紐約梅隆銀行 (BK) 2024 Q2 法說會逐字稿

Good morning and welcome to the 2024 second quarter earnings conference call hosted by BNY. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session. 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's consent.

早安，歡迎參加紐約銀行主辦的 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。隨後，我們將進行問答環節。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 BNY 同意，您不得錄製或轉播這些資料。

I will now turn the call over to Marius Merz, BMY Head of Investor Relations. Please go ahead.

我現在將把電話轉給 BMY 投資者關係主管 Marius Merz。請繼續。

Thank you, operator. Good morning, everyone, and thank you 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 bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures.

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) 以及財務長德莫特麥克唐諾 (Dermot McDonogh) 一起來到這裡。像往常一樣，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 bny.com 的投資者關係頁面上找到。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。

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, July 12, 2024, and will not be updated.

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 7 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。

Thanks, Marius. Good morning, everyone and thank you for joining us. Before Dermot reviews the financials in greater detail, I'd like to start with a few remarks about our progress in the quarter. In short, we delivered another quarter of improved financial performance with positive operating leverage on the back of solid trade growth and continued expense discipline. And we continued to make tangible progress on our path to be more for our clients, to run our company better and to power our culture.

謝謝，馬呂斯。大家早安，感謝您加入我們。在德莫特更詳細地審查財務狀況之前，我想先談談我們本季的進展。簡而言之，在穩健的貿易成長和持續的費用紀律的支持下，我們透過積極的營運槓桿實現了另一個季度的財務表現改善。我們繼續在為客戶提供更多服務、更好地經營我們的公司並為我們的文化提供動力的道路上取得切實進展。

Last month, we celebrated our company's 240th anniversary with our people and many of our clients. Even with this rich history of operating across for centuries, I believe that our best days remain ahead of us. That bank with around $0.5 million of capital in 1784, today overseas roughly $50 trillion in assets and powers platforms across payment, security settlement, wealth investments, collateral, trading and more for clients in over 100 markets around the world.

上個月，我們與我們的員工和許多客戶一起慶祝了公司成立 240 週年。儘管擁有數百年的豐富經營歷史，我相信我們最好的日子仍然在前方。該銀行在 1784 年擁有約 50 萬美元的資本，如今擁有約 50 兆美元的海外資產，並為全球 100 多個市場的客戶提供支付、證券結算、財富投資、抵押品、交易等平台。

As the world changes and global financial markets evolve, so do we. Earlier this year in January, you heard us lay out our strategy, which maps out what we need to get done and how we need to do it. Last month, we introduced changes to our logo and simplified and modernized our company brand to BNY to improve the market's familiarity with who we are and what we do. This rebranding better aligns the perception of our company to the substance of what we're doing, to unlock our full potential as one BNY.

隨著世界的變化和全球金融市場的發展，我們也在不斷發展。今年一月份早些時候，您聽到我們制定了我們的策略，其中列出了我們需要完成的工作以及我們需要如何完成這些工作。上個月，我們對徽標進行了更改，並對 BNY 公司品牌進行了簡化和現代化改造，以提高市場對我們是誰以及我們做什麼的熟悉程度。這次品牌重塑更好地將我們公司的形象與我們正在做的事情的實質結合起來，以釋放我們作為紐約銀行的全部潛力。

Now referring to page 2 of the financial highlights presentation. BNY delivered solid EPS growth as well as pretax margin and ROTCE expansion once again on the back of positive operating leverage in the second quarter. Reported earnings per share of $1.52 were up 16% year over year, excluding notable items, earnings per share of $1.51 were up 9%.

現在參考財務摘要簡報的第 2 頁。在第二季的積極營運槓桿的支持下，紐約銀行再次實現了穩健的每股盈餘成長以及稅前利潤率和 ROTCE 擴張。公佈的每股收益為 1.52 美元，年增 16%，不包括顯著項目，每股收益為 1.51 美元，年增 9%。

Total revenue of $4.6 billion was up 2% year over year. This included 5% growth in investment services fees led by continued strength in clearance and collateral management, asset servicing, and treasury services with a 16% growth in foreign exchange revenue.

總收入達 46 億美元，年增 2%。其中，由於清算和抵押品管理、資產服務和資金服務持續強勁，投資服務費用增加了 5%，外匯收入增加了 16%。

Net interest income decreased by 6%. Expenses of $3.1 billion, down 1% year over year. Excluding notable items, expenses were up 1%, reflecting further investments in our people and technology while we also continued to realize greater efficiencies. Margin was 33%.

淨利息收入下降6%。費用為 31 億美元，年減 1%。排除值得注意的項目，費用增加了 1%，反映出我們對人員和技術的進一步投資，同時我們也持續提高效率。利潤率為33%。

And in what is seasonally our strongest quarter, we reported a return on tangible common equity of 25%, 24%, excluding notable items. These financial results were against the backdrop of a relatively constructive operating environment. The market calling for a gradual and shallow easing of policy rates, inflation pressures easing and investor confidence growing.

在季節性最強的季度，我們報告的有形普通股回報率分別為 25% 和 24%（不包括值得注意的項目）。這些財務表現是在相對建設性的營運環境的背景下取得的。市場呼籲政策利率逐步、小幅放鬆，通膨壓力緩解，投資人信心增強。

On average, equity market values increased while fixed income markets finished slightly lower compared to the first quarter. Couple of weeks ago, the Federal Reserve released the results of its annual bank stress test, which once again showcased our resilient business model and our strength to support clients through extreme stress scenarios. The test confirmed that our preliminary stress capital buffer requirement remains at the regulatory floor of 2.5%, and we increased our quarterly common dividend by 12% to $0.47 per share, starting this quarter.

平均而言，與第一季相比，股票市場價值有所上升，而固定收益市場的收盤價則略有下降。幾週前，聯準會發布了年度銀行壓力測試結果，再次展示了我們富有彈性的商業模式以及我們在極端壓力情況下支持客戶的實力。測試證實，我們的初步壓力資本緩衝要求仍保持在 2.5% 的監管下限，並且從本季度開始，我們將季度普通股息提高了 12%，達到每股 0.47 美元。

In May, the transition to T+1 settlement in the US, Canadian and Mexican markets represented one of the more significant market structure changes that our industry has seen in a couple of decades. BNY's critical role in the financial system gives us the opportunity to help clients through major shifts like this, further strengthening their trust in us and deepening our relationships with them.

5月份，美國、加拿大和墨西哥市場向T+1結算的過渡是我們行業幾十年來最重大的市場結構變化之一。紐約銀行在金融體系中的關鍵作用使我們有機會幫助客戶度過這樣的重大轉變，進一步增強他們對我們的信任並加深我們與他們的關係。

By running the company better, we are starting to capitalize on BNY's truly powerful combination of security services, market and wealth services and our investments and wealth businesses to serve our clients more effectively across the entire financial life cycle.

透過更好地經營公司，我們開始利用紐約銀行真正強大的安全服務、市場和財富服務以及我們的投資和財富業務組合，在整個金融生命週期中更有效地為客戶提供服務。

As an example, this past quarter, BNY was awarded a significant mandate by a premier global asset manager with over $100 billion in assets under management. We were selected based on our ability to deliver custody, funds servicing, ETF and digital fund services, treasury services, and Pershing. Our holistic offering to power their future growth strategy.

例如，上個季度，紐約銀行獲得了管理超過 1,000 億美元資產的全球頂級資產管理公司的重大授權。我們之所以被選中，是因為我們提供託管、基金服務、ETF 和數位基金服務、財務服務和 Pershing 的能力。我們的整體產品為他們未來的成長策略提供動力。

In another example, AIA, the Pan Asian Life Insurance Group, announced a new collaboration with BNY and BlackRock as AIA transforms its investment platform. AIA has announced that they will implement BNY's specialized investment operations, data management services and technology with BlackRock's Aladdin to create a connected and scalable ecosystem to support the company's evolving investment activities.

另一個例子是，隨著友邦保險投資平台的轉型，汎亞人壽保險集團友邦保險 (AIA) 宣布與紐約銀行 (BNY) 和貝萊德 (BlackRock) 建立新的合作關係。友邦保險宣布，他們將與貝萊德的阿拉丁一起實施紐約銀行的專業投資業務、數據管理服務和技術，以創建一個互聯且可擴展的生態系統，以支持該公司不斷發展的投資活動。

We also continue to be pleased with the growing interest in our wealth advisory platform, Wove. Global Finance recently named Wove as one of the top three global financial innovations as part of its annual innovators awards for 2024.

我們也對人們對我們的財富諮詢平台 Wove 日益增長的興趣感到高興。 《全球金融》最近將 Wove 評為全球三大金融創新之一，作為 2024 年年度創新者獎的一部分。

At INSITEs, Pershing's Annual Flagship Wealth Services Conference in June, we announced a suite of new solutions on the platform, Wove Investor, a one-stop client portal; Wove Data, a cloud data platform designed for financial professionals at wealth management firms and portfolio solutions, a set of enhancements to the platform that will help advisers move more efficiently from researching investment products, aligning them to a client's risk objectives and adding them to a portfolio.

在 INSITEs（潘星 6 月的年度旗艦財富服務會議）上，我們宣布了該平台上的一套新解決方案：Wove Investor，一個一站式客戶入口網站； Wove Data 是一個專為財富管理公司和投資組合解決方案的金融專業人士設計的雲端數據平台，該平台的一系列增強功能將幫助顧問更有效地研究投資產品，將其與客戶的風險目標保持一致，並將其新增至資料夾。

We also introduced a new one BNY offering that enables clients to easily access multiple BNY capabilities, including our managed account platform, asset allocation and manager selection, investment management products, customized tech solutions, the interoperable Wove platform for advisors and custody and clearing services from Pershing for a comprehensive unified package, leveraging the breadth of BNY to make clients' wealth advisors lives easy.

我們還推出了一項新的BNY 產品，使客戶能夠輕鬆存取多種BNY 功能，包括我們的管理帳戶平台、資產配置和經理選擇、投資管理產品、客製化技術解決方案、用於顧問的可互通Wove 平台以及託管和清算服務博星尋求全面的統一套餐，利用紐約銀行的廣泛性，讓客戶的財富顧問生活變得輕鬆。

And we have proof points. For example, a fast-growing, full-service regional bank recently selected Pershing to provide custody and clearing services for private wealth business, but they are also adopting Phase-III Dreyfus Cash Management, Direct Indexing and Private Banking.

我們有證據。例如，一家快速發展的全方位服務區域銀行最近選擇潘星為私人財富業務提供託管和清算服務，但他們也採用了第三階段的德雷福斯現金管理、直接指數和私人銀行業務。

As we've said many times, our culture and people are a critical part of being more for our clients and running our company better. We are pleased to see that our actions are enabling us to be a top talent destination for recent graduates and experienced leaders alike. This summer, we're welcoming our largest ever intern and analyst classes, a total of over 3,500 individuals chosen from over 150,000 applications.

正如我們多次說過的那樣，我們的文化和員工是為客戶提供更多服務並更好地經營公司的關鍵部分。我們很高興看到我們的行動使我們成為應屆畢業生和經驗豐富的領導者的頂級人才目的地。今年夏天，我們迎來了有史以來規模最大的實習生和分析師班，共有超過 3,500 人從超過 150,000 份申請中脫穎而出。

And we recently announced several new appointments to our leadership team. Shannon Hobbs, our new Chief People Officer, joined us in June. Leigh-Ann Russell will join us in September as Chief Information Officer and Global Head of Engineering. Jose Minaya will also join us in September, Lead, BNY's Investments and Wealth.

我們最近宣布了領導團隊的幾項新任命。我們的新任首席人力長 Shannon Hobbs 於 6 月加入我們。 Leigh-Ann Russell 將於 9 月加入我們，擔任資訊長兼全球工程主管。 Jose Minaya 也將於 9 月加入我們，擔任 BNY 投資與財富部門的負責人。

To wrap up, halfway through the year, we're pleased with the progress that we have made and how it is reflected in both improved financial performance to date as well as our building momentum. One of my favorite quotes comes from Alexander Hamilton, our Founder, who famously said that he attributed his success not to genius, but to hard work. We have been hard at work, and we've laid a solid foundation.

總而言之，今年過半，我們對所取得的進展以及如何反映在迄今為止財務業績的改善以及我們不斷增強的勢頭中感到滿意。我最喜歡的名言之一來自我們的創始人亞歷山大·漢密爾頓（Alexander Hamilton），他有一句名言，他將自己的成功歸功於努力工作，而不是天才。我們一直在努力，打下了堅實的基礎。

Our team is in full execution mode, and we're starting to demonstrate the power of our franchise and of operating as one BNY for our clients and our shareholders.

我們的團隊正處於全面執行模式，我們開始向我們的客戶和股東展示我們的特許經營權以及作為紐約銀行運營的力量。

With that, over to you, Dermot.

好了，交給你了，德莫特。

Thank you, Robin, and good morning, everyone. Picking up on page 3 of the presentation, I'll start with our consolidated financial results for the quarter. Total revenue of $4.6 billion was up 2% year over year. Fee revenue was up 4%. This includes 5% growth in investment services fees on the back of higher market value, net new business and higher client activity. Investment management and performance fees were flat.

謝謝你，羅賓，大家早安。從簡報的第 3 頁開始，我將從本季的綜合財務表現開始。總收入達 46 億美元，年增 2%。手續費收入成長 4%。這包括由於市場價值提高、淨新業務和客戶活動增加而導致的投資服務費用增加 5%。投資管理費和績效費持平。

Firm-wide AUC/A of $49.5 trillion were up 6% year over year, and assets under management of $2 trillion were up 7% year over year, primarily reflecting higher market values. Foreign exchange revenue increased by 16%, driven by higher volumes.

全公司AUC/A為49.5兆美元，較去年同期成長6%，管理資產規模為2兆美元，較去年同期成長7%，主要反映了更高的市場價值。在交易量增加的推動下，外匯收入成長了 16%。

Investment and other revenue was $169 million in the quarter from the back of strong client activity in our fixed income and equity trading business. Our net interest income decreased by 6% year over year, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates.

由於固定收益和股票交易業務的客戶活動強勁，本季投資和其他收入為 1.69 億美元。我們的淨利息收入年減 6%，主要反映了資產負債表結構的變化，但部分被利率上升所抵銷。

Expenses were down 1% year over year on a reported basis and up 1% excluding notable items, primarily in the prior year. The increase from higher investments, employee merit increases, and higher revenue related expenses was partially offset by efficiency savings from running our company better.

根據報告，費用年減 1%，不包括顯著項目（主要是上一年）則增加 1%。投資增加、員工績效增加以及收入相關費用增加所帶來的成長被更好地經營公司所節省的效率所部分抵消。

Notable items in the second quarter of this year primarily included an expense benefit from a reduction in the FDIC special assessment, which was largely offset by severance expense. There was no provision for credit losses in the quarter.

今年第二季的值得注意的項目主要包括 FDIC 特別評估減少帶來的費用收益，該收益在很大程度上被遣散費所抵消。本季沒有提列信貸損失撥備。

As Robin highlighted earlier, we reported earnings per share of $1.52, up 16% year over year, a pretax margin of 33% and a return on tangible common equity of 25%. Excluding notable items, earnings per share were $1.51, up 9% year over year, pretax margin was 33% and our return on tangible common equity was 24%.

正如 Robin 早些時候強調的那樣，我們公佈的每股收益為 1.52 美元，年增 16%，稅前利潤率為 33%，有形普通股回報率為 25%。不包括顯著項目，每股收益為 1.51 美元，年增 9%，稅前利潤率為 33%，有形普通股回報率為 24%。

Turning to capital and liquidity on page 4. Our Tier-1 leverage ratio for the quarter was 5.8%. Average assets increased by 2% sequentially on the back of deposit growth and Tier-1 capital increased by 1% sequentially, primarily reflecting capital generation through earnings, partially offset by capital returns to common shareholders.

轉向第 4 頁的資本和流動性。由於存款成長，平均資產季增 2%，一級資本環比成長 1%，主要反映透過獲利產生的資本，部分被普通股股東的資本回報所抵銷。

Our CET1 ratio at the end of the quarter was 11.4%. The quarter-over-quarter improvement reflects lower risk-rated assets coming off the temporary increase in risk-rated assets at the end of the previous quarter. And CET1 capital increased by 2% sequentially.

截至本季末，我們的 CET1 比率為 11.4%。環比改善反映了上季末風險評等資產暫時增加導致風險評等資產下降。 CET1 資本季增 2%。

Over the course of the second quarter, we returned over $900 million of capital to our common shareholders, representing a total payout ratio of 81%. Year-to-date, we returned 107% of earnings to our common shareholders through dividends and buybacks.

第二季度，我們向普通股股東返還了超過 9 億美元的資本，總派息率為 81%。今年迄今為止，我們透過股息和回購將 107% 的收益返還給普通股股東。

Turning to liquidity. The consolidated liquidity coverage ratio was an 115%, and our consolidated net stable funding ratio was 132%.

轉向流動性。綜合流動性覆蓋率為115%，綜合淨穩定資金比率為132%。

Next, net interest income and the underlying balance sheet trends on page 5. Net interest income of over $1 billion was down 6% year over year and down 1% quarter-over-quarter. The sequential decrease was primarily driven by changes in balance sheet mix, 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礎資產負債表趨勢。環比下降主要是由資產負債表組合的變化所推動的，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。

Average deposit balances increased by 2% sequentially. Interest bearing deposits grew by 3% and non-interest bearing deposits declined by 2% in the quarter. Average interest earning assets were up 2% quarter over quarter. Our average investment securities portfolio balances increased by 3% and our cash and reverse repo balances increased by 1%. Average loan balances were up 4%.

平均存款餘額較上季增加2%。本季計息存款成長 3%，無息存款下降 2%。平均生息資產季增 2%。我們的平均投資證券組合餘額增加了 3%，現金和逆回購餘額增加了 1%。平均貸款餘額增加 4%。

Turning to our business segments, starting on Page 6. Security Services reported total revenue of $2.2 billion, flat year over year. Total investment services fees were up 3% year over year. In asset servicing, investment services fees grew by 4%, primarily reflecting higher market values and net new business. We continue to see strong momentum in ETF servicing with AUC/A up over $2 trillion, up more than 50% year on year and the number of firms serviced, up over 20% year on year.

轉向我們的業務部門，從第 6 頁開始。投資服務費用總額年增 3%。在資產服務方面，投資服務費成長了 4%，主要反映了更高的市場價值和淨新業務。我們繼續看到 ETF 服務的強勁勢頭，AUC/A 超過 2 兆美元，年成長超過 50%，服務的公司數量年增超過 20%。

This growth reflects both higher market values as well as client inflows, which included a large ETF mandate in Ireland from a leading global asset manager. In alternative, for not just for the quarter continue to recent activity in private markets. Investment services fees for alternative were up with single digits, reflecting growth from both new and existing clients.

這種成長既反映了市場價值的上升，也反映了客戶的流入，其中包括一家全球領先資產管理公司在愛爾蘭的大量 ETF 授權。另一方面，不僅是本季繼續近期私人市場的活動。另類投資服務費用上漲了個位數，反映出新客戶和現有客戶的成長。

In initial services, investment services fees were up 1%, reflecting net new business across both corporate trust and depository receipts, partially offset by the normalization of elevated fees associated with corporate actions in depository receipts in the second quarter of last year.

在初始服務中，投資服務費上漲了 1%，反映了企業信託和存託憑證的淨新業務，部分被去年第二季存託憑證企業行為相關費用上漲正常化所抵銷。

We're particularly pleased to see the investment of new leaders in our corporate trust platform beginning to bear fruit. Against the backdrop of a significant pickup in CLO issuance in recent months, we've been moving up the ranks and improved our market share as trustee for CLOs by about 4-percentage-points over the past 12 months to 20% in the second quarter.

我們特別高興地看到新領導者對我們企業信託平台的投資開始取得成果。在近幾個月 CLO 發行大幅增加的背景下，我們作為 CLO 受託人的排名不斷上升，市場份額在過去 12 個月中提高了約 4 個百分點，第二季度達到 20% 。

In this segment, foreign exchange revenue was up 16% year over year, and net interest income was down 11%. Expenses of $1.6 billion were down 1% year over year, reflecting efficiency savings, partially offset by higher investments, employee merit increases and higher revenue related expenses. Pretax income of $688 million, a 7% increase year over year, and pretax margin expanded to 31%.

該板塊外匯收入較去年同期成長16%，淨利息收入較去年同期下降11%。費用為 16 億美元，年減 1%，反映出效率節省，但部分被投資增加、員工績效增加和收入相關費用增加所抵銷。稅前收入6.88億美元，年增7%，稅前利潤率擴大至31%。

Next, Market and Wealth Services on page 7. Market and Wealth services reported total revenue of $1.5 billion, up 6% year over year. Total investment services fees were up 7% year over year. Encouraging investment services fees were up 2%, reflecting higher market values and client activity, partially offset by the impact of business we lost in the prior year.

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%。令人鼓舞的投資服務費上漲了 2%，反映出市場價值和客戶活動的增加，但部分被我們上一年失去的業務的影響所抵消。

Net new assets were negative $23 billion for the quarter, reflecting the ongoing de-conversion of the before-mentioned lost business. Excluding the deconversion, we saw approximately 2% annualized net new asset growth in the second quarter, and we renewed a multi-year agreement with [Hosse], one of the nation's largest providers of wealth management solutions.

該季度淨新資產為負 230 億美元，反映出上述損失業務的持續去轉換。不包括轉換在內，我們第二季的年化淨新資產成長率約為 2%，我們與美國最大的財富管理解決方案提供者之一 [Hosse] 續簽了多年協議。

Pershing has supported [Hosse] since its founding in 1988, and we are proud to help the company drive its growth strategy for years to come. Client demand for world continues to be strong. In the quarter, we signed 12 additional client agreements. The pipeline continues to grow, and we are on track to meet our goal of $30 million to $40 million realized revenue in 2024.

自 1988 年 [Hosse] 成立以來，潘星一直為其提供支持，我們很自豪能夠幫助該公司推動其未來幾年的成長策略。全球客戶需求持續強勁。本季度，我們又簽署了 12 份客戶協議。該產品線持續成長，我們預計將實現 2024 年實現收入 3,000 萬至 4,000 萬美元的目標。

In Clearance and Collateral Management, Investment Services fees were up 15%, primarily reflecting higher collateral management fees and higher clearance volumes. US securities clearance and settlement volumes have remained strong throughout the quarter, supported by a growing market and active trading. And we are excited about the opportunity to do even more for clients.

在清算和抵押品管理方面，投資服務費用上漲了 15%，主要反映了抵押品管理費和清算量的增加。在不斷增長的市場和活躍交易的支持下，美國證券清算和結算量在整個季度保持強勁。我們很高興有機會為客戶做更多的事情。

Having realigned Pershing's Institutional Solutions business to Clearance and Collateral Management, we can offer clients a choice across a continuum of clearance, settlement and financing solutions for those [at south] clear as well as those seeking capsule and operational efficiency to outsourcing. This allows us to not only deepen our relationships with clients, but also drive continued revenue growth.

將潘星的機構解決方案業務重新調整為清算和抵押品管理後，我們可以為客戶提供一系列清算、結算和融資解決方案的選擇，適合那些[南方]清算以及尋求外包膠囊和營運效率的客戶。這使我們不僅能夠加深與客戶的關係，還能推動收入的持續成長。

And in treasury services, investment services fees increased by 10%, primarily reflecting net new business and higher client activity. Net interest income for the segment overall was down 1% year over year. Expenses of $833 million were up 5% year over year, reflecting higher investments, employee merit increases and higher revenue related expenses, partially offset by efficiency savings. Pretax income was up 8% year over year at $704 million, representing a 46% pretax margin.

在資金服務方面，投資服務費用增加了 10%，主要反映了淨新業務和更高的客戶活動。該部門的淨利息收入整體較去年同期下降1%。費用為 8.33 億美元，年增 5%，反映出投資增加、員工績效提高以及收入相關費用增加，但部分被效率節約所抵銷。稅前收入年增 8%，達到 7.04 億美元，稅前利潤率為 46%。

Moving on to Investment and Wealth Management on page 8. Investment and Wealth Management reported total revenue of $821 million, up 1% year over year. In our investment management business, revenue was down 1%, reflecting a mix of AUM flows and lower equity investment income and fee capital gains, partially offset by higher market values. And in wealth management, revenue increased by 3%, reflecting higher market values, partially offset by changes in product mix.

轉到第 8 頁的投資和財富管理。在我們的投資管理業務中，收入下降了 1%，反映出資產管理規模流量以及股權投資收入和費用資本收益下降的綜合影響，但部分被較高的市場價值所抵消。在財富管理方面，收入成長了 3%，反映了市場價值的提高，但部分被產品結構的變化所抵消。

Expenses of $668 million were down 2% year over year, primarily reflecting our work to drive efficiency savings and lower revenue related expenses, partially offset by employee merit increases and higher investments. Pretax income was $149 million, up 15% year over year, representing a pretax margin of 18%.

費用為 6.68 億美元，年減 2%，主要反映了我們為推動效率節約和降低收入相關費用所做的工作，部分被員工績效增加和投資增加所抵消。稅前收入為1.49億美元，年增15%，稅前利潤率為18%。

As I mentioned earlier, assets under management of $2 trillion increased by 7% year over year in the quarter. While we saw $2 billion of net inflows into long term active strategies with continued strength in fixed income and LDI, partially offset by net outflows in active equity and multi-asset strategies, we saw a $4 billion of net outflows from index strategies and $7 billion of net outflows from short-term strategies.

正如我之前提到的，本季管理的資產規模為 2 兆美元，年增 7%。雖然我們看到長期主動策略有20 億美元淨流入，固定收益和LDI 持續走強，部分被主動股票和多元資產策略的淨流出所抵消，但我們看到指數策略有40 億美元淨流出，淨流出有70 億美元。

Wealth Management client assets of $308 billion increased by 8% year over year, reflecting higher market values and cumulative net inflows.

財富管理客戶資產達3,080億美元，較去年成長8%，反映出更高的市值和累計淨流入。

Page 9 shows the results of the other segment. I'll close with a couple of comments on our outlook for the full year 2024. Starting with NII, I'm pleased to report that the first half of the year came in slightly better than we had expected as we saw the decline in non-interest bearing deposits decelerate, and we continue to grow interest bearing deposits.

第 9 頁顯示了其他部分的結果。最後，我將就我們對 2024 年全年的前景發表一些評論 從 NII 開始，我很高興地報告，今年上半年的情況略好於我們的預期，因為我們看到非——計息存款增速放緩，計息存款持續成長。

While we are cautiously optimistic, we remain humble as we head into the seasonally low summer months. And for now, we will therefore keep our NII outlook for the full year 2024 unchanged, down 10% year over year. Regarding expenses, our goal remains to keep expenses, excluding notable items for the full year 2024, roughly flat. As Robin put it earlier, BNY is in execution mode, and we're embracing the hard work ahead of us.

儘管我們持謹慎樂觀的態度，但在進入季節性淡季的夏季月份時，我們仍然保持謙虛。因此，目前我們將維持 2024 年全年 NII 展望不變，年減 10%。關於支出，我們的目標仍然是保持支出（不包括 2024 年全年的重要項目）大致持平。正如羅賓之前所說，紐約銀行正處於執行模式，我們正在迎接眼前的艱鉅工作。

We continue to expect our effective tax rate for the full year 2024 to be between 23% and 24%. And lastly, we continue to expect to return 100% or more of 2024 earnings to our shareholders through dividends and buybacks.

我們仍然預計 2024 年全年的有效稅率將在 23% 至 24% 之間。最後，我們仍然期望透過股利和回購將 2024 年收益的 100% 或更多返還給股東。

Our Board of Directors declared our 12% increase common dividend for the third quarter and we plan to continue repurchasing common shares under our existing share repurchase program. As always, we are calibrating the pace of our buybacks considering various factors such as our capital management targets, the macroeconomic and interest rate environment as well as the size of our balance sheet.

我們的董事會宣布第三季普通股股利增加 12%，我們計劃根據現有的股票回購計畫繼續回購普通股。一如既往，我們正在考慮資本管理目標、宏觀經濟和利率環境以及資產負債表規模等各種因素來調整回購步伐。

To wrap up, we entered the second half of the year on the back of solid fee growth, a better-than-expected NII performance to date and continued expense discipline, which gives us incremental confidence in our ability to drive positive operating leverage in 2024.

總而言之，我們進入了今年下半年，得益於穩健的費用增長、迄今為止好於預期的 NII 業績以及持續的費用紀律，這使我們對 2024 年推動積極運營槓桿的能力越來越有信心。

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？

Thank you. (Operator Instructions) Ken Usdin, Jefferies.

謝謝。 （操作員說明）Ken Usdin，Jefferies。

Thank you. Good morning.

謝謝。早安.

Good morning, Ken.

早安，肯。

Good morning. I'd just like to go, just ask Dermot about that NII humbleness to the second half. Can you just walk us through what the moving pieces would be including the seasonality that you mentioned? And any other things that might have been over earning in the NII in the first quarter so that you would and seemingly in your maintained guides still expect a meaningful ramp down in NII, which I don't think is what seems to be the base case given how well the balance sheet has held up so far, as Jim pointed out relative to your expectations. Thanks.

早安.我只是想去問問德莫特關於 NII 下半場的謙虛。您能否向我們介紹哪些變化，包括您提到的季節性因素？以及第一季 NII 中可能超額盈利的任何其他因素，因此您似乎在維護的指南中仍然預計 NII 會出現有意義的下降，我認為這似乎不是基本情況考慮到迄今為止資產負債表的狀況，正如吉姆指出的，與您的預期相比。謝謝。

Thanks for the question, Ken. I guess the best way to answer the question is a little bit to in some ways look back at last year where, you know, Q1, Q2 typically strong quarters for us. Q3, typically a seasonally lower quarter. Summer months, clients taking their foot off the gas in terms of activity. Now we pick back up again in Q4. Now, as you seen from this quarter's numbers and the first half overall, we are very pleased with the performance. We outperformed our expectations for the first half and that's in large part due to underlying activity within our core businesses.

謝謝你的提問，肯。我想回答這個問題的最佳方法是在某些方面回顧去年，你知道，第一季、第二季對我們來說通常是強勁的季度。第三季度，通常是季節性較低的季度。在夏季的幾個月裡，客戶在活動方面放鬆了腳步。現在我們在第四季再次回升。現在，正如您從本季的數據和上半年的整體數據中看到的那樣，我們對業績非常滿意。上半年我們的表現超出了我們的預期，這在很大程度上歸功於我們核心業務的基本活動。

And in my remarks, I particularly called out corporate trust, where we saw like elevators activity in the CLO space, which in turn drives deposits. So when our core businesses are doing well, which they've all performed well, that has a knock-on impact in the number of deposits that we have. And so we outperformed our expectations in the first half, notwithstanding that when we lookout the rest of the year. And when we gave the guidance of down 10% in January, the market at that time was roughly calling for six rate cuts.

在我的演講中，我特別提到了企業信託，我們看到了 CLO 領域的電梯活動，這反過來又推動了存款。因此，當我們的核心業務表現良好時（它們都表現良好），就會對我們的存款數量產生連鎖反應。因此，我們在上半年的表現超出了我們的預期，儘管我們展望今年剩餘時間。當我們1月給予降息10%的指引時，當時的市場大致是在呼籲降息六次。

Now we're in the middle of the summer. We had a slowdown in inflation play yesterday. Let's see how J speaks on Monday and how he guides out a Jackson [Hollen] into a September potential rate cut. But we take all of those levers and we just kind of say, for now, there is no point in me changing guidance, to change guidance again in September or October at the next call.

現在我們正值仲夏。昨天通膨放緩。讓我們看看 J 在周一如何講話，以及他如何引導傑克遜 [霍倫] 進行 9 月份的潛在降息。但我們採取了所有這些槓桿，我們只是說，目前，我沒有必要改變指導，在 9 月或 10 月的下一次電話會議上再次改變指導。

So we're cautiously optimistic. I think I used the word last year in March askew. So we're playing for the best outcome, but we do expect Q3 to be somewhat seasonally quieter, and that's why we didn't change our guidance.

所以我們持謹慎樂觀的態度。我想我去年三月用過這個詞歪。因此，我們正在爭取最好的結果，但我們確實預計第三季會因季節性原因而更加平靜，這就是我們沒有改變指導的原因。

Okay, and then just can you -- that follow-up just on the size of the deposits. So you're just expecting the size of the deposit base to decline? Or is the mix or -- just trying to understand like what pieces of it would revert given that seasonality?

好吧，然後你就可以——跟進存款的規模。那麼您只是預期存款基礎規模會下降？或者是混合，或者只是想了解考慮到季節性，它的哪些部分會恢復？

So when I think about deposits, I think there are three components to it. One is interest bearing deposits where we outperformed plan, NIBs, where we outperformed plan and so pleased with that. But that really reflects clients showing up in a different way with us, and we showing up in a different way over clients. So, good.

因此，當我考慮存款時，我認為它由三個組成部分組成。一是生息存款，我們的表現優於計劃；NIB，我們的表現優於計劃，對此我們感到非常滿意。但這確實反映了客戶與我們以不同的方式出現，而我們以與客戶不同的方式出現。超好的。

And then the third thing, and I've talked about this a number of times on previous calls, really the strength of the collaboration and teamwork between our treasure, our CIO, and our global liquidity solutions platform, where we think about liquidity as a $1.4 trillion ecosystem. And we've been very much in offense mode this quarter and our GLS team has really shown up in a positive way. And we've really managed to gather good liquidity friendly deposits, which is kind of fueling the growth of our balance sheet. And that's allowed us to do more loans.

第三件事，我在之前的電話會議上多次談到過，我們的財富、我們的資訊長和我們的全球流動性解決方案平台之間的協作和團隊合作的力量，我們將流動性視為價值 1.4 兆美元的生態系統。本季我們一直處於進攻模式，我們的 GLS 團隊確實以積極的方式表現出來。我們確實成功地收集了良好的流動性友善存款，這在某種程度上推動了我們資產負債表的成長。這使我們能夠提供更多貸款。

So I think in terms of specifically to your question, it's both. I think the overall balance will come down. And as a consequence, I would expect [NI base] from here to grind a little bit lower, which is the main driver of the NII change.

所以我認為就你的問題而言，兩者都是。我認為整體平衡性會下降。因此，我預計 [NI 基礎] 會進一步降低，這是 NII 變化的主要驅動力。

Right. Okay. Thank you.

正確的。好的。謝謝。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

Hi, thanks very much. You alluded to the higher clearance and collateral management and higher clearance volumes. I'm just curious if you can parse out how much of that is just clients being more active during more active second quarter versus winning new business and organic growth, which just might help for the thoughts on the go forward and how to model things?

你好，非常感謝。您提到了更高的清算和抵押品管理以及更高的清算量。我只是好奇你是否能分析出其中有多少只是客戶在更活躍的第二季度變得更加活躍，而不是贏得新業務和有機增長，這可能有助於思考未來以及如何建模？

Thanks, Glenn. I think it's a combination of both. So clients are, for sure doing more. Rate volatility in Q2 was there for all to see. So as a consequence, more activity in the treasury market, more treasury issuance, which feeds volumes. So overall, very healthy volumes. And we have a high margin scaled business, which the platform was able to benefit from that increased level of activity.

謝謝，格倫。我認為這是兩者的結合。所以客戶一定會做得更多。第二季的利率波動是有目共睹的。因此，國債市場的活動更加活躍，國債發行量也隨之增加，增加了交易量。總的來說，銷量非常健康。我們擁有高利潤規模的業務，該平台能夠從活動水準的增加中受益。

Also, I think as we did last year, we continue to innovate for our clients in the domestic market. And as we said on our January call, the international business is also a key growth opportunity for us. And our teams are innovating and developing new products and solutions for our clients internationally.

此外，我認為就像我們去年所做的那樣，我們繼續為國內市場的客戶進行創新。正如我們在一月份的電話會議上所說，國際業務對我們來說也是一個重要的成長機會。我們的團隊正在為國際客戶創新和開發新產品和解決方案。

And so I think it's a combination of all the factors that we've talked about on previous calls kind of showed up with a nice tailwind for us this quarter. And for Clearance and Collateral Management, I think I do expect that trend continue in the near term.

因此，我認為這是我們在之前的電話會議中討論過的所有因素的結合，這為我們本季度帶來了良好的推動力。對於清算和抵押品管理，我認為我確實預期這種趨勢在短期內會持續下去。

Thanks, Dermot. You piqued my interest. In the opening remarks, you all talked about T+1 coming into the market and that helping -- you helping clients. I'm curious, now that it's built, now that it's in the run rate, just a couple of quickies of is there a cost to run off now or is that not big enough? Does T+1 come with lower spread for you but does it free up capital with more frequent settlement. Just curious, what the net impact of that all is?

謝謝，德莫特。你引起了我的興趣。在開場白中，你們都談到了 T+1 進入市場以及幫助客戶。我很好奇，現在它已經建成了，現在它已經進入運行速度了，只需簡單幾句，現在運行是否有成本，還是不夠大？ T+1 是否能為您帶來更低的點差，但是否可以透過更頻繁的結算來釋放資金？只是好奇，這一切的淨影響是什麼？

Hey, Glenn, I would describe it in terms of like the real P&L impact to sort of the second part of your question is really pretty de minimus. We spend a bunch of time preparing for this over the course of the past couple of years. It wasn't like there was some big hump in the cost curve in order to really do it. We sort of worked a process over time.

嘿，格倫，我會用真正的損益影響來描述它，對你問題的第二部分的影響確實很小。在過去的幾年裡，我們花了很多時間為此做準備。為了真正做到這一點，成本曲線上並沒有出現一些大的駝峰。隨著時間的推移，我們制定了一個流程。

But for us, the biggest opportunity associated with T+1 is whenever there's a market inflection like this, and this was one of the more significant ones, but we're looking ahead to Treasury Clearing is another good example of something like that. It gives us the opportunity to get closer to our clients. It creates uncertainty for our clients. How is it going to work? And they need help navigating it.

但對我們來說，與T+1 相關的最大機會是每當出現這樣的市場拐點時，這是最重要的拐點之一，但我們預期的國債清算是此類情況的另一個很好的例子。它使我們有機會更接近我們的客戶。它給我們的客戶帶來了不確定性。它將如何運作？他們需要幫助來應對。

And so he combination of uncertainty and a need for assistance is really the macro opportunity for us. And we've lent into that. We will continue leaning into those types of market changes, again, with treasury clearing being another good example.

因此，不確定性和援助需求的結合對我們來說確實是宏觀機會。我們已經為此提供了貸款。我們將再次繼續關注這些類型的市場變化，國庫清算是另一個很好的例子。

And I would say, overall, these types of changes create -- things that create more efficiency in the market, things that can reduce risk in the market, things that improve efficiency. Sure, they do sometimes call on more of our products and solutions, which of course, is great. But it's also just a good thing for the market to improve the effectiveness and efficiency of market operation. And I think over time, we're also a beneficiary of that.

我想說，總的來說，這些類型的變化創造了——提高市場效率的東西，可以降低市場風險的東西，提高效率的東西。當然，他們有時確實需要更多我們的產品和解決方案，這當然很棒。但提高市場運作的有效性和效率對市場來說也是一件好事。我認為隨著時間的推移，我們也是受益者。

Okay, great. Thank you.

好的，太好了。謝謝。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

(technical difficulty) Maybe just a follow, Dormot for you on NII. I guess in this call to Ken's question, you talked about set policy and that's having an impact. Remind us the positioning of the balance sheet if the Fed does decide to cut rates from September and we get 100 bps and 150 bps of cuts. Remind us how the balance sheet will be. How we should think about NII in that backdrop?

（技術難度）也許只是一個關注，Dormot 在 NII 上為你服務。我想在這次對肯恩問題的電話中，你談到了既定政策，這正在產生影響。提醒我們，如果聯準會確實決定從 9 月開始降息，我們的資產負債表定位將分別是 100 個基點和 150 個基點。提醒我們資產負債表將如何。在此背景下我們該如何思考NII？

So, thanks for the question. So I'll give a couple of different perspectives on that is: one, cumulative basis are roughly unchanged quarter over quarter, which feels like -- I really believe our book to be fairly priced. As you all remember, our book is largely institutional. We pass on the rates. And so cumulative basis are in good shape. So for the dollar portfolio, roughly low 80s -- 80 bps range. And then for euros and sterling, we're in the high 50 bps, low 60 bps.

所以，謝謝你的提問。因此，我將對此給出幾個不同的觀點：第一，累積基礎逐季大致不變，這感覺就像——我真的相信我們的書定價相當合理。大家都記得，我們​​的書主要是機構性的。我們轉交費率。因此累積基礎狀況良好。因此，對於美元投資組合來說，大約是 80 至 80 個基點的低點範圍。然後對於歐元和英鎊，我們處於高點 50 個基點，低點 60 個基點。

And so we kind of do a range of scenarios. And at the beginning of the year, we're positioned roughly. We were roughly flat. So if Chairman Powell cuts in September and then cuts again, I guess, which is the general view of the markets, we're kind of basically NII, okay. It doesn't really impact the book that much. So for small moves, we're well positioned in terms of expectation.

所以我們做了一系列的場景。在今年年初，我們已經有了大致的定位。我們大致持平。因此，如果鮑威爾主席在 9 月降息，然後再次降息，我想，這是市場的普遍看法，我們基本上是 NII，好吧。對這本書的影響其實不大。因此，對於小幅波動，我們的預期處於有利位置。

Understood. And separately, I guess maybe, Robin, for you just in terms of the fee revenue momentum that you talked about at Pershing and elsewhere. Just give us a sense around what the drivers we should be thinking about as we think about sort of the medium-term outlook on fee revenue outside of just pure markets activity that could drive fees in a world where NII might be [disable] to lower? And do you think about sort of momentum on the positive outlook?

明白了。另外，羅賓，我想也許對你來說，就你在潘興和其他地方談到的費用收入勢頭而言。請讓我們了解一下，當我們考慮純粹市場活動之外的費用收入中期前景時，我們應該考慮哪些驅動因素，這些因素可能會在 NII 可能[無法]降低的世界中推動費用？您認為積極前景的動力是什麼？

Sure. Revenue growth in any given year is somewhat market dependent because, of course, interest rates, equity, fixed income markets, volumes, volatility, that stuff all moves around. But our strategy has been, of course, to fuel the organic growth of the company but all also tried to position our businesses to be able to respond as well as they can to growth tailwinds that exist just in markets.

當然。任何一年的收入成長都在一定程度上取決於市場，因為利率、股票、固定收益市場、交易量、波動性等因素都會改變。當然，我們的策略是推動公司的有機成長，但所有人也試圖讓我們的業務對市場中存在的成長順風做出反應。

And so in answer to Ken -- to the question earlier on around the treasury market, we've positioned that business to be able to benefit from what we think is a secular growth in activity in the US treasury market. So that's a place where we're benefiting, yes, from the market, we're also benefiting from the investments that Dermot detailed.

因此，在回答肯（Ken）之前關於國債市場的問題時，我們將該業務定位為能夠從我們認為的美國國債市場活動的長期增長中受益。因此，這是我們從市場中受益的地方，是的，我們也從德莫特詳細介紹的投資中受益。

And as we go through what's next for our fee growth, we talked a lot about our One BNY campaign quarters ago and we talked last quarter and in January about the fact that we're sort of operationalizing more and more. What started off as a movement of One BNY into referrals, into new targets, into our commercial model, and our Chief Commercial Officer joining, and really then getting into the client coverage, the practices, the integrated solutions, which we talked about in our prepared remarks. The fact that we can now bundle individual products into true solutions for clients.

當我們討論費用成長的下一步時，我們在幾個季度前談論了很多關於我們的 One BNY 活動的內容，我們在上個季度和一月份談論了我們正在越來越多地實施這一事實。一開始，One BNY 開始進行推薦，進入新目標，進入我們的商業模式，我們的首席商務官加入，然後真正進入客戶覆蓋範圍、實踐、整合解決方案，我們在我們的文章中談到了這一點。準備好的發言。事實上，我們現在可以將單一產品捆綁為客戶的真正解決方案。

So there are a lot of levers on the fee growth. And we've been working very methodically through our plan to build momentum in that space, but also to position the business to be able to take advantage of macro things going on in the market.

因此，費用成長有許多槓桿。我們一直在非常有條理地制定計劃，在該領域建立動力，同時也使業務能夠利用市場上發生的宏觀事件。

Wonderful. Thank you.

精彩的。謝謝。

Thank you.

謝謝。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Good morning, Robin. Good morning, Dermot.

早安，羅賓。早上好，德莫特。

Morning, Steven.

早安，史蒂文。

So I just wanted to build on that earlier line of questioning, but really focusing more on repo activity. It's been a big area of investor focus. You've certainly benefited from recent strength on the repo side. And I was hoping you could potentially quantify the benefit year on year from elevated repo activity? And just a longer term, like how you're thinking about the durability of the recent repo strength and what are some of the factors supporting that view?

所以我只是想以之前的提問為基礎，但實際上更專注於回購活動。這是投資人關注的重要領域。您肯定從最近回購方面的強勢中受益。我希望您能夠量化回購活動增加所帶來的逐年收益？長遠來看，例如您如何看待近期回購強勢的持久性，以及支持這一觀點的一些因素是什麼？

Thanks for the question, Steven. So I would say in terms of year on year activity, it's not a kind of a clear repo -- it's not a game changer for us in terms of the overall year on year NII story. It's about -- overall, in its totality, it makes up about 5% of our NII today.

謝謝你的提問，史蒂文。因此，我想說，就同比活動而言，這不是一種明確的回購協議——就 NII 整體同比情況而言，這對我們來說並不是遊戲規則的改變者。總的來說，它約占我們今天 NII 的 5%。

I think I would just echo our follow on from Robin's answer to the last question in terms of -- it's a product. Clients want us. We are meeting them where they want to be. We're innovating. This comes under the $1.4 trillion liquidity ecosystem. Lieday runs that business, does a terrific job for us. In the clear repo business specifically, we're top three provider.

我想我只是重複羅賓對最後一個問題的回答——這是一個產品。客戶需要我們。我們正在他們想去的地方與他們會面。我們正在創新。這屬於 1.4 兆美元的流動性生態系統。利戴經營這項業務，為我們做了出色的工作。特別是在明確的回購業務方面，我們是排名前三的提供者。

And so, you know, we have a large installed client base who are looking for products, and we can meet them with our clear repo product. And so it's just another tool in our toolbox. And I would say, again, we're positioned, we're investing, we're scale player, and we can provide automated solutions for our clients. So I do expect that business to continue to grow. But in terms of the year over year, to your specific question, it's not a material driver of the year over year change.

因此，您知道，我們擁有大量正在尋找產品的客戶群，我們可以透過我們的清晰回購產品來滿足他們。所以它只是我們工具箱中的另一個工具。我想說，我們已經定位，我們正在投資，我們是規模參與者，我們可以為客戶提供自動化解決方案。因此，我確實預計該業務將繼續成長。但就逐年而言，對於你的具體問題，這並不是逐年變化的實質驅動因素。

Steven, I would add one thing to it, which is, just remember that in the context of our business, we're really the only global solution provider in this space because we're scaled in Asia, we're scaled in Europe, we're scaled in the United States. And in a world where folks are looking at repo as a collateral tool and an investment tool, the opportunity to be able to help clients navigate the whole world in this product provides a seamless connectivity between repo and margin and collateral management, the connectivity to other things that we do.

史蒂文，我想補充一件事，那就是，請記住，就我們的業務而言，我們實際上是這個領域唯一的全球解決方案提供商，因為我們在亞洲擴大規模，在歐洲擴大規模，我們在美國規模化。在人們將回購視為抵押品工具和投資工具的世界中，能夠幫助客戶在該產品中駕馭整個世界的機會提供了回購與保證金和抵押品管理之間的無縫連接，以及與其他產品的連結。

It has a real appeal, to use Dermot's phrase again about meeting clients where they are. There's a real appeal here for clients in terms of the breadth of what we can offer but also the innovation that you referred to earlier on in the call where we're creating these new solutions.

再次引用德莫特關於在客戶所在地與客戶會面的說法，這確實很有吸引力。對於客戶來說，我們能夠提供的產品的廣度以及您之前在電話會議中提到的我們正在創建這些新解決方案的創新方面都具有真正的吸引力。

And so this is another example, along with the US treasury market, but there are so many others in our business of saying, there's a macro evolution going on and we have the opportunity to participate in that as long as we're front-footed with clients and as long as we're innovating.

這是另一個例子，還有美國國債市場，但我們這個行業還有很多其他人說，宏觀演變正在發生，只要我們搶先一步，我們就有機會參與其中與客戶合作，只要我們不斷創新。

Thanks for all that color. And just for my follow up on the Pershing business, I know that the core underlying strength has been obscured to some degree by some large client departures. I was hoping you could give some perspective on what some of the core organic growth trends look like in that business, what the pipeline looks like in that business, given some of the recent excitement around the Wove platform and the offering? And have we lapped those headwinds at this point? Or is there still some remaining pressure on the come?

感謝所有這些顏色。就我對潘星業務的跟進而言，我知道一些大客戶的離開在某種程度上掩蓋了核心的潛在優勢。鑑於最近圍繞 Wove 平台和產品的一些令人興奮的事情，我希望您能就該業務中的一些核心有機增長趨勢、該業務中的管道是什麼樣子提供一些看法？現在我們已經克服了這些逆風了嗎？還是還有一些剩餘的壓力？

Okay. So I would say, nobody is happier to see at the ongoing de-conversion of the client to come to an end. So we expect that to be fully out of the portfolio by Q3. As I've said on previous calls, we believe in our ability to earn our way through that de-conversion It happens in life. And so I think the team has been very resilient in terms of earning their way through us and growing.

好的。所以我想說，沒有人更高興看到客戶端正在進行的去轉換結束。因此，我們預計到第三季它將完全退出投資組合。正如我在之前的電話會議中所說的那樣，我們相信我們有能力透過生活中發生的去轉變來獲得成功。因此，我認為團隊在透過我們賺錢和成長方面非常有彈性。

In my prepared remarks, I talked about the re-sign of [Ozeik] on a several year contract. So we're very pleased about that. You take a step back and you look at where we were 12 months ago, we just came off the INSITE Conference in Florida where we announced Wove. 12 months later, we've announced a new suite of products to support the Wove.

在我準備好的發言中，我談到了與[Ozeik]重新簽訂為期數年的合約。所以我們對此感到非常高興。退後一步，看看我們 12 個月前的情況，我們剛結束在佛羅裡達州舉行的 INSITE 會議，會上我們宣布了 Wove。 12 個月後，我們發布了一套新產品來支援 Wove。

We have signed 21 clients so far this year for Wove. The momentum is building. The clients like us. We kind of reiterated my guidance and prepared remarks about the $30 million to $40 million of revenue for this year. And then just to remind you, that were at $3 trillion player in the wealth tech space, number 1 with broker-dealers, top three with our RIAs.

今年到目前為止，我們已經為 Wove 簽了 21 位客戶。勢頭正在增強。客戶喜歡我們。我們重申了我的指導意見，並準備了有關今年 3000 萬至 4000 萬美元收入的評論。然後提醒您，財富科技領域的參與者價值 3 兆美元，在經紀自營商中排名第一，在我們的 RIA 中排名前三。

And in previous quarters, I've kind of guided mid-single digits of underlying core growth through the cycle. We continue to believe that, notwithstanding on any given quarter, it may be slower or better. But we believe we're in good shape and there's good momentum and what it is a very, very large markets in which we're a very big player.

在之前的幾個季度中，我在整個週期中引導了中個位數的潛在核心成長。我們仍然相信，無論在任何特定季度，它可能會更慢或更好。但我們相信我們的狀況良好，勢頭良好，這是一個非常非常大的市場，我們是其中一個非常大的參與者。

Very helpful color. Thanks so much for taking my questions.

非常有用的顏色。非常感謝您回答我的問題。

Thanks, Steven.

謝謝，史蒂文。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning, Robin and Dermot. Thanks for taking my questions. So we saw the ECB cut rates this quarter. And well I know euro is in a huge exposure for you in terms of deposit base. Curious about what impact you saw that on your deposit costs in that currency and maybe how does that experience in the market reaction, inform your expectations for beta and customer behavior around rate cuts in other currencies? Thanks.

早上好，羅賓和德莫特。感謝您回答我的問題。因此，我們看到歐洲央行本季降息。我知道，就存款基礎而言，歐元對您來說面臨著巨大的風險。好奇您所看到的該貨幣存款成本有何影響，以及市場反應中的這種影響如何影響您對其他貨幣降息的貝塔係數和客戶行為的預期？謝謝。

So I would say, overall, euros is roughly 10% of the total portfolio. To answer to the earlier question, I think we feel very well positioned for the range of outcomes that the forward curve is implying in euros, sterling and dollars. We prepare for us. We talk about it a lot.

所以我想說，總體而言，歐元大約佔總投資組合的 10%。為了回答前面的問題，我認為我們對於遠期曲線所暗示的歐元、英鎊和美元的一系列結果感到非常有利。我們為我們準備。我們談了很多。

And so I kind of feel like the way the CIO book is currently set up where we still have a reasonable amount of securities rolling off into higher yielding assets. So I just feel like the combination of where our deposit book is in terms of our betas, to reiterate again, for dollars, low 80s; Sterling and Euros, high 60s; and the CIO book kind of still room to grow.

因此，我感覺 CIO 帳簿目前的設定方式是，我們仍然有合理數量的證券轉為收益率更高的資產。所以我只是覺得我們的存款簿在貝塔值方面的組合，再次重申，以美元計算，低至 80 多美元；英鎊和歐元，60 多美元； CIO 的書還有成長的空間。

And so on rate cuts in terms of how we kind of positioned the book more broadly symmetric in terms of -- on the rate cuts side. So we I think Chairman Powell has done a good job of telegraphing to the market how he wants to do it. So I don't think it's going to be a volatile move in rates when this happens. So he's allowed us time to position and manage and get into the right place. So I think overall, I feel very good about where we're at.

等等，關於降息，我們如何將這本書定位得更廣泛地對稱——在降息方面。因此，我認為鮑威爾主席在向市場傳達他想要如何做方面做得很好。因此，我認為發生這種情況時，利率不會出現波動。所以他讓我們有時間定位和管理並進入正確的位置。所以我認為總的來說，我對我們現在的處境感覺非常好。

Yeah. But what I was asking -- I appreciate that. But what I was trying to understand was the actual experience in the actual marketplace beyond the expectation. The 50% to 60% beta, I think you said, in euros, did that hold when the covenant through? And did you have experienced that?

是的。但我所問的是──我很感激。但我試圖了解的是實際市場中超越預期的實際體驗。我想你說過，以歐元計算的 50% 到 60% 的貝塔係數在契約通過時是否有效？而你有過這樣的經驗嗎？

And so specifically, yes, we did experience that and it held up. It behaved as expected.

所以具體來說，是的，我們確實經歷過這一點，而且它仍然有效。它的表現符合預期。

Excellent. Thank you. Thank you for that, Dermot. I appreciate that. Issuer Services, very solid. You flagged, you know, some COO trustee gains on the back of a market that seems solid volume. Could you help us understand maybe how much of the strength in the growth that you saw in that line was attributed to that, which I assume would be in the corporate trust business and then maybe how to think about the depository receipts fees, just so we're thinking about the right way to baseline and move forward with our models?

出色的。謝謝。謝謝你，德莫特。我很感激。發行人服務，非常紮實。你知道，你知道，一些營運長受託人在市場成交量似乎強勁的背景下獲得了收益。您能否幫助我們了解您在該領域看到的成長力量有多少歸因於這一點，我認為這將來自企業信託業務，然後也許如何考慮存託憑證費用，以便我們正在考慮確定基準並推進我們的模型的正確方法嗎？

Sure. Look, Corporates Trust, I think, is for us a good opportunity, a very good opportunity. I actually talked about it at some length at the RBC conference in March when I was chatting with Jared Casidy. And I think over the last number of years, corporate trusts for BNY is a business that's been underinvested in, in both technology and leadership.

當然。你看，企業信託，我認為，對我們來說是一個很好的機會，一個非常好的機會。事實上，我在三月的 RBC 會議上與 Jared Casidy 聊天時詳細討論了這個問題。我認為在過去的幾年裡，紐約銀行的企業信託業務在技術和領導方面都投資不足。

And in both Robin and I, in our prepared remarks, we did emphasize leadership as being a continuous change for us. And we've made a couple of very important hires over the last 12 months in corporate trusts, and we have new leadership overseeing the business. And it's that business and it's that investment in technology, products, leadership that is showing up. And specifically, we've doubled our activity in CLOs over the last 12 months. We've improved our market share.

在羅賓和我準備好的發言中，我們確實強調領導力對我們來說是一個持續的改變。在過去 12 個月裡，我們在企業信託領域聘用了幾名非常重要的員工，並任命了新的領導層來負責監管業務。這就是業務以及對技術、產品和領導力的投資。具體來說，在過去 12 個月裡，我們的 CLO 活動增加了一倍。我們提高了市場佔有率。

And as Robin said, in an answer to another question, we really want to position corporate trust as a business that really can take the advantage of scale. A lot of manual processes, a lot of room for AI, a lot of room for digitization and we can improve the operating leverage of that business. We can improve how we show up for clients and client service.

正如羅賓在回答另一個問題時所說，我們確實希望將企業信託定位為真正可以利用規模優勢的業務。大量的手動流程、大量的人工智慧空間、大量的數位空間，我們可以提高該業務的營運槓桿。我們可以改進我們向客戶展示的方式和客戶服務。

So we feel like in corporate trust specifically, we have a lot to play for depository receipts. We have good market share. We punch above our ways, and we expect that to continue.

因此，我們認為，特別是在企業信託領域，我們在存託憑證方面有很多可發揮的作用。我們擁有良好的市場佔有率。我們超越我們的方式，我們希望這種情況能夠持續下去。

Thank you for taking my questions.

感謝您回答我的問題。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Hi, good morning.

早安.

Morning, Betsy.

早安，貝特西。

Two quick questions. One, just to wrap up a little bit on the T+1 discussion earlier. Could you give us a sense of how much did T+1 drive sequential revenue growth this quarter? And can you give a sense as to if there's enough revenue growth you're expecting from it to impact the expense ratio since you've already made the investment? And then I have a follow up on one other thing.

兩個簡單的問題。第一，簡單總結一下之前的 T+1 討論。您能否向我們介紹 T+1 在多大程度上推動了本季的環比營收成長？既然您已經進行了投資，您能否說明您預期營收成長是否足以影響費用率？然後我對另一件事進行了跟進。

Hi, Betsy. It's Dermot. So the point I would make about T+1 is not so much a revenue or expense topic. It really is -- it speaks to resilience as a commercial attribute kind of point that we make on behalf of BNY. In terms of -- it's been a large-scale infrastructure change that's been coming to the market over the last couple of years, and as we are a key player in the financial market infrastructure, it's very important that we execute that to an A+ standard.

嗨，貝特西。這是德莫特。因此，我要闡述的關於 T+1 的觀點與其說是收入或支出主題，不如說是收入或支出主題。確實如此——它說明了彈性是我們代表紐約銀行提出的一種商業屬性。就過去幾年而言，這是一場大規模的基礎設施變革，由於我們是金融市場基礎設施​​的關鍵參與者，因此按照 A+ 標準執行這項變革非常重要。

And what I would say is BNY has shown up for clients in delivering an A+ execution of a very big project. It's not really about revenue or expenses. It is really about delivering a complicated change project for our clients and the ecosystem at large. That's really, I think the point we're trying to make on T+1.

我想說的是，紐約銀行已經為客戶提供了一個非常大的專案的 A+ 執行。這實際上與收入或支出無關。這實際上是為我們的客戶和整個生態系統提供一個複雜的變革項目。我認為這確實是我們在 T+1 上試圖表達的觀點。

Okay. Yeah, I was just thinking if you were in a better spot than others, you could pick up some incremental share on the back of that. But that's maybe a couple of conference calls from here. Alright. And then separately on Wove, I know you mentioned that you added new clients to Wove. I just wanted to understand is that new clients of the firm or this is clients who had been years for a while, and they move to Wove?

好的。是的，我只是在想，如果你比其他人處於更好的位置，你可以在此基礎上獲得一些增量份額。但這可能只是這裡的幾次電話會議。好吧。然後在 Wove 上，我知道您提到您為 Wove 添加了新客戶端。我只是想了解的是，公司的新客戶還是已經使用了一段時間的客戶，他們搬到了 Wove？

So I would say it's both. And so I guess the questions that we've had on previous calls, Betsy are cannibalizing existing clients, and the answer to that is most definitely no. I think it speaks to the point of us innovating you know Wove as a very big investment for us in terms of technology over multiple years. Existing clients like the fact that we're willing to put money to work for them and give them better solutions.

所以我想說兩者兼具。所以我猜我們在之前的電話中提出的問題，貝特西正在蠶食現有客戶，而答案絕對是否定的。我認為這說明了我們創新的意義，你知道，Wove 對我們來說是多年來在技術方面的一項非常大的投資。現有客戶喜歡我們願意投入資金為他們工作並為他們提供更好的解決方案。

And as a consequence of that, we had over 1,500 people show up two Wove in Florida last year and Nashville this year. And for those that are there, there's real excitement. And as Robin said in his prepared remarks, it's winning awards. So there's a flywheel effect of, oh, wow, BNY is showing up in the wealth tax base and delivering new solutions for us, we want to see what they have to do.

因此，去年有超過 1,500 人參加了佛羅裡達州和今年納許維爾的兩場 Wove。對於那些在那裡的人來說，這是真正令人興奮的。正如羅賓在他準備好的演講中所說，它正在獲獎。因此，存在飛輪效應，哦，哇，紐約銀行出現在財富稅基中並為我們提供新的解決方案，我們想看看他們必須做什麼。

So the networks effect of that shouldn't be underestimated.

因此，不應低估其網路效應。

Betsy, let me double click on it for one second as well because when we started on the Wove journey and we announced as Dermot said, last year, it was initially really focused on that single KPI of making advisors lives easier. And so it was a technology front-end that went from wealth planning and help clients with wealth planning all the way through portfolio construction and then getting into market.

Betsy，讓我也雙擊它一秒鐘，因為當我們開始 Wove 之旅時，正如 Dermot 所說，去年我們宣布，它最初真正關注的是讓顧問生活更輕鬆的單一 KPI。因此，它是一個技術前端，從財富規劃到幫助客戶進行財富規劃，一直到投資組合構建，然後進入市場。

Now what's evolved since then and what we do a lot about this year, one year later in the Wove journey was the fact that now we have the opportunity to link all of these other BNY capabilities to be able to deliver to our Pershing and Wove clients. So you can be a clearing and customer client of Pershing. You can be an advisor taking advantage of that initial set of tooling from Wove.

現在，從那時起發生的事情以及我們今年所做的很多事情，一年後的 Wove 旅程中，我們現在有機會將所有其他 BNY 功能聯繫起來，以便能夠向我們的 Pershing 和 Wove 客戶提供服務。這樣您就可以成為潘星的清算和客戶。您可以成為顧問，利用 Wove 的初始工具組。

But what you can now also do is you can have that ability to manage an aggregate data, including across multiple custodians. We can connect Q2 models in the investment management space. By the way we can fulfill those models because we've got active equity and indexing and all these capabilities that come from BNY investments.

但您現在還可以做的是，您可以擁有管理聚合資料的能力，包括跨多個託管人的資料。我們可以將第二季度模型連接到投資管理領域。順便說一句，我們可以實現這些模型，因為我們擁有主動股票和指數以及來自紐約銀行投資的所有這些功能。

And so Wove is becoming a bit more of a delivery vehicle for the various capabilities of the firm. It is also opening up the aperture of how clients of Pershing think about us in terms of our ability to solve other problems for them, banking as a service, which is the Treasury Services business. But we stimulate the conversation for that because people see us as being more than what we used to be in Pershing.

因此，Wove 更像是公司各種功能的交付工具。它也開啟了潘星客戶對我們為他們解決其他問題的能力（銀行即服務，即資金服務業務）的看法。但我們為此激發了對話，因為人們認為我們比以前在潘興更好。

We also, to your question, are attracting people who don't necessarily need the clearing and custody service, but who want to take advantage of these other components, which is why Dermot said both, because it's both and delivering the breadth of One BNY.

對於你的問題，我們也吸引了那些不一定需要清算和託管服務，但想要利用這些其他組件的人，這就是德莫特說這兩點的原因，因為它既提供了One BNY 的廣度，又提供了One BNY 的廣度。

Thanks, Robin.

謝謝，羅賓。

Thank you, Betsy.

謝謝你，貝特西。

Mike Mayo, Wells Fargo Securities.

麥克梅奧，富國銀行證券公司。

Hi. Can you put a little more meat on the balance for the One BNY initiative in terms of products for customers when you're talking about more bundled solutions? Thematically, I understand it, and I guess you're having higher core servicing fees. But connecting from the higher core servicing fees from the high level that's bundled, let's have everyone work together, I'm just trying to connect the dots a little more.

你好。當您談論更多捆綁解決方案時，您能否在為客戶提供的產品方面為 One BNY 計劃提供更多的內容？從主題上講，我理解這一點，我猜您的核心服務費用更高。但是，從捆綁的高水準中連接到更高的核心服務費，讓我們讓每個人一起工作，我只是試圖將這些點更多地連接起來。

Understood, Mike. And you'd asked me a question. It's probably about more than a year ago now where you had essentially challenged the fact that in order for something like One BNY to be successful, it can't just be hearts and minds, it's got to be deeply operationalized. And we talked at that time about some of our future ambitions for how to really bring it home.

明白了，麥克。你問了我一個問題。大概是在一年多以前，您基本上已經對這樣一個事實提出了挑戰：為了讓像 One BNY 這樣的專案取得成功，不能只靠心靈和思想，還必須深入實施。當時我們討論了我們未來的一些雄心壯志，如何真正把它帶回家。

So the way that I would now answer your question is, we are rallying around the three strategic pillars that Dermot and I both have talked about a bunch, and this is about being more for our clients. And that's just not just words anymore. It's not just a movement; it's not just appealing to our people to be able to be client obsessed. It's about elevating the effectiveness of our sales organization and the process, driving client service differently than we used to.

所以我現在回答你的問題的方式是，我們正在圍繞德莫特和我都討論過的三大戰略支柱進行團結，這是為了為我們的客戶提供更多的幫助。這不再只是言語。這不僅僅是一場運動；吸引我們員工的不僅是能夠以客戶為中心。這是為了提高我們銷售組織和流程的效率，以不同於以往的方式推動客戶服務。

It's about the innovative new products as we were just talking about Wove., that's a good example. We are being more for clients in that example, and we are also delivering the whole of the company. So it is a great One BNY example. Pershing, which used to be somewhat off to the site in the company a few years back, now very much at the heart and benefiting from that integration with all of the other capabilities that we have.

這是關於創新的新產品，就像我們剛才談論的 Wove 一樣，這是一個很好的例子。在這個例子中，我們更多地為客戶服務，並且我們也在為整個公司提供服務。所以這是一個很好的 One BNY 例子。幾年前，潘星在某種程度上還處於公司內部，現在已經成為公司的核心，並從與我們擁有的所有其他功能的整合中受益。

And then you hit on a critical word which is solutions. Because that journey, to use the term that Dermot used earlier on, of meeting our clients where they are, it's not just about us selling a bunch of great products and client platforms to our clients. It's about the fact that when we look at the challenges that our clients have, they actually need things that cut across multiple parts of our company.

然後你想到了一個關鍵字，就是解決方案。因為這段旅程，用德莫特之前使用的術語來說，就是在客戶所在的地方與他們會面，這不僅僅是我們向客戶銷售一堆優秀的產品和客戶平台。事實上，當我們審視客戶面臨的挑戰時，他們實際上需要跨越我們公司多個部門的東西。

And rather than going in disconnected and showing them individually and trying to have them piece it all together, we can now show up and we can actually show them these solutions which bring all the componentry together to solve their needs. And both Dermot and I talked a bit about that in our prepared remarks, and that's the next level of maturity of that One BNY work that we're really doing.

我們現在可以向他們展示這些解決方案，這些解決方案將所有組件組合在一起來解決他們的需求，而不是斷開連接並單獨向他們展示並試圖讓他們將所有內容拼湊在一起。德莫特和我在我們準備好的演講中都談到了這一點，這就是我們真正正在做的 One BNY 工作的下一階段的成熟度。

That's involving from an initiative and hearts and minds to making everything that we're doing in our commercial organization, the sales practices, the sales targets, the way that we're bringing people together, the account management process, the client service, the digital delivery of tooling and the way that we're thinking about everything that equips our salespeople to be effective, the cross training.

這涉及到我們在商業組織中所做的一切、銷售實踐、銷售目標、我們將人們聚集在一起的方式、客戶管理流程、客戶服務、工具的數位化交付以及我們考慮使我們的銷售人員變得高效的一切的方式，即交叉訓練。

We're bringing all of those things together and maturing our commercial model. And over time, we think there's a lot of value both in the process and in what we're actually delivering to clients.

我們正在將所有這些東西整合在一起，並使我們的商業模式成熟。隨著時間的推移，我們認為這個過程以及我們實際向客戶提供的服務都具有大量價值。

And so when you wrap it all up, I mean, what wallet share do you have per customer today? Where was it a few years ago? Where you hope that to go just in terms of a zip code of expectations?

所以，當你把這一切總結起來時，我的意思是，今天每個客戶的錢包份額是多少？幾年前它在哪裡？您希望按照期望的郵遞區號去哪裡？

I think some of those metrics, as we think about ways in which to show you that story more over time, some of those metrics will be in our future. Right now, I'm going to point you to two things. There are a whole bunch of inputs. I described a bunch of them. And I think over the course of the past couple of years, we've been trying to really show the key inputs, which we think are the leading indicators for performance.

我認為其中一些指標，當我們考慮如何隨著時間的推移向您更多地展示這個故事時，其中一些指標將在我們的未來出現。現在，我要向您指出兩件事。有一大堆輸入。我描述了其中的一些。我認為在過去幾年中，我們一直在努力真正展示關鍵投入，我們認為這是績效的領先指標。

And then you have to actually look at the fee growth result. And you saw that in the first quarter. You've seen that in the second quarter, and that's some of the output. But the story that Dermot and I are both trying to describe is a story of a maturing of a process but with still a distance to go and opportunity ahead.

然後你必須實際查看費用成長結果。你在第一季就看到了這一點。你已經在第二季度看到了這一點，這就是一些產出。但德莫特和我試圖描述的故事是一個成熟過程的故事，但仍有一段距離和機會。

Mike, just put a metric on us, because it's just to give an indication because we need to mature the metrics as we proceduralize all the strategic comments that Robin has just outlined. Year over year, the amount of business that we've won that touches more than one line of business has increased by a third of albeit a very low base.

麥克，只是給我們一個指標，因為這只是為了給出一個指示，因為我們需要在將羅賓剛剛概述的所有戰略評論程序化時使指標成熟。年復一年，我們贏得的涉及多個業務領域的業務量增加了三分之一，儘管基數非常低。

So I wouldn't draw too much into the metric, but just the fact that we are showing up in a different way and clients are buying products and services from more than one line of business because we can deliver integrated solutions. And that's the key that over time we'll be able to track that and communicate that in a more objective way as that strategy takes root.

因此，我不會太在意這項指標，但事實是我們以不同的方式出現，客戶從多個業務線購買產品和服務，因為我們可以提供整合解決方案。這是關鍵，隨著時間的推移，隨著該策略的紮根，我們將能夠追蹤這種情況並以更客觀的方式進行溝通。

Understood. So when all's said and done, core servicing fees over time, whether it's aspiration or a specific target, where should core servicing fee growth be?

明白了。那麼，總而言之，核心服務費隨著時間的推移，無論是願望還是具體目標，核心服務費成長應該在哪裡？

My answer to that, which I recognize is a little bit unsatisfying is, we're going to keep pointing you back to the positive operating leverage, which is really how we're focusing for our own growth. We think that each quarter, each year has a different composition to it. But higher fee growth over time is a very important part of that combination of solutions.

我對此的回答（我承認有點不滿意）是，我們將繼續向您指出積極的營運槓桿，這確實是我們關注自身成長的方式。我們認為每季、每年都有不同的組成。但隨著時間的推移，更高的費用成長是該解決方案組合的一個非常重要的部分。

But any individual quarter or a year is going to have a different composition. We're controlling the things that we can control, albeit we're stoking the engine for growth of organic fees over time.

但任何一個季度或一年都會有不同的組成。我們正在控制我們可以控制的事情，儘管我們正在推動有機費用隨著時間的推移而增長。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning. Thanks for squeezing me in on this. I wanted to touch on expenses and operating leverage. So expenses up a little bit year to date, year over year. It sounds like you guys are still targeting flat expenses for the year despite the fact that revenues obviously shaking out a little bit better than you hoped.

嗨，早安。謝謝你讓我參與這件事。我想談談費用和營運槓桿。因此，今年迄今的支出逐年增加。聽起來你們今年的目標仍然是固定支出，儘管收入顯然比你們希望的要好一些。

So, maybe kind of walk us through where you see the flex in the expense base to keep it kind of that flattish run rate. But I guess more importantly, you guys had a target for pretax margin to be at 33%-plus recently. You're doing 33% this quarter and obviously you don't want to get too carried away with a single quarter. But feels like you have an ability to reset the bar. So maybe talk a little bit about what that plus within the 33% could look like a couple of years out?

因此，也許可以向我們介紹一下您在費用基礎上看到的彈性，以保持平穩的運行率。但我想更重要的是，你們最近的稅前利潤率目標是 33% 以上。本季您的業績為 33%，顯然您不想在一個季度中過於得意忘形。但感覺你有能力重置標準。那麼，也許我們可以談談幾年後 33% 的比例會是什麼樣子呢？

Thanks, Alex. So I guess I would start with the margin part of this. We need to consistently do it. And so one quarter doesn't a medium-term target make. So I'm very pleased that we've done it. But now I want to see it next quarter, the following quarter, the following quarter. So execution is key and just showing up in a very disciplined way every day is really important to delivering out that.

謝謝，亞歷克斯。所以我想我會從邊緣部分開始。我們需要始終如一地這樣做。因此，四分之一並不是中期目標。所以我很高興我們做到了。但現在我想在下個季度、下個季度、下個季度看到它。因此，執行力是關鍵，每天以非常有紀律的方式出現對於實現這一點非常重要。

We don't want to be known as a one-hit wonder. So while I'm pleased that we've managed to do it, I want to see it repeaters on a consistent basis. So that's what I would say on margin.

我們不想被稱為一擊奇蹟。因此，雖然我很高興我們成功地做到了這一點，但我希望看到它能夠持續不斷地重複。這就是我要說的。

On expenses, you and I talked in Madrid a few weeks back at your conference, and I kind of said a little bit like, we're in the zip code of flat for the year. It's all about running the company better. It's very important that we have 53,000 people wrapped around the same aspiration that we as a leadership team have and everybody's focused on doing it.

關於費用，幾週前你和我在馬德里的會議上進行了交談，我有點像說，我們今年的郵遞區號是「公寓」。這一切都是為了更好地經營公司。非常重要的是，我們有 53,000 名員工與我們作為領導團隊有著同樣的願望，每個人都專注於實現這一目標。

So there is a real momentum on running the company better, which is the input to how we show up with expenses where being where they are as opposed to a top down approach. So very different cultural experience within the firm in terms of how we're doing it.

因此，更好地經營公司確實有動力，這是我們如何顯示支出的投入，而不是自上而下的方法。就我們的做法而言，公司內部的文化體驗非常不同。

And the reason why we're a little bit above trend in the first couple of quarters this year is what I said to you at the conferences is, revenue release of expense. And so I kind of anchor that in the overall where we are for positive operating leverage in the year.

今年前幾季我們略高於趨勢的原因就是我在會議上對你們說的，是收入釋放支出。因此，我認為我們今年的整體營運槓桿是積極的。

And in my remarks, I kind of said, I feel optimistic about delivering positive operating leverage for the year, which in a down 10% NII environment BNY hasn't really executed to that level before. And also, Q2 is a seasonally strong quarter for us, which would feed that the margin of 33%.

在我的演講中，我有點想說，我對今年實現正營運槓桿感到樂觀，在 NII 下降 10% 的環境下，紐約銀行以前從未真正達到這一水平。此外，第二季度對我們來說是季節性強勁的季度，這將使利潤率達到 33%。

So I feel good about expenses. I feel good about flat notwithstanding, there's pressure to that from a revenue related expense part, but we're very determined to deliver positive operating leverage to our shareholders this year.

所以我對費用感覺良好。儘管我對持平感到滿意，但收入相關費用部分帶來了壓力，但我們今年非常決心為股東提供積極的營運槓桿。

Excellent. Great. Well, my second quick question around the balance sheet. There's a lot of discussion around deposits, but I wanted to zone in on the asset side of the balance sheet for a second. We've seen pretty nice growth from you guys in both the securities portfolio and loans sequentially. So could you spend a minute on sort of the sources where you're investing and then your outlook and maybe deploying some of the liquidity that seems to be perhaps a bit more sticky into both loan growth and securities?

出色的。偉大的。好吧，這是我關於資產負債表的第二個快速問題。關於存款有很多討論，但我想先談談資產負債表的資產面。我們看到你們在證券投資組合和貸款方面都取得了相當不錯的成長。那麼，您能否花一點時間了解您投資的來源，然後您的前景，並可能部署一些似乎對貸款成長和證券更具黏性的流動性？

So yeah, look, feel very proud of the CIO team. What they've accomplished over the last couple of years, which is really from Q3 of '22. It really has been just a terrific collaboration with inside the firm. And we're deploying where we think we can see the opportunity. Our CIO likes to use the word nibbling. And so we're kind of seeing where the next leg is and we're deploying where we think we can see opportunity to continue to grow NII.

所以，是的，你看，我為 CIO 團隊感到非常自豪。他們在過去幾年中所取得的成就，實際上是從 22 年第三季開始的。這確實是與公司內部的一次出色的合作。我們正在我們認為可以看到機會的地方進行部署。我們的 CIO 喜歡使用“蠶食”這個詞。因此，我們正在了解下一步的發展方向，並在我們認為可以看到繼續成長 NII 的機會的地方進行部署。

So it's opportunistic at the moment but we feel overall very good about that aspect of us. We're still rolling off the bulk into higher yielding securities. We're picking up to 200 basis points. And so that's feeding NII.

所以目前這是機會主義的，但我們總體上對我們的這方面感覺非常好。我們仍在將大部分資金轉為更高收益率的證券。我們將升息至 200 個基點。這就是 NII 的來源。

And then on loan growth, I think the GLS team is doing a really good job of getting very liquidity friendly deposits, which allows us to extend credit to our clients. And I think we're showing up in a different way to our clients who are important to us and extending our balance sheet to them as they look to buy products and more than one line of business.

然後在貸款成長方面，我認為 GLS 團隊在獲得流動性非常友善的存款方面做得非常好，這使我們能夠向客戶提供信貸。我認為我們正在以一種不同的方式向對我們很重要的客戶展示，並在他們尋求購買產品和多個業務線時將我們的資產負債表擴展到他們。

So where we need the balance sheet to support business activities, that's what we're doing and it's a strategic tool in our kit for doing this.

因此，當我們需要資產負債表來支援業務活動時，這就是我們正在做的事情，它是我們實現這一目標的工具包中的策略工具。

Awesome. Thanks very much.

驚人的。非常感謝。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Good morning, Dermot. Good morning, Robin.

早上好，德莫特。早安，羅賓。

Good monring, Gerard.

早上好，傑拉德。

Dermot, can you share with us now that we're entering into phase for its monetary policy of quantitative tightening easing up a bit. You guys obviously have been through QE using the initial stages of QT. Do you have any thoughts on how this could affect your balance sheet over the next 12 to 18 months? Have you guys done any type of modeling to see what kind of effect the QT is to shrinks could have on your balance sheet?

德莫特，您能否與我們分享一下，我們現在正進入量化緊縮的貨幣政策稍微放鬆的階段。你們顯然已經使用 QT 的初始階段經歷了 QE。您對這會如何影響您未來 12 至 18 個月的資產負債表有什麼想法嗎？你們是否做過任何類型的建模來看看 QT 對收縮會對你的資產負債表產生什麼樣的影響？

So we do a lot of work on that, Gerard. Look, CCAR forces us to do that work as well. And so rates up, rates down, quantitative tightening, quantitative easing. We look at every which way to Sunday. But the thing that I would remind you and everybody who's listening in is, our balance sheet is one of our strengths. This time last year, in Q1 of last year, we kind of -- we called our balance sheet the port in the storm for our clients, and you see that flight to quality.

所以我們在這方面做了很多工作，傑拉德。看，CCAR 也迫使我們做這項工作。因此升息、降息、量化緊縮、量化寬鬆。我們關注週日的各個方向。但我要提醒你們和所有正在收聽的人的是，我們的資產負債表是我們的優勢之一。去年的這個時候，去年第一季度，我們將我們的資產負債表稱為客戶風暴中的港口，你會看到這種向品質的轉變。

So we're kind of very proud of our balance sheet. Its vanilla. It's liquids. It stands stress tests, and it allows us to be there for our clients. So it's short in duration. We repositioned it going into the higher for longer rate environment. As you will remember, in Q4 '22, we repositioned us. And so we've taken a lot of proactive steps to make our balance sheet durable and liquid and to withstand a wide range of scenarios.

所以我們對我們的資產負債表感到非常自豪。它的香草。是液體。它經得起壓力測試，讓我們能夠為客戶提供服務。所以持續時間很短。我們將其重新定位為更高、更長的利率環境。您還記得，在 22 年第 4 季度，我們重新定位了我們。因此，我們採取了許多積極主動的措施，使我們的資產負債表具有持久性和流動性，並能夠承受各種情況。

And Gerard, I'm just going to add that, it's easy to think that just because of this very moment in time, we're looking out and it seems to be some greater consensus than we've had for a little while around what might happen with the Fed in the fall across September and the balance of the year. It's easy to think somehow that the range of risks has somehow narrowed as a result of that. But there's still a lot of uncertainty in the world.

傑拉德，我想補充一點，很容易想到，就在此時此刻，我們正在尋找，這似乎是我們一段時間以來所達成的更大共識。種情況。人們很容易認為，風險範圍因此而縮小了。但世界仍然存在著許多不確定性。

We've got a whole bunch of other types of geopolitical risks out in the world. We're sort of continuing to grind through elections that we've talked about through the course of the year. They're all sorts of other things happening. We still got wars going on. And so our approach to all of these questions and Dermot really made the point, is to be prepared for all the different types of outcomes that are possible.

世界上還存在大量其他類型的地緣政治風險。我們正在繼續努力完成我們在這一年中討論過的選舉。他們還有各種各樣的其他事情正在發生。我們的戰爭仍在繼續。因此，我們解決所有這些問題的方法和德莫特真正指出的一點是，為所有可能的不同類型的結果做好準備。

And so you can see us. We run conservative on liquidity. We run conservative on capital. You can see it in our ratios that we talked about, and that Dermot outlined in his prepared remarks, and that's a very important anchor point for us so that we can be agile according to however things play out. Because the one thing we can be absolutely sure of is they won't play out exactly the way anybody expects.

這樣您就可以看到我們。我們對流動性持保守態度。我們對資本持保守態度。你可以從我們討論的比率中看到這一點，德莫特在他準備好的講話中概述了這一點，這對我們來說是一個非常重要的錨點，以便我們可以根據事情的發展保持敏捷。因為我們可以絕對確定的一件事是，它們不會完全按照任何人期望的方式發揮作用。

Very good. And then just as a follower, Robin, you talked about the new business wins in the quarter and you talked about One BNY as well. It appears that you're having success in chipping down or breaking down some of the silos that many organizations always struggle with. Can you share with us some of the tools you're using to break those silos? And how -- I would assume you're not 100% complete breaking them all down, but how far along are you in actually breaking them down?

非常好。然後，羅賓，作為一名追隨者，您談到了本季度的新業務勝利，也談到了 One BNY。看來您正在成功地消除或打破許多組織一直在努力解決的一些孤島。您能與我們分享一些您用來打破這些孤島的工具嗎？我假設你並沒有 100% 完全分解它們，但你實際上分解它們有多遠？

Well, the company has been around for 204 hours and we have acquired a lot of different business and companies overtime. And so these things do build up over a period of time. But the short answer to your question is we passionately believe as a whole leadership team that the answer to the question is culture.

嗯，公司已經存在了 204 小時，我們加班收購了許多不同的業務和公司。因此，這些事情確實會在一段時間內累積起來。但對你的問題的簡短回答是，作為整個領導團隊，我們堅信問題的答案是文化。

And so I've said before, in a slightly piffy way, but I'm quoting other people or sort of paraphrasing them, if you will, that culture eats strategy for breakfast as it was once famously said by Peter Drucker. And we add to that, execution eats strategy for lunch. That's just a long way of saying that the power culture pillar, which is one of our three pillars, is the thing that's enabling us to run our company better and that in turn is allowing us to be more for our clients.

所以我之前說過，雖然有點小題大做，但我引用了其他人的話，或者是轉述了他們的話，如果你願意的話，文化把策略當早餐吃，正如彼得·德魯克曾經說過的一句名言。我們還要補充一點，執行力把戰略當午餐。從長遠來看，權力文化支柱是我們的三大支柱之一，它使我們能夠更好地經營我們的公司，進而使我們能夠為客戶提供更多服務。

And so the trick to this for us has been investing in our people. It's been creating the benefits, the experiences, the employee experience, the pride, association with the company, the feedback loop that shows that when we do these things, we get better outcomes for our clients and that translates into better outcomes in the bottom line.

因此，對我們來說，實現這一目標的秘訣就是投資我們的員工。它一直在創造福利、體驗、員工體驗、自豪感、與公司的聯繫、回饋循環，表明當我們做這些事情時，我們會為客戶帶來更好的結果，並轉化為更好的利潤結果。

And so there's a flywheel effect here that actually builds on itself. And the spring in the step of our employees is now powering that forward. And that's what gives us confidence that we've really turned the corner on it.

因此，這裡存在著一種實際上是建立在自身之上的飛輪效應。現在，我們員工的腳步正推動著這項進程。這讓我們相信我們已經真正扭轉了局面。

People want to throw in with the whole because they see that it is not only better for the company, it's actually better for their business because joining their products with other products around the company is allowing us to be more for clients. And it actually feels good to see the benefits in the ultimate results.

人們想要投入整體，因為他們看到這不僅對公司更好，實際上對他們的業務也更好，因為將他們的產品與公司的其他產品結合起來可以讓我們為客戶提供更多服務。看到最終結果帶來的好處實際上感覺很好。

So that's for us the North Star of how we're doing it. And while we've certainly got a distance to go, the early results have been pretty encouraging.

所以這對我們來說是我們所做的事情的北極星。雖然我們還有很長的路要走，但早期的結果非常令人鼓舞。

Very good. Thank you.

非常好。謝謝。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great. Thanks. Thanks. Good morning, guys. Maybe if I could just come back to the -- sticking with NII guide of down 10% having trouble getting there. Just to confirm, it sounds like Dermot what you're saying is it's really almost totally a deposit driven guide on a seasonal basis. And I just wanted to sort of confirm that, given how you've outlined the balance sheet sensitivity to different rate scenarios. It is pretty strong.

偉大的。謝謝。謝謝。早上好傢伙。也許如果我能回到——堅持 NII 指南，即下降 10%，但很難到達那裡。只是為了確認一下，聽起來德莫特你所說的是，它實際上幾乎完全是一個季節性的存款驅動指南。鑑於您如何概述資產負債表對不同利率情境的敏感性，我只是想確認這一點。這是相當強大的。

Of course, you have the benefit of securities portfolio reinvestments. Those are really simply just seasonal deposit dynamic. And then if you can just talk about how NIB is factored into that seasonal deposit dynamic and then of course, to move into next year, in 1Q seasonally, of course, that we should be back positive again. And I just want to confirm that.

當然，您可以從證券投資組合再投資中受益。這些其實只是季節性存款動態。然後，如果你能談談 NIB 如何納入季節性存款動態，然後當然，進入明年，季節性的第一季度，當然，我們應該再次恢復積極。我只是想確認這一點。

So I guess, Brian, in the way you have asked the question in some ways, you've answered the question to yourself. That kind of confirm, a, how you're thinking about us in terms of the seasonal decline. and it is a deposit story. And I would just kind of reference last year as the guide in terms of -- in January of last year, we guided 20% for the year. And then we started out the gates well and you as a collective put pressure on me to change the guidance, which I didn't do. And we ended the year at 24%.

所以我想，布萊恩，在你以某種方式提出這個問題的方式中，你已經向自己回答了這個問題。這證實了您對我們季節性下降的看法。這是一個存款的故事。我想以去年為指導——去年 1 月，我們指導了今年的 20%。然後我們就順利地開始了，你們作為一個集體向我施加壓力，要求我改變指導方針，但我沒有這樣做。年終成長率為 24%。

And so last year, we used the word skewed to the upside, but humble about the fact of what lies in front of us. I would say, the percentage, they're different here this year. The environment is different, but the sentiment is the same. I'm humble about what the outcome could be and uncertainty is there because, as Robin said, for sure of what we think is going to happen is not going to happen.

因此，去年，我們使用了「向上」這個詞，但對擺在我們面前的事實感到謙虛。我想說的是，今年的百分比有所不同。環境不同，但心境是一樣的。我對結果可能是什麼以及存在的不確定性感到謙虛，因為正如羅賓所說，我們認為會發生的事情肯定不會發生。

But I would say, we're cautiously optimistic. And your point, it is a deposit story. And within the deposit story, it really is the mix between NIBs and IBs.

但我想說，我們持謹慎樂觀的態度。你的觀點是，這是一個存款故事。在存款故事中，它實際上是 NIB 和 IB 的混合體。

Alright. Okay. Fair enough. And then maybe just back to the operating leverage dynamic, and this can be for both Dermot and Robin. Obviously, you're starting up really well with like 100 basis points plus of positive operating leverage. As we move into the second half, not with us standing market movements that would obviously influence to fee revenue dynamics.

好吧。好的。很公平。然後也許只是回到營運槓桿動態，這對德莫特和羅賓來說都是如此。顯然，您的起步非常好，有大約 100 個基點加上正營運槓桿。當我們進入下半年時，我們的市場走勢不會明顯影響費用收入動態。

But given the traction that you're showing sequentially in Europe in your core business growth, in core business sales and I guess the fact that you made these investments already. So I just wanted to get a sense of whether you feel like you're able to scale those investments in the second half.

但考慮到您在歐洲的核心業務成長、核心業務銷售方面連續表現出的吸引力，而且我猜您已經進行了這些投資。所以我只是想了解一下您是否認為能夠在下半年擴大這些投資規模。

And, you know, obviously with your flat operating expense guidance, it would seem that's the case. If the revenue does turn out to be better than expected from a organic growth perspective, would we see the expense base creep up a little bit, notwithstanding, of course, of course, you still generate positive leverage.

而且，你知道，顯然按照你的固定營運費用指導，情況似乎就是這樣。如果從有機成長的角度來看，收入確實好於預期，我們是否會看到費用基礎略有上升，儘管，當然，當然，你仍然產生積極的槓桿作用。

Okay. A lot of questions in that second question. So I would say like when I talk to the teams, right? And this is quite -- you're kind of hitting on a very important point. In that, I really focus on running the company better. And then we kind of focus on the operating leverage, not expense as a means to an end. And if revenue related expenses creep up, that we starve businesses of investment to solve for a flat number because that's what we said we were going to do. I think that's quite important.

好的。第二個問題有很多問題。所以當我和團隊談話時我會這麼說，對嗎？這確實是──你說到了一個非常重要的點。在這一點上，我真正專注於更好地經營公司。然後我們專注於營運槓桿，而不是作為達到目的手段的支出。如果與收入相關的費用增加，我們就會導致企業缺乏投資來解決固定數字，因為這就是我們所說的我們要做的。我認為這非常重要。

And it's important to get the balance right that investment and running the company better. It kind of is the same thing. And so that's a cultural transformation that's underway with all of our people. And so we really are focused on getting value for money. We spend a lot of money. We spend over $12.5 billion every year. And so we want to get the best value we can for that. And we do that in a number of different ways.

重要的是要在投資和更好地經營公司之間取得正確的平衡。這有點像同一件事。這就是我們全體員工正在進行的文化轉型。因此，我們確實專注於物有所值。我們花了很多錢。我們每年花費超過 125 億美元。因此，我們希望為此獲得最大的價值。我們透過多種不同的方式做到這一點。

So some of the investments that we've made over the last couple of years, we're beginning to see the scale impact in that. And you can see that in our most profitable segments, Markets and Wealth Services. It's a mid 40s margin. We continue to invest at the margin, which is what you want to see from us.

因此，我們在過去幾年中進行的一些投資，我們開始看到其中的規模影響。您可以在我們最賺錢的領域——市場和財富服務——中看到這一點。這是 40 年代中期的利潤。我們繼續進行邊際投資，這正是您希望從我們身上看到的。

And we continue to digitize. We continue to automate. We continue to reduce manual processes, which ultimately will feed into headcount and better-quality jobs for our folks and better careers. So I think over time, if organic growth plays out, it will feed into a better outcome and operating leverage not us just growing expenses because revenues are better.

我們繼續數位化。我們繼續自動化。我們繼續減少手動流程，最終將為我們的員工帶來員工數量和更高品質的工作以及更好的職業生涯。因此，我認為隨著時間的推移，如果有機成長發揮作用，它將帶來更好的結果和營運槓桿，而不僅僅是因為收入更好而增加支出。

And I just want to draw out one additional thing that Dermot said as well, Brian, which is, we have a lot of work to do. There's no question about it. And you used the term skew and slightly optimistic but staying humble when it related to NII. This one is just about a lot of hard work and really focusing on this point about running the company better.

布萊恩，我只想引述德莫特所說的另一件事，那就是我們還有很多工作要做。毫無疑問。當與 NII 相關時，您使用了術語“偏斜”和“略微樂觀但保持謙虛”。這只是大量的艱苦工作，並且真正專注於更好地經營公司這一點。

But as a double click into the way that we're thinking about it, if you look at the second quarter, I mean, we've talked a lot about the fact that it's been a seasonally strong quarter. But if you double-click into it and the market and wealth services point that Dermot just mentioned, that's an investment story because as we've said, we're in a good spot on the pretax margin of that segment. So we just want more; that's growth.

但雙擊我們的思考方式，如果你看看第二季度，我的意思是，我們已經討論了很多這樣的事實，即這是一個季節性強勁的季度。但如果你雙擊它，你會看到德莫特剛才提到的市場和財富服務點，這就是一個投資故事，因為正如我們所說，我們在該細分市場的稅​​前利潤率方面處於有利地位。所以我們只想要更多；這就是成長。

We don't want to dilute the margin, but we're not trying to save expense dollars there. But in security services and in investments and wealth, what we said there is, in fact, a margin journey that we have ahead of us. That's where you can actually see negative expenses in both of those segments for the quarter, which is a sign of the fact that we're both investing, but we're doing even more discipline in those businesses. And so that's how the whole thing comes together for the company.

我們不想稀釋利潤，但我們也不想節省開支。但在安全服務以及投資和財富方面，我們所說的實際上是我們前面的利潤之旅。在這裡，您實際上可以看到本季這兩個細分市場的負費用，這表明我們都在投資，但我們在這些業務上採取了更多的紀律。這就是公司的整體運作方式。

Okay. That's great color. Thank you so much.

好的。那顏色真棒。太感謝了。

Rajeev Bhatia, Morningstar.

拉吉夫·巴蒂亞，晨星公司。

Yeah, there is some progress on Investment and Wealth Management margin in the quarter. I guess my question is are your margins different on the asset management side of the business versus the wealth management side? And do you have a time line for getting back to that 25% plus margin?

是的，本季投資和財富管理利潤率取得了一些進展。我想我的問題是你們的資產管理業務和財富管理業務的利潤率是否不同？你們有恢復 25% 以上利潤的時間表嗎？

So I don't think we kind of get into the detail of the split between the two. And so the segment overall, I guess we've said over the last several quarters, we believe we can go back to the 25% margin over a period of, you know, a few years. And to follow on from Robin's answer to the last question, we've shown, I think good expense discipline over the last 12 months in terms of, okay, revenues have been a little bit challenged in this segment due to a variety of reasons, and we've taken tough decisions and so that's allowed us to grow the margin by 200 basis points over the last year, which really is kind of the financial discipline about.

所以我認為我們不會深入了解兩者之間分裂的細節。因此，整個細分市場，我想我們在過去幾個季度已經說過，我們相信我們可以在幾年內恢復到 25% 的利潤率。繼 Robin 對最後一個問題的回答之後，我們已經表明，我認為過去 12 個月良好的支出紀律，好吧，由於各種原因，該領域的收入受到了一些挑戰，我們做出了艱難的決定，這使得我們的利潤比去年增加了200 個基點，這確實是一種財務紀律。

And we do believe where we are now with distribution as a platform, very, very strong performance in fixed income and LDI and in size that the momentum is there within the segment to grow. And as Robin said, the addition of Jose to the leadership team joining in September, giving his fresh perspective gives us confidence about what we can do in the future.

我們確實相信，我們現在以分銷為平台，在固定收益和 LDI 方面的表現非常非常強勁，而且在規模上，該領域存在增長的動力。正如 Robin 所說，Jose 將於 9 月加入領導團隊，他的全新視角讓我們對未來充滿信心。

Got it, thanks.

知道了謝謝。

Thanks, Rajeev.

謝謝，拉吉夫。

This concludes today's question and answer session. At this time, I will turn the conference back to Robin for additional or closing remarks.

今天的問答環節到此結束。此時，我將把會議轉回羅賓進行補充或結束語。

Thank you, operator, and thanks, everyone, for your time today. We certainly appreciate your interest in BNY. If you have any follow-up questions, please reach out to Marius and the IR team. Be well and enjoy the balance of the summer.

謝謝接線員，也謝謝大家今天抽出寶貴的時間。我們當然感謝您對紐約銀行的興趣。如果您有任何後續問題，請聯絡 Marius 和 IR 團隊。保持健康並享受夏季的平衡。

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

謝謝。今天的電話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下午 2 點在紐約銀行投資者關係網站上播放。祝你有美好的一天。