紐約梅隆銀行 (BK) 2024 Q3 法說會逐字稿

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Good morning and welcome to the 2024 third-quarter earnings conference call hosted by BNY. (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，歡迎參加紐約銀行主辦的 2024 年第三季財報電話會議。 （操作員說明）請注意，本次電話會議和網路廣播將被錄製，並將包含受版權保護的資料。 未經紐約梅隆銀行同意，您不得錄製或轉播這些資料。

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

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

Thank you, operator. Good morning, everyone, and welcome to our third-quarter earnings call. I'm joined by Robin Vince, our President and Chief Executive Officer, and Dominic McDonogh, our Chief Financial Officer.

謝謝你，接線生。 大家早安，歡迎參加我們的第三季財報電話會議。 我們的總裁兼執行長羅賓·文斯 (Robin Vince) 和財務長多米尼克·麥克唐納 (Dominic McDonogh) 也與我一起出席。

As usual, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bny.com. I'd also note that our remarks will contain forward-looking statements and non-GAAP measures.

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。 我還想指出，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, October 11, 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 10 月 11 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. Thank you for joining us. I'll start with a few remarks on the quarter, and then Dermot will take you through the financials in greater detail.

謝謝，馬呂斯。 大家早安。 感謝您加入我們。 我將首先對本季度進行一些評論，然後德莫特將向您詳細介紹財務狀況。

In short, BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution on our strategic priorities. Stepping back on the macro side for a moment. At the beginning of the year, markets had priced in significant monetary policy easing in anticipation of economic slowdowns.

簡而言之，紐約銀行公佈了強勁的第三季業績，反映出我們三個業務部門的成長以及對策略重點的持續執行。 暫時回到宏觀層面。今年年初，市場已經消化了因經濟放緩而大幅放鬆貨幣政策的預期。

Despite numerous shifts in the macroeconomic outlook since then, we've now seen the start of the year easing cycle in several markets around the world, including a 50-basis-point reduction in policy rates in the US as the Federal Reserve recalibrates its policy stance to balance employment inflation and growth (technical difficulty) increased market volatility, sellf-off in equity in early August.

儘管此後宏觀經濟前景發生了多次變化，但我們現在已經看到全球多個市場在今年開始了寬鬆週期，其中包括隨著聯準會重新調整政策，美國政策利率下調了 50 個基點平衡就業、通膨和成長的立場（技術難度）加劇了市場波動，8 月初股市遭遇拋售。

Markets recovered, and both equity and fixed income values ended the quarter higher. A little more micro but relevant for markets. Around the most recent quarter end, the market saw simultaneous flows into the Fed's reverse repo facility alongside the first meaningful usage of the outstanding repo facility, both of which we administer.

市場復甦，股票和固定收益價值在本季末均上漲。 更微觀一些，但與市場相關。在最近一個季度末左右，市場看到資金同時流入聯準會的逆回購工具，同時首次有意義地使用了未償還的回購工具，這兩者都是我們管理的。

At the same time sponsored cleared repo volumes increased on the back of higher repo rates, possibly signaling a transition from abundant to ample reserves in the system with potential implication for the pace of QT going forward.

同時，在回購利率上升的背景下，贊助清算回購量有所增加，這可能標誌著系統儲備金從充裕過渡到充足，並對未來量化寬鬆的步伐產生潛在影響。

More broadly, while markets have been constructive, there are clearly risks and uncertainties ahead. And so we constantly prepare and position for the many tail risks that exist from geopolitical tensions and conflicts to fiscal deficits and the impact of impending regulations and elections.

更廣泛地說，雖然市場一直具有建設性，但未來顯然存在風險和不確定性。 因此，我們不斷為地緣政治緊張局勢和衝突、財政赤字以及即將到來的監管和選舉的影響等存在的許多尾部風險做好準備和定位。

Yes. Now referring to page 2 of the financial highlights presentation. As I said earlier, BNY delivered a strong financial performance in the third quarter with strong EPS growth on the back of broad-based revenue growth and positive operating leverage.

是的。 現在參考財務摘要簡報的第 2 頁。 正如我之前所說，紐約銀行在第三季度實現了強勁的財務業績，在廣泛的收入增長和積極的營運槓桿的支持下，每股收益強勁增長。

Reported earnings per share of $1.50 were up 22% year over year. And excluding notable items, earnings per share of $1.52 were up 20%.

公佈的每股收益為 1.50 美元，年增 22%。排除值得注意的項目，每股收益為 1.52 美元，成長了 20%。

Total revenue of $4.6 billion increased by 5% year over year, and reported expenses of $3.1 billion were flat. Excluding the impact of notable items, expenses were up 1% year over year as we continue to invest in our people and technology while we also generate greater efficiencies from running our company in new and better ways.

總收入為 46 億美元，年增 5%，報告的支出為 31 億美元，與去年同期持平。 排除顯著項目的影響，費用年增 1%，因為我們繼續投資於員工和技術，同時我們也透過以新的、更好的方式經營公司來提高效率。

Pre-tax margin and return on tangible common equity improved year over year to 33% and 23%, respectively. For the first time in our history, we've reported over $50 trillion of assets under custody and administration at the end of the quarter. Our custody is not something we are, but it is something important that we do.

稅前利潤率和有形普通股回報率較去年同期分別提高至 33% 和 23%。 截至本季末，我們報告託管和管理的資產超過 50 兆美元，這在我們歷史上尚屬首次。 我們的監護權不是我們本身，而是我們所做的重要事情。

This number one market position improves our unique vantage point as a global financial services company, and it provides opportunity to drive value across our portfolio of adjacent bill businesses to deliver more of BNY. to our clients.

這一第一的市場地位提高了我們作為全球金融服務公司的獨特優勢，並提供了推動我們相鄰票據業務組合價值的機會，以提供更多紐約銀行業務。給我們的客戶。

We increasingly see that the true power of BNY.s client franchise exists in the combination of capabilities across our leading security services market and Well Services and investments and wealth businesses. We have the ability to enhance this and to deliver more to our clients by bringing new innovative solutions to the market from across the seams of these businesses.

我們越來越常看到，BNY. 客戶特許經營權的真正力量存在於我們領先的安全服務市場、油井服務以及投資和財富業務的能力組合中。 我們有能力增強這一點，並透過跨越這些業務的縫隙向市場提供新的創新解決方案，為我們的客戶提供更多服務。

As an example, we recently announced the planned acquisition of Archer, a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry. Archer provides comprehensive technology and operational solutions that allow asset and wealth managers to access one of the fastest growing investment vehicles in the industry, managed accounts at scale, expanding distribution, streamlining operations, launching new investment products and delivering personalized outcomes for their clients.

例如，我們最近宣布計劃收購 Archer，這是一家領先的技術支援服務提供商，為資產和財富管理行業提供管理帳戶解決方案。 Archer 提供全面的技術和營運解決方案，使資產和財富管理者能夠使用業內成長最快的投資工具之一、大規模管理帳戶、擴大分銷、簡化營運、推出新的投資產品並為客戶提供個人化的結果。

The integration of Archer should produce a positive impact across several of our lines of business. In addition to augmenting our asset servicing capabilities for managed accounts, Archie will provide our Investments business as well as our world wealth advisor platform, imposing with expanded distribution of model portfolios and access to Arch's multi custodial network by it once used at many, if you will.

Archer 的整合應該會對我們的多個業務線產生正面影響。 除了增強我們對管理帳戶的資產服務能力外，Archie 還將提供我們的投資業務以及我們的全球財富顧問平台，擴大模型投資組合的分銷範圍，並通過它一次多次使用Archie 的多託管網絡來訪問，如果您將要。

The transaction is expected to close before the end of the year, and we look forward to welcoming the Archer team to BNY. another one of the fastest-growing areas in financial services. Alternatives also presents a promising opportunity for us to deliver new client solutions across one BNY. We already have relationships with hundreds of alternative managers as well as roughly $3 trillion wealth assets on our platforms.

該交易預計將在今年年底前完成，我們期待Archer團隊來到紐約銀行。金融服務業另一個成長最快的領域之一。 另類投資也為我們提供了一個在紐約銀行提供新客戶解決方案的大好機會。 我們已經與數百家另類投資管理公司建立了合作關係，並在我們的平台上擁有約 3 兆美元的財富資產。

We believe there is more for us to do to mine the opportunity and build the technology to reach across our franchise and unlock the fast growing alternatives market for wealth intermediaries, advisors and the investors they serve.

我們相信，我們還有更多工作要做，以挖掘機會並開發技術，以涵蓋我們的特許經營權，並為財富中介機構、顧問及其服務的投資者打開快速增長的另類市場。

Last month, we introduced alts bridge, a comprehensive data software and services solutions built for Wealth Advisors. Oxbridge aims to make investing in alternatives easier for advisers through a streamlined end to end experience and direct into duration into advisors, existing desktops, starting with our purging NetIQ's 360 plus, and we've platforms as we continue to deliver new innovative products.

上個月，我們推出了 altsbridge，這是一款專為財富顧問打造的綜合數據軟體和服務解決方案。 牛津劍橋的目標是透過簡化的端到端體驗和直接進入顧問、現有桌面的持續時間，讓顧問更輕鬆地投資替代方案，從我們清除 NetIQ 的 360 plus 開始，我們繼續提供新的創新產品。

We are also addressing the significant opportunity from enhancing our commercial model, making it easier for clients to navigate BNY. In order to accomplish this, we are promoting an enterprise approach to client coverage, and we are operationalizing our new commercial model, for example, over the summer and for the first time in recent memory, we brought together several hundred of BNY.s client facing commercial leaders from around the world field as well as members of our executive committee for two day event.

我們也致力於增強我們的商業模式，讓客戶更輕鬆地瀏覽紐約銀行，從而抓住這一重大機會。 為了實現這一目標，我們正在推廣一種企業級客戶覆蓋方法，並且我們正在實施我們的新商業模式，例如，在今年夏天，在最近的記憶中，我們第一次聚集了數百名BNY. s 客戶針對來自世界各地的商業領袖以及我們執行委員會的成員參加為期兩天的活動。

We called commercial left off this program enabled our top client coverage people and their business partners to take a one BNY. view to account planning, creating a shared vision for serving each of our clients holistically across the entire relationship, generating new ideas to meet the client's objectives. And David galloping action oriented plans to deliver on those goals.

我們稱之為商業剩餘計劃，使我們的頂級客戶覆蓋人員及其業務合作夥伴能夠獲得 1 BNY。考慮到客戶規劃，創建一個共同的願景，在整個關係中全面服務我們的每個客戶，產生新的想法來實現客戶的目標。 大衛正在全力以赴地制定以行動為導向的計劃來實現這些目標。

During the quarter, we also made progress toward running our company better, including the ongoing trend, enhancing the connectivity across our teams and empowering our people to drive change across the Company. In September, we went live with the next step on our multiyear plan to unite related capabilities around BNY and Z, elevate our execution by doing things in one place and doing them well.

本季度，我們在更好地經營公司方面也取得了進展，包括持續的趨勢、增強團隊之間的聯繫以及賦予員工推動整個公司變革的能力。 9 月，我們開始實施多年計劃的下一步，即圍繞 BNY 和 Z 整合相關能力，透過在一個地方做事並把事情做好來提高我們的執行力。

We now have about 13,000 or about one-quarter of our people working in our new operating model. As we've said before, powering our one BNY. culture in order to be more for our clients and run our Company better requires not just words that action.

現在，我們約有 13,000 名員工（約四分之一的員工）在我們的新營運模式中工作。 正如我們之前所說，為我們的紐約銀行提供動力。為了更好地為我們的客戶服務並更好地經營我們的公司，文化需要的不僅僅是言語，更需要採取行動。

I want to thank our people around the world for their hard work and for collectively pulling together a team to create the change for our clients for our shareholders and for one another to wrap up the combination of our talented team, our portfolio of leading businesses working together and the strength of our balance sheet gives us a great foundation to deliver more to our clients and drive sustainable long-term shareholder value.

我要感謝我們世界各地的員工的辛勤工作，感謝他們共同組建一個團隊，為我們的客戶、我們的股東以及彼此創造變革，以完成我們才華橫溢的團隊、我們領先業務組合的結合。和強大的資產負債表為我們奠定了堅實的基礎，可以為客戶提供更多服務並推動可持續的長期股東價值。

What our results in the third quarter demonstrate continued execution against our strategic priorities, as well as progress toward our medium-term financial targets. Our team remains focused on the work ahead.

我們第三季的業績顯示我們繼續執行我們的策略重點，並在實現中期財務目標方面取得進展。 我們的團隊仍然專注於未來的工作。

With that, over to you, Dermot.

好了，交給你了，德莫特。

Thank you, Robin, and good morning, everyone. Starting on page 3 of the presentation, I'll begin with our consolidated financial results for the quarter.

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。

Total revenue of $4.6 billion was up 5% year over year. Fee revenue was up 5% includes 5% growth in investment services fees, reflecting higher market values and net new business across our security services and Markets and Wealth Services segments.

總收入達 46 億美元，年增 5%。 費用收入成長了 5%，其中投資服務費用成長了 5%，反映了我們的安全服務以及市場和財富服務部門的更高的市場價值和淨新業務。

Investment management and performance fees from our investment and wealth management segment were up 2%, driven by higher market values, partially offset by the mix of AUM flows and lower performance fees. Forward AUC/A or $52.1 trillion were up 14% year over year, reflecting higher market values.

在市場價值上升的推動下，我們的投資和財富管理部門的投資管理和績效費上漲了 2%，但部分被資產管理規模流量和績效費下降所抵消。 遠期 AUC/A 或 52.1 兆美元年增 14%，反映了更高的市場價值。

Net new business and client inflows. Assets under management of $2.1 trillion were up 18% year over year, primarily reflecting higher market values and the favorable impact of a weaker dollar.

新業務和客戶淨流入。 管理資產規模達 2.1 兆美元，年增 18%，主要反映了市場價值的上升和美元疲軟的有利影響。

Foreign exchange revenue increased by 14%, driven by higher volumes. Investment and other revenue was $196 million in the quarter, reflecting continued strength in fixed income and equity trading. The year-over-year increase primarily reflects the strategic equity investment loss recorded in the third quarter of last year and improved results from our seed capital investments.

在交易量增加的推動下，外匯收入成長了 14%。 本季投資和其他收入為 1.96 億美元，反映出固定收益和股票交易的持續強勁。 同比成長主要反映了去年第三季錄得的策略股權投資虧損以及我們種子資本投資績效的改善。

Net income increased by 3% year over year, primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix. Expenses of $3.1 billion were flat year over year on a reported basis and up 1% excluding notable items.

淨利潤年增 3%，主要反映了投資證券組合收益率的改善和資產負債表的成長，但部分被存款結構的變化所抵消。 據報告，支出為 31 億美元，與去年同期持平，但不包括重要項目，支出成長 1%。

This reflects higher investment and employee merit increases, partially offset by efficiency savings. Provision for credit losses was $23 million in the quarter, primarily reflecting reserve builds related to commercial real estate exposure.

這反映了投資的增加和員工績效的提高，但部分被效率節省所抵消。 本季信貸損失準備金為 2,300 萬美元，主要反映與商業房地產風險相關的準備金增加。

As Robin mentioned earlier, we reported earnings per share of $1.50, up 22% year-over-year. And excluding notable items, earnings per share were $1.52, up 20% year over year. Pretax margin was 33% and return on tangible common equity was 23%.

正如 Robin 之前提到的，我們公佈的每股收益為 1.50 美元，年增 22%。 排除重要項目，每股收益為 1.52 美元，年增 20%。 稅前利潤率為 33%，有形普通股報酬率為 23%。

Turning to capital and liquidity on page 4. Our Tier 1 leverage ratio for the quarter was 6%. Tier 1 capital increased by 4% sequentially, primarily reflecting capital generation through earnings and improvement in accumulated other comprehensive income to offset by cash return to our shareholders through common stock repurchases and dividends.

轉向第 4 頁的資本和流動性。 一級資本環比增長 4%，主要反映透過獲利產生的資本以及累積其他綜合收益的改善，並透過普通股回購和股息向股東提供現金回報來抵銷。

Average assets increased by 1% for CY. Tier one ratio at the end of the quarter was 11.9%, each one, capital increased by 5% and risk-weighted assets increased 1%. We returned $1 billion of capital to our shareholders over the course of the third quarter. Year-to-date, we returned 103% of earnings through dividends and buybacks.

CY 的平均資產增加了 1%。季末一級比率為11.9%，每一級資本增加5%，風險加權資產增加1%。 我們在第三季向股東返還了 10 億美元的資本。 今年迄今為止，我們透過股息和回購返還了 103% 的收益。

Moving to liquidity. The consolidated liquidity coverage ratio was 116%, a 1 percentage point increase sequentially due to a favorable change in our deposit composition. And the consolidated net stable funding ratio was 132%, unchanged sequentially.

轉向流動性。 由於存款結構的有利變化，綜合流動性覆蓋率為116%，較上一季增加1個百分點。 合併淨穩定資金比率為132%，與上一季持平。

Next net interest income and the underlying balance sheet trends on page 5. Net interest income of over $1 billion were up 3% year-over-year and up 2% quarter over quarter. Discretionary increase was helped by higher sponsor to repo activity as market volatility country increased client demand.

接下來的淨利息收入和基本資產負債表趨勢請見第 5 頁。 由於市場波動國家增加了客戶需求，回購活動發起人增加有助於酌情增加。

Average deposit balances remained flat sequentially. Non-interest bearing deposits decreased by 2% for the quarter and interest bearing deposits were flat. Average interest earning assets were up 4% quarter over quarter.

平均存款餘額環比持平。 本季無息存款下降 2%，計息存款持平。 平均生息資產季增 4%。

Our investment securities portfolio balances as well as loan balances increased by 1% and cash and reverse repo balances remained flat. Our broader digital ecosystem reached an all-time high at the end of the quarter of over $1.5 trillion worth of client cash across deposits, money market funds, securities lending, sponsor, cleared repo and other short-term investment alternatives.

我們的投資證券組合餘額以及貸款餘額增加了 1%，現金和逆回購餘額保持不變。 我們更廣泛的數位生態系統在本季末達到歷史新高，存款、貨幣市場基金、證券借貸、保薦人、清算回購和其他短期投資選擇的客戶現金價值超過 1.5 兆美元。

Turn to our business segments, starting on Page 6. Security Services reported total revenue of $2.2 billion, up 6% year over year. Total investment services fees were up 4% year over year. In asset servicing investment services fees grew by 5%, primarily reflecting higher market values for the third quarter in a row.

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 4%。 在資產服務方面，投資服務費用增加了 5%，主要反映了連續第三季更高的市場價值。

The impact of repricing was de minimus. ETAUCA. of $2.7 trillion was up more than 70% year on year. And the number of funds service was up 20% year on year. Inflows into ETFs on our platform remained strong this quarter with growth across all asset classes. Because the ETF industry continues to grow, we are dedicating our efforts to advance for services.

重新定價的影響微乎其微。 埃塔卡。 2.7兆美元，年成長超過70%。 基金服務筆數較去年同期成長20%。 本季我們平台上 ETF 的資金流入依然強勁，所有資產類別均出現成長。 ETF產業不斷發展，我們致力於服務的進步。

Investment Services fees were up 1%. Net new business and higher client activity in corporate trust was partially offset by lower depository receipts fees, reflecting corporate actions in the prior year against the backdrop of increased issuance activity, we continue to see strength in corporate trust, capitalizing on our investments in people and technology to enhance client service and scalability.

投資服務費用上漲 1%。 企業信託的淨新業務和較高的客戶活動被較低的存託憑證費用部分抵消，反映了上一年在發行活動增加的背景下的企業行動，我們繼續看到企業信託的實力，利用我們對人力和資本的投資技術來增強客戶服務和可擴展性。

This segment. Foreign exchange revenue was up 28% year-over-year, reflecting growth from newly onboarded clients as well as a higher level of client activity. Net interest income for the segment was up 2% year over year. Segment expenses of $1.6 billion were down 3% year over year, reflecting efficiency savings and lower severance expenses, partially offset by higher investments and employee merit increases.

這一段。 外匯收入年增 28%，反映出新客戶的成長以及客戶活動水準的提高。 該部門的淨利息收入較去年同期成長2%。 部門支出為 16 億美元，年減 3%，反映出效率節省和遣散費降低，但部分被投資增加和員工績效成長所抵銷。

Pretax income was $642 million or 38% increase year over year, and a pretax margin was 29% next March and Well Services on Page 7. Margin Well Services reported total revenue of $1.5 billion, up 7% year over year.

稅前收入為 6.42 億美元，年增 38%，明年 3 月稅前利潤率為 29%，Well Services 排名第 7 頁。

Total investment services fees were up 7% year over year. Encouraging investment services fees were down 1%, 22, ongoing conversion of lost business in the prior year, which is now largely behind us. Excluding the de-conversion, we saw approximately 4% annualized net new asset growth in the third quarter. World continues to see strong client demand.

投資服務費用總額年增 7%。 令人鼓舞的投資服務費用下降了 1%，22 年前一年損失的業務正在轉換，現在基本上已經過去了。 不包括去轉換，我們看到第三季新資產年化淨成長約為 4%。 世界持續看到強勁的客戶需求。

We signed up 14 additional clients in the third quarter, and we remain on track for the $30 million to $40 million of revenue in 2024. As we guided in January, we'll always helping us attract new clients and deepen relationships with existing ones.

我們在第三季又簽了14 位客戶，預計在2024 年實現3,000 萬至4,000 萬美元的收入。 。

For example, Pershing provides custody and clearing solutions for Sanctuary, a large and fast-growing wealth manager, servicing the high net worth and ultra-high net worth segments. Thanks, Cary will also leverage Wolf portfolio solutions trading, Andrew balancing and reporting of proteins that custody with Pershing as well as those that use another custodian in Clearance and Collateral Management.

例如，博星為大型且快速成長的財富管理公司 Sanctuary 提供託管和清算解決方案，為高淨值和超高淨值細分市場提供服務。 謝謝，Cary 還將利用 Wolf 投資組合解決方案交易、Andrew 平衡和報告由 Pershing 託管的蛋白質以及在清算和抵押品管理中使用其他託管人的蛋白質。

Investment Services fees increased by 16% is active and volumes have remained strong. You may remember, we created our global clearing platform earlier this year through the realignment of Pershing institutional solutions.

投資服務費用成長了 16%，且交易量依然強勁。 您可能還記得，我們​​在今年稍早透過重新調整潘星機構解決方案創建了我們的全球清算平台。

We're pleased to see the pipeline of this platform continue to build for our full suite of institutional clearing settlement execution and financing solutions in over 100 markets around the world in treasury services against digital payments platform payoff in the form of growth in our strategic target markets. Net interest income for the moment overall was up 3% year over year.

我們很高興看到該平台的管道繼續建設，為我們在全球 100 多個市場提供全套機構清算結算執行和融資解決方案的資金服務，而數位支付平台則以我們戰略目標增長的形式獲得回報市場。 目前淨利息收入整體較去年同期成長3%。

Segment expenses of $834 million were up 5% year over year, reflecting higher investments and employee merit increases, partially offset by efficiency savings. Pretax income was up 8% year over year at $704 million, representing a 46% pretax margin.

部門支出為 8.34 億美元，年增 5%，反映出投資增加和員工績效提高，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%。

Turning to Investment and Wealth Management on page 8. Investment and Wealth Management reported total revenue of $849 million, up 2% year over year. Our investment management business, revenue was up 1%, reflecting higher market values and improves the capsule results, partially offset by lower performance fees and the mix of AUM flows.

轉向第 8 頁的投資和財富管理。 我們的投資管理業務收入成長了 1%，反映了更高的市場價值並改善了膠囊結果，但部分被較低的績效費用和 AUM 流量組合所抵消。

And in wealth management, revenue increased by 6%, reflecting higher market values and net interest income, partially offset by changes in product mix. Segment expenses of $672 million were flat year over year has efficiency savings offset employee merit increases and higher investments.

在財富管理方面，收入成長了 6%，反映了較高的市場價值和淨利息收入，但部分被產品結構的變化所抵消。 6.72 億美元的部門支出與去年同期持平，效率節省抵消了員工績效的增加和更高的投資。

Pretax income was $176 million, up 7% year over year, and pretax margin was 21%. As I mentioned earlier, assets under management of $2.1 trillion increased by 18% year over year, primarily reflecting higher market values and the favorable impact of the weaker dollar.

稅前收入為1.76億美元，年增7%，稅前利潤率為21%。 正如我之前提到的，管理資產規模為2.1兆美元，年增18%，主要反映了市場價值的上升和美元疲軟的有利影響。

In the third quarter, we saw strength in our short term strategies with $24 billion of net inflows into cash, reflecting our leading position and strong investment performance in our Dreyfus money market funds, long term active strategies, so $8 billion of net outflows spread across multi-assets, LDI. and active equity, partially offset by net inflows into fixed income.

第三季度，我們的短期策略表現強勁，現金淨流入240 億美元，反映出我們在德雷福斯貨幣市場基金、長期積極策略方面的領先地位和強勁的投資業績，因此80 億美元的淨流出分佈在各領域。和主動權益，部分被固定收益淨流入所抵銷。

And we saw a $16 billion of net outflows from index strategies. Wealth Management client assets of $333 billion increased by 14% year over year, reflecting higher market values and cumulative net inflows.

我們看到指數策略淨流出 160 億美元。 財富管理客戶資產達3,330億美元，較去年成長14%，反映了更高的市值和累積淨流入。

Page 9 shows the results of the other segments. Before I wrap up a couple of comments on the outlook for the year, starting with net interest income. Remember, we began the year setting up for positive operating leverage despite an expectation for full year net interest income to be down 10% in 2024.

第 9 頁顯示了其他部分的結果。 在結束對今年前景的一些評論之前，首先是淨利息收入。 請記住，儘管預計 2024 年全年淨利息收入將下降 10%，但我們在年初就已經做好了積極營運槓桿的準備。

While we're currently forecasting for fourth quarter net interest income to be slightly below what we saw in our strong third-quarter results. The resilience of our net interest income over the first nine months of the year has positioned us to outperform our outlook for the full year net interest income growth rate from January by approximately five percentage points.

雖然我們目前預測第四季淨利息收入將略低於我們強勁的第三季業績。 今年前 9 個月淨利息收入的彈性使我們的表現比 1 月份的全年淨利息收入增長率預期高出約 5 個百分點。

Regarding expenses, we continue to work hard to keep core expenses. Excluding notable items for the full year 2024, roughly flat. We now expect our effective tax rate for the full year 2024 to be at the lower end of the 23% to 24% range. We estimated in January. And lastly, as we said at the beginning of the year, we expect to return 100% or more of 2020 for earnings to our shareholders through dividends and buybacks.

在費用方面，我們繼續努力保持核心費用。 排除 2024 年全年值得注意的項目，大致持平。 我們現在預計 2024 年全年的有效稅率將處於 23% 至 24% 範圍的下限。 我們估計在一月。 最後，正如我們在年初所說，我們預計將透過股息和回購向股東返還 2020 年 100% 或更多的收益。

And we remain on track, having returned 103% of earnings year or two days. In conclusion, our results this past quarter reflects broad-based growth across our three business segments and continued progress on our strategic priorities. We're pleased with company's performance year to date, and we're proud of our people continue to execute well towards our medium-term financial targets. While we all remain focused on the work and a tremendous opportunity ahead of us.

我們仍然走在正軌上，一年或兩天就實現了 103% 的獲利回報。 總之，我們上個季度的業績反映了我們三個業務部門的廣泛成長以及我們策略重點的持續進展。 我們對公司今年迄今為止的業績感到滿意，我們為我們的員工繼續出色地實現我們的中期財務目標感到自豪。我們仍然專注於工作和擺在我們面前的巨大機會。

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) Brennan Hawken, UBS.

（操作員說明）Brennan Hawken，UBS。

Good morning. Thanks for taking my questions. You flagged some of the ETF wins that you had in the servicing side. So curious about that number one, how much of that was the BlackRock witness business that you've won, you know, and as the revenue from that, when that day when fully turned on and it did those dynamics have something or like is the fee rate well, or because you have fees and asset servicing were up about 5%, but a UC. 16 and sometimes the ETF fee rates are a little lower. So curious to flesh that out a bit.

早安. 感謝您回答我的問題。 您標記了您在服務方面取得的一些 ETF 勝利。 很好奇這個第一，你贏得了多少貝萊德見證業務，你知道，作為收入，當那一天完全啟動時，它確實有一些動態，或者類似的東西是費用率很好，或者因為你的費用和資產服務上漲了大約5%，但UC。 16 有時ETF費率會低一些。 很想充實一下它。

Thank you. So at some time for the question, I don't really want to get into the specifics on one client, our transaction. But just to take a step back on ETFs generally, yes, it is a growing market, as you may have. You may have watched Larry from BlackRock on on CNBC this morning. It is a secular trend. It is a very big and growing markets, and we are a key player in that.

謝謝。 因此，有時對於這個問題，我真的不想深入了解某個客戶（即我們的交易）的具體情況。 但就 ETF 而言，總體而言，是的，這是一個不斷成長的市場，正如您所看到的那樣。 今天早上，您可能在 CNBC 上觀看了貝萊德 (BlackRock) 的拉里 (Larry) 節目。 這是一種長期趨勢。 這是一個非常大且不斷成長的市場，我們是其中的關鍵參與者。

As I said in my prepared remarks, you know, we have $2.7 trillion or and the number of funds services up 20%. That's on the back of, you know, strong leadership and a real investment in technology. So we can be best in class. So without going into specifics, were there to take advantage of the secular trend and will continue to innovate and solve our clients' needs.

正如我在準備好的演講中所說，我們有 2.7 兆美元的資金，而且服務的基金數量增加了 20%。 你知道，這是強而有力的領導力和對科技的真正投資的支持。 這樣我們就能成為班上最好的。 因此，無需詳細說明，我們是否會利用長期趨勢，並將繼續創新並解決客戶的需求。

Okay. Thanks for that meet the stronger Fortum revenue ramp to come.

好的。 感謝您滿足了富騰未來更強勁的營收成長。

I would say it's Lazarus. It's, you know, generally speaking, strong pipeline were only always adding new clients to the platform and date because of the size of what's being onboarded, they tend to do it in a phased approach. So some revenues on the platform, some revenue to come.

我想說的是拉撒路。 你知道，一般來說，強大的管道只是總是為平台添加新客戶，並且由於所加入的客戶規模很大，他們往往會分階段進行。 因此，平台上有一些收入，未來也會有一些收入。

Excellent. Thanks and thanks for that, Dermot on. Thank you. Also for the update on NAIA., encouraging to see things working better. Could you speak to the deposit beta that you experienced with the first rate card? And given that we're seeing rates coming down now, is it reasonable to say that deposits could begin to grow from here?

出色的。 謝謝你，德莫特。 謝謝。 另外，對於 NAIA 的更新，看到事情進展得更好，令人鼓舞。 您能談談您使用第一張費率卡時所經歷的存款測試嗎？ 鑑於我們現在看到利率正在下降，那麼說存款可以從這裡開始成長是否合理？

So at the base of I think we've said on previous calls review, it has to Mexico. So for us to frustrate cost was in oh 100% passed on. So we feel pretty good about us. I think in terms of where we are in the Fed easing cycle, I think it's probably a little bit too early to see how that's going to feed into that deposit balance story.

因此，我認為我們在之前的電話審查中已經說過，它必須針對墨西哥。 所以對我們來說，令人沮喪的成本是 100% 轉嫁的。 所以我們對自己感覺很好。 我認為，就我們處於聯準會寬鬆週期的階段而言，我認為現在判斷這將如何影響存款餘額的情況可能還為時過早。

But I think overall, we've kind of we've held in there at we had a strong Q3 for a variety of different reasons. So I would say I expect where we are to moderate a little bit imbalances in Q4 and that we'll see what happens next with them with the next Fed meeting was no significant change for us as we kind of says he arrived here today.

但我認為總的來說，由於各種不同的原因，我們在第三季表現強勁。 因此，我想說，我預計第四季度的失衡會有所緩解，我們將看看下一次聯準會會議接下來會發生什麼，這對我們來說沒有重大變化，因為我們有點說他今天到達這裡。

Great. Thank you for taking my questions.

偉大的。 感謝您回答我的問題。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

I hate area.

我討厭區域。

Hey, Mike, how are you?

嘿，麥克，你好嗎？

get a lot unjust that's a big number. The $50 trillion of AUC, a nice round number from you did be factual that and the expectation for the quarter and the year so far as you highlighted, I'm just trying to figure out how much of this is lucky versus being smart.

得到很多不公正，這是一個很大的數字。 50 兆美元的 AUC，您提供的一個不錯的整數，確實是事實，以及您所強調的對本季和全年的預期，我只是想弄清楚其中有多少是幸運的，而不是聰明的。

And um, I imagine it's a bit above both the Lucky part and record stock market volatility trading some other factors in the market that have gone your way. And I don't feel like we have enough information on your client growth, the underlying client growth, the most repeatable part of the Clopay. So could you give some color on whether it's growth in clients are immediate revenues per client or maybe a price per client or all those adjacent businesses that you talk about how you're managing the Company better versus simply a better environment to operate it?

嗯，我想它比幸運部分和創紀錄的股市波動率都高一點，因為市場上其他一些因素對你有利。 我覺得我們沒有足夠的資訊來了解您的客戶成長、潛在的客戶成長、Clopay 中最可重複的部分。 那麼，您能否說明客戶的成長是否是每個客戶的直接收入，或者可能是每個客戶的價格，或者您談論的如何更好地管理公司而不是更好的營運環境的所有相關業務？

Sure, Mike. As Robin, I understand the question is obviously a very legitimate question. We broke through the 50 by the way we ended at 52. So good news is we didn't stop it at around number of I'd say that it isn't. It is just fashionable.

當然，麥克。 身為羅賓，我知道這個問題顯然是一個非常合理的問題。 我們突破了 50 名，最終以 52 名結束。 這只是時尚而已。

It's actually all fashion traditional just the way that we want to do it in terms of being able to have this deliberate growth and this focus. And so we've tried to provide as much visibility as we reasonably can into the inputs of what it is. That's ultimately driving this progress because we are under stand. We have benefited from a terrific backdrop in terms of markets.

實際上，這都是時尚傳統，正是我們想要的方式，能夠實現這種刻意的成長和這種專注。 因此，我們盡力提供盡可能多的可見性，以了解其輸入內容。 這最終推動了這一進步，因為我們理解這一點。 我們受益於良好的市場背景。

And of course, that's part of our business to be able to be well positioned to take advantage of that backdrops. We've got parts of our business, which respond to asset values. We've got parts of our business that respond if the number of accounts we've got parts of our business that respond to software sales, transaction volumes and having that multifaceted set of business response functions, if you want to call it, that is actually a deliberate strategy so that we can participate in the growth of markets.

當然，我們業務的一部分就是能夠充分利用這個背景。 我們的部分業務對資產價值做出反應。 如果我們的業務部分對軟體銷售、交易量做出回應，並且擁有多方面的業務回應功能（如果你想這麼稱呼的話），那麼我們的業務部分就會做出回應。 ，以便我們能夠參與市場的成長。

And so if you believe that overall debt issued in the world equity valuations in the world, financial market activities are going to grow. We're trying to hitch our wagon to all of those growth trends. We think that's good.

因此，如果你相信全球發行的債務總額與全球股票的估值相同，那麼金融市場活動將會成長。 我們正在努力順應所有這些成長趨勢。 我們認為這很好。

Having said that to the heart of your question, and this is the work that we've really done in the early days since this management team took over, which was to understand the components that we had and to really start to understand how they could work together, selected humming together in order to be able to unlock more potential.

話雖如此，這是您問題的核心，這是自該管理團隊接管以來我們在早期真正所做的工作，即了解我們擁有的組件並真正開始了解它們如何能夠齊心協力，選擇一起哼唱，才能夠釋放出更多的潛能。

And so so we rallied around three strategic pillars, this thing of being more for our clients. And that's just not not just words, it's been about maturing this one BNY. philosophy that we've talked before about spanning a different type of dialogue about the movement over time to solutions as opposed to just products like the examples that I had gave him Dermot gave in our prepared remarks where clients are coming to us because we can do more than one thing for them.

因此，我們圍繞著三個策略支柱團結起來，即為我們的客戶提供更多的幫助。 這不僅僅是說說而已，而是讓紐約紐約銀行走向成熟。我們之前討論過的理念是跨越不同類型的對話，隨著時間的推移，解決方案的發展，而不僅僅是像我給他的例子，德莫特在我們準備好的評論中給出的例子，客戶來找我們是因為我們可以做對他們來說不僅僅是一件事。

And it's not just that we're selling more things to them that they actually want to take advantage of bundles of things which actually provide a better solution to that business. And then our second pillar of running the company that's been about sales rhythms and sales targets and bringing people together and having them understand what is the whole thing is this culture of wanting to have a winning culture wanting to push forward wanting to make the NY. of the future, more than BNY Mellon was of the past.

不僅僅是我們向他們出售了更多的東西，他們實際上還想利用這些實際上為該業務提供更好解決方案的東西。 然後，我們經營公司的第二個支柱是關於銷售節奏和銷售目標，並將人們聚集在一起並讓他們了解整件事是什麼，這是一種想要擁有製勝文化、想要推動想要打造紐約的文化。紐約梅隆銀行對未來的展望，遠勝於對過去的展望。

And those things are all quite deliberate, I'm not. And we believe that we started to see see the results of that, although it's still early in our results, but you've done it can give you a couple of additional things on this switch, which I think also would be helpful.

這些事情都是經過深思熟慮的，我不是。 我們相信，我們已經開始看到結果了，儘管我們的結果還處於早期階段，但您已經完成了它可以為您提供關於此開關的一些額外的東西，我認為這也會有所幫助。

So Mike, the way I am just thinking about it from a numbers perspective, rise were up 5% year on year and fee growth and have constructive markets. And so we've been able to take advantage of constructive markets. First, a couple of points that I would draw out is that in all three of our business segments, we've seen solid underlying growth.

麥克，我只是從數字的角度考慮，漲幅年增 5%，費用成長，並且擁有建設性的市場。 因此，我們能夠利用建設性市場。 首先，我要指出的幾點是，在我們的所有三個業務部門中，我們都看到了堅實的基礎成長。

And in Robbins prepared remarks, you talked about the fact that we're evolving into a platform company and will we have platforms that we're investing and at scale. So when you have high volume and you have constructive markets, we have the platform forms in situ that can take advantage of that asset servicing. We're winning and onboarding new business.

在羅賓斯準備的演講中，您談到了我們正在發展成為平台公司的事實，以及我們是否擁有正在投資和規模化的平台。 因此，當您擁有大量交易量並且擁有建設性市場時，我們就可以利用該資產服務來提供平台形式。 我們正在贏得並開展新業務。

We came into the year with a backlog. We on onboard at the business throughout the year, and we're beginning to go into the Q4 with a bigger backlog than we came into the bill beginning of the year. So asset servicing, I feel very proud of corporate trust, depository receipts, corporate trust, specifically a good margin business, but something that has been devoid of investment over a number of years.

我們進入這一年時，訂單積壓了。 我們全年都在開展這項業務，進入第四季度時，我們的積壓訂單量比年初的帳單還要多。 因此，在資產服務方面，我對企業信託、存託憑證、企業信託，特別是良好的保證金業務感到非常自豪，但多年來一直缺乏投資。

And we've put money to work there in terms of leadership and scaling our technology. And that's going to be a business that's an important business for us in the future. And Treasury Services & Clearance and Collateral Management have really kind of shown loss when you have a scaled platform with high volumes, strong markets, lots of issuance, lots of payments, you take advantage of that.

我們已經投入資金在那裡發揮領導力和擴展我們的技術。 這將是我們未來的重要業務。 當你擁有一個交易量大、市場強勁、發行量大、支付量大的規模化平台時，資金服務、清算和抵押品管理確實會出現損失，你可以利用這一點。

And then on the just declined specific thing, albeit it's a small base and we can we've highlighted a couple of transactions this year for a client. We are able to have a much more sophisticated conversation with clients and clients are now buying from us across more than one line of business, in some cases, four lines of business.

然後，關於剛剛拒絕的具體事項，儘管基數很小，但我們可以重點介紹今年為客戶進行的幾筆交易。 我們能夠與客戶進行更複雜的對話，並且客戶現在從我們這裡購買的產品涉及多個業務領域，在某些情況下，甚至涉及四個業務領域。

That was something that we just could not do a couple of years ago and Robinson point about bringing the IB and why to bear on appliances really beginning to pay dividends.

這是幾年前我們無法做到的事情，羅賓遜指出了引入 IB 以及為什麼要對電器真正開始帶來紅利。

Our allows a very comprehensive. Just last follow-up, are you implying and by the way, on all the metrics I get into the client growth numbers and what banks are pulling back the layers of the onion there, but always liking and more layers never off for us.

我們的允許非常全面。 就最後一次跟進，你是在暗示嗎？

But yes, in terms of growth in clients and more specifics going down a line, but the expenses clearly Dermot, the Plaid expensive that very clear on that part of it. Are you implying even lower expenses in the fourth quarter based on your revenue guide today?

但是，是的，就客戶的成長和更多細節而言，但德莫特的費用顯然很昂貴，格子圖案的費用在這一部分上非常清楚。 根據您今天的收入指南，您是否暗示第四季度的費用會更低？

So look, it's a good thing I would like to add to convey to you and to our shareholders is that we work really hard over the last couple of years to build credibility that we are good stewards of our expense base and we guide of flash at the beginning of the year.

因此，我想向您和我們的股東傳達的一件好事是，我們在過去幾年中非常努力地工作，以建立信譽，即我們是我們費用基礎的良好管理者，並且我們指導閃存年初。

And broadly speaking, there's been some pressure, I would say, on expenses for the most part, our revenue releases. And so if revenues are higher, there are some aspects that you just have to pay more expensive. So by live guided roughly flat for the full year. There may be a little bit of pressure over the course of that because of higher revenues.

從廣義上講，我想說，我們的收入發佈在很大程度上是在支出方面存在一些壓力。 因此，如果收入更高，那麼在某些方面你就必須支付更昂貴的費用。 因此，全年的即時指導大致持平。 由於收入增加，在此過程中可能會面臨一些壓力。

And also, as Robin said in his remarks, we've announced most of them the acquisition of Archer and there will be some integration costs associated with that. But I feel very good the fact that now we have 53,000 people who understand the importance of financial discipline and our goal was to Pillar number two have been a really well-run company.

而且，正如 Robin 在他的演講中所說，我們已經宣布其中大部分收購了 Archer，並且會產生一些與之相關的整合成本。 但我感到非常高興的是，現在我們有 53,000 名員工了解財務紀律的重要性，我們的目標是讓第二支柱成為一家營運良好的公司。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great. Thanks. Thanks. Good morning, folks, and thanks for taking my questions. Maybe just on just sticking with the revenue, a dynamic I see I'm talking about the obviously the commercial lift off and on the enterprise approach, the early traction that you're getting, I think you referenced some clients now doing multiple services.

偉大的。 謝謝。 謝謝。 早上好，夥計們，感謝您提出我的問題。 也許只是堅持收入，我看到的一種動態，我正在談論明顯的商業起飛和企業方法，您所獲得的早期吸引力，我認為您提到了一些現在提供多種服務的客戶。

Can you talk a little bit more about how you think that might impact the revenue growth trajectory? And then and then also just if you can just three rig and so on the on the general revenue delta to equity markets, I think it was like 10% equity market moves can have a impact of about 1% revenue. So just wanted to go through a break apart those two dynamics, just really kind of showing that you're actually generating this revenue growth is aside from markets.

能多談談您認為這可能如何影響營收成長軌跡嗎？ 然後，如果你能在股票市場的一般收入增量上只考慮三個鑽機，我認為就像 10% 的股票市場波動可以對大約 1% 的收入產生影響。 因此，我只是想將這兩種動態分開，只是真正表明您實際上是在市場之外產生這種收入成長的。

So I am sorry if I take the last question first. So hopefully that was your two questions in one go. So 5% gradual change in equity markets is roughly 60 million in fees annually. And a 5% to a change in fixed income markets is roughly 40% of $14 million in fees annually. So a little bit on the sensitivity analysis and so on.

所以，如果我先回答最後一個問題，我很抱歉。 希望這是您一次性提出的兩個問題。 因此，股票市場 5% 的漸變每年大約需要 6000 萬美元的費用。 固定收益市場 5% 的變化大約相當於每年 1,400 萬美元費用的 40%。 所以稍微講一下敏感度分析等等。

Just the commercial liftoff that Robin talked about in his remarks, it really is Adam can tinker at Walsum, who's with us now for over a year, spent the 1st year really on a listening tour and organizing roughly our 12 to 1,500 meeting at client coverage people around the world in terms of what we want, our ambitions to be part of the page, products that we have and how can we educate our total for us to be able to their clients delivering the whole of the firm. I think.

羅賓在演講中提到的商業起飛，這確實是Adam 可以在Walsum 上修補的，他現在已經和我們在一起一年多了，第一年真正花在了聆聽之旅上，並在客戶報道中組織了大約12 到1,500 場會議世界各地的人們了解我們想要什麼、我們成為頁面一部分的雄心、我們擁有的產品以及我們如何教育我們的員工，以便我們能夠為他們的客戶提供整個公司的服務。 我認為。

And also if you kind of just talk about Archer for a second, I think a couple of years ago, if we were to do that acquisition, one part of the firm would have bought it for its business. And I think Robin's point in his remarks are really, really important where you buy is once you use it multiple times and it's an acquisition that's done for the enterprise that will serve multiple lines of business.

另外，如果你稍微談談阿徹，我想幾年前，如果我們要進行這項收購，公司的一部分會為了業務而購買它。 我認為羅賓在他的言論中的觀點非常非常重要，一旦你多次使用它，並且這是為服務於多個業務線的企業進行的收購。

And that's how you should think about how our client coverage model is going to work in a strong Tegic way going forward. We're going to deliver holistic solutions for our clients. Clients have a better understanding of the diversified nature of our business franchise, and they're just buying more from us. And it's just going to show up in revenue and we feel very good about where we are today. In terms of planning for the budget season for Q4 and the opportunities that are going to come our way in 2025.

這就是您應該如何思考我們的客戶覆蓋模型如何以強大的 Tegic 方式向前發展。 我們將為客戶提供整體解決方案。 客戶對我們業務特許經營的多元化性質有了更好的了解，他們只是從我們這裡購買更多產品。 它只會體現在收入中，我們對今天的狀況感覺非常好。 關於第四季預算季的規劃以及 2025 年我們將面臨的機會。

Great. That's helpful. I'll get back into queue for another question.

偉大的。 這很有幫助。 我將回到隊列中回答另一個問題。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Thanks. Thanks, Ed. Good morning, guys. So maybe just wrapping some of the comments you made around fee and a bigger picture question. When you guys think about a number of different growth areas, you outlined some of the specifics and obviously the approach to cross-selling has taken a whole different Terni or so when you zoom out and you look at the business holistically, how do you think about the organic growth that the enterprise can generate over time you're trying to?

謝謝。 謝謝，艾德。早安，夥計們。 因此，也許只是總結一下您圍繞費用和更大的問題所做的一些評論。 當你們考慮許多不同的成長領域時，你們概述了一些具體細節，顯然交叉銷售的方法已經採取了完全不同的特爾尼左右，當你們縮小範圍並從整體上看待業務時，您認為如何關於企業隨著時間的推移可以產生的有機成長？

So we don't guide on fees haven't done now. Don't intend to do is here for what I would say is at and I gave this answer as an earlier question. We are seeing underlying growth across all of three of our business segments and our underlying organic growth this year, we feel quite happy about, and we feel it reflects a really good nine months of the year.

所以我們不指導現在還沒完成的費用。 不打算在這裡做我想說的事情，我在先前的問題中給了這個答案。 我們看到我們所有三個業務部門的潛在成長以及今年的潛在有機成長，我們對此感到非常高興，我們認為這反映了今年非常好的九個月。

And there's no reason to expect that that momentum won't continue. And I do feel the way we've set up for the back half back half of this year and into next year. It's a kind of flywheel of innovation, and we have a lot of growth initiatives and we come together and we have a group of people who are working on what we call integrated solutions.

沒有理由認為這種勢頭不會持續下去。 我確實感受到了我們為今年下半年和明年做好的準備。 這是一種創新飛輪，我們有很多成長計劃，我們聚集在一起，我們有一群人正在致力於我們所謂的整合解決方案。

And so we have a number of interesting things in the pipeline. Robin talked about of bridge in his remarks. Talked about Archer in his remarks, there are things that we're doing within specific lines of business coming together. We talked about pricing being realigned into Clearance and Collateral Management, and that's driving growth as well.

因此，我們正在醞釀一些有趣的事情。 羅賓在演講中談到了橋牌。 在談到阿徹時，他在演講中談到了我們在特定業務範圍內所做的一些事情。 我們討論了將定價重新調整為清算和抵押品管理，這也推動了成長。

So the decisions that we've taken over the last couple of years in terms of realigning certain activities into different parts of the firm are showing up in our revenues this year, and we will continue to do that into next year.

因此，我們在過去幾年中所做的將某些活動重新調整到公司不同部門的決定將體現在我們今年的收入中，我們將在明年繼續這樣做。

And Alex, I'd just add demo really alluded to this in what you just said, right from the beginning, we've had two approaches. one is to think about this endeavor of real realizing being wise potential as a multi-year endeavor.

亞歷克斯，我只是添加演示，您剛才所說的確實提到了這一點，從一開始，我們就有兩種方法。 一種是將真正實現明智潛力的努力視為一項多年的努力。

And we recognize there are going to be different ways in which that will come together in different years. And Northstar, as you know, for us, is operating leverage. And that came about in a slightly different way in 2023 than it did in 24. And it could be different again in 25 as we really get into that conversation ultimately when we talk to you in January.

我們認識到，在不同的年份，這將會以不同的方式結合在一起。 如你所知，北極星對我們來說是營運槓桿。 2023 年的情況與 24 年的情況略有不同。

But we've simultaneously invested in things that we knew would be important for the shorter term and for the medium term and for the longer term. And so both done it and I have talked about this platforms and operating model.

但我們同時投資了我們知道對短期、中期和長期都很重要的事情。 所以兩者都做到了，我也談到了這個平台和營運模式。

That's a great example therapy and some benefits that come early on in that process. We brought like things together across the Company. There have been benefits on the revenue side. There have been benefits on the expense side from doing it.

這是一個很好的治療範例，在這個過程的早期就帶來了一些好處。 我們將整個公司的類似事物聚集在一起。 收入方面也有好處。 這樣做在費用方面有好處。

But then the value of having done it creates medium term momentum because now we're able to be more dynamic for clients, room, able to solve problems more quickly for clients. And so there's a payoff there. And then over the longer term, it actually makes it easier to be able to assemble these new solutions that Dermot was just talking about.

但這樣做的價值會創造中期動力，因為現在我們能夠為客戶提供更有活力的空間，能夠更快地為客戶解決問題。 所以這是有回報的。 從長遠來看，它實際上使組裝德莫特剛才談到的這些新解決方案變得更加容易。

And again, as a revenue story that, but there's also an expense story, and that's how we're thinking about it, notwithstanding, we haven't given you a specific growth target number, make no mistake, we're invested in creating that growth.

再說一遍，作為一個收入故事，但也有一個支出故事，這就是我們的想法，儘管如此，我們沒有給你一個具體的成長目標數字，毫無疑問，我們投資於創造那種成長。

Yes. No, fair enough. Appreciate all that smaller kind of tactical question for you guys. So the repo activity continues to be quite elevated. You mentioned that in your in your prepared remarks as well. Is it possible to help size how much repo contributed sort of across the enterprise?

是的。 不，很公平。 感謝你們提出的所有較小的戰術問題。 因此，回購活動持續大幅上升。 您在準備好的發言中也提到了這一點。 是否有可能協助確定回購對整個企業的貢獻程度？

It hits you in a couple of different ways. Obviously, there's the NI benefit and there's some benefits. So as you think about the more normalized level of repo activity versus what you saw in the quarter, how big of a contributor here was that, you know, kind of totality?

它以幾種不同的方式打擊你。 顯然，NI 帶來了好處，而且還有一些好處。 因此，當您考慮回購活動的正常化程度與您在本季度看到的情況相比時，您知道，總體而言，這裡的貢獻有多大？

And as you look forward, given changes in monetary policy expectations, but also some of the client behavior that you mentioned earlier, houses, stainable, do you ultimately think this more elevated pace of activity in this market?

展望未來，考慮到貨幣政策預期的變化，以及您之前提到的一些客戶行為，例如房屋、可染色，您最終是否認為該市場的活動步伐會加快？

So on the repo question, so appeared repo for sure. We saw elevated activity, particularly going into the back end of the quarter and then the early part of this quarter. And that in large part contributed to the outperformance for the Q2, the NI that has now moderated some loss and so on.

所以在回購問題上，回購肯定出現了。 我們看到活動增加，特別是在本季末和本季初。 這在很大程度上促成了第二季的優異表現，NI 現在已經減少了一些損失等等。

And so in my prepared remarks and in terms of the guidance, that's why I kind of feel like roughly for NI were about 1 billion for the fourth quarter in terms of pure cleared repo. And overall as a kind of contribution to the NOI over the course of the year, it's roughly about 5% of the number as it relates to elevators activity.

因此，在我準備好的演講和指導方面，這就是為什麼我感覺 NI 第四季的純清算回購規模約為 10 億美元。 總體而言，作為全年 NOI 的貢獻，它大約佔與電梯活動相關的數字的 5% 左右。

In terms of the volume and activity, I think from what we see on our platforms, we kind of see that continuing to be the case in the medium term. There's no reason for the slowdown. It's been a very strong year of very, very active client engagement, product innovation, nation and particularly on the international side, we said at the beginning of the year and are kind of strategic call in January that international is going to be a key area of focus on them on the platform.

就數量和活動而言，我認為從我們在平台上看到的情況來看，我們看到中期情況仍然如此。 沒有理由放慢速度。 這是非常非常積極的一年，客戶參與、產品創新、國家，特別是國際方面，我們在年初說過，並且在一月份發出戰略呼籲，國際將成為一個關鍵領域在平台上關注他們。

And that's been the case, and that's shown up in the results. So am I think overall, as I said in my prepared, prepare remarks as well in terms of the liquidity ecosystem in total has a high for us of $1.5 trillion. That's up from $1.2 trillion a couple of years ago.

事實就是如此，結果也顯示了這一點。 我認為總體而言，正如我在準備好的演講中所說，流動性生態系統的總額高達 1.5 兆美元。 這比幾年前的 1.2 兆美元有所上升。

And that's in the backdrop of, you know, liquidity coming out of the system. So we've grown quite substantially. And that again, is coming back to connecting the dots across the firm as a team, we are collaborating more being more digital, providing innovative solutions to clients.

你知道，這是在流動性從系統中流出的背景下進行的。 所以我們已經有了相當大的成長。 再次，我們將整個公司作為一個團隊將各個點連接起來，我們正在更數位化地進行合作，為客戶提供創新的解決方案。

And that is really powering the growth cycle just and relate that back to a question that Mike asked earlier on because I think these things are relevant, you got to remember that the strategy of us having roughly the right ores in rough, roughly the right waters to be able to participate and things that are happening in the world. That's very important.

這確實為增長週期提供了動力，並將其與邁克早些時候提出的問題聯繫起來，因為我認為這些事情是相關的，你必須記住，我們的策略是在粗糙、大致正確的水域中擁有大致正確的礦石能夠參與世界上正在發生的事情。 這非常重要。

So if I could just supplement what what Dermot said with the additional observation that we're the world's largest security lender. It generates repo activity where the world's largest collateral manager. So we get to capture fees, associates we had with people doing repo.

因此，如果我能補充德莫特所說的話，那就是我們是世界上最大的擔保貸款人。 它是全球最大的抵押品管理公司，產生回購活動。 因此，我們可以獲得費用，以及我們與進行回購的人的合作。

We obviously play this role in the U.S. treasury market, which participates in the growth of U.S. Treasury repo. We have all of these different touch points. And so there are different ways in which we can collect across software, in some cases, services that we administer in U.S. others and participation in different both global markets and also product types, which align and indirect ways to that.

我們顯然在美國國債市場中扮演這個角色，參與了美國國債回購的成長。 我們擁有所有這些不同的接觸點。 因此，我們可以透過不同的方式收集軟體，在某些情況下，我們在美國其他國家管理的服務以及不同全球市場和產品類型的參與情況，這些方式是一致的和間接的。

So that's it. That's an important part of how we look at the overall system and understand how our products and services can help clients navigate those. And we can participate in the benefit of that growth.

就是這樣。 這是我們如何看待整個系統並了解我們的產品和服務如何幫助客戶駕馭這些系統的重要組成部分。 我們可以分享這種成長的好處。

Yes. Helpful framework to us to discuss this way. Yes. Thank you, guys. Go.

是的。 對我們以這種方式進行討論很有幫助的框架。 是的。 謝謝你們，夥計們。 去。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Dermot. I'm Robin. Robin, can you give us some thoughts with obviously you talked a little bit about the acquisition you accomplished in this quarter. What your outlook is for, you're obviously very strong capital levels. Your stock is moving very nicely this year and you're going to better currency. What the outlook is for just other types of acquisitions. If there are some that could be complementary to what you're currently doing?

德莫特。 我是羅賓。 羅賓，您能給我們一些想法嗎？ 從你的前景來看，你的資本水準顯然非常雄厚。 今年你的股票走勢非常好，你的貨幣也會變得更好。 其他類型收購的前景如何。 是否有一些可以補充您目前正在做的事情？

Sure, Gerard. First of all, just make a quick comment about offshore, looking forward to closing that transaction in the fourth quarter and welcoming the team in this relates a little bit to a couple of other things that we've already talked about on the calls and the other earlier on on ETFs, if you just think about the way that we view the world construct once upon a time that our mutual funds more recently in the past decade or so, it's really been the explosion of ETFs.

當然，杰拉德。 首先，對離岸業務進行快速評論，期待在第四季度完成該交易，並歡迎該團隊，這與我們已經在電話會議和會議上討論過的其他一些事情有關。你想想我們看待世界的方式，以及我們的共同基金在過去十年左右的時間裡的構建方式，那確實是ETF 的爆炸式增長。

And there's a simultaneous thing going on, which is the growth of separately managed accounts. And so in the same way that Dermot described how we've participated and sort of outsized participation of the ETF migration, Archer is a transaction that pre positions us to be able to participate hopefully and an outsized way associated with the transition to separately managed accounts.

同時發生的事情是獨立管理帳戶的成長。 因此，就像德莫特描述我們如何參與以及對 ETF 遷移的大規模參與一樣，Archer 是一項預先定位我們能夠有希望參與的交易，也是一種與向單獨管理帳戶的過渡相關的大規模交易。

So it relates to that strategic question of growth in participating in different markets that we talked about. Now stepping back to the other part of your question, really the heart of it on M&A outlook, our primary focus is what we have and how we can improve on it and done.

因此，這與我們談到的參與不同市場的成長策略問題有關。 現在回到你問題的另一部分，真正是併購前景的核心，我們的主要關注點是我們擁有什麼以及如何改進和完成。

And I both talked a lot about the fact that we've looked very carefully at our businesses and we love our businesses. We think we have a great set of businesses. We think they're great ones too BN. And we think that they had a lot of adjacency to each other.

我倆都談到了我們非常仔細地審視我們的業務並且熱愛我們的業務。 我們認為我們擁有一系列出色的業務。 我們認為他們也是偉大的 BN。 我們認為他們彼此之間有很多相似之處。

And we think that the spread of those things can provide a lot more services to our clients in more joined-up way solutions than maybe we have before. So it isn't that we do M&A from a position in any way of needing to do things that we're able to be very opportunistic.

我們認為，這些東西的傳播可以透過比以前更多的聯合方式解決方案為我們的客戶提供更多的服務。 因此，我們進行併購並不需要以任何方式進行，我們能夠非常投機取巧。

And we obviously like that a lot. But notwithstanding that, we're pleased with what we have. We don't want to be complacent. So we keep our eyes open and we look at things. And Archer came about as a result of a strategic business review that we did internally looking at long-term trends, looking at how we might adapt those trends.

我們顯然非常喜歡這樣。 但儘管如此，我們對我們所擁有的感到滿意。 我們不想自滿。 所以我們要睜大眼睛觀察事物。 Archer 的誕生是我們在內部進行的策略性業務審查的結果，該審查旨在研究長期趨勢，研究如何適應這些趨勢。

And then we went out and we look very specifically for us capability that would do that with the key emphasis being on the word capability, digestible, bolt-on things that accelerate what we're trying to do or de-risked delivery of what we're trying to do.

然後我們出去，我們非常具體地尋找我們能夠做到這一點的能力，重點是能力這個詞，可消化的，附加的東西，加速我們正在嘗試做的事情或降低我們交付的風險。

And if we can buy a piece of technology that can be more efficient or less distracting them, building it ourselves with a great team, great technology, ideally like this, one of the installed book of business is also helpful. And then we feel very good about it as long as it aligns with those priorities as a good cultural fit as a good attractive returns.

如果我們可以購買一項可以提高效率或減少干擾他們的技術，並與一支優秀的團隊和出色的技術一起建造它，最好像這樣，安裝的一本商業書籍也是有幫助的。 只要它符合這些優先事項，作為良好的文化契合度和良好的有吸引力的回報，我們就會感覺非常好。

And so that's our that's our M&A thought process. And then at that fits into the overall waterfall, which we've talked about before, which is if we have excess capital. So we're going to, of course, be prudent. And so we like excess capital. That's not a bad thing in an uncertain world.

這就是我們的併購思考過程。 然後，這符合我們之前討論過的整體瀑布，即我們是否擁有多餘的資本。 所以我們當然要保持謹慎。 所以我們喜歡過剩的資本。 在一個不確定的世界裡，這並不是一件壞事。

And so that's a very important consideration. When we look at whether or not we could invest at good news is, you know, we're pretty capital-light model with very capital generative. So we don't need a ton of capital to reinvest in our business to keep growing it.

所以這是一個非常重要的考慮因素。 當我們考慮是否可以投資好消息時，你知道，我們是資本輕量模式，但資本產生能力很強。 因此，我們不需要大量資金來對我們的業務進行再投資以保持業務成長。

And we look at whether or not we need something for for some type of additional need like the Archer example, and then we distribute the rest. And this has been obviously a good at yet to see that all of that on display, we've been prudent. We've run it elevated capital levels.

我們會看看我們是否需要某些東西來滿足某種類型的額外需求，例如弓箭手的例子，然後我們分發其餘的。 顯然，我們一直很謹慎，還沒有看到所有這些表現出來。 我們已經提高了資本水準。

And as Dennis indicated, we intend to return 100% plus net earnings to shareholders, and we've been able to make an acquisition. And so this is a pretty good model year how we think about the world.

正如丹尼斯所言，我們打算將 100% 以上的淨利潤返還給股東，而且我們已經能夠進行收購。 因此，今年是我們如何看待世界的一個很好的典範。

Very good. Thank you for the answer. And then just as a quick follow up, Dermot, you gave us that sensitivity analysis about a gradual 5% change and the equity markets and fixed income and the impact would have on revenue. Was that for up markets, meaning of the gradual increase decrease was 5.5% up. Does that also reflect a down market if markets were down 5%, that's the kind of impact we would expect to see.

非常好。 謝謝你的回答。 然後，作為快速跟進，德莫特，您向我們提供了關於 5% 漸進變化、股票市場和固定收益及其對收入影響的敏感度分析。 對於上漲的市場來說，逐步上漲的意思是上漲5.5%。 如果市場下跌 5%，這是否也反映出市場下跌，這就是我們預期會看到的影響。

That's correct. That's correct.

這是正確的。 這是正確的。

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。

Hey, good morning. Good morning, everyone. I have a follow up with some of your responses, 18 Kern, I guess, depending how maybe starting with this capital allocation. So how do you had a follow-up to Gary's question around M&A and stock, but just talk to us how you think about means when we think about the valuation of the stock on price warnings price to tangible book at the same time this year has been pretty good market backup wise and the fish investor shareholder, you cared about auto, the resiliency of these phones.

嘿，早安。 大家早安。 我對您的一些回覆進行了跟進，18 Kern，我想，這取決於如何從這種資本分配開始。 那麼，您如何跟進加里關於併購和股票的問題，但請告訴我們，當我們今年同時考慮價格警告價格與有形賬面價格的股票估值時，您的想法是怎樣的？投資人股東關心汽車，關心這些手機的彈性。

So one, maybe Robin, Dermot talk to us about your comfort around auto ROE resiliency. If the market backdrop is unfavorable, what's the flexing the system? And given where things stand today, like how do you think about the stock valuation versus the commitment to return 100% plus and buybacks and dividends? Thank you.

那麼，羅賓、德莫特和我們談談您對汽車 ROE 彈性的滿意度。 如果市場環境不利，那麼要如何調整制度呢？ 考慮到目前的情況，您如何看待股票估值與 100% 以上回報以及回購和股息的承諾？ 謝謝。

I'll take the second best first, and then I will reflect on the first part of your question. So the good news is that we can also pay attention to the way that you will think about the stock and your views of our stock. And we appreciate the fact that many of you who have expressed confidence in our forward direction, we bill leaving ourselves as well.

我會先選第二個最好的，然後我會思考你問題的第一部分。 因此，好消息是我們還可以關注您對股票的看法以及您對我們股票的看法。 我們感謝你們中的許多人對我們的前進方向表示信心，我們也要求自己離開。

And so what we do, of course, consider price as one of the many inputs into our capital return framework, we don't view current prices as being problematic in terms of continuing our stock buybacks. When I went around when I took time to roll them a couple of years ago, I guess I got a lot of questions about is this just going to be more of the same are what's different now for several quarters and into the new team, as Robin has really kind of bolster that team and through the strategic pillars communication, the principles, the medium term financial targets has really started to evolve the culture of BNY.

當然，我們所做的是將價格視為我們資本回報框架的眾多輸入之一，我們不認為當前價格對於繼續股票回購是有問題的。 幾年前，當我花時間滾動它們時，我想我有很多問題，關於這是否會變得更加相同，以及現在幾個季度和新團隊的不同之處，因為羅賓確實為該團隊提供了支持，並透過策略支柱溝通、原則、中期財務目標真正開始發展紐約銀行的文化。

And so it is our commitment to deliver to our shareholders, positive operating leverage through the cycle. And so if you just take a step back and look at this quarter's financials, you know, 5% revenue growth, flat expense growth, 33% pretax margin, upper end of Tier one leverage, 6%, 23% return on tangible common equity and a 22% EPS growth. And you know, what I would say is a solid base.

因此，我們承諾在整個週期中為股東提供積極的營運槓桿。 因此，如果你退一步看看本季的財務數據，你就會知道，營收成長 5%，支出固定成長，稅前利潤率 33%，一級槓桿上限，6%，有形普通股報酬率 23%每股收益成長22%。 你知道，我想說的是一個堅實的基礎。

So I don't really think about the valuation of the firm on any given day. We just care about delivering for our clients and our shareholders. And if we do that in a first-class way to valuation will take care of itself and you asked about the returns and our sort of comfort with them, look, we've given medium term targets has done just said, that's sort of greater than or equal to 23% for our OTC.

所以我並沒有真正考慮過公司在某一天的估值。 我們只關心為我們的客戶和股東提供服務。 如果我們以一流的方式做到這一點，估值就會自然而然，你問到回報以及我們對回報的滿意度，看，我們已經給出了中期目標，剛剛說過，這有點更大我們的場外交易(OTC) 高於或等於23%。

And so we we obviously appreciate touching that. But doing it consistently over time is how we really view achieving targets.

因此，我們顯然很感激這一點。 但隨著時間的推移，堅持不懈地這樣做才是我們真正看待實現目標的方式。

And in terms of the resiliency, remember, the very nature of our business is actually got this diversification. We talked about the equity markets and the fixed income markets. I talked about the fact that it is software, IT services platforms and market valuations and transaction volumes. These are all things that we participate in capital markets.

就彈性而言，請記住，我們業務的本質實際上就是這種多元化。 我們討論了股票市場和固定收益市場。 我講的是軟體、IT服務平台以及市場估值和交易量。 這些都是我們參與資本市場的事。

Activity has been important to us in 2020 for the fact that we pay participate through our corporate trust business through our debt capital markets business. Those are things that are participating in the growth of Capital Markets. Generally, we participate in the scale of markets and things like the treasury market is a good example.

2020 年的活動對我們來說很重要，因為我們透過債務資本市場業務透過企業信託業務支付參與費用。 這些都是參與資本市場成長的因素。 一般來說，我們參與的市場規模很大，國債市場就是一個很好的例子。

And so this diversification of our mix helps us to be resilient in time terms of the vagaries of any one particular market. And that's what Janet mentioned, the point about our our commitment to positive operating leverage in almost all reasonable scenarios that we can imagine because we recognize that NI, which is part of our mix.

因此，我們產品組合的多元化有助於我們在時間上對任何特定市場的變幻莫測保持彈性。 這就是 Janet 所提到的，我們致力於在幾乎所有我們可以想像的合理情況下實現積極的營運槓桿，因為我們認識到 NI，它是我們組合的一部分。

But so too are the fees. And then our ability to control total expenses, we could make expenses less than they are. Now. We've chosen to manage them at the level that they are because we believe that investing in that business for future growth is exactly what we should be doing right now given the environment, but it wouldn't always have to be.

但費用也是如此。 然後我們有能力控制總開支，我們可以減少開支。 現在。 我們選擇按照現有水準來管理它們，因為我們相信，鑑於環境，投資於該業務以實現未來成長正是我們現在應該做的事情，但並非總是必須如此。

So appreciate that. And if I can sneak one quick follow-up Dome. And I think you mentioned Q4, I know a slightly lower than 3Q. We've seen a few rate cuts in Europe in the US now with the into September. Is it fair to assume that absent a dramatic change in rates, the 1 billion in quarterly and I kind of where we are bouncing around at the bottom? And then if deposit growth picks up, QT stops, that it should go off that base or am I missing something?

所以很感激。 如果我能偷偷溜走一個快速的後續圓頂。 我想你提到了第四季度，我知道略低於第三季度。 進入九月份，我們已經看到歐洲和美國都進行了幾次降息。 如果沒有利率發生巨大變化，季度 10 億美元和 I 美元將在底部反彈，這樣的假設是否公平？ 然後，如果存款成長加快，QT 停止，它應該偏離這個基礎，還是我錯過了什麼？

So if you look back at our last five quarters, we've kind of toggle between a bit. Cute tree at was a stronger quarter for us for a number of reasons, principally volatility in the market at beginning of August and clients and has more cash.

因此，如果你回顧我們過去的五個季度，我們會在兩者之間進行一些切換。 可愛的樹對我們來說是一個更強勁的季度，原因有很多，主要是八月初市場的波動以及客戶和擁有更多現金。

And then towards the back end of the quarter was there was a clearer for you a view on where the Fed was going to go at rates at clients started to put money into into into money market funds, which ended up with us. And so we kind of benefit from those two principal things.

然後在本季末，當客戶開始將資金投入貨幣市場基金時，您對聯準會將採取何種利率有了更清晰的看法，而貨幣市場基金最終落入我們手中。 因此，我們從這兩件主要事情中受益。

And so our deposit balances have kind of leveled off here. We expect maybe n IBs grind down a little bit from here. And so as I kind of said, maybe 10 minutes ago and $1 billion for Q4 is the best guidance I can give you today. And for 25, I don't see NI being a kind of a headwind for us.

因此，我們的存款餘額已經趨於平穩。 我們預計n個IB可能會從這裡開始下降。 正如我所說，也許 10 分鐘前，第四季的 10 億美元是我今天能給你們的最佳指引。 對於 25 來說，我不認為 NI 對我們來說是一種阻力。

And we've taken extensive action over the last several weeks in terms of repositioning our CIO. book to insulate 25.

過去幾週，我們在重新定位 CIO 方面採取了廣泛的行動。書籍絕緣 25.

That's helpful. Thank you, sir.

這很有幫助。 謝謝您，先生。

(Operator Instructions) Betsy Graseck, Morgan Stanley.

（操作員指令）Betsy Graseck，摩根士丹利。

Hi, good afternoon. Hey, Betsy. Okay. two quick questions. one is on the buyback question. And I know you said you're looking at your very creative on earnings accretion and you don't need a lot of capital for the business model. Of course, as we now and you're above your target CET1 of 11 and Tier one leverage target five-and-a-half effector at the high end of that range.

嗨，下午好。 嘿，貝特西。 好的。 兩個簡單的問題。 一是關於回購問題。 我知道你說過你正在考慮在收入成長方面非常有創意，而且你的商業模式不需要大量資本。 當然，我們現在的目標 CET1 為 11，一級槓桿目標為 5 個半效應器，處於該範圍的高端。

And so when we think about the 100% plus, how should we think about the Platts part of the 100% plus kind of feels like it totally understand, makes sense, but there's room to bring me getting to optimize the capital structure more share?

因此，當我們考慮 100% 以上時，我們應該如何看待 Platts 的 100% 以上部分，感覺完全理解、有道理，但還有空間讓我獲得更多份額來優化資本結構？

Well. Yes, I am kind of thinking about I'm wondering what kind of timeframe are we talking about to optimize your capital structure or you feel?

出色地。 是的，我在想我想知道我們正在談論什麼樣的時間框架來優化您的資本結構，或者您的感覺是什麼？

So at times for the question, Betsy, last last year, we returned a little north of 120%. This year. In January, we guide of 100% or more. And given the uncertainty in the markets, geopolitical there, US out of presidential elections, the wide range of uncertainty with Fed in January, we talk deal is going to be very different where it's all, as we said, we are a shareholder wishes to 6% range.

所以有時對於 Betsy 去年這個問題，我們的回傳值略高於 120%。 今年。 一月份，我們指導為100%或更多。 考慮到市場的不確定性、地緣政治、美國退出總統選舉、一月份聯準會的廣泛不確定性，我們認為交易將會非常不同，正如我們所說，我們是股東希望6%範圍。

And so when you take that and they are sure saying 100% or more through three quarters, our heritage. And a question now on the platform model. And for so a quarter of the farm, roughly 13,000 employees are up on the platform now happened in two waves, March and September with another wave of going live in Q1 of next year.

因此，當你考慮到這一點時，他們肯定會說，在四分之三的時間裡，我們的傳統是 100% 或更多。 現在有一個關於平台模型的問題。 對於四分之一的農場來說，大約有 13,000 名員工在該平台上上線，目前分兩波進行，即 3 月和 9 月，另一波在明年第一季上線。

And so I certainly think mechanism is it going to have a different culture in terms of more joined up tanking. So it really is the mechanism by which we delivered the three strategic pillars. And so the answer to the question about 100% is yes.

因此，我當然認為機制將在更多聯合坦克方面擁有不同的文化。 這確實是我們實現三大策略支柱的機制。 所以關於 100% 的問題的答案是肯定的。

And from probably from here, it's probably another 18 months before the firm is fully up there. But by the end of Q1 of next year, we expect about half the floor will be live on the model. And the feedback so far from our from our team around the world is extraordinarily positive.

從現在開始，該公司可能還需要 18 個月才能完全達到這一水平。 但到明年第一季末，我們預計大約一半的樓層將使用該模型。 到目前為止，我們來自世界各地的團隊的回饋非常積極。

So it's really worked well for us as a firm and beds. You remember, the tail of benefit extends way past the 18 month point because sometimes it's not until folks are in the model and operating in that new approach to their really able to examine some of the core questions on that platform. Is confronted with in terms of how to optimize. So we expect the benefit that the demo is describing to be a multiyear endeavor past that 18 month point.

因此，這對我們公司和床鋪來說確實非常有效。 您還記得嗎，效益的尾部會遠遠超過 18 個月的時間點，因為有時直到人們進入模型並以新方法進行操作後，他們才真正能夠檢查該平台上的一些核心問題。 面臨如何優化方面。 因此，我們預計演示所描述的好處是 18 個月後的多年努力的結果。

Got it. All right. Thanks so much pressure.

知道了。 好的。 感謝壓力很大。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

So just one wrap up from the German, I'd love you pointed out the 5% revenue growth, flattish expenses were 20 other became model. If you look just I know it's just one quarter, but if you look at the sequential numbers, sorry, changed a little bit with everything about flattering down a little bit.

因此，德國人的一份總結中，我希望您指出 5% 的收入成長，與其他 20 個項目持平的支出成為模型。 如果你看一下，我知道這只是四分之一，但如果你看一下連續的數字，對不起，改變了一點，所有關於奉承的事情都下降了一點。

I'm just all I'm asking is, does that inform us in any way of how we're looking at as we roll into 25, a lot of your business metrics and balance and client wins are up. So my gut is now, but I just want to see from that perspective, how do you feel about that?

我只是想問的是，這是否能以任何方式告訴我們，當我們進入 25 年後，你們的許多業務指標、平衡和客戶贏得都會上升。 所以我現在的直覺是，但我只是想從這個角度來看，你對此有何看法？

So I think you've got correct, it is no plan, and it's all just a timing. And when we onboard clients and people on the platform and when the revenue starts to get recognized. So just in terms of the backlog across all our businesses, strong pipeline continues to grow. And yes, so you're in tuition is correct.

所以我認為你說得對，這不是計劃，這只是一個時機。 當我們在平台上吸引客戶和人員以及收入開始得到認可時。 因此，就我們所有業務的積壓而言，強大的管道持續成長。 是的，所以你的學費是正確的。

Fair enough. Thank you.

很公平。 謝謝。

Richard Barrios, Morningstar.

理查德·巴里奧斯，晨星公司。

Yes. Just a quick one for me. I guess on the depository receipts business, I appreciate in footfall business, the number of sponsored program continued to decline. That's something we should continue to decline. And as a competitive takeaway or something else that's driving that. Thanks.

是的。 對我來說只是一個快速的。 我想在存託憑證業務上，我會欣賞客流量業務，贊助計畫的數量持續下降。 這是我們應該繼續拒絕的事。 作為一個有競爭力的外賣或其他推動這一點的因素。 謝謝。

And so I wouldn't really read too much interest. That's, you know, we've talked about that for several years about a discipline around. It's still here at depositors is a small business in the totality of it, but it is a very, very important business for us because it gives us another opportunity to connect with clients and it has got a good margin to us, and we have like very significant market share in that business.

所以我不會真的讀太多的興趣。 你知道，我們多年來一直在談論圍繞這一學科的問題。 總的來說，它仍然是存款人的一項小業務，但對我們來說是一項非常非常重要的業務，因為它為我們提供了另一個與客戶聯繫的機會，並且它為我們帶來了很好的利潤，而且我們有該業務的市佔率非常大。

So it's something that we continue to invest and we think it's very important for our franchise and we don't see a secular decline in that business from where we see it today. We also onboarded some of the smaller clients in that particular business. So the headline of total numbers a little bit misleading. Actually, when you were able to date under the hood and see some of the clients that that made up that decline see that they disproportionately skewed to the small.

因此，這是我們繼續投資的東西，我們認為這對我們的特許經營非常重要，而且從我們今天看到的情況來看，我們認為該業務不會長期下滑。 我們也為該特定業務吸引了一些較小的客戶。 所以總數的標題有點誤導。 事實上，當你能夠在幕後約會並看到一些彌補下降的客戶時，你會發現他們不成比例地偏向小規模。

Got it. Thank you.

知道了。 謝謝。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券公司。

My questions have all been asked and answered. Thanks.

我的問題都已被提出並得到解答。 謝謝。

(Operator Instructions) Brian Bedell, Deutsche Bank.

（操作員指令）Brian Bedell，德意志銀行。

Great. Thanks for taking my follow up. Just following on on the margins, you're mostly at your 33% target in most areas to on as you generate more sales from from from your move into the platform model. And as we move into, say, next year or beyond, I guess what's the view on spending some of that in investing in the business versus is actually generating, you know, potentially generate margins well above 33%?

偉大的。感謝您接受我的跟進。 隨著您進入平台模式而產生更多銷售額，您在大多數領域基本上達到了 33% 的目標。 當我們進入明年或更長的時間時，我想，對於將部分資金投資於業務，而不是實際產生的、可能產生遠高於 33% 的利潤率，我想有何看法？

At my answer to that one, Jim rebate A.M. We want to add, we want to demonstrate to you that we can prove that we can deliver the 33% margins through the cycle. We gave guidance for the first time in January, and then we just managed to get there pretty quickly. But we want to stay there and show that we can deliver that over a period of time.

在我對此問題的回答中，吉姆回扣了 A.M. 我們想補充一點，我們想向您證明，我們可以證明我們可以在整個週期中達到 33% 的利潤率。 我們在一月份第一次提供了指導，然後我們很快就達到了目標。 但我們希望留在那裡，並表明我們可以在一段時間內實現這一目標。

We're heading into it very what's going to be acquired or am I missing budget season for us? Because we've done a lot of great things this year. I know the various teams around the firm wants to do great things next year. And to offset that balance, we want to be able to deliver positive operating leverage.

我們正在考慮要收購什麼，還是我錯過了我們的預算季節？ 因為今年我們做了很多偉大的事。 我知道公司的各個團隊都希望明年能做出偉大的事。 為了抵​​消這種平衡，我們希望能夠提供積極的營運槓桿。

And so the next eight weeks and how we set up the firm for next year, I will inform how we communicate with you in January, but we set out those targets because we believed we could hit them. The positive is we got them. We got there earlier than we thought. And now we want to show that we can improve and maintain those margins that we've guided to previously.

因此，接下來的八週以及我們明年如何建立公司，我將告知我們如何在一月與您溝通，但我們制定了這些目標，因為我們相信我們可以實現這些目標。 積極的一面是我們得到了他們。 我們比我們想像的更早到達那裡。 現在我們想表明，我們可以提高並維持我們先前指導的利潤率。

And Brian, the best best, the best clearly like to give you in terms of how we think about that. It's sort of a little bit more More detail is if you actually look at us on a segment-by-segment basis, you can see us prosecuting the operating leverage Germany differently in our three segments.

布萊恩，最好的，最好的，最好的顯然喜歡告訴你我們對此的看法。 更詳細的是，如果您實際上逐一細分市場地觀察我們，您會發現我們在三個細分市場中以不同的方式起訴德國的營運槓桿。

And we took a year ago so ago that that's what we were going to do. And so maybe to allay your concerns in terms of growth and investment, if you look at my market and wealth services, we aren't trying to grow the margin that we're very happy with the margin.

我們在一年前就採取了這就是我們要做的事情。 因此，也許為了減輕您對成長和投資的擔憂，如果您看看我的市場和財富服務，我們並沒有試圖增加我們對利潤率非常滿意的利潤率。

We just want to grow the total size of the business, which is exactly what we've been doing. There are other side, the other segments, what we've said, we actually do you want to grow the margin towards our medium-term targets for those segments that we are really growing the margin. And so you can see exactly your question at work in our segments.

我們只是想擴大業務的總規模，這正是我們一直在做的事情。 還有其他方面，其他細分市場，我們已經說過，我們實際上希望提高利潤率，以實現我們真正提高利潤率的那些細分市場的中期目標。 因此，您可以在我們的部分中準確地看到您的問題。

That's great color. Thank you very much.

那顏色真棒。 非常感謝。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

With all this talk of the transitioning of the employees, I guess, half employ to the new platform over the next one to two years, how much do you see a I playing a role? And can you give any metrics, I mean keeping expenses flat?

有了所有關於員工過渡的討論，我想，在未來一到兩年內，一半的員工會遷移到新平台，您認為我在多大程度上發揮了作用？ 您能否給出任何指標，我的意思是保持支出持平？

I don't know how much you're still investing in a while when Emily presented at the Boston Bank conference last November seemed like the in wireless all in for a I was one of the Polish cases made yet you've heard out now and the broader world. Sometimes we have had sometimes we have Mr. So where how does a I relate to the whole platform, Brad, how committed are you that AI. and revenue numbers that you can give us some concrete metrics back?

我不知道你還在投入多少，當艾米麗去年 11 月在波士頓銀行會議上發表演講時，這似乎是無線全力以赴的，我是波蘭案件之一，但你現在已經聽到了，更廣闊的世界。 有時我們有，有時我們有先生。和收入數字，您能給我們一些具體的指標嗎？

So just to reiterate, we've got a quarter of our people in the platforms, operating model and E&O. As Dennis said, it's sort of an 18 month trajectory from here. That's really the way I think about platforms. Operating model is this concept of if you take it that we are, in fact more and more platforms company in terms of the large at scale capabilities, often software and services that we deliver generally and market leading positions, number one in a variety of different markets.

重申一下，我們有四分之一的員工負責平台、營運模式和 E&O。 正如丹尼斯所說，從現在開始，這是一個 18 個月的軌跡。 這確實是我對平台的看法。 營運模式是這樣的概念，如果您認為我們實際上是越來越多的平台公司，就大規模能力而言，通常是我們通常提供的軟體和服務以及市場領先地位，在各種不同的領域排名第一市場。

We've talked about things the businesses before I won't repeat them, then it follows to us from that. But it makes sense for us to operate ourselves in a platform, our operating model, which is the way that many other platform companies in the world operate themselves.

業務方面的事情我們已經談過了，我就不再重複了，接下來就是這樣了。 但我們在平台上經營自己是有意義的，我們的營運模式也是世界上許多其他平台公司的運作方式。

And so that is a strategy around how we organize ourselves in now in pursuing being pursuant to a broader strategy. Now a I as a which is, of course, part of that we have an AI. hub. We have couple of hundred people in that AI. hub.

因此，這是一個圍繞著我們現在如何組織自己以追求更廣泛策略的策略。 現在，「我」當然是我們擁有人工智慧的一部分。中心。 我們在人工智慧領域有幾百人。中心。

And we are absolutely investing in a I do believe, in the power of AI to be able to help our business in terms of both revenue opportunities over time for clients and also ways to make our people more effective and efficient. And we haven't made a lot of noise about it, but don't misunderstand that for a lack of interest or an investment because we haven't slowed down.

我堅信，我們絕對會投資於人工智慧的力量，它能夠幫助我們的業務，為客戶帶來長期的收入機會，並提高我們的員工的效率和效率。 我們並沒有對此發出太多聲音，但不要將其誤解為缺乏興趣或投資，因為我們沒有放慢腳步。

In fact, we've increased our AI. investment. And of course, notwithstanding all of that, you can see that from a running the company well on the expense line, we're not allowing that enthusiasm to distract just from the important task of expense management.

事實上，我們已經增強了人工智慧。投資。 當然，儘管如此，您可以看到，透過在費用方面良好地經營公司，我們不會讓這種熱情僅僅分散我們對費用管理這項重要任務的注意力。

And this is where I don't mean to be pace. But it's very, very important learning for us is that we, as a company can walk and chew gum at the same time, we can invest in things that matter and we can manage the company well, we make choices and a rise of choice is something we're leaning into. And we think that's important for the future.

這就是我不想跟上步伐的地方。 但對我們來說非常非常重要的一點是，作為一家公司，我們可以一邊走路一邊嚼口香糖，我們可以投資於重要的事情，我們可以很好地管理公司，我們做出選擇，選擇的增加是我們正在研究的東西。 我們認為這對未來很重要。

Thank you. Thank you, Andrew.

謝謝。 謝謝你，安德魯。

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

我們今天的問答環節到此結束。 我現在想將電話轉回羅賓，以徵求任何補充或結束語。

Thank you, operator, and thanks, everyone, for your time today. We appreciate your interest in BNY. Please reach out to Marius and the IR team if you have any follow-up questions, be. Well, thank you.

謝謝接線員，也謝謝大家今天抽出寶貴的時間。 我們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。 嗯，謝謝。

Does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY. Investor Relations website at two o'clock p.m. Eastern Standard Time today. Have a great day.

今天的會議和網路廣播到此結束。 BNY 將提供本次電話會議和網路廣播的重播。投資者關係網站下午兩點 今天東部標準時間。 祝你有美好的一天。