紐約梅隆銀行 (BK) 2023 Q3 法說會逐字稿

Good morning, and welcome to the 2023 Third Quarter Earnings Conference Call hosted by BNY Mellon. (Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY Mellon's consent.

早安，歡迎參加紐約梅隆銀行主辦的 2023 年第三季財報電話會議。 （操作員說明）請注意，本次電話會議和網路廣播將被錄製，並將包含受版權保護的資料。未經紐約梅隆銀行同意，您不得錄製或轉播這些資料。

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

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

Thank you, operator. Good morning, and thank you all for joining our third quarter 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. I'm joined by Robin Vince, President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. Robin will start with introductory remarks before Dermot will take you through the earnings presentation. Following their remarks, there will be a Q&A session.

謝謝你，接線生。早安，感謝大家參加我們的第三季財報電話會議。與往常一樣，我們將參考我們的財務摘要演示文稿，該演示文稿可以在我們網站 bnymellon.com 的投資者關係頁面上找到。總裁兼執行長羅賓文斯 (Robin Vince) 也加入了我的行列。以及我們的財務長德莫特·麥克唐諾 (Dermot McDonogh)。羅賓將首先進行介紹性發言，然後德莫特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, October 17, 2023, and will not be updated.

在開始之前，請注意我們的言論包括前瞻性陳述和非公認會計原則措施。有關這些報表和非公認會計原則措施的資訊可在收益新聞稿、財務補充和財務摘要演示中找到，所有這些都可以在我們網站的投資者關係頁面上找到。本次電話會議所做的前瞻性陳述僅截至今天（2023 年 10 月 17 日），且不會更新。

With that, I will turn it over to Robin.

這樣，我就把它交給羅賓了。

Thanks, Marius. Good morning, everyone, and thank you for joining us. Before we get to the earnings call, I'd like to address the horrific terrorist attack on Israel and the ongoing conflict in the surrounding region. We're heartbroken as we continue to witness a human tragedy unfold. And I'm immensely grateful and proud of our employees in Israel, who, despite everything that they have been going through, continue to deliver uninterrupted service to our clients. Our hearts go out to colleagues, clients and community members in the region.

謝謝，馬呂斯。大家早安，感謝您加入我們。在我們開始財報電話會議之前，我想談談以色列遭受的可怕恐怖攻擊以及週邊地區持續不斷的衝突。當我們繼續目睹人類悲劇上演時，我們感到心碎。我對我們在以色列的員工感到非常感激和自豪，儘管他們經歷了一切，但他們仍然繼續為我們的客戶提供不間斷的服務。我們的心與該地區的同事、客戶和社區成員同在。

Now I'll share some brief comments about our financial results for the third quarter and will then give a quick overview of some of our strategic priorities. BNY Mellon delivered solid financial performance and continued progress on the steady transformation of our company.

現在，我將分享一些關於我們第三季財務業績的簡短評論，然後快速概述我們的一些策略重點。紐約梅隆銀行取得了穩健的財務業績，並在公司的穩步轉型方面不斷取得進展。

As you can see on Slide 2 of the financial highlights presentation, we reported earnings per share of $1.22 versus $0.39 in the third quarter of last year. Excluding notable items, which primarily impacted last year's results, EPS of $1.27 increased by 5% year-over-year.

正如您在財務摘要簡報的幻燈片 2 中看到的那樣，我們報告的每股收益為 1.22 美元，而去年第三季為 0.39 美元。排除主要影響去年業績的顯著項目，每股收益為 1.27 美元，較去年同期成長 5%。

We generated a return on tangible common equity of 20% on $4.4 billion of revenue, up 2% year-over-year and a pretax margin of 29% in the third quarter. These results once again highlight the efficacy of our prudent and proactive asset and liability management amid a rapidly evolving operating environment.

第三季度，我們的有形普通股報酬率為 20%，營收為 44 億美元，年增 2%，稅前利潤率為 29%。這些結果再次凸顯了我們在快速變化的經營環境中審慎、主動的資產負債管理的有效性。

Net interest revenue was up 10% year-over-year as we continued to maximize the positive aspects of rising interest rates. Our strong liquidity position allowed us to reduce our wholesale funding footprint and despite the significant steepening of the curve, unrealized losses in our investment securities portfolio remained well contained.

由於我們繼續最大限度地發揮利率上升的積極作用，淨利息收入同比增長 10%。我們強大的流動性狀況使我們能夠減少批發融資足跡，儘管曲線顯著陡峭，但我們的投資證券投資組合的未實現損失仍然得到了很好的控制。

Our 20% return on tangible common equity, together with all of these actions, allowed us to continue to deliver attractive capital returns to our shareholders while further strengthening our capital and liquidity ratios to be prepared for a wide range of macroeconomic outcomes.

我們20% 的有形普通股回報率，再加上所有這些行動，使我們能夠繼續為股東提供有吸引力的資本回報，同時進一步加強我們的資本和流動性比率，為廣泛的宏觀經濟成果做好準備。

As I've just rounded out the first 12 months in my seat, I'd like to take a step back for a moment and reflect on our work to date and where we're headed. Through a series of strategic reviews, we have affirmed what we believe to be our key assets. Number one, our client reach and breadth of engagement. Our top-tier clients from all regions of the world both trust and want to do more business with us.

由於我剛結束了前 12 個月的工作，我想暫時退後一步，反思我們迄今為止的工作以及我們的前進方向。透過一系列的策略審查，我們確認了我們認為是我們的關鍵資產。第一，我們的客戶涵蓋範圍和參與廣度。我們來自世界各地的頂級客戶都信任我們，並希望與我們開展更多業務。

Number two, our collection of market-leading businesses. We're a broad-based financial services company with a balance and diversification that makes us stronger. And our unique business mix sets us apart from our competitors.

第二，我們匯集了市場領先的企業。我們是一家基礎廣泛的金融服務公司，平衡和多元化使我們變得更強大。我們獨特的業務組合使我們在競爭對手中脫穎而出。

And number three, our culture of teamwork. Our people are naturally collegial and seek out opportunities to work together to serve our clients and communities. These assets are hard to replicate, and it's rare that they exist together. But as I have acknowledged before, the company's long-term financial performance track record hasn't lived up to the quality of this franchise.

第三，我們的團隊合作文化。我們的員工天生具有合作精神，並尋求共同努力的機會，為我們的客戶和社區服務。這些資產很難複製，而且很少同時存在。但正如我之前所承認的，該公司的長期財務業績記錄並沒有達到該特許經營權的品質。

As a result, we've committed to drive higher underlying growth, consistently deliver positive operating leverage and improve our pretax margin over time. As an important mark of clarity and focus to help tie together where we are heading and why, we recently communicated 3 strategic pillars to our employees around the world: one, be more for our clients; two, run our company better; and three, power our culture. These 3 pillars are not fundamentally changing the businesses we're in. Instead, they drive at how we operate and who we are day to day for our clients.

因此，我們致力於推動更高的基礎成長，持續提供積極的營運槓桿並隨著時間的推移提高我們的稅前利潤率。作為清晰和專注的重要標誌，有助於將我們的前進方向和原因聯繫起來，我們最近向世界各地的員工傳達了 3 個策略支柱：第一，為客戶提供更多服務；二、更好地經營我們的公司；第三，為我們的文化提供動力。這三大支柱並沒有從根本上改變我們所處的業務。相反，它們決定了我們的營運方式以及我們每天為客戶服務的方式。

As I've said before, strategy is important but ultimately, just a set of words. Actually doing it and how we do it matters a lot. While this was just 1 quarter in what will be a multiyear transformation, I'm optimistic about the steady improvements we are seeing inside of BNY Mellon. And I want to share with you some of this perspective that gives us confidence that we're on the right track with the work that we are doing under each of these pillars.

正如我之前所說，戰略很重要，但最終只是一組文字。實際做這件事以及我們如何做非常重要。雖然這只是多年轉型的一個季度，但我對紐約梅隆銀行內部看到的穩定改善感到樂觀。我想與大家分享一些這樣的觀點，這些觀點讓我們相信，我們在每個支柱下所做的工作都走在正確的軌道上。

First, I'm encouraged by the pace of progress towards making BNY Mellon a better-run company. Our businesses have historically operated largely in silos. We've run somewhat like a corporate conglomerate with a holding company that owns a series of vertically self-sufficient subsidiaries. This has led to clunky client journeys, wasteful duplication and a lack of joined-up thinking.

首先，我對紐約梅隆銀行在成為一家經營更好的公司方面所取得的進展感到鼓舞。我們的業務歷來主要是孤立運作的。我們的運作方式有點像是擁有控股公司的企業集團，擁有一系列垂直自給自足的子公司。這導致了笨拙的客戶旅程、浪費的重複和缺乏聯合思維。

We have many opportunities to run our company better and more efficiently to reduce bureaucracy. And we need to be smart and disciplined with how we spend so our investments in the business go further.

我們有很多機會更好、更有效率地經營我們的公司，以減少官僚主義。我們需要明智且嚴格地對待我們的支出方式，以便我們對業務的投資能走得更遠。

I've talked to you before about our efficiency initiative, comprising about 1,500 ideas, developed by those who often see items ripe for improvement most clearly and closely: our people. This program, internally we call it Project Catalyst, is well underway, and we started to see some early benefits in our financial results.

我之前曾與您討論過我們的效率計劃，其中包含大約 1,500 個想法，這些想法是由那些經常最清楚、最密切地看到需要改進的項目的人提出的：我們的員工。這個項目，我們在內部稱之為“催化劑項目”，正在順利進行，我們開始在財務業績中看到一些早期的好處。

As you may recall, in January, we set out to essentially halve our expense growth rate this year to roughly 4% growth excluding notable items compared to roughly 8% ex currency in 2022. We have made good progress against this goal. With less than 3 months left in the year, we are confident that we will outperform our 4% expense growth target for 2023, all while self-funding over $0.5 billion of incremental investments this year.

您可能還記得，今年1 月份，我們計劃將今年的費用成長率大幅削減一半，扣除重要項目後的成長率約為4%，而2022 年的費用成長率約為8%（以貨幣計算）。我們在實現這一目標方面取得了良好進展。距離今年還有不到 3 個月的時間，我們有信心超越 2023 年 4% 的費用成長目標，同時今年自籌資金超過 5 億美元的增量投資。

As we've started the budgeting process for 2024, we are determined to bend the cost curve further. We're now working to adopt the platform's operating model, which will help us to do things in one place, do them well and elevate overall execution. And we're embracing new technologies so we can be more productive, more efficient and focused on growth.

隨著我們開始製定 2024 年的預算流程，我們決心進一步彎曲成本曲線。我們現在正在努力採用平台的營運模式，這將有助於我們把事情做在一個地方，把事情做好，提高整體執行力。我們正在採用新技術，以便提高生產力、效率並專注於成長。

Automation of processes and investment in operations digitization and AI across the firm will make it easier for our employees to do their jobs and subsequently channel their energies toward new innovations, which brings me to our work towards being more for our clients.

整個公司的流程自動化以及對營運數位化和人工智慧的投資將使我們的員工更輕鬆地完成工作，並隨後將他們的精力用於新的創新，這使我能夠更加為客戶服務。

Our financial results in the quarter tell a tale of 2 cities. Against the backdrop of seasonally slower summer months, we once again saw outperformance in some of our differentiating businesses. Strength in Clearance and Collateral Management continued. And we saw healthy underlying growth in Pershing as well as solid momentum in Asset Servicing. This was offset by continued softness in Investment Management fees and lower exchange revenue, given the subdued market backdrop.

我們本季的財務表現講述了兩個城市的故事。在夏季季節性放緩的背景下，我們的一些差異化業務再次表現出色。清算和抵押品管理繼續保持強勁勢頭。我們看到了潘星的健康潛在成長以及資產服務的強勁勢頭。鑑於市場低迷，投資管理費用持續疲軟和外匯收入下降抵消了影響。

Our path to higher underlying growth is clear. In addition to always being on the hunt for new clients, we have to deliver more to our existing clients, develop new products and do a better job at connecting the adjacent ones.

我們實現更高潛在成長的道路是明確的。除了不斷尋找新客戶之外，我們還必須為現有客戶提供更多服務，開發新產品，並更好地連結相鄰客戶。

Our new Chief Commercial Officer has hit the ground running as we start operationalizing One BNY Mellon across the organization to sharpen our commercial focus and elevate the client experience across the firm. At the same time, we're pushing forward with innovative new client solutions that leverage the adjacencies among our businesses.

隨著我們開始在整個組織內經營 One BNY Mellon，以加強我們的商業重點並提升整個公司的客戶體驗，我們的新商務長已經開始行動。同時，我們正在推動創新的新客戶解決方案，利用我們業務之間的鄰近性。

While still early days, initial client wins with our recently launched solutions as well as the quality of our pipelines are encouraging. Pershing X's new open architecture Wealth Management platform, Wove, is off to a promising start, including a couple of client agreements already signed, several prospective clients in active contracting and a steadily growing pipeline.

雖然還處於早期階段，但我們最近推出的解決方案贏得了最初的客戶，而且我們的管道品質也令人鼓舞。 Pershing X 的全新開放式架構財富管理平台 Wove 已經有了一個良好的開端，其中包括已經簽署的幾份客戶協議、幾家正在積極簽約的潛在客戶以及穩定增長的渠道。

As an example, Integrity, a nationwide insurance and financial services firm with a network of over 0.5 million agents and advisers, has selected our Wove platform to support their wealth management business. With Wove, we are also connecting solutions from across BNY Mellon. For example, Integrity will have access to third-party models and institutional-grade solutions from our specialist firms in Investment Management and broker-dealer clearing and custody solutions through Pershing.

例如，Integrity 是一家全國性保險和金融服務公司，擁有超過 50 萬名代理商和顧問網絡，選擇了我們的 Wove 平台來支援其財富管理業務。透過 Wove，我們也連結了紐約梅隆銀行的解決方案。例如，Integrity 將可以透過 Pershing 獲得投資管理專業公司的第三方模型和機構級解決方案以及經紀自營商清算和託管解決方案。

In another example, Pershing expanded their long-standing relationship with Lincoln Investment as the company transitioned their self-clearing business on to Pershing's custodial platform and selected Wove to provide a suite of technology solutions to its financial professionals.

另一個例子是，隨著林肯投資公司將其自助清算業務轉移到潘星的託管平台，並選擇 Wove 為其金融專業人士提供一套技術解決方案，潘星擴大了與 Lincoln Investment 的長期合作關係。

As we onboard additional clients through the remainder of 2023, we are planning to start disclosing relevant financial information and leading indicators for you all to keep track of Wove's growth trajectory at the beginning of next year. We also signed the first external client, a leading G-SIB owned European asset manager for our recently launched buy-side trading solutions.

隨著我們在 2023 年剩餘時間吸引更多客戶，我們計劃開始向大家揭露相關財務資訊和領先指標，以便在明年初追蹤 Wove 的成長軌跡。我們也為我們最近推出的買方交易解決方案簽署了第一個外部客戶，即一家領先的 G-SIB 旗下歐洲資產管理公司。

Without a doubt, we expect our more prominent solutions like Wove and buy-side trading to move the needle on growth over time. But we are leaning into innovation to solve the evolving client challenges across all of our businesses.

毫無疑問，我們預計 Wove 和買方交易等更突出的解決方案將隨著時間的推移而推動成長。但我們正在依靠創新來解決我們所有業務中不斷變化的客戶挑戰。

For example, in Treasury Services, we were one of the first banks to go live on FedNow, the Federal Reserve's new instant payment rail. This allows us to expand our capabilities for corporations, nonbank financial institutions and fintechs. And as a service provider, we are helping our financial institutions clients access instant payments, remain competitive and provide best-in-class service for their customers.

例如，在財政服務領域，我們是首批採用 FedNow（聯準會新的即時支付通道）的銀行之一。這使我們能夠擴大針對企業、非銀行金融機構和金融科技公司的能力。作為服務提供者，我們正在幫助我們的金融機構客戶獲得即時付款、保持競爭力並為其客戶提供一流的服務。

As another example, this quarter, the business announced the launch of Bankify, an open banking payment solution that, as an alternative to credit or debit cards and third-party payment platforms, helps organizations receive consumer payments from bank accounts with a seamless user experience and guaranteed settlement.

另一個例子，本季度，該公司宣布推出Bankify，這是一種開放式銀行支付解決方案，作為信用卡或金融卡和第三方支付平台的替代方案，可幫助組織從銀行帳戶接收消費者付款，並提供無縫的用戶體驗並保證結算。

Let me conclude by saying that we are optimistic about the opportunity in front of us. And our strategic objectives for the short, medium and long term are clear. We are innovating and pushing forward on our multiyear growth investments, all the while remaining disciplined to deliver positive operating leverage and pretax margin expansion.

最後我要說的是，我們對擺在我們面前的機會感到樂觀。我們的短期、中期和長期策略目標都很明確。我們正在創新並推動多年成長投資，同時保持嚴格的紀律，以實現積極的營運槓桿和稅前利潤率擴張。

As I've said all along, the path to transforming BNY Mellon into a consistently high-performing company will take some time. But for 2023, we are on track to deliver what we said we'd deliver at the beginning of the year while making steady progress toward our strategic priorities. I'm proud and appreciative of our people's dedication to be more for our clients, run our company better and power our culture collectively to unlock BNY Mellon's potential.

正如我一直以來所說的，將紐約梅隆銀行轉變為始終如一的高績效公司將需要一些時間。但對於 2023 年，我們有望實現年初承諾的目標，同時穩步推進我們的策略重點。我感到自豪和讚賞我們的員工致力於為客戶提供更多服務、更好地經營我們的公司並共同推動我們的文化，以釋放紐約梅隆銀行的潛力。

With that, over to you, Dermot.

好了，交給你了，德莫特。

Thank you, Robin, and good morning, everyone. I will start on Page 3 of the presentation with our consolidated financial results for the third quarter.

謝謝你，羅賓，大家早安。我將從簡報的第三頁開始介紹我們第三季的綜合財務表現。

Total revenue of $4.4 billion was up 2% year-over-year. Net interest revenue was up 10% year-over-year primarily driven by higher interest rates, partially offset by changes in balance sheet size and mix. Fee revenue was flat.

總營收為 44 億美元，年增 2%。淨利息收入年增 10%，主要是由於利率上升，但部分被資產負債表規模和結構的變化所抵消。費用收入持平。

Growth on the back of higher market values, net new business and the favorable impact of a weaker dollar was offset by the Alcentra divestiture in the fourth quarter last year, lower foreign exchange revenue and the mix of AUM flows. Firm-wide assets under custody/administration of $45.7 trillion were up 8% year-over-year, reflecting higher market values, client inflows, the weaker dollar and net new business.

去年第四季 Alcentra 剝離、外匯收入下降和資產管理規模流量組合抵消了市場價值上升、淨新業務和美元疲軟的有利影響帶來的成長。全公司託管/管理的資產達 45.7 兆美元，年增 8%，反映出市場價值上升、客戶流入、美元疲軟和淨新業務。

Assets under management of $1.8 trillion were up 3% year-over-year, reflecting the weaker dollar and higher market values, partially offset by the Alcentra divestiture. Investment and other revenue was $113 million in the quarter, reflecting continued strength in fixed income trading.

管理資產達 1.8 兆美元，年成長 3%，反映出美元疲軟和市場價值上升，但部分被 Alcentra 剝離所抵銷。本季投資和其他收入為 1.13 億美元，反映出固定收益交易的持續強勁。

Expenses were down 16% year-over-year on a reported basis primarily reflecting the goodwill impairment associated with our Investment Management reporting unit in the third quarter last year. Excluding notable items, expenses were up 3% year-over-year.

按報告計算，費用年減 16%，主要反映了去年第三季與我們的投資管理報告部門相關的商譽減損。排除值得注意的項目，費用年增 3%。

Provision for credit losses remained low at $3 million in the quarter as the impact of reserve builds to reflect continued uncertainty on the outlook for commercial real estate was largely offset by reserve releases related to financial institutions.

本季信貸損失撥備仍維持在 300 萬美元的低水平，因為為反映商業房地產前景持續不確定性而建立的準備金的影響在很大程度上被金融機構相關準備金釋放所抵消。

As Robin noted earlier, reported earnings per share were $1.22. Excluding notable items, earnings per share were $1.27, representing 5% growth year-over-year. We delivered positive operating leverage, our pretax margin was 29% and we generated a return on tangible common equity of 20%.

正如 Robin 早些時候指出的，報告的每股收益為 1.22 美元。剔除重要項目後，每股收益為 1.27 美元，年增 5%。我們實現了正營運槓桿，稅前利潤率為 29%，有形普通股報酬率為 20%。

Turning to capital and liquidity on Page 4. Consistent with the prior quarter, we returned $450 million of capital to our shareholders through common share repurchases and we paid approximately $330 million of dividends to our common stockholders, reflecting our previously announced 14% dividend increase, which became effective in the third quarter. Taken together, we returned 82% of earnings to shareholders in the quarter or 107% on a year-to-date basis.

轉向第4 頁的資本和流動性。與上一季一致，我們透過普通股回購向股東返還了4.5 億美元的資本，並向普通股股東支付了約3.3 億美元的股息，反映了我們之前宣布的14% 的股息成長，該規定於第三季生效。總而言之，我們在本季向股東返還了 82% 的收益，而年初至今則為 107%。

Our Tier 1 leverage ratio improved sequentially by approximately 40 basis points to 6.1%, reflecting a decrease in average assets and an increase in Tier 1 capital driven by capital generated through earnings net of capital returns through buybacks and dividends. Unrealized losses related to available-for-sale securities remained roughly unchanged in the quarter.

我們的一級槓桿率環比提高約40個基點至6.1%，反映了平均資產的下降和一級資本的增加，這是由回購和股息帶來的扣除資本回報的收益產生的資本推動的。本季與可供出售證券相關的未實現損失大致保持不變。

The CET1 ratio was 11.4%, representing an approximately 30 basis point improvement compared with the prior quarter, reflecting lower risk-weighted assets and an increase in CET1 capital. Just like our regulatory capital ratios, our liquidity ratios further strengthened in the quarter. The consolidated liquidity coverage ratio was 121%, a 1 percentage point improvement compared with the prior quarter. And our consolidated net stable funding ratio was 136%, well in excess of the regulatory requirement.

CET1比率為11.4%，較上季提高約30個基點，反映出風險加權資產下降及CET1資本增加。就像我們的監管資本比率一樣，我們的流動性比率在本季進一步加強。綜合流動性覆蓋率為121%，較上季提高1個百分點。我們的綜合淨穩定資金比率為136%，遠超過監理要求。

Next, on Page 5, net interest revenue and further details on the underlying balance sheet trends, which I will describe in sequential terms. Net interest revenue of $1 billion was down 8% quarter-over-quarter driven by changes in balance sheet size and mix, partially offset by higher interest rates.

接下來，在第 5 頁，淨利息收入和有關基本資產負債表趨勢的更多詳細信息，我將按順序進行描述。由於資產負債表規模和結構的變化，淨利息收入為 10 億美元，環比下降 8%，但部分被利率上升所抵消。

As we expected, temporary deposits related to the debt ceiling impasse in the second quarter left in July and along with seasonally low balances in August, average deposits for the quarter decreased by 5% sequentially.

正如我們預期，第二季債務上限僵局相關的臨時存款已於 7 月退出，加上 8 月份餘額季節性偏低，該季度平均存款環比下降 5%。

In line with our expectations, interest-bearing deposits were down 3% and noninterest-bearing deposits were down 16%. You will remember from prior earnings calls that we expected noninterest-bearing deposits to moderate to approximately 20% of total deposits in the second half of this year, which is consistent with our deposit mix in the third quarter.

計息存款下降 3%，無利息存款下降 16%，符合我們的預期。您會記得，在先前的財報電話會議上，我們預計今年下半年無息存款佔總存款的比例將降至約 20%，這與我們第三季的存款組合一致。

Following seasonal troughs in August, we saw the anticipated pickup in monthly average balances in September and again, some modest growth in the first 2 weeks of October. Average interest-earning assets were down by 6% quarter-over-quarter. This reflects a reduction in cash and reverse repo by 11%, while we actively reduced wholesale funding. Our investment securities portfolio was down 4% and loan balances were up 1%.

繼 8 月的季節性低谷之後，我們預計 9 月的月平均餘額將有所回升，10 月的前兩週也將出現小幅成長。平均生息資產季減6%。這反映出現金和逆回購減少了 11%，同時我們積極減少了批發融資。我們的投資證券投資組合下降了 4%，貸款餘額增加了 1%。

Moving to expenses on Page 6. Expenses for the quarter were down 16% year-over-year on a reported basis and up 3% excluding notable items. This year-over-year increase was driven by higher investment and revenue-related expenses, the unfavorable impact of the weaker dollar as well as inflation, partially offset by efficiency savings and the Alcentra divestiture.

轉到第 6 頁的費用。根據報告，本季費用年減 16%，不包括顯著項目則成長 3%。這一同比增長是由投資和收入相關費用增加、美元疲軟以及通貨膨脹的不利影響所推動的，但部分被效率節約和 Alcentra 資產剝離所抵消。

I'll talk more about our outlook for expenses in a moment, but as Robin mentioned earlier, it is worth highlighting that for 2023, we are expecting to fully self-fund over $0.5 billion of incremental investments through efficiency savings.

我稍後將詳細討論我們的支出前景，但正如 Robin 之前提到的，值得強調的是，到 2023 年，我們預計透過效率節約完全自籌超過 5 億美元的增量投資。

Turning to our business segments starting with Securities Services on Page 7. As I discussed the performance of our Securities Services and Market and Wealth 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，從第7 頁的證券服務開始。當我討論我們的證券服務以及市場和財富服務部門的業績時，我將評論我們的收益新聞稿中描述的每個業務線的投資服務費用以及財政補充。

Securities Services reported total revenue of $2.1 billion, up 1% year-over-year. Fee revenue was flat. 2% growth in investment services fees was offset by a 19% decline in foreign exchange revenue on the back of lower volatility and volumes. Net interest revenue was up 12%.

證券服務總收入為 21 億美元，較去年同期成長 1%。費用收入持平。由於波動性和交易量下降，外匯收入下降 19%，抵消了投資服務費用 2% 的成長。淨利息收入成長 12%。

In Asset Servicing, investment services fees were up 3% driven by higher market values, healthy net new business and a weaker dollar, partially offset by lower client transaction activity. The strength of our balance sheet as well as the stability, breadth and depth of our solutions remain clear differentiators that position us well with clients confronted with a persistently challenging market environment and an evolving competitive landscape.

在資產服務領域，由於市場價值上升、淨新業務健康和美元疲軟，投資服務費上漲了 3%，但部分被客戶交易活動減少所抵消。我們的資產負債表實力以及解決方案的穩定性、廣度和深度仍然是明顯的差異化因素，使我們在面對持續充滿挑戰的市場環境和不斷變化的競爭格局的客戶時處於有利地位。

For example, ETF assets under custody/administration were up over 20% year-over-year, and the number of funds serviced on our platform continue to grow at a healthy clip. In alts, assets under custody/administration and related investment services fees both grew in the mid-single-digit percentage range despite the number of fund launches having slowed significantly over the past year.

例如，託管/管理的ETF資產年增超過20%，平台上服務的基金數量持續健康成長。在另類投資領域，儘管過去一年基金發行數量大幅放緩，但託管/管理資產和相關投資服務費用均以中等個位數百分比增加。

Within Issuer Services, investment services fees were down 2%. Growth from net new business and Corporate Trust was more than offset by the absence of fees from elevated Depositary Receipt cancellation activity in the third quarter of last year.

在發行人服務中，投資服務費用下降了 2%。去年第三季存託憑證取消活動增加而沒有產生費用，抵銷了淨新業務和企業信託的成長。

Next, Market and Wealth Services on Page 8. Market and Wealth Services reported total revenue of $1.4 billion, up 6% year-over-year. Fee revenue was up 5% and net interest revenue increased by 6%.

接下來是第 8 頁的市場和財富服務。市場和財富服務報告總收入為 14 億美元，年增 6%。手續費收入成長 5%，淨利息收入成長 6%。

In Pershing, investment services fees were up 2%, reflecting higher fees on sweep balances, partially offset by the impact of lost business and lower transaction volumes consistent with the decline in U.S. equity exchange volumes. Despite the continued headwind from the ongoing deconversion of the regional bank client highlighted in the second quarter, Pershing saw $23 billion of net new assets on the platform this quarter, reflecting positive momentum in the underlying business.

在潘興，投資服務費上漲了 2%，反映了清掃餘額費用的增加，但部分被業務損失和交易量下降（與美國股票交易量下降一致）的影響所抵消。儘管第二季強調區域銀行客戶持續轉換帶來的持續阻力，潘興本季平台上的淨新資產達到 230 億美元，反映出基礎業務的正面動能。

As Robin mentioned earlier, the momentum around Wove is building with both new and existing clients. While at the same time, ongoing investments in the core Pershing platform to enhance adviser experience and lead with innovative solutions have positioned us well to capitalize on the heightened pace of change in the RIA community.

正如 Robin 之前提到的，Wove 周圍的勢頭正在與新客戶和現有客戶一起發展。同時，對 Pershing 核心平台的持續投資旨在增強顧問體驗並引領創新解決方案，這使我們能夠很好地利用 RIA 社群加快的變革步伐。

In Treasury Services, investment services fees decreased by 1% as growth from higher client activity was offset by higher earnings credits for noninterest-bearing deposit balances. In Clearance and Collateral Management, investment services fees were up 16%, reflecting broad-based growth across U.S. and international Clearance and Collateral Management.

在資金服務方面，投資服務費用下降了 1%，因為客戶活動增加帶來的成長被無利息存款餘額收益抵免的增加所抵消。在清算和抵押品管理領域，投資服務費用上漲了 16%，反映出美國和國際清算和抵押品管理的廣泛成長。

In particular, we saw strength in domestic clearance volumes, reflecting elevated volatility and U.S. treasury issuance activity and continued migration from the Fed's reverse repo facility to traditional tri-party collateral management balances. Recent macro trends, including heightened volatility, uncertainty associated with monetary policy and banks' regulatory capital requirements as well as the recent consolidation in the banking sector further reinforce the value of our tri-party collateral management service. In addition to expanding our platform both in the U.S. and internationally, we continue to innovate new solutions for our clients to better utilize their collateral.

特別是，我們看到國內清算量的強勁，反映出波動性和美國國債發行活動的加劇，以及從聯準會逆回購工具向傳統三方抵押品管理餘額的持續遷移。最近的宏觀趨勢，包括波動加劇、與貨幣政策和銀行監管資本要求相關的不確定性，以及近期銀行業的整合，進一步增強了我們三方抵押品管理服務的價值。除了在美國和國際上擴展我們的平台之外，我們還繼續為客戶創新新的解決方案，以更好地利用他們的抵押品。

Turning to Investment and Wealth Management on Page 9. Investment and Wealth Management reported total revenue of $827 million, down 4% year-over-year. Fee revenue was down 2% and net interest revenue declined 33% year-over-year.

轉向第 9 頁的投資和財富管理。投資和財富管理報告總收入為 8.27 億美元，年減 4%。手續費收入較去年同期下降 2%，淨利息收入較去年同期下降 33%。

Assets under management of $1.8 trillion increased by 3% year-over-year. As I mentioned earlier, this increase reflects the weaker dollar and higher market values, partially offset by the Alcentra divestiture.

管理資產達1.8兆美元，年增3%。正如我之前提到的，這一增長反映了美元疲軟和市場價值上升，但部分被 Alcentra 剝離所抵消。

In the quarter, we saw $15 billion of net outflows from long-term strategies, driven by client derisking and rebalancing and $7 billion of net inflows into short-term strategies led by our Dreyfus Money Market Fund complex.

本季度，在客戶去風險和再平衡的推動下，長期策略出現 150 億美元的淨流出，而德雷福斯貨幣市場基金綜合體主導的短期策略則有 70 億美元的淨流入。

In Investment Management, revenue was down 4% year-over-year, primarily reflecting the Alcentra divestiture and the mix of AUM flows, partially offset by higher performance fees as well as the impact of higher market values and the weaker dollar.

在投資管理方面，營收年減 4%，主要反映了 Alcentra 的剝離和 AUM 流量的組合，但部分被較高的績效費用以及較高的市值和美元疲軟的影響所抵消。

In our Wealth Management business, revenue decreased by 5% driven by lower net interest revenue and changes in product mix, partially offset by higher market values. Client assets of $292 billion increased by 14% year-over-year, reflecting higher equity market values and cumulative net inflows.

在我們的財富管理業務中，由於淨利息收入下降和產品結構變化，收入下降了 5%，但部分被較高的市場價值所抵消。客戶資產達 2,920 億美元，年增 14%，反映出股市價值和累計淨流入的上升。

Page 10 shows the results of the Other segment. I will close with our current outlook for the rest of the year. Based on market-implied forward interest rates at the end of last month, our net interest revenue outlook for the full year '23 remains unchanged for 20% growth year-over-year.

第 10 頁顯示了其他部分的結果。最後我將介紹我們目前對今年剩餘時間的展望。根據上月底的市場隱含遠期利率，我們對 23 年全年淨利息收入的展望保持不變，即年增 20%。

Moving to expenses. We are making good progress on bending the cost curve while protecting our important investments to accelerate growth and deliver superior client experiences.

轉向開支。我們在彎曲成本曲線方面取得了良好進展，同時保護了我們的重要投資，以加速成長並提供卓越的客戶體驗。

Where we sit today, I am confident that we will outperform the target of 4% expense growth, excluding notable items that we communicated in January, and we remain determined to drive that growth rate down to 3% for the full year '23. This reflects our expectation for a sequential step-up in expenses, excluding notable items in the fourth quarter, with seasonally higher business development expenses as well as discrete increases for professional services and occupancy.

今天，我相信我們將超越 4% 費用成長的目標（不包括我們 1 月份溝通的重要項目），並且我們仍然決心將 23 年全年增長率降至 3%。這反映了我們對費用連續增加的預期（不包括第四季度的顯著項目），業務開發費用季節性增加以及專業服務和入住率的離散增加。

And finally, we expect to continue stock buybacks at a pace consistent with the second and third quarter. This is in line with our full year outlook to return 100% of earnings or more to shareholders over the course of '23 while maintaining our strong capital ratios, mindful of the significant uncertainties relating to the operating environment.

最後，我們預計將以與第二季和第三季一致的速度繼續股票回購。這符合我們的全年預期，在 23 年期間向股東返還 100% 或更多的收益，同時保持強勁的資本比率，同時考慮到與營運環境相關的重大不確定性。

In conclusion, our financial results this quarter highlight the effectiveness of our balance sheet management and tangible progress on our journey towards higher operational efficiency and scalability. While we have more work to do, our teams around the world are embracing change and our pace of bringing innovative new client solutions to the market gives us confidence that revenue growth will follow over time.

總之，我們本季的財務表現凸顯了我們資產負債表管理的有效性以及我們在提高營運效率和可擴展性方面取得的實質進展。雖然我們還有更多工作要做，但我們世界各地的團隊正在擁抱變革，我們將創新的新客戶解決方案推向市場的步伐讓我們相信，收入將隨著時間的推移而增長。

With that, operator, can you please open the line for Q&A?

那麼，接線員，您可以開通問答線嗎？

(Operator Instructions) Our first question comes from the line of Steven Chubak with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Steven Chubak。

Wanted to start off with a question on the NII outlook. I was hoping you could just give some thoughts on the deposit trajectory if rates are higher for longer and the Fed continues to engage in QT. And given we're at that 20% lower bound for NIBs where do you expect that to ultimately settle out as a percentage of deposits?

首先想問一個關於 NII 前景的問題。我希望您能對如果利率持續走高且聯準會繼續實施量化寬鬆的情況下存款軌跡給出一些想法。考慮到 NIB 的下限為 20%，您預計最終會以佔存款的百分比的形式解決這個問題嗎？

Sure, Steven. I'll take that. So I guess the way I'd like to answer the question is just to kind of start with January where we kind of gave the guidance to the market of 20% NII growth for the year. And we've been consistent with that on the call since then, and we reconfirm that guidance today for 20% for the full year.

當然，史蒂文。我會接受的。因此，我想我想回答這個問題的方式是從 1 月開始，當時我們為市場提供了今年 20% 的 NII 成長指導。從那時起，我們就在電話會議上保持了一致，今天我們再次確認了全年 20% 的指導方針。

Now the world has kind of played a different hand to us over the course of the year since January. We had the bank turmoil in March, and we had the debt ceiling impasse over the summer. And clients used us as the port in a storm during that time and we kind of saw surges in deposits, and so that benefited us.

自一月以來的這一年裡，世界對我們的影響有所不同。三月我們經歷了銀行動盪，整個夏天我們都陷入了債務上限的僵局。在那段時間，客戶將我們作為風暴中的港口，我們看到了存款的激增，這使我們受益。

Now over the course of the summer, we see those deposits leave, and we feel we've reached an inflection point of puts and takes between the natural organic flow versus our kind of surge deposits leaving. So we feel the pace of decline has slowed. We feel like we hit the trough in August, and we've seen modest pickup in deposits in September and into October.

現在，在整個夏天，我們看到這些存款離開，我們覺得我們已經達到了自然有機流動與我們的激增存款離開之間的轉折點。所以我們覺得下降的速度已經放緩。我們感覺 8 月已經觸底，9 月和 10 月存款略有回升。

So overall, that, and when you take the asset side of the balance sheet and how liquid we are on the asset side and how that's rolling down, you might want to know that as the balance sheet continues to roll down, we have a yield pickup of 200 to 300 basis points, which kind of what gives us a lot of kind of confidence in our estimate for the year and outlook into '24.

總的來說，當您考慮資產負債表的資產方面以及我們在資產方面的流動性以及資產方面的流動性如何下降時，您可能想知道隨著資產負債表繼續下降，我們的收益率回升200到300 個基點，這讓我們對今年的預測和24 年的前景充滿信心。

As it relates to NIBs, we always said that it was going to be 25% to 20% through the cycle. The trough happened during the summer months and has stayed in the 20% ZIP code. So we feel overall pretty good about NIBs as a percentage of total deposits being in the 20% range.

就 NIB 而言，我們總是說整個週期中的比例將達到 25% 到 20%。低谷發生在夏季，並且一直集中在 20% 的郵遞區號區。因此，我們對 NIB 的整體感覺相當不錯，因為它佔總存款的百分比在 20% 範圍內。

Very helpful. And just for my follow-up on the expense outlook. You've spoken about the commitment to improve operating margins. You cited a number of efforts, Robin, to deliver efficiencies across the platform.

很有幫助。只是為了我對費用前景的跟進。您談到了提高營業利潤率的承諾。羅賓，您列舉了許多為提高整個平台效率所做的努力。

As we look out to next year, given a lower NII exit rate relative to the first half for you and for some of your industry peers, wanted to get a sense of how much flexibility is embedded in your expense plans and your ability to drive expenses lower potentially in a more challenging revenue backdrop.

當我們展望明年時，鑑於您和您的一些同行的 NII 退出率相對於上半年較低，我們希望了解您的費用計劃中包含多少靈活性以及您推動費用的能力在更具挑戰性的收入背景下潛力較低。

Steven, I'll start. So look, we've said on every call this year that bending the cost curve is a very important strategic objective for the firm. And we're attacking structural expenses in a number of different ways. And that's just continuous execution day in, day out, blocking and tackling.

史蒂文，我要開始了。所以看，我們今年在每次電話會議上都說過，彎曲成本曲線對公司來說是一個非常重要的策略目標。我們正在以多種不同的方式來應對結構性支出。這就是日復一日的持續執行、阻止和解決。

The result of all that blocking and tackling have caused us to outperform the 4% guidance that we gave in January, and we're determined to push that number to closer to 3%. While we don't believe the work is over this year and we're now in the middle of budget season, and we are determined to bend the cost curve into next year and to continue to deliver that positive operating leverage.

所有這些阻止和解決的結果使我們的表現超出了我們 1 月給出的 4% 的指導，並且我們決心將這個數字推向接近 3%。雖然我們不認為今年的工作已經結束，而且我們現在正處於預算季節中期，但我們決心將成本曲線彎曲到明年，並繼續提供積極的營運槓桿。

And we kind of go at it in a number of different ways: rationalizing vendors, rationalizing locations, remixing our kind of headcount and how we hire. This year was our biggest campus class ever, double last year, and we'll continue to build on that. So there are a lot of things happening underneath the hood that give us a high degree of confidence that we'll be able to continue to bend the cost curve into '24 and beyond.

我們採取了多種不同的方式來解決這個問題：合理化供應商、合理化地點、重新調整我們的員工數量和招募方式。今年是我們有史以來規模最大的校園課程，是去年的兩倍，我們將在此基礎上繼續努力。因此，幕後發生的許多事情讓我們充滿信心，相信我們將能夠繼續將成本曲線彎曲到 24 年及以後。

Our next question comes from the line of Ebrahim Poonawala with Bank of America.

我們的下一個問題來自 Ebrahim Poonawala 與美國銀行的聯繫。

Just maybe to -- following up on the discussion around deposits. I think Dermot, you used the word trough multiple times. Just give us a sense of -- obviously, you've called it right this year in terms of how things have played out. But just give us a sense of is it about the mix or the granularity of your deposits or the client behavior that you've seen that gives you confidence that this 20%, what you saw in August, was a trough?

也許只是為了——跟進存款的討論。我想德莫特，你多次使用了「低谷」這個詞。請讓我們了解一下——顯然，就今年的情況而言，你說得對。但請讓我們了解一下，是否是您的存款的組合或粒度或您所看到的客戶行為使您確信這 20%（您在 8 月看到的）是一個低谷？

And if we are in a period through next year where there are no rate cuts, it's higher for longer, like where does the negative surprise come from, if any?

如果我們處於明年之前沒有降息的時期，那麼利率會在更長的時間內保持在較高水平，例如負面意外來自哪裡（如果有的話）？

Thanks for the question. So look, this has been a journey for the last 15 months. We took a view at the beginning of last year that the Fed was going to hike quite significantly and to position -- we positioned the balance sheet in a way to do that.

謝謝你的提問。看吧，這是過去 15 個月的旅程。我們在去年初就認為聯準會將大幅升息並進行定位——我們透過調整資產負債表來做到這一點。

And so when we kind of talk about deposits, I think it's very important to look at both sides of the balance sheet at the same time in terms of how we're positioned on the asset side. We have a lot of the balance sheet in cash, which benefits from the higher interest rates. Our fixed rate securities are going to roll down over the next -- a decent amount of the fixed securities, I think it's a quarter a year, roll down over the next couple of years. So -- and that gets us a pickup of 200 to 300 basis points.

因此，當我們談論存款時，我認為同時考慮資產負債表的兩面非常重要，以了解我們在資產方面的定位。我們的資產負債表中有大量現金，這受益於較高的利率。我們的固定利率證券將在接下來的幾年裡滾動——相當數量的固定證券，我認為是每年一個季度，在接下來的幾年裡滾動。所以——這讓我們的利率上升了 200 到 300 個基點。

And at the beginning of the year, we did forecast a kind of mid-single-digit decline in deposits and that kind of bottoms-up analysis. And also, it's important to remember that clients of BNY Mellon are not just with us for deposits. They come into our ecosystem.

今年年初，我們確實預測存款會出現中等個位數的下降，並進行了自下而上的分析。此外，重要的是要記住，紐約梅隆銀行的客戶不僅僅是為了存款而來到我們這裡。他們進入我們的生態系統。

And just remember, it's a $1.3 trillion cash ecosystem that we have, and they come in for a variety of different reasons. It's a portfolio of businesses that give us our deposit makeup. So when we look at it at a portfolio level, we get a lot of confidence around the stability of the deposit base.

請記住，我們擁有一個 1.3 兆美元的現金生態系統，它們的出現有許多不同的原因。這是一個為我們提供存款構成的業務組合。因此，當我們從投資組合層面來看時，我們對存款基礎的穩定性充滿信心。

And look, there were a lot of gives and takes this year through the bank turmoil in March and the debt ceiling impasse, which benefited us, and that's kind of moderated. And those deposits have left for higher-yielding opportunities.

瞧，今年透過三月的銀行動盪和債務上限僵局，有很多讓步和索取，這對我們有利，而且有所緩和。而這些存款則留給了更高收益的機會。

But we feel like the summer slowdown, the seasonal slowdown that we experienced in August and the conversations that we have and talking to our deposit team, we feel very good about where we are on the deposit balance now and the pickup that's happened in September and October. And that kind of gives us the confidence to say here today that 20% NII is a good number, which I think should be good for you guys to know that we've been consistent in our approach over the whole year.

但我們感覺夏季經濟放緩，我們在 8 月份經歷的季節性放緩，以及我們與存款團隊的對話，我們對現在的存款餘額狀況以及 9 月份發生的回升感到非常滿意十月。這讓我們今天有信心在這裡說 20% 的 NII 是一個不錯的數字，我認為這應該讓你們知道我們全年都堅持我們的方法。

That's helpful. And I guess maybe if I heard you correctly, I think you mentioned $0.5 billion of investments are self-funded. That's about 4% of your expense base. Is that $0.5 billion -- I'm just wondering the relevance of that number. Is that something that we should think about either go forward sort of incremental investment spend that you need to self-fund through efficiencies as we, from the outside, try to figure out what expense growth could look like next year? Just if you could contextualize that $0.5 billion in investments and what that means going forward.

這很有幫助。我想如果我沒聽錯的話，我想你提到 5 億美元的投資是自籌資金。這大約佔您的支出基礎的 4%。那是 5 億美元嗎？我只是想知道這個數字的相關性。這是我們應該考慮的事情嗎？要么繼續進行增量投資支出，你需要透過效率自籌資金，因為我們從外部試圖弄清楚明年的費用增長會是什麼樣子？如果您能了解這 5 億美元的投資以及這對未來意味著什麼。

So the way I kind of think about that and the message that I would like to give you is it gives a message of discipline in that with half the growth rates, we're going towards 3%. And within that 3% growth, we've had the financial discipline to be able to self-fund $0.5 billion of investments that we will -- we are confident that will deliver further efficiency in years ahead and revenue opportunities.

因此，我對此的思考方式以及我想向您傳達的訊息是，它傳達了一條紀律訊息：成長率減半，我們將走向 3%。在這 3% 的成長範圍內，我們擁有足夠的財務紀律，能夠自籌 5 億美元的投資，我們相信這將在未來幾年帶來更高的效率和收入機會。

So it's both kind of powering the top line and automating and driving further efficiency. And we look to continue to do that into the budget season this year and next year.

因此，它既可以為營收提供動力，也可以實現自動化並進一步提高效率。我們希望在今年和明年的預算季繼續這樣做。

And like this year, we doubled the efficiency saves that we have typically achieved in past years. And that's both bottoms up. I think we both have mentioned it in our prepared remarks, the Catalyst project that we're roughly 40% the way through. And we're doing real work day in, day out that is driving that expense growth down and is kind of delivering opportunities for us that we will harvest in the quarters to come.

就像今年一樣，我們將過去幾年通常實現的效率節省提高了一倍。這都是自下而上的。我想我們都在準備好的發言中提到過，Catalyst 專案我們已經完成了大約 40%。我們日復一日地進行實際工作，這推動了費用成長的下降，並為我們提供了機會，我們將在未來幾季收穫這些機會。

Ebrahim, I'd add just a couple of things to that. One, we've been very deliberate about not cutting our way to glory, but rather working the problem at a pretty fundamental level so that we can both manage our expenses for the necessary operating leverage, which we want to achieve, but also sowing the seeds for future efficiencies and future fee growth. And so that's really the way in which we're thinking about it.

易卜拉欣，我想補充幾件事。第一，我們一直非常謹慎地不去切斷我們通往輝煌的道路，而是從一個非常基本的層面上解決這個問題，這樣我們既可以管理我們的費用以獲得我們想要實現的必要的營運槓桿，又可以播種為未來效率和未來費用成長埋下種子。這就是我們思考這個問題的方式。

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

我們的下一個問題來自 Ken Usdin 和 Jefferies 的對話。

Just one more follow-up. So yes, it's great to see the 20% for the year reiterated. And obviously, as discussed, that implies a lower fourth quarter exit. But I want to more importantly understand the moving parts from there, and at what point can you see that stability going forward in terms of some of the things on the front book side helping versus where deposit costs could continue to go up. Just trying to understand, if we're at a stable DDAs, can you see a path early next year to get that NII point stable? And just -- let me start there.

只是還有一個後續行動。所以，是的，很高興看到今年 20% 的目標得到重申。顯然，正如所討論的，這意味著第四季度的退出率較低。但更重要的是，我想了解其中的活動部分，以及在什麼時候你可以看到正面書籍方面的一些事情的穩定性，以幫助對抗存款成本可能繼續上升的情況。只是想了解一下，如果我們處於穩定的 DDA，您能在明年初看到使 NII 點穩定的路徑嗎？讓我從這裡開始。

So I don't really want to give guidance for next year today, Ken. We will do that in January. I've gotten lots of questions about that at Barclays as well. So I kind of feel good about the 20%. I feel good about the deposit pipeline that we have. We've talked on previous earnings calls about our strategic pivot a couple of years ago where we centralized all our deposit businesses in one area. And so I feel very good about how we're managing the deposits, how we're pricing the deposits.

所以我今天真的不想為明年提供指導，肯。我們將在一月份這樣做。我在巴克萊銀行也收到了很多關於這方面的問題。所以我對 20% 感覺很好。我對我們擁有的存款管道感覺良好。我們在先前的財報電話會議上談到了幾年前我們的策略支點，即我們將所有存款業務集中在一個領域。因此，我對我們如何管理存款、如何定價存款感到非常滿意。

We're a little bit different to other institutions in that we have -- our clients are sophisticated. So cumulative basis are not materially changed from last quarter, they're in the 80% ZIP code, and we've passed on the rates.

我們與其他機構有點不同，因為我們的客戶非常複雜。因此，累積基礎與上季度相比沒有發生重大變化，它們位於 80% 的郵遞區號中，並且我們已經傳遞了費率。

So I think it's important to note that there's no material pricing lag to catch up here. And so we kind of feel the absolute level of deposits is pretty good. We feel very good about our outlook for the rest of the year.

因此，我認為重要的是要注意，這裡不存在實質的定價滯後。所以我們覺得存款的絕對水準相當不錯。我們對今年剩餘時間的前景感到非常滿意。

But look, the world is very uncertain. And who knows what comes tomorrow. And for '24, like we'll give you a more detailed guidance in January. But I feel pretty good about where we are today.

但你看，這個世界非常不確定。誰知道明天會發生什麼事。對於 24 年，我們將在一月份為您提供更詳細的指導。但我對我們今天的處境感覺很好。

Yes. And Ken, I'll just add to that. Just to draw your attention to really emphasize 2 things. Number one is when we started off the year and we gave the guidance of 20% for NII growth over the course of the year, clearly, the year has turned out differently.

是的。肯，我補充一下。只是為了引起您的注意，真正強調兩件事。第一，我們在年初時給出了全年 NII 成長 20% 的指導，顯然，這一年的結果有所不同。

But I think the power of the global liquidity solutions team that we've put together has really been able to prove our ability to be agile in this space, sort of a little bit irrespective of the environment. I don't want to be complacent with that comment because, clearly, the world can change. But we saw a lot of things over the course of the first 3 quarters of the year. I think the team has done a very good job adapting to those and maintaining the consistency.

但我認為，我們組成的全球流動性解決方案團隊的力量確實能夠證明我們在這個領域保持敏捷的能力，無論環境如何。我不想對這個評論感到自滿，因為顯然，世界可以改變。但今年前三個季度我們看到了很多事情。我認為團隊在適應這些並保持一致性方面做得非常好。

And you'll remember Dermot's comments earlier in the year, which is we thought NIBs were hanging in a little higher than we would have expected them to be. And we've always expected them essentially to come down to this level. It just happened a little later than we thought, but obviously, we've been fine with that.

你會記得德莫特今年早些時候的評論，我們認為 NIB 的價格比我們預期的要高一些。我們一直期望它們基本上會下降到這個水平。它只是發生得比我們想像的晚了一點，但顯然，我們對此感到滿意。

And then the second comment is remembering the inputs in terms of the diversification. Dermot said it earlier, but it really is critical to our deposits franchise. We've got the Issuer Services business with Corporate Trust, which drives on one set of inputs to their deposit algorithm.

第二條評論是記住多元化方面的投入。德莫特之前說過，但這對我們的存款業務確實至關重要。我們與 Corporate Trust 合作開展發行人服務業務，該業務為其存款演算法提供一組輸入。

We've got a clearing and collateral management business, which has a different set of drivers. We've got our Treasury Services business, which has yet a different set of drivers. And of course, we have our Asset Servicing business as well.

我們有清算和抵押品管理業務，它有不同的驅動因素。我們有我們的資金服務業務，但它有一組不同的驅動因素。當然，我們也有資產服務業務。

So that breadth and diversification just creates for different outcomes, and I think you've seen that over the course of this year. So we're not sitting here today giving guidance for next year, but the fourth quarter NII is probably a pretty decent place to start as you think about the world.

因此，廣度和多樣化只會創造不同的結果，我想你們在今年已經看到了這一點。因此，我們今天不會坐在這裡為明年提供指導，但當您思考世界時，第四季度的 NII 可能是一個相當不錯的起點。

Okay. Got it. And just one question on Pershing. It's great to see the wave start and the good commentary you have about the momentum. Just wondering, we know that there was going to be a client deconversion coming out of that as well. Did we see that in the third quarter result? Or is that still a pending yet to happen?

好的。知道了。還有一個關於潘興的問題。很高興看到這波浪潮的開始以及您對這一勢頭的良好評論。只是想知道，我們知道這也會導致客戶轉換。我們在第三季的結果中看到了嗎？或者這仍然是一個懸而未決的事情嗎？

So we expect that to happen over several quarters, Ken. I think the important point -- so it happened over both quarters. I think second quarter was a little bit more than the third quarter, but we do expect that to work its way through over the next several quarters.

因此，我們預計這將在幾個季度內發生，肯。我認為重要的一點是，這兩個季度都發生了。我認為第二季比第三季多一點，但我們確實預計這一情況將在接下來的幾季中發揮作用。

I think the important point I'd leave you with on Pershing in addition to the Wove development is the fact that we added $23 billion of net new assets in the quarter. And the underlying strength of the business and our ability to provide solutions to our clients in that space is really, really terrific to see.

我認為，除了 Wove 開發之外，我想向您介紹的關於 Pershing 的重要一點是，我們在本季度增加了 230 億美元的淨新資產。業務的潛在實力以及我們在該領域為客戶提供解決方案的能力確實非常令人驚嘆。

Yes. And that's what I'm hoping for, that you can offset that with the organic growth. That's what I'm getting at.

是的。這就是我所希望的，你可以透過有機成長來抵消這一點。這就是我的意思。

Yes. We believe we have the confidence to earn our way out of that over the next several quarters.

是的。我們相信，我們有信心在未來幾季擺脫困境。

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

我們的下一個問題來自富國銀行證券公司的 Mike Mayo。

I think you guys have been pushing for stronger fee growth, and that's a slog. But in the meantime, you're certainly bending the cost curve, as you say. I guess, Robin, to your opening comments about a conglomerate with a bunch of silos and breaking those down, certainly are -- is a key to growing revenue faster.

我認為你們一直在推動更強勁的費用成長，但這是一個艱難的過程。但同時，正如您所說，您肯定會彎曲成本曲線。羅賓，我想，對於你關於一家擁有一堆孤島的企業集團並打破這些孤島的開場評論來說，這當然是更快地增加收入的關鍵。

How can you actually implement horizontal integration among these businesses and by breaking down the silos? Like do you have any proof points or evidence now? Or is this more like a 3- to 5-year plan?

如何真正實現這些業務之間的橫向整合並打破孤島？例如你現在有什麼證據或證據嗎？或者這更像是一個 3 到 5 年的計劃？

Sure, Mike. So look, this approach of de-siloing the company is clearly one of our critical pillars, and we put that under the heading of run the company better in terms of our internal conversations. And so there are many things that we're doing.

當然，麥克。所以看，這種消除公司孤島的方法顯然是我們的關鍵支柱之一，我們在內部對話中將其置於「更好地經營公司」的標題下。我們正在做很多事情。

We're really looking at what is it that we do across the company where we have like capabilities. So we have some examples of that on the business side. A recent example is we had institutional clearing and settlement that we actually did in our Pershing business, but we also have an institutional clearing product in our Clearance and Collateral Management business.

我們真正關注的是我們在整個公司擁有類似能力的地方做了什麼。我們有一些商業方面的例子。最近的一個例子是，我們在潘興業務中實際上進行了機構清算和結算，但我們在清算和抵押品管理業務中也有機構清算產品。

So we've moved the piece from Pershing into our Clearance and Collateral Management business. So now it's all together. And I could give you 5 other examples that are just like that of us rearranging pieces on the business front end inside the company to be able to be more joined up in terms of how we approach clients. And so that is essentially truly making sure that we have consistent client-facing platforms in terms of how we're doing business.

因此，我們已將這部分業務從潘星轉移到我們的清算和抵押品管理業務。所以現在一切都在一起了。我可以給你舉另外 5 個例子，就像我們在公司內部重新安排業務前端的部分一樣，以便能夠在如何接觸客戶方面更加團結。因此，這本質上是真正確保我們在開展業務方面擁有一致的面向客戶的平台。

Then on the supporting side of the organization, and if you think about our company a little bit like a platforms business, we have all these world-leading platforms, the largest security lending company in the world, the largest collateral manager, the largest asset servicing custodian with AUC, et cetera, et cetera.

然後在組織的支持方面，如果你認為我們公司有點像平台業務，我們擁有所有這些世界領先的平台，世界上最大的擔保借貸公司，最大的抵押品管理公司，最大的資產為託管人提供AUC 等服務。

What we hadn't done is adapted the way we run the company to actually look like that. So we've decided to adopt this more platforms-like operating model, where we're taking things that we -- in terms of the support that we provide for our businesses and reducing that duplication.

我們沒有做的是調整我們經營公司的方式，使其實際上看起來像這樣。因此，我們決定採用這種更像平台的營運模式，我們正在為我們的業務提供支援並減少重複。

So I'll give you an example. On the call center side, we used to have 7 call centers. Those 7 call centers were each essentially providing a service to their respective businesses. Now we're moving, at the beginning, but moving towards a single consistent contact center that can provide the service to all 7 of those businesses and frankly, do it in a better, cheaper way, which is providing more capability to our clients, even though the difference in the word call center versus contact center because there's a client benefit associated with that.

所以我給你舉個例子。在呼叫中心方面，我們曾經有7個呼叫中心。這 7 個呼叫中心本質上都是為各自的企業提供服務。現在，我們正在朝著一個單一的、一致的聯絡中心邁進，該中心可以為所有7 家企業提供服務，坦率地說，以更好、更便宜的方式做到這一點，這為我們的客戶提供了更多的能力，儘管呼叫中心與聯絡中心這個詞有所不同，因為這會為客戶帶來好處。

So look, we're at the beginning of this thing, but we think a platforms operating model is very fit for purpose for our company and it should really simplify how we work, improve the client experience and our employees.

所以看，我們正處於這件事的開始，但我們認為平台營運模式非常適合我們公司的目的，它應該真正簡化我們的工作方式，改善客戶體驗和我們的員工。

And we've got other proof points. We talked about deposits. Dermot was describing the better outcomes that we think we've had as a result of implementing global liquidity solutions. That is a consistent deposit approach across the company.

我們還有其他證據。我們討論了存款。德莫特描述了我們認為實施全球流動性解決方案後取得的更好成果。這是整個公司一致的存款方式。

We've got KYC as an example as well. We used to do KYC in each of our businesses. We're bringing that together, to have a KYC platform. So there are a lot of proof points that we've got in various stages of development here in addition to the actual pilots that we did specifically for a platforms operating model.

我們也以 KYC 為例。我們曾經在每項業務中都進行 KYC。我們將其整合在一起，建立一個 KYC 平台。因此，除了我們專門針對平台營運模型所做的實際試點之外，我們還在各個開發階段獲得了許多證據。

So when you add it all together, you said next year, you expect to have positive operating leverage. Is that in aggregate or positive fee operating leverage? And how can you have such confidence at this stage?

因此，當你把所有這些加在一起時，你說明年，你預計會有積極的營運槓桿。這是總計還是正的費用營運槓桿？而現階段怎麼會有這樣的信心呢？

So look, we're committed to positive operating leverage over time. And I don't want my second year as CEO to be one where we have negative operating leverage. So we are focused on positive operating leverage next year. That's aggregate operating leverage, to answer your question.

所以看，我們致力於隨著時間的推移實現積極的營運槓桿。我不希望在擔任執行長的第二年我們的營運槓桿為負。因此，我們明年的重點是積極的營運槓桿。這是總營運槓桿，可以回答您的問題。

And one of the reasons why we have confidence in that is because we've been investing on both the revenue side and on the expense side in the short-, medium- and long-term perspective. Dermot just went through a few things that we've done specifically for 2023, but the platforms conversation and the answer I just gave to you, that's an investment in medium- and long-term efficiencies. And we haven't seen any of the benefit of that really yet.

我們對此充滿信心的原因之一是因為我們一直在從短期、中期和長期角度對收入端和費用端進行投資。德莫特剛剛回顧了我們專門為 2023 年所做的一些事情，但平台對話和我剛剛給你們的答案是，這是對中長期效率的投資。我們還沒有看到任何真正的好處。

And the same thing is true on the revenue side. Some of the shorter-term things that we've done and the enthusiasm around One BNY Mellon, the referrals that we've had across the business, we've talked about that in prior quarters. But now we're moving to the medium- and longer-term benefits, which are really getting the benefit of our Chief Commercial Officer and her approach to operationalizing One BNY Mellon, that's a more medium-term opportunity.

在收入方面也是如此。我們所做的一些短期工作以及對 One BNY Mellon 的熱情，以及我們在整個業務中獲得的推薦，我們在前幾個季度已經討論過。但現在我們正在轉向中期和長期利益，這確實從我們的首席商務官及其營運 One BNY Mellon 的方法中受益，這是一個更中期的機會。

And then long term, really harnessing the benefits of these product investments that we've made with things like Wove and buy-side trading. So we've been seeding on the revenue side and the expense side, short, medium and long term as we try to manage for this operating leverage over time.

然後從長遠來看，真正利用我們透過 Wove 和買方交易等產品投資的好處。因此，我們一直在短期、中期和長期的收入和支出方面進行播種，因為我們試圖隨著時間的推移管理這種營運槓桿。

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

我們的下一個問題來自高盛的 Alex Blostein。

Maybe to shift gears a little bit. I was hoping to spend a minute on capital. Nice to see the capital ratios build over the course of the quarter. So I guess as you're thinking on the buyback on a forward basis, given that it's been a little bit lighter over the last couple of quarters, how are you thinking about that over the next 12 months? And maybe just a reminder in terms of how much capital do you expect to accrete back to your capital ratios from securities maturing over the next, call it, 6 quarters or so?

也許要稍微改一下。我本來希望花一點時間來討論資本。很高興看到資本比率在本季不斷上升。因此，我想，當您考慮遠期回購時，鑑於過去幾季的回購力度有所減輕，您對未來 12 個月的回購有何看法？也許只是提醒一下，您預計在接下來的 6 個季度左右到期的證券中會增加多少資本回到您的資本比率？

So I'll take that one, Alex. So I would say for the next quarter, no really change in the buyback. It's going to be consistent with the last couple of quarters.

所以我會接受那個，亞歷克斯。所以我想說，下個季度，回購沒有真正的改變。這將與過去幾個季度保持一致。

Going back to one of the 3 things that we said in January, buybacks was one of those and we committed to buying back 100% more of earnings of -- returning 100% more of earnings to our shareholders over the course of the year, and we're on track to do that.

回到我們一月份所說的三件事之一，回購就是其中之一，我們承諾回購 100% 的收益 - 在這一年中將 100% 的收益返還給我們的股東，我們正在努力做到這一點。

I would say as we look out in the world today, it's very different to where it was in January. You still have the kind of huge volatility in the rate environment, like it was 100 basis points in Q3. The geopolitics are very uncertain at the moment.

我想說，當我們放眼當今世界時，它與一月份的情況非常不同。利率環境仍然存在巨大的波動，就像第三季的 100 個基點一樣。目前地緣政治非常不確定。

So -- and then last but not least, you've kind of got Basel III and advocacy and what's going to happen there. So there are a lot of things to be worried about and at this stage, we'd rather be on the cautious end of things and see no real need to change our stance on buybacks in the short term.

所以——最後但並非最不重要的一點是，你已經有了巴塞爾協議 III 和倡導以及那裡將要發生的事情。因此，有很多事情需要擔心，在現階段，我們寧願保持謹慎態度，認為短期內沒有真正需要改變我們對回購的立場。

As it relates to your specific question, we have about $2.3 billion of unrealized losses in our AFS portfolio, and we expect about half of that to come back into capital over the next 12 months. So from where we sit here today, we continue to build capital. We feel very good about our capital position. Ratios are healthy. Liquidity is healthy. And at the right time, we'll communicate a change in stance on that. But for now, steady as she goes.

由於這與您的具體問題相關，我們的 AFS 投資組合中有約 23 億美元的未實現損失，我們預計其中約一半將在未來 12 個月內重新回到資本中。因此，從我們今天坐在這裡的角度來看，我們將繼續累積資本。我們對我們的資本狀況感覺非常好。比率是健康的。流動性是健康的。在適當的時候，我們將就此改變立場。但現在，她走得很穩定。

Great. And then there's one business that I was hoping to kind of double click into, which is Clearance and Collateral Management. We've seen really good growth there for the last several quarters now. I think it's up 11% year-to-date versus last year.

偉大的。然後我希望雙擊進入一項業務，即清算和抵押品管理。過去幾季我們已經看到了非常好的成長。我認為今年迄今比去年增長了 11%。

Can you maybe help us unpack some of the sources of that growth, between sort of what's been really market and maybe somewhat elevated volumes, given everything that's been going on in treasuries versus more kind of baseline growth in that business as we're sort of thinking about the building off of this baseline?

考慮到國庫券領域正在發生的一切，以及該業務的更多基準增長，您能否幫助我們解開這種增長的一些來源，在真正的市場增長和可能有所增加的交易量之間？考慮在這條基線基礎上進行建設嗎？

So look, CCM, Clearance and Collateral Management, very big business for us. I would say a couple of things. A lot of volatility in the market this year, significant volumes, lots of treasury issuance, all of that is -- kind of helps that business.

所以看，CCM、清算和抵押品管理對我們來說是非常大的業務。我想說幾件事。今年市場波動很大，交易量很大，國債發行量很大，所有這些都對這項業務有所幫助。

I think we continue to innovate as well internationally. And so we've spent a lot of time on the road with clients overseas. Because of our strength in the U.S., we feel that we have a lot of value to add in the international space. And so we kind of look to build our international business from here.

我認為我們在國際上也持續創新。因此，我們花了很多時間與海外客戶溝通。由於我們在美國的實力，我們認為我們在國際領域有很多價值可以增加。因此，我們希望從這裡建立我們的國際業務。

I think in the medium term, we kind of still see that business continuing to grow, given the level of treasury issuance and what's happening in the market. So we kind of feel good about the underlying growth.

我認為，從中期來看，考慮到國債發行水平和市場情況，我們仍然看到業務繼續成長。因此，我們對潛在的成長感到滿意。

Also, a lot of people might think of it as a kind of steady eddy type business, but I have to say the amount of innovation that we do under the hood in terms of serving our clients' needs with new solutions and how they can optimize their respective balance sheets and fund it on our platform is very, very pleasing to see. So we feel very good about the state of the business and the trajectory from here.

此外，很多人可能認為這是一種穩定的渦流業務，但我不得不說我們在透過新解決方案滿足客戶需求以及他們如何優化方面所做的大量創新他們各自的資產負債表並在我們的平台上為其提供資金是非常非常令人高興的。因此，我們對業務狀況和未來的發展軌跡感到非常滿意。

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

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

I'd love to start on Pershing. I'm curious if you could maybe give a little color on what drove the strength in Pershing revenues. I know you flagged higher fees on sweep balances, but we're seeing other wealth management firms flagging headwinds there. So curious about whether or not you can provide some color on that and what's driving the resilience for Pershing.

我很想從潘興開始。我很好奇您能否對推動潘星收入強勁的因素進行一些說明。我知道您表示掃餘額費用較高，但我們看到其他財富管理公司也面臨不利因素。我很好奇您是否可以對此提供一些信息，以及是什麼推動了潘興的韌性。

And then I know that it's going to be several quarters before we see the decommissioning that you referenced. Any sense you can give for size of that headwind that we should expect?

然後我知道，我們需要幾個季度才能看到您提到的退休。對於我們應該預期的逆風的大小，您能給什麼感覺嗎？

So on the last question first, we don't really give specific guidance on the deconversions. But look, as I said on an earlier question, we feel the underlying strength of the business, you're always going to take your lumps and things that happen that you wouldn't expect to happen. And we feel we have the ability and the confidence and the people and the strategy and the products to earn our way out of that.

因此，首先就最後一個問題，我們並沒有真正給出有關去轉換的具體指引。但是，正如我在之前的問題中所說，我們感受到了業務的潛在優勢，你總是會接受你的困難和發生你意想不到的事情。我們覺得我們有能力、有信心、有人才、有策略、有產品來擺脫困境。

So Pershing is a very -- it's a very strong business for us. It's in our most profitable segment, Market and Wealth solutions. And we feel very good about the margin of that segment and of Pershing in particular.

因此，潘星對我們來說是一個非常強大的業務。它屬於我們最賺錢的部分，即市場和財富解決方案。我們對該細分市場，尤其是潘星的利潤率感到非常滿意。

Just kind of double-clicking on your original question, there are many things that make up the fees that are coming into Pershing. They're transactional, which is kind of correlated to U.S. exchange volumes, asset-based based on equity market levels and balance-based.

只需雙擊您原來的問題，就有很多東西構成了潘​​興的費用。它們是交易性的，與美國的交易量相關，基於股票市場水平和餘額的資產。

And so again, when you take the kind of portfolio approach that we have with our business and the different composition of the fees and then the amount of clients that we're onboarding, that kind of -- that leads you to a nice, good fee outcome for the business overall.

再說一遍，當你採用我們對我們的業務採取的投資組合方法以及不同的費用構成以及我們正在引入的客戶數量時，這種方式會導致你獲得一個不錯的結果整個業務的費用結果。

And so look, Pershing is market-leading. We're #1 with broker-dealers. We're very important to the RIA community. We have a lot of excitement in the marketplace around our Wove product. And so we have -- that's attracting new clients to our system as well as existing clients who are excited about that product. And that gives us belief that by adding to our existing platform new products, we'll be able to be a more meaningful player than we are today.

如此看來，潘星是市場領導者。我們在經紀交易商中排名第一。我們對 RIA 社區非常重要。我們的 Wove 產品在市場上引起了廣泛的關注。因此，我們吸引了新客戶以及對該產品感到興奮的現有客戶加入我們的系統。這讓我們相信，透過在現有平台上添加新產品，我們將能夠成為比今天更有意義的參與者。

And Brennan, I'll just add one thing. You used the term underlying momentum, I think, and it's very true in the business. If we've been on this call maybe a year ago, someone would probably have asked me, did I think that we could compete with the self-clearing changes that were going.

布倫南，我只想補充一件事。我認為，您使用了“潛在動量”這個術語，這在商業中是非常正確的。如果我們一年前就參加過這個電話會議，有人可能會問我，我是否認為我們可以與正在進行的自我清理變革競爭。

I remember we had these conversations about the puts and takes of the various different flows in the market. Whereas this quarter, we announced Lincoln, who was self-clearing, joining our platform because they just see the benefits of the economies of scale that we can provide, the capabilities that we have and then, of course, with an eye to Wove and the opportunity to be able to really provide that adviser set of solutions in the same way as the classic Pershing platform provides the investor set of solutions.

我記得我們討論過市場上各種不同資金流的看跌期權和賣出期權。而本季度，我們宣布林肯加入我們的平台，他是自我澄清的，因為他們只是看到了我們可以提供的規模經濟的好處，我們擁有的能力，然後，當然，著眼於 Wove 和有機會真正提供顧問解決方案，就像經典的潘興平台為投資者提供解決方案一樣。

So we feel quite good about the feedback that we're getting. And remember as well that we have this relatively unconflicted business model in terms of the fact that we're not running our own large RIA sales force next to our business. And we think that some of our clients really appreciate that.

因此，我們對收到的回饋感到非常滿意。還要記住，我們擁有這種相對不衝突的商業模式，因為我們沒有在我們的業務旁邊運行自己的大型 RIA 銷售團隊。我們認為我們的一些客戶真的很欣賞這一點。

Yes. That's all very helpful color. And then I'd like to ask a follow-up question on the noninterest-bearing. So you flagged that there was some growth quarter-to-date. Is it possible to quantify or give us a rough idea about what kind of growth we'd be talking about? And are you also seeing corresponding growth in the overall deposit base along with the trend in the NIBs?

是的。這些都是非常有用的顏色。然後我想問一個關於無息的後續問題。因此，您指出本季迄今出現了一些增長。是否有可能量化或讓我們大致了解我們正在談論的成長類型？您是否也看到整體存款基礎隨著國家投資銀行的趨勢而隨之成長？

So I think I used the word modest in my prepared remarks for September off the seasonal lows. And I also used the word inflection point with the puts and takes between the level of activity as a result of March and the debt ceiling impasse. We kind of feel we've kind of reached a more natural level for deposits.

因此，我想我在為 9 月準備的演講中使用了“謙虛”這個詞來擺脫季節性低點。我還在三月的活動水準與債務上限僵局之間使用了“拐點”這個詞來表示看跌期權和看跌期權。我們感覺我們的存款已經達到了一個更自然的水平。

And if you kind of go back to the remarks in January, we kind of went -- declined in the deposit base of kind of mid-single digits from where we were at the beginning of the year. And so that's really largely how it's played out with albeit a different zigzag to what we thought was going to be at the beginning of the year.

如果你回顧一月份的言論，我們的存款基礎比年初下降了中個位數。因此，這在很大程度上就是它的發展方式，儘管與我們年初的預期有所不同。

And look, the important thing to walk away from the call with is we feel confident with the outlook and the guidance that we're giving today of 20%. And that's made up of a ton of different factors both on the deposit side and on the repricing on the asset side. So we kind of think of the 2 as very joined up and interlinked and don't really want to get into specific numbers, but we feel pretty good about where we're at.

聽著，結束電話會議時最重要的是，我們對今天給出的 20% 的前景和指導充滿信心。這由存款方面和資產方面的重新定價方面的大量不同因素組成。因此，我們認為這兩者是緊密相連且相互關聯的，並且不想透露具體數字，但我們對目前的情況感覺很好。

Okay. And are those trends applying to both the broad deposit base as well as the NIBs? Just...

好的。這些趨勢是否適用於廣泛的存款基礎和國家投資銀行？只是...

Yes, I think it's fair to say that. Yes.

是的，我認為這樣說是公平的。是的。

Our next question comes from the line of Rob Wildhack with Autonomous Research.

我們的下一個問題來自 Rob Wildhack 與 Autonomous Research 的對話。

I appreciate the update on the strategic priorities. I'm curious on the do more for clients front. How is the progress you've made and are making there manifested itself so far? Are you seeing an uptick in organic growth, new business wins, anything like that? And then the obvious follow-on from there is when do you think that we could expect to see that progress manifest itself and whether see revenue growth or operating leverage more broadly?

我對戰略重點的最新進展表示讚賞。我對為客戶做更多事感到好奇。到目前為止，您已經取得和正在取得的進展如何？您是否看到有機成長、新業務獲勝等方面的成長？然後，顯而易見的後續問題是，您認為我們什麼時候可以看到這種進展顯現出來，以及是否會看到更廣泛的收入成長或營運槓桿？

Yes, it's an important question, Rob. So the way that we have laid out be more for our clients internally is in a few different threads. So the first is delivering more to existing clients. And you've heard from us before on this. So many of our clients have a single business relationship with us, a single product, single solution. And so we just have the opportunity, frankly, to have them be able to do more things with us by connecting the dots and offering more to our current clients.

是的，這是一個重要的問題，羅布。因此，我們在內部為客戶提供更多服務的方式是在幾個不同的線程中。因此，首先是為現有客戶提供更多服務。您之前已經聽過我們關於此事的消息。我們的許多客戶與我們有單一的業務關係、單一的產品、單一的解決方案。因此，坦白說，我們有機會讓他們能夠透過連接各個點並為我們當前的客戶提供更多服務來與我們一起做更多的事情。

I'll give you a stylized example. So if you're an Asset Servicing client today, you probably do some securities lending with us. You may or may not do some foreign exchange with us. If you do those 2 products with us, why wouldn't you do some margin segregation with us?

我會給你一個程式化的例子。因此，如果您現在是資產服務客戶，您可能會與我們進行一些證券借貸。您可能會或可能不會與我們進行一些外匯交易。如果您與我們一起生產這兩種產品，為什麼不與我們進行一些利潤隔離呢？

If you do margin segregation with us, you're in our collateral ecosystem, why wouldn't you do more collateral management with us? If you're in that ecosystem, you're starting to touch the cash ecosystem, and so why wouldn't you also be open to some of the cash liquidity related solutions we have? And if you're touching that, you're adjacent to Treasury Services, and so why wouldn't you also be interested in some of our Treasury Services products?

如果您與我們進行保證金隔離，那麼您就處於我們的抵押品生態系統中，為什麼不與我們一起進行更多抵押品管理呢？如果您處於該生態系統中，那麼您就開始接觸現金生態系統，那麼您為什麼不對我們擁有的一些與現金流動性相關的解決方案持開放態度呢？如果您接觸到這一點，那麼您就與資金服務相鄰，那麼您為什麼不對我們的一些資金服務產品感興趣呢？

And so that's exactly -- the fact that we haven't done that is the ultimate manifestation of the problem with silos for a company like ours because our businesses are pretty adjacent to each other. So that is a very important focus. It is the top priority of our new Chief Commercial Officer, to really drive the operationalization of making all of that a reality as opposed to just a sort of an internal call to action in the company.

事實上，我們沒有這樣做，這就是像我們這樣的公司孤島問題的最終表現，因為我們的業務彼此非常相鄰。所以這是一個非常重要的焦點。我們新任首席商務官的首要任務是真正推動所有這些成為現實，而不僅僅是公司內部的行動呼籲。

The second thread is developing new products and connecting adjacent products so the -- and different than the first example, so the 2 things which are inextricably related to each other could potentially be sold as a solution. If you look elsewhere in the technology industry, there are often multiple pieces of software that are bundled into one aggregate solution, which is actually what clients buy.

第二個執行緒正在開發新產品並連接相鄰的產品，因此與第一個範例不同，因此彼此密不可分的兩件事可能會作為解決方案出售。如果你看看科技業的其他地方，通常會有多個軟體被捆綁到一個聚合解決方案中，這實際上是客戶購買的。

We haven't done as much of that because our products have been strewn across the company in their respective silos. So by being able to look more horizontally, we get to be able to gather up the products and think about the world a little bit more along the lines of solutions.

我們還沒有做那麼多，因為我們的產品分散在整個公司各自的孤島中。因此，透過更橫向地看待，我們能夠收集產品並沿著解決方案的思路更多地思考世界。

And you've seen us do that with some of our Asset Servicing clients more recently, where we've done these bigger, more bundled deals. And there are more opportunities for that.

您最近已經看到我們對一些資產服務客戶這樣做了，我們在那裡完成了這些更大、更多捆綁的交易。而且還有更多機會。

And then the third opportunity is to just win more market share and brand-new clients. Now to be fair, we do know a lot of the clients that are out there in the world, 90% plus of Fortune 100 companies, 97% of global banks. So that's not the biggest opportunity of all of them, but we want to be in the hunting business as well. And so we'll go find those clients that we don't currently do business with and actually engage them as well. So there are a lot of threads under that whole umbrella of being more for clients.

第三個機會是贏得更多的市場份額和全新的客戶。公平地說，我們確實認識世界上很多客戶，其中 90% 以上是財富 100 強公司，97% 是全球銀行。所以這不是所有這些中最大的機會，但我們也想涉足狩獵業務。因此，我們將找到那些我們目前沒有與之開展業務的客戶，並實際與他們接觸。因此，在更多地為客戶服務的整個框架下有很多線索。

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

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

Robin, can you expand upon your comments about FedNow? You touched on it how you're one of the early adopters who are in the test phase. And just what implications are once this goes live throughout the system?

Robin，您能詳細說明一下您對 FedNow 的評論嗎？您談到了您如何成為處於測試階段的早期採用者之一。一旦它在整個系統中生效，會產生什麼影響？

So immediate payments are one of those disruption opportunities that don't come along that often in the overall ecosystem. And you have to remember that the U.S. is actually less advanced in some respects in terms of the speed and the efficiency of payments versus some other large countries around the world.

因此，即時支付是整個生態系中並不常見的顛覆機會之一。而且你必須記住，與世界上其他一些大國相比，美國在支付速度和效率方面實際上在某些方面不太先進。

And so we look at this as saying, well, we have a large installed client base that's pretty rooted in some of the classic payment methods. We are a large check clearer. We're a large payments provider. And we also have a pretty unconflicted approach because we're not really in the credit card business, which creates a little bit of fee disruption risk if you are in that business to embracing instant payments.

因此，我們認為，我們擁有大量已安裝的客戶群，這些客戶群非常植根於一些經典的付款方式。我們是大額支票清算者。我們是一家大型支付提供者。我們還有一個非常不衝突的方法，因為我們並不真正從事信用卡業務，如果您從事即時付款業務，這會產生一點費用中斷風險。

And so we identified this some years ago that this would be an opportunity that we would want to participate more in, and that's exactly what we've been doing. So we've been live on The Clearing House rails for a while. We're now live on the FedNow service. Those are essentially competitor instant payment services to each other.

因此，我們幾年前就意識到，這將是一個我們希望更多參與的機會，而這正是我們一直在做的事情。我們已經在 The Clearing House 軌道上運行了一段時間了。我們現在使用 FedNow 服務。這些本質上是相互競爭的即時支付服務。

But now we are going to be focused, as I think the rest of the industry will be, on the network effect that's going to be required to really adopt these instant payment rails. And so we're a provider to small and midsized banks, helping them to access the rails.

但現在，正如我認為行業其他公司一樣，我們將專注於真正採用這些即時支付軌道所需的網路效應。因此，我們是中小型銀行的供應商，幫助他們進入軌道。

We think there are a bunch of things that you can do with these new rails that you couldn't do with some of the old rails. Request for payment is a great example, the opportunity to really deliver e-billing, instant requests for payments that can be met with instant perfectly timed payments. There's a lot of control there. There's also some security opportunities. Who wants to give their bank account and ABA number out and their credit card number out when you're dealing with various billing-based solutions?

我們認為，使用這些新導軌可以做很多舊導軌無法做到的事情。付款請求就是一個很好的例子，它有機會真正提供電子帳單、即時付款請求，並且可以透過即時完美定時的付款來滿足。那裡有很多控制權。還有一些安全機會。當您處理各種基於計費的解決方案時，誰願意透露自己的銀行帳戶和 ABA 號碼以及信用卡號碼？

And so operationalizing all of that with our clients is important. We just launched Bankify, as I mentioned in my prepared remarks. That allows consumers to be able to use these rails a little bit more efficiently. And so look, it's early days in this disruption, and I don't want to call exactly how and when it's going to occur.

因此，與我們的客戶一起實施所有這些非常重要。正如我在準備好的發言中提到的，我們剛剛推出了 Bankify。這使得消費者能夠更有效地使用這些導軌。所以你看，現在還處於這場混亂的早期階段，我不想確切地說出它會如何以及何時發生。

But we feel over time, this is a good new technology. And as we do see more network effect and these use cases start to go live, it provides a lot of client value. And so at the end of the day, I think that client value is going to win out, and we want to help them to do that.

但隨著時間的推移，我們感覺這是一項很好的新技術。隨著我們確實看到更多的網路效應以及這些用例開始上線，它提供了許多客戶價值。因此，歸根結底，我認為客戶價值將會勝出，我們希望幫助他們做到這一點。

Great. And then Dermot, you touched on with deposits the challenges the banking system faced earlier in this year. And Bank of New York was looked at as a safe haven in some people's minds, and your deposits have reflected that as you pointed out.

偉大的。然後德莫特，您談到了今年早些時候銀行體系面臨的存款挑戰。在某些人的心目中，紐約銀行被視為避風港，正如您所指出的，您的存款也反映了這一點。

Can you share with us, if QT stays with the Fed through the end of next year, what kind of impact are you guys thinking that, that could have on deposits throughout 2024?

您能否與我們分享一下，如果 QT 一直保留到明年年底，你們認為這會對 2024 年的存款產生什麼樣的影響？

So I think it's a bit too early for me, Gerard, to kind of give you guidance for '24 on that. But like as I said earlier, we kind of feel we've reached a more kind of normalized level, given what happened in March and then the debt ceiling and who kind of knows what's going to happen from here.

所以，傑拉德，我認為現在為您提供 24 年的指導還為時過早。但正如我之前所說，考慮到 3 月發生的事情以及債務上限，誰知道接下來會發生什麼，我們感覺我們已經達到了一種更正常化的水平。

But our balance sheet is positioned for higher for longer. We have a lot of the balance sheet in cash. Our fixed income securities are going to roll off a quarter a year over the next few years. And the pickup in yield from that is about 200 to 300 basis points.

但我們的資產負債表定位在較長時間內較高水準。我們的資產負債表中有大量現金。在接下來的幾年裡，我們的固定收益證券將每年發行一個季度。由此產生的收益率上升約 200 至 300 個基點。

So when we look at the balance sheet together, we kind of feel very good about our NII for the next while. January will be when we give you more detailed guidance for how we think about it for '24. But our deposit base and how our clients are in the ecosystem -- and look, if they're not with us for deposits, we want them to be in our Dreyfus Money Market Fund complex and be kind of using our products and services.

因此，當我們一起查看資產負債表時，我們對接下來一段時間的 NII 感覺非常好。我們將在一月份為您提供更詳細的指導，告訴您我們如何考慮 '24。但是我們的存款基礎以及我們的客戶在生態系統中的情況——看看，如果他們不向我們存款，我們希望他們加入我們的德雷福斯貨幣市場基金綜合體，並使用我們的產品和服務。

So we don't want to lose the cash. We can put the cash into other products. So I think we feel very good about where the deposit franchise is now. We feel very good about the pipeline of activity that's coming our way. But who knows? And we are prepared and risk managed to a higher for longer continued QT, et cetera, et cetera, et cetera.

所以我們不想失去現金。我們可以把現金投入其他產品。所以我認為我們對存款專營權現在的狀況感覺非常好。我們對即將開展的活動感到非常滿意。但誰知道呢？我們已做好準備，並將風險控制在更高的水平，以實現更長的持續 QT，等等，等等。

And Gerard, just to add one point to that when it comes to the rates markets. We've avoided trying to have a crystal ball on exactly what it is going to -- that's going to happen. We said we think resilience is a commercial attribute for us. You highlighted the benefit of that resilience that we saw earlier on in the year as clients really came to us as a safe refuge. And obviously, we're very happy to help them with that.

傑拉德（Gerard）在談到利率市場時想補充一點。我們避免試圖透過水晶球準確地預測將會發生的事情。我們說過，我們認為韌性對我們來說是一種商業屬性。您強調了我們在今年早些時候看到的這種韌性的好處，因為客戶確實將我們視為安全的避難所。顯然，我們非常樂意幫助他們。

But that also means that we have views about what might happen. We have views about how we position our balance sheet. But ultimately, we are positioning to be able to deal with any of these eventualities.

但這也意味著我們對可能發生的事情有自己的看法。我們對如何定位資產負債表有自己的看法。但最終，我們的定位是能夠應付任何這些不測事件。

I was -- sat on a trading desk for the first 10 years of my career. And the current level of 10-year rates is kind of at the bottom end of the range over that period of time. So there's absolutely no reason why the curve can't move further from here. It's moved 100 basis points since mid-July at the 10-year point.

在我職業生涯的前十年裡，我一直坐在交易台上。目前的 10 年期利率水準處於該時期區間的底部。因此，曲線完全沒有理由不能從這裡進一步移動。自 7 月中旬以來，該利率已在 10 年期點上移動了 100 個基點。

And so we are positioning ourselves to be able to be adaptable to however the world is going to unfold. And Dermot commented on that when it came to our capital ratios earlier on.

因此，我們對自己的定位是能夠適應世界將如何發展。德莫特早些時候在談到我們的資本比率時對此發表了評論。

Now there are some things that have played out exactly as before, other things that have played out a little differently. I think the treasury has done a very good job in coordinating with the Fed as they have ramped up the issuance of bills in particular, and that has worked very gracefully with the roll down of essentially $1 trillion at this point of the RRP.

現在，有些事情的進展與以前一模一樣，而有些事情的進展則略有不同。我認為財政部在與聯準會的協調方面做得非常好，因為他們特別增加了票據的發行，並且在目前建議零售價（RRP）的基礎上減少了 1 兆美元，這非常順利。

So the interplay between reserves, between RRP, between the very high levels of issuance coming out of the treasury, these are all significant inputs. And our data shows us that there's actually been less foreign buying in the treasury market over the course of this year.

因此，準備金之間、建議零售價之間、財政部高額發行之間的相互作用，這些都是重要的投入。我們的數據顯示，今年以來，國債市場上的外國購買實際上有所減少。

And so there's going to be a supply and demand dynamic that's going to occur further out the curve, which I don't think anybody can predict, but you certainly have to be ready for the different ways that could play out.

因此，供給和需求的動態將會在曲線之外發生，我認為任何人都無法預測，但你絕對必須為可能出現的不同方式做好準備。

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

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

Maybe just a nuance on the net interest revenue by segment. So just the Securities Services versus the Market and Wealth segment. It looked like there was more pressure on the Securities Services business NII in -- versus the second quarter.

也許只是按部門劃分的淨利息收入的細微差別。因此，只有證券服務與市場和財富領域。與第二季相比，證券服務業務 NII 似乎面臨更大的壓力。

Just wondering if that is more of the well in NIBs that you referenced, Dermot, in August? And if you think that might just normalize as we move into the fourth quarter? And, I guess, and/or are you doing things internally in terms of the growth initiatives that you just talked about, Robin, a couple of answers ago, that might accelerate the NIR in that segment much more rapidly over time?

只是想知道這是否是您在 8 月提到的 NIB 中的井，德莫特？如果您認為隨著我們進入第四季度，這種情況可能會正常化？而且，我想，和/或您是否正在根據您剛才談到的增長計劃在內部做一些事情，Robin，幾個答案之前，這可能會隨著時間的推移更快地加速該領域的 NIR？

So let me deal with the first question. So I would say there is nothing really noticeable underneath the hood that is nuanced that are -- is different by different segments. Like if you think about Asset Servicing -- our Issuer Services as a segment is made up of 3 businesses: Asset Servicing, Depositary Receipts and Corporate Trust.

那麼讓我來處理第一個問題。所以我想說，在不同的細分市場中，沒有什麼真正值得注意的細微差別。就像您想到資產服務一樣，我們的發行人服務部門由 3 項業務組成：資產服務、存託憑證和企業信託。

Corporate Trust as a business tends to attract a higher level of NIBs due to the nature of that business. Q3 would have been a seasonally quieter period for that business. Debt issuance activity was more muted. So that would explain a little bit of that.

由於企業信託業務的性質，它往往會吸引更高級別的 NIB。對於該業務來說，第三季將是一個季節性平靜的時期。債務發行活動更清淡。這樣就可以解釋一點了。

In Asset Servicing, I would just say like how clients are behaving with us at the moment in the ecosystem, but I wouldn't really call anything out that is kind of noticeably different. And we kind of think about our deposits as one platform kind of centrally managed under one roof, and that's how we kind of manage it.

在資產服務中，我只想說客戶目前在生態系統中與我們的行為方式，但我不會真正指出任何明顯不同的事情。我們認為我們的存款是一種在同一屋簷下集中管理的平台，這就是我們管理它的方式。

Okay. Great. And then just -- maybe just a follow-up on the -- actually in the other -- investment and other revenue. There's one area there that's been growing quite nicely sequentially for now 3 straight quarters. It's the Other trading revenue line.

好的。偉大的。然後，也許只是投資和其他收入的後續行動，實際上是另一個方面。其中有一個領域已經連續三個季度連續成長。這是其他交易收入線。

And the size of that is now -- if it continue with this type of growth for the next 2 or 3 quarters, you'll be approaching your FX trading revenues. I just wonder if you talk about the drivers of that and whether you see that type of growth path continuing.

現在的規模是——如果在接下來的兩三個季度繼續這種成長，您將接近您的外匯交易收入。我只是想知道您是否談論了這一趨勢的驅動因素，以及您是否認為這種成長路徑會持續下去。

Look, the key feature of that business this quarter as it has been all of this year really has been the strength of our fixed income trading. You do have a little bit of seed capital gains in there as well, but it's predominantly the fixed income trading.

看，本季該業務的主要特點（就像今年全年一樣）確實是我們固定收益交易的實力。你確實也有一點種子資本收益，但主要是固定收益交易。

So we feel very good about it in the overall kind of scheme of the quarter and the results. It's a small number in the big scheme of things, but we like what we have there.

所以我們對這個季度的整體方案和結果感覺非常好。在整個計劃中，這只是一個很小的數字，但我們喜歡我們擁有的東西。

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

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

I know we've touched on this throughout the question, so you can be brief, but I want to put it in a different package. So not lost on you, we've seen a lesser ability to predict or control client behavior from some of the peers when it comes to all things deposits. And so I don't know if there's a way to give it the attribution, but is there -- is it all related to your business mix and client base?

我知道我們在整個問題中都談到了這一點，所以你可以簡短地說，但我想把它放在一個不同的包中。因此，請不要忘記，我們發現一些同行在涉及所有存款時預測或控制客戶行為的能力較差。所以我不知道是否有辦法給它歸屬，但有嗎——這一切都與你的業務組合和客戶群有關嗎？

Do you think your consolidated deposit efforts have actually moved the needle? Just trying to get inside your confidence relative to what we've seen elsewhere. And I don't know how much of that is depletion of nonoperating balances anyway, so now you know most of what's left is operating. Sorry, if repetitive.

您認為您的綜合存款努力是否真正取得了進展？只是想了解一下您相對於我們在其他地方看到的情況的信心。而且我不知道其中有多少是非營業性餘額的消耗，所以現在你知道剩下的大部分都是營業性的。抱歉，如果重複的話。

So I will give you 2 dimensions to that answer, Glenn. One is we have a portfolio of businesses that attracts both interest-bearing and noninterest-bearing deposits, Corporate Trust, Treasury Services, Asset Servicing, Clearance and Collateral Management being the primary ones. They all have different characteristics about them, and they do things in slightly different ways. So it kind of gives you a portfolio effect so that you feel like you have a diversified deposit platform. I think that's important point number one.

所以我會給你這個答案的兩個維度，格倫。一是我們擁有吸引有息和無息存款的業務組合，其中企業信託、資金服務、資產服務、清算和抵押品管理是主要業務。他們都有不同的特點，做事的方式也略有不同。所以這會為你帶來投資組合效應，讓你感覺自己擁有一個多元化的存款平台。我認為這是第一點。

Important point number two is how we manage and price the deposits. If you came to BNY Mellon 3 years ago, you would have all of those deposits in different lines of business. They would have all handled their clients separately, they would have all priced their deposits separately and you would have ended up with suboptimal outcomes when you aggregate that up from the BNY Mellon's standpoint.

第二點是我們如何管理存款並為其定價。如果您三年前來到紐約梅隆銀行，您將所有這些存款分散在不同的業務領域。他們都會單獨處理他們的客戶，他們都會單獨定價他們的存款，當你從紐約梅隆銀行的角度將其匯總時，你最終會得到次優的結果。

Now we've got global liquidity solutions. It's one team, interfaces with each of the line of the businesses. But we price consistently, we manage consistently and we have a pipeline that we think of as one firm. I think you add all that together, you get the One BNY Mellon effect, you get the strategy effect and you get the line of business effect. And that gives us confidence that we have a good handle on our deposit franchise and where we want to be from here.

現在我們有了全球流動性解決方案。這是一個團隊，與每條業務線都有聯繫。但我們的定價始終如一，管理始終如一，而且我們擁有一條我們認為是一家公司的管道。我認為你把所有這些加在一起，你會得到紐約梅隆銀行一號效應，你會得到策略效應，你會得到業務線效應。這讓我們相信我們能夠很好地掌控我們的存款業務以及我們想要實現的目標。

Our next question comes from the line of Rajiv Bhatia with Morningstar.

我們的下一個問題來自拉吉夫·巴蒂亞 (Rajiv Bhatia) 與晨星公司 (Morningstar) 的對話。

Great. So just following up on the deposit conversations. I mean, by my calculations, your deposit betas rose quite a bit in the quarter. I guess can you comment on what your U.S. dollar versus non-U.S. dollar deposit betas were in the quarter? And then how do your deposit betas differ across your lines of businesses such as Asset Servicing, issuer servicing, Pershing and payments?

偉大的。因此，只需跟進存款對話即可。我的意思是，根據我的計算，您的存款貝塔值在本季上升了很多。我想您能否評論一下本季美元與非美元存款貝塔值的情況？那麼，您的存款貝塔值在資產服務、發行人服務、潘興和支付等業務領域有何不同？

So thanks for the question. I guess 75 of our book is dollars, 10 -- roughly 10 euro, roughly 10 sterling and the rest, other. As it relates to betas, I kind of think about it in cumulative beta terms.

謝謝你的提問。我猜我們的書裡有 75 美元是美元，10 美元是大約 10 歐元，大約是 10 英鎊，其餘的是其他。由於它與貝塔有關，我有點用累積貝塔的術語來思考它。

The cumulative beta of our dollar book is around 80%, which I think I said earlier, and that hasn't materially changed quarter-over-quarter. Sterling and euros are about 50%, 60%, respectively, give or take a little bit.

我想我之前說過，我們美元帳簿的累積貝塔值約為 80%，而且逐季度沒有發生重大變化。英鎊和歐元分別約為50%、60%，略有上下浮動。

And so we kind of feel as it relates to passing on the pricing, the clients that we have are sophisticated, largely passed on the prices as they come through. And it may grind a little bit higher from here. But overall, we feel pretty good about where the book is, where it's priced. You may see some modest catch-ups and lags here or there. But overall, we think it's where it should be, given what's happened in the market.

因此，我們覺得這與傳遞定價有關，我們擁有的客戶都很成熟，在很大程度上傳遞了價格。從這裡開始，它可能會進一步上漲。但總的來說，我們對這本書的定位和定價感覺很好。您可能會在某些地方看到一些適度的追趕和延遲。但總的來說，考慮到市場上發生的情況，我們認為它應該是這樣的。

Great. And then like your deposit betas by like lines of business?

偉大的。然後喜歡類似業務領域的存款貝塔值嗎？

I don't have that level of detail with me, so we can follow up with you offline.

我沒有那麼詳細的信息，所以我們可以離線跟進您。

Our next question comes from the line of Jim Mitchell with Seaport Global.

我們的下一個問題來自 Seaport Global 的吉姆·米切爾 (Jim Mitchell)。

Just a question. You guys have had a lot of success in improving the organic growth in things like Pershing, Collateral Management, but Investment Management has been sort of left out of that discussion. Long-term flows outside of liability management have been negative last year. So do you see an organic growth opportunity there? Are you investing in that business? And how do you improve that organic growth from here?

就一個問題。你們在改善潘興、抵押管理等領域的有機成長方面取得了很大成功，但投資管理卻被排除在討論之外。去年，負債管理以外的長期資金流動為負值。那麼您認為那裡存在有機成長機會嗎？您正在投資該業務嗎？接下來如何改善有機成長？

Thanks for the question, Jim. Look, we said on a couple of calls ago that where the margin of that business is at the moment, we feel we have work to do. We're not happy with it. There are a bunch of things that have happened last year that are feeding into this year that have caused a kind of remixing by our clients out of active strategies into passive, which are lower fee paying out of equities into fixed income.

謝謝你的提問，吉姆。聽著，我們之前在幾通電話中說過，目前該業務的利潤率是多少，我們覺得我們還有工作要做。我們對此並不滿意。去年發生的一系列事情正在影響今年，導致我們的客戶從主動策略轉向被動策略，即從股票到固定收益的較低費用支付。

So there's rebalancing going on under the hood, and we're kind of attacking it in a number of different ways. One being kind of getting after structural expense inefficiencies. We've talked a lot about that today, and that's -- this segment is no different to that. So we're attacking it there.

因此，幕後正在進行重新平衡，我們正在以多種不同的方式對其進行攻擊。其中之一是追求結構性支出效率低。今天我們已經討論了很多，這部分與此沒有什麼不同。所以我們在那裡攻擊它。

We're rolling out new products, and that's going to take time to build AUM, but do that in a first-class way. We kind of think organic growth will come on the back of that.

我們正在推出新產品，這需要時間來建立資產管理規模，但以一流的方式做到這一點。我們認為有機成長將會隨之而來。

Inside of BNY Mellon, we have a very kind of powerful distribution platform. So we're very focused on kind of really energizing the distribution platforms to support our kind of boutique asset managers. And we've made some leadership changes there this year, and we're going to begin to see the fruits of that in the coming quarters.

在紐約梅隆銀行內部，我們擁有一個非常強大的經銷平台。因此，我們非常關注真正為分銷平台注入活力，以支持我們的精品資產管理公司。今年我們在那裡進行了一些領導層變動，我們將在未來幾季開始看到其成果。

So we're kind of going at it in a number of different ways. And some of the asset management boutiques are performing very well, and we're very happy with them. And some of them have work to do, and we're very focused on it, and we're not sitting idle wishing it to happen. We're active in trying to make it happen.

所以我們正在以多種不同的方式來解決這個問題。一些資產管理精品公司的表現非常好，我們對他們感到非常滿意。他們中的一些人有工作要做，我們非常專注於它，我們不會無所事事地希望它發生。我們正在積極努力實現這一目標。

And our final question comes from the line of Mike Mayo with Wells Fargo Securities.

我們的最後一個問題來自富國銀行證券公司的麥克梅奧。

Just as a follow-up. You've been giving a lot of optimism. I know you have to execute, but you said you're bending the cost curve, NII should do pretty well, the way you're positioned for rates, you're investing for growth, you're shooting for positive operating leverage next year.

只是作為後續。你一直表現得很樂觀。我知道你必須執行，但你說你正在彎曲成本曲線，NII 應該表現得很好，你對利率的定位方式，你為增長進行投資，你明年將爭取積極的營運槓桿。

So it's -- all sounds pretty good. When you think about the risk to the company over the next year, what are the main risks that come to mind that you think you need to pay a little extra attention to, whether it's macro or micro?

所以，一切聽起來都很好。當您考慮公司明年面臨的風險時，您認為需要額外關注的主要風險有哪些，無論是宏觀風險還是微觀風險？

So I'll just start, Mike, with the way that you set up the initial part of the question. You're right, we are optimistic about the potential that we have in the company and the opportunities that our franchise and our businesses afford us.

麥克，我將按照您設定問題初始部分的方式開始。你是對的，我們對公司的潛力以及我們的特許經營權和業務為我們提供的機會感到樂觀。

Now we haven't lived up to that potential. But the reason why you detect the optimism, I think, in the way that we talk about it is because we do have an inherent optimism that this is absolutely a doable proposition to unlock that potential.

現在我們還沒有發揮出這種潛力。但我認為，你之所以在我們談論它的方式中感受到樂觀情緒，是因為我們確實有一種固有的樂觀情緒，認為這絕對是釋放這種潛力的可行主張。

Now it's a ton of work. As Dermot just said in answer to a different question, we're not going to wish our way there. And maybe that's one of the things that we've really doubled down on now as a leadership team is that we have to work the problem. And we have to work the problem through all of these different angles in order to really be able to unlock the potential.

現在工作量很大。正如德莫特剛剛在回答另一個問題時所說的那樣，我們不會希望那樣。也許作為一個領導團隊，我們現在真正加倍努力的事情之一就是我們必須解決這個問題。我們必須從所有這些不同的角度來解決問題，才能真正釋放潛力。

And as I said in my prepared remarks, there's a cultural change that we need to create in the company to take what has otherwise been a great culture, but take it to the next level, power it forward that really allows us to de-silo and operate more broadly across the board. And you and I just talked about that a few minutes ago.

正如我在準備好的發言中所說，我們需要在公司中創造一種文化變革，以將原本偉大的文化提升到一個新的水平，推動它向前發展，真正讓我們能夠擺脫孤島。並更廣泛地全面運作。你和我幾分鐘前才剛討論過這個問題。

We have to execute to get it done. So of course, it follows from that, that if really evolving the culture to de-silo and to move towards this platform mindset and getting things done in execution are critical to us unlocking our potential, then the biggest risk in the company in some respects from an internal point of view become not doing those things.

我們必須執行才能完成它。因此，當然，如果真正將文化發展為「去孤島」並轉向這種平台思維並在執行中完成工作對於我們釋放潛力至關重要，那麼公司在某些方面面臨的最大風險從內部的角度來看，不再做那些事。

So we are laser-focused on doing those things, tracking those things and as a leadership team, really coming together to make sure that we're holding each other to account for the respective parts that everybody in the leadership team of the company plays in moving that forward. So that's the reason for the optimism but also the reason for the constant humility associated with the fact that it's execution that's going to get the job done.

因此，我們專注於做這些事情，追蹤這些事情，作為一個領導團隊，真正團結在一起，確保我們互相負責，對公司領導團隊中每個人所扮演的各自角色負責。推動這一進程。這就是我們樂觀的原因，也是我們始終保持謙遜的原因，因為只有執行力才能完成工作。

Now in terms of the outside world, there's clearly a ton going on in the world. We've got geopolitical tensions through a continuum, all the way to war in many regions of the world right now. We have all of the uncertainty still of rates and inflation in the economy here in the U.S. that creates uncertainties.

現在就外部世界而言，世界上顯然發生了很多事情。目前，世界許多地區的地緣政治緊張局勢一直持續到戰爭。美國經濟中的利率和通膨仍然存在不確定性，這造成了不確定性。

There's the ever-present cyber risk, which we always take very seriously. And those things are always collectively on our minds. We don't pretend to predict exactly how things are going to occur. We try to prepare for them as best we possibly can, recognizing that, that's what our clients need from us as we help them to adapt to this environment and that we manage through it. So that's sort of the way that I think about both the internal and external answer to your question.

網路風險始終存在，我們始終非常重視。這些事情總是集中在我們的腦海中。我們不會假裝能夠準確預測事情會如何發生。我們盡力為他們做好準備，並認識到這就是我們的客戶需要我們做的，因為我們幫助他們適應這種環境，並且我們透過它進行管理。這就是我思考你的問題的內部和外部答案的方式。

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

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

謝謝操作員，也謝謝大家今天對紐約梅隆銀行的關注。如果您有任何後續問題，請聯絡 Marius 和 IR 團隊。祝你一切順利。

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

謝謝。今天的會議和網路廣播到此結束。本次電話會議和網路廣播的重播將於下午 2 點在紐約梅隆銀行投資者關係網站上播放。今天東部標準時間。祝你有美好的一天。