紐約梅隆銀行 (BK) 2024 Q3 法說會逐字稿

Good morning, and welcome to the 2024 third-quarter earnings conference call hosted by BNY.

早安，歡迎參加紐約銀行主辦的 2024 年第三季財報電話會議。

(Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material.

（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。

You may not record or rebroadcast these materials without BNY's consent.

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, BNY Head of Investor Relations.

我現在將把電話轉給紐約銀行投資者關係主管 Marius Merz。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and welcome to our third-quarter earnings call.

大家早安，歡迎參加我們的第三季財報電話會議。

I'm joined by Robin Vince, our President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer.

我們的總裁兼執行長 Robin Vince 也加入了我的行列。以及我們的財務長德莫特·麥克唐諾 (Dermot McDonogh)。

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 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。我還注意到，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.

實際結果可能與前瞻性陳述中的預測有重大差異。

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.

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。

Forward-looking statements made on this call speak only as of today, October 11, 2024, and will not be updated.

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.

謝謝，馬呂斯。

Good morning, everyone.

大家早安。

Thank you for joining us.

感謝您加入我們。

I'll start with a few remarks on the quarter, and then Dermot will take you through the financials in greater detail.

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.

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。

Stepping back on the macro side for a moment.

暫時回到宏觀層面。

At the beginning of the year, markets have priced in significant monetary policy easing in anticipation of economic slowdowns.

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 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.

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開始寬鬆週期，其中包括隨著聯準會重新調整政策立場，美國政策利率下調 50 個基點平衡就業、通貨膨脹和成長。

Following increased market volatility and a sell-off in equities in early August, markets recovered and both equity and fixed income values ended the quarter higher.

繼 8 月初市場波動加劇和股票拋售之後，市場開始復甦，股票和固定收益價值在本季結束時均有所上漲。

A little more micro, but relevant for markets.

更微觀一些，但與市場相關。

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 standing repo facility, both of which we administer.

在最近一個季度末左右，市場同時看到資金流入聯準會的逆回購工具，同時首次有意義地使用常設回購工具，而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裕，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.

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。

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.

因此，我們不斷為存在的許多尾部風險做好準備和定位，從地緣政治緊張局勢和衝突到財政赤字以及即將到來的監管和選舉的影響。

Now referring to page 2 of the financial highlights presentation.

現在參考財務摘要簡報的第 2 頁。

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.

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.

公佈的每股收益為 1.50 美元，年增 22%。

And excluding notable items, earnings per share of $1.52 were up 20%.

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.

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。

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.

排除顯著項目的影響，費用年增 1%，因為我們繼續投資於我們的人員和技術，同時我們也透過以新的、更好的方式經營我們的公司來提高效率。

Pre-tax margin and return on tangible common equity improved year over year to 33% and 23%, respectively.

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%。

For the first time in our history, we reported over $50 trillion of assets under custody and/or administration at the end of the quarter. our custody is not something we are, but it is something important that we do.

截至本季末，我們報告託管和/或管理的資產超過 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 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業務組合價值的機會，從而為我們的客戶提供更多紐約銀行服務。

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 wealth services, and investments and wealth businesses.

我們越來越多地看到，紐約銀行客戶特許經營權的真正力量存在於我們領先的安全服務、市場和財富服務以及投資和財富業務的能力組合中。

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 scenes of these businesses.

我們有能力增強這一點，並透過從這些業務的各個場景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.

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 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.

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，並為客戶提供個性化的結果。

The integration of Archer should produce a positive impact across several of our lines of business.

Archer 的整合應該會對我們的多個業務線產生正面影響。

In addition to augmenting our asset servicing capabilities for managed accounts, Archer will provide our investments business as well as our wealth adviser platform in Pershing with expanded distribution of model portfolios and access to Archer's multi-custodial network.

除了增強我們的管理帳戶資產服務能力外，Archer 還將為我們的投資業務以及位於潘興的財富顧問平台提供擴大的模型投資組合分銷以及對 Archer 多託管網路的存取。

Buy it once, use it many, if you will.

如果你願意的話，購買一次，多次使用。

The transaction is expected to close before the end of the year, and we look forward to welcoming the Archer team to BNY.

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。

Another one of the fastest-growing areas in financial services, alternatives, also presents a promising opportunity for us to deliver new client solutions across 1BNY.

金融服務領域成長最快的另一個領域——另類投資，也為我們在 1BNY 範圍內提供新的客戶解決方案提供了一個充滿希望的機會。

We already have relationships with hundreds of alternatives managers as well as roughly $3 trillion of wealth assets on our platforms.

我們已經與數百家另類投資經理建立了合作關係，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, advisers, 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 solution built for wealth advisers.

上個月，我們推出了 Alts Bridge，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。

Alts Bridge aims to make investing in alternatives easier for advisers through a streamlined end-to-end experience and direct integration into advisers' existing desktops, starting with our Pershing NetX360+ and Wove platforms.

Alts Bridge 旨在透過簡化的端到端體驗並直接整合到顧問現有的桌面（從我們的 Pershing NetX360+ 和 Wove 平台開始），讓顧問更輕鬆地投資替代方案。

As we continue to deliver new, innovative products, we are also addressing the significant opportunity from enhancing our commercial model, making it easier for clients to navigate BNY.

在我們不斷提供新的創新產品的同時，我們也抓住了增強商業模式的重大機遇，使客戶能夠更輕鬆地駕馭紐約銀行。

In order to accomplish this, we are promoting an enterprise approach to client coverage, and we are operationalizing our new commercial model.

為了實現這一目標，我們正在推廣一種企業方法來覆蓋客戶，並且正在實施我們的新商業模式。

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 as well as members of our executive committee for a two-day event we called Commercial Lift Off.

例如，今年夏天，在最近的記憶中，我們第一次聚集了來自世界各地的數百名紐約銀行面向客戶的商業領袖以及我們執行委員會的成員，參加了一場為期兩天的活動，我們稱之為「商業電梯」離開。

This program enabled our top client coverage people and their business partners to take a 1BNY 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 clients' objectives, and developing action-oriented plans to deliver on those goals.

該計劃使我們的頂級客戶覆蓋人員及其業務合作夥伴能夠以1BNY 的視角進行客戶規劃，創建共同願景，在整個關係中全面服務我們的每位客戶，產生新的想法來滿足客戶的目標，並制定行動以實現這些目標為導向的計劃。

During the quarter, we also made progress toward running our company better, including the ongoing transition to a platform's operating model, enhancing the connectivity across our teams and empowering our people to drive change across the company.

本季度，我們在更好地經營公司方面也取得了進展，包括持續向平台營運模式過渡、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。

In September, we went live with the next step on our multi-year plan to unite related capabilities around BNY and elevate our execution by doing things in one place and doing them well.

9 月，我們開始實施多年計畫的下一步，即整合紐約銀行的相關能力，並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.

現在，我們有大約 13,000 名（大約四分之一）員工在我們的新營運模式中工作。

As we've said before, powering our 1BNY culture in order to be more for our clients and run our company better requires not just words, but action.

正如我們之前所說，推動我們的 1BNY 文化，以便為我們的客戶提供更多服務並更好地經營我們的公司，不僅需要言語，還需要行動。

I want to thank our people around the world for their hard work and for collectively pulling together as a team to create the change for our clients, for our shareholders, and for one another.

我要感謝我們世界各地的員工的辛勤工作，感謝他們作為一個團隊齊心協力，為我們的客戶、股東和彼此創造變革。

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.

總而言之，我們才華橫溢的團隊、共同合作的領先業務組合以及強大的資產負債表的結合，為我們為客戶提供更多服務並推動可持續的長期股東價值奠定了堅實的基礎。

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

雖然我們第三季的業績表明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，但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.

謝謝你，羅賓，大家早安。

Starting on page 3 of the presentation, I'll begin with our consolidated financial results for the quarter.

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.

總收入達 46 億美元，年增 5%。

Fee revenue was up 5%.

手續費收入成長 5%。

This includes 5% growth in investment services fees, reflecting higher market values and net new business across our security services and market and wealth services segments.

其中包括投資服務費用成長 5%，反映了我們的安全服務以及市場和財富服務領域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.

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。

Firmwide AUC/A of $52.1 trillion were up 14% year over year, reflecting higher market values, net new business, and client inflows.

全公司 AUC/A 為 52.1 兆美元，年增 14%，反映了更高的市場價值、淨新業務和客戶流入。

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.

管理資產規模達 2.1 兆美元，年增 18%，主要反映了市場價值上升和美元疲軟的有利影響。

Foreign exchange revenue increased by 14%, driven by higher volumes.

在交易量增加的推動下，外匯收入成長了 14%。

Investment and other revenue was $196 million in the quarter, reflecting continued strength in fixed income and equity trading.

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。

The year-over-year increase primarily reflects a strategic equity investment loss recorded in the third quarter of last year and improved results from our seed capital investments.

年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 interest 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.

淨利息收入年增3%，主要反映投資證券組合收益率和資產負債表成長的改善，但部分被存款結構的變動所抵銷。

Expenses of $3.1 billion were flat year over year on a reported basis, and up 1% excluding notable items.

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 investments in employee merit increases, partially offset by efficiency savings.

這反映出對員工績效提升的更多投資，但部分被效率節省所抵銷。

Provision for credit losses was $23 million in the quarter, primarily reflecting reserve builds related to commercial real estate exposure.

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.

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%。

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

排除重要項目，每股收益為 1.52 美元，年增 20%。

Pre-tax margin was 33%, and return on tangible common equity was 23%.

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.

轉向第 4 頁的資本與流動性。

Our Tier 1 leverage ratio for the quarter was 6%.

本季我們的一級槓桿率為 6%。

Tier 1 capital increased by 4% sequentially, primarily reflecting capital generated through earnings and improvement in accumulation of other comprehensive income, partially offset by [capital earned] for our shareholders through common stock purchases and through dividends.

一級資本環比增長了 4%，主要反映了透過收益和其他綜合收益累積的改善所產生的資本，部分被股東透過普通股購買和股息獲得的[資本]所抵消。

Average assets increased by 1%.

平均資產增加1%。

Our CET1 ratio at the end of the quarter was 11.9%.

截至本季末，我們的 CET1 比率為 11.9%。

The CET1 capital increased by 5%, and risk-weighted assets increased by

CET1資本增加5%，風險加權資產增加

[1%].

[1%]。

We returned $1.1 billion of capital to our shareholders over the course of the third quarter.

第三季我們向股東返還了 11 億美元的資本。

Year-to-date, we returned 103% of earnings through dividends and buybacks.

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.

轉向流動性。

The consolidated liquidity coverage ratio was 116%, a 1 percentage point increase sequentially due to a favorable change in our deposit composition.

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。

And the consolidated net stable funding ratio was 132%, unchanged sequentially.

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.

接下來是第 5 頁的淨利息收入和基本資產負債表趨勢。

Net interest income of over $1 billion was up 3% year over year and up 2% quarter over quarter.

淨利息收入超過10億美元，年增3%，季增2%。

This [special] increase was helped by higher sponsored clear repo activity [against] market volatility and increased client demand.

這項[特殊]成長得益於針對市場波動和顧客需求增加的贊助性明確回購活動的增加。

Average deposit balances remained flat sequentially.

平均存款餘額環比持平。

Non-interest-bearing deposits decreased by 2% in the quarter and interest-bearing deposits were flat.

本季無息存款下降 2%，計息存款持平。

Average interest earning assets were up 4% quarter over quarter.

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.

我們的投資證券組合餘額以及貸款餘額增加了 1%，現金和逆回購餘額持平。

Our broader liquidity 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.

我們更廣泛的流動性生態系統在本季末達到歷史最高水平，客戶現金價值超過 1.5 兆美元，涵蓋存款、貨幣市場基金、證券借貸、贊助商清算回購和其他短期投資選擇。

Turning to our business segments, starting on page 6.

轉向我們的業務部門，從第 6 頁開始。

Security services reported total revenue of $2.2 billion, up 6% year over year.

安全服務總收入達 22 億美元，年增 6%。

Total investment services fees were up 4% year over year.

投資服務費用總額年增 4%。

In asset servicing, investment services fees grew by 5%, primarily reflecting higher market values.

在資產服務方面，投資服務費增加了 5%，主要反映了市場價值的上升。

For the third quarter in a row, the impact of repricing was de minimis.

連續第三個季度，重新定價的影響微乎其微。

ETF AUC/A of $2.7 trillion was up more than 70% year-on-year, and the number of funds serviced was up 20% year-on-year.

ETF AUC/A 達 2.7 兆美元，年成長超過 70%，服務的基金數量較去年同期成長 20%。

Inflows into ETFs on our platform remained strong this quarter with growth across all asset classes.

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。

As the ETF industry continues to grow, we are dedicated to scaling our best-in-class ETF service offering.

隨著 ETF 產業的不斷發展，我們致力於擴展我們一流的 ETF 服務產品。

For example, we have successfully onboarded several new liquidity providers to our electronic order execution platform to advance digital adoption.

例如，我們已成功將幾家新的流動性提供者納入我們的電子訂單執行平台，以推進數位化採用。

In issuer services, investment services fees were up 1%.

在發行人服務方面，投資服務費上漲了 1%。

Net new business and higher client activity in corporate trust was partially offset by lower deposit receipt fees, reflecting corporate actions in the prior year.

企業信託的淨新業務和較高的客戶活動被較低的存款收據費用部分抵消，反映了上一年的企業行動。

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.

在發行活動增加的背景下，我們繼續看到企業信任度的增強，利用我們在人員和技術方面的投資來增強客戶服務和可擴展性。

In 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.

在該細分市場中，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。

Net interest income for the segment was up 2% year over year.

該部門的淨利息收入較去年同期成長2%。

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.

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。

Pre-tax income was $642 million, a 38% increase year over year, and pre-tax margin was 29%.

稅前收入為6.42億美元，年增38%，稅前利潤率為29%。

And next, markets and wealth services on page 7.

接下來是第 7 頁的市場和財富服務。

Markets and wealth services reported total revenue of $1.5 billion, up 7% year over year.

市場和財富服務總收入為 15 億美元，年增 7%。

Total investment services fees were up 7% year over year.

投資服務費用總額年增 7%。

In Pershing, investment services fees were down 1%, reflecting the impact of lost business in the prior year, partially offset by higher market values.

在潘興，投資服務費下降了 1%，反映了上一年業務損失的影響，但部分被較高的市場價值所抵消。

Net new assets were negative $22 billion for the quarter, reflecting the ongoing deconversion of lost business in the prior year, which is now largely behind us.

本季淨新資產為負 220 億美元，反映出上一年損失業務的持續去轉換，而現在該業務已基本成為過去。

Excluding the deconversion, we saw approximately 4% annualized net new asset growth in the third quarter.

不計入轉換，我們看到第三季新資產年化淨成長約為 4%。

Wove continues to see strong client demand.

Wove 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.

我們在第三季又簽了 14 位客戶，並且按照 1 月份的指導，我們仍有望在 2024 年實現 3,000 萬至 4,000 萬美元的收入。

Wove is helping us attract new clients and deepen relationships with existing ones.

Wove 幫助我們吸引新客戶並加深與現有客戶的關係。

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.

例如，博星為 Sanctuary 提供託管和清算解決方案，Sanctuary 是一家大型且快速成長的財富管理公司，為高淨值和超高淨值細分市場提供服務。

Sanctuary will also leverage Wove portfolio solutions, trading and rebalancing and reporting for teams that custody with Pershing as well as those that use in other custodian.

Sanctuary 還將利用 Wove 投資組合解決方案、交易、再平衡和報告，為 Pershing 託管的團隊以及其他託管人使用的團隊提供報告。

In clearance and collateral management, investment services fees increased by 16%, primarily reflecting higher collateral management fees and higher clearance volumes.

在清算和抵押品管理方面，投資服務費增加了16%，主要反映了抵押品管理費和清算量的增加。

Against the backdrop of a growing market and active trading, US securities clearance and settlement volumes have remained strong.

在市場成長和交易活躍的背景下，美國證券清算和結算量仍然強勁。

As you may remember, we created our global clearing platform earlier this year through the realignment of Pershing institutional solutions.

您可能還記得，我們​​在今年稍早透過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.

我們很高興看到該平台的管道繼續為我們在全球 100 多個市場提供全套機構清算、結算、執行和融資解決方案而建構。

In treasury services, investment services fees were up 11% and primarily reflecting net new business.

在資金服務方面，投資服務費上漲了 11%，主要反映淨新業務。

The business continues to execute well against the growth agenda we presented in January.

根據我們一月份提出的成長議程，該業務繼續良好執行。

And we are seeing our investments in modernizing and digitizing our payments platform pay off in the form of growth in our strategic target markets.

我們看到我們在支付平台現代化和數位化方面的投資以策略目標市場成長的形式得到回報。

Net interest income for the segment overall was up 3% year over year.

該部門整體淨利息收入較去年同期成長 3%。

Segment expenses of $834 million were up 5% year over year, reflecting higher investments and employee merit increases, partially offset by efficiency savings.

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。

Pre-tax income was up 8% year over year at $704 million, representing a 46% pre-tax margin.

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.

轉向第 8 頁的投資和財富管理。

Investment and wealth management reported total revenue of $849 million, up 2% year over year.

投資和財富管理總收入為8.49億美元，年增2%。

In our investment management business, revenue was up 1%, reflecting higher market values and improved seed capital results, partially offset by lower performance fees and the mix of AUM flows.

在我們的投資管理業務中，收入成長了 1%，反映出較高的市場價值和改善的種子資本業績，但部分被較低的業績費用和資產管理規模流量組合所抵消。

And in wealth management, revenue increased by 6%, reflecting higher market values and net interest income, partially offset by changes in product mix.

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。

Segment expenses of $672 million were flat year over year as efficiency savings offset employee merit increases and higher investments.

由於效率節省抵消了員工績效的增加和投資的增加，部門支出為 6.72 億美元，與去年同期持平。

Pre-tax income was $176 million, up 7% year over year, and pre-tax margin was 21%.

稅前收入為1.76億美元，年增7%，稅前利潤率為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.

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.

第三季度，我們的短期策略表現強勁，現金淨流入達 240 億美元，反映出我們在 Dreyfus 貨幣市場基金中的領先地位和強勁的投資業績。

Long-term active strategies saw $8 billion of net outflows spread across multi-asset, LDI, and active equity, partially offset by net inflows into fixed income.

長期主動策略的淨流出額為 80 億美元，分佈在多元資產、LDI 和主動股票領域，部分被固定收益淨流入所抵銷。

And we saw $16 billion of net outflows from index strategies.

我們看到指數策略淨流出 160 億美元。

Wealth management client assets of $333 billion increased by 14% year over year, reflecting higher market values and cumulative net inflows.

理財客戶資產達3,330億美元，較去年成長14%，反映出較高的市值和累計淨流入。

Page 9 shows the results of the other segment.

第 9 頁顯示了其他部分的結果。

Before I wrap up, a couple of comments on the outlook for the year, starting with net interest income.

在結束之前，我對今年的前景發表一些評論，首先是淨利息收入。

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.

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 5 percentage points.

雖然我們目前預測第四季度淨利息收入將略低於我們在第三季度強勁業績中看到的水平，但今年前九個月的淨利息收入的彈性使我們能夠超越我們的預期全年淨利息收入增速較1月提高約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.

在支出方面，我們繼續努力保持 2024 年全年核心支出（不包括顯著項目）大致持平。

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.

我們現在預計 2024 年全年的有效稅率將處於我們 1 月估計的 23% 至 24% 範圍的下限。

And lastly, as we said at the beginning of the year, we expect to return 100% or more of 2024 earnings to our shareholders through dividends and buybacks.

最後，正如我們在年初所說，我們預計將透過股息和回購將 2024 年收益的 100% 或更多返還給股東。

And we remain on track, having returned 103% of earnings year-to-date.

我們仍保持在正軌，今年迄今已實現 103% 的獲利回報。

In conclusion, our results this past quarter reflects broad-based growth across our three business segments and continued progress on our strategic priorities.

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。

We're pleased with the company's performance year-to-date, and we're proud of our people who continue to execute well toward our medium-term financial targets, while we all remain focused on the work and the tremendous opportunity ahead of us.

我們對公司今年迄今為止的業績感到滿意，我們為我們的員工感到自豪，他們繼續出色地實現我們的中期財務目標，同時我們都繼續專注於工作和麵前的巨大機會。

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.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

You flagged some of the ETF wins that you had on the servicing side.

您標記了您在服務方面獲得的一些 ETF 勝利。

So curious about that.

對此很好奇。

Number one, how much of that was the BlackRock business that you've won?

第一，你贏得了貝萊德業務的多少？

And has the revenue from that win that they win fully turned on?

他們贏得的勝利所帶來的收入是否已完全開啟？

And did those dynamics have something -- or like is the fee rate lower because fees in asset servicing were up about 5%, but AUC 16%?

這些動態是否有什麼影響——或者說費用率是否較低，因為資產服務費用上漲了約 5%，但 AUC 上漲了 16%？

And I know sometimes the ETF fee rates are a little lower, so curious to flesh that out a bit.

我知道有時 ETF 費率會比較低一些，所以我很想具體說明一下。

Thank you.

謝謝。

So thanks for the question.

謝謝你的提問。

I don't really want to get into the specifics on one client or transaction.

我真的不想深入了解某個客戶或交易的細節。

But just to take a step back on ETFs generally, it is a growing market.

但總的來說，ETF 是一個不斷成長的市場。

You may have watched Larry from BlackRock on CNBC this morning.

今天早上，您可能在 CNBC 上觀看了貝萊德 (BlackRock) 的拉里 (Larry) 節目。

It is a secular trend.

這是一種長期趨勢。

It is a very big and growing market, and we are a key player in that.

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, we have $2.7 trillion on the platform.

正如我在準備好的演講中所說，我們的平台上有 2.7 兆美元。

That's up 70% year on year, and the number of funds serviced is up 20%.

年增 70%，服務的基金數量增加 20%。

That's on the back of strong leadership and a real investment in technology, so we can be best-in-class.

這是在強大的領導力和對技術的真正投資的支持下，我們才能成為一流的。

So without going into specifics, we're there to take advantage of the secular trend.

因此，無需詳細說明，我們就可以利用長期趨勢。

And we'll continue to innovate and solve for our clients' needs.

我們將持續創新並解決客戶的需求。

Okay.

好的。

Thanks for that.

謝謝你。

Maybe if I could word it a little differently.

也許我可以用不同的措詞來表達。

The strong ETF growth that you have seen this quarter, is the revenue fully reflected this quarter?

您在本季看到的 ETF 強勁成長，本季的營收是否得到充分體現？

Or is some of those wins still have some revenue ramp to come?

或者其中一些勝利是否仍會帶來一些收入成長？

I would say it's the latter.

我想說的是後者。

It's, generally speaking, strong pipeline.

一般來說，這是一個強大的管道。

We're always adding new clients to the platform.

我們一直在為該平台添加新客戶。

And they -- because of the size of what's been onboarded, they tend to do it in a phased approach.

而他們——由於已加入的規模很大，他們傾向於採取分階段的方法。

So some revenue is on the platform, some revenue to come.

所以有些收入是在平台上，有些收入是未來的。

Excellent.

出色的。

Thanks for that, Dermot.

謝謝你，德莫特。

Thank you also for the update on NII, encouraging to see things working better.

也感謝您對 NII 的更新，看到事情進展得更好，令人鼓舞。

Could you speak to the deposit beta that you experienced with the first rate cut?

您能談談您在第一次降息時經歷的存款貝塔值嗎？

And given that we're seeing rates coming down now, is it reasonable to think that deposits could begin to grow from here?

鑑於我們現在看到利率正在下降，那麼認為存款可以從這裡開始成長是否合理？

So the basis -- I think we've said on previous calls, we view it as isometric.

所以基礎——我想我們在之前的電話會議中已經說過，我們將其視為等距的。

So for us, the first rate cost was 100% passed on.

所以對我們來說，第一成本是100%轉嫁的。

So we feel pretty good about that.

所以我們對此感覺很好。

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 the deposit balance story.

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。

I think overall, we've -- we've held in there.

我認為總的來說，我們已經堅持了下來。

We had a strong Q3 for a variety of different reasons.

由於各種不同的原因，我們的第三季表現強勁。

So I would say I expect where we are to moderate a little bit on balances, and we'll see what happens next with the next Fed meeting.

因此，我想說，我預計我們將在平衡方面進行一些調整，我們將看看下次聯準會會議接下來會發生什麼。

But no significant change for us as we sit here right here today.

但我們今天坐在這裡並沒有發生重大變化。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

(Operator Instructions) Mike Mayo, Wells Fargo.

（操作員說明）Mike Mayo，富國銀行。

Hey.

嘿。

How are you doing?

你好嗎？

Hey, Mike.

嘿，麥克。

How are you?

你好嗎？

Good.

好的。

Look, I'm just -- that's a big number, the $50 trillion of AUC, a nice round number.

聽著，我只是——這是一個很大的數字，50 兆美元的 AUC，一個不錯的整數。

You did be factual that you beat expectations for the quarter and the year so far, as you highlighted.

正如您所強調的那樣，您確實確實超出了本季度和本年度的預期。

I'm just trying to figure out how much of this is lucky versus being smart?

我只是想弄清楚這其中有多少是幸運與聰明？

And I imagine it's a bit of both, but the lucky part is record stock market volatility, trading, some other factors in the market that have gone your way.

我想兩者兼而有之，但幸運的是，創紀錄的股市波動、交易以及市場上的其他一些因素都對你有利。

And I don't feel like we have enough information on your client growth, the underlying client growth, the most repeatable part of the company.

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、公司最可重複的部分。

So could you give us some color on -- whether it's growth in clients or maybe it's revenues per client or maybe it's products 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 in?

那麼，您能否給我們一些資訊——無論是客戶的成長，還是每個客戶的收入，或者每個客戶的產品，或者您談論的所有相關業務——您如何更好地管理公司而不是僅僅更好地管理公司運作環境？

Sure, Mike.

當然，麥克。

It's Robin.

是羅賓。

I understand the question, and it's obviously a very legit question.

我理解這個問題，這顯然是一個非常合法的問題。

We broke through the $50 trillion.

我們突破了50兆美元。

By the way, we ended at $52 trillion.

順便說一句，我們最終的估值為 52 兆美元。

So the good news is we didn't stop at the round number.

所以好消息是我們並沒有停留在整數上。

I'd say that it isn't just fashionable, it's actually old-fashioned, traditional, just the way that we want to do it in terms of being able to have this deliberate growth and this focus.

我想說，這不僅僅是時尚，它實際上是老式的、傳統的，這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。

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.

因此，我們盡力提供盡可能多的可見性，以了解最終推動這項進步的因素。

Because we understand we have benefited from a terrific backdrop in terms of markets.

因為我們知道我們受益於良好的市場背景。

And of course, it's part of our business to be able to be well positioned to take advantage of those backdrops.

當然，能夠充分利用這些背景也是我們業務的一部分。

We've got parts of our business which respond to asset values.

我們的部分業務對資產價值做出反應。

We've got parts of our business that respond to the number of accounts.

我們的部分業務會根據帳戶數量做出反應。

We've got parts of our business that responds to software sales, transaction volumes.

我們的部分業務對軟體銷售和交易量做出反應。

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.

擁有多方面的業務響應功能，如果你想這麼稱呼的話，這實際上是一個深思熟慮的策略，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.

因此，如果你相信全球發行的債務總量、全球股票估值、金融市場活動將會成長，那麼我們就會努力順應所有這些成長趨勢。

We think that's good.

我們認為這很好。

Having said that, to the heart of your question, 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, so how they could hum together, in order to be able to unlock more potential.

話雖如此，對於你問題的核心，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一起工作，這樣他們才能一起哼唱，以便能夠釋放更多的潛能。

And so we rallied to the firm around three strategic pillars, this thing of being more for our clients.

因此，我們圍繞著三個策略支柱團結在公司周圍，即為我們的客戶提供更多的幫助。

And that's not just words.

這不僅僅是言語。

It's been about maturing as 1BNY philosophy that we talked before about.

我們之前談過 1BNY 理念的成熟。

It's about having a different type of dialogue.

這是關於進行不同類型的對話。

It's about the movement over time to solutions as opposed to just products.

這是關於隨著時間的推移向解決方案而不僅僅是產品的轉變。

It's like the examples that I gave and Dermot gave in our prepared remarks, where clients are coming to us because we can do more than one thing for them.

就像我和德莫特在我們準備好的發言中給出的例子一樣，客戶來找我們是因為我們可以為他們做不只一件事。

And it's not just that we're selling more things to them.

這不僅僅是我們向他們出售了更多的東西。

It's that they actually want to take advantage of bundles of things, which actually provide a better solution to their business.

他們實際上想利用捆綁的東西，這實際上為他們的業務提供了更好的解決方案。

And then our second pillar of running the company better, that's been about sales rhythms and sales targets and bringing our people together and having them understand what it is trying to do.

然後，我們更好地經營公司的第二個支柱是銷售節奏和銷售目標，並將我們的員工聚集在一起，讓他們了解公司正在努力做什麼。

And then wrapping the whole thing is this culture of wanting to have a winning culture, wanting to push forward, wanting to make BNY of the future more than BNY Mellon was of the past.

總而言之，就是這種想要擁有勝利文化、想要向前邁進、想要讓未來的紐約銀行比過去的紐約梅隆銀行更優秀的文化。

And those things are all quite deliberate, and we start -- and we believe that we're starting to see the results of that, although it's still early in our results.

這些事情都是經過深思熟慮的，我們開始了——我們相信我們已經開始看到結果，儘管我們的結果還處於早期階段。

But Dermot can give you a couple of additional things on this, which I think also would be helpful.

但德莫特可以就此向您提供一些額外的信息，我認為這也會有所幫助。

So Mike, the way I -- from just thinking about it from a numbers perspective is we're up 5% year on year in fee growth and constructive markets.

麥克，我認為，從數字的角度來看，我們的費用成長和建設性市場年增了 5%。

And so we've been able to take advantage of constructive markets.

因此，我們能夠利用建設性市場。

But a couple of important points that I would draw out is that in all three of our business segments, we've seen solid underlying growth.

但我要指出的幾個重要觀點是，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 Robin's prepared remarks, he talked about the fact that we're evolving into a platform company.

在羅賓準備好的演講中，他談到了我們正在發展成為平台公司的事實。

And when we have platforms that we're investing in at scale, so when you have high volume and you have constructive markets, we have the platforms in situ that can take advantage of that.

當我們擁有大規模投資的平台時，當你擁有大量的交易量並且擁有建設性的市場時，我們就擁有一個可以利用這一點的平台。

Asset servicing, we're winning and onboarding new business.

資產服務，我們正在贏得並開展新業務。

We came into the year with a backlog, we onboarded the business throughout the year, and we're beginning to go into the Q4 with a bigger backlog than we came into at the beginning of the year.

今年我們有積壓的訂單，我們全年都在開展業務，進入第四季度時，我們的積壓量比年初還要多。

So asset servicing, I feel very proud of.

所以資產服務，我感到非常自豪。

Corporate trust depository receipts, corporate trust specifically, a good margin business, but something that has been devoid of investment over a number of years.

企業信託存託憑證，特別是企業信託，是一項很好的保證金業務，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 -- an important business for us in the future.

我們已經在領導力和擴展我們的技術方面投入了資金，這將成為一項業務——對我們未來來說是一項重要的業務。

And treasury and services and clearance and collateral management have really shown whilst when you have a scale platform with high volume, strong markets, lots of issuance, lots of payments, you take advantage of that.

資金和服務、清算和抵押品管理確實已經展現出來，當你擁有一個規模大、交易量大、市場強勁、發行量大、支付量大的平台時，你就可以利用這一點。

And then on just the client-specific thing, albeit it's a small base and we can -- we've highlighted a couple of transactions this year, we're able to have a much more sophisticated conversation with clients.

然後就特定於客戶的事情而言，儘管基礎很小，但我們可以——我們今年重點介紹了幾筆交易，我們能夠與客戶進行更複雜的對話。

And clients are now buying from us across more than one line of business, in some cases, four lines of business.

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.

這是我們幾年前無法做到的事。

And Robin's point about bringing the 1BNY to bear on clients is really beginning to pay dividends.

Robin 關於讓 1BNY 影響客戶的觀點確實開始產生紅利。

All right.

好的。

Well, that was very comprehensive.

嗯，那是非常全面的。

Just last follow-up.

剛剛最後的跟進。

Are you implying -- and by the way, on all the metrics again, the client growth numbers are what -- and thanks for pulling back the layers of the onion there, but always like even more layers.

你是不是在暗示——順便說一句，在所有指標上，客戶成長數字是什麼——感謝你把洋蔥層拉回來，但總是喜歡更多層。

Never enough for us, but in terms of growth in clients and more specifics going down the line.

對我們來說還不夠，但就客戶的成長和更多細節而言。

But the expense is clearly, Dermot, the flat expenses.

但費用顯然是德莫特的固定費用。

That's very clear on that part of it.

這部分內容非常清楚。

Are you implying even lower expenses in the fourth quarter based on your new guide today?

根據今天的新指南，您是否暗示第四季度的費用會更低？

So look, the thing I would like to convey to you and to our shareholders is that we worked really hard over the last couple of years to build credibility that we are good stewards of our expense base.

因此，我想向您和我們的股東傳達的訊息是，我們在過去幾年中非常努力地工作，以建立我們是支出基礎的良好管理者的信譽。

And we guided flat at the beginning of the year.

我們在年初的指引持平。

And broadly speaking, there's been some pressure, I would say, on expenses that, for the most part, are revenue related.

從廣義上講，我想說，在大部分與收入相關的支出方面存在一些壓力。

And so if revenues are higher, there're some aspects that you just have to pay more expenses.

因此，如果收入更高，那麼在某些方面你就需要支付更多的費用。

So while I've guided roughly flat for the full year, there may be a little bit of pressure over the course of that because of higher revenues.

因此，雖然我對全年的指導大致持平，但由於收入增加，在此過程中可能會遇到一些壓力。

And also, as Robin said in his remarks, we've announced the acquisition of Archer and there will be some integration costs associated with that.

而且，正如 Robin 在他的演講中所說，我們已經宣布收購 Archer，並且會產生一些與之相關的整合成本。

But I feel very good, the fact that now we have 53,000 people who understand the importance of financial discipline.

但我感覺非常好，因為現在我們有 53,000 人了解財務紀律的重要性。

And that goes to pillar number two of being a really well-run company.

這就是成為一家真正運作良好的公司的第二個支柱。

All right.

好的。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great.

偉大的。

Thanks.

謝謝。

Thanks.

謝謝。

Good morning, folks.

早安，夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe just on -- just sticking with the revenue dynamic, the -- talking about the opportunity, the commercial lift off and the enterprise approach.

也許只是——只是堅持收入動態，——談論機會、商業起飛和企業方法。

The early traction that you're getting, I think you referenced some clients now doing multiple services.

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?

能多談談您認為這可能如何影響營收成長軌跡嗎？

And then also just if you can just reconfirm the general revenue delta to equity markets.

然後，如果你能重新確認股票市場的一般收入增量。

I think it was like 10% equity market moves can have a impact of about 1% revenue.

我認為，就像 10% 的股市波動會對大約 1% 的收入產生影響。

So I just wanted to break apart those two dynamics, just really showing that you're actually generating this revenue growth aside from markets.

所以我只是想分解這兩種動態，只是真正表明除了市場之外，你實際上正在創造這種收入成長。

So if I take the last question first -- hopefully, that was your two questions in one go.

所以，如果我先回答最後一個問題──希望這是你同時提出的兩個問題。

So a 5% gradual change in equity markets is roughly $60 million in fees annually.

因此，股票市場 5% 的漸進變動每年大約需要 6,000 萬美元的費用。

And a 5% gradual change in fixed income markets is roughly 40% -- or $40 million in fees annually.

固定收益市場 5% 的漸進變動約為 40%，即每年費用為 4,000 萬美元。

So that's a little bit on the sensitivity analysis.

這就是敏感度分析的一些內容。

And so on just the commercial lift off that Robin talked about in his remarks, it really is -- Cathinka Wahlstrom, who's with us now for over a year, spent the first year really on a listening tour and organizing roughly our 1,200 to 1,500 leading client coverage people around the world in terms of what we want our ambition to be, what are the products that we have, and how can we educate our total force to be able to out there with clients delivering the whole of the firm.

羅賓在演講中談到的商業起飛，確實是這樣——Cathinka Wahlstrom，現在和我們在一起一年多了，第一年真正花在了聆聽之旅上，並組織了大約1,200 到1,500 名領先者客戶涵蓋世界各地的人們，了解我們的目標是什麼，我們擁有什麼產品，以及我們如何教育我們的整體力量，以便能夠與客戶一起交付整個公司。

I think -- and also, if you just talk about Archer for a second.

我想——而且，如果你只談一下阿切爾的話。

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.

我認為幾年前，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。

And I think Robin's point in his remarks are really, really important where you buy it once, you use it multiple times, and it's an acquisition that's done for the enterprise that will serve multiple lines of business.

我認為羅賓在他的言論中的觀點非常非常重要，你購買一次，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 strategic way going forward.

這就是您應該如何思考我們的客戶覆蓋模型將如何以策略方式向前發展。

We're going to deliver holistic solutions for our clients.

我們將為客戶提供整體解決方案。

Clients have a better understanding of the diversified nature of our business franchise, and they're just buying more from us.

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。

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.

它只會體現在收入中，我們對第四季度預算季的規劃以及 2025 年即將到來的機會方面的進展感到非常滿意。

Great.

偉大的。

That's helpful.

這很有幫助。

I'll get back in the queue for another question.

我會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.

謝謝。

Good morning, guys.

早安，夥計們。

So maybe just wrapping some of the comments you made around fee and a bigger picture question.

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。

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 attorney here.

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，交叉銷售的方法在這裡採用了完全不同的律師。

So when you use them out and you look at the business holistically, how do you think about the organic fee growth that the enterprise can generate over time?

因此，當您使用它們並從整體上審視業務時，您如何看待企業隨著時間的推移可以產生的有機費用成長？

So you're trying -- so we don't guide on fees, haven't done -- don't intend to do it here.

所以你正在嘗試 - 所以我們不指導費用，還沒有這樣做 - 不打算在這裡這樣做。

But what I would say is -- and I gave this answer as an earlier question.

但我想說的是——我在之前的問題中給了這個答案。

We are seeing underlying growth across all three of our business segments.

我們看到我們所有三個業務部門的潛在成長。

Our underlying organic growth this year, we feel quite happy about.

我們今年的基本有機成長讓我們感到非常高興。

And we feel it reflects a really good nine months of the year.

我們認為這反映了一年中非常好的九個月。

And there's no reason to expect that that momentum won't continue.

沒有理由認為這種勢頭不會持續下去。

And I do feel the way we've set up for the back half of this year and into next year, it's a flywheel of innovation.

我確實感覺到我們為今年下半年和明年所做的準備，這是一個創新的飛輪。

And we have a lot of growth initiatives.

我們有很多成長計劃。

And we've come together and we have a group of people who are working on what we call integrated solutions.

我們走到了一起，我們有一群人正在致力於我們所說的整合解決方案。

And so we have a number of interesting things in the pipeline.

因此，我們正在醞釀一些有趣的事情。

Robin talked about Alts Bridge in his remarks, talked about Archer in his remarks.

Robin在發言中談到了Alts Bridge，在發言中談到了Archer。

There are things that we're doing within specific lines of business coming together.

我們在特定的業務範圍內正在做一些事情。

We talked about Pershing being realigned into clearance and collateral management, and that's driving growth as well.

我們談到潘星正在重新調整以進行清算和抵押品管理，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.

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。

And we will continue to do that into next year.

我們將在明年繼續這樣做。

And Alex, I'd just add.

亞歷克斯，我想補充一下。

Dermot really alluded to this in what he just said.

德莫特在他剛才的話中確實提到了這一點。

But right from the beginning, we've had two approaches.

但從一開始，我們就有兩種方法。

One is to think about this endeavor of fully realizing BNY's potential as a multiyear endeavor, and we recognize that there are going to be different ways in which that will come together in different years.

一是把充分發揮紐約銀行潛力的努力視為一項多年的努力，我們認識到，在不同的年份裡，會採取不同的方式來實現這一目標。

And North Star, as you know, for us, is operating leverage.

如您所知，北極星對我們來說是營運槓桿。

And that came about in a slightly different way in 2023 than it did in '24.

2023 年的情況與 2024 年略有不同。

And it could be different again in '25 as we really get into that conversation ultimately when we talk to you in January.

25 年情況可能會再次不同，因為當我們在一月份與您交談時，我們最終會真正進入對話。

But we've simultaneously invested in things that we knew would be important for the short term and for the medium term and for the longer term.

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。

And so both Dermot and I have talked about this platform's operating model.

所以德莫特和我都討論了這個平台的營運模式。

That's a great example.

這是一個很好的例子。

There have been some benefits that come early on in that process.

在這個過程的早期就出現了一些好處。

We brought like things together across the company.

我們將整個公司的類似事物聚集在一起。

There have been benefits on the revenue side.

收入方面也有好處。

There have been benefits on the expense side from doing it.

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.

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服務。

We're able to solve problems more quickly for clients.

我們能夠更快地為客戶解決問題。

And so there's a payoff there.

所以這是有回報的。

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.

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, there's a revenue story there, but there's also an expense story.

再說一遍，這裡有一個收入故事，但也有一個支出故事。

And that's how we're thinking about it.

這就是我們的想法。

Notwithstanding, we haven't given you a specific growth target number.

儘管如此，我們還沒有給你一個具體的成長目標數字。

Make no mistake, we're invested in creating that growth.

毫無疑問，我們致力於創造這種成長。

Yeah.

是的。

No, fair enough.

不，很公平。

I appreciate all that.

我很感激這一切。

Smaller tactical question for you guys.

對你們來說是一個較小的戰術問題。

So the repo activity continue to be quite elevated, and you mentioned that in your prepared remarks as well.

因此，回購活動繼續相當高，您在準備好的演講中也提到了這一點。

Is it possible to help size how much repo contributed across the enterprise?

是否有可能幫助確定回購在整個企業中貢獻了多少？

It hits you in a couple of different ways.

它以幾種不同的方式打擊你。

Obviously, there's the NII benefit and there's some fee benefits.

顯然，有 NII 的好處，也有一些費用的好處。

So as you think about the more normalized level of reproductivity versus what you saw in the quarter, how big of a contributor was that in totality?

因此，當您考慮與本季度所看到的更加標準化的生育水平相比時，這總體上有多大貢獻？

And as you look forward, given changes in monetary policy expectations, but also some of the client behavior that you mentioned earlier, how sustainable 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，您最終認為該市場活動步伐加快的可持續性如何？

So on the repo question -- so a cleared repo, for sure, we saw elevated activity, particularly going into the back end of the quarter and in the early part of this quarter.

因此，在回購問題上，當然，我們看到回購交易活動增加，特別是在本季末和本季初。

And that, in large part, contributed to the outperformance for the Q3 NII.

這在很大程度上促成了第三季國家資訊基礎設施的優異表現。

That has now moderated somewhat.

現在情況有所緩和。

And so in my prepared remarks -- and in terms of the guidance.

在我準備好的發言中以及指導方面也是如此。

That's why I feel like roughly for NII, we're about $1 billion for the fourth quarter.

這就是為什麼我感覺 NII 的第四季營收約 10 億美元。

In terms of cleared repo, overall, as a contributor to the NII over the course of the year, it's roughly about 5% of the number.

就已清算回購而言，總體而言，作為全年 NII 的貢獻者，約佔總數的 5% 左右。

As it relates to elevated activity in terms of volume and activity, I think from what we see on our platforms, we see that continuing to be the case in the medium term.

由於它與數量和活動方面的活動增加有關，我認為從我們在平台上看到的情況來看，我們認為這種情況在中期仍然如此。

There's no reason for the slowdown.

沒有理由放慢速度。

It's been a very strong year, a very, very active client engagement, product innovation.

這是非常強勁的一年，客戶參與非常非常積極，產品創新也非常積極。

And particularly on the international side, we said at the beginning of the year in our strategic call in January that international was going to be a key area of focus on the platform. and that's been the case, and that's shown up in the results.

特別是在國際方面，我們在今年年初在一月份的策略電話會議中表示，國際將成為該平台的重點領域。事實就是如此，結果也反映了這一點。

So I think overall, as I said in my prepared remarks as well, in terms of the liquidity ecosystem, in total, hit a high for us at $1.5 trillion.

因此，我認為總體而言，正如我在準備好的發言中所說，就流動性生態系統而言，總體而言，我們達到了 1.5 兆美元的高點。

That's up from $1.2 trillion a couple of years ago, and that's in the backdrop of liquidity coming out of the system.

這一數字高於幾年前的 1.2 兆美元，而且是在流動性從系統中流出的背景下實現的。

So we've grown quite substantially.

所以我們已經有了相當大的成長。

And that again is coming back to connecting the dots across the firm, getting teams collaborating more, being more digital, providing innovative solutions to clients.

這又回到了連結整個公司的各個點，讓團隊更能協作，更數位化，為客戶提供創新的解決方案。

And that is really powering the growth.

這確實推動了成長。

If I could just relate that back to a question that Mike had 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 roughly the right waters to be able to participate in things that are happening in the world, that's very important.

如果我可以將其與麥克之前提出的問題聯繫起來，因為我認為這些事情是相關的，那麼你必須記住，我們的策略是在大致正確的水域中擁有大致正確的礦石，以便能夠參與其中世界上正在發生的事情，這非常重要。

So if I just supplement what Dermot said, with the additional observation that we're the world's largest security lender that generates repo activity.

因此，如果我只是補充德莫特所說的話，再加上我們是世界上最大的產生回購活動的證券貸款人。

We're the world's largest collateral manager so we get to capture fees associated with repo doing repo.

我們是世界上最大的抵押品管理公司，因此我們可以收取與回購協議相關的費用。

We obviously play this role in the US treasury market, which participates in the growth of US Treasury repo.

我們顯然在美國國債市場扮演這個角色，參與了美國國債回購的成長。

We have all of these different touch points.

我們擁有所有這些不同的接觸點。

And so there are different ways in which we can collect across software in some cases, services that we administer in others, and participation in different, both global markets and also product types, which align in indirect ways to that.

因此，我們可以透過不同的方式來收集某些情況下的軟體、我們在其他情況下管理的服務以及不同的全球市場和產品類型的參與情況，這些都以間接的方式與此相一致。

So 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.

因此，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部分。

And we can participate in the benefit of that growth.

我們可以分享這種成長的好處。

Yeah, that's a helpful framework to discuss it this way.

是的，這是一個以這種方式討論的有用框架。

Yeah.

是的。

Thank you, both.

謝謝你們，兩位。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Hi, Dermot.

嗨，德莫特。

Hi, Robin.

嗨，羅賓。

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 at very strong capital levels.

羅賓，你能給我們一些想法嗎——顯然，你談到了你在本季度完成的收購——你的前景是什麼——你顯然擁有非常強大的資本水平。

Your stock has moved very nicely this year, and you get a better currency.

今年你的股票走勢非常好，而且你得到了更好的貨幣。

What the outlook is for just other types of acquisitions, if there are some that could be complementary to what you're currently doing?

如果有一些收購可以補充您目前正在做的事情，那麼其他類型的收購的前景如何？

Sure, Gerard.

當然，杰拉德。

First of all, just make a quick comment about Archer.

首先，簡單評價一下Archer。

Looking forward to closing that transaction in the fourth quarter and welcoming the team in.

期待在第四季度完成該交易並歡迎團隊加入。

And this relates a little bit to a couple of other things that we've already talked about on the call.

這與我們在電話中已經討論過的其他一些事情有一點關係。

One is participation in markets and the other one earlier on, on ETFs.

一是參與市場，二是早前參與 ETF。

If you just think about the way that we view the world construct, once upon a time they were mutual funds.

如果你想想我們看待世界的方式，從前它們就是共同基金。

More recently, in the past decade or so, it's really been the explosion of ETFs.

最近，在過去十年左右的時間裡，ETF 確實出現了爆炸性增長。

And there's simultaneous thing going on, which is the growth of separately managed accounts.

同時，獨立管理帳戶的成長也正在發生。

And so in the same way that Dermot described how we've participated in outsized participation of the ETF migration, Archer is a transaction that prepositions us to be able to participate hopefully in an outsized way associated with the transition to separately managed accounts.

因此，就像德莫特描述我們如何大規模參與 ETF 遷移一樣，Archer 是一項交易，它使我們能夠以與向單獨管理帳戶過渡相關的大規模方式參與。

So it relates to that strategic question, of growth and participating in different markets that we talked about.

因此，這與我們談到的成長和參與不同市場的策略問題有關。

Now stepping back to the other part of your question, really, the heart of it on M&A.

現在回到問題的另一部分，實際上是併購的核心。

Look, our primary focus is what we have and how we can improve on it.

看，我們的主要關注點是我們擁有什麼以及如何改進它。

And Dermot and I both talk a lot about the fact that we've looked very carefully at our businesses and we love our businesses.

德莫特和我都談論了很多這樣的事實：我們非常仔細地審視我們的業務並且我們熱愛我們的業務。

We think we have a great set of businesses.

我們認為我們擁有一系列出色的業務。

We think they are great ones to be in, and we think that they have a lot of adjacency to each other.

我們認為他們是很棒的人，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 ways and solutions than maybe we have before.

我們認為，這些東西的傳播可以以比以前更多的聯合方式和解決方案為我們的客戶提供更多的服務。

So it isn't that we do M&A from a position in any way of needing to do things, it's we're able to be very opportunistic, and we obviously like that a lot.

所以，這並不是說我們需要以任何方式進行併購，而是我們能夠非常機會主義，而且我們顯然非常喜歡這一點。

But notwithstanding that we're pleased with what we have, we don't want to be complacent.

但儘管我們對我們所擁有的感到滿意，但我們不想自滿。

So we keep our eyes open, and we look at things.

所以我們要睜大眼睛，觀察事物。

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 to those trends.

Archer 的誕生是我們內部進行策略性業務審查的結果，我們著眼於長期趨勢，研究我們如何適應這些趨勢。

And then we went out and we looked very specifically for a 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 derisk delivery of what we're trying to do.

然後我們出去，我們非常具體地尋找一種能夠做到這一點的能力，重點是「能力」這個詞，即可消化的、附加的東西，可以加速我們正在嘗試做的事情，或者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 than building it ourselves with a great team, great technology, ideally like this one, an installed book of business is also helpful, then we feel very good about it.

如果我們可以購買一項技術，它比我們自己與一個優秀的團隊、偉大的技術一起構建它更有效或更不讓人分心，最好像這樣，一本已安裝的商業書籍也很有幫助，那麼我們對此感覺非常好。

As long as it aligns with those priorities, is a good cultural fit, has a good attractive returns.

只要它符合這些優先事項，具有良好的文化契合度，具有良好的有吸引力的回報。

So that's our M&A thought process.

這就是我們的併購思考過程。

And then that fits into the overall waterfall, which we've talked about before, which is, if we have excess capital, we're going to, of course, be prudent.

然後，這符合我們之前討論過的整體瀑布，也就是說，如果我們有多餘的資本，我們當然會保持謹慎。

And so we like excess capital.

所以我們喜歡過剩的資本。

That's bad thing in an uncertain world.

在一個不確定的世界裡，這是一件壞事。

And so that's a very important consideration.

所以這是一個非常重要的考慮因素。

Then we look at whether or not we could invest it.

然後我們看看是否可以投資。

Good news, as you know, we're a pretty capital-light model.

好消息，如您所知，我們是一個相當輕資本的模式。

We're very capital generative, so we don't need a ton of capital to reinvest in our business to keep growing it.

我們的資本產生能力很強，因此我們不需要大量資本來對我們的業務進行再投資以維持業務成長。

Then we look at whether or not we need something for some type of additional need, like the Archer example, and then we distribute the rest.

然後我們看看是否需要某些東西來滿足某種類型的額外需求，例如 Archer 的例子，然後我們分配其餘的。

And this has been obviously a good year to see all of that on display.

今年顯然是看到所有這些展示的好一年。

We've been prudent.

我們一直很謹慎。

We've run at elevated capital levels, and, as Dermot indicated, we intend to return 100%-plus of net earnings to shareholders.

我們的資本水準很高，正如德莫特所說，我們打算將 100% 以上的淨利潤返還給股東。

And we've been able to make an acquisition.

我們已經能夠進行收購。

And so this is a pretty good model year for how we think about the world.

因此，對於我們如何看待世界來說，今年是一個非常好的典範。

Very good.

非常好。

Thanks for the answer.

感謝您的回答。

And then just a quick follow-up, Dermot.

然後是快速跟進，德莫特。

You gave us that sensitivity analysis about a gradual 5% change in the equity markets and fixed income and the impact it would have on revenue.

您向我們提供了有關股票市場和固定收益逐漸發生 5% 變化及其對收入影響的敏感度分析。

Was that for up markets, meaning if the gradual increase was 5% up?

這是針對上漲市場的情況嗎？

Does that also reflect down market, if markets were down 5%?

如果市場下跌 5%，這是否也反映了市場的下跌？

That's the impact we would expect to see.

這就是我們期望看到的影響。

That's correct, Gerard.

沒錯，傑拉​​德。

That's correct.

這是正確的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Hey.

嘿。

Good morning.

早安.

Good morning, Ebrahim.

早安，易卜拉欣。

I have a follow-up with some of your responses, I think.

我想我會對你的一些回應進行跟進。

I guess, depending how -- maybe starting with this capital allocation, so how'd your response to Gerard's question around M&A and such.

我想，這取決於如何——也許從資本配置開始，那麼你對傑拉德關於併購等問題的回應如何。

But just talk to us how you think about -- when we think about the valuation of the stock on price to earnings, price to tangible book.

但請告訴我們您的想法—當我們考慮股票的本益比、有形帳面價值的估值。

At the same time, this year has been pretty good market backdrop wise.

同時，今年的市場背景也相當不錯。

And as an investor shareholder, you care about ROE resiliency of these firms.

身為投資人股東，您關心這些公司的股本報酬率彈性。

So one maybe, Robin or Dermot, talk to us about your comfort around ROE resiliency?

那麼，Robin 或 Dermot，請與我們談談您對 ROE 彈性的滿意度？

If the market backdrop is unfavorable, what's the flex in the system?

如果市場環境不利，系統的彈性是什麼？

And given where things stand today, like how do you think about the stock valuation versus the commitment to return 100%-plus buybacks and dividends?

考慮到目前的情況，您如何看待股票估值與 100% 以上回購和股息回報的承諾？

Thank you.

謝謝。

I'll take the second bit first, and then Dermot will reflect on the first part of your question.

我先回答第二部分，然後德莫特會思考你問題的第一部分。

So the good news is that we can also pay attention to the way that you all think about the stock and your views of our stock.

所以好消息是我們還可以關注大家對股票的看法以及對我們股票的看法。

And we appreciate the fact that many of you have expressed confidence in our forward direction.

我們感謝你們中的許多人對我們的前進方向表示信心。

We believe in ourselves as well.

我們也相信自己。

And so while 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.

因此，當然，儘管我們確實將價格視為資本回報框架的眾多輸入因素之一，但我們並不認為當前價格對於繼續股票回購而言存在問題。

Ebrahim, when I took on the role a couple of years ago, I guess I got a lot of questions about is this just going to be more of the same or what's different?

易卜拉欣，幾年前當我接手這個角色時，我想我有很多問題，這只是會變得更加相同還是有什麼不同？

And now we're several quarters into the new team, and Robin has really bolstered that team and through the strategic pillars, communication, the principles, the medium-term financial targets.

現在我們已經進入新團隊幾個季度了，羅賓透過策略支柱、溝通、原則和中期財務目標確實為該團隊提供了支持。

He's really started to evolve the culture of BNY.

他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.

因此，我們承諾在整個週期中為股東提供積極的營運槓桿。

And so if you just take a step back and look at this quarter's financials, 5% revenue growth, flat expense growth, 33% pre-tax margin, upper end of Tier 1 leverage 6%, 23% return on tangible common equity, and a 22% EPS growth.

因此，如果您退一步看一下本季度的財務數據，您會發現收入增長 5%，支出固定增長，稅前利潤率 33%，一級槓桿上限 6%，有形普通股回報率 23%，以及每股收益成長22%。

And what I would say is a solid beast.

我想說的是一隻堅固的野獸。

So I don't really think about the valuation of the firm on any given day.

所以我並沒有真正考慮過公司在某一天的估值。

We just care about delivering for our clients and our shareholders.

我們只關心為我們的客戶和股東提供服務。

And if we do that in a first-class way, the valuation will take care of itself.

如果我們以一流的方式做到這一點，估值就會水到渠成。

And you asked about the returns and our comfort with them.

您詢問了退貨情況以及我們對退貨的滿意度。

Look, we've given medium-term targets, as Dermot just said, that's greater than or equal to 23% for ROTCE.

看，我們已經給出了中期目標，正如德莫特剛才所說，ROTCE 大於或等於 23%。

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

因此，我們顯然很欣賞這一點，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.

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。

We talked about the equity markets and the fixed income markets.

我們討論了股票市場和固定收益市場。

I talked about the fact that it is software, it's services, platforms and market valuations and transaction volumes.

我談到了這樣一個事實：它是軟體、服務、平台、市場估值和交易量。

These are all that we participate in.

這些都是我們參與的。

Capital markets activities has been important to us in 2024.

2024 年資本市場活動對我們來說非常重要。

The fact that we 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.

事實上，我們透過債務資本市場業務參與企業信託業務，這些業務都參與了資本市場的整體成長。

We participate in scale of markets and things like the treasury market is a good example.

我們參與規模化的市場，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 terms of the vagaries of any one particular market or cycle.

因此，我們的組合多元化有助於我們在任何特定市場或週期的變幻莫測時保持彈性。

Now of course, things will move around, and that's why Dermot mentioned the point about our commitment to positive operating leverage in almost all reasonable scenarios that we can imagine because we recognize that NII, which is part of our mix, but so too are the fees and then our ability to control expenses.

當然，現在事情會發生變化，這就是為什麼德莫特提到了我們在幾乎所有我們可以想像的合理情況下對積極營運槓桿的承諾，因為我們認識到NII是我們組合的一部分，但也是如此費用，然後是我們控制開支的能力。

We could make expenses less than they are now.

我們可以讓開支比現在少。

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.

我們選擇在現有層面上管理它們，因為我們相信，在當前環境下，投資該業務以實現未來成長正是我們現在應該做的事情。

But it wouldn't always have to be so.

但情況並非總是如此。

Appreciate that.

很欣賞這一點。

And if I can sneak one quick more follow-up, Dermot, I think you mentioned fourth quarter NII slightly lower than 3Q.

如果我能再快速跟進一下，Dermot，我想您提到第四季度的 NII 略低於第三季。

We've seen a few rate cuts in Europe, in the US now in September.

我們已經看到歐洲和美國在九月都進行了幾次降息。

Is it fair to assume that absent a dramatic change in rates, this $1 billion in quarterly NII is where we are bouncing around at the bottom?

假設在利率沒有發生巨大變化的情況下，這 10 億美元的季度 NII 就是我們在谷底反彈的地方，這是否公平？

And then if deposit growth picks up, QT stops, that it should go off that base?

然後，如果存款成長加快，QT 停止，那麼它應該脫離這個基礎嗎？

Or am I missing something?

還是我錯過了什麼？

So if you look back at our last five quarters, we've toggled between $1 billion and $1.1 billion.

因此，如果你回顧過去五個季度，我們的營收在 10 億美元和 11 億美元之間切換。

Q3 was a stronger quarter for us for a number of reasons, principally volatility in the market at the beginning of August and clients held more cash.

由於多種原因，第三季對我們來說是一個強勁的季度，主要是八月初市場的波動以及客戶持有更多現金。

And then towards the back end of the quarter, once there was a clear view on where the Fed was going to go at rates, clients started to put money into money market funds, which ended up with us.

然後在本季末，一旦對聯準會的利率走勢有了明確的看法，客戶就開始將資金投入貨幣市場基金，最終選擇了我們。

And so we benefited from those two principal things.

因此，我們從這兩件主要事情中受益。

And so our deposit balances have leveled off here.

因此我們的存款餘額已經趨於平穩。

We expect maybe NIBs grind down a little bit from here.

我們預計 NIB 可能會從這裡開始下降。

And so as I said maybe 10 minutes ago, $1 billion for Q4 is the best guidance I can give you today.

正如我 10 分鐘前所說，第四季 10 億美元是我今天能給你們的最佳指引。

And for '25, I don't see NII being a headwind for us.

對於 25 年來說，我不認為 NII 對我們來說是一個阻力。

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，我們採取了廣泛的行動，重新定位我們的 CIO 書籍，以隔離「25」。

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

(Operator Instructions) Betsy Graseck, Morgan Stanley.

（操作員指令）Betsy Graseck，摩根士丹利。

Hi.

你好。

Good afternoon.

午安.

Hey, Betsy.

嘿，貝特西。

Okay, two quick questions.

好的，兩個簡單的問題。

One is on the buyback question.

一是關於回購問題。

And I know you said, look, you're very accretive on earnings accretion.

我知道你說過，你看，你的收入成長非常快。

You don't need a lot of capital for the business model, of course, as we know.

當然，正如我們所知，您的商業模式不需要大量資金。

And you're above your target CET1 of 11%.

而您的 CET1 成績高於 11%。

And Tier 1 leverage target, 5.5% to 6%, you're at the high end of that range.

一級槓桿目標為 5.5% 至 6%，處於該範圍的高端。

And so when we think about the 100%-plus, how should we think about the plus part of the 100%-plus?

那麼當我們考慮100%以上時，我們該如何考慮100%以上的加部分呢？

Because it feels like totally 100% makes sense, but there's room to bring these to optimize the capital structure more.

因為感覺完全 100% 有意義，但還有空間可以進一步優化資本結構。

So I'm thinking about -- I'm wondering what time frame are we talking about to optimize your capital structure, do you feel?

所以我在想——我想知道我們正在談論什麼時間框架來優化你的資本結構，你覺得嗎？

So thanks for the question, Betsy.

謝謝你的提問，貝特西。

Last year, we returned a little north of 120%.

去年，我們的回報率略高於 120%。

This year, in January, we guided a 100% or more, given the uncertainty in the markets, geopolitical, the US presidential elections, a wide range of uncertainty with Fed.

今年1月份，考慮到市場、地緣政治、美國總統選舉、聯準會的廣泛不確定性，我們的指導值為100%或更多。

In January, we thought the year was going to be very different to where it's ended up.

一月份，我們認為這一年將會與最終的結果大不相同。

And I think, on previous calls, we said we wanted for now stick towards the upper end of our Tier 1 leverage ratio, which is the 6% range.

我認為，在先前的電話會議中，我們表示我們現在希望堅持一級槓桿率的上限，即 6% 的範圍。

And so when you take that and the Archer transaction, we think we're still on track to do the 100% or more.

因此，當你考慮到這一點和 Archer 交易時，我們認為我們仍然有望實現 100% 或更多。

Two, three quarters, we're at 103%.

四分之二、三分之二，我們達到了 103%。

So I wouldn't expect that to materially change from here.

所以我不認為這種情況會從這裡發生實質改變。

Okay.

好的。

Got it.

知道了。

And then the other question.

然後是另一個問題。

You mentioned one-third of BNY is now on the platform model.

您提到紐約銀行三分之一的資金現在都在平台模型上。

And are you taking 100% of the firm there?

您是否持有該公司 100% 的股份？

And just wondering about implications for the runway for efficiency improvements as you execute on that?

只是想知道執行此操作時對跑道效率提高的影響？

Thanks.

謝謝。

So a quarter of the firm, roughly 13,000 employees, are on the platform now.

因此，該公司四分之一的員工，即約 13,000 名員工，現在都在該平台上。

Happened in two waves, March and September, with another wave going live in Q1 of next year.

分兩波進行，即 3 月和 9 月，另一波將在明年第一季上線。

And so I wouldn't necessarily think of our platform operating model as a mechanism just for efficiency.

因此，我不一定認為我們的平台營運模式只是一種提高效率的機制。

It really is -- it's going to drive top line growth and is going to run the company better and it's going to help us have a different culture in terms of more joined-up thinking.

確實如此——它將推動營收成長，更好地經營公司，並將幫助我們在更團結的思維方面擁有不同的文化。

So it really is the mechanism by which we deliver the three strategic pillars.

所以這確實是我們實現三大戰略支柱的機制。

And so the answer to the question about 100% is, yes.

所以關於 100% 的問題的答案是，是的。

And from probably -- from here, it's probably another 18 months before the firm is fully up there.

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。

But by the end of Q1 of next year, we expect about half of the firm will be live on the model.

但到明年第一季末，我們預計大約一半的公司將使用該模型。

And the feedback so far from our team around the world is extraordinarily positive, so it's really worked well for us as a firm.

到目前為止，我們來自世界各地的團隊的回饋非常積極，因此這對我們公司來說確實非常有效。

And Beth, you remember the tail of benefit extends way past the 18-month point.

Beth，你還記得福利的尾部已經遠遠超過了 18 個月的時間點。

Because sometimes, it's not until folks are in the model and operating in that new approach that they're really able to examine some of the core questions that that platform is confronted with in terms of how to optimize.

因為有時，直到人們進入模型並以新方法進行操作時，他們才真正能夠檢查該平台在如何最佳化方面面臨的一些核心問題。

So we expect the benefit that that Dermot was describing to be a multiyear endeavor past that 18-month point.

因此，我們預期德莫特所描述的好處是 18 個月後的多年努力的結果。

Got it.

知道了。

All right.

好的。

Thanks so much.

非常感謝。

Appreciate it.

欣賞它。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

Just one wrap up for me.

只為我做一個總結。

Dermot, I love you pointed out the 5% revenue growth, flattish expenses lead to 20% earnings growth.

德莫特，我愛你指出，5% 的收入成長，持平的支出導致 20% 的獲利成長。

That is the power of the BK model.

這就是 BK 模型的力量。

If you look just -- I know it's just one quarter, but if you look at the sequential numbers, the story changed a little bit with everything about flat and earnings down a little bit.

如果你看一下——我知道這只是一個季度，但如果你看一下連續的數字，情況就發生了一些變化，有關持平和收益的一切都略有下降。

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?

我只是——我要問的是，這是否以任何方式告訴我們，當我們進入 25 世紀時我們會如何看待？

A lot of your business metrics and balance and client wins are up.

您的許多業務指標、平衡性以及客戶獲勝量都在上升。

So my gut is now, but I just want to see from that perspective.

所以我現在的直覺是，但我只想從這個角度來看。

How you feel about that?

你對此有何感想？

So I think you got it correct.

所以我認為你說得對。

It is (inaudible) and it's all just about timing and when we onboard clients and put people on the platform and when the revenue starts to get recognized.

是的（聽不清楚），這一切都取決於時機，以及我們什麼時候吸引客戶、什麼時候把人們放到平台上以及什麼時候收入開始得到認可。

So just in terms of the backlog across all our business is, strong pipeline continues to grow.

因此，就我們所有業務的積壓而言，強大的管道持續成長。

And, yeah, so your intuition is correct.

是的，所以你的直覺是正確的。

All right.

好的。

Awesome.

驚人的。

Thank you.

謝謝。

Rajiv Bhatia, Morningstar.

拉吉夫·巴蒂亞，晨星公司。

Yeah, just a quick one for me, I guess, on the depository receipts business.

是的，我想，我想簡單介紹一下存託憑證業務。

And I appreciate it's a small business, but the number of sponsored programs continue to decline.

我很欣賞這是一家小型企業，但贊助項目的數量持續下降。

Is that something we should continue to expect to decline?

我們應該繼續預期這種情況會下降嗎？

And is it competitive takeaways or something else that's driving that?

是競爭優勢還是其他因素推動了這個趨勢？

Thanks.

謝謝。

So I wouldn't really read too much into that.

所以我不會對此進行太多解讀。

That's -- we've talked about that for several years about the sponsored program going away and not been around.

那就是——我們已經討論了好幾年關於贊助計畫即將消失並且不再存在的問題。

It's still here.

它還在這裡。

Depository receipts 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 very good margin to it.

存託憑證總體來說是一項小業務，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，而且它有非常好的利潤。

And we have like very significant market share in that business.

我們在該業務中擁有非常重要的市場份額。

So it's something that we continue to invest in.

所以這是我們繼續投資的事情。

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.

我們認為這對我們的特許經營權非常重要，而且從今天的情況來看，我們認為該業務不會出現長期下滑。

We also off-boarded some of the smaller clients in that particular business.

我們也關閉了該特定業務中的一些較小客戶。

So the headline of total number is a little bit misleading actually.

所以總數的標題其實有點誤導。

When -- if you were able to dig under the hood and see some of the clients that made up that decline, you'd see that they disproportionately skewed to the small.

如果你能夠深入挖掘並看到一些彌補了下降的客戶，你會發現他們不成比例地偏向小客戶。

Got it.

知道了。

Thank you.

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.

我的問題都已被提出並得到解答。

Thanks.

謝謝。

(Operator Instructions) Brian Bedell, Deutsche Bank.

（操作員指令）Brian Bedell，德意志銀行。

Oh great.

哦，太棒了。

Thanks for taking my follow up.

感謝您接受我的跟進。

Just one more on the margins, mostly at your 33% target in most areas.

就差一點了，大部分領域都達到了 33% 的目標。

So as you generate more sales from moving to the platform model and as we move into, say, next year or beyond, I guess, what's the view on spending some of that and investing in the business versus actually potentially generating margins well above 33%?

因此，當你透過轉向平台模式而產生更多銷售額時，當我們進入明年或更長的時間時，我想，相對於實際可能產生遠高於33% 的利潤率，花掉其中的一部分並投資業務有何看法？

So my answer to that one, Jim, would be, we want to demonstrate to you that we can prove that we can deliver 33% margins through the cycle.

吉姆，我對這個問題的回答是，我們想向您證明，我們可以證明我們可以在整個週期中實現 33% 的利潤率。

We gave guidance for the first time in January, and then we just managed to get there pretty quickly.

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。

But we want to stay there and show that we can deliver that over a period of time.

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 a very -- what's going to be quite an interesting budget season for us because we've done a lot of great things this year.

我們即將進入一個非常——對我們來說將是非常有趣的預算季節，因為我們今年做了很多偉大的事情。

I know the various teams around the firm want to do great things next year.

我知道公司的各個團隊都希望明年能做出偉大的事。

And to offset that balance, we want to be able to deliver positive operating leverage.

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 would inform how we communicate with you in January.

因此，接下來的八週以及我們明年如何建立公司將決定我們在一月如何與您溝通。

But we set out those targets because we believe we could hit them.

但我們設定這些目標是因為我們相信我們能夠實現這些目標。

The positive is we got there earlier than we thought.

積極的一面是我們比我們想像的更早到達那裡。

And now, we want to show that we can improve and maintain those margins that we've guided to previously.

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。

Brian, the best clue I could give you in terms of how we think about that, it's a little bit more detail, is if you actually look at us on a segment-by-segment basis, you can see us prosecuting the operating leverage journey differently in our three segments.

布萊恩，關於我們如何看待這個問題，我可以給你的最好線索是，如果你真的逐個部門地觀察我們，你可以看到我們正在實施營運槓桿之旅。所不同。

And we told you a year or so ago that that's what we were going to do.

大約一年前我們就告訴過你，這就是我們要做的事。

And so maybe to allay your concerns in terms of growth and investment, if you look at market and wealth services, we aren't trying to grow the margin there.

因此，也許為了減輕您對成長和投資的擔憂，如果您看看市場和財富服務，我們並沒有試圖增加那裡的利潤。

We're very happy with the margin, we just wanted to grow the total size of the business, which is exactly what we've been doing.

我們對利潤率非常滿意，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。

There are the other segments where we said we actually do want to grow the margin towards our medium-term targets for those segments.

我們確實希望在其他細分市場上提高利潤率，以實現這些細分市場的中期目標。

There, we are really growing the margin.

在那裡，我們確實在增加利潤。

And so you can see exactly your question at work in our segments.

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.

那顏色真棒。

Thank you very much.

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 the employees to the new platform over the next one to two years, how much do you see AI playing a role?

有了這些關於員工過渡的討論，我想，在未來一到兩年內，一半的員工將遷移到新平台，您認為人工智慧將發揮多大作用？

And can you give any metrics?

你能給一些指標嗎？

I mean keeping expenses flat, I don't know how much you're still investing in AI.

我的意思是保持支出不變，我不知道你還在人工智慧上投資了多少。

When Emily presented at the Boston Bank Conference last November, it seemed like BNY was all in for AI.

去年 11 月，當 Emily 在波士頓銀行會議上發言時，紐約銀行似乎全力支持人工智慧。

It was one of the most bullish cases made.

這是最樂觀的案例之一。

Yet you've heard out in the broader world, sometimes you have hit, sometimes you have misses.

然而，你在更廣闊的世界中聽過，有時你成功了，有時你失敗了。

So where -- how does AI relate to the whole platform strategy?

那麼人工智慧與整個平台策略有何關係？

And how committed are you to AI?

您對人工智慧的投入程度如何？

And do you have any numbers that you can give us, some concrete metrics?

您能給我們一些具體的數據嗎？

Thanks.

謝謝。

Sure.

當然。

So just to reiterate, we've got a quarter of our people in the platform's operating model.

重申一下，我們有四分之一的員工參與平台的營運模式。

And as Dermot said, it's an 18-month trajectory from here.

正如德莫特所說，這是一個 18 個月的軌跡。

That's really -- Mike, the way I think about platform's operating model is this concept of -- if you take it that we are, in fact, more and more a platforms company in terms of these large at-scale capabilities, often software and services, that we deliver generally in market-leading positions, number one, in a variety of different markets -- we've talked about things -- the businesses before; I won't repeat them -- then it follows to us from that that it makes sense for us to operate ourselves in a platform's operating model, which is the way that many other platform companies in the world operate themselves.

這確實是 - 麥克，我對平台營運模式的看法是這樣的概念 - 如果你認為我們實際上越來越成為一家平台公司，就這些大規模功能而言，通常是軟體和服務，我們在各種不同的市場中通常處於市場領先地位，第一——我們已經討論過——之前的業務；我不會重複它們——那麼我們就可以得出結論，我們按照平台的營運模式來運作自己是有意義的，這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 pursuing being pursuant to our broader strategy.

因此，這是一個圍繞著我們如何組織自己以追求更廣泛的策略的策略。

Now AI as a -- which is, of course, part of that -- we have an AI hub.

現在，人工智慧作為一個——當然，這是其中的一部分——我們有一個人工智慧中心。

We have a couple of hundred people in that AI hub, and we are absolutely investing in AI and 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.

我們的人工智慧中心有幾百人，我們絕對會投資人工智慧，並且相信人工智慧的力量能夠幫助我們的業務，無論是隨著時間的推移，為客戶帶來收入機會，還是讓我們的業務改變得更好。

And we haven't made a lot of noise about it, but don't misunderstand that for a lack of interest or investment.

我們並沒有對此大肆宣傳，但請不要誤解為缺乏興趣或投資。

Because we haven't slowed down.

因為我們沒有放慢腳步。

In fact, we've increased our AI investment.

事實上，我們已經加大了對人工智慧的投資。

And of course, notwithstanding all of that, you can see that from running the company well on an expense line, we're not allowing that enthusiasm to distract us from the important task of expense management.

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 pithy.

這就是——我並不是要簡潔。

But it's very, very important learning for us is that we, as a company, can walk and chew gum at the same time.

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。

We can invest in things that matter and we can manage the company well.

我們可以投資重要的事情，我們可以管理好公司。

We make choices, and AI is a choice of something we're leaning into.

我們做出選擇，而人工智慧是我們對所傾向的事物的選擇。

And we think that's important for the future.

我們認為這對未來很重要。

Thank you.

謝謝。

Thank you.

謝謝。

And with that, that does conclude our question-and-answer session for today.

到此，我們今天的問答環節就結束了。

I would now like to turn the call back over to Robin for any additional or closing remarks.

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.

謝謝接線員，也謝謝大家今天抽出寶貴的時間。

We appreciate your interest in BNY.

我們感謝您對紐約銀行的興趣。

Please reach out to Marius and the IR team if you have any follow-up questions.

如果您有任何後續問題，請聯絡 Marius 和 IR 團隊。

Be well.

祝你一切順利。

Thank you.

謝謝。

This does conclude today's conference and webcast.

今天的會議和網路廣播到此結束。

A replay of this conference call and webcast will be available on the BNY Investor Relations website at 2:00 PM, Eastern Standard Time, today.

本次電話會議和網路廣播的重播將於東部標準時間今天下午 2:00 在紐約銀行投資者關係網站上播放。

Have a great day.

祝你有美好的一天。