紐約梅隆銀行 (BK) 2024 Q1 法說會逐字稿

Good morning, and welcome to the 2024 First Quarter Earnings Conference Call hosted by BNY Mellon. (Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY Mellon's consent.

早安，歡迎參加紐約梅隆銀行主辦的 2024 年第一季財報電話會議。 （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 Head of Investor Relations. Please go ahead.

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

Thank you, operator. Good morning, everyone, and thanks for joining us. I'm here with Robin Vince, President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. As always, we will reference our financial highlights presentation which can be found on the Investor Relations page of our website at bnymellon.com.

謝謝你，接線生。大家早安，感謝您加入我們。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。

And I'll 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, April 16, 2024, and will not be updated.

我要指出的是，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 4 月 16 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, and thank you, everyone, for joining us this morning. Dermot will talk you through the financials in a moment. But in summary, BNY Mellon is off to an encouraging start for the year. The firm delivered solid financial performance while we continued to take important steps in the deliberate transformation of our company, and we're seeing early signs of progress that give us confidence as we work toward the opportunity ahead.

謝謝馬呂斯，也謝謝大家今天早上加入我們。德莫特稍後將向您介紹財務狀況。但總而言之，紐約梅隆銀行今年的開局令人鼓舞。該公司實現了穩健的財務業績，同時我們繼續在公司的深思熟慮的轉型中採取重要步驟，我們看到了進展的早期跡象，這給了我們信心，讓我們努力抓住未來的機會。

Looking beyond BNY Mellon. The first 3 months of the year provided a mostly constructive operating environment with global markets signaling expectations for continued growth. Equity and credit markets rallied even as rate cut expectations partially unwound, and bond yields rose. Foreign exchange markets, on the other hand, saw a continuation of the relatively low volumes and muted volatility that we've now seen for the past several quarters. And of course, there are many tail risks, including a variety of different market scenarios, the possibility of escalation in one of the ongoing geopolitical conflicts, or an unexpected result in the many elections taking place worldwide this year.

超越紐約梅隆銀行。今年前三個月提供了一個基本建設性的營運環境，全球市場發出了持續成長的預期。儘管降息預期部分解除且債券殖利率上升，但股市和信貸市場仍出現反彈。另一方面，外匯市場繼續保持過去幾季的相對較低的交易量和溫和的波動性。當然，存在許多尾部風險，包括各種不同的市場情景、正在進行的地緣政治衝突之一升級的可能性，或者今年全球舉行的多次選舉出現意外結果。

As I've said many times before, being resilient matters, and this represents a commercial strength for our business. We are constantly preparing and positioning for a wide range of potential scenarios to support our clients and deliver compelling outcomes for our shareholders.

正如我之前多次說過的那樣，保持彈性很重要，這代表了我們業務的商業實力。我們不斷為各種潛在場景做好準備和定位，以支持我們的客戶並為我們的股東提供令人信服的成果。

Now, referring to Page 2 of the financial highlights presentation. BNY Mellon delivered double-digit EPS growth as well as pretax margin and ROTCE expansion on the back of positive operating leverage in the first quarter. We reported earnings per share of $1.25, up 11% year-over-year. And excluding notable items, earnings per share of $1.29 were up 14%.

現在，請參閱財務摘要簡報的第二頁。在第一季積極的營運槓桿的支持下，紐約梅隆銀行實現了兩位數的每股盈餘成長以及稅前利潤率和 ROTCE 擴張。我們公佈的每股收益為 1.25 美元，年增 11%。排除值得注意的項目，每股收益為 1.29 美元，成長 14%。

Total revenue of $4.5 billion was up 3% year-over-year. That included 8% growth in investment services fees, led by strength in Asset Servicing, Issuer Services and Clearance and Collateral Management, which more than offset revenue headwinds from muted volatility in FX markets and lower net interest income. Expenses of $3.2 billion were up 2% year-over-year and up 1% excluding notable items.

總收入為 45 億美元，年增 3%。其中，在資產服務、發行人服務以及清算和抵押品管理方面的強勁帶動下，投資服務費用增加了 8%，足以抵消外匯市場波動溫和和淨利息收入下降帶來的收入阻力。費用為 32 億美元，年增 2%，不包括重要項目則成長 1%。

Consistent with our goal to generate at least some operating leverage this year, in the first quarter, we did deliver positive operating leverage both on a reported basis and excluding notable items. Our reported pretax margin was 29% or 30% excluding notable items, and we generated a 21% return on tangible common equity.

與我們今年至少產生一些營運槓桿的目標相一致，在第一季度，我們確實在報告的基礎上實現了正的營運槓桿，並且排除了值得注意的項目。不包括顯著項目，我們報告的稅前利潤率為 29% 或 30%，有形普通股回報率為 21%。

Our balance sheet remains strong with capital and liquidity ratios in line with our management targets, and deposit balances were up both year-over-year and sequentially. Year-to-date, we returned close to 140% of earnings to common shareholders through dividends and buybacks. And our Board of Directors has authorized a new $6 billion share repurchase program.

我們的資產負債表依然強勁，資本和流動性比率符合我們的管理目標，存款餘額較去年同期和季比均有所上升。今年迄今為止，我們透過股息和回購將近 140% 的收益返還給普通股股東。我們的董事會已批准一項新的 60 億美元股票回購計畫。

On our last earnings call, in January, we communicated medium-term financial targets and presented our plan to improve BNY Mellon's financial performance. We frame this work for our people through 3 strategic pillars: Be More For Our Clients, Run Our Company Better, and Power Our Culture.

在一月份的上一次財報電話會議上，我們傳達了中期財務目標，並提出了改善紐約梅隆銀行財務表現的計劃。我們透過三個策略支柱為我們的員工製定這項工作：更多地為客戶服務、更好地經營我們的公司以及增強我們的文化。

Throughout the first quarter, we've made progress to be more for our clients, including both product innovation and greater intensity around better delivering our platforms to the market so we can truly help clients achieve their ambitions. As a global financial services company, our unique portfolio of market-leading and complementary businesses presents a tremendous additional value for our clients and shareholders.

在整個第一季度，我們在為客戶提供更多服務方面取得了進展，包括產品創新和加強向市場交付我們的平台，以便我們可以真正幫助客戶實現他們的抱負。作為一家全球金融服務公司，我們獨特的市場領先和互補業務組合為我們的客戶和股東帶來了巨大的附加價值。

As you know, we are maturing our 1BNY Mellon initiative by implementing this mentality into the nuts and bolts processes across the company. For example, we recently announced that Ashton Thomas Securities, an independent broker-dealer and registered investment advisor, will use clearing and custody services from Pershing and BNY Mellon Precision Direct Indexing capabilities from Investment Management. This is a great example of multiple lines of business working together to provide holistic solutions for clients.

如您所知，我們正在透過將這種心態落實到整個公司的具體流程中來完善我們的 1BNY Mellon 計劃。例如，我們最近宣布，獨立經紀自營商和註冊投資顧問 Ashton Thomas Securities 將使用 Pershing 的清算和託管服務以及 Investment Management 的 BNY Mellon Precision Direct Indexing 功能。這是多個業務部門共同努力為客戶提供整體解決方案的一個很好的例子。

As we continue to grow our client roster, we also know that delivering more to our existing clients represents a significant opportunity. As another example, last month, we expanded on a long-standing relationship with CIFC, an alternative credit specialist and existing client of ours in Asset Servicing and Corporate Trust, to bring their U.S. direct lending strategy onto our global distribution platform. This also speaks to the incremental value that Asset Servicing can bring to our asset manager clients by allowing them to tap into BNY Mellon's global distribution platform to extend the reach of their capabilities.

隨著我們不斷擴大客戶名冊，我們也知道為現有客戶提供更多服務代表著巨大的機會。另一個例子是，上個月，我們擴大了與CIFC（另類信貸專家，也是我們在資產服務和企業信託領域的現有客戶）的長期合作關係，將他們的美國直接貸款策略引入我們的全球分銷平台。這也說明了資產服務可以為我們的資產管理客戶帶來增量價值，讓他們能夠利用紐約梅隆銀行的全球分銷平台來擴展其能力範圍。

Consistent with our previously communicated intention to grow the revenue contribution of our Market and Wealth Services segment, we're starting to see our investments to accelerate revenue growth in this high-margin segment begin to bear fruit. For example, we continue to be encouraged by the level of interest from both new and existing clients in our Wove wealth advisory platform. We have several clients live on the platform today; we closed a number of deals in the first quarter, and the sales pipeline continues to be strong.

與我們先前表達的增加市場和財富服務部門收入貢獻的意圖一致，我們開始看到我們為加速這一高利潤部門收入成長而進行的投資開始取得成果。例如，新舊客戶對我們的 Wove 財富諮詢平台的興趣程度繼續令我們感到鼓舞。今天，我們有幾個客戶居住在該平台上；我們在第一季完成了多項交易，銷售管道繼續強勁。

Across Market and Wealth Services, we also continue to bring new solutions to the market. For example, Treasury Services successfully launched Virtual Account-Based Solutions, a set of cash management solutions to meet our clients' demands for more flexibility and transparency into their payment flows.

在整個市場和財富服務領域，我們也持續為市場帶來新的解決方案。例如，財務服務部成功推出了基於虛擬帳戶的解決方案，這是一套現金管理解決方案，可以滿足客戶對支付流程更加靈活和透明的需求。

Next, we are taking important steps to Run Our Company Better by simplifying processes, powering our platforms and embracing new technologies. Over the past several months, we've been working to realign several similar products and services across our lines of business. The largest of these changes was moving Institutional Solutions from Pershing to our Clearance and Collateral Management business.

接下來，我們將採取重要步驟，透過簡化流程、為我們的平台提供支援和採用新技術，更好地營運我們的公司。在過去的幾個月裡，我們一直在努力重新調整我們業務範圍內的一些類似產品和服務。其中最大的變化是將機構解決方案從潘星轉移到我們的清算和抵押品管理業務。

This is also part of making progress toward adopting a Platforms Operating Model. By uniting related capabilities, we can do things in one place, do them well and elevate overall execution to better serve our clients and drive growth. Last month, we went live with the first step on the transition into our new model. While it has taken and will continue to take a lot of hard work as we transform our operating model over time, we are confident this new way of working will create better outcomes for our clients, and it will also create more efficiency and enhanced risk management.

這也是採用平台營運模式進展的一部分。透過整合相關能力，我們可以在一個地方把事情做好，並提高整體執行力，從而更好地服務客戶並推動成長。上個月，我們邁出了向新模型過渡的第一步。雖然隨著時間的推移，我們已經並將繼續付出大量努力來轉變我們的營運模式，但我們相信這種新的工作方式將為我們的客戶創造更好的結果，並且還將創造更高的效率並增強風險管理。

Around 15% of our people around the world are now working in our new operating model, allowing them to feel more connected to what we're doing and empowered to make change. I'd like to thank our teams who are part of this exciting change for pushing us forward as we mark this important milestone.

我們世界各地大約 15% 的員工現在在我們的新營運模式下工作，這讓他們感覺與我們正在做的事情有更多聯繫，並有能力做出改變。我要感謝我們的團隊，他們是這項令人興奮的變革的一部分，在我們紀念這一重要里程碑時推動我們前進。

We also see meaningful opportunity over the coming years from continued digitization and reengineering initiatives as well as from embracing new technologies. To support this effort, we are making deliberate investments, enabling us to scale AI technologies across the organization through our enterprise AI Hub. Last month, NVIDIA announced that BNY Mellon became the first major bank to deploy a DGX SuperPOD, which will accelerate our processing capacity to innovate, reduce risk and launch AI-enabled capabilities. Our people have identified hundreds of use cases across BNY Mellon, and we already have several in production today.

我們還看到，未來幾年持續的數位化和再造計劃以及新技術的採用將帶來有意義的機會。為了支持這項努力，我們正在進行深思熟慮的投資，使我們能夠透過我們的企業人工智慧中心在整個組織範圍內擴展人工智慧技術。上個月，NVIDIA 宣布紐約梅隆銀行成為第一家部署 DGX SuperPOD 的大型銀行，這將加快我們創新、降低風險和推出 AI 功能的處理能力。我們的員工已經在紐約梅隆銀行確定了數百個用例，目前已有多個用例投入生產。

Across the company, it's our people who continue to Power Our Culture. If you were to walk the halls of BNY Mellon, you'd feel the energy and sense of purpose our leadership team feels when we visit our teams around the world. To that end, we're investing in our people. Over the past several months, we launched new learning and feedback platforms powered by AI, expanded employee benefits, launched a new wellbeing support program, improved and accelerated our year-end feedback and compensation processes and more. And we're delighted to welcome Shannon Hobbs, who will join us as our new Chief People Officer in June.

在整個公司，我們的員工繼續為我們的文化提供動力。如果您漫步在紐約梅隆銀行的大廳，您會感受到我們的領導團隊在拜訪我們世界各地的團隊時所感受到的活力和使命感。為此，我們正在對員工進行投資。在過去的幾個月裡，我們推出了由人工智慧支援的新學習和回饋平台，擴大了員工福利，推出了新的福利支援計劃，改進和加速了我們的年終回饋和薪資流程等等。我們很高興歡迎香農·霍布斯 (Shannon Hobbs)，他將於 6 月加入我們，擔任我們的新任首席人力官。

As we continue to Power Our Culture forward, we adopted the following 5 core principles to guide how our teams work and collaborate as we drive our success as a company: Be Client Obsessed, Spark Progress, Own It, Stay Curious and Thrive Together.

在我們繼續推動我們的文化向前發展的過程中，我們採用了以下5 項核心原則來指導我們的團隊在推動公司成功的過程中如何工作和協作：以客戶為中心、激發進步、擁有它、保持好奇心和共同繁榮。

To wrap up, our performance in the first quarter provides a glimpse of BNY Mellon's potential. Running our company better, inclusive of our focus on platforms, is enabling us to improve profitability and invest in our future. While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us as we become more for our clients and deliver higher performance for our shareholders.

總而言之，我們第一季的表現讓我們看到了紐約梅隆銀行的潛力。更好地經營我們的公司，包括我們對平台的關注，使我們能夠提高盈利能力並投資於我們的未來。雖然我們很高興看到進展的早期跡象，但我們仍然專注於擺在我們面前的重要工作，因為我們將更加為客戶服務並為股東提供更高的業績。

As I have said before, the transformation of our company is a multiyear endeavor, but we've started 2024, the year of our 240th anniversary, with a sense of excitement and determination around what's possible.

正如我之前所說，我們公司的轉型是一項多年的努力，但我們懷著對未來的興奮和決心，開始了 2024 年，也就是我們成立 240 週年的一年。

Now over to you, Dermot.

現在輪到你了，德莫特。

Thank you, Robin, and good morning, everyone.

謝謝你，羅賓，大家早安。

Referring to Page 3 of the presentation, I'll start with our consolidated financial results for the quarter. Total revenue of $4.5 billion was up 3% year-over-year. Fee revenue was up 5%. This reflects 8% growth in investment services fees on the back of higher market values, increased client activity, and net new business, partially offset by a 14% decline in foreign exchange revenue as a result of lower market volatility.

參考簡報的第 3 頁，我將從本季的綜合財務表現開始。總收入為 45 億美元，年增 3%。手續費收入成長 5%。這反映出，由於市場價值上升、客戶活動增加和新業務淨額增加，投資服務費用增加了 8%，但市場波動性降低導致外匯收入下降 14%，部分抵消了這一增長。

Firm-wide assets under custody and/or administration of $48.8 trillion were up 5% year-over-year, and assets under management of $2 trillion were up 6% year-over-year, both largely reflecting higher market values.

全公司託管和/或管理的資產規模為 48.8 兆美元，年增 5%，管理的資產規模為 2 兆美元，年增 6%，這在很大程度上反映了市場價值的上升。

Investment and other revenue was $182 million in the quarter. Effective January 1, we adopted new accounting guidance for our investments in renewable energy projects, resulting in an approximately $50 million increase to investment and other revenue. We have restated prior periods in our earnings materials to provide you with like-for-like year-over-year and sequential comparisons. The adoption of this new accounting guidance is largely neutral to net income and earnings per share as the increase in provision for income taxes roughly equals the increase in investment and other revenue.

本季投資和其他收入為 1.82 億美元。自 1 月 1 日起，我們對再生能源項目的投資採用了新的會計準則，導致投資和其他收入增加約 5,000 萬美元。我們在獲利材料中重述了前期數據，以便為您提供同比和連續比較。採用這項新會計準則對淨利和每股盈餘基本上是中性的，因為所得稅撥備的增加大致等於投資和其他收入的增加。

Net interest income decreased by 8% year-over-year, primarily reflecting changes in the composition of deposits, partially offset by the impact of higher interest rates. Expenses were up 2% year-over-year on a reported basis and up 1% excluding notable items, primarily severance expense. Growth was from incremental investments and employee merit increases, offset by efficiency savings. Provision for credit losses was $27 million in the quarter, primarily driven by reserve increases related to commercial real estate exposure.

淨利息收入較去年同期下降8%，主要反映存款組成的變化，但部分被利率上升的影響所抵銷。根據報告，費用年增 2%，不包括顯著項目（主要是遣散費）則增加 1%。成長來自於增量投資和員工績效的提高，但被效率節省所抵消。本季信貸損失準備金為 2,700 萬美元，主要是由於與商業房地產風險相關的準備金增加所致。

As Robin mentioned earlier, we reported earnings per share of $1.25, up 11% year-over-year, a pretax margin of 29%, and a return on tangible common equity of 20.7%. Excluding notable items, earnings per share were $1.29, up 14% year-over-year; pretax margin was 30%; and our return on tangible common equity was 21.3%.

正如 Robin 先前提到的，我們公佈的每股收益為 1.25 美元，年增 11%，稅前利潤率為 29%，有形普通股回報率為 20.7%。剔除重要項目後，每股收益為 1.29 美元，較去年同期成長 14%；稅前利潤率為30%；我們的有形普通股報酬率為 21.3%。

Turning to capital and liquidity on Page 4. Our Tier 1 leverage ratio for the quarter was 5.9%. Average assets increased by 1% sequentially as deposit balances grew. And Tier 1 capital decreased by 1% sequentially, primarily reflecting capital return to common shareholders, partially offset by capital generated through earnings.

轉向第 4 頁的資本和流動性。隨著存款餘額的成長，平均資產較上季成長 1%。一級資本季減 1%，主要反映普通股股東的資本回報，部分被獲利產生的資本抵銷。

Our CET1 ratio at the end of the quarter was 10.8%. The quarter-over-quarter decline reflects a temporary increase in risk-weighted assets at the end of the quarter, which was driven by discrete overdrafts in our custody and securities clearing businesses as well as strong demand for our agency securities lending program. Consistent with Tier 1 capital, CET1 capital decreased by 1% sequentially. Over the course of the quarter, we returned $1.3 billion of capital to our shareholders representing a total payout ratio of 138%.

截至本季末，我們的 CET1 比率為 10.8%。環比下降反映了季度末風險加權資產的暫時增加，這是由我們的託管和證券清算業務的離散透支以及對我們的代理證券借貸計劃的強勁需求推動的。與一級資本一致，CET1 資本較上季下降 1%。在本季中，我們向股東返還了 13 億美元的資本，總派息率為 138%。

Turning to liquidity. Our regulatory ratios remained strong. The consolidated liquidity coverage ratio was 117%, flat sequentially. And our consolidated net stable funding ratio was 136%, up 1 percentage point sequentially.

轉向流動性。我們的監管比率仍然強勁。綜合流動性覆蓋率為117%，與上一季持平。我們的綜合淨穩定資金比率為 136%，較上一季上升 1 個百分點。

Moving on to net interest income and the underlying balance sheet trends on Page 5. Net interest income of over $1 billion was down 8% year-over-year and down 6% quarter-over-quarter. The sequential decrease was primarily driven by changes in the composition of deposits, partially offset by the benefit of reinvesting maturing fixed rate securities in higher-yielding alternatives.

接下來是第 5 頁的淨利息收入和基本資產負債表趨勢。環比下降主要是由存款組成的變化所推動的，但部分被將到期固定利率證券再投資於高收益另類投資的好處所抵消。

Against typical seasonal patterns, average deposit balances increased by 2% sequentially. Solid 4% growth in interest-bearing deposits was partially offset by a 5% decline in noninterest-bearing deposits, which was in line with our expectations. Average interest-earning assets were up 1% quarter-over-quarter. We reduced our cash and reverse repo balances by 2% and increased our investment securities portfolio by 5%. Average loan balances remained flat.

與典型的季節性模式不同，平均存款餘額較上季增加了 2%。計息存款 4% 的穩健成長被無息存款 5% 的下降部分抵消，這符合我們的預期。平均生息資產季增1%。我們將現金和逆回購餘額減少了 2%，並將投資證券投資組合增加了 5%。平均貸款餘額持平。

Turning to our business segments, starting on Page 6. Please remember that in the first quarter, we made certain realignments of similar products and services across our lines of business, consistent with our work to operate as a more unified company.

轉向我們的業務部門，從第6 頁開始。一致的。

As Robin mentioned earlier, the largest change was the movement of Institutional Solutions from Pershing to Clearance and Collateral Management, both in the Market and Wealth Services segment. And we made other smaller changes across our business segments. We have restated prior periods for consistency. Please refer to the revised financial supplement that we filed on March 26 for detailed reconciliations to previous disclosures.

正如羅賓之前提到的，最大的變化是機構解決方案從潘興轉向清算和抵押品管理，無論是在市場還是財富服務領域。我們也對業務部門進行了其他較小的改變。為了保持一致性，我們重述了前期數據。請參閱我們於 3 月 26 日提交的修訂後的財務補充資料，以了解與先前揭露的詳細調節情況。

Now starting with Securities Services on Page 6. Securities Services reported total revenue of $2.1 billion, up 1% year-over-year. Investment Services fees were up 8% year-over-year. In Asset Servicing, investment services fees were up 8%, driven by higher market values, net new business and higher client activity. We've remained focused on deal margins, and as a result, the year-over-year impact of repricing on fee growth was de minimis.

現在從第 6 頁的證券服務開始。投資服務費用較去年同期成長 8%。在資產服務領域，受市場價值上升、淨新業務和客戶活動增加的推動，投資服務費上漲了 8%。我們仍然關注交易利潤，因此，重新定價對費用成長的年比影響微乎其微。

Consistent with past quarters, we continue to see particular success with our ETF offering. ETF assets under custody and/or administration surpassed $2 trillion this quarter, up over 40% year-over-year on the back of higher market values, net new business and client flows, and the number of funds serviced was up 16% year-over-year. While the pace of alternative fund launches was slower than in the prior year quarter, investment services fees for alternatives were up over 10% on a year-over-year basis. Throughout the quarter, we saw broad-based strength across client segments, products and regions.

與過去幾季一樣，我們的 ETF 產品繼續取得特別成功。由於市值、淨新業務和客戶流量增加，本季託管和/或管理的 ETF 資產超過 2 兆美元，年增超過 40%，服務的基金數量年增 16%。儘管另類基金的推出速度較去年同期放緩，但另類投資服務費用較去年同期成長超過 10%。整個季度，我們看到了跨客戶群、產品和地區的廣泛實力。

In Issuer Services, investment services fees were up 11%, reflecting net new business across both Depositary Receipts and Corporate Trust as well as higher cancellation fees in Depositary Receipts. Foreign exchange revenue was down 11% year-over-year and net interest income was down 12%. Expenses of $1.5 billion were flat year-over-year, reflecting incremental investments as well as the impact of employee merit increases offset by efficiency savings. Pretax income was $591 million, a 4% increase year-over-year. And pretax margin expanded to 28%.

在發行人服務方面，投資服務費上漲了 11%，反映出存託憑證和企業信託的淨新業務以及存託憑證取消費用的增加。外匯收入較去年同期下降11%，淨利息收入下降12%。費用為 15 億美元，與去年同期持平，反映出增量投資以及員工績效提升的影響被效率節省所抵銷。稅前收入為 5.91 億美元，年增 4%。稅前利潤率擴大至28%。

Next, Market and Wealth Services on Page 7. Market and Wealth Services reported total revenue of $1.5 billion, up 3% year-over-year. Total investment services fees were up 7% year-over-year. In Pershing, investment services fees were up 3%, reflecting higher market values and client activity, partially offset by the impact of business lost in the prior year. Net new assets were negative $2 billion for the quarter, reflecting the ongoing deconversion of the before-mentioned lost business.

接下來是第 7 頁的市場和財富服務。投資服務費用總額年增 7%。在潘興，投資服務費上漲了 3%，反映出市場價值和客戶活動的增加，但部分被上一年業務損失的影響所抵消。該季度淨新資產為負 20 億美元，反映出上述損失業務的持續轉型。

Client demand for our Wealth Advisor platform, Wove, continues to be strong. In the first quarter, we signed 9 additional client agreements, including our first direct indexing clients, and we onboarded 4 clients onto the platform.

客戶對我們的財富顧問平台 Wove 的需求持續強勁。第一季度，我們簽署了 9 個額外的客戶協議，包括我們的第一個直接索引客戶，並且我們在該平台上引入了 4 個客戶。

In Treasury Services, investment services fees increased by 5%, driven by net new business. We continue to invest in our sales and service teams, new products and technology. And so we are pleased with this solid growth, and momentum continues to build. Last but not least, strength in Clearance and Collateral Management continued with investment services fees up 13% on the back of broad-based growth both in the U.S. and internationally.

在資金服務方面，受淨新業務推動，投資服務費增加了 5%。我們繼續投資我們的銷售和服務團隊、新產品和技術。因此，我們對這種穩健的成長感到高興，並且勢頭不斷增強。最後但並非最不重要的一點是，在美國和國際市場廣泛增長的背景下，清算和抵押品管理繼續保持強勁勢頭，投資服務費用上漲了 13%。

Net interest income for the segment overall was down 7% year-over-year. Expenses of $834 million were up 7% year-over-year, reflecting incremental investments, revenue-related expenses and employee merit increases, partially offset by efficiency savings. Pretax income was down 2% year-over-year at $678 million, representing a 45% pretax margin.

該部門整體淨利息收入較去年同期下降 7%。費用為 8.34 億美元，年增 7%，反映了增量投資、收入相關費用和員工績效的增加，但部分被效率節約所抵消。稅前收入年減 2%，至 6.78 億美元，稅前利潤率為 45%。

Moving on to Investment and Wealth Management on Page 8. Investment and Wealth Management reported total revenue of $846 million, up 2% year-over-year. In Investment Management, revenue was up 2%, driven by higher market values, partially offset by the mix of AUM flows and lower performance fees. In our Wealth Management business, revenue also increased by 2%, driven by higher market values, partially offset by changes in product mix and lower net interest income.

接下來是第 8 頁的投資和財富管理。在投資管理領域，由於市場價值上升，收入成長了 2%，但部分被管理資產規模流量和績效費用下降所抵消。在我們的財富管理業務中，由於市場價值上升，收入也增加了 2%，但部分被產品結構變化和淨利息收入下降所抵消。

Expenses of $740 million were flat year-over-year, primarily reflecting the impact of incremental investments and employee merit increases, which was offset by efficiency savings. Pretax income was $107 million, up 15% year-over-year, representing a pretax margin of 13%.

費用為 7.4 億美元，與去年同期持平，主要反映了增量投資和員工績效成長的影響，但效率節省抵消了這一影響。稅前收入為 1.07 億美元，年增 15%，稅前利潤率為 13%。

As I mentioned earlier, assets under management of $2 trillion increased by 6% year-over-year. In the quarter, we saw $16 billion of net inflows into our long-term active strategies with strength in LDI and fixed income. And we saw $15 billion of net outflows from index strategies. Strength in our short-term cash strategies continued with $16 billion of net inflows on the back of differentiated investment performance in our Dreyfus money market fund complex. Wealth Management client assets of $309 billion increased by 11% year-over-year, reflecting higher equity market values and cumulative net inflows.

正如我之前提到的，管理資產規模為2兆美元，年增6%。本季度，我們看到 160 億美元的淨流入流入我們的長期主動策略，其中 LDI 和固定收益領域實力強勁。我們看到指數策略淨流出 150 億美元。在德雷福斯貨幣市場基金綜合體的差異化投資表現的支持下，我們的短期現金策略持續保持強勁，淨流入達 160 億美元。財富管理客戶資產達 3,090 億美元，年增 11%，反映了股票市值和累計淨流入的上升。

Page 9 shows the results of the Other segment.

第 9 頁顯示了其他部分的結果。

I will close by reiterating our existing outlook for the full year 2024. As I've said before, we have positioned our balance sheet for a range of interest rate scenarios, and we're managing both sides of it proactively. And so despite a repricing of the curve since the beginning of the year, we continue to expect net interest income for the full year to be down 10% year-over-year, assuming current market implied interest rates for the remainder of 2024. Similarly on expenses, our goal continues to be for full year 2024 expenses, excluding notable items, to be flat year-over-year.

最後，我將重申我們對 2024 年全年的現有展望。因此，儘管自今年年初以來對曲線進行了重新定價，但假設 2024 年剩餘時間的當前市場隱含利率，我們仍然預計全年淨利息收入將同比下降 10%。 2024 年全年支出（不含重要項目）較去年同期持平。

We are off to a good start, but we have more work ahead of us to realize further efficiency savings and drive year-over-year expense growth rates lower over the coming quarters, while we continue to make room for additional investments across our businesses.

我們有了一個良好的開端，但我們還有更多工作要做，以實現進一步的效率節約，並在未來幾個季度降低同比費用增長率，同時我們繼續為整個業務的額外投資騰出空間。

Overall, we remain determined to deliver some positive operating leverage this year. While we don't manage the firm to operating leverage on a quarterly basis, our performance in the first quarter with positive operating leverage on both a reported and an operating basis gives us confidence that we're on track.

總體而言，我們仍然決心今年提供一些積極的營運槓桿。雖然我們沒有按季度管理公司的營運槓桿，但我們第一季的業績以及報告和營運基礎上的正營運槓桿讓我們相信我們正在走上正軌。

In light of the adoption of the new accounting guidance for our investments in renewable energy projects, which as I discussed earlier, increases both our investment and other revenue and the provision for income taxes, I'll note that we expect our effective tax rate for the full year 2024 to be between 23% and 24%.

鑑於我們對再生能源項目的投資採用了新的會計準則，正如我之前所討論的，這增加了我們的投資和其他收入以及所得稅的撥備，我要指出的是，我們預計我們的有效稅率2024 年全年將在23% 至24% 之間。

And finally, we continue to expect returning 100% or more of 2024 earnings to our shareholders through dividends and buybacks over the course of the year. As always, we will manage share repurchases cognizant of the macroeconomic environment, balance sheet size and many other factors. And so for the foreseeable future, we will calibrate the pace of buybacks to maintain our Tier 1 leverage ratio close to the top end of our 5.5% to 6% medium-term target range.

最後，我們仍然預計透過全年股息和回購將 2024 年收益的 100% 或更多返還給股東。一如既往，我們將根據宏觀經濟環境、資產負債表規模和許多其他因素來管理股票回購。因此，在可預見的未來，我們將調整回購步伐，以將一級槓桿率維持在接近 5.5% 至 6% 中期目標範圍的上限。

To wrap up, over the past 3 months, we've made good progress towards achieving our targets for 2024, and we're encouraged by the drive we're seeing in all corners of the firm as our people embrace being more for our clients, running our company better, and powering our culture.

總而言之，在過去 3 個月中，我們在實現 2024 年目標方面取得了良好進展，我們對公司各個角落所看到的動力感到鼓舞，因為我們的員工願意為客戶提供更多服務，更好地運營我們的公司，並為我們的文化提供動力。

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 Alex Blostein with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alex Blostein。

So Robin, really nice progress on organic growth initiatives across a handful of businesses underneath BNY Mellon as some of the things you talked about are starting to take hold. Can you maybe frame what the firm's organic growth rate aspirations are for the next couple of years? How are you thinking about that for '24 as well?

羅賓，紐約梅隆銀行旗下的一些企業在有機成長計畫方面取得了非常好的進展，因為您談到的一些事情已經開始生效。您能否描述一下公司未來幾年的有機成長率期望是多少？您對 24 世紀也有什麼看法？

And then as a side question, I guess, to that, we've seen quite significant amount of activity in sort of Clearance and Collateral Management. Can you maybe help size what is sort of transitory versus more of a recurrent baseline to think about from here?

我想，作為一個附帶問題，我們已經看到了相當大量的清算和抵押品管理活動。您能否幫助確定什麼是暫時的基線，什麼是更多的周期性基線，以便從這裡考慮？

Sure, Alex. So let me start with the growth question. As you point out, we are feeling quite good about the early momentum that we have in growth. As you know, we set it out last year to really get our house in order, generate positive operating leverage and really think about the various different investments to drive sort of shorter, medium, and longer-term growth. And that's really what we've been focused on, and we're pleased that we've got a good start to the year on it. Clearly, we're trying to control the things that we can control.

當然，亞歷克斯。讓我從成長問題開始。正如您所指出的，我們對早期的成長勢頭感到非常滿意。如您所知，我們去年制定的目標是真正讓我們的房子井然有序，產生積極的營運槓桿，並真正考慮各種不同的投資以推動短期、中期和長期成長。這確實是我們一直關注的重點，我們很高興今年有了一個好的開始。顯然，我們正在努力控制我們可以控制的事情。

As I mentioned in my prepared remarks and as Dermot touched on as well, our focus here is really being wrapped around being more for our clients, our commercial model. We hired our first Chief Commercial Officer. We're operationalizing 1BNY Mellon, as I called it the nuts and bolts, getting into building that into our client coverage organization, our coverage practice, starting to deliver Integrated Solutions. I gave a couple of examples of those in my prepared remarks. And we've got a whole bunch more things that really cut across all of the different segments that are related to that.

正如我在準備好的演講中提到的以及德莫特也談到的那樣，我們的重點實際上是圍繞著更多地為我們的客戶、我們的商業模式服務。我們聘請了第一位首席商務官。我們正在經營 1BNY Mellon，我稱之為具體細節，將其建置到我們的客戶覆蓋組織、我們的覆蓋實踐中，開始提供整合解決方案。我在準備好的發言中舉了幾個例子。我們還有一大堆東西真正跨越了與之相關的所有不同部分。

So look, it's early in the journey. I would have said maybe last year, we were working the problem. I think now I would say we're working the opportunity.

所以看，現在還處於旅程的早期階段。我想說也許去年我們就在解決這個問題。我想現在我會說我們正在利用這個機會。

Could you just remind me, the second part of your question?

你能提醒我你問題的第二部分嗎？

Yes, sure. Really nice results out of Clearance and Collateral Management for the firm, and it's been a pretty active market in Q1 related to treasury issuance and activity there broadly. I'm just trying to get a sense for a better baseline to think about from here. Was there anything kind of transitory in the first quarter that helped the numbers? Or this is a good baseline to think about going forward?

是的，當然。該公司的清算和抵押品管理取得了非常好的結果，第一季是一個與國債發行和廣泛活動相關的相當活躍的市場。我只是想從這裡找到一個更好的基線來思考。第一季是否有任何暫時性的因素對數字有所幫助？或者這是考慮未來的良好基準？

Look, I would say in terms of transitory, not really, but let me just go through a few of the drivers. So, remember that it's a business that, like several of the businesses we have, respond to volumes. And it was an active quarter when it comes to trading volumes in the U.S. Treasury Market. Now for better or for worse, U.S. Treasuries is kind of a growth business.

聽著，我想說的是暫時的，不是真的，但讓我簡單介紹一些驅動因素。因此，請記住，就像我們擁有的其他幾項業務一樣，這是一項對數量做出反應的業務。就美國國債市場的交易量而言，這是一個活躍的季度。現在，無論好壞，美國國債都是一種成長型業務。

And so that's probably a bit more of a secular tailwind as opposed to something cyclical. And then remember, under the hood in Clearance and Collateral Management, we've also been investing in the operating model of that business, as we talked about in our prepared remarks. And took something that was very, very adjacent to our clearing business from Pershing Institutional Clearing and aligned it with the rest of our clearing, bigger clearing business in Clearance and Collateral Management.

因此，這可能更像是一種長期順風，而不是週期性的東西。然後請記住，在清算和抵押品管理的幕後，我們也一直在對該業務的營運模式進行投資，正如我們在準備好的演講中談到的那樣。並從潘興機構清算公司中獲取了與我們的清算業務非常非常接近的東西，並將其與我們在清算和抵押品管理方面的其他清算業務、更大的清算業務保持一致。

And what we're finding now in those conversations with customers, it's a much cleaner conversation because we've got the ability to deliver all the solutions in our clearing business. Whether it's U.S. Treasuries whether it's international, whether it's the different models of clearing that we offer, we're able to deliver that in one conversation with a client, and clients are responding to that. So I would call that secular as well.

我們現在在與客戶的對話中發現，這是一個更清晰的對話，因為我們有能力在清算業務中提供所有解決方案。無論是美國國債，還是國際債券，無論是我們提供的不同清算模式，我們都能夠在與客戶的一次對話中提供這些信息，並且客戶會對此做出回應。所以我也稱之為世俗的。

And our next question comes from the line of Steven Chubak from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·查巴克（Steven Chubak）。

So wanted to start with a question on capital. A bit of a 2-parter, if you will. I was hoping you could just speak to the drivers of RWA growth in 1Q, which was fairly robust, where you're seeing attractive opportunities to deploy that excess capital. And just how we should be thinking about the cadence of the buyback? You alluded to this somewhat, Dermot, but I was hoping we could drill down into -- you noted the 6% target -- or that upper bound on Tier 1 leverage is -- how should we be thinking about the cadence of buyback, in light of planned balance sheet actions and growth potential?

所以想從資本問題開始。如果你願意的話，有點像兩方。我希望您能談談第一季 RWA 成長的驅動因素，這一成長相當強勁，您看到了部署多餘資本的誘人機會。我們該如何考慮回購的節奏？你在某種程度上提到了這一點，德莫特，但我希望我們能夠深入探討——你提到了6% 的目標——或者說一級槓桿的上限是——我們應該如何考慮回購的節奏，根據計劃的資產負債表行動和成長潛力？

Okay. I'll take that one, Steven. So, some of the capital increase... There are 2 parts to the RWA increase, one was a kind of temporary increase around quarter end as it relates to discrete overdrafts in custody and securities clearing businesses. So that's kind of come and gone. And then there's also - there was strong demand for our agency securities lending program throughout the quarter and particularly leading up to quarter end, and that's continued into this quarter. So that's - so I would say half of it was that, and half of it was temporary.

好的。我要那個，史蒂文。因此，一些資本增加...... RWA 增加有兩個部分，一個是季度末左右的臨時增加，因為它與託管和證券清算業務的離散透支有關。所以這就是來了又去的。此外，整個季度，尤其是季度末，對我們的代理證券借貸計劃的需求強勁，這種情況一直持續到本季度。所以我想說一半是這樣的，一半是暫時的。

As it relates to the buyback, I guess there's a little bit of a Groundhog Day here in terms of how we thought about it Q1 of last year versus how we're thinking about it Q1 of this year. With both quarters, we got off to a strong start. But look at the - there's a lot of rate volatility out there in the market. You've seen the backup in rates last week with the hot inflation report. Last year, it was the war in Ukraine. This year, it's the geopolitics in the Middle East.

由於它與回購有關，我想就我們去年第一季的看法與今年第一季的看法而言，這裡有一點土撥鼠日的感覺。兩個季度我們都有一個好的開始。但看看——市場上存在著很大的利率波動。上週，隨著熱門通膨報告的發布，利率有所回升。去年，是烏克蘭戰爭。今年的主題是中東地緣政治。

And so we gave a guidance in January where we said we were going to be 100% more of earnings throughout the year. We don't give quarter-by-quarter guidance. I would reiterate the guidance of 100% or more, notwithstanding the fact Q1 was very good at 138%. I wouldn't expect that pace to continue, but we'll take it quarter-by-quarter.

因此，我們在一月份給出了指導，我們表示全年收益將增加 100%。我們不提供季度指引。我會重申 100% 或更高的指導，儘管事實上第一季非常好，達到 138%。我預計這種速度不會持續下去，但我們會按季度進行。

Understood. And for my follow-up, maybe just drilling down into the Investment and Wealth margins in particular, since across the other segments, we're seeing continued progress towards the longer-term targets. That's admittedly the segment with the biggest shortfall. I know in the prepared remarks, Dermot, you noted that you're making investments in the business. And just wanted to better understand, one, where are those dollars getting deployed? And maybe if you could just speak to the primary drivers underpinning that glide path to 25%. How much is contingent on revenue growth versus expense optimization?

明白了。對於我的後續行動，也許只是深入研究投資和財富利潤率，因為在其他領域，我們看到長期目標的持續進展。無可否認，這是缺口最大的部分。我知道德莫特，您在準備好的發言中指出您正在對該業務進行投資。只是想更了解，第一，這些美元被部署在哪裡？也許您可以談談支撐這一下滑趨勢至 25% 的主要驅動因素。在多大程度上取決於收入成長與費用優化？

Okay. So the first point would be pretax margin for the Q1 there was around 13%. If you normalize that for typical seasonal volatility in terms of retirement-eligible stock and such like, if you back that out and adjusted, the margin would have been somewhere in the 16% ZIP code. So we feel pretty good about that.

好的。因此，第一點是第一季的稅前利潤率約為 13%。如果你將符合退休資格的股票等典型季節性波動標準化，如果你支持並調整，那麼保證金將在 16% 郵遞區號的某個地方。所以我們對此感覺很好。

Still a ton of work to do. And I would say, it's not one thing over the other. It depends on which part of the business you're talking about. In some of our asset managers, we're investing, we're launching new products. Clients, in some places, continue to de-risk and move from more risk-on equity to passive fixed income, but in other cases, we see clients coming in and AUM growing. We were very pleased with the performance of our Dreyfus Cash Management business in Q1, where we saw strong inflows and the performance of the business in terms of returns was first-quartile. So we feel very good about that. So we are investing the business to give our clients good products to invest in.

還有大量工作要做。我想說，這不是一回事。這取決於您所談論的是業務的哪一部分。我們正在投資一些資產管理公司，推出新產品。在某些地方，客戶繼續降低風險，從風險較高的股本轉向被動固定收益，但在其他情況下，我們看到客戶湧入，資產管理規模不斷增長。我們對第一季德雷福斯現金管理業務的表現非常滿意，我們看到了強勁的資金流入，並且該業務的回報率排名第一。所以我們對此感覺非常好。因此，我們投資這項業務是為了為我們的客戶提供優質的產品進行投資。

The flip side is we still believe, as it relates to running the company better and desiloing the firm and connecting asset management to the broader enterprise, there is a lot of opportunity there. And at the same time, as the opportunity, it allows us to take cost out and become a lot more efficient. So I would say we're working both sides of it. We see more opportunity on the revenue side and we're working the problem on the efficiency side.

另一方面，我們仍然相信，因為它關係到更好地經營公司、擺脫公司困境以及將資產管理與更廣泛的企業聯繫起來，所以那裡有很多機會。同時，作為機會，它使我們能夠降低成本並提高效率。所以我想說我們正在雙方努力。我們在收入方面看到了更多機會，並且正在解決效率方面的問題。

Our next question comes from the line of Betsy Graseck with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

I had 2 questions. One was just on the AI commentary that you were leading with in the prepared remarks. And I wanted to understand how you're thinking about the benefits to the expense ratio and the time frame with which this is going to flow through because there's clearly revenue-enhancing opportunities and expense reducing or flattening. And how much of this AI investment is -- how important is it to your 2024 expense outlook? And yes, if you could give us the medium-term outlook, that would be helpful.

我有兩個問題。其中之一是關於您在準備好的發言中所帶頭的人工智慧評論。我想了解您如何看待費用比率的好處以及費用比率的收益以及其實施的時間框架，因為顯然存在增加收入的機會和減少或壓平費用的機會。人工智慧投資有多少——它對您 2024 年的支出前景有多重要？是的，如果您能為我們提供中期前景，那將會很有幫助。

Sure. Betsy, first of all, it's great to have you on the call. Really glad to have you back and to know that you're doing well.

當然。貝特西，首先，很高興您能來電。真的很高興你回來並知道你做得很好。

Thanks so much.

非常感謝。

So on the AI, I'll start with the sort of the latter part of your question, which is I really don't think this is a 2024 story. Of course, we're doing things in 2024. But if you ask me to try to put a pin in where the real benefits and sort of tailwinds kick in, I'm actually going to say it's not even necessarily a '25 story, although maybe we'll see a little bit in '25. I think this is a '26 and on out benefit on the expense line.

所以關於人工智慧，我將從你問題的後半部分開始，我真的不認為這是一個 2024 年的故事。當然，我們會在 2024 年做一些事情。年看到一些。我認為這是 26 年以後的支出福利。

But let me go back to the sort of the premise of your question and just sort of briefly mention how we're embracing it. So I'll put it actually through the pillars that we've laid out in terms that are guiding so much of what we're doing in the company.

但讓我回到你的問題的前提，並簡單地提及我們如何接受它。因此，我實際上將透過我們所製定的支柱來闡述它，這些支柱指導著我們在公司所做的許多事情。

So first, being more for our clients. We think there are solutions out there for clients that are going to help them make better decisions, see risks, be able to be more efficient themselves. We've got software in market today doing that with predictive trade analytics around fails and settlements, allowing clients to be able to look out to see and take evasive action essentially on potential fails.

首先，更多地為我們的客戶服務。我們認為，客戶可以找到一些解決方案，幫助他們做出更好的決策，了解風險，提高自己的效率。今天市場上的軟體可以透過圍繞失敗和和解的預測性交易分析來做到這一點，使客戶能夠留意潛在的失敗並採取規避行動。

And by the way, some of those actions involve using other parts of the BNY Mellon platforms, in order to be able to improve their businesses. And so that's an interesting example, and there are going to be a lot more of those.

順便說一句，其中一些行動涉及使用紐約梅隆銀行平台的其他部分，以便能夠改善其業務。這是一個有趣的例子，而且還會有更多這樣的例子。

Under the heading of running our company better, this is going to be about streamlining business processes, productivity, figuring out and seeing anomalies that we can see. Our code assistant, as so many people talk about for our developers. I was walking around one of our buildings the other day, talking to one of our developers. They've been out of school for a year and change. And already, they think they're 25% more productive as a developer. And that's in the very early days of using GitHub Copilot. So there's going to be more there, and that ultimately is going to create efficiencies for us.

在更好地經營我們公司的標題下，這將涉及簡化業務流程、提高生產力、找出並發現我們可以看到的異常情況。我們的程式碼助手，正如許多人為我們的開發人員談論的那樣。有一天，我在我們的一棟大樓周圍散步，與我們的開發商交談。他們已經離開學校一年了，一切都改變了。他們認為作為開發人員，他們的工作效率提高了 25%。那是在使用 GitHub Copilot 的早期階段。因此，那裡將會有更多的東西，最終將為我們創造效率。

And then under the culture heading, which is very important, we want AI to empower our people to be able to go out and be able to be more efficient in terms of what they're doing. And there are any number of different examples of things over time that we think AI is going to be able to help with us.

然後在非常重要的文化標題下，我們希望人工智慧能夠使我們的員工能夠走出去，並能夠更有效率地完成他們正在做的事情。隨著時間的推移，我們認為人工智慧將能夠為我們提供幫助的事情有很多不同的例子。

Now importantly, in this, is the way in which we're doing it. Both Dermot and I talked about Platforms. And another concept in our Platform strategy is to create these hubs, these centers of excellence. And in AI, that's particularly important. We do not want to repeat the problems we've had in the past of having everyone go off in their own direction.

現在重要的是，我們這樣做的方式。德莫特和我都談到了平台。我們平台策略中的另一個概念是創建這些中心、這些卓越中心。在人工智慧領域，這一點尤其重要。我們不想重複過去讓每個人都朝著自己的方向前進的問題。

And actually, in AI, it's particularly important because problem statements that sound different can in fact have very common root causes. So you might want to be able to respond to an RFP. You might want to generate summaries of documents. You might want to be able to get a head start on a research report. But actually, when you look under the heading, those three things sound different, but the AI that's actually powering them, some of the mini platforms that are required are very, very similar. So we're using our AI Hub to collect these different use cases and then be able to deliver solutions and many AI platforms that can then be used in multiple places around the company.

實際上，在人工智慧中，這一點尤其重要，因為聽起來不同的問題陳述實際上可能有非常共同的根本原因。因此，您可能希望能夠回覆 RFP。您可能想要產生文件摘要。您可能希望能夠在研究報告方面取得先機。但實際上，當你仔細看標題時，這三件事聽起來不同，但實際上為它們提供動力的人工智慧，以及所需的一些迷你平台非常非常相似。因此，我們使用人工智慧中心來收集這些不同的用例，然後能夠提供解決方案和許多人工智慧平台，然後可以在公司的多個地方使用它們。

So we're excited about this. We think it's going to be very significant over time, but it's not a '24 story.

所以我們對此感到興奮。我們認為隨著時間的推移，這將變得非常重要，但這不是一個 24 小時的故事。

Okay. Got it. That's super helpful with the color. I appreciate that. And then just a follow-up on the tax rate guidance. This is part of the accounting change, I believe. Is that right? And can you tell us where in the PPOP the offsets are?

好的。知道了。這對顏色非常有幫助。我很感激。然後是稅率指引的後續行動。我相信這是會計變更的一部分。是對的嗎？您能告訴我們 PPOP 中的偏移量在哪裡嗎？

Sorry, I missed the last part of it, Betsy. Where the...

抱歉，我錯過了最後一部分，貝特西。哪裡的...

There's offsets, right, to the tax. The tax is impacted by the accounting change. Is that right?

稅收有抵消，對吧。稅收受到會計變更的影響。是對的嗎？

Yes. So economically, it's net neutral for the firm. It's just a gross-up in revenue which will show up in the interest (sic) [investment] and other revenue line. And then the offset to that is in the tax line. And we filed an 8-K a couple of weeks ago where we restated all the prior periods for comparison so that people will see it on a consistent basis going forward.

是的。因此從經濟角度來看，這對公司來說是淨中性的。這只是收入總額，將顯示在利息（原文如此）[投資]和其他收入項目中。然後抵消額是在稅額中。幾週前，我們提交了 8-K，其中我們重申了之前的所有時期進行比較，以便人們能夠在一致的基礎上看到未來的情況。

Sure. I just wanted to highlight that your tax rate guide has the offsets in the revenue, so I appreciate that.

當然。我只是想強調一下，你們的稅率指南已經抵消了收入，所以我很欣賞這一點。

Yes.

是的。

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 guess not sure, Dermot, if this was addressed here, but in terms of your outlook on deposits, I think the period end saw a pretty big uptick to $309 billion. Just give us a sense of within your NII guidance, one, what are you assuming in terms of deposit balances? And secondly, if the forward curve holds, is the next inflection on NII and margin higher or lower?

德莫特，我想不確定這個問題是否在這裡得到解決，但就您對存款的前景而言，我認為期末存款金額大幅上升至 3090 億美元。請讓我們了解您的國家資訊基礎設施指導，第一，您對存款餘額的假設是什麼？其次，如果遠期曲線不變，NII 和保證金的下一個拐點是更高還是更低？

As of the quarter end, Ebrahim, I think the spot number was around $310 billion of deposits. And that was largely -- you may recall that quarter end this year fell on a Good Friday, where markets were closed. So we've got a lot of clients putting cash in so that they could make certain payments. And so we saw kind of a surge in deposits over the last few days of the quarter. And they've largely left the system now, and we've returned to more normal levels, which is in the kind of high $270 billion range. So that's kind of really the explanation for the spot deposit balance versus the average trend.

Ebrahim，截至本季末，我認為現貨存款約為 3,100 億美元。這很大程度上是——你可能還記得，今年季度末恰逢耶穌受難日，市場休市。因此，我們有很多客戶存入現金，以便他們可以進行某些付款。因此，我們在本季的最後幾天看到存款激增。現在他們大部分已經離開了系統，我們已經恢復到更正常的水平，即 2700 億美元的高水平。這實際上是對現貨存款餘額與平均趨勢的解釋。

So sequentially, we're down 6% in NII and 8% year-over-year. And we saw a 2% growth in the deposit balance. Generally speaking, our guide at the beginning of the year was down 10%. And given the rate volatility and what's going on with the inflation report last week and the backup in rates, et cetera, et cetera, there's nothing that's causing us to think that we should change our guidance between now and the balance of the year.

因此，我們的 NII 連續下降了 6%，比去年同期下降了 8%。我們看到存款餘額增加了 2%。整體來說，我們年初的指導價下降了10%。考慮到利率波動、上週通膨報告的情況以及利率的備份等等，沒有任何理由讓我們認為我們應該從現在到今年剩餘時間改變我們的指導。

We're very neutrally positioned as to whether rates go up a little bit from here or down a little bit from here, and we feel very good about the overall guidance that we gave in January, which was approximately down 10%.

對於利率是從現在開始上漲一點還是從現在開始下降一點，我們的立場非常中立，我們對 1 月份給出的總體指導感到非常滿意，該指導大約下降了 10%。

Got it. And I guess one just follow-up in terms of some of the actions you took in moving businesses in Pershing. As we think about the strategic review, I guess, Robin, maybe it began a year ago or longer than that. Give us a sense of, in terms of the franchise positioning, how the businesses are talking to each other, and if they're in the right place within the enterprise. Is all of that done? How close are you to getting the franchise synced up in terms of where it's humming along with regards to what you want to achieve in terms of client synergies.

知道了。我想這只是您在潘興搬遷企業所採取的一些行動的後續行動。當我們考慮戰略審查時，羅賓，我想它可能在一年前或更早開始。讓我們了解，在特許經營定位方面，企業如何相互交談，以及它們是否在企業內處於正確的位置。這一切都完成了嗎？您離讓特許經營權在與您想要實現的客戶協同效應方面同步的程度有多近。

So the punchline is, we're making good progress, but you're essentially asking a cultural question. And we're not done on that. So when we did go -- back to your point, when we did our original strategy reviews, which is 18 months or so ago now, and it took us a few months to go through, we were really focused on answering the questions of what are we doing? Are we doing the right things? How are we doing them? Are we doing them in the right way? Do we have the right people doing them?

所以重點是，我們正在取得良好進展，但你本質上是在問一個文化問題。我們的工作還沒結束。因此，當我們確實回到您的觀點時，當我們進行最初的策略審查時（大約 18 個月前），我們花了幾個月的時間進行審查，我們真正專注於回答以下問題：我們在做什麼？我們正在做正確的事嗎？我們做得怎麼樣？我們是否以正確的方式做這些事情？我們有合適的人來做這些事嗎？

And so we looked at that, and we certainly found bits of the company that were just in the wrong place. And so we've lifted those bits up and we've put them in what we now think are the right place. So that's what both Dermot and I talked about in our prepared remarks, and that was what some of the restatement of prior periods so that you could make the easier comparisons there was about.

所以我們對此進行了研究，我們確實發現了公司的某些部分有錯誤的地方。因此，我們將這些部分提升起來，並將它們放在我們現在認為正確的位置。這就是德莫特和我在準備好的發言中談到的內容，也是對之前時期的一些重述，以便您可以更輕鬆地進行比較。

That was basic blocking and tackling, but the bigger opportunity, for sure, is how the businesses work together, not only to be more for clients by saying, "Hey, that client over there is a client, but they're not my client in my business. Can we work together to basically make them a client of both businesses?" That's very significant. That's where we talk about maturing 1BNY Mellon into the real heart of a new commercial coverage model, and that's being driven by our Chief Commercial Officer.

這是基本的阻止和應對，但更大的機會當然是企業如何合作，不僅僅是通過說“嘿，那邊的客戶是客戶，但他們不是我的客戶”來為客戶提供更多的幫助我們可以共同努力讓他們成為兩家公司的客戶嗎？這是非常有意義的。這就是我們談論將 1BNY Mellon 發展成為新商業覆蓋模式的真正核心的地方，而這正是我們的首席商務官所推動的。

Another part of this is saying, there are things that we used to think of as stand-alone capabilities, some might call them products, we think about them as client platforms. And in fact, what the client is asking for, and we really heard this when we did our Voice of Client survey, they don't want these individual products. They want us to take them and weave them together to create solutions for them that are on point to their needs.

另一部分是說，有些東西我們過去認為是獨立的功能，有些人可能稱之為產品，我們將它們視為客戶端平台。事實上，客戶的要求是什麼，我們在進行客戶之聲調查時確實聽到了這一點，他們不想要這些單獨的產品。他們希望我們將它們整合在一起，為他們創建符合他們需求的解決方案。

And so we've also started to do that, and I mentioned some examples of that. And that's a very powerful thing because that takes the breadth of our company, and rather than it being siloed, which is getting in the way of solutions, it's now actually ending up being the opportunity for us to deliver from the breadth of our platforms to our clients with solutions that, frankly, some other people aren't going to be able to do.

所以我們也開始這麼做，我提到了一些例子。這是一件非常強大的事情，因為這需要我們公司的廣度，而不是被孤立，這會妨礙解決方案，現在它實際上最終成為我們從我們的平台的廣度提供給客戶的機會。 ，我們的客戶提供的解決方案是其他人無法做到的。

So that's, we think, very exciting. And in those journeys, we're still relatively early. And that is cultural, and we've been doing a lot of things internally in the firm to make sure that our people are lined up behind that. It's early days, but we're quite excited about the direction of travel.

我們認為這非常令人興奮。在這些旅程中，我們還處於相對較早的階段。這就是文化，我們在公司內部做了很多事情，以確保我們的員工支持這一點。現在還為時過早，但我們對旅行的方向感到非常興奮。

And 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 like to start, Dermot, when you were walking through Pershing, I believe, you talked about the offboarding and the impact, of how that was weighing on the net new assets. Could you give us an update on how far we are along in that offboarding process, and how much we should continue to expect for the rest of the year?

我想首先，德莫特，當您走過潘興時，我相信您談到了離職及其對淨新資產的影響。您能否向我們介紹一下我們在離職過程中的最新進展，以及我們在今年剩餘時間裡應該繼續期待多少？

And then also, LPL recently announced the acquisition of Atria, which I understand was a Pershing client, and they're planning to consolidate those operations in 2025. So is that going to extend maybe some of the headwinds that we're seeing from some of these idiosyncratic offboardings?

另外，LPL 最近宣布收購 Atria，據我所知，Atria 是 Pershing 的客戶，他們計劃在 2025 年整合這些業務。

Okay. Thanks for the question. So the first thing I would say about Pershing in the context of the overall kind of the segment. With respect to Pershing, we continue to invest in Pershing. Pershing continues to grow. And as we've said since the deconversion was announced, we're going to earn our way out of this situation, and that's what's happening.

好的。謝謝你的提問。因此，我首先要從整個市場區隔的角度來談潘星。關於博星，我們繼續投資博星。潘星繼續成長。正如我們在宣布取消轉變以來所說的那樣，我們將透過自己的努力擺脫這種局面，而這就是正在發生的事情。

So we still, as a business, feel very good about Pershing and our ability. It's a market that's growing in mid-single digits on an annual basis, and we're a big player in that market. So we're going to win our share. So while the deconversion was unfortunate, we continue to march on and we will earn our way out. Specifically, I would say, we'll be largely done with the deconversion by Q3 of this year.

因此，作為一家企業，我們仍然對潘星和我們的能力感到非常滿意。這是一個每年以中個位數成長的市場，我們是該市場的重要參與者。所以我們將贏得我們的份額。因此，雖然去轉變是不幸的，但我們將繼續前進，我們將找到出路。具體來說，我想說，我們將在今年第三季基本完成去轉換工作。

And as it relates to the second part, I would say, look, we're in a competitive market. People are going to do things, the LPL-Atria thing. It's not a particular headwind. It's not been highlighted to me. It's not hitting my radar in terms of, oh my gosh, we need to worry about that. And so I think we're winning more than we're losing, and we're investing, and that's really going well.

由於它與第二部分相關，我想說，看，我們處於一個競爭激烈的市場。人們會做一些事情，例如 LPL-Atria 的事情。這並不是一個特別的逆風。它沒有向我突出顯示。這並沒有引起我的注意，天哪，我們需要擔心這個。因此，我認為我們的利潤多於虧損，而且我們正在投資，而且進展非常順利。

And when you take it in the context of what's going on with Wove, we're building a strong pipeline there. The backlog is looking good. We've added (sic) [signed] 9 clients to the platform in Q1 of this year. And we made a commitment to the market that we would add $30 million to $40 million of revenue this year, and we still feel very good about that guidance and that commitment that we made to you back in January.

當你把它放在 Wove 正在發生的事情的背景下時，我們正在那裡建立一個強大的管道。積壓情況看起來不錯。今年第一季度，我們已向該平台新增（原文如此）[簽約] 9 位客戶。我們向市場做出了承諾，今年我們將增加 3000 萬至 4000 萬美元的收入，我們仍然對這一指導以及我們在一月份向您做出的承諾感到非常滿意。

And Brennan, I'd just add on the business front, so that which is, remember, when we look at a deconversion, for sure, those happen. And the one that you're referring to, the original one, was a larger one.

布倫南，我只想補充一下商業方面的內容，所以請記住，當我們考慮去轉換時，這些肯定會發生。你所指的那個，原來的那個，是一個更大的。

But we're also growing with our clients, our clients are growing with us, and we also are on the receiving end of roll-ups as well. Our clients are quite acquisitive, and we have a couple of clients who've been doing acquisitions, and we have some of our largest clients who are growing very significantly and very healthfully.

但我們也在與我們的客戶一起成長，我們的客戶與我們一起成長，我們也處於匯總的接收端。我們的客戶非常熱衷於收購，我們有一些客戶一直在進行收購，我們的一些最大的客戶正在非常顯著且非常健康地成長。

So it's always unfortunate when there's a roll-up that goes against us, when there are roll-ups that go with our clients, those things balance out to some extent, which is why Dermot makes the point about overall we still feel quite enthusiastic about the net new assets growth over time.

因此，當出現對我們不利的總結時，當出現與我們的客戶相符的總結時，這些事情在某種程度上會平衡，這總是不幸的，這就是為什麼德莫特提出了總體而言我們仍然感到非常熱衷的觀點新資產淨值隨時間的增長。

Great. And then when we think about the deposits, I'm trying to think about really, Dermot, the fact that, here we are 1 quarter in. I get it. You maybe don't want to update expectations. But it seems like, based on what we've seen so far, deposit trends seem to be doing better than expected. We saw a pickup in the deposit balances at year-end, they sustained, which is a little unusual. And even though they've come down from EOP at 3/31, they're still in a similar ballpark to where you were on the average. Are you guys -- is there something specific that's driving the expectation for deposit decline, or is it just a component of conservatism?

偉大的。然後，當我們考慮存款時，我真的在努力思考，德莫特，事實上，我們已經完成了四分之一。您可能不想更新期望。但根據我們迄今為止所看到的情況，存款趨勢似乎比預期要好。他們堅持認為，我們看到年底存款餘額有所回升，這有點不尋常。儘管他們已經從 3/31 的 EOP 下降，但他們仍然處於與平均水平類似的水平。你們——是否有什麼具體因素推動了存款下降的預期，或者這只是保守主義的一個組成部分？

If I'm honest with you, I would say it's a little bit of both, but I would expect, like everybody expected, deposits to decline this year and it hasn't necessarily happened yet. And I make that statement in the context of QT. And so if you look at the RRP in Q1, the drain largely came from there. And if QT continues and rates stay higher for longer on balance, I would expect deposits to decline from here. And so I don't see anything that tells me that I should update the guidance from down 10% NII year-over-year.

如果我對你說實話，我會說兩者都有一點，但我預計，就像每個人預期的那樣，今年存款會下降，但目前還不一定發生。我是在 QT 的背景下做出這樣的說法的。因此，如果你看一下第一季的建議零售價，你會發現流失大部分來自那裡。如果 QT 繼續下去並且利率在更長時間內保持較高水平，我預計存款將從這裡開始下降。因此，我沒有看到任何資訊表明我應該將 NII 同比下降 10% 的指導進行更新。

And then underneath the hood in terms of the composition of the deposits themselves, you have the mix between interest-bearing and noninterest-bearing. And as rates stay higher for longer, I would expect NIBs to grind a little bit lower. So the overall balance may be higher, but you have the mix underneath which will kind of feed into that overall NII guidance. So it's not just the absolute level, it's also the composition of it.

然後，就存款本身的組成而言，在幕後，你可以看到有息和無息的混合。隨著利率在較長時間內保持較高水平，我預計國家投資銀行的利率會下降一些。因此，整體平衡可能會更高，但以下的組合將有助於整體 NII 指導。所以這不只是絕對水平，還有它的構成。

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 I guess, noninterest-bearing deposits inched down again. And I'm just wondering where that floor is. I guess it's 18% versus 19% last quarter and 26% year-over-year. And so on the other hand, your servicing fees were up 8% year-over-year. So I'm not sure if I should draw a link or not, maybe what you're not getting in noninterest-bearing deposits, you're getting in servicing fees.

所以我猜，無息存款再次小幅下降。我只是想知道那層樓在哪裡。我猜這個比例是 18%，上季是 19%，年比是 26%。另一方面，你們的服務費則是年增了 8%。所以我不確定是否應該畫一個鏈接，也許你在無息存款中沒有得到什麼，你卻得到了服務費。

So the question is, how are you getting such strong servicing fee growth year-over-year of 8%? How much of that is due to markets? How much of that is sustainable? And is any of that simply a substitution effect from the noninterest-bearing deposits to servicing fees?

那麼問題是，你們是如何獲得如此強勁的 8% 的服務費較去年同期成長的呢？其中有多少是市場造成的？其中有多少是可持續的？這是否只是無息存款對服務費的替代效應？

Thanks for the question, Mike. So let's go with the fee component first. Q1 is kind of one of those quarters where we came into the year, I guess, both in deposits and in pipeline and sales activity in very good shape. As it relates to Asset Servicing in particular, the pipeline was strong, we felt good coming into the year, markets rallied nicely. And so clients were in risk-on mode, doing more with us, flows were stronger, balances are higher, and we're winning our share of mandates.

謝謝你的提問，麥克。因此，讓我們先討論費用部分。我想，第一季是我們今年進入的季度之一，無論是在存款方面還是在管道和銷售活動方面都處於非常良好的狀態。特別是與資產服務相關的管道很強大，我們今年感覺良好，市場反彈良好。因此，客戶處於冒險模式，與我們一起做更多的事情，流量更強，餘額更高，我們正在贏得我們的委託份額。

Little factoid of all the deals that we completed for in Q1, we won north of 50%. So we're competitive. We're pricing well. We're very focused on client profitability and deal margin. And it goes back to the point that we made in several quarters prior to this, where we're very focused on the cost to serve. And so by improving margin, focusing on cost to serve, being more for clients, we can be more competitive in the pricing point. And I made that remark -- I made the point in my prepared remarks that we saw repricing being de minimis. So it was a good quarter all around, and we feel very good about the backlog and the pipeline going forward.

在我們第一季完成的所有交易中，我們贏得了 50% 以上的交易。所以我們很有競爭力。我們定價很好。我們非常關注客戶的獲利能力和交易利潤。這可以追溯到我們之前幾個季度提出的觀點，即我們非常關注服務成本。因此，透過提高利潤率、專注於服務成本、更多地為客戶服務，我們可以在定價上更具競爭力。我說過這樣的話——我在準備好的發言中指出，我們認為重新定價是微不足道的。所以這是一個很好的季度，我們對積壓訂單和未來的管道感到非常滿意。

As it relates to the mix between fees and deposits, we don't lead with deposits as an institution. Clients do multiple things with us across the enterprise. And as a consequence of that, they leave deposits with us. It's an important point, but 2/3 of our deposits are operational in nature and therefore very sticky. But with a higher for longer rate environment, it's only natural to expect that people with NIBs are going to, over time, move out of that and look for a higher yield. It's inevitable and it's a fact of life, and we're ready to deal with that.

由於它涉及費用和存款之間的組合，因此我們作為一個機構並不以存款為主導。客戶在整個企業中與我們一起做很多事情。因此，他們將存款留在我們這裡。這是很重要的一點，但我們 2/3 的存款本質上是可操作的，因此非常具有黏性。但在長期利率較高的環境下，隨著時間的推移，擁有 NIB 的人會自然而然地擺脫這種狀況並尋求更高的收益率。這是不可避免的，也是生活中的事實，我們已準備好應對這個問題。

But I'm very proud of what our global liquidity solutions team is doing in terms of winning their share of the business in terms of the deposits and how we price them. And so sequentially, we've seen the balances go up because of that competitive pricing. So all in all, when you take the ecosystem together, we feel very good about where we're at.

但我對我們的全球流動性解決方案團隊在存款方面贏得業務份額以及我們如何定價方面所做的工作感到非常自豪。因此，我們看到餘額由於具有競爭力的定價而增加。總而言之，當你把整個生態系統放在一起時，我們對自己所處的位置感覺非常好。

And Mike, there was nothing idiosyncratic about trade-offs, to the other part of your question. I don't see the quarter built around that at all.

麥克，對於你問題的另一部分來說，權衡並沒有什麼特殊之處。我根本不認為該季度是圍繞這一點構建的。

Okay. And so a separate question. For all the growth in servicing fees, Asset Management, what can you do to reverse the trend for sustainable growth? I mean, would it ever be an option to consider selling that? The synergies? When you think about 1BNY Mellon, I kind of get the rest of the firm being all one cohesive unit over time. But how does Asset Management fit into that?

好的。這是一個單獨的問題。對於服務費的不斷成長，資產管理公司如何扭轉永續成長的趨勢？我的意思是，是否可以考慮出售它？協同作用？當你想到 1BNY Mellon 時，我覺得隨著時間的推移，公司的其他部分都成為一個有凝聚力的整體。但資產管理如何融入其中呢？

Sure. So this is a question that we talked a little bit about last year. And I said at the time that we think, and I'll underline the word think, that the business really can complement the strategy of the firm. But we had more work to do, and that, that was a thesis. And we needed to put in place the various different steps to really be able to operationalize and make the most of that. And that's what we've been working on over the course of the past few months.

當然。這是我們去年討論過的問題。我當時說過，我們認為，並且我會強調「認為」這個詞，該業務確實可以補充公司的策略。但我們還有更多的工作要做，那就是一篇論文。我們需要採取各種不同的步驟，才能真正能夠實施並充分利用這些步驟。這就是我們在過去幾個月裡一直在努力的事情。

The basic thesis is we think there's a strong industrial logic to have $2 trillion worth of manufacturing platform aligned to BNY Mellon's $3 trillion worth of retail distribution capacity if you look across Wealth and Pershing together, Pershing alone having $2.5 trillion-plus of client assets on the platform.

基本論點是，如果你把財富銀行和潘興放在一起看的話，我們認為，價值2 兆美元的製造平台與紐約梅隆銀行價值3 兆美元的零售分銷能力相結合，這是一個強大的產業邏輯，光是潘興就擁有超過2.5 兆美元的客戶資產。

And so if you only operated in a silo in Investment Management, where it was manufacturing and only its own distribution, there's a legitimate question there about whether or not it would have the scale and the capacity to be able to truly compete. But when you put it together with the rest of the company, we think there's a pretty compelling thesis there.

因此，如果你只在投資管理領域的一個孤島中運營，在那裡它只進行製造，並且只進行自己的分銷，那麼就存在一個合理的問題，即它是否具有能夠真正競爭的規模和能力。但當你把它與公司的其他部門放在一起時，我們認為這是一個非常引人注目的論點。

And so we don't think we have properly capitalized on those benefits in the past. And so our strategy is let's let Investment Management stretch its legs in that new approach. And we see some early signs of progress on that. We've been joining some dots.

因此，我們認為我們過去沒有適當地利用這些好處。因此，我們的策略是讓投資管理部門在這種新方法中發揮作用。我們看到了這方面取得一些進展的早期跡象。我們一直在加入一些點。

I mentioned a couple of things in my prepared remarks, both in terms of us having a broader distribution platform that actually can attract other investment managers who maybe don't have the benefit of our distribution, and they want to come join our platform, rounding out our offerings and essentially making our distribution platform more complete. But also being attractive to them so they don't have to build their own. If you will, they're building their business on one of our platforms.

我在準備好的發言中提到了幾件事，即我們擁有更廣泛的分銷平台，實際上可以吸引其他投資經理，他們可能沒有從我們的分銷中受益，他們想加入我們的平台，四捨五入我們的產品，本質上使我們的分銷平台更加完整。但同時也要對他們有吸引力，這樣他們就不必自己建造。如果您願意，他們正在我們的平台之一上開展業務。

And so we've given you our targets. We want to be able to expand the pretax margin in the business to over 25%. It's not for nothing that we didn't grow expenses in that segment or in Security Services for that matter because we're really focused on the margin in those businesses, and we have had some growth. And so this is about really working that set of opportunities. And we'll see over the coming quarters how we do, but this quarter was one where we felt we took an important step forward.

所以我們已經給了你們我們的目標。我們希望能夠將業務的稅前利潤率擴大到 25% 以上。我們沒有增加該部門或安全服務的費用並非沒有原因，因為我們真正專注於這些業務的利潤，並且我們已經取得了一些成長。所以這就是真正利用這一系列機會。我們將在接下來的幾個季度中看到我們的表現，但本季我們認為我們向前邁出了重要的一步。

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。

Robin mentioned it, so maybe it wasn't that big of a deal, but T+1 starts at the end of May, I'm curious if it was a big expense lift that we get some relief on going forward. And then related to that, are there any headwinds on NII and any benefits on capital that we have to think about as a result of moving towards a more T+1 world?

Robin 提到了這一點，所以也許這沒什麼大不了的，但 T+1 從 5 月底開始，我很好奇這是否是一個很大的費用提升，我們可以在接下來的工作中得到一些緩解。與此相關的是，由於邁向 T+1 世界，我們必須考慮 NII 方面的任何阻力以及資本方面的任何好處嗎？

So T+1, sure, we had to for sure spend money in different parts of the company in order to be able to ready ourselves for this, we view that as frankly ordinary course of business. There's always some market structure change going on in the world that we have to respond to. So while they may be individually lumpy, there's always something. So we just think about that as part of the expense of running the company and not something that will yield a particular benefit when we happen to have finished the work.

因此，T+1，當然，我們必須在公司的不同部門投入資金，以便能夠為此做好準備，坦白說，我們認為這是正常的業務過程。世界上總是會發生一些我們必須應對的市場結構變化。因此，雖然它們各自可能是塊狀的，但總是有一些東西。因此，我們只是將其視為營運公司費用的一部分，而不是當我們碰巧完成工作時會產生特定收益的東西。

Now I do think that T+1 overall provides benefits to the financial system, improvements in efficiency, some risk reduction. I would say, to the second part of your question, that more of that probably accrues to our clients because we're not as big a principal player there. It can improve liquidity and capital requirements, in the fullness of time.

現在我確實認為 T+1 總體上為金融體系帶來了好處，提高了效率，並降低了一定的風險。我想說，對於你問題的第二部分，我們的客戶可能會獲得更多的利益，因為我們不是那裡的主要參與者。它可以在時機成熟時改善流動性和資本要求。

The industry has come a long way. It wasn't that long ago that we were at T+5, T+3 sort of moving down the curve. And I will also say from an opportunity point of view, not only do clients look to us to help them navigate these types of things because they're complicated and detailed, and they want us to essentially help them in executing this type of change, and that's exactly what we've been doing.

該行業已經取得了長足的進步。不久前，我們還處於 T+5、T+3 階段，沿著曲線往下移動。我還要從機會的角度說，客戶不僅希望我們幫助他們處理這些類型的事情，因為它們既複雜又詳細，而且他們希望我們從本質上幫助他們執行這種類型的變革，這正是我們一直在做的事情。

But we also think that there are just opportunities associated with these sorts of inflections because clients look at us, and it does sometimes cause the question to be raised of, huh, another big change in the post-trade landscape, life's too short. I'm an investment manager, or I'm a broker-dealer, I want to go about the core of my business. I don't want to have to worry about that stuff as much as I currently do. BNY Mellon, can you help us? Can you help us, and maybe there's a platform sale opportunity there for a little bit more outsourcing.

但我們也認為，由於客戶關注我們，因此存在與此類變化相關的機會，有時確實會引起人們提出這樣的問題：嗯，交易後格局的另一個重大變化，生命太短暫了。我是一名投資經理，或者我是一名經紀自營商，我想專注於我的核心業務。我不想像現在一樣擔心這些事。紐約梅隆銀行，你能幫助我們嗎？你能幫助我們嗎？

Because as the world makes these changes, speeds up, gets more complicated, more change management, we of course have the benefit of scale, we get to change once and we get to take some of those problems off their hands. And so I'd call that out when it comes to Real-Time Payments, I'd call it out in T+1, I'd call it out in clearing. Each time these things happen, we look at it through a lens of opportunity as well as a lens of client service. But overall also just good for the market. Nothing good happens between trading and settlement, as is often said.

因為隨著世界做出這些改變，速度加快，變得更加複雜，更多的變革管理，我們當然有規模的好處，我們可以改變一次，我們就可以從他們的手中解決一些問題。因此，當涉及即時支付時，我會在 T+1 中指出這一點，在清算中我會指出這一點。每次發生這些事情時，我們都會從機會和客戶服務的角度來看待它。但整體而言也對市場有利。正如人們常說的那樣，交易和結算之間不會發生任何好事。

And Glenn, on the specific point about headwinds as it relates to NII. I look at the last 2 quarters together in terms of the strength of what we've done on NII. And I feel, overall, we're in a good place. The balance sheet is very clean. Our CIO book is well positioned and of short duration. And the CIO is doing a really good job at optimizing yield. And so when you see our securities that are maturing at the moment, they're rolling off at a kind of 2% to 3% rate and then are being deployed at current market yields.

Glenn 談到了與 NII 相關的逆風的具體問題。我綜合考慮了過去兩個季度我們在 NII 上所做的工作的實力。我覺得，總的來說，我們處於一個很好的位置。資產負債表非常乾淨。我們的《資訊長》一書定位明確，篇幅短。資訊長在優化產量方面做得非常好。因此，當你看到我們目前正在到期的證券時，它們會以 2% 至 3% 的利率滾動，然後以當前的市場收益率進行部署。

So based on what I see today, with the backup in rates that happened last week as a result of the hot inflation report, we feel pretty good about where things are for the balance of the year just using that forward curve. As I said earlier, rates up a little, down a little, don't materially impact us. And so we feel like our base case is -- we feel pretty good about it.

因此，根據我今天所看到的情況，由於上週熱門通膨報告導致利率出現回升，僅使用遠期曲線，我們就對今年剩餘時間的情況感到非常滿意。正如我之前所說，利率上升一點、下降一點，不會對我們產生實質影響。所以我們覺得我們的基本情況是——我們對此感覺非常好。

Next question is one that comes from Gerard Cassidy with RBC.

下一個問題來自加拿大皇家銀行的傑拉德·卡西迪。

Dermot, can you give us some color? I noticed you said in your prepared remarks, the average loan balances were essentially flat in Q1 versus Q4. But I noticed the spot number, quarter-end number for loans was actually quite a bit higher, around $73 billion versus the spot number in the fourth quarter. Was it something at the end of the quarter that caused that to increase?

德莫特，你能給我們一些顏色嗎？我注意到您在準備好的發言中表示，第一季的平均貸款餘額與第四季基本持平。但我注意到季末貸款的現貨數量實際上要高得多，與第四季的現貨數量相比約為 730 億美元。是季度末的某些事情導致了這一數字的增加嗎？

Thanks, Gerard. Again, it was a little bit of what I call the Good Friday effect, where clients use our overdraft facility mechanisms going into that weekend. And so that really caused the spot balances to go up. And that's kind of largely cleaned out, so it has reverted more to the average numbers that you're familiar with.

謝謝，傑拉德。同樣，這有點像我所說的“耶穌受難日效應”，即客戶在那個週末使用我們的透支機制。這確實導致現貨餘額上升。這基本上已經被清除了，所以它已經更多地恢復到你熟悉的平均數字。

Okay. Good. And I know this is not a big area for you guys, so maybe you could give us better insights since it's not as big as it is for a traditional bank. But can you maybe give us some color on the commercial real estate? I know you pointed out you've built up the allowances there. What are you guys seeing? Is it similar to what we're reading about and hearing from others, or is it something different?

好的。好的。我知道這對你們來說不是一個大領域，所以也許你們可以給我們更好的見解，因為它不像傳統銀行那麼大。但您能為我們介紹一下商業地產嗎？我知道你指出你已經在那裡建立了津貼。你們在看什麼？它與我們讀到的或從其他人那裡聽到的內容相似，還是有所不同？

So I would say, look, we're prudently marked in the commercial real estate portfolio. Overall, our CRE (sic) [office] portfolio in the context of our overall balance sheet is quite small, 3% of total loans, $2 billion. And the reserve build that we took in Q1 was really just kind of being prudent on a couple of specific situations that are coming up for restructuring.

所以我想說，看，我們在商業房地產投資組合中被謹慎地標記。總體而言，我們的 CRE（原文如此）[辦公室] 投資組合在我們的整體資產負債表中相當小，佔貸款總額的 3%，即 20 億美元。我們在第一季建立的儲備金實際上只是對即將進行重組的一些具體情況採取了謹慎態度。

But I would let you know that they're all still paying and everything is working and they're Class A office buildings, and we feel good about the occupancy. So I would say overall, very, very clean and nothing that really has me unduly concerned.

但我想讓你知道，他們仍在付款，一切正常，而且他們是甲級辦公大樓，我們對入住感覺良好。所以我想說，總的來說，非常非常乾淨，沒有什麼真正讓我過度擔心的。

And look, there has been a lot of chatter in the market, in the press, over the last quarter about what's going to happen. I'm sure the backup in rates hasn't really helped that chatter. But surveying other banks' results so far this quarter, I haven't really noticed any specific CRE bills on the back of what's been going on over the last couple of quarters. So it does feel like, as a sentiment matter, to be quite muted at the moment on the back of others' earnings release. That's at least what I've observed.

看，上個季度市場和媒體對將要發生的事情有很多討論。我確信利率的支撐並沒有真正幫助解決這個問題。但在調查本季迄今其他銀行的業績時，我並沒有真正注意到過去幾季發生的情況背後有任何具體的商業房地產帳單。因此，就情緒而言，在其他公司發布財報的背景下，目前確實感覺相當平靜。至少這是我觀察到的。

And Gerard, I'd just add to that for the more general view, which is, I think, the answer to what happens in corporate real estate, clearly, it depends which markets you're involved in, there are some markets around the country that are more distressed than others. It continues to be focused on office, as you know, although there are certainly some questions on multifamily, but the fact that we're sort of still short housing in the U.S. as a general matter is probably ultimately going to be helpful to that story.

傑拉德，我只是補充一下更普遍的觀點，我認為這是企業房地產中發生的情況的答案，顯然，這取決於您參與的市場，周圍有一些市場比其他國家更痛苦的國家。如你所知，它仍然專注於辦公大樓，儘管多戶住宅確實存在一些問題，但事實上，我們在美國總體上仍然缺乏住房，這可能最終會對這個故事有所幫助。

The most -- single most important driver of it as we sit here today is where are longer-term rates. And so there's so much chatter about what's going to happen in Fed funds, is the Fed going to cut? Are they going to stay? Are they going to hike a little bit? But what really matters is where is the curve from 5 to 10 years? And as that backs up and to the extent that we cross 5%, you have very different outcomes on commercial real estate than you do at 10 years are at 4%.

我們今天坐在這裡的最重要的驅動因素是長期利率。因此，關於聯邦基金將發生什麼的討論如此之多，聯準會會降息嗎？他們會留下來嗎？他們要遠足一點嗎？但真正重要的是5年到10年的曲線在哪裡？隨著這一點的支持，當我們超過 5% 時，商業房地產的結果與 10 年 4% 時的結果截然不同。

And if they ended up for some reason -- not our base case, but it's possible, you've got to plan for it. If they end up at 6%, then for some folks in the market, that's going to be a much more painful outcome. So I think you watch -- so goes the 10-year to some extent, so goes the commercial real estate market because this is a '24 a little bit, but really '25 refinancing story.

如果它們因某種原因而結束——不是我們的基本情況，但有可能，你必須為此做好計劃。如果最終達到 6%，那麼對於市場上的一些人來說，這將是一個更痛苦的結果。所以我認為你會看到，在某種程度上，10 年的情況如此，商業房地產市場也是如此，因為這是一個 24 世紀的再融資故事，但實際上是 25 世紀的再融資故事。

Our next question comes from the line of David Smith with Autonomous Research.

我們的下一個問題來自自治研究中心的大衛史密斯。

Could you please help us think a little bit more about how far you are -- along you are in the efficiency opportunity journey? I know it's really never-ending in some ways, but can you help us think about when the pace of improvement might start to decline as you get through more of the low-hanging fruit?

您能否幫助我們更多地思考您在效率機會之旅中走了多遠？我知道在某些方面這確實是永無止境的，但是您能否幫助我們考慮一下，當您完成更多容易實現的目標時，改進的速度何時可能開始下降？

So thanks for the question. I was wondering when it was going to come. It's a multiyear journey. And look, let's go back to last year and kind of go through it. Last year, we kind of ended up at 2.7% versus a guide of 4% versus a previous year of 8%. And this year, we've guided flat, and we started Q1 on an operating basis of 1%.

謝謝你的提問。我想知道它什麼時候會來。這是一個多年的旅程。聽著，讓我們回顧一下去年的情況。去年，我們的實際成長率為 2.7%，而指導值為 4%，而前一年為 8%。今年，我們的指導方針持平，第一季開始時的營運基礎為 1%。

You'll see that our headcount, give or take, a few hundred people, is largely flat. And so the headcount is flat. We feel like we have our arms wrapped around that. There's a lot going on under the hood in terms of bringing in like growing our analyst class, high-value location growth, et cetera, et cetera. So we see a lot of opportunity to continue to improve the efficiency story.

你會發現我們的員工人數，不管是幾百人，還是基本上持平。因此，員工人數持平。我們感覺我們已經用雙臂擁抱它了。在引進人才方面，幕後發生了很多事情，例如擴大我們的分析師團隊、高價值地點的成長等等。因此，我們看到了許多繼續提高效率的機會。

Also, as we both said in our prepared remarks, the migration to a new way of working, the Platforms Operating Model over the next couple of years, we feel will not only help us grow top line, but it will also just help us run the company better. And I think it's quite important, culturally, that we don't really talk about efficiency internally, we talk about running our company better, which is very important strategically and also culturally.

此外，正如我們在準備好的演講中所說，未來幾年遷移到新的工作方式，即平台運營模式，我們認為不僅會幫助我們增加收入，而且還會幫助我們經營公司更好。我認為從文化角度來說非常重要的是，我們在內部並不真正談論效率，我們談論的是更好地經營我們的公司，這在策略和文化上都非常重要。

So I think you're going to see quarter-by-quarter proof points on how we're able to run the company better, which will result in efficiency, which will then in turn result in improved margin. So we feel very optimistic about what's coming.

因此，我認為您將看到每個季度的證據，證明我們如何能夠更好地經營公司，這將提高效率，進而提高利潤率。所以我們對即將發生的事情感到非常樂觀。

And lastly, just to confirm, the $1 billion or so of buyback in 1Q. Does that come out of the $6 billion new repurchase authorization? Or is the $6 billion incremental to what you did in 1Q?

最後，只是為了確認第一季約 10 億美元的回購。這是來自 60 億美元的新回購授權嗎？或者說，這 60 億美元是比第一季增加的嗎？

So we did an authorization last year which was $5 billion. We have a little bit left in that. And so it's just more of an administration thing that we decided to get another authorization this year for $6 billion, that's largely open ended. So I wouldn't really dwell on the size of the authorization that much. It's just more of what we commit to you doing on an annual basis. And the key thing for you to take away is we're committing to north of 100% this year.

所以我們去年授權了 50 億美元。我們還剩下一點點。因此，我們決定今年再次獲得 60 億美元的授權，這更多的是行政事務，這在很大程度上是開放式的。所以我不會太在意授權的規模。這只是我們每年承諾為您做的更多事情。您應該明白的關鍵是我們今年承諾達到 100% 以上。

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)。

Most of them have been asked and answered, but maybe just a couple of follow-ups. One, a little bit on that prior question, Dermot. I guess this could be for Robin as well. I think, Robin, you mentioned, earlier in the call, about 15% of staff are in the new operating model. Maybe if you could just talk about your migration plan over time.

大多數問題都已被詢問和回答，但也許只有幾個後續行動。一，德莫特，簡單介紹一下之前的問題。我想這也可能適合羅賓。我想，Robin，您在早些時候的電話會議中提到，大約 15% 的員工採用了新的營運模式。也許您可以談談您的遷移計劃。

And going back to what you just answered, Dermot, about the efficiency improvement, should we be thinking of this over the long term as maybe roughly even between expenses and revenue? Or still more geared towards expenses?

回到你剛才回答的問題，德莫特，關於效率的提高，我們是否應該從長遠來看，在支出和收入之間大致持平？還是更傾向於支出？

Okay. Let me just start with the Platforms Operating Model. So ultimately, if you just go back to why are we doing what it is that we're doing, we've been pretty siloed as a company, as we've talked about before. We think that's a bad artifact, at least it's a bad artifact for a company like us, which is inherently a scale platforms provider. It's kind of the nature of our business, diversified, many different platforms, but largely at scale. And so to have the separation of all of these pieces that are in support of that, and in some cases duplication, it just, in our opinion, wasn't the right way to run the company.

好的。讓我從平台營運模式開始。所以最終，如果你回到我們為什麼要做我們正在做的事情，我們作為一家公司已經相當孤立，正如我們之前談到的。我們認為這是一個糟糕的工件，至少對於像我們這樣本質上是規模平台提供者的公司來說是一個糟糕的工件。這是我們業務的本質，多元化，有許多不同的平台，但很大程度上是規模化的。因此，將支持這一目標的所有這些部分分開，並且在某些情況下進行重複，我們認為這並不是營運公司的正確方式。

So what is Platforms Operating Model going to do? It's going to simplify how we work, it's going to improve the client experience, and it's going to create more empowerment for our employees. It's an opportunity to do things in one place, do them well and elevate the quality of overall execution.

那麼平台營運模式將做什麼呢？它將簡化我們的工作方式，改善客戶體驗，並為我們的員工賦予更多權力。這是一個在一個地方做事、把事情做好並提高整體執行品質的機會。

And so with that said, it sort of hits on the expense line as a benefit and it hits on the revenue line as well. And we've done -- remember, we did a bunch of studies for this before we embarked on it because pretty significant change. We also did some pilots. And to some extent, we've even built new businesses using this operating rhythm because we built Wove in that way, and that wasn't entirely by accident. So we've had some experience associated with all of that, and we feel pretty good therefore that we are going to get expense savings and revenue opportunities associated with it.

話雖如此，它作為一種福利對費用線產生了影響，也對收入線產生了影響。我們已經完成了——記住，在開始之前我們為此做了很多研究，因為這是相當重大的改變。我們也做了一些試點。在某種程度上，我們甚至利用這種營運節奏建立了新業務，因為我們以這種方式建立了 Wove，而這並不完全是偶然的。因此，我們已經擁有了與所有這些相關的一些經驗，並且我們感覺非常好，因此我們將獲得與之相關的費用節省和收入機會。

We also think that from a cultural point of view, it's just an opportunity for our people because we think our people, and this is certainly what the data so far has shown, they just feel more empowered working in the model. They can see a problem, they can get on it more quickly, they're more empowered to pull the levers to create change. And they no longer feel that maybe they're part of a long chain of a bureaucracy to make change.

我們也認為，從文化的角度來看，這對我們的員工來說只是一個機會，因為我們認為我們的員工，這肯定是迄今為止的數據所顯示的，他們只是覺得在模型中工作更有權力。他們可以看到問題，可以更快解決問題，更有能力拉動槓桿來創造改變。他們不再覺得自己可能是推動改變的官僚機構長鏈的一部分。

On the efficiency opportunity thing, the thing I would add in answer to your question from what Dermot said earlier on, is just to reinforce that there are short-, medium-, and long-term opportunities for efficiencies. And we've talked about it this way for a while now. As Dermot said, we had to bend the cost curve last year. We thought it was very important. So we took a bunch of slightly tactical, but nonetheless important and decisive changes. We also laid the groundwork for some medium-term saves. We talked about Project Catalyst, 1,500 ideas sourced from our employees, essentially delivering savings in '22 -- sorry, in '23 and '24 and '25.

關於效率機會問題，我想在回答德莫特之前所說的問題時補充一點，只是為了強調存在短期、中期和長期的提高效率的機會。我們已經這樣討論了一段時間了。正如德莫特所說，去年我們不得不改變成本曲線。我們認為這非常重要。因此，我們進行了一系列略微戰術性但仍然重要且決定性的改變。我們也為一些中期節省奠定了基礎。我們討論了催化劑項目，來自我們員工的 1,500 個想法，基本上在 22 年實現了節省——抱歉，在 23 年、24 年和 25 年實現了節省。

And then we've got things that are longer term, like the Platforms Operating Model, which are fundamentally changing ways that people actually work. That's a longer-term opportunity, probably get a little bit of benefit from that from '24, but '25 and '26 are places where we'll probably see a bit more of that.

然後我們還有一些長期的東西，像是平台營運模型，它從根本上改變了人們實際工作的方式。這是一個長期的機會，可能會從 24 年的機會中獲得一些好處，但在 25 年和 26 年我們可能會看到更多的好處。

And then in answer to Betsy's question from earlier on, we've been investing in AI. Now that's definitely not a '24 story for benefits, maybe not even '25, but a '26 and beyond story. So we're layering in these different opportunities, recognizing that we wanted to take swift action, but then we also feel that we're laying the seeds for future efficiencies over time.

然後，為了回答 Betsy 早期提出的問題，我們一直在投資人工智慧。現在，這絕對不是一個 24 世紀的福利故事，甚至可能不是 25 世紀的故事，而是 26 世紀及以後的故事。因此，我們對這些不同的機會進行了分層，並認識到我們想要迅速採取行動，但隨後我們也覺得我們正在為未來的效率奠定基礎。

Brian, just to add on, I would just anchor you in a number. Like last year, when we grew expenses by 2.7%, we invested $0.5 billion in new initiatives within that 2.7%, and we're replicating that again this year.

布萊恩，補充一下，我只會將你固定在一個數字上。與去年一樣，當我們的支出增加了 2.7% 時，我們在這 2.7% 的範圍內投資了 5 億美元用於新舉措，今年我們將再次複製這一做法。

And so as somebody who's very close to the Platforms Operating Model strategy, the cultural point is when you walk the corridors of BNY Mellon now, you feel an energy and enthusiasm for our people, as Robin said, from embracing the model that hasn't been seen before. And it is a very, very exciting strategy that's going on at the firm.

因此，作為一個非常接近平台營運模式策略的人，文化要點是，當你現在走在紐約梅隆銀行的走廊上時，你會感受到我們員工的活力和熱情，正如羅賓所說，因為接受了尚未實現的模式。該公司正在實施一項非常非常令人興奮的策略。

That's fantastic color. And maybe just one last one on, speaking of initiatives, the Buy Side Trading Solutions initiative. I know we've had a lot of other initiatives to talk about, so just maybe to get an update on how that's tracking.

那顏色太棒了。說到倡議，也許只是最後一項，就是買方交易解決方案倡議。我知道我們還有很多其他舉措要討論，所以也許只是為了了解其追蹤情況的最新情況。

Yes. This was always going to be a medium-term thing. As we've told you, we sort of have this capability in-house. It was a great example of platform thinking. It was captive in one bit of the company, only looking internally. We essentially made it fit for external use as well. We onboarded, as we told you last quarter, a large client onto that platform, and that's been going very well.

是的。這始終是一個中期的事情。正如我們告訴您的，我們內部具備這種能力。這是平台思維的一個很好的例子。它被困在公司的一小部分，只專注於內部。我們基本上也使其適合外部使用。正如我們上個季度告訴您的那樣，我們在該平台上引入了一個大客戶，進展非常順利。

I have a lot of conversations with clients about how they could consider part of their trading desks to be outsourced. Sometimes it's all of it. Sometimes it's a region or a product that somebody wants to essentially say, hey, I'm not at scale. You're at scale. You're executing $1 trillion worth of volumes. Can I rent that capability from you, essentially?

我與客戶進行了很多對話，討論他們如何考慮將部分交易櫃檯外包。有時這就是全部。有時，有人想說的是，嘿，我還沒有達到規模。你已經達到規模了。您正在執行價值 1 兆美元的交易量。本質上我可以從你那裡租用這種能力嗎？

We think there's a large addressable market here, but this is a longer sell process. The sales cycle of this takes longer. It's definitely a C-suite conversation. But we continue to be cautiously optimistic about this over time.

我們認為這裡有一個很大的潛在市場，但這是一個較長的銷售過程。這樣的銷售週期就需要更長的時間。這絕對是一次最高管理階層的對話。但隨著時間的推移，我們仍然對此持謹慎樂觀態度。

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。

I know we're getting on here. I'll try to ask just a couple of quick cleanups. First of all, this is the first quarter that the securities book has actually grown in absolute terms. And I'm just wondering, is part of that an increased confidence in just where you do expect deposits to land? Or was it more just opportunity cost of what your options were in the market?

我知道我們正在這裡。我會嘗試要求進行一些快速清理。首先，這是證券帳簿絕對數量實際增長的第一季。我只是想知道，這是否是您預計存款將落在哪裡的信心增強的一部分？或者說，這更只是你在市場上的選擇的機會成本？

Thanks, Ken. I would say very much the latter. And when you look at the overall portfolio, you think of cash and securities together, and it was really the CIO team just optimizing yield and deploying cash where they see the opportunities.

謝謝，肯。我想說的是後者。當你查看整體投資組合時，你會同時想到現金和證券，實際上 CIO 團隊只是優化收益率並在他們看到機會的地方部署現金。

Yes. Okay. And then I know you said a little bit of this before, but I was wondering if you could tighten up. Last quarter, you said -- to Glenn's question, you talked about reinvesting at market rates. So last quarter, you put that together and said that you would expect that this year's reinvestments to be 150 to 200 basis points on your roll-on, roll-off. And with higher rates, I'm just wondering if you put that together for us. Like what do you think that net benefit is now versus that 150 to 200?

是的。好的。我知道你之前也說過一點，但我想知道你是否可以收緊一點。上個季度，您在回答格倫的問題時表示，您談到了按市場利率進行再投資。因此，上個季度，您將這些放在一起並表示，您預計今年的再投資將在滾存、滾存上增加 150 至 200 個基點。對於更高的利率，我只是想知道你是否為我們把這些放在一起。就像您認為現在的淨收益與 150 到 200 相比是多少？

I think it's in the 200 ZIP code.

我認為它在 200 郵政編碼中。

Okay. And then last one, just duration of the portfolio. Can you just give us an update on where that stands?

好的。最後一項是投資組合的久期。能為我們介紹一下最新情況嗎？

Roughly 2 years, give or take, 2 years is the best number to give you on that one.

大約 2 年，無論多少年，2 年是給你的最佳數字。

Okay. So to your point, like still keeping really short and opportunistic?

好的。那麼就您的觀點而言，是否仍然保持做空和機會主義？

Correct, yes.

正確，是的。

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。

When you mentioned your comments about commercial real estate, I was just wondering. I don't think you have much exposure, but you highlighted that commercial real estate, I guess, for the industry, or are you talking office? You said it's really a 2025 refinancing story and as goes the 10-year, as goes commercial real estate. It's just -- if you could provide any color. Why did you highlight that? And why do you have that sort of conclusion?

當你提到你對商業房地產的評論時，我只是想知道。我不認為你有太多的曝光度，但你強調了商業地產，我想，對於這個行業，或者你在談論辦公室？你說這其實是一個 2025 年再融資故事，10 年期再融資故事也是如此，商業房地產也是如此。只是——如果你能提供任何顏色的話。為什麼強調這一點？為什麼你會有這樣的結論？

Well, the question, Mike, was more general in nature. It wasn't really applying to us. Dermot talked a little bit about us in particular on commercial real estate. But I think the question that was being asked was just using our vantage point. I think it was from Gerard, just using our vantage point in the world. Because we're not particularly invested in the space, what do we see in the world, maybe as a slightly less conflicted observer. And so I was just giving my perspective on it.

麥克，這個問題本質上更普遍。它並不真正適用於我們。德莫特談到了我們，特別是商業房地產的情況。但我認為所提出的問題只是利用了我們的優勢。我認為這是傑拉德發出的，只是利用了我們在世界上的有利位置。因為我們並沒有特別投資於這個空間，所以我們在世界上看到了什麼，也許作為一個衝突較少的觀察者。所以我只是給我的觀點。

Yes. From your perspective, what's -- I'm just curious, interested, as goes 10-year, it's a 2025 refinancing story. Any color behind that?

是的。從你的角度來看，我只是好奇、感興趣，從 10 年來看，這是一個 2025 年的再融資故事。後面有什麼顏色嗎？

Sure. So at the end of the day, the -- as you look at the various different owners of commercial real estate who have refinancings, and they're looking at their own occupancy level, they're looking at their own maturity of their own debt stack. And they need to go out and they need to find a refinancing, of course, as you know better than anybody when their debt stack starts to come due.

當然。因此，歸根結底，當你觀察進行再融資的商業房地產的各種不同所有者時，他們正在考慮自己的入住水平，他們正在考慮自己的債務到期日堆。當然，他們需要走出去，需要尋找再融資，當他們的債務開始到期時，你比任何人都更清楚。

That isn't a Fed funds type of refinancing because they're not for funding of very short dates. And most of them, for understandable reasons, like to lock in funding as well. So they're looking further out the curve. It's not precisely at the 10-year point.

這不是聯邦基金類型的再融資，因為它們不適合短期融資。出於可以理解的原因，他們中的大多數人也喜歡鎖定資金。所以他們正在把目光投向更遠的地方。這並不完全是在10年的時間點。

But my point really is the risk to refinancing in the commercial real estate space is very correlated to the shape of the Treasury curve overall. Clearly, credit spreads matter as well, but it's a different proposition when you have the longer, call it, 10 years, but it's probably a little inside of that, part of the curve at 4%, versus 5%, versus 6%. And that was the purpose of my observation.

但我的觀點確實是，商業房地產領域的再融資風險與整體國債曲線的形狀密切相關。顯然，信用利差也很重要，但當你有更長的期限（稱之為10 年）時，情況就不同了，但它可能有點在這個範圍之內，曲線的一部分為4%、5%和6%。這就是我觀察的目的。

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 just like to wrap up by thanking our employees for their hard work to unlock the tremendous opportunity inside of BNY Mellon. We started the year with great momentum, delivered very solid results in the first quarter and the pace of change continues to pick up.

謝謝你，接線生。最後，我想感謝我們的員工為釋放紐約梅隆銀行內部的巨大機會所付出的辛勤工作。我們以強勁的勢頭開始了這一年，在第一季取得了非常紮實的業績，並且變革的步伐繼續加快。

And I want to thank our investors for their continued support. We appreciate your interest in BNY Mellon, and thank you for your time today. If you have any follow-up questions, please reach out to Marius and the IR team. Be well.

我要感謝我們的投資者的持續支持。我們感謝您對紐約梅隆銀行的興趣，並感謝您今天抽出時間。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. And that does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Mellon Investor Relations website at 2:00 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今天東部標準時間 2:00 在紐約梅隆銀行投資者關係網站上播放。祝你有美好的一天。