紐約梅隆銀行 (BK) 2023 Q4 法說會逐字稿

Good morning and welcome to the 2023 Fourth 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 年第四季獲利電話會議。 （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 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 afternoon and thank you all for joining us. I'm here with Robin Vince, President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. As usual, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bnymellon.com.

謝謝你，接線生。下午好，感謝大家加入我們。我和總裁兼執行長羅賓文斯 (Robin Vince) 一起來到這裡。以及我們的財務長德莫特·麥克唐諾 (Dermot McDonogh)。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。

I'd like to note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. 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, January 12, 2024, and will not be updated.

我想指出的是，我們的言論將包含前瞻性陳述和非公認會計準則措施。實際結果可能與前瞻性陳述中的預測有重大差異。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（2024 年 1 月 12 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。

Thank you, Marius. Good afternoon, everyone, and thanks for joining us. The fourth quarter marked a solid close to a year in which we supported our clients in navigating through a challenging operating environment with geopolitical tensions, macroeconomic uncertainty and evolving monetary policy. We started to show some early evidence that we can deliver higher financial performance in the near and medium term. We clarified our strategic priorities, and we laid a foundation for a multiyear transformation of our company for the long term.

謝謝你，馬呂斯。大家下午好，感謝您加入我們。第四季標誌著我們支持客戶度過充滿挑戰的經營環境、地緣政治緊張局勢、宏觀經濟不確定性和不斷變化的貨幣政策的一年的堅實結束。我們開始展示一些早期證據，表明我們可以在中短期內實現更高的財務表現。我們明確了策略重點，為公司多年的長期轉型奠定了基礎。

With clearer focus on our direction of travel and having restored some confidence in our ability to deliver on our plans, today, we are publishing financial targets for each of our business segments and the firm overall. Dermot will review our fourth quarter financials, the outlook for 2024 and our medium-term financial targets in more detail. But let me first briefly address our performance in 2023.

隨著我們更加明確地關注我們的前進方向，並恢復了對我們實現計劃的能力的信心，今天，我們將發布每個業務部門和整個公司的財務目標。 Dermot 將更詳細地審查我們第四季度的財務狀況、2024 年的前景以及我們的中期財務目標。但首先讓我簡單介紹一下我們 2023 年的表現。

Referring to Page 2 of the financial highlights presentation. Our results for the year, not only highlight BNY Mellon's characteristic resilience, but they demonstrate the strength of our execution when we are appropriately organized and focused. On a reported basis, 2023 earnings per share increased by 38% year-over-year.

請參閱財務摘要簡報的第 2 頁。我們今年的業績不僅凸顯了紐約梅隆銀行特有的韌性，而且還展示了我們在適當組織和集中註意力時的執行力。根據報告，2023 年每股收益年增 38%。

On a core basis, excluding notable items, EPS of $5.05 increased by 10% year-over-year. Both pretax margin and return on tangible common equity improved on the back of significant operating leverage. Excluding notable items, we generated approximately 180 basis points of positive operating leverage. ROTCE improved 0.5 percentage point to 21.6%, and pretax margin improved roughly 80 basis points to 30%.

在核心基礎上，排除重要項目，每股收益為 5.05 美元，年增 10%。在龐大的營運槓桿的支持下，稅前利潤率和有形普通股回報率均有所改善。排除值得注意的項目，我們產生了大約 180 個基點的正經營槓桿。 ROTCE 提高了 0.5 個百分點，達到 21.6%，稅前利潤率提高了約 80 個基點，達到 30%。

Moving on to Page 3. At the beginning of last year, we communicated 3 financial goals for 2023. First, we expected to generate approximately 20% net interest revenue growth year-over-year. We delivered 24%. Second, we set out to halve our constant currency expense growth rate in 2022 to approximately 4% year-over-year expense growth, excluding notable items in 2023. We delivered 2.7%. And third, we sought to return north of 100% of 2023 earnings to common shareholders through dividends and buybacks. We delivered 123%.

轉到第 3 頁。去年年初，我們傳達了 2023 年的 3 個財務目標。首先，我們預計淨利息收入將年增約 20%。我們交付了 24%。其次，我們計劃將 2022 年的固定貨幣費用成長率減半，年比費用成長率約為 4%（不包括 2023 年的重要項目）。我們實現了 2.7%。第三，我們尋求透過股利和回購將 2023 年收益的 100% 以上退還給普通股股東。我們交付了 123%。

Over the course of 2023, we returned $3.9 billion of capital to common shareholders, all while having further strengthened our regulatory capital ratios to be well positioned for a wide range of macroeconomic and regulatory outcomes. Though we are still at the beginning of our transformation journey, our ability this past year, not just to deliver on our commitments but to exceed them, gives us confidence that we can affect meaningful change and consistently improve our financial performance over time.

2023 年，我們向普通股股東返還了 39 億美元的資本，同時進一步加強了我們的監管資本比率，以便為廣泛的宏觀經濟和監管結果做好準備。儘管我們仍處於轉型之旅的開端，但過去一年我們不僅能夠兌現承諾，而且能夠超越承諾，這讓我們有信心能夠影響有意義的變革，並隨著時間的推移持續改善我們的財務業績。

While mindful, there is a lot more work ahead of us. I'm proud of the effort that our people put in over the last 12 months as we embraced a focus on commerciality, accountability and efficiency, which drove these results. We are committed to improving the firm's financial performance in the near, medium and long term. And we have framed this work for our people with 3 strategic pillars, which we describe on Page 4.

儘管我們保持警惕，但我們還有很多工作要做。我為我們的員工在過去 12 個月所付出的努力感到自豪，因為我們注重商業性、責任感和效率，正是這些努力推動了這些成果。我們致力於改善公司近期、中期和長期的財務表現。我們為我們的員工製定了 3 個策略支柱的這項工作，我們在第 4 頁對此進行了描述。

Last year, we introduced these 3 pillars to get at the heart of how we operate and who we are day-to-day for our clients, managing their money, moving it and keeping it safe. Pillar number one, be more for our clients; number two, run our company better; and number three, power our culture. They are deliberately simple, and our people are rallying around them. 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. I'm encouraged by the progress we made in 2023, some of which we highlight on Slide 5.

去年，我們引入了這三大支柱，以了解我們的營運方式以及我們為客戶提供日常服務的核心內容，即管理他們的資金、轉移資金並確保資金安全。第一支柱，為我們的客戶提供更多；第二，更好地經營我們的公司；第三，為我們的文化提供動力。它們刻意簡單，我們的人民團結在它們周圍。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。我對我們在 2023 年取得的進展感到鼓舞，我們在投影片 5 中重點介紹了其中一些進展。

Our global clients across governments, pension funds, mutual funds, unions, endowments, corporations, financial services firms and individuals both trust and want to do more business with us. And our analysis clearly shows there is more for them to do with us as we continue to partner alongside them to help achieve their ambitions.

我們的全球客戶包括政府、退休基金、共同基金、工會、捐贈基金、企業、金融服務公司和個人，都信任並希望與我們開展更多業務。我們的分析清楚地表明，隨著我們繼續與他們合作，幫助他們實現抱負，他們可以與我們做更多的事情。

As the global finance system grows and becomes ever more complex, demand for a trusted, resilient partner with the scale to service clients across the entire financial life cycle such as BNY Mellon grows as well. In 2023, we launched several new solutions that allow us to deepen our relationships with existing clients and to open the door to new ones.

隨著全球金融體系的發展和變得越來越複雜，對像紐約梅隆銀行這樣能夠在整個金融生命週期為客戶提供服務的值得信賴、有彈性的合作夥伴的需求也在增長。 2023 年，我們推出了多項新解決方案，使我們能夠加深與現有客戶的關係，並為新客戶打開大門。

Of course, that includes the launch of Wove, Pershing's wealth advisory platform as well as the rollout of our buy-side trading solutions offering. But it goes far beyond these more visible product launches. All of our businesses are bringing new client solutions to the market. Bankify, real-time payments on FedNow, white labeling LiquidityDirect, Bondwise, intraday repo settlement, BNY Mellon advisers are all examples. And in 2023, we filed more patent applications than ever before.

當然，這包括潘興財富諮詢平台 Wove 的推出以及買方交易解決方案的推出。但這遠遠超出了這些更引人注目的產品發布。我們所有的業務都在為市場帶來新的客戶解決方案。 Bankify、FedNow 即時支付、白車標 LiquidityDirect、Bondwise、日內回購結算、紐約梅隆銀行顧問都是例子。 2023 年，我們提交的專利申請比以往任何時候都多。

At the same time, we have an opportunity to bring more of BNY Mellon to clients who currently use us for just a single service. Last year, we hired our first Chief Commercial Officer as we began to operationalize our 1BNY Mellon initiative across the organization. As part of enhancing the organizational setup and focus of our client coverage organization, we created an integrated team to facilitate multiline of business solutions at scale, and we also formed a coverage practice group to implement consistency in approach and tooling.

同時，我們有機會為目前僅使用我們單一服務的客戶帶來更多紐約梅隆銀行的服務。去年，我們聘請了第一位首席商務官，開始在整個組織內實施 1BNY Mellon 計畫。作為加強客戶覆蓋組織的組織設置和重點的一部分，我們創建了一個整合團隊來大規模促進多線業務解決方案，並且我們還組建了一個覆蓋實踐小組來實現方法和工具的一致性。

Next, while 2023 was a foundational year in what will be a multiyear journey to transform to a more streamlined and effective operating model, we took important steps toward running our company better to improve efficiency, reduce bureaucracy and be more intentional with how we spend so our investments in the business go further. We generated nearly double the amount of efficiency savings versus the prior year, which allowed us to self-fund over $0.5 billion of incremental investments. And we laid the foundation needed to transition to our platform's operating model, including successful pilots in 2 areas of the organization, which were important proof points as we start to unlock the power of our platforms in several phases over the next couple of years.

接下來，雖然2023 年是向更精簡、更有效的營運模式轉型的多年旅程的基礎年，但我們採取了重要步驟，更好地運營我們的公司，以提高效率、減少官僚作風，並更加有意識地支出我們對業務的投資更進一步。與前一年相比，我們實現了近一倍的效率節省，這使我們能夠自籌資金超過 5 億美元的增量投資。我們為過渡到平台的營運模式奠定了基礎，包括在組織的兩個領域進行了成功的試點，這是我們在未來幾年開始分幾個階段釋放平台力量的重要證明點。

While we focus on being more for our clients and running our company better, we know none of it can happen without our people, which is why we are powering our culture to make BNY Mellon a place where people are proud to work and excited to grow their careers. We elevated recruitment and retention programs, including welcoming the largest class of campus analysts in BNY Mellon's history, a class double the size of the previous year, and we're going to double it again this year.

雖然我們專注於為客戶提供更多服務並更好地經營我們的公司，但我們知道，如果沒有我們的員工，這一切都無法實現，這就是為什麼我們正在推動我們的文化，使紐約梅隆銀行成為一個人們為工作感到自豪和為成長而興奮的地方他們的職業生涯。我們加強了招募和保留計劃，包括歡迎紐約梅隆銀行歷史上規模最大的校園分析師班，班級規模是前一年的兩倍，今年我們將再次增加一倍。

We launched our BK Shares program to grant shares to the 45,000 employees who didn't previously receive stock as part of their compensation to cascade a sense of ownership and accountability across our company. And we rolled out enhanced employee benefits, recognizing value in fostering both a human and high-performing work environment.

我們啟動了 BK 股票計劃，向 45,000 名之前沒有收到股票作為薪酬的員工授予股票，以在整個公司內培養主人翁意識和責任感。我們也推出了增強的員工福利，認識到營造人性化和高績效工作環境的價值。

I'll wrap up where I began. We remain confident in the strength of our culture, our strategy and our ability to execute to help us unlock value for our clients, our shareholders and our people. 2023 was an important year in which we assembled more of the team that can deliver on what is needed, and we got ourselves pointed in the right direction for what we need to achieve. But it was also a year where being humble and resilient mattered.

我將從開始的地方結束。我們對我們的文化、策略和執行能力充滿信心，以幫助我們為客戶、股東和員工釋放價值。 2023 年是重要的一年，我們組建了更多能夠實現所需目標的團隊，並且為我們需要實現的目標指明了正確的方向。但這也是謙遜和堅韌很重要的一年。

While we have a lot of work ahead of us, what has started as a theory and a belief now has early proof points, and we can see the possibility of what we can achieve. We have an ambitious agenda as we move forward, but I continue to be optimistic about the opportunity ahead.

雖然我們還有很多工作要做，但最初作為理論和信念的東西現在已經有了早期的證據，我們可以看到我們能夠實現的目標的可能性。我們在前進過程中製定了雄心勃勃的議程，但我仍然對未來的機會持樂觀態度。

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

有了這個，我會把它交給德莫特。

Thank you, Robin, and good afternoon, everyone. I'm picking up on Page 6 of the presentation with our consolidated financials for the fourth quarter. And as Robin noted, I'm also going to speak to our 2024 outlook and medium-term targets, including how we are going to execute on our goals.

謝謝羅賓，大家下午好。我正在閱讀簡報的第 6 頁，其中包含我們第四季的合併財務資料。正如 Robin 指出的，我還將談論我們的 2024 年展望和中期目標，包括我們將如何實現我們的目標。

For the fourth quarter, our reported results reflect several notable items. Approximately $750 million of noninterest expense is related to the FDIC special assessment, severance and litigation reserves. And we had $150 million reduction in investment and other revenue primarily related to a fair value adjustment of a contingent consideration receivable.

對於第四季度，我們報告的業績反映了幾個值得注意的項目。大約 7.5 億美元的非利息支出與 FDIC 特別評估、遣散費和訴訟準備金有關。我們的投資和其他收入減少了 1.5 億美元，主要與或有對價的公允價值調整有關。

Total revenue of $4.3 billion was up 10% year-over-year or up 2%, excluding notable items. Total fee revenue was flat, reflecting 3% growth in investment services fees, which was offset by a 5% decline in Investment Management and performance fees and a 25% decline in foreign exchange revenue. Investment and other revenue was a negative $4 million in the quarter, reflecting the fair value adjustment that I mentioned before.

總營收為 43 億美元，年增 10%，若不包括重要項目，則成長 2%。總費用收入持平，反映投資服務費用成長 3%，但被投資管理和績效費用下降 5% 以及外匯收入下降 25% 所抵銷。本季投資和其他收入為負 400 萬美元，反映了我之前提到的公允價值調整。

Net interest revenue was up 4% year-over-year primarily reflecting higher interest rates, partially offset by changes in balance sheet size and mix. Expenses were up 20% year-over-year on a reported basis, primarily reflecting the FDIC special assessment. Excluding notable items, expenses were up 4%, reflecting higher investments and the impact of a weaker dollar as well as inflation, partially offset by efficiency savings.

淨利息收入年增 4%，主要反映利率上升，但部分被資產負債表規模和結構的變化所抵銷。根據報告，費用年增 20%，主要反映了 FDIC 的特別評估。不包括值得注意的項目，費用增加了 4%，反映出投資增加以及美元疲軟和通貨膨脹的影響，但部分被效率節約所抵消。

Provision for credit losses was $84 million primarily driven by reserve builds for commercial real estate exposure. Reported earnings per share for the fourth quarter were $0.33, pretax margin was 8%, and return on tangible common equity was 6%. Excluding notable items, earnings per share were $1.28, pretax margin was 28%, and return on tangible common equity was 21%.

信貸損失準備金為 8,400 萬美元，主要是由於商業房地產風險準備金增加所致。第四季報告的每股盈餘為 0.33 美元，稅前利潤率為 8%，有形普通股回報率為 6%。不計顯著項目，每股盈餘為 1.28 美元，稅前利潤率為 28%，有形普通股報酬率為 21%。

Turning to capital and liquidity on Page 7. Our Tier 1 leverage ratio of 6% remained largely unchanged, down 8 basis points to be precise compared to the prior quarter. Tier 1 capital remained essentially flat at $23.1 billion as the impacts of capital distributions to common shareholders and our redemption of $500 million preferred stock were offset by an improvement in AOCI and capital generation through earnings.

轉向第 7 頁的資本和流動性。我們 6% 的一級槓桿率基本上保持不變，具體而言，與上一季相比下降了 8 個基點。一級資本基本上保持在 231 億美元不變，因為對普通股股東的資本分配和我們贖回 5 億美元優先股的影響被 AOCI 和透過收益產生的資本的改善所抵消。

Average assets increased by 1% sequentially, primarily reflecting deposit inflows in the fourth quarter. Our CET1 ratio was 11.6%, which represents a 20 basis point improvement compared with the prior quarter. CET1 capital was up 3% sequentially, primarily reflecting capital generation through earnings and the improvement in AOCI, partially offset by the impact of capital distributions to common shareholders. Risk-weighted assets increased by 1%.

平均資產季增1%，主要反映第四季存款流入。我們的 CET1 比率為 11.6%，與上一季相比提高了 20 個基點。 CET1 資本較上季成長 3%，主要反映了透過獲利產生的資本和 AOCI 的改善，但部分被普通股股東資本分配的影響所抵銷。風險加權資產增加1%。

Consistent with the prior quarter, we returned $450 million of capital to our common shareholders through share repurchases, and we paid approximately $330 million of common stock dividends in the fourth quarter. The consolidated liquidity coverage ratio was 117%, a 4 percentage point sequential decrease, primarily reflecting deposit inflows in the quarter, which are considered nonoperational until they are seasoned under our operational deposit model. And our consolidated net stable funding ratio remained roughly unchanged at 135%.

與上一季一致，我們透過股票回購向普通股股東返還了 4.5 億美元的資本，並在第四季度支付了約 3.3 億美元的普通股股息。綜合流動性覆蓋率為 117%，環比下降 4 個百分點，主要反映了本季度的存款流入，在我們的營運性存款模型下，這些存款在成熟之前被視為非營運性。我們的綜合淨穩定資金比率大致維持在 135% 不變。

Next, on Page 8, net interest revenue and additional details on the underlying balance sheet trends. Net interest revenue was $1.1 billion, was up 4% year-over-year and up 8% quarter-over-quarter. The sequential increase was primarily driven by balance sheet growth and changes in balance sheet mix. Total deposits averaged $273 billion in the fourth quarter, up 4% sequentially, a strong finish to the year.

接下來，在第 8 頁，淨利息收入和有關資產負債表基本趨勢的其他詳細資訊。淨利息收入為 11 億美元，年增 4%，季增 8%。環比成長主要是由資產負債表成長和資產負債表結構變化所推動的。第四季存款總額平均為 2,730 億美元，季增 4%，為全年畫下了圓滿的句點。

Interest-bearing deposits were up 5%, and noninterest-bearing deposits remained flat. Interestingly, since August, we've seen 4 consecutive months of growth in average total deposit balances.

有息存款成長5%，無息存款持平。有趣的是，自8月以來，我們看到平均總存款餘額連續4個月成長。

Our team is highly engaged with our clients, and we're encouraged by the demand we've been seeing for our on-balance sheet liquidity solutions. While we are pleased with this stabilization, we remain vigilant preparing for a variety of different outcomes and financial conditions in 2024.

我們的團隊與客戶高度互動，我們對錶內流動性解決方案的需求感到鼓舞。雖然我們對這種穩定性感到滿意，但我們仍保持警惕，為 2024 年的各種不同結果和財務狀況做好準備。

On the asset side, average interest-earning assets increased by 2% quarter-over-quarter. This includes cash and reverse repo up 5% and loan balances up 3%. The size of our investment securities portfolio decreased by 3% sequentially.

資產端，平均生息資產較上季成長2%。其中包括現金和逆回購增加 5%，貸款餘額增加 3%。我們的投資證券組合規模較上季下降了3%。

Moving to our business segments, starting with Securities Services on Page 9. Securities Services reported total revenue of $2.2 billion, flat year-over-year. Investment services fees were up 1% year-over-year. In Asset Servicing, investment services fees were flat as the positive impact of higher market levels, net new business and the weaker dollar was offset by lower client activity.

轉向我們的業務部門，從第 9 頁的證券服務開始。證券服務報告總收入為 22 億美元，與去年同期持平。投資服務費較去年同期上漲1%。在資產服務方面，投資服務費用持平，因為市場水準提高、淨新業務和美元疲軟的正面影響被客戶活動減少所抵消。

We ended the year on a high note with our strongest sales quarter of 2023, including wins in the Middle East, new mandates from several midsized investment managers and expanded mandates from some of our largest existing clients. And we saw continued strength in our ETF servicing business, where another quarter of strong net inflows capped a year of above-market growth.

我們以 2023 年最強勁的銷售季度結束了這一年，其中包括在中東的勝利、幾家中型投資經理的新授權以及我們一些最大的現有客戶的擴大授權。我們看到 ETF 服務業務持續強勁，又一個季度強勁的淨流入限制了一年高於市場的成長。

Within Issuer Services, investment services fees were up 5%, reflecting healthy new business and higher client activity. Foreign exchange revenue was down 21% year-over-year on the back of lower volatility and lower volumes. And net interest revenue was down 3% year-over-year. Expenses of $1.7 billion were up 5% year-over-year, reflecting higher investments and higher revenue-related expenses as well as inflation, partially offset by efficiency savings. Pretax income was approximately $460 million, representing a 21% pretax margin.

在發行人服務中，投資服務費上漲了 5%，反映出健康的新業務和更高的客戶活動。由於波動性降低和交易量減少，外匯收入較去年同期下降 21%。淨利息收入較去年同期下降3%。支出為 17 億美元，年增 5%，反映出投資增加、收入相關支出以及通貨膨脹，但部分被效率節約所抵銷。稅前收入約為 4.6 億美元，稅前利潤率為 21%。

Next, Market and Wealth Services on Page 10. This segment reported total revenue of $1.5 billion, up 7% year-over-year. Total investment services fees were up 6% year-over-year. In Pershing, investment services fees were up 1%, reflecting higher equity market values and higher client activity, partially offset by the impact of expected lost business. Net new assets were negative $4 billion for the quarter, also reflecting this expected loss business.

接下來是第 10 頁的市場和財富服務。該部門的總收入為 15 億美元，年增 7%。投資服務費用總額年增 6%。在潘興，投資服務費上漲了 1%，反映出股票市場價值上升和客戶活動增加，但部分被預期業務損失的影響所抵消。該季度淨新資產為負 40 億美元，也反映了這項預期虧損業務。

In Treasury Services, investment services fees increased by 5%, primarily reflecting higher client activity, partially offset by higher earnings credits for noninterest-bearing deposit balances. In Clearance and Collateral Management, investment services fees were up 16%, reflecting broad-based strength across Clearance and Collateral Management, both in the U.S. and internationally.

在資金服務方面，投資服務費用增加了 5%，主要反映了客戶活動的增加，但部分被無利息存款餘額的收益抵免增加所抵消。在清算和抵押品管理領域，投資服務費用上漲了 16%，反映出美國和國際上清算和抵押品管理領域的廣泛實力。

Net interest revenue increased by 10% year-over-year. Expenses of approximately $840 million were up 7% year-over-year, reflecting higher investments and inflation, partially offset by efficiency savings. Pretax income was approximately $630 million, representing a 42% pretax margin.

淨利息收入較去年同期成長10%。費用約為 8.4 億美元，年增 7%，反映了投資和通貨膨脹的增加，但部分被效率節約所抵消。稅前收入約為 6.3 億美元，稅前利潤率為 42%。

Turning to Investment and Wealth Management on Page 11. Investment and Wealth Management reported total revenue of $676 million, down 18% year-over-year. In Investment Management, revenue was down 26%, reflecting the fair value adjustment of the receivable and the impact of the prior year divestiture as well as the mix of AUM flows, partially offset by higher market values, seed capital gains and the weaker dollar.

轉向第 11 頁的投資和財富管理。投資和財富管理報告總收入為 6.76 億美元，年減 18%。在投資管理方面，收入下降了26%，反映了應收帳款公允價值調整、上一年資產剝離以及資產管理規模流量組合的影響，但部分被較高的市值、種子資本收益和美元疲軟所抵消。

In our Wealth Management business, revenue decreased by 3% driven by changes in product mix, partially offset by higher market values. Expenses of approximately $680 million were down 2% year-over-year, primarily reflecting efficiency savings and the impact of the divestiture in 2022, partially offset by higher investments, inflation and the unfavorable impact of the weaker dollar. Pretax income was a loss of $5 million. Excluding the impact of notable items, pretax income of $151 million increased 1% year-over-year and represented an 18% pretax margin. Assets under management of $2 trillion increased by 8% year-over-year, reflecting higher market values and the weaker dollar, partially offset by cumulative net outflows.

在我們的財富管理業務中，由於產品結構變化，收入下降了 3%，但部分被較高的市場價值所抵消。費用約為 6.8 億美元，年減 2%，主要反映了效率節省和 2022 年剝離的影響，部分被投資增加、通貨膨脹和美元疲軟的不利影響所抵消。稅前收入虧損 500 萬美元。排除重要項目的影響，稅前收入為 1.51 億美元，年增 1%，稅前利潤率為 18%。管理資產規模達 2 兆美元，年增 8%，反映出市場價值上升和美元疲軟，但部分被累積淨流出抵銷。

In the quarter, we saw $7 billion of net inflows into short-term strategies and $4 billion of net inflows into long-term active strategies, while we saw $10 billion of net outflows from index strategies. Wealth Management client assets of $312 billion increased by 16% year-over-year, reflecting higher equity market values and cumulative net inflows.

本季度，短期策略淨流入 70 億美元，長期主動策略淨流入 40 億美元，指數策略淨流出 100 億美元。財富管理客戶資產達 3,120 億美元，年增 16%，反映了股票市值和累計淨流入的上升。

Page 12 shows the results of the Other segment. Total revenue improved year-over-year, primarily reflecting the absence of a net loss from repositioning the securities portfolio recorded in fourth quarter of 2022 and expenses of $693 million included $505 million related to the FDIC special assessment.

第 12 頁顯示了其他部分的結果。總營收年增，主要反映了 2022 年第四季記錄的證券投資組合重新定位沒有出現淨虧損，6.93 億美元的支出包括與 FDIC 特別評估相關的 5.05 億美元。

Having reviewed our results, I will now turn to Page 14 and our current outlook for 2024. We're entering the year on a strong footing, and we set ourselves up determined to at least break even from an operating leverage perspective. Considering our healthy pipeline across the businesses, we expect fee revenue growth to turn positive in 2024.

在回顧我們的業績後，我現在將翻到第 14 頁以及我們目前對 2024 年的展望。我們正以強勁的基礎進入這一年，並且我們決心至少從營運槓桿的角度實現收支平衡。考慮到我們各業務部門的健康發展，我們預計費用收入將在 2024 年實現正成長。

With regards to net interest revenue, our expectation for an approximately 10% decrease year-over-year is based on the assumption of market-implied forward interest rates, and we assume ongoing quantitative tightening puts further downward pressure on deposit balances. We intend to keep expenses, excluding multiple items, roughly flat in 2024.

就淨利息收入而言，我們預期年減約10%是基於市場隱含遠期利率的假設，並且我們假設持續的量化緊縮會給存款餘額帶來進一步的下行壓力。我們打算在 2024 年保持支出（不含多項項目）大致持平。

And finally, with regard to capital management, we expect to return north of 100% of 2024 earnings to common shareholders through dividends and buybacks. As Robin discussed earlier, 2023 was a foundational year for us. We took decisive actions to demonstrate some early evidence of our ability to deliver stronger financial performance. And importantly, we've developed a clear road map for our multiyear transformation.

最後，在資本管理方面，我們預計將透過股利和回購將 2024 年收益的 100% 以上退還給普通股股東。正如 Robin 之前討論的那樣，2023 年對我們來說是奠基之年。我們採取了果斷行動，以證明我們有能力實現更強勁的財務表現。重要的是，我們為多年轉型製定了清晰的路線圖。

Over the next couple of slides, we'll provide you our medium-term financial targets for the firm and some of the most impactful actions we're taking to keep delivering on our goals. Page 15 summarizes our consolidated targets.

在接下來的幾張投影片中，我們將為您提供公司的中期財務目標以及我們為繼續實現目標而採取的一些最有影響力的行動。第 15 頁總結了我們的綜合目標。

It is our goal to improve the firm's pretax margin to 33% and our ROTCE to 23% over the medium term while maintaining a strong balance sheet. I'll double-click on our business segments in a moment, but along our 3 strategic pillars, there are a number of teams that transcend our lines of business and segments. Robin mentioned several of these when he talked about our progress in '23, so I'll highlight just a few of them.

我們的目標是在中期將公司的稅前利潤率提高到 33%，將我們的 ROTCE 提高到 23%，同時保持強勁的資產負債表。稍後我將雙擊我們的業務部門，但沿著我們的 3 個策略支柱，有許多團隊超越了我們的業務線和部門。 Robin 在談到我們 23 年的進展時提到了其中的幾個，因此我將只專注於其中的幾個。

The first is our enhanced commercial model. We're driving a new culture of commerciality to deliver all of BNY Mellon in a unified front to facilitate deeper client relationships with solutions from across the firm. With our clients at the center, our model is led by client coverage teams with clear accountability to retain business, expand revenue into new areas and drive client satisfaction.

首先是我們增強的商業模式。我們正在推動一種新的商業文化，以統一的方式為紐約梅隆銀行的所有業務提供服務，從而利用整個公司的解決方案促進更深層的客戶關係。我們的模式以客戶為中心，由客戶涵蓋團隊領導，他們有明確的責任來保留業務、將收入擴大到新領域並提高客戶滿意度。

Our new sales operations and enablement organization, the client coverage practice, will make it easier for our clients to do more business with BNY Mellon and create consistent commercial roles, tools and support internally for an enhanced and more efficient sales experience. And what we call integrated solutions represent a new, more focused approach to assembling components from multiple client platforms into repeatable go-to-market capabilities that span across our lines of business, driving better value for our clients and higher profitable growth.

我們新的銷售營運和支援組織、客戶覆蓋實踐將使我們的客戶更容易與紐約梅隆銀行開展更多業務，並在內部創建一致的商業角色、工具和支持，以增強和更有效率的銷售體驗。我們所說的整合解決方案代表了一種新的、更集中的方法，將來自多個客戶端平台的組件組裝成跨越我們業務線的可重複的上市功能，為我們的客戶帶來更好的價值和更高的利潤成長。

The second one I'd like to highlight is our transition to our platform's operating model. By grouping similar activities together into logical platforms and uniting related capabilities, we are enabling the streamlining of internal processes to drive higher efficiency and further enhance resiliency and risk management. Our model is based on 2 types of platforms. Client platforms will own the delivery of a commercial solution to our external clients, while enterprise platforms will own the delivery of internal services.

我想強調的第二個問題是我們轉向平台營運模式的轉變。透過將類似的活動分組到邏輯平台並整合相關功能，我們能夠簡化內部流程，從而提高效率並進一步增強彈性和風險管理。我們的模型基於兩種類型的平台。客戶端平台將負責向外部客戶提供商業解決方案，而企業平台將負責提供內部服務。

Over the past few months, we've developed a detailed implementation approach, and our transition into this new model will be gradual and deliberate, starting with the first implementation wave this spring.

在過去的幾個月裡，我們制定了詳細的實施方法，從今年春天的第一波實施浪潮開始，我們將逐步、審慎地過渡到這種新模式。

And the third is our culture. People come to BNY Mellon to make an impact on global financial markets. While we focus on driving growth and running our company better, none of it can happen without our people. That's why we're making meaningful investments, including an enhanced learning, development and feedback to foster exciting careers.

第三是我們的文化。人們來到紐約梅隆銀行是為了對全球金融市場產生影響。雖然我們專注於推動成長並更好地經營我們的公司，但如果沒有我們的員工，這一切都無法實現。這就是為什麼我們正在進行有意義的投資，包括加強學習、發展和回饋，以培養令人興奮的職業生涯。

Moving to our segments, starting with Securities Services on Page 16. Here, we are reiterating our existing 30% pretax margin target. Over the past 24 months, we've improved the margin from 21% in 2021 to 25% in 2023. We're pleased with the performance of the business over the past 2 years, but we appreciate that the path from 25% to 30% will be the harder yards.

轉向我們的細分市場，從第 16 頁的證券服務開始。在這裡，我們重申現有的 30% 稅前利潤率目標。在過去 24 個月裡，我們將利潤率從 2021 年的 21% 提高到 2023 年的 25%。我們對過去 2 年的業務表現感到滿意，但我們很高興從 25% 到 30% % 將是較難的碼數。

First of all, we're firmly focused on driving down the cost to serve. We have and we continue to make significant investments in uplifting several platforms that support core services, including fund accounting, tax services, corporate actions and loan administration. Additionally, we continue going after inefficient processes. Over the past couple of years, we cataloged all of these processes and we've made some good progress in our digitization efforts, but there's more work to do.

首先，我們堅定地致力於降低服務成本。我們已經並將繼續進行大量投資，以提升支援核心服務的多個平台，包括基金會計、稅務服務、企業行為和貸款管理。此外，我們繼續追求低效率的流程。在過去幾年中，我們對所有這些流程進行了分類，並且在數位化工作中取得了一些良好進展，但還有更多工作要做。

We're also taking a more strategic approach to deepening client relationships going forward. Using enhanced tools to better understand client behavior, quality of service, economics and revenue opportunities, we are expanding wallet share and improving client profitability.

我們還將採取更具策略性的方法來深化未來的客戶關係。利用增強的工具來更好地了解客戶行為、服務品質、經濟和收入機會，我們正在擴大錢包份額並提高客戶盈利能力。

Last but not least, we're pursuing several opportunities to drive an acceleration of underlying growth. On the back of our investments over the years, we have become a premier provider of ETF servicing globally, and we expect to maintain our strong momentum through continued innovation. Similarly, in private markets, another one of the fastest-growing market segments, we've established a strong market position with more room to expand our capability set.

最後但並非最不重要的一點是，我們正在尋求一些機會來推動潛在成長的加速。憑藉多年來的投資，我們已成為全球領先的 ETF 服務供應商，我們希望透過持續創新保持強勁的勢頭。同樣，在另一個成長最快的細分市場之一的私人市場中，我們已經建立了強大的市場地位，並有更多的空間來擴展我們的能力。

Moving on to Market and Wealth Services on Page 17. As you can see on the left side of the page, this segment has a good track record of solid growth and attractive margins. Our focus here is to accelerate growth through deliberate investments without compromising profitability.

轉到第 17 頁的市場和財富服務。正如您在頁面左側看到的那樣，該細分市場有著良好的記錄，擁有穩健的成長和有吸引力的利潤。我們的重點是在不影響獲利能力的情況下透過深思熟慮的投資來加速成長。

I'll start with Pershing, our company's second largest line of business. As the #1 clearing firm for broker-dealers and a top 3 RIA custodian, Pershing benefits from a strong position in one of the fastest-growing segments in financial services, i.e. the U.S. wealth market. Notwithstanding near-term headwinds from the events of 2023, we are confident that our investments in the core platforms and client experience will drive further market share gains in the attractive market segment of the growing $1 billion-plus RIAs and hybrid broker-dealers.

我將從潘星開始，它是我們公司的第二大業務部門。作為排名第一的經紀自營商清算公司和排名前三的 RIA 託管人，潘星受益於在金融服務成長最快的領域之一（即美國財富市場）的強大地位。儘管2023 年的事件會帶來短期阻力，但我們相信，我們對核心平台和客戶體驗的投資將推動在不斷增長的價值超過10 億美元的RIA 和混合經紀自營商這一有吸引力的市場領域進一步提高市場佔有率。

And our Wove platform continues to gain momentum. As we're capturing business from existing clients and new opportunities to deliver the platform, data and investment solutions, we're currently projecting $30 million to $40 million of incremental revenue from Wove in 2024.

我們的 Wove 平台持續保持強勁勢頭。隨著我們從現有客戶那裡獲取業務以及提供平台、數據和投資解決方案的新機會，我們目前預計 2024 年 Wove 的增量收入將達到 3,000 萬至 4,000 萬美元。

In Treasury Services, we're benefiting from a strong position with financial institutions, and we're one of the top 5 U.S. dollar payments tiers in the world. Leveraging this strong position, we're selectively expanding our reach by targeting new clients, geographic and product segments. For example, we've been adding bankers to drive growth with e-commerce and NBFI clients, and the completion of multiyear uplift of our payments platform is expected to drive an increase to our SWIFT market share through growth in several geographies.

在資金服務領域，我們受益於與金融機構的強大地位，並且我們是全球排名前 5 名的美元支付等級之一。利用這一強大的地位，我們有選擇地透過瞄準新客戶、地理和產品領域來擴大我們的影響力。例如，我們一直在增加銀行家來推動電子商務和 NBFI 客戶的成長，而支付平台的多年提升預計將透過多個地區的成長來推動我們的 SWIFT 市場份額的增加。

Additionally, by joining forces with our markets business, which provides FX solutions in over 100 currencies, Treasury Services will enhance the FX capabilities that it can provide its clients.

此外，透過與我們提供 100 多種貨幣的外匯解決方案的市場業務聯手，Treasury Services 將增強其為客戶提供的外匯能力。

Rounding out the segment, Clearance and Collateral Management. As a primary provider of settlement for all U.S. government securities trades and the largest global collateral manager in the world, we have a special role in financial markets and we're taking this role very seriously. No doubt this business grows as markets grow, but we're not resting on our position. Our Clearance and Collateral Management business is one of the most innovative in the company. And so we're confident that this business can maintain its healthy growth trajectory by continuously launching new flexible collateral management solutions that position our clients to meet their growing liquidity needs and by continuing to increase collateral mobility and optimization across global client venues.

清算和抵押品管理部分進一步完善。作為所有美國政府證券交易的主要結算提供者和全球最大的全球抵押品管理公司，我們在金融市場中發揮著特殊的作用，並且我們非常認真地對待這個角色。毫無疑問，這項業務會隨著市場的成長而成長，但我們不會停留在我們的立場。我們的清算和抵押品管理業務是公司最具創新性的業務之一。因此，我們相信，透過不斷推出新的靈活的抵押品管理解決方案，使我們的客戶能夠滿足其不斷增長的流動性需求，並繼續提高全球客戶場所的抵押品流動性和優化，該業務可以保持健康的成長軌跡。

Next, Investment and Wealth Management on Page 18. Investment and Wealth Management reported a pretax margin of 12% for the full year 2023 or 17%, excluding notable items. Our plan is to improve the segment margin to 25% or higher over the medium term on the back of a combination of growth and efficiency initiatives.

接下來是第 18 頁的投資和財富管理。投資和財富管理報告稱，2023 年全年稅前利潤率為 12%，若不包括重要項目，稅前利潤率為 17%。我們的計劃是在成長和效率舉措相結合的情況下，在中期將部門利潤率提高到 25% 或更高。

First, we're unlocking BNY Mellon's distribution power for the benefit of our investment firms and our clients. Most importantly, we're in the process of creating a firm-wide distribution platform that combines in-house products with offerings from select third-party managers to provide best-in-class solutions. Additionally, we're making enhancements to how we're offering Dreyfus cash products across our enterprise-wide open architecture liquidity ecosystem to improve visibility, and hence, platform share.

首先，我們將釋放紐約梅隆銀行的分銷能力，以造福我們的投資公司和客戶。最重要的是，我們正在創建一個全公司範圍的分銷平台，該平台將內部產品與精選的第三方管理人員的產品相結合，以提供一流的解決方案。此外，我們正在改進在整個企業範圍內的開放架構流動性生態系統中提供 Dreyfus 現金產品的方式，以提高可見性，從而提高平台份額。

Second, we're expanding our products and solutions with a focus on scaling our investment capabilities across Investment Management, Wealth Management and Pershing. And third, we're driving efficiency and scale by realizing the benefits as multiyear infrastructure investment programs are nearing completion and by better leveraging the enterprise to transform fragmented and subscale support activities into scaled enterprise platforms.

其次，我們正在擴展我們的產品和解決方案，重點是擴大我們在投資管理、財富管理和潘興領域的投資能力。第三，隨著多年基礎設施投資計畫即將完成，我們正在透過實現效益和更好地利用企業將分散和小規模的支援活動轉變為規模化的企業平台來提高效率和規模。

Moving on to our capital management philosophy on Page 19. BNY Mellon benefits from a capital-light business model that allows us to drive organic growth while typically returning nearly 100% of earnings to our common shareholders over time. Over the past 10 years, the firm grew dividends per share at an 11% CAGR and returned almost 100% of earnings to shareholders through a combination of dividends and buybacks. Our philosophy for capital deployment and capital distribution remains unchanged.

繼續我們第 19 頁的資本管理理念。紐約梅隆銀行受益於輕資本業務模式，使我們能夠推動有機成長，同時通常會隨著時間的推移將近 100% 的收益返還給我們的普通股東。過去 10 年來，該公司每股股息以 11% 的複合年增長率增長，並透過股息和回購相結合的方式將幾乎 100% 的收益返還給股東。我們的資本部署和資本分配理念保持不變。

We've entered the year with strong capital ratios at or above our management target of approximately 5.5% to 6% Tier 1 leverage and approximately 11% CET1. And assuming interest rates follow market-implied forwards, we expect to generate additional excess capital from the unrealized loss related to AFS securities pulling to par over time.

進入這一年，我們的資本比率強勁，達到或高於我們的管理目標，約 5.5% 至 6% 的一級槓桿率和約 11% CET1。假設利率遵循市場隱含遠期利率，我們預期隨著時間的推移，與 AFS 證券相關的未實現損失將達到標準水平，從而產生額外的超額資本。

Wrapping up on Page 20. Over the past year, we conducted thorough strategic reviews, we developed detailed business and financial plans, and we've taken the first steps on what will be a multiyear transformation of our company. Our business plans drive is achieving what we laid out across our 3 strategic pillars: being more for our clients, run our company better, and power our culture. And our financial plans aim to improve the firm's pretax margin to 33% and our ROTCE to 23% over the medium term while maintaining a strong balance sheet.

第 20 頁總結。在過去的一年裡，我們進行了徹底的策略審查，制定了詳細的業務和財務計劃，並在公司的多年轉型中邁出了第一步。我們的業務計劃的驅動力是實現我們在三大策略支柱中所製定的目標：更多地為我們的客戶服務、更好地運營我們的公司以及為我們的文化提供動力。我們的財務計畫旨在將在中期將公司的稅前利潤率提高到 33%，將我們的 ROTCE 提高到 23%，同時保持強勁的資產負債表。

In publishing our medium-term financial targets, together with our most important strategic priorities and the actions that will help us achieve them, we are providing transparency to allow you all to track our progress, and we are confident that we will deliver. We are excited about the work ahead of us, and today is an important milestone for our team. Now for those of you who are still with us, we promise to let you start your long weekend soon.

在發布我們的中期財務目標、以及我們最重要的策略優先事項以及幫助我們實現這些目標的行動時，我們提供透明度，讓大家能夠跟踪我們的進展，我們有信心我們能夠實現這一目標。我們對眼前的工作感到興奮，今天對我們團隊來說是一個重要的里程碑。現在，對於那些仍然和我們在一起的人，我們保證讓您很快就開始您的長週末。

With that, operator, can you please open the line?

那麼，接線員，您可以開通線路嗎？

(Operator Instructions) Our first question comes from the line of Brennan Hawken with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Brennan Hawken 線路。

Thanks for all the detail that you provided in the deck on the targets. Really very, very helpful, very, very thoughtful. I'd love to start there. So it seems as though you guys see a really strong pretax margin enhancement opportunity. Where do you expect that you're going to see the results of that opportunity come through first?

感謝您在目標甲板上提供的所有細節。真的非常非常有幫助，非常非常周到。我很想從那裡開始。所以看來你們看到了一個非常強大的稅前利潤提昇機會。您期望在哪裡首先看到該機會的結果？

And while I appreciate that the targets are over a 3- to 5-year period, is the profile of the improvement that you expect likely to look straight line? Or is there going to be a more parabolic curve resulting in more of a back-end weighting?

雖然我知道目標是在 3 到 5 年的時間內完成的，但您期望的改進情況看起來會是直線嗎？或者是否會有更多的拋物線曲線導致更多的後端權重？

Brennan, this is Dermot. I'll start off. So the way I think about it is if you take the comments that both Robin and I have prepared and we've just laid out over the last 30 to 35 minutes, you can see truly that 2023 was a foundational year. We did a lot of exploratory work, detailed planning. We've made a bunch of investments, both which will drive efficiency and which will drive growth.

布倫南，這是德莫特。我就開始吧。因此，我的想法是，如果您仔細閱讀 Robin 和我在過去 30 到 35 分鐘內準備的評論，您就會真正看到 2023 年是基礎性的一年。我們做了很多探索工作，詳細規劃。我們進行了大量投資，這不僅會提高效率，也會推動成長。

We've talked a lot over the last few quarters about Wove, which we launched last June. And in my prepared remarks, I talked about $30 million to $40 million of revenue this year. So I would say we're making investments in all of our segments, and you can also see it in Investment and Wealth Management, where we are beginning to see green shoots. And you can see we're making a lot of investments in our security and services businesses modernizing our platforms.

過去幾季我們對去年 6 月推出的 Wove 進行了許多討論。在我準備好的發言中，我談到了今年 3,000 萬至 4,000 萬美元的收入。所以我想說，我們正在所有領域進行投資，你也可以在投資和財富管理領域看到它，我們開始看到萌芽。您可以看到，我們正在對安全和服務業務進行大量投資，以實現平台的現代化。

So I would say you're going to see it quarter-by-quarter. And I think over time, as you get to know Robin and myself, you'll see us do it and then talk about it rather than preannounce it and then do it. So we're in execution mode, and we will deliver, but you're going to see this happen quarter-by-quarter.

所以我想說你會一個季度一個季度地看到它。我認為，隨著時間的推移，當你了解羅賓和我自己時，你會看到我們這樣做，然後談論它，而不是預先宣布然後去做。所以我們處於執行模式，我們會交付，但你會看到這種情況每季都會發生。

Okay. The environment is rather different from the last time we spoke. We've seen an indication of a Fed pivot. Everyone is now expecting a far more short order rate -- policy rates to be declining. And so we saw an uplift -- even though there was only a little bit of averaging in of policy rate a little higher this quarter, we did see an uptick in -- on the deposit cost side.

好的。環境與上次談話時有很大不同。我們已經看到聯準會轉向的跡象。現在每個人都預期短期訂單利率會大幅提高——政策利率將會下降。因此，我們看到了存款成本方面的上升——儘管本季政策利率平均只有一點點略高，但我們確實看到了上升。

So what drove that? And then how should we be thinking about the mechanics of the lower policy rate and how that might flow through on the deposit side and what's captured in your NII outlook for 2024? A few questions in there. Sorry, Dermot.

那麼是什麼推動了這一點呢？那麼我們應該如何考慮降低政策利率的機制，以及它如何在存款方面流動，以及 2024 年 NII 展望中包含哪些內容？裡面有幾個問題。對不起，德莫特。

Yes, I was going to say for a follow-on question, that was special, yes.

是的，我想說的是後續問題，這很特別，是的。

Got my money's worth.

我的錢花得值了。

Yes. So hopefully, others won't have to ask the same question again. So look, if you go back 12 months when we gave our 20% guidance for 2023, there was a disconnect between what the market thought was going to happen in '23 and what the Fed thought was going to happen in '23. The market was calling for rate cuts in June of '23, and the Fed wasn't. We guided 20%. The year played out very, very differently to what everybody thought was going to happen. And we ended up with a 24% year.

是的。所以希望其他人也不必再問同樣的問題。所以，如果你回到 12 個月前，當我們給出 2023 年 20% 的指導時，你會發現市場認為 23 年將發生的情況與聯準會認為 23 年將發生的情況之間存在脫節。 23 年 6 月，市場呼籲降息，但聯準會沒有。我們指導了20%。這一年的發展與每個人的預期都非常非常不同。我們最終獲得了 24% 的年增長率。

To one of your questions where -- why did deposit costs go up, I think our NIM for Q4 was in the 1.26% range, and that really is balances rolling off and new balances coming on at market rates. And we ran strong to the tape in -- we ran strong to the tape at the year-end. And look, I have to say, how we did on deposits in Q4 was a little bit of a 1BNY Mellon effort between lines of business, our deposit team, our Treasurer and our CIO book. So we feel very good about how we finished the year, and we outperformed $1.1 billion of revenue. So all in all, we feel very good about that.

對於您的一個問題——為什麼存款成本上升，我認為我們第四季度的淨息差在 1.26% 的範圍內，這實際上是餘額滾動和新餘額按市場利率出現。我們在年底的時候表現強勁。我必須說，第四季度我們在存款方面的表現就像 1BNY Mellon 的業務線、我們的存款團隊、我們的財務主管和我們的 CIO 簿之間的努力一樣。因此，我們對這一年的表現感到非常滿意，我們的收入超過了 11 億美元。總而言之，我們對此感覺非常好。

This year, again, I think the Fed and the markets are a little bit at odds. We had a Fed commentator talk a couple of days ago about March being too early. Notwithstanding that, the market thinks there's an 80% probability of a rate cut happening in March. So we're neutrally positioned in the outlook for '24.

今年，我再次認為聯準會和市場有點矛盾。幾天前，一位聯準會評論員談到三月還為時過早。儘管如此，市場認為3月降息的可能性為80%。因此，我們對 24 年的前景持中立態度。

On balance, if the rates happen, and 6 cuts happen this year, we might expect balances to go up. If it's higher for longer, we expect people to optimize and we say continued outflow of deposits. But we start the year strong with $273 billion of average deposits in Q4. We feel good about our NIM for 2024. So we feel we're set up nicely, but the balance of outcomes, we think, down 10% for '24.

總的來說，如果利率發生，並且今年發生 6 次降息，我們可能會預計餘額會增加。如果它持續較高的時間，我們預期人們會優化，我們會說存款持續外流。但我們以第四季平均存款 2,730 億美元的強勁表現開啟了新的一年。我們對 2024 年的淨利差 (NIM) 感覺良好。因此，我們覺得我們的設置很好，但我們認為，24 年的結果平衡下降了 10%。

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。

So let me see if I did okay in my math class in school. So in 2024, you're guiding for flat expenses, flat or higher operating leverage, NII down 10%. That implies fees up 3%. So did I do my math correctly? And if I did it correctly, why only up 3%?

讓我看看我在學校的數學課表現得是否好。因此，到 2024 年，您的指導方針是固定支出、固定或更高的營運槓桿、NII 下降 10%。這意味著費用上漲 3%。那我的數學計算正確嗎？如果我做對了，為什麼只漲了 3%？

So Mike, it's Robin. We're not going to quibble with your math or with your English comprehension either from our commentary. You've gotten right what we said. We've intentionally not guided on fees because of the nature of the year, and we recognize that there are a lot of different inputs to that. So we recognize that the year can, in fact, turn out in various different ways. We feel committed to the flat to plus on the operating leverage that we've committed to. And we've guided to how we think the other things are going to play out. And so that was quite deliberate, and we're focusing you on the things that we've talked about. But obviously, from a math point of view, we understand how the math works.

麥克，是羅賓。我們不會透過我們的評論來質疑你的數學或英語理解能力。我們說的你都說對了。由於年份的性質，我們故意不提供費用指導，並且我們認識到對此有很多不同的投入。因此，我們認識到這一年實際上可能會以各種不同的方式出現。我們致力於扁平化，以增加我們所承諾的營運槓桿。我們也指導了我們認為其他事情將如何發展。所以這是經過深思熟慮的，我們讓您專注於我們已經討論過的事情。但顯然，從數學的角度來看，我們了解數學是如何運作的。

The more important question would just be your medium-term target to take your returns to 23%, up from 21% last year or, I guess, 21.5% or so this past year. How do you define the medium term? And for that 150 basis point increase from here, how would you segment that, like efficiency, revenue, buybacks or some other way just to give us like a simple waterfall chart in words?

更重要的問題是你的中期目標是將回報率從去年的 21% 提高到 23%，或者我猜去年是 21.5% 左右。您如何定義中期？對於從這裡開始的 150 個基點的成長，您將如何細分，例如效率、收入、回購或其他方式，只是為了給我們一個簡單的文字瀑布圖？

So the way I would think about it, Mike, is not to give you a weak answer, it really is all of the above. And if you think about fee revenue, we're very focused on higher organic growth. And we set about that and we've made a lot of mention about the Chief Commercial Officer, 1BNY Mellon and just generally de-siloing the organization. We really feel optimistic about being able to deliver over time higher organic growth.

所以，麥克，我的思考方式並不是給你一個軟弱的答案，實際上就是以上所有。如果你考慮一下費用收入，我們非常關注更高的有機成長。我們開始著手解決這個問題，並多次提到了 1BNY Mellon 的首席商務官，並總體上消除了組織的孤立。我們對隨著時間的推移能夠實現更高的有機成長感到非常樂觀。

Also in 2023, FX volumes around the world and volatility was lower. And so we expect FX revenue that to normalize, which give us a boost. And look, we're optimistic about where equity markets are going to go. And so in our plans, we have mid-single-digit equity market appreciation to support that fee revenue growth.

同樣在 2023 年，全球外匯交易量和波動性均較低。因此，我們預計外匯收入將正常化，這將為我們帶來提振。看，我們對股市的走向持樂觀態度。因此，在我們的計劃中，我們的股市升值幅度為個位數，以支持費用收入的成長。

On expenses, look, I think 2023 was a year where we got 50-plus thousand employees on the same page as how Robin and I think about and the management team think about running our company better. We don't talk about cost cutting or head count layoffs. We talk about what are the things that we need to do to run this company better. And I think we have 50,000 people aligned with us now. And I feel very optimistic through all the projects that we have underway to digitize the firm, automate processes, deliver more for our clients. So everything will feed together, and we'll do a lot at the same time. And with all of that, we'll be able to buy back more stock, which will drive us to that higher ROTCE and pretax margin that you talked about.

在費用方面，我認為 2023 年，我們有 5 萬多名員工，我和 Robin 以及管理團隊都在思考如何更好地經營我們的公司。我們不談論成本削減或裁員。我們討論我們需要做哪些事情才能更好地經營這家公司。我認為現在有 50,000 人與我們保持一致。我對我們正在進行的所有專案感到非常樂觀，這些專案旨在實現公司數位化、流程自動化、為客戶提供更多服務。所以一切都會一起進行，我們會同時做很多事。有了這一切，我們將能夠回購更多股票，這將推動我們達到您談到的更高的 ROTCE 和稅前利潤率。

And Mike, I'll just add one thing to that, which is we talked at the beginning of 2023, and you pressed us on this and rightly so in 2023, about the fact that we hadn't before managed to tell the improved expense story that we think we actually ended up telling on -- in 2023. And that was an important focus.

麥克，我只想補充一件事，那就是我們在 2023 年初討論過，您在 2023 年就此事向我們施壓，這是正確的，因為我們之前沒有設法告訴我們改進的費用我們認為我們實際上最終在2023 年講述了這個故事。這是一個重要的焦點。

We also recognized that we were likely to have a good NII year, and we took the opportunity of those 2 things to be able to invest for future fee growth. And we never thought 2023 was likely to be a very strong fee year because the fees take time to be able to generate the return from the investment that we're putting into it through the various different things that Dermot just detailed.

我們也意識到，我們可能會度過一個好的 NII 年，並且我們利用這兩件事的機會來投資未來的費用成長。我們從未想過 2023 年可能會是一個非常強勁的收費年，因為這些費用需要時間才能從我們透過德莫特剛才詳細介紹的各種不同的事情投入的投資中產生回報。

And so we've set ourselves up, we think, to now be able to really leverage those investments. And that's a '24, '25, '26 story. Now of course, we'll stay focused on NII. We'll absolutely stay focused on efficiencies and expenses. We think AI will play a story in that over time, probably not a short-term story but more of a medium-term story. And that's how the whole thing comes together from an operating leverage point of view. So the way we got there in '23 is probably going to be different than the way we'll get there in '24. We're trying to point you to that through the disclosures.

因此，我們認為，我們現在能夠真正利用這些投資。這是一個 '24、'25、'26 的故事。當然，現在我們將繼續關注 NII。我們絕對會繼續關注效率和費用。我們認為，隨著時間的推移，人工智慧將扮演一個故事，可能不是一個短期故事，而是一個中期故事。從營運槓桿的角度來看，這就是整個事情的結合。因此，我們在 23 年實現這一目標的方式可能與我們在 24 年實現這一目標的方式有所不同。我們試圖透過披露向您指出這一點。

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)。

Thanks for all the detail around the businesses and long-term outlook as well. If I can focus on Slide 16 in the securities servicing goals there. How do you think about -- in terms of automating the processes those first 2 boxes that drive the cost to serve down and then the second one on deepening client relationships, how do you think about the effect of digitizing and automating these processes and whether matching that against to what extent you can actually enhance the revenue profile as well? Are you favoring lowering the cost and not so much enhancing the revenue profile by digitizing the services? Or is there 2 parts of that where you can also improve the servicing quality?

感謝您提供有關業務和長期前景的所有詳細資訊。我可以專注於投影片 16 中的證券服務目標嗎？您如何看待——在流程自動化方面，前兩個框可以降低服務成本，然後第二個框可以加深客戶關係，您如何看待這些流程數位化和自動化的效果以及是否匹配您實際上可以在多大程度上提高收入狀況？您是否贊成透過數位化服務來降低成本，而不是大幅提高收入狀況？或者是否有兩個部分可以提高服務品質？

Okay. So here's how I would answer that, Brian. So we've -- and I said in my prepared remarks, we've made a lot of -- through last year and this year in the budget process, we have made a lot of investments in our foundational infrastructure that supports the Asset Servicing business. And so that's going to result in greater automation and a better client experience.

好的。這就是我的回答，布萊恩。因此，我在準備好的發言中說過，我們在去年和今年的預算過程中做了很多投資，我們對支持資產服務的基礎設施進行了大量投資。商業。因此，這將帶來更高的自動化程度和更好的客戶體驗。

We hired a new Head of Operations last year, and he's made a tremendous impact and spending a lot of time with our clients through understanding client behaviors where they're able to explain to us what they need, and we can then figure out how to change our processes to be more automated to deliver their solutions. So we've made a lot of good progress there.

我們去年聘請了一位新的營運主管，他產生了巨大的影響，透過了解客戶的行為，他花了很多時間與我們的客戶在一起，他們能夠向我們解釋他們的需求，然後我們可以弄清楚如何改變我們的流程，使其更加自動化，以交付他們的解決方案。所以我們在那裡取得了很多良好的進展。

So through driving down the cost to serve, we're going to give better client experience, which will then ultimately lead to enhanced revenue and enhanced client experience because the clients will be happy with us.

因此，透過降低服務成本，我們將提供更好的客戶體驗，最終將導致收入增加和客戶體驗增強，因為客戶會對我們感到滿意。

The other thing I would say is, for Asset Servicing specifically, we had our strongest sales quarter in 2023. We come into 2024 with a very healthy uninstalled book of business. And we feel very good about the mandates we won in Q4, and we feel very good about the pipeline coming into 2024. So I feel very, very good about all the leadership changes that we've made in Asset Servicing over the last 12 months, the hires we've made and the impact that they've made since they've joined.

我要說的另一件事是，特別是對於資產服務而言，我們在 2023 年迎來了最強勁的銷售季度。進入 2024 年，我們的未安裝業務量非常健康。我們對第四季度贏得的授權感到非常滿意，並對進入 2024 年的管道感到非常滿意。因此，我對過去 12 個月我們在資產服務領域所做的所有領導層變化感到非常非常滿意、我們聘用的員工以及他們加入以來所產生的影響。

And then within the other part of Securities Services, Corporate Trust and Depository Receipts, we're making significant investments in Corporate Trust this year to do a lot more digitization and a lot more automation so we can scale the business and drive that margin higher.

然後，在證券服務、企業信託和存託憑證的其他部分，我們今年對企業信託進行了大量投資，以實現更多的數位化和自動化，以便我們能夠擴大業務規模並提高利潤率。

That's great color. And then just a follow-on on the balance sheet deposit beta, the Fed cuts. And maybe if you can also comment on international cuts from the Bank of England and ECB. How are you viewing your deposit beta on the downside? Do you think within your guidance, are you able to move that down commensurately? Or is there a significant lag? And does that differ between the U.S. and Europe?

那顏色真棒。然後，聯準會削減了資產負債表存款貝塔值的後續行動。也許您也可以對英格蘭銀行和歐洲央行的國際削減發表評論。您如何看待存款貝塔值的負面影響？您認為在您的指導下，您是否能夠相應地降低這一點？或有明顯的延遲嗎？美國和歐洲之間有什麼不同嗎？

So just to give you a general framework, nothing really has much changed quarter-over-quarter. The dollar book, which is roughly 75% of the overall portfolio, has an 80% beta. As I've said many times, we have sophisticated clients. They're with us for not just deposits but for a variety of goods and services, which feeds the stickiness of our overall deposits being 2/3 operational. So that's a good story.

因此，為了給您一個總體框架，季度與季度相比並沒有太大變化。美元帳面約佔整個投資組合的 75%，其貝塔值為 80%。正如我多次說過的，我們擁有經驗豐富的客戶。他們不僅為我們提供存款，還為我們提供各種商品和服務，這提高了我們 2/3 的存款的黏性。所以這是一個好故事。

We passed on the price as I've said. We -- it will grind a little bit higher from here, but I think I feel pretty good about the dollar book and where that's at. And then euros and sterling, which make up the balance, are in the 55 to 65 beta range. And so as the rate -- as the Fed ultimately will pivot and rates will come down, we do expect that to follow symmetrically and so go down the same way it came up. So that's how I would view that.

正如我所說，我們傳遞了價格。我們——它會從現在開始稍微走高，但我認為我對美元帳簿及其所在位置感覺很好。然後歐元和英鎊構成餘額，貝塔係數在 55 到 65 之間。因此，隨著聯準會最終將轉向利率，利率將會下降，我們確實預期利率將對稱地跟隨，從而以與上升相同的方式下降。這就是我的看法。

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。

I had a [favoring] question just around looking at your medium-term targets. And I heard what you said in response to Mike's question on the fee revenue guide for this year. But when I looked at your strategic targets, I guess it's deliberate that we don't have a revenue growth number in there or a revenue growth target.

我有一個關於你們的中期目標的[贊成]問題。我聽到了你在回答麥克關於今年費用收入指南的問題時所說的話。但當我查看你們的策略目標時，我想我們是故意沒有其中的收入成長數字或收入成長目標。

And I'm just wondering, is that due to the macro or your view on the business, where you don't have a line of sight around being able to sustain a certain level of revenue growth? And I ask this because I think that's probably the toughest part of the BTA investment story is what's the sustainable level of revenue growth. You gave a lot of details around products and businesses, but would love to hear in terms of how you think one should think about baseline revenue growth in a more or less normal macro environment over the coming years.

我只是想知道，是否由於宏觀或您對業務的看法，您無法維持一定程度的收入成長？我問這個問題是因為我認為 BTA 投資故事中最困難的部分可能是收入成長的可持續水平。您提供了有關產品和業務的大量詳細信息，但很想听聽您認為人們應該如何考慮未來幾年在或多或少正常的宏觀環境中的基線收入增長。

Okay. Thanks for the question, Ebrahim. So I've been here 14 months now. So I'll give you my perspective, right, in terms of my history and I've studied the firm and how -- what we've accomplished over the last 12 months and how I see the future.

好的。謝謝你的提問，易卜拉欣。我來這裡已經 14 個月了。因此，我將根據我的歷史和我對公司的研究以及我們在過去 12 個月中取得的成就以及我對未來的看法，向您提供我的觀點。

So over the past years, BNY Mellon has delivered organic growth north of 2%, but it hasn't done it in a consistent fashion. And so we want to be able to talk to you in a consistent manner, and we'll give you guidance -- we want you to know that when we give guidance, you believe that we're going to do it.

因此，在過去的幾年裡，紐約梅隆銀行實現了 2% 以上的有機成長，但它並沒有以一致的方式實現這一目標。因此，我們希望能夠以一致的方式與您交談，我們將為您提供指導——我們希望您知道，當我們提供指導時，您相信我們會做到這一點。

So for '24, we think we're going to turn positive on fee growth. We feel set the firm up. But we don't want to give out guidance that has not got a track record of success. And so I've said this in an answer to some other questions. Asset Servicing, we feel like we have strong momentum. We feel we're making the right investments to power that business forward. And that will -- it's our biggest business. And so we feel like pretax margin is going to go up as a result of efficiency and fee growth.

因此，對於 24 年，我們認為費用成長將會轉為正值。我們覺得公司成立了。但我們不想給出沒有成功記錄的指導。我在回答其他一些問題時也這麼說過。資產服務方面，我們感覺勢頭強勁。我們認為我們正在做出正確的投資來推動業務發展。這將是我們最大的業務。因此，我們認為，由於效率和費用的成長，稅前利潤率將會上升。

And then if you take Market and Wealth Services, our most profitable segment, Clearance and Collateral Management, Treasury Services and Pershing, all have mid-40s pretax margin and all have good opportunities for growth. But then again, fee growth is a little bit dependent on the market, and a big part of it is what happens to the market. And that guides us to be a little bit more cautious with giving you guidance overall on fee growth. But each of our businesses in terms of the underlying fundamentals, we feel very, very good about.

然後，如果你考慮我們最賺錢的市場和財富服務部門、清算和抵押品管理、資金服務和潘興，它們的稅前利潤率都在 40 多歲左右，並且都有良好的成長機會。但話又說回來，費用成長在一定程度上取決於市場，其中很大一部分取決於市場發生的情況。這引導我們在為您提供有關費用增長的整體指導時更加謹慎。但就我們的每項業務的基本面而言，我們都感覺非常非常好。

Ebrahim, I'll just add to that. And we debated this a lot about the fact that you don't have the dollar output guidance on fees. And so as a result, what we've been trying to do is really make sure that we're communicating to you on all of the inputs to that.

易卜拉欣，我補充一下。我們對此進行了很多爭論，因為您沒有關於費用的美元產出指導。因此，我們一直在努力做的是真正確保我們就所有的意見與您溝通。

But as Dermot said, there is both a market impact potential. We'll have to see how the markets evolve. And there's a bit of a portfolio effect, which is we've really invested in a lot of different places. We have good confidence around the fact that several of those are going to yield something in 2024 and then hopefully continue to yield more in 2025. But it's hard for us to be able to know exactly what's going to hit and exactly when it's going to hit.

但正如德莫特所說，兩者都存在市場影響潛力。我們必須看看市場如何演變。還有一點投資組合效應，那就是我們確實在許多不同的地方進行了投資。我們對以下事實充滿信心：其中一些項目將在 2024 年產生一些成果，並希望在 2025 年繼續產生更多成果。但我們很難確切知道會發生什麼以及何時會發生。 。

So we've got a confidence on a portfolio basis around those investments, but we don't have the absolute line of sight that makes us comfortable to tell you the exact number in the exact quarter that it's actually going to hit. And so all we can do is show you the inputs and now point to a year of track record in 2023 around the fact that we have, in fact, made progress on the things that we said we were committed to make progress on.

因此，我們對這些投資的投資組合充滿信心，但我們沒有絕對的視野，無法讓我們放心地告訴您實際將達到的確切季度的確切數字。因此，我們所能做的就是向您展示投入，現在指出 2023 年的業績記錄，事實上，我們已經在我們承諾取得進展的事情上取得了進展。

That's helpful. Good color. And just a separate question. I mean I'm sure most investors like the fact that you're going to be buying back stock. But when you think about -- given the run in the stock valuation-wise, is there any sensitivity to where you probably don't want to be leaning into buybacks? And secondly, are there other good uses of capital, one of them being inorganic M&A-driven growth? Or is that just off the table right now?

這很有幫助。顏色好。只是一個單獨的問題。我的意思是，我確信大多數投資者都喜歡回購股票。但是，當你考慮到股票估值方面的運行時，你可能不想傾向於回購的地方是否存在任何敏感性？其次，資本是否還有其他好的用途，其中之一就是無機併購驅動的成長？或者現在這個問題還沒解決嗎？

So you're right that we have an implied waterfall of how we think about our capital. And the first is to be able to invest it profitably well in the business. And then towards the bottom of that waterfall is if we have surplus capital after we taking those things into account, we want to return it to our shareholders, and that's what we've been doing. And so that waterfall hasn't changed in how we think about it.

所以你是對的，我們對資本的看法有一個隱含的瀑布。首先是能夠將其良好地投資於業務並從中獲利。然後，在瀑布的底部，如果我們考慮到這些因素後有剩餘資本，我們希望將其返還給我們的股東，這就是我們一直在做的事情。所以我們對瀑布的看法並沒有改變。

Now in terms of M&A, right now, we're focused on what we have and how we think that we can improve it. That's really been the story. Dermot really made the point around running our company better. And we think that there's so much opportunity in the franchise to be able to run ourselves better and have the growth that we haven't wanted to distract ourselves with M&A.

現在就併購而言，我們現在專注於我們擁有的東西以及我們認為如何改進它。故事確實如此。德莫特確實提出瞭如何更好地經營我們公司的觀點。我們認為，特許經營權中有很多機會可以讓我們更好地運作並實現成長，我們不想因為併購而分散自己的注意力。

Now we have a high bar. We've had a high bar. We continue to have a high bar, but we are keeping our eyes open. And I think that's the right thing to do, particularly for things that would help us to accelerate our delivery. We're not looking at transformation, we're not looking at big pivots, but we are always interested in things that can, in their own way, speed us on the journey that we've laid out to you.

現在我們有一個很高的標準。我們有一個很高的標準。我們仍然有很高的標準，但我們仍保持警惕。我認為這是正確的做法，特別是對於那些有助於我們加速交付的東西。我們不是在尋找轉型，我們不是在尋找重大轉折點，但我們總是對那些能夠以自己的方式加速我們向您展示的旅程的事物感興趣。

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。

So last year, you guys did a really good job setting a hittable bar on that NII point that you made earlier, and we ended up seeing a nice increase to NII to the end of the year up to $1.1 billion. So I'm just wondering, given that you're still setting a new bar to down 10%, which implies definitely like a settling down from the $1.1 billion, I'm wondering to the prior conversation on rates, just can you help us understand like the cadence of that, the direction of travel and then with regards to the rates forecast you're building in, like when that settles back down and starts to bottom?

所以去年，你們在之前提出的 NII 點上設定了一個可達到的標準，做得非常好，我們最終看到 NII 到年底大幅增長，達到 11 億美元。所以我只是想知道，考慮到你們仍然設定了一個新的下降 10% 的標準，這絕對意味著從 11 億美元開始下降，我想知道之前關於利率的對話，你們能幫助我們嗎了解這樣的節奏，行進方向，然後關於您正在建立的費率預測，例如什麼時候回落並開始觸底？

New yearly guidance, I'm not too sure I really want to commit to quarterly guidance. Deposit levels, we finished the year strong. That was a variety of factors. As I said in my prepared remarks, we had 4 months of consecutive growth. I talked at Barclays in September, I talked at Goldman in December. We feel very good about the deposit franchise. We feel very good about what clients are doing with us.

新的年度指導，我不太確定我是否真的想承諾季度指導。存款水平，我們今年表現強勁。這是多種因素造成的。正如我在準備好的演講中所說，我們連續 4 個月實現了成長。 9月我在巴克萊銀行做演講，12月我在高盛做過演講。我們對存款專營權感覺非常好。我們對客戶與我們一起所做的事情感到非常滿意。

And so we bank it as it comes. But when I sit back and I look out at the macro, and this is what we said this time last year, we expected deposits to go down by mid- to high-single digits. And it'd ultimately be -- it was down 4% for us. That's the trajectory I expect to happen this year. And so I don't have a particular magic ball on what's going to happen quarter-by-quarter. So I would just take the down 10% and divide it by 4 for your model and just see where that gets you.

因此，我們將其存入銀行。但當我坐下來觀察宏觀時，這就是我們去年這個時候所說的，我們預計存款將出現中高個位數下降。最終我們的股價下跌了 4%。這就是我預計今年會發生的軌跡。因此，對於每季將會發生的事情，我並沒有什麼特別的魔力。所以我會為你的模型取 10% 的下降除以 4，然後看看你會得到什麼結果。

Okay. Got it. And then as a corollary to that, your comments on the movement to a flattish expense base from a successful plus 3% last year is a meaningful move. And I know it fits to that point we just ended on, which it still incorporates a down 10% NII. Presuming we get past this point and NII does get stable and/or the fee income starts to grow, I presume you're not trying to point us to a flattish expense trajectory for the longer-term future. But guide -- maybe you can talk us to how you will manage that positive operating leverage gap and -- relative to needed investments and then the margin targets you just gave us, too, in terms of how you deal with volatility of the macro environment while getting to that point of seeing those margin target improvements.

好的。知道了。作為推論，您對費用基數從去年成功成長 3% 到持平的變化的評論是一個有意義的舉措。我知道它符合我們剛結束的觀點，它仍然包含下降 10% 的 NII。假設我們已經過了這一點，而 NII 確實變得穩定和/或費用收入開始成長，我想您不會試圖向我們指出長期未來的平坦支出軌跡。但是指導 - 也許您可以告訴我們您將如何管理正營運槓桿缺口 - 相對於所需的投資以及您剛剛給我們的利潤目標，以及如何應對宏觀環境的波動同時達到看到利潤目標改善的程度。

So Ken, it's Robin. I'll start off. Dermot might want to add something. Look, I think about this at a fairly high level of us being focused on positive operating leverage, at least until the point that we get to the margin targets that we're talking about, and there's a little bit of work between here and there.

肯，是羅賓。我就開始吧。德莫特可能想補充一些東西。聽著，我在相當高的層面上考慮了這一點，我們專注於積極的營運槓桿，至少在我們達到我們正在討論的利潤目標之前，並且這裡和那里之間還有一些工作。

And we also recognize that each year is going to have unique factors. And so the year in which we have a fairly significant NII jump of the 24% is going to create different conditions that allowed us to have a fee year which was fine but not growing in a meaningful way. And that allowed for some headroom on expenses, which was -- which is something that we've used in order to be able to make investments.

我們也意識到，每年都會有獨特的因素。因此，在 NII 大幅成長 24% 的那一年，我們將創造不同的條件，讓我們的收費年度還不錯，但不會以有意義的方式成長。這使得我們可以在開支上留出一些空間，這是我們用來進行投資的。

Now 2024 is a different year. It's got a different composition. But every one of the years that we face has each of these inputs. It has fees, it has NII and it has expenses. And we're trying to be very purposeful around solving for operating leverage in the context of the year that we actually are faced with. And we think that that's the right thing to do, recognizing that markets move around. And each year brings -- serves us something different. We manage what's in our control.

現在，2024 年是不同的一年。它有不同的成分。但我們面臨的每一年都有這些投入。它有費用，有NII，也有開銷。我們正在努力有針對性地解決我們實際面臨的這一年的營運槓桿問題。我們認為，認識到市場在變化，這是正確的做法。每年都會帶給我們不同的東西。我們管理我們控制範圍內的事。

So Ken, I'll go a little bit off script here. It's a bit of a cultural moment for us on just expense management, financial discipline, running our company better. I talked with one of the executive committee yesterday and he said, Dermot, you have a very high bar for yourself on flat expenses for 2024. And I said, no, we have a high bar, we as a firm. And that's down to all of us. And we talked to our managing director population earlier today, and we're all in it together about running our company better. And I think that's an important culture pivot that we've managed to achieve over the last 12 months.

肯，我在這裡稍微偏離一下劇本。對我們來說，這是一個關於費用管理、財務紀律、更好地經營公司的文化時刻。昨天我與一位執行委員會成員交談，他說，德莫特，你對 2024 年的固定支出有很高的標準。我說，不，我們作為一家公司有很高的標準。這取決於我們所有人。今天早些時候，我們與董事總經理進行了交談，我們都齊心協力更好地經營我們的公司。我認為這是我們在過去 12 個月中成功實現的一個重要的文化支點。

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。

So just one big question, if I could. So I think you've been talking about getting clients to do more business with Bank of New York Mellon, which -- and you're executing on getting them better and you invested a lot. I did hear you today talk about improve the service and then clients will consolidate business.

所以只有一個大問題，如果可以的話。因此，我認為您一直在談論如何讓客戶與紐約梅隆銀行開展更多業務，您正在執行讓客戶做得更好的工作，並且您投入了大量資金。我今天確實聽到您談論改善服務，然後客戶將鞏固業務。

So my question is, high level, it feels -- it's natural and it feels like it's working, but you're putting a lot of effort and expense at improving and modernizing and digitizing your businesses that actually haven't been growing as much and/or need to modernize more and have lower margins to improve them. But is there any thought towards maybe you're supposed to put capital towards actually your highest profitable business and ones that grow? It's a question on, do you need the whole portfolio basically?

所以我的問題是，高水平，感覺- 這是自然的，感覺它正在發揮作用，但你投入了大量的精力和費用來改進、現代化和數字化你的業務，而這些業務實際上並沒有增長那麼多， /或需要更多的現代化和較低的利潤來改善它們。但是，是否有想過也許您應該將資金投入實際上利潤最高的業務和成長的業務？這是一個問題，您基本上需要整個投資組合嗎？

So the short answer to your question, Glenn, is yes, we do. And as Dermot has laid out and we've laid out in the materials particularly, there is a subtly different flavor to the investments that we are making in each of our segments. And so in the Securities Services segment, our focus is on the efficiency and cost to serve as well as growth. We haven't ignored growth. But we recognize that making sure that our margin in that business continues to improve will allow us to be even more competitive. Because we're the world's largest custodian, we want the benefits of our scale to fully translate into our pricing with customers and the service that we can provide.

格倫，對你的問題的簡短回答是，是的，我們願意。正如德莫特和我們特別在材料中所闡述的那樣，我們在每個細分市場中進行的投資都有著微妙的不同風格。因此，在證券服務領域，我們的重點是服務的效率和成本以及成長。我們並沒有忽視成長。但我們認識到，確保該業務的利潤率持續提高將使我們更具競爭力。因為我們是世界上最大的託管人，所以我們希望我們的規模優勢能夠完全轉化為我們對客戶的定價以及我們可以提供的服務。

So it's got a tilt towards efficiency in that business. And there's a lot of digitization that can be brought to bear there. We are excited about the medium-term potential of AI. We're excited about the shorter-term benefits of our new leadership team in operations, and the things that Emily and her team are working on are really targeted to that. But we haven't forgotten about growth in the space. And that's why Dermot mentioned, we actually had our best sales quarter at the end of last year in that business.

因此，它傾向於提高該業務的效率。那裡可以應用很多數位化技術。我們對人工智慧的中期潛力感到興奮。我們對新領導團隊在營運中所帶來的短期效益感到興奮，艾米麗和她的團隊正在做的事情正是以此為目標。但我們並沒有忘記該領域的成長。這就是為什麼德莫特提到，我們實際上在去年年底在該業務中實現了最好的銷售季度。

Now you're right, in our Market and Wealth Services business, which has a margin that, frankly, we're quite happy with, and you haven't heard us talk about growing that margin. We really want to grow that business at that margin, and that's our focus there. So that's really where our drive, drive, drive around more revenues, a lot of our investments around our new business. That's where we built Wove, is in that business.

現在你是對的，在我們的市場和財富服務業務中，坦白說，我們對此感到非常滿意，而且你還沒有聽到我們談論增加這一利潤。我們確實希望以這樣的利潤成長該業務，這就是我們的重點。因此，這確實是我們推動更多收入、圍繞新業務進行大量投資的動力所在。這就是我們創建 Wove 的地方，就是從事這項業務。

Dermot talked about the Clearance and Collateral Management business, where we've had very significant growth over the course of this year. He talked about the investments that we're making in our Treasury Services business as well, where we've got -- so that's where we are really wanting to try to grow the overall revenue.

德莫特談到了清算和抵押品管理業務，今年我們在這方面取得了非常顯著的成長。他也談到了我們在財務服務業務中進行的投資，我們已經在那裡進行了投資，所以這就是我們真正想要嘗試增加整體收入的地方。

And then in our Investment and Wealth Management business, where we've had higher margin before and now we've been subject, of course, to the more difficult market environment, that's driven it down. But that's a place where we'd like to return to our prior margins. A little bit of market would help on that but also some of the structural changes that we've been making, the new product launches that we've been doing, the opportunity to make Investment Management part of BNY Mellon as opposed to just a separate piece, not availing itself of the $2.5 trillion-plus of distribution we have, which at the end of the day, was completely orphaned previously from the $2 trillion worth of manufacturing. So the way in which we're solving the problem varies according to the segment.

然後在我們的投資和財富管理業務中，我們以前的利潤率較高，但現在我們受到了當然，更困難的市場環境的影響，這導致了利潤率的下降。但這是我們希望恢復到之前利潤水平的地方。一點點市場會對此有所幫助，但也有助於我們一直在進行的一些結構性變革，我們一直在推出的新產品，以及使投資管理成為紐約梅隆銀行一部分的機會，而不是僅僅作為一個單獨的部門。片，沒有利用我們擁有的超過 2.5 兆美元的分配，而最終，它完全是之前價值 2 兆美元的製造業的孤兒。因此，我們解決問題的方式因細分市場而異。

And what I would add there, Glenn, is -- it's in my remarks, but we invested $0.5 billion last year in things that we wanted to do that was going to grow the company while keeping our expense growth rate at 2.7%. So we're very disciplined about what we want to do, getting value for money, while at the same time, manage the expense base of the firm.

格倫，我要補充的是——這是我的發言，但我們去年投資了5 億美元，用於我們想做的事情，這些事情將使公司發展，同時將我們的費用增長率保持在2.7 %。因此，我們對自己想做的事情非常嚴格，物有所值，同時管理公司的費用基礎。

Our next question comes from the line of Manan Gosalia with Morgan Stanley.

我們的下一個問題來自馬南·戈薩利亞 (Manan Gosalia) 與摩根士丹利 (Morgan Stanley) 的對話。

Can you talk about your assumptions around QT in your NII guide? And are you assuming it continues at the current rate? So if the Fed does slow and does end QT early, would that be a big benefit to your deposit growth and to NII?

您能否在 NII 指南中談談您對 QT 的假設？您是否假設這種情況繼續以目前的速度發展？因此，如果聯準會確實放慢腳步並提前結束 QT，這會對您的存款成長和 NII 帶來巨大好處嗎？

So our NII guidance is based on market-implied forward rates at the end of the year with QT continuing. And so with QT continuing, we expect deposits to roll off. If QT were to change, then obviously, we would revisit and see what the benefits of that would be and run our models again and then we will come and talk to you. But that is not our base case, QT ending anytime soon.

因此，我們的 NII 指引是基於年底市場隱含遠期利率，且 QT 仍在繼續。因此，隨著 QT 的持續，我們預計存款將會減少。如果 QT 要改變，那麼顯然，我們會重新審視這會帶來什麼好處，並再次運行我們的模型，然後我們會來與您交談。但這不是我們的基本情況，QT 很快就會結束。

But on a net basis, that should help the noninterest-bearing deposit balances?

但從淨值來看，這應該有助於無利息存款餘額？

It should help, yes. But I couldn't give you a sensitivity to it here today, and it's not our base case.

應該有幫助，是的。但今天我無法向您透露對此的敏感性，而且這不是我們的基本情況。

Got it. Okay. Great. And then if you could help us with how we should think about the securities book with 6 rate cuts? Is there still a large chunk of the securities book that still reprices higher even if we get 6 cuts?

知道了。好的。偉大的。那麼您是否可以幫助我們思考如何看待 6 次降息的證券帳簿？即使我們進行 6 次降價，證券帳簿中是否仍有很大一部分重新定價更高？

So Q4 -- I'll start with Q4. As you will see in the financial supplement, the securities book rolled down by about $4 billion, largely deployed into cash and some mortgages, et cetera. And we had a yield pickup there of about 300 basis points. In 2024, we expect the yield pickup from the roll-down to be about 150 to 200 basis points, so rolling off at about 3% into current market rates. It's very liquid, quite like shortened duration. So overall, we feel good about the outlook for the book in 2024.

那麼 Q4——我將從 Q4 開始。正如您將在財務補充中看到的那樣，證券帳簿減少了約 40 億美元，大部分配置為現金和一些抵押貸款等。我們的收益率上升了約 300 個基點。到 2024 年，我們預計降息後的收益率將上升約 150 至 200 個基點，因此以當前市場利率下降約 3%。它非常流動，就像縮短了持續時間。總的來說，我們對這本書 2024 年的前景感到樂觀。

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。

Dermot, I know you touched on this with the net interest revenue already in terms of your expectations for 2024 being down 10% following, I think, the forward curve, correct me if I'm wrong there. If the forward curve is incorrect currently 6 rate cuts and it comes in closer to 2 or 3 for the year, how does that affect that 10% guidance?

德莫特，我知道您已經提到了這一點，您對 2024 年淨利息收入的預期將在遠期曲線之後下降 10%，如果我錯了，請糾正我。如果遠期曲線不正確，目前有 6 次降息，而今年接近 2 或 3 次，這對 10% 的指導有何影響？

So I would say the theoretical answer to that is you're higher for longer. And so therefore, people will continue to optimize their deposits into higher-yielding assets. So you could see the base case, you could see balances run off more. But we've analyzed this top-down, bottom-up left to right. And so the best guidance we give you is 10%. But if it transpired to be a different number, obviously, the NII number would be different.

所以我想說，這個問題的理論答案是你會保持更高的時間更長。因此，人們將繼續優化存款，投資於收益更高的資產。所以你可以看到基本情況，你可以看到餘額流失更多。但我們已經從上到下、從下到上從左到右進行了分析。因此，我們給您的最佳指導是 10%。但如果事實證明是一個不同的數字，顯然，NII 數字就會不同。

Sure. No, understood. Okay. And maybe, Robin, and I apologize if you guys already talked about this or it's in the deck. Your new business wins this quarter, what was the dollar amount of that? And what's the installed base that you have for next year?

當然。不，明白了。好的。也許，羅賓，如果你們已經討論過這個或它已經在甲板上，我很抱歉。您本季的新業務取得了成功，其金額是多少？明年的安裝基礎是多少？

So we don't give specific guidance on the installed base or backlogs. But I would say, look, I said it in an answer to an earlier question and it's in my prepared remarks, we had -- Q4 sales was our strongest of '23. We won mandates in the Middle East, asset managers, largest clients giving us more business. So look, we feel very good about what we accomplished in Asset Servicing in '23, and the team feel very built up about '24 and what the opportunities are in front of them.

因此，我們不會就已安裝基礎或積壓訂單提供具體指引。但我想說，看，我在回答之前的問題時說過，在我準備好的發言中，我們——第四季度的銷售是 23 年以來最強勁的。我們贏得了中東、資產管理公司和最大客戶的委託，為我們提供了更多業務。所以看，我們對 23 年在資產服務方面的成就感到非常滿意，團隊對 24 年以及他們面前的機會感到非常自信。

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。

A couple more on deposits. Dermot, you mentioned a couple of times that you've had 4 straight months of deposit growth to close '23. It seems that a lot of the things that would weigh on deposits in '24 were or already are headwinds in '23. And yet despite that, you've been able to grow deposits. So I'm curious if there's anything else that you think might change or become more of a headwind from the last 1/3 of '23 and into '24. And if there's a possibility or an environment where deposits actually do come in better than what's in the guide?

還有一些關於存款的。 Dermot，您曾多次提到，截至 23 年末，您的存款已連續 4 個月成長。看來，24 年對存款造成壓力的許多因素在 23 年曾經或已經是不利因素。儘管如此，您還是能夠增加存款。所以我很好奇，從 23 年最後 1/3 到 24 年，是否有其他事情可能會改變或變得更加不利。是否存在一種可能性或一種環境，存款實際上確實比指南中的情況更好？

So look, overall, a big part of the deposit base -- our deposit base, too, is NIBs and where that goes. So look, the reality is Q4 was clients and hard work by our team. And it worked out and we outperformed by $100 million, and we take it. But hindsight is everything and it's behind us, so we bank it and we move on.

因此，總的來說，存款基礎的很大一部分——我們的存款基礎也是 NIB 及其去向。所以看，現實是第四季是客戶和我們團隊的辛勤工作。結果成功了，我們的表現超出了 1 億美元，我們接受了。但事後諸葛亮就是一切，它已經過去了，所以我們把它存起來，然後繼續前進。

When I sit here today and I sat here last January, '23 didn't turn out the way everybody thought it was going to turn out. And so who knows what's going to happen in 2024. And so there is a lot of uncertainty out there. So I feel very comfortable with the down 10%. And if that changes to the upside, we're going to be the first people to tell you because we would like it to be not that number. We'd like to be -- it to be a better number, but that's the number we give you today.

當我今天坐在這裡和去年一月坐在這裡時，'23 並沒有像每個人想像的那樣發展。誰知道 2024 年會發生什麼。因此存在著許多不確定性。所以我對 10% 的下降感到非常滿意。如果情況發生積極變化，我們將是第一個告訴你的人，因為我們希望它不是那個數字。我們希望成為一個更好的數字，但這就是我們今天給你們的數字。

And Rob, I'll just add. It's easy to forget, we still got a lot of complexity in the world. As Dermot said earlier on, if QT continues, that's one thing. If QT ends, maybe that's to the plus. You've also had a massive run up in liquidity over the course of the -- in money market funds and other places, we have to see how that gets put to work or not, as the case may be. Stock market, therefore, becomes a little bit of a wildcard as we see the flow of funds.

羅布，我補充一下。我們很容易忘記，世界仍然有很多複雜性。正如德莫特早些時候所說，如果 QT 繼續下去，那是一回事。如果 QT 結束，也許這是有利的。在此過程中，貨幣市場基金和其他地方的流動性也大幅增加，我們必須看看它如何發揮作用，視具體情況而定。因此，當我們看到資金流動時，股市就變得有點通配符了。

So we're still at the complexity of -- we talk about the fact that the Fed might cut in March. The Fed talks about the fact that they might not cut in March. So there's enough variation in the exact way that this is going to play out. And that's why Dermot answered one of the earlier questions in the way that he did around our 10% and the path of it because we just don't have that type of visibility. But we do have the sense that we can work the problem to our current guidance.

因此，我們仍然面臨著複雜的情況——我們談論聯準會可能在三月降息的事實。聯準會談論了他們可能不會在三月降息的事實。因此，這件事的具體實施方式有足夠的變化。這就是為什麼德莫特以他圍繞 10% 及其路徑所做的方式回答了早期的問題之一，因為我們只是沒有那種可見性。但我們確實有感覺，我們可以根據當前的指導來解決這個問題。

Okay. And then I think earlier you mentioned something about deposits that were not yet seasoned or not yet operational. I was just wondering if you could expand on that. What's the criteria for a deposit to be considered operational? And then how long does it take for something like that to play out?

好的。然後我想您之前提到了一些有關尚未成熟或尚未運行的存款的內容。我只是想知道你是否可以對此進行擴展。存款被視為可操作的標準是什麼？那麼這樣的事情需要多久才能發生呢？

So that's -- there's a very long answer to that, which we can take you through off-line. But the general sense of to be operational, you have to be doing stuff with us in another line of business and you have to be making payments and you have to be sticky to us as the firm. And over time, then we classify you as operational in nature. And that helps us on the liquidity ratio standpoint.

所以，這個問題有一個很長的答案，我們可以帶您離線完成。但一般來說，要進行運營，你必須在另一個業務領域與我們合作，你必須付款，而且你必須對我們公司保持黏性。隨著時間的推移，我們會將您歸類為營運性質的。從流動性比率的角度來看，這對我們有幫助。

So if you're a relatively new client and you haven't established that track record, then you're considered nonoperational until such time as you meet those criteria. But as I said earlier, 2/3 of our deposits overall are sticky, and that's a good fact.

因此，如果您是相對較新的客戶並且尚未建立該記錄，那麼在您滿足這些標準之前，您將被視為無法運作。但正如我之前所說，我們的存款中有 2/3 是黏性的，這是一個很好的事實。

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。

Can you comment on the pricing environment within your Securities Services segment? I guess ACA was up 9% against flat fee revenue. So is pricing pressure, would you say, is stable or would you say it's intensifying?

您能否評論一下您的證券服務部門的定價環境？我猜 ACA 比固定費用收入增加了 9%。那麼，您認為價格壓力是穩定還是正在加劇？

So I would say it's overall stable, and it's something that we gave a particular focus to last year. And we've gone through it client-by-client, analyzed client profitability, which clients are profitable, which clients aren't, what we can do in terms of cost to serve and how do we price on a marginal basis versus a fully loaded basis.

所以我想說它總體上是穩定的，這是我們去年特別關注的事情。我們逐一進行了分析，分析了客戶的盈利能力，哪些客戶有利可圖，哪些客戶沒有盈利，我們在服務成本方面可以做什麼，以及我們如何在邊際基礎上定價而不是完全定價加載的基礎。

So over the last 12 months, we've done a lot of foundational work on how we've become more sophisticated in terms of how we price our business and how we talk to clients vis-à-vis pricing. So I would say stable with a positive momentum to it.

因此，在過去 12 個月裡，我們做了很多基礎工作，以提高我們的業務定價方式以及與客戶就定價問題進行溝通的方式。所以我想說的是穩定並且具有積極的勢頭。

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。

At the Boston Bank Conference in November, Emily Portney, the head of your Asset Servicing business, seemed very excited about AI and the implications and the implementation of that in the Asset Servicing business. And I'm just wondering if that excitement is shared throughout BNY Mellon and what you see as potential use cases and the ability to go from pilot to production. Is it -- beyond the hype, where is the reality of AI? And any specific numbers of what it might be able to do?

在 11 月的波士頓銀行會議上，資產服務業務負責人 Emily Portney 似乎對人工智慧及其在資產服務業務中的影響和實施感到非常興奮。我只是想知道整個紐約梅隆銀行是否都感到興奮，以及您認為潛在的用例以及從試點到生產的能力。除了炒作之外，人工智慧的現實在哪裡？它能做什麼的具體數字是什麼？

Yes, Mike. Look, the short answer is, yes, we are excited about AI. We're excited about it. Over the medium term, we stood up in 2023, what we call the AI Hub, where we gathered up a bunch of engineers under top talent leadership to really focus on building out a set of capabilities. They worked with every business and every function in the firm to canvas for use cases. We had hundreds of those. We developed a series of different themes for investment because there's a lot of duplication actually across the different use cases when you think about them on a fundamental functional basis. And then these themes for investment are things that we've actually been investing in.

是的，麥克。看，簡短的回答是，是的，我們對人工智慧感到興奮。我們對此感到興奮。從中期來看，我們在 2023 年站起來了，我們稱之為人工智慧中心，在那裡我們聚集了一群在頂尖人才領導下的工程師，真正專注於建立一系列能力。他們與公司的每個業務和每個職能部門合作，尋找用例。我們有數百個。我們開發了一系列不同的投資主題，因為當您從基本功能的角度考慮它們時，不同的用例實際上存在許多重複。然後這些投資主題是我們實際上一直在投資的東西。

And so we do have things in production. We actually have a piece of software today that is creating predictions for clients in our treasuries business actually that looks at sales. We've talked about that before. That's a good example. And that was a very early AI implementation that we made, and it's actually a piece of software that we currently earn some revenue on as part of our CCM business. It also contributes more broadly to market stability, and it's a great client service.

所以我們確實有生產中的東西。實際上，我們今天有一款軟體可以為我們的資金業務客戶創建實際的預測，該預測實際上是針對銷售的。我們之前已經討論過這一點。這是一個很好的例子。這是我們非常早期的人工智慧實現，它實際上是我們目前作為 CCM 業務的一部分賺取一些收入的軟體。它還對市場穩定做出了更廣泛的貢獻，而且這是一項出色的客戶服務。

On the flip side of that, the question is going to be, well, for an organization which has as many processes as we have and people performing processes, there's going to be an opportunity there to create more efficiency. And so we've invested in and are investing in that space as well. We're also investing in the employee experience, the opportunity to have AI do tasks which are mundane or repetitive. In one particular case, it's helping our research team get a march on the day. So rather than getting up at 4:00 in the morning to write research, they get up at 6:00 in the morning to write research because the AI has given them a rough draft to start with and served up a bunch of data for them. So there are all sorts of different things.

另一方面，問題是，對於一個擁有與我們一樣多的流程和執行流程的人員的組織來說，將有機會創造更高的效率。因此，我們已經並且正在投資這個領域。我們也投資於員工體驗，讓人工智慧完成平凡或重複性任務的機會。在一個特定的案例中，它幫助我們的研究團隊取得了進展。因此，他們不是早上 4:00 起床寫研究，而是早上 6 點起床寫研究，因為人工智慧已經給了他們一份粗稿，並為他們提供了一堆數據。所以有各種各樣不同的事情。

Now we haven't put it into numbers, and so it's not directly in our outlooks in terms of the way that we're thinking about it. But it would not surprise me if this is something that, over the course of the next decade, is going to be able to provide benefit on the top line and the bottom line. And so we're doing exactly what Dermot said before: we're not talking too much about things that we're still working on, that we can't give you line of sight into the exact input, but I'm answering the question because you asked it. But we are excited about this under the hood, for sure.

現在我們還沒有將其轉化為數字，因此就我們的思考方式而言，它並不直接存在於我們的前景中。但如果這在未來十年內能夠為營收和利潤帶來好處，我不會感到驚訝。因此，我們所做的正是德莫特之前所說的：我們不會過多談論我們仍在研究的事情，我們無法讓您了解確切的輸入，但我正在回答問題因為你問了。但我們確實對此感到興奮。

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. I'd like to close by reiterating that 2023 was an important foundational year for us and that the multiyear transformation of our company is off to a good start. As we begin our company's 240th anniversary year, we're excited about the opportunity ahead of us. I'm immensely proud of everything that our people here at BNY Mellon got done over the past 12 months. I'm grateful to our clients who are leaning in to their relationships with BNY Mellon and allowing us the opportunity to serve them in even greater ways. And I appreciate the faith and support that our investors, old and new, have placed in BNY Mellon.

謝謝你，接線生。最後，我想重申，2023 年對我們來說是重要的基礎年，我們公司的多年轉型已經有了一個好的開始。在公司成立 240 週年之際，我們對眼前的機會感到興奮。我對紐約梅隆銀行員工在過去 12 個月所做的一切感到非常自豪。我感謝我們的客戶與紐約梅隆銀行的關係，讓我們有機會以更好的方式為他們服務。我感謝我們的新舊投資者對紐約梅隆銀行的信任與支持。

Marius and the IR team stand ready to assist you should you have any questions. Be well and enjoy the long weekend.

如果您有任何疑問，Marius 和 IR 團隊隨時準備為您提供協助。保持健康並享受長週末。

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 5 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 5 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。