Robert Wildhack with Autonomous Research.

我們的下一個問題將來自 Autonomous Research 的 Robert Wildhack。

You called out the strong pipeline in asset servicing, while holding the line on price, and I wanted to unpack that a little more. First, how does the current backlog and velocity of new business compared to past periods. And then second, given that you're being disciplined on price, what are the common elements that you think are driving your success here?

你在資產服務方面提出了強大的管道，同時保持價格不變，我想再解開一點。首先，與過去相比，當前新業務的積壓和速度如何。其次，考慮到你在價格方面受到約束，你認為推動你在這裡取得成功的共同因素是什麼？

So this is part of our overall March to 30% margin in the Security Services business, Rob. And so when we look at that, Dermot talked a little bit about the focus on the expense line. That's important. And it goes a little bit hand-in-hand here. If you look at our margin last year of 20%, now 26%, depending on last year or this year's stat, but if you just take this year stat, we should be putting 4x as much energy into the expense line as the revenue line in order to be able to get the same net effect at the bottom line. And so we're doing that. But on the revenue line as well as driving new activities, this discipline point pricing pressure is a normal part of this business, but as we look back and we review certain deals that have been struck over the course of the past few years, going back, in some cases, going back several years, I think we did win in some cases, on price. And we look at and we now have new capabilities about reviewing the margin on a deal-by-deal level. And when we look at some of those deals, we're pretty disappointed.

因此，這是我們 3 月份在安全服務業務中 30% 利潤率的一部分，Rob。因此，當我們看到這一點時，德莫特談到了對費用線的關注。這很重要。它在這裡有點手牽手。如果你看一下我們去年 20% 的利潤率，現在是 26%，這取決於去年或今年的統計數據，但如果你只看今年的統計數據，我們應該將 4 倍的精力投入到支出線中作為收入線為了能夠在底線獲得相同的淨效果。所以我們正在這樣做。但在收入線上以及推動新活動方面，這種紀律點定價壓力是這項業務的正常組成部分，但當我們回顧過去幾年中達成的某些交易時，回顧過去，在某些情況下，回到幾年前，我認為我們在某些情況下確實在價格上獲勝。我們看看，我們現在有新的能力來審查逐筆交易的利潤率。當我們查看其中一些交易時，我們感到非常失望。

So that's causing us to engage with those clients and talk to them about the other things that we would like to do for them that help us to be able to broadly improve the margin at a client level. And then in some cases, there have been deals and I'm thinking of one example in my mind of a client who came and they had a real expectation about pricing at a certain level. And we were like, we're just not going to do the business at that level, and we negotiated and we substantially increased the price to a level which we thought was appropriate for the actual business involved.

因此，這導致我們與這些客戶接觸，並與他們討論我們想為他們做的其他事情，以幫助我們能夠在客戶層面廣泛提高利潤率。然後在某些情況下，出現了交易，我在腦海中想到一個例子，一位客戶來了，他們對一定水平的定價有真正的期望。我們就像，我們只是不打算在那個水平上做生意，我們進行了談判，我們大幅提高了價格到我們認為適合所涉及的實際業務的水平。

And look, I don't know about the past, how that would have happened. But if I look at the history of deals that we've actually got on the platform, my guess is that, that behavior is not something that would have occurred before and therefore, it's yielded a different outcome. So this focus on the true cost to serve and then the standardization that needs to be done across the platforms that will improve and in fact, reduce over time the cost to serve. So even the same piece of business can be more profitable, not only because we're pressuring on price, but also because we're making it cheaper to actually execute that business. And the trick will be doing both.

看，我不知道過去，那是怎麼發生的。但如果我看看我們在平台上實際獲得的交易歷史，我的猜測是，這種行為以前不會發生，因此會產生不同的結果。因此，這將重點放在服務的真實成本上，然後是需要跨平台完成的標準化，這將改進，實際上會隨著時間的推移降低服務成本。因此，即使是同一塊業務也可以更有利可圖，這不僅是因為我們在價格上施加壓力，還因為我們正在降低實際執行該業務的成本。訣竅是兩者兼而有之。

Yes. Look, the point I would add in there having the growth rates and becoming more efficient as a company. So all the work that we do on expenses and efficiency management feed into that discussion as well. So you kind of have to join the expense narrative again with the pricing good business narrative to get the complete picture.

是的。看，我要補充的一點是，作為一家公司，它具有增長率並變得更有效率。因此，我們在費用和效率管理方面所做的所有工作也都納入了該討論。因此，您必須再次將費用敘述與定價良好的業務敘述結合起來，才能獲得完整的畫面。

And we'll take a question from Vivek Juneja with JPMorgan.

我們將從摩根大通的 Vivek Juneja 那裡提問。

A couple of clarifications. The deposit inflows in March that you were talking about, which businesses did you see that in?

一些澄清。您所說的三月份的存款流入，您在哪些業務中看到了？

So I would say, broadly speaking, we saw it across the ecosystem. The point-to-point was up 1%. We finished the quarter on a period-end basis at $281 billion. Our average for the quarter was, I think, roughly $277 billion. But there was no one business. It really was broadly spread. And I guess the important point that I would call out here is, we made a strategic decision about 15 months ago to kind of centralize how we think about deposits into one platform. So we kind of think of deposits as a platform as well as a product. And we have very, very good client connectivity and engagement. So when we talk about deposits, we talk about it across the system, and that will echo Robin's point about connecting the firm, (inaudible) different businesses, so we think of deposits as an enterprise effort. And that's how it came together for us in the quarter.

所以我想說，從廣義上講，我們在整個生態系統中都看到了它。點對點上漲了 1%。我們在期末基礎上以 2810 億美元結束了本季度。我認為，我們本季度的平均值約為 2770 億美元。但是沒有一件事。它確實被廣泛傳播。我想我要在這裡指出的重要一點是，我們在大約 15 個月前做出了一項戰略決策，將我們對存款的看法集中到一個平台上。所以我們有點將存款視為平台和產品。我們擁有非常非常好的客戶連接和參與度。因此，當我們談論存款時，我們會在整個系統中進行討論，這將呼應羅賓關於連接公司、（聽不清）不同業務的觀點，因此我們將存款視為企業的努力。這就是我們在本季度匯聚在一起的方式。

Okay. And the flip side, during this turmoil in March, there was a lot of inflows into money market funds. But when I look at your cash AUM, you had no -- for the quarter, it shows no inflows. Any color on why you didn't benefit in that business also because you've historically been a big player in there?

好的。另一方面，在 3 月份的這場動盪期間，大量資金流入貨幣市場基金。但是當我查看您的現金 AUM 時，您沒有 - 本季度沒有資金流入。為什麼您沒有從該業務中受益，還因為您在歷史上一直是該業務的重要參與者，這有什麼顏色嗎？

So yes, like I think -- and historically, I would say, and continue to be a very big player in that. our performance in our Dreyfus cash business has been excellent and continues to be excellent this year. The simple answer to that question is, we had some -- we knew in January, we were going to have some known outflows. So we were projecting to be slightly down in Q1. And with the inflows as a result of what happened in March, that got us back to flat. So overall, I think the average balances were higher, but on a period-to-period basis, we're flat, but we continue to feel very good about the business and more importantly, performance. And then this business performance matters, so we expect that will -- you'll see better balances going forward.

所以是的，就像我想的那樣——從歷史上看，我會說，並繼續在這方面扮演一個非常重要的角色。我們在 Dreyfus 現金業務方面的表現一直很出色，並且今年會繼續保持出色。這個問題的簡單答案是，我們有一些——我們在 1 月份就知道，我們將會有一些已知的資金外流。所以我們預計第一季度會略有下降。由於三月份發生的事情導致資金流入，這讓我們回到了平局。所以總的來說，我認為平均餘額更高，但在期間與期間之間，我們持平，但我們繼續對業務感覺非常好，更重要的是，表現。然後這種業務表現很重要，所以我們預計這將 - 你會看到更好的平衡。

And the outflows that you're talking about in January, what was driving that? Is that pricing? Is that something else? What drives that?

你在一月份談論的資金外流，是什麼推動了它？那是定價嗎？那是別的東西嗎？是什麼驅使它？

It was clients wanting to do something else with their cash. They told us that they were doing it. It was in our forecast time we knew what was going to happen. There was no specific reason.

是客戶想用他們的現金做其他事情。他們告訴我們他們正在這樣做。在我們的預測時間內，我們知道會發生什麼。沒有具體原因。

And I'd just add on to that. I think this quarter was a little idiosyncratic in a couple of different ways. And we -- last year, we outgrew the market in the drivers money market platform. And sort of two other observations. There's a little bit of composition that you have to look at under the hood on these institutional money market funds in terms of where the money is coming from. Was it really coming from sort of mega individual ultra-high net worth or was it coming from actual institutional flows. And so I think you have to look a little bit at that on a money market fund by money market fund basis as well.

我還要補充一點。我認為這個季度在幾個不同的方面有點特殊。而我們 - 去年，我們在司機貨幣市場平台上超越了市場。還有另外兩個觀察結果。就資金來源而言，您必須深入了解這些機構貨幣市場基金的一些構成。它真的來自某種超級個人超高淨值資產，還是來自實際的機構流動。因此，我認為您還必須逐個貨幣市場基金對貨幣市場基金進行一些研究。

And then as Dermot pointed out, the broader -- our broader connectivity to money market funds goes beyond our own money market fund. And so we have this market-leading liquidity direct product. And so even when money goes to other money market funds, we are benefiting from that because we have this connectivity. And so we are a very large source of inflows to some of those other money market funds that you've seen growing. And again, this is the benefit of the ecosystem. It might be on our balance sheet, it might be on a money market fund, it might be in someone else's money market fund. It might be that we're selling treasury bills to clients, but all of those things are in the mix as is the repo and Fed's reverse repo facility.

然後正如 Dermot 指出的那樣，我們與貨幣市場基金的更廣泛聯繫超出了我們自己的貨幣市場基金。因此，我們擁有市場領先的流動性直接產品。因此，即使資金流向其他貨幣市場基金，我們也能從中受益，因為我們擁有這種聯繫。因此，我們是您看到增長的其他一些貨幣市場基金的大量資金流入來源。再一次，這是生態系統的好處。它可能在我們的資產負債表上，可能在貨幣市場基金中，也可能在其他人的貨幣市場基金中。可能是我們在向客戶出售國庫券，但所有這些都在混合，就像回購和美聯儲的逆回購工具一樣。

And we will take a question from Rajiv Bhatia with Morningstar.

我們將與 Morningstar 一起回答 Rajiv Bhatia 的問題。

Thinking about operational interest-bearing deposits versus nonoperational interest-bearing deposits, how much of the rate you paid differ between those two buckets?

考慮經營性生息存款與非經營性生息存款，您支付的利率在這兩個桶之間有多少差異？

So we don't disclose the exact rates on the different components, but let me just sort of broadly talk to you about the deposits, Rajiv, because I think this is quite important. So first of all, to me, the decision tree is not insured versus uninsured that's a convenience. It's sort of a retail expression. It's a short hand that gets used in the market. The ultimate decision tree is whether deposits are stable and sticky or whether they're not. And in short, it's just one lens of that, and that lens is a bit more relevant to retail than institutional. And by the way, even within insured, not all deposits are equally sticky, right? Because you've got checking, you've got high-yield savings, you're going to have different outcomes for these, whether they're true operational accounts, even on the retail side, but there are other types of sticky and stable. And so for us, 2/3 of our deposits in the first quarter are operational across our portfolio of businesses. And those are, as Dermot said earlier on, those are required in order to be able to provide clients with those operational services. And it's diversified across our portfolio and you are custody, cash management, clearing, Corporate Trust, there are a bunch of different sort of business cylinders that give rise in that operational cash engine.

因此，我們不會透露不同組件的確切利率，但讓我大致談談存款，Rajiv，因為我認為這非常重要。所以首先，對我來說，決策樹沒有保險和沒有保險，這很方便。這是一種零售表達。這是市場上使用的簡稱。最終的決策樹是存款是否穩定且有粘性，或者是否穩定。簡而言之，這只是其中的一個鏡頭，這個鏡頭與零售業的相關性比與機構的相關性更高。順便說一句，即使在保險範圍內，也並非所有存款都具有相同的粘性，對嗎？因為你有支票，你有高收益的儲蓄，你會有不同的結果，無論它們是真正的運營賬戶，即使是在零售方面，但還有其他類型的粘性和穩定.因此，對我們而言，第一季度 2/3 的存款在我們的業務組合中運作。正如 Dermot 早些時候所說，這些是能夠為客戶提供這些運營服務所必需的。它在我們的投資組合中是多樣化的，你是託管、現金管理、清算、企業信託，有許多不同類型的業務氣缸產生了該運營現金引擎。

And we obviously spend a lot of time and effort modeling all of these types of things and sort of -- and we've seen that has really proven to be stable over multiple cycles. And so that's sort of why we focus so much on operational. And then for nonoperational deposits, look, there's a little bit there associated with which we don't expect them to leave, but we plan for them to be able to leave and obviously at a much, much higher rate than we would think about that on the operational side because we just think that's good asset liability management.

而且我們顯然花費了大量時間和精力對所有這些類型的事物進行建模 - 我們已經看到它確實被證明在多個週期內是穩定的。這就是為什麼我們如此關注運營的原因。然後對於非經營性存款，看，有一點我們不希望他們離開，但我們計劃讓他們能夠離開，而且顯然以比我們想像的要高得多的速度離開在運營方面，因為我們認為這是很好的資產負債管理。

Okay. And then just one follow-up. I think in your prepared remarks, you mentioned that Wealth Management revenues were down in part due to changes in product mix. Can you expand on what that is and whether you expect that to continue?

好的。然後只是一個跟進。我認為在您準備好的發言中，您提到財富管理收入下降的部分原因是產品組合的變化。您能否詳細說明那是什麼以及您是否希望這種情況繼續下去？

So I think that just goes back to the point of the risk off sentiment in -- that we saw in Q1 and people just wanting to, a, not do activity and move from fixed income products to equity products, normal behavior, nothing out of the ordinary that I would call out, totally expected just us working with the clients to deliver the risk appetite that they wanted to have for that quarter.

所以我認為這又回到了我們在第一季度看到的風險規避情緒，人們只是想，a，不做活動，從固定收益產品轉向股票產品，這是正常行為，沒有任何問題我所說的普通人，完全期望我們與客戶合作，以提供他們希望在該季度擁有的風險偏好。

The turmoil of March is kind of, you would say, for now, may have a basis and we may see a change in client behavior, but back when they took these actions in March, we didn't know how long we're going to be in this situation for us. So it's behavior that we expected to see and is kind of I would view it as normal BAU.

3 月的動盪是，你會說，目前，可能有一個基礎，我們可能會看到客戶行為發生變化，但當他們在 3 月採取這些行動時，我們不知道我們要走多久為我們處於這種情況。所以這是我們期望看到的行為，我會將其視為正常的 BAU。

Our last question will come from Betsy Graseck with Morgan Stanley.

我們的最後一個問題將來自摩根士丹利的 Betsy Graseck。

Just a couple of things. One, on the MMF discussion that you just had with (inaudible), you also benefited from MMF through your custody platform as well, right, because your custody a lot of MMF, is that fair?

只是幾件事。第一，在你剛剛與（聽不清）進行的 MMF 討論中，你也通過你的託管平台從 MMF 中受益，對吧，因為你託管了很多 MMF，這公平嗎？

Yes, that's right. We touch -- it's another touch point with money market funds on the Asset Servicing side.

恩，那就對了。我們接觸 - 這是資產服務方面貨幣市場基金的另一個接觸點。

Right. Okay. And that helped the deposits, I'm guessing. So my question really has to do with your role as a global payment provider, one of the top, obviously. And I think you're involved in the FedNow pilot. I just wanted to get a sense as to how you're thinking about how FedNow is integrated within your Global Payments platform get an update on the BNY Mellon digital asset platform? And is there anything that's going on within crypto that would have you lean in or out? So kind of three legs of that question.

正確的。好的。我猜這有助於存款。所以我的問題確實與您作為全球支付提供商的角色有關，顯然是頂級支付提供商之一。我認為你參與了 FedNow 試點。我只是想了解一下您是如何考慮 FedNow 如何集成到您的全球支付平台中的，獲得紐約梅隆銀行數字資產平台的最新信息？加密貨幣中是否有任何事情會讓你傾斜或傾斜？這個問題的三條腿。

Okay. So let me start with real time. We are part of the Fed now test. I think actually might have been the first bank to start testing on it. We were the first bank to do a test on the clearinghouse real-time payment rails. And look, overall, when I step back from real-time payments, if I use that as the generic term that would cover both FedNow and the clearinghouse, it is a couple of things. It is a new payment rail. And I think that represents an interesting disruption, and we would like to participate in that disruption, which is one of the reasons why we've been leaning in. I think there's a bunch of opportunities for clients there, quicker, cheaper, more control over the payments. And so that's a good thing, saves them dollars and ultimately, it's quite helpful for the industry's carbon footprint as well because it's really a check, should be over time at check, eradicate and there's a lot of sort of carbon footprint and ESG more broadly in the handling of check. So that would be a good thing.

好的。所以讓我從實時開始。我們現在是美聯儲測試的一部分。我認為實際上可能是第一家開始對其進行測試的銀行。我們是第一家對票據交換所實時支付軌道進行測試的銀行。總的來說，當我從實時支付中退出時，如果我將其用作涵蓋 FedNow 和票據交換所的通用術語，那是兩件事。這是一種新的支付方式。我認為這代表了一種有趣的顛覆，我們希望參與這種顛覆，這是我們一直傾向於的原因之一。我認為那裡的客戶有很多機會，更快、更便宜、更有控制權在付款上。所以這是一件好事，為他們節省了資金，最終，它對行業的碳足跡也非常有幫助，因為它確實是一種檢查，應該隨著時間的推移進行檢查，根除並且更廣泛地說有很多碳足跡和 ESG在支票的處理上。所以那將是一件好事。

We've got the opportunity to be part of that disruption because of our existing Treasury Services business, and we see that also as part of a broader solution set because we wrapped up in real-time payments. There's payment validation, there's fraud protection and there are other data services, and we find ourselves selling that bundle more often than not when we sell RTP. And I think we have a position you sort of framed it in terms of FedNow. But we have a position in terms of real-time payments and payments more broadly as a pretty unconflicted provider. As you said, we're a very large provider. But that unconflicted nature means that whether you're a Fintech, whether you're a smaller or medium size regional bank, whether you're a foreign bank, we're not threatening as a set of rails to plug into, and that makes us pretty appealing as a partner. But look, this is a multiyear endeavor. We're pleased with the traction. We've done a bunch of stuff, and we're playing it forward. But obviously, the story is going to be inextricably linked to seeing all of this take hold in the U.S.

由於我們現有的資金服務業務，我們有機會成為這種顛覆的一部分，我們也將其視為更廣泛的解決方案的一部分，因為我們已經完成了實時支付。有支付驗證、欺詐保護和其他數據服務，我們發現自己在銷售 RTP 時更經常地銷售該捆綁包。我認為我們有一個立場，你可以根據 FedNow 來構建它。但我們在實時支付和更廣泛的支付方面有自己的立場，作為一個非常無衝突的供應商。正如您所說，我們是一家非常大的供應商。但這種不衝突的性質意味著，無論你是一家金融科技公司，無論你是一家中小型地區性銀行，無論你是一家外國銀行，我們都不會威脅要插入一組軌道，這使得我們作為合作夥伴非常有吸引力。但是看，這是一項多年的努力。我們對牽引力感到滿意。我們已經做了很多事情，我們正在向前推進。但顯然，這個故事將與看到所有這一切在美國紮根有著千絲萬縷的聯繫。

The other key question that you asked, Betsy, was on digital assets. And look, I haven't changed my point of view here at all. I view it as a completely different thing than real-time payments. And in fact, in digital assets, some people do complete the two and view things like coins and Central Bank digital currencies as solutions to problems which I would actually argue that real-time payments might be a better solution for. So there is a little bit of overlap, but I do favor real-time payments more broadly the question of how to speed up payment rails and payment processes in the United States to make them more efficient.

Betsy，你問的另一個關鍵問題是關於數字資產的。看，我在這裡完全沒有改變我的觀點。我認為它與實時支付完全不同。事實上，在數字資產中，有些人確實完成了這兩者，並將硬幣和中央銀行數字貨幣之類的東西視為問題的解決方案，我實際上認為實時支付可能是更好的解決方案。所以有一點重疊，但我確實更廣泛地支持實時支付，即如何加快美國的支付軌道和支付流程以提高效率的問題。

But then on digital assets, we think this is about the tech. We believed in the fact that distributed ledger technology, smart contracts that you can build on top of it have good opportunity over time. That's many years, maybe several decades evolution. It's still early, hasn't really been proven and we'll see opportunities to have more efficiency, easier handling of certain asset types, think about things that aren't standardized today. So they're messy in the financial services system like real estate and loans -- probably speed up settlement there on tokenization as a sort of as a new form of handling assets. So we like all of those concepts. But in terms of the actual crypto, we've said all along, we're going to be incredibly slow accrual before we run on digital assets broadly and cryptos are -- it's something that we've gone except (inaudible) on.

但是關於數字資產，我們認為這是關於技術的。我們相信，隨著時間的推移，分佈式賬本技術和可以在其之上構建的智能合約將擁有很好的機會。那是很多年，也許幾十年的演變。現在還為時過早，還沒有真正得到證實，我們將看到提高效率的機會，更容易處理某些資產類型，思考今天還沒有標準化的事情。因此，它們在房地產和貸款等金融服務系統中很混亂——可能會加快代幣化的結算速度，作為一種新的資產處理形式。所以我們喜歡所有這些概念。但就實際的加密而言，我們一直在說，在我們廣泛使用數字資產之前，我們的增長速度將非常緩慢，而加密是——這是我們已經做過的事情，除了（聽不清）。

I'm sorry, you broke up at the end. On crypto, you mentioned.

對不起，你們最後分手了。關於加密貨幣，你提到了。

We've gone exceptionally slowly.

我們走得特別慢。

Yes. And just because of all of the opportunity -- of all the infrastructure that you have I would think you would be an attractive place for crypto deposits. I'm wondering if that's something that you would agree with or not?

是的。僅僅因為所有的機會——你擁有的所有基礎設施，我認為你將成為吸引加密貨幣存款的地方。我想知道你是否同意？

I don't particularly agree with that. No. I understand that there are other firms who've over time made it part of their business model to really attract a ton of cash in that space. We do not view ourselves as a crypto bank. We have a variety of clients. We have some clients who touch the digital assets ecosystem, but that's not been a business strategy of ours to grow that aggressively.

我不是特別同意這一點。不。據我所知，隨著時間的推移，還有其他公司將其作為其商業模式的一部分，以真正在該領域吸引大量現金。我們不將自己視為加密貨幣銀行。我們有各種各樣的客戶。我們有一些客戶接觸數字資產生態系統，但這並不是我們積極發展的商業戰略。

Okay. And then just lastly, on FedNow, it launches in the next quarter or so. Is that accurate? And is there a meaningful impact? Or is this, as you mentioned, a really long runway to have an impact on your revenues?

好的。最後，在 FedNow 上，它會在下個季度左右推出。那是準確的嗎？有沒有有意義的影響？或者，正如您提到的，這是一條對您的收入產生影響的很長的跑道？

It's a longer runway. You have to get confirmation from the Fed about their exact launch plans because it has evolved a little bit. But it's a long runway. And it isn't so much FedNow as real-time payments of which FedNow is one provider.

這是一條更長的跑道。你必須從美聯儲那裡得到他們確切的啟動計劃的確認，因為它已經發生了一些變化。但這是一條漫長的跑道。 FedNow 與其說是實時支付，不如說是 FedNow 的提供者之一。

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.

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

Thank you very much, 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, and we wish you well.

非常感謝接線員，也感謝大家對紐約梅隆銀行的關注。如果您有任何後續問題，請聯繫 Marius 和 IR 團隊，祝您一切順利。

Well, thank you. And 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.

嗯，謝謝。這確實結束了今天的會議和網絡廣播。本次電話會議和網絡廣播的重播將於美國東部時間下午 2:00 在 BNY Mellon 投資者關係網站上提供。今天東部標準時間。祝你有美好的一天。