紐約梅隆銀行 (BK) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the 2024 fourth-quarter earnings conference call hosted by BNY.

下午好，歡迎參加BNY主辦的2024年第四季財報電話會議。

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

（操作員指示）請注意，本次電話會議和網路廣播將被錄音，並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.

現在我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.

謝謝您，接線生。

Good afternoon, everyone, and welcome to our earnings call for the fourth quarter of 2024.

大家下午好，歡迎參加我們 2024 年第四季的財報電話會議。

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

與我一起出席的還有我們的總裁兼執行長 Robin Vince 和財務長 Dermot McDonogh。

Robin will start with a strategic update, followed by Dermot with his financial update and outlook.

羅賓將首先介紹策略更新，然後德莫特將介紹其財務更新和展望。

Both will reference our quarterly update presentation, which can be found on the Investor Relations page of our website at bny.com.

兩者都將參考我們的季度更新報告，可在我們網站 bny.com 的投資者關係頁面上找到。

I'll also note that our remarks will contain forward-looking statements and non-GAAP measures.

我還要指出的是，我們的評論將包含前瞻性陳述和非公認會計準則指標。

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 is available in the earnings press release, financial supplement, and quarterly update presentation, all of which can be found on the Investor Relations page of our website.

有關這些聲明和非 GAAP 指標的資訊可在收益新聞稿、財務補充和季度更新報告中查閱，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, January 15, 2025, and will not be updated.

本次電話會議中的前瞻性陳述僅截至 2025 年 1 月 15 日有效，且不會更新。

With that, I will turn the call over to Robin.

說完這些，我會把電話轉給羅賓。

Thanks, Marius.

謝謝，馬呂斯。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝大家的參與。

Before we get into our results, I want to address the ongoing wildfires affecting parts of Los Angeles.

在我們了解結果之前，我想先談談正在影響洛杉磯部分地區的野火。

We're heartbroken by the tremendous loss being suffered by the community, where we have several officers.

我們為社區遭受的巨大損失深感心碎，我們的幾名警官就在那裡。

As always, our primary concern is for the safety and well-being of our employees and clients located in the effective areas.

像往常一樣，我們首要關心的是位於有效區域的員工和客戶的安全和福祉。

And we have also committed matching employee donations to eligible nonprofits, providing relief and recovery to those impacted by the fires.

我們也承諾向符合資格的非營利組織提供等額員工捐款，為受火災影響的人們提供救濟和復原。

Turning now to our quarterly update presentation, 2024 was an exciting year for BNY, and we are entering 2025 with strong momentum on the right path to unlock the opportunity embedded in our company.

現在談談我們的季度更新報告，2024 年對 BNY 來說是令人興奮的一年，我們正以強勁的勢頭邁入 2025 年，走在正確的道路上，釋放公司蘊含的機遇。

Building on the solid foundation that we laid in 2023, we accelerated the pace of our ongoing transformation and closed out 2024 with a strong performance, delivering record net income of $4.3 billion on record revenue of $18.6 billion, and generating a return on tangible common equity of 23% for the year.

在2023 年奠定的堅實基礎上，我們加快了持續轉型的步伐，以強勁的業績結束了2024 年，在創紀錄的186 億美元營收的基礎上，實現了創紀錄的43 億美元的淨收入，並產生了有形普通股回報率為 23%。

Aligned to our three strategic pillars, to be more for our clients, to run our company better, and to power our culture, at this time last year, we laid out a set of medium-term financial targets as well as our action plan to drive sustainably higher revenue growth over time.

圍繞著我們的三大策略支柱，即更好地服務客戶、更好地營運公司和推動我們的文化，去年這個時候，我們制定了一系列中期財務目標和行動計劃，以隨著時間的推移持續推動更高的收入成長。

We're executing against these plans and targets every day.

我們每天都在執行這些計劃和目標。

As you can see on page 3 of our presentation, we made very tangible progress in terms of delivery in 2024.

正如您在我們簡報第 3 頁所看到的，我們在 2024 年交付方面取得了非常切實的進展。

For our clients, the rollout of our new commercial coverage model was an important milestone.

對於我們的客戶來說，推出新的商業覆蓋模式是一個重要的里程碑。

Effectively cross selling and leveraging the breadth of our business platforms is the single most compelling growth opportunity for the company.

有效地交叉銷售和利用我們廣泛的業務平台是公司最具吸引力的成長機會。

And so our commercial model is designed to deliver from across the company at an accelerated pace, improve the client experience, and ultimately deepen our relationships.

因此，我們的商業模式旨在加速整個公司的交付，改善客戶體驗，並最終加深我們的關係。

This is the operationalization of One BNY.

這就是One BNY的運作。

But our growth is not just about more of the same.

但我們的成長並不僅限於此。

Delivering innovative solutions to the market that leverage the powerful combination of capabilities we have at BNY is another important way for us to be more for our clients and drive top-line growth.

利用紐約銀行強大的綜合實力向市場提供創新解決方案是我們為客戶提供更多服務並推動營收成長的另一個重要方式。

This is One BNY version 2.0. Our acquisition of Archer is a good example for BNY becoming an end-to-end solutions provider, in this case, across the entire managed account ecosystem, be it manufacturing in BNY investments, distribution through Pershing, or servicing through Archer.

這是One BNY 2.0版本。我們對Archer 的收購是BNY 成為端到端解決方案提供商的一個很好的例子，在這種情況下，涵蓋整個託管帳戶生態系統，無論是BNY 投資的製造、透過Pershing 的分銷還是透過Archer 的服務。

Over the course of 2024, we also developed numerous new client solutions, such as CollateralOne, Alts Bridge, a next-gen ETF servicing platform, and new capabilities on Wove.

在 2024 年期間，我們還開發了許多新的客戶解決方案，例如 Collat​​​​eralOne、Alts Bridge、下一代 ETF 服務平台以及 Wove 上的新功能。

This new product momentum is an important investment for the years ahead.

這種新的產品動能是未來幾年的重要投資。

Continuing the investment theme, over the course of the year, we further increased our investments to drive both revenues and scalability, and we generated approximately $0.5 billion of efficiency savings as we continue to digitize workflows and begin to leverage new technologies, including AI.

延續這個投資主題，我們在今年進一步增加了投資，以推動收入和可擴展性，並且隨著我們繼續數位化工作流程並開始利用包括人工智慧在內的新技術，我們產生了約5 億美元的效率節約。

We also commenced the phased transition to our strategic platforms' operating model in the spring, and over the course of 2024 transitioned approximately 13,000 employees or roughly one-quarter of the company into this new way of working.

我們也於春季開始分階段過渡到我們的策略平台營運模式，並於 2024 年間讓約 13,000 名員工（約占公司員工總數的四分之一）過渡到這種新的工作方式。

Zooming out for a moment, the wrapper for much of our work is culture.

放眼望去，我們大部分工作的包裝都是文化。

Powering our culture remains essential to everything else, and we are starting to see the benefits of our people around the world working more closely together.

推動我們的文化對於其他一切仍然至關重要，我們開始看到世界各地的人民更加緊密地合作帶來的好處。

Celebrating our company's 240th anniversary in 2024 with colleagues, clients, and many other stakeholders around the world felt even more special at a moment in which our people could start to see their hard work leaving a positive mark on this iconic institution.

2024 年，我們將與同事、客戶以及世界各地的許多其他利益相關者一起慶祝公司成立240 週年，這一天對我們來說更加特別，因為我們的員工開始看到他們的辛勤工作為這家標誌性機構留下了正面的印記。

Considering the transformation underway at our company, we decided that the time was right last summer to simplify and modernize our brand and logo to improve the market's familiarity of who we are and what we do.

考慮到我們公司正在進行的轉型，我們認為去年夏天是簡化和現代化我們的品牌和標誌的最佳時機，以提高市場對我們是誰以及我們做什麼的熟悉程度。

The benefits of BNY's improved visibility in the market have also supported our recruiting efforts.

BNY 市場知名度的提高也為我們的招募工作提供了支持。

Throughout the year, we've been successful in attracting top talent across the firm, from recruiting our largest intern and analyst classes to further rounding out our executive leadership team.

在這一年中，我們成功吸引了公司各領域的頂尖人才，從招募規模最大的實習生和分析師班到進一步完善我們的執行領導團隊。

And the targeted investments we'd be making in the employee experience across learning, benefits, and facilities are being recognized and valued by our people.

我們在員工學習、福利和設施體驗方面所做的有針對性的投資得到了員工的認可和重視。

Another important aspect of powering our culture is to deliver on our commitments.

推動我們文化的另一個重要面向是履行我們的承諾。

We've worked hard to say what we do and to do what we say.

我們努力做到言出必行、行之有效。

And so turning to page 4, I'm pleased that in 2024, we once again met or exceeded our financial goals for the year.

翻到第 4 頁，我很高興在 2024 年我們再次實現或超越了當年的財務目標。

We are confident that BNY can deliver positive operating leverage across a wide range of scenarios, and so we started 2024 determined to at least break even from an operating leverage perspective.

我們相信，紐約銀行能夠在各種情況下實現積極的經營槓桿，因此，我們從 2024 年開始就決心至少從經營槓桿的角度實現收支平衡。

That was an ambitious goal at the time, considering that our revenue outlook at the beginning of the year foresaw an approximately 10% NII headwind to largely offset growth in fee revenue.

考慮到我們年初的收入預期預計 NII 將出現約 10% 的逆風，從而在很大程度上抵消費用收入的增長，這在當時是一個雄心勃勃的目標。

Therefore, we had to set up to keep expenses, excluding notable items, roughly flat while at the same time self-funding incremental investments in the business.

因此，我們必須採取措施，除重大項目外，保持各項支出基本持平，同時自籌資金進行業務增量投資。

Dermot will discuss the financials in more detail, but in summary, in 2024, we delivered 968 basis points of positive operating leverage on a reported basis and 288 basis points, excluding notable items.

Dermot 將更詳細地討論財務狀況，但總而言之，在 2024 年，我們按報告基礎實現了 968 個基點的正營業槓桿，不包括值得注意的項目則實現了 288 個基點的正營業槓桿。

We grew fee revenue by 6% year over year, and NII was down 1%, outperforming our outlook from the beginning of the year by approximately 9 percentage points.

我們的費用收入年增了 6%，而 NII 下降了 1%，比我們年初的預期高出約 9 個百分點。

Despite higher-than-expected revenue, expenses were down 4% year over year on a reported basis and up 1%, excluding notable items.

儘管收入高於預期，但報告顯示支出年減 4%，若不包括重要項目則成長 1%。

And finally, consistent with our outlook, we returned 102% of 2024 earnings to our shareholders.

最後，根據我們的展望，我們向股東返還了 2024 年收益的 102%。

Taken together, we delivered record financial results in 2024.

總的來說，我們在 2024 年取得了創紀錄的財務表現。

Significant positive operating leverage resulted in pre-tax margin expansion and improved profitability, and we delivered attractive capital returns to our shareholders, all of which underscored the execution of a reinvigorated BNY.

顯著的正向經營槓桿帶來稅前利潤率擴大、獲利能力提高，同時我們為股東帶來了頗具吸引力的資本回報，所有這些都凸顯了紐約銀行重振雄風的執行力。

But now, let's look forward on page 5.

但現在，讓我們展望第 5 頁。

We are entering 2025 with strong momentum and determination to deliver further value for our clients and shareholders.

我們正以強勁的勢頭和決心邁入 2025 年，為我們的客戶和股東創造更多價值。

BNY plays a central role in global capital markets with $52 trillion of AUCA, $14 trillion of debt serviced, $3 trillion of wealth assets, and $5.6 trillion of assets on our collateral management platform.

紐約銀行在全球資本市場中發揮核心作用，擁有 52 兆美元的 AUCA、14 兆美元的債務服務、3 兆美元的財富資產以及 5.6 兆美元的抵押品管理平台上的資產。

We manage $2 trillion of AUM.

我們管理著 2 兆美元的 AUM。

And on an average day, we settle over $15 trillion worth of securities and roughly $2.5 trillion worth of payments for clients around the world.

平均每天，我們為全球客戶結算價值超過 15 兆美元的證券和約 2.5 兆美元的付款。

This exceptional client franchise and leadership across our diversified financial services platforms positions us well to capture market beta and capitalize on evolving market trends, several of which we describe on the left-hand side of the page.

我們多元化金融服務平台上的卓越客戶特許經營權和領導力使我們能夠很好地抓住市場機會並利用不斷變化的市場趨勢，我們在頁面左側描述了其中的幾個趨勢。

Some of our fastest-growing businesses in 2024, Treasury Services, Clearance and Collateral Management, and Corporate Trust, demonstrate our gearing toward economic growth and higher capital markets activity, both public and private.

我們的一些 2024 年成長最快的業務，包括財務服務、清算和抵押品管理以及企業信託，顯示我們正致力於經濟成長和更高的公共和私人資本市場活動。

And through Pershing and Wealth, we are a leader in serving one of the fastest-growing segments in financial services, the US wealth market.

透過潘興財富 (Pershing and Wealth)，我們成為金融服務領域成長最快的領域之一—美國財富市場的領導者。

Within that market, our wealth business is focused on the faster-growing ultra-high net worth space.

在該市場中，我們的財富業務專注於成長更快的超高淨值領域。

Our Pershing business, on the other hand, leverages the size and scale of our platforms to power advisors' businesses, helping them navigate an increasingly complex operating environment using the power of our technology.

另一方面，我們的 Pershing 業務利用我們平台的規模為顧問的業務提供支持，幫助他們利用我們技術的力量駕馭日益複雜的營運環境。

Relevant for both retail and institutional investors, the trend toward private markets represents an opportunity for BNY to support our clients end to end from servicing to distribution, cash investment, FX hedging, and lending across traditional and alternative asset classes.

對於散戶和機構投資者來說，私人市場的趨勢代表紐約銀行可以為客戶提供端到端的支持，包括服務、分銷、現金投資、外匯對沖以及跨傳統和另類資產類別的貸款。

Last year also saw the mass adoption of digital-asset-exchange-traded products in the US, which grew to more than $100 billion in assets under management.

去年，美國也大規模採用數位資產交易所交易產品，管理資產成長至 1,000 多億美元。

BNY has been an early mover in the digital asset space.

BNY 是數位資產領域的先驅。

Today, we provide fund services for the vast majority of digital-asset-exchange-traded products in both the US and Canada.

今天，我們為美國和加拿大絕大多數的數位資產交易所交易產品提供基金服務。

And over the long term, we believe digital assets and the technology underpinnings have the transformative potential to help solve client and market needs.

從長遠來看，我們相信數位資產和技術基礎具有變革潛力，有助於解決客戶和市場的需求。

And finally on this list of important market trends, as global markets evolve and become ever more complex, both buy-side and sell-side firms are looking to outsource certain functions and consolidate providers in order to gain scale and reduce risk.

最後，在這個重要的市場趨勢清單中，隨著全球市場的發展和日益複雜，買方和賣方公司都在尋求外包某些職能並整合供應商，以擴大規模並降低風險。

And we expect the strength and connectivity of our platforms to be a differentiator in this regard.

我們期望我們平台的實力和連結性能夠成為這方面的差異化因素。

As we think about the operating environment in 2025, just a month ago, there were clear signs of optimism with the US election behind us, inflation moderating, and the Fed having begun its path toward lower rates.

當我們思考 2025 年的經營環境時，就在一個月前，隨著美國大選結束、通膨趨於緩和以及聯準會開始降息，樂觀跡像明顯。

But with the turn of the year, we view the outlook for 2025 as a little more uncertain, with persistent tail risks across geopolitical tensions and conflicts, uncertainty about trade and fiscal policies, and volatility in markets.

但隨著新年的到來，我們認為 2025 年的前景變得更加不確定，地緣政治緊張和衝突的尾部風險持續存在，貿易和財政政策的不確定性以及市場波動。

Against this backdrop, being positioned conservatively with a strong balance sheet and operational resilience allows us to remain focused on executing our ongoing transformation.

在這種背景下，透過穩健的資產負債表和營運彈性採取保守的立場，我們可以繼續專注於實施我們正在進行的轉型。

While we've made good progress against our strategic priorities over the past 12 months, we have a lot more work ahead of us.

雖然過去 12 個月我們在策略重點方面取得了良好進展，但我們還有很多工作要做。

As I've said before, strategy is important.

正如我之前所說，策略很重要。

Actually doing it and how we do it matters the most.

實際去做以及我們如何做才是最重要的。

And so on the right-hand side of this page is the reminder of our strategic priorities, and underneath each are some indicators for the progress that we're making.

因此，此頁的右側提醒了我們的策略重點，每個策略重點下方是我們正在取得的進展的一些指標。

The makeup of our new business wins in 2024, we highlighted some of them on our earnings calls over the past year, validated for us that there is real demand in the market for the type of integrated solutions that BNY can deliver.

我們在過去一年的財報電話會議上重點介紹了我們在 2024 年取得的新業務成果，這證明了市場對 BNY 可以提供的綜合解決方案類型存在真正的需求。

For example, last year, we've seen a 30% year-on-year increase in sales from clients buying from three or more lines of business.

例如，去年，我們看到來自三個或更多業務線的客戶的銷售額年增了 30%。

This remains a work in progress but with real runway ahead.

這項工作仍在進行中，但前途一片光明。

Our commercial model enables our client coverage teams to more effectively deliver integrated solutions from across BNY to our clients.

我們的商業模式使我們的客戶服務團隊能夠更有效地向我們的客戶提供來自紐約銀行的全面解決方案。

And our platforms' operating model realigns how we work and organize ourselves across the entire organization in furtherance of that commercial opportunity.

我們平台的營運模式重新調整了我們整個組織的工作和組織方式，以進一步實現商業機會。

2025 will be a milestone year for BNY's adoption of the platforms operating model.

2025年將成為紐約銀行採用平台營運模式的里程碑。

This transition is not just about driving efficiency.

這種轉變不僅僅是為了提高效率。

It is also about enabling top-line growth.

這也有助於實現營收成長。

By simplifying, streamlining, and collaborating through cross-functional teams, we create more intuitive client journeys, improve our ability to anticipate unmet needs, and accelerate speed to market.

透過簡化、精簡和跨職能團隊合作，我們創造了更直觀的客戶旅程，提高了我們預測未滿足需求的能力，並加快了產品上市速度。

This quarter, we're planning to activate our largest wave of platforms yet so that by the end of March, more than half of our people will be working in the model.

本季度，我們計劃啟動迄今為止規模最大的一波平台，以便到 3 月底，我們一半以上的員工將在該模式下工作。

We believe that our transition into this model will have a meaningful impact at BNY over the years to come, and so we've included in the appendix of this presentation a summary of the program and the timeline for implementation.

我們相信，向此模式的轉變將在未來幾年對紐約銀行產生重大影響，因此我們在本簡報的附錄中附上了該計劃的摘要和實施時間表。

Next, our investments in digitization and AI over the last couple of years have laid a solid foundation for us to become more efficient and to drive top-line growth over time.

其次，過去幾年我們在數位化和人工智慧方面的投資為我們提高效率和推動營收成長奠定了堅實的基礎。

We're embracing the power of AI to make it easier for our employees to do their jobs and channel their energy towards new innovations.

我們正在利用人工智慧的力量，讓我們的員工更輕鬆地完成工作，並將他們的精力投入到新的創新中。

To summarize this broader alpha and beta theme, we believe that we are well-positioned to capture market beta and capitalize on evolving market trends while we remain focused on generating alpha through the continued transformation of the company.

總結這個更廣泛的 alpha 和 beta 主題，我們相信我們已做好準備，可以捕捉市場 beta 並利用不斷變化的市場趨勢，同時我們仍專注於透過公司的持續轉型來創造 alpha。

I'll wrap up on page 6 by reminding you of the value proposition that we laid out for our clients, our shareholders, and our people at the beginning of last year.

我將在第 6 頁結束時提醒大家我們去年年初為我們的客戶、股東和員工提出的價值主張。

Our strategic priorities and financial goals are clear, and we remain focused on consistent execution.

我們的策略重點和財務目標很明確，我們將繼續專注於持續執行。

Before I turn the call over to Dermot for our financial update and outlook, I'd like to close by thanking our teams around the world.

在我將電話轉給 Dermot 介紹我們的財務更新和展望之前，我想先感謝我們在世界各地的團隊。

I'm proud of what our people have accomplished over the past two years and grateful for everyone's continued dedication to the hard work that's ahead of us.

我為我們的人民在過去兩年所取得的成就感到自豪，並感謝大家對我們未來艱苦工作的持續奉獻。

And with that, over to you, Dermot.

現在，就交給你了，德莫特。

Thank you, Robin.

謝謝你，羅賓。

And good afternoon, everyone.

大家下午好。

I'm picking up on page 9 of the presentation and will first touch upon 2024 highlights before diving into the results for the fourth quarter.

我從簡報的第 9 頁開始，先介紹 2024 年的亮點，然後深入探討第四季的業績。

Total revenue of $18.6 billion was up 5% year over year.

總收入186億美元，年增5%。

Fee revenue was up 6%.

費用收入成長了6%。

Investment services fees grew 7%, reflecting net new business, higher market values, and client activity across our Securities Services and Market and Wealth Services segments.

投資服務費用增加了 7%，反映了我們的證券服務和市場及財富服務部門的淨新業務、更高的市場價值和客戶活動。

Investment management and performance fees from our Investment and Wealth Management segment were up 3%, driven by higher market values partially offset by the mix of AUM flows and lower performance fees.

我們投資和財富管理部門的投資管理和績效費用上漲了 3%，這主要得益於市場價值的提高，但被 AUM 流量和較低的績效費用組合部分抵消。

Despite a year of relatively muted volatility, foreign exchange revenue was up 9% on the back of higher client volumes.

儘管這一年的波動性相對平穩，但由於客戶數量增加，外匯收入仍增加了 9%。

Net interest income was down 1%, reflecting changes in the deposit mix, partially offset by higher investment securities portfolio yields and balance sheet growth.

淨利息收入下降 1%，反映了存款組合的變化，但被投資證券組合收益率的提高和資產負債表的成長部分抵消。

Expenses of $12.7 billion were down 4% year over year on a reported basis, largely reflecting the net impact of adjustments for the FDIC special assessment.

報告顯示，支出為 127 億美元，年減 4%，主要反映了 FDIC 特別評估調整的淨影響。

Excluding notable items, expenses were up 1%, reflecting higher investments, employee merit increases, and revenue related expenses, partially offset by efficiency savings.

除值得注意的項目外，費用上漲了 1%，反映了投資增加、員工績效增加和與收入相關的費用，但部分被效率節約所抵消。

On a reported basis, pre-tax margin was 31% and return on tangible common equity was 23% for the year.

據報道，該年度稅前利潤率為 31%，有形普通股權益報酬率為 23%。

Excluding notable items, pre-tax margin was 33% and return on tangible common equity was 24%.

除重大項目外，稅前利潤率為 33%，有形普通股權益報酬率為 24%。

We reported earnings per share of $5.80. Excluding notable items, earnings per share were $6.03, up 19% year over year.

我們報告每股收益為 5.80 美元。除重要項目外，每股收益為 6.03 美元，年增 19%。

And we returned 102% of earnings to common shareholders through dividends and share repurchases in 2024.

2024年，我們透過股利和股票回購向普通股股東返還了102%的收益。

Now turning to page 11 for the financial highlights for the fourth quarter, total revenue of $4.8 billion was up 11% year over year.

現在翻到第 11 頁查看第四季的財務亮點，總營收為 48 億美元，年增 11%。

Fee revenue is up 9%.

費用收入增加了9%。

This includes 9% growth in investment services fees, reflecting net new business, higher client activity, and higher market values.

其中包括投資服務費成長 9%，反映了淨新業務、更高的客戶活動和更高的市場價值。

Investment management and performance fees were also up 9%, driven by higher market values partially offset by the mix of AUM flows.

投資管理和績效費也上漲了 9%，這得益於市場價值的提高，但卻被 AUM 流量的組合部分抵銷。

Firm-wide AUCA of $52.1 trillion were up 9% year over year, reflecting higher market values, client inflows, and net new business, partially offset by the unfavorable impact of a stronger US dollar.

全公司的 AUCA 為 52.1 兆美元，年成長 9%，反映了更高的市場價值、客戶流入和淨新業務，但部分抵消了美元走強的不利影響。

Assets under management of $2 trillion were up 3% year over year, primarily reflecting higher market values, partially offset by the unfavorable impact of the stronger dollar.

2 兆美元的資產管理規模年增 3%，主要反映了更高的市場價值，但部分抵銷了美元走強帶來的不利影響。

Foreign exchange revenue increased by 24%, driven by higher client volumes.

由於客戶數量增加，外匯收入增加了 24%。

Investment and other revenue was $140 million in the quarter.

本季投資和其他收入為 1.4 億美元。

As a reminder, the fourth quarter of 2023 included a $144 million reduction in investment and other revenue related to a fair value adjustment of a receivable.

提醒一下，2023 年第四季與應收帳款公允價值調整相關的投資和其他收入減少了 1.44 億美元。

Excluding notable items, the year-over-year decrease primarily reflects the absence of strategic equity investment gains recorded in the fourth quarter of last year.

除重要項目外，年減主要反映了去年第四季沒有記錄戰略股權投資收益。

Net interest income increased by 8% year over year, primarily reflecting higher investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.

淨利息收入年增 8%，主要反映了投資證券組合收益率的提高和資產負債表的增長，但被存款組合的變化部分抵消。

Expenses of $3.4 billion were down 16% year over year on a reported basis, primarily reflecting the FDIC special assessment recorded in the fourth quarter of 2023.

報告顯示，支出為 34 億美元，年減 16%，主要反映了 2023 年第四季記錄的 FDIC 特別評估。

Excluding notable items, which were primarily severance and higher litigation reserves in the fourth quarter of 2024, expenses were up 2%.

不包括值得注意的項目（主要是 2024 年第四季的遣散費和更高的訴訟準備金），費用上漲了 2%。

This reflects higher revenue-related expenses, employee merit increases, and increased investments partially offset by efficiency savings.

這反映了與收入相關的支出增加、員工績效增加以及投資增加，但部分被效率節約所抵消。

Provision for credit losses was $20 million in the quarter, primarily reflecting reserve increases related to commercial real estate exposure.

本季信貸損失準備金為 2,000 萬美元，主要反映與商業房地產風險相關的準備金增加。

Pre-tax margin was 30% and return on tangible common equity was 23%.

稅前利潤率為30%，有形普通股權益報酬率為23%。

Excluding notable items, pre-tax margin was 34% and return on tangible common equity was 26%.

除重大項目外，稅前利潤率為 34%，有形普通股權益報酬率為 26%。

We reported earnings per share of $1.54; and excluding notable items, earnings per share were $1.72, up 33% year over year.

我們報告每股收益為 1.54 美元；扣除重要項目後，每股收益為 1.72 美元，年增 33%。

Turning to capital and liquidity on page 12, our Tier 1 leverage ratio for the quarter was 5.7%.

談到第 12 頁的資本和流動性，我們本季的一級槓桿率為 5.7%。

Tier 1 capital decreased by 4% sequentially, primarily reflecting a decline in accumulated other comprehensive income and capital returns through common stock repurchases and dividends, partially offset by capital generated through earnings.

一級資本環比下降 4%，主要反映累計其他綜合收入和透過普通股回購和股息獲得的資本回報的下降，但被透過收益產生的資本部分抵銷。

Average assets were up 1%.

平均資產增加了1%。

Our CET1 ratio at the end of the quarter was 11.2%.

我們本季末的 CET1 比率為 11.2%。

CET1 capital decreased by 5% sequentially, and risk-weighted assets increased by 1%.

普通一級資本季減 5%，風險加權資產季增 1%。

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

我們在第四季向股東返還了 11 億美元的資本。

Moving to liquidity, the consolidated liquidity coverage ratio was 115% and the consolidated net stable funding ratio was 132%.

流動性方面，合併流動性覆蓋率為115%，合併淨穩定資金率為132%。

Next, net interest income and balance sheet trends on page 13.

接下來，第 13 頁是淨利息收入和資產負債表趨勢。

Net interest income of $1.2 billion was up 8% year over year and up 14% quarter over quarter.

淨利息收入為 12 億美元，年增 8%，季增 14%。

The sequential increase was primarily driven by the reinvestment of maturing investment securities at higher yields, partially offset by deposit margin compression.

環比成長主要得益於對到期收益率較高的投資證券的再投資，但被存款保證金壓縮部分抵銷。

Average deposit balances increased by 1% sequentially.

平均存款餘額比上一季增加1%。

Non-interest-bearing deposits increased by 7% in the quarter, and interest-bearing deposits decreased by 1%.

本季無息存款增加了7%，有息存款減少了1%。

Average interest-earning assets were flat quarter over quarter.

平均生息資產與上一季持平。

Our cash and reverse repo, loan and investment securities portfolio balances all remained flat.

我們的現金和逆回購、貸款和投資證券投資組合餘額均保持穩定。

Turning to our business segments starting on page 14, Securities Services reported total revenue of $2.3 billion, up 7% year over year.

從第 14 頁開始回顧我們的業務部門，證券服務部報告的總收入為 23 億美元，年增 7%。

Total investment services fees were up 6% year over year.

總投資服務費較去年同期成長6%。

In asset servicing, investment services fees grew by 7%, primarily reflecting higher market values, client activity, and net new business.

在資產服務方面，投資服務費成長了 7%，主要反映了更高的市場價值、客戶活動和淨新業務。

We're pleased with the broad-based momentum in asset servicing.

我們對資產服務的廣泛發展動能感到滿意。

Clients are increasingly looking to leverage the scale of BNY's platforms and utilize the differentiated breadth of our capabilities.

客戶越來越希望利用 BNY 平台的規模並利用我們能力的差異化廣度。

And at the same time, we continue to see particular strength in ETF and alternative servicing, validating the multi-year investments we've made into these platforms.

同時，我們繼續看到 ETF 和另類服務的特殊優勢，驗證了我們對這些平台的多年投資。

ETF AUCA of $2.8 trillion were up over 60% year over year, with inflows into ETFs on our platform once again outpacing the market, and alternatives AUCA were up 20% year over year.

2.8 兆美元的 ETF AUCA 年成長超過 60%，其中我們平台上 ETF 的流入量再次超過市場，另類 AUCA 年增 20%。

In Issuer Services, investment services fees were up 4%.

在發行人服務方面，投資服務費上漲了 4%。

Healthy net new business and higher client activity in corporate trust was partially offset by lower depository receipt fees, reflecting a higher level of corporate actions and cross-border activity in the prior-year quarter.

企業信託領域的淨新業務成長穩健、客戶活動增多，但被存託憑證費用的降低部分抵消，反映出去年同期企業行動和跨國活動水準的提高。

Over the course of 2024, we've maintained our market-leading share in straight stats servicing, and by increasing our market share in CLO servicing, further strengthened our number-two position.

在 2024 年期間，我們在直接統計服務方面保持了市場領先的份額，並且透過增加我們在 CLO 服務方面的市場份額，進一步鞏固了我們第二的位置。

In this segment, foreign exchange revenue was up 25% year over year, reflecting growth from higher client activity.

該部門外匯收入年增 25%，反映出客戶活動增加帶來的成長。

Net interest income for the segment was up 7% year over year.

該部門淨利息收入較去年同期成長7%。

Segment expenses of $1.7 billion were up 1% year over year, reflecting higher litigation reserves, employee merit increases, and higher investments partially offset by efficiency savings.

分部支出為 17 億美元，比去年同期成長 1%，反映出訴訟準備金增加、員工績效加薪和投資增加，但效率節約部分抵銷了這一影響。

Pre-tax income was $643 million, a 39% increase year over year, and pre-tax margin was 28%.

稅前收入為 6.43 億美元，年增 39%，稅前利潤率為 28%。

Next, Market and Wealth Services on page 15.

接下來是第 15 頁的市場和財富服務。

Market and Wealth Services reported total revenue of $1.7 billion, up 11% year over year.

市場和財富服務部報告總收入為 17 億美元，年增 11%。

Total investment services fees were up 12% year over year.

總投資服務費較去年同期成長12%。

In Pershing, investment services fees were up 9%, reflecting higher market values and client activity.

在潘興，投資服務費上漲了 9%，反映了更高的市場價值和客戶活動。

Net new assets were $41 billion, including a large client onboarding in the quarter.

淨新資產為 410 億美元，其中包括本季新增的大量客戶。

In clearance and collateral management, investment services fees increased by 13%, primarily reflecting higher collateral management fees and clearance volumes.

在清算和抵押品管理方面，投資服務費用增加了 13%，主要反映了抵押品管理費和清算量的增加。

We continued to see strong US securities clearance volumes on the back of US treasury issuance as well as trading activity across the platform.

在美國國債發行以及整個平台交易活動的推動下，我們繼續看到美國證券清算量強勁。

And we remain focused on increasing market connectivity by expanding our global collateral platform to new markets.

我們將繼續致力於透過將我們的全球抵押品平台拓展到新的市場來增強市場連通性。

In treasury services, investment services fees were up 15%, primarily reflecting net new business.

在財務服務方面，投資服務費上漲了 15%，主要反映了淨新業務。

In November, the US Department of the Treasury's Bureau of the Fiscal Service selected BNY as the new financial agent for the Direct Express program.

11月，美國財政部財政服務局選定紐約銀行為Direct Express計畫的新金融代理。

This decision to appoint BNY speaks to our organization's strength in driving commercial outcomes that broaden access to the financial ecosystem.

任命紐約銀行的決定體現了我們組織在推動商業成果、拓寬金融生態系統管道方面的實力。

The program leverages our innovative and resilient payments capabilities to provide disbursement services at scale.

該計劃利用我們創新且有彈性的支付能力來大規模提供支付服務。

Net interest income for the segment overall was up 9% year over year.

該部門整體淨利息收入較去年同期成長9%。

Segment expenses of $852 million were up 2% year over year, reflecting higher revenue-related expenses, investments, and employee merit increases, partially offset by efficiency savings and lower litigation reserves.

分部費用為 8.52 億美元，比去年同期成長 2%，反映出與收入相關的費用、投資和員工績效加薪的增加，但被效率節約和訴訟準備金的減少部分抵消。

Pre-tax income was up 28% year over year at $806 million, representing a 48% pre-tax margin.

稅前收入年增 28%，達到 8.06 億美元，稅前利潤率為 48%。

Turning to Investment and Wealth Management on page 16, Investment and Wealth Management reported total revenue of $873 million, up 29% year over year.

翻閱第 16 頁的投資與財富管理，投資與財富管理報告的總收入為 8.73 億美元，較去年同期成長 29%。

In our Investment Management business, revenue was up 41%.

在我們的投資管理業務中，營收成長了 41%。

Excluding a notable item in the prior-year quarter, revenue was up 5%, reflecting higher market values partially offset by the mix of AUM flows.

除去去年同期的一個值得注意的項目，收入增長了 5%，反映了更高的市場價值，但被 AUM 流量的組合部分抵消了。

And in Wealth Management, revenue increased by 9%, reflecting higher market values and net interest income partially offset by changes in product mix.

財富管理業務的收入成長了 9%，反映出更高的市場價值和淨利息收入，但產品組合的變化部分抵消了這種影響。

Segment expenses of $700 million were up 2% year over year as higher revenue-related expenses and employee merit increases were partially offset by efficiency savings.

分部支出為 7 億美元，較上年同期增加 2%，原因是收入相關支出及員工績效加薪部分被效率節約所抵銷。

Pre-tax income was $173 million and pre-tax margin was 20%.

稅前收入為1.73億美元，稅前利潤率為20%。

As I mentioned earlier, assets under management of $2 trillion increased by 3% year over year, primarily reflecting higher market values partially offset by the unfavorable impact of the stronger dollar.

正如我之前提到的，2 兆美元的管理資產年增 3%，主要反映了更高的市場價值，但部分抵銷了美元走強帶來的不利影響。

In the fourth quarter, we saw net outflows of $15 billion.

第四季度，淨流出150億美元。

This includes $27 billion of net outflows from long-term strategies and $12 billion of net inflows into cash.

其中包括 270 億美元的長期策略淨流出和 120 億美元的現金淨流入。

Wealth Management's client assets of $327 billion increased by 5% year over year, reflecting higher market values and cumulative net inflows.

財富管理的客戶資產為 3,270 億美元，年增 5%，反映出更高的市場價值和累積淨流入。

Page 17 shows the results of the Other Segment.

第 17 頁顯示了其他部分的結果。

Next, on page 19, our current outlook for 2025.

接下來，第 19 頁是我們對 2025 年的當前展望。

Positive operating leverage continues to be our North Star, and so once again, we have set ourselves up to drive positive operating leverage consistent with our medium-term financial targets.

積極的經營槓桿仍然是我們的北極星，因此我們再次致力於推動與我們的中期財務目標一致的積極經營槓桿。

Starting with NII, based on current market implied forward interest rates, we expect full-year 2025 NII to be up mid-single digit percentage points year over year.

從 NII 開始，基於當前市場隱含的遠期利率，我們預計 2025 年全年 NII 將同比增長中等個位數百分點。

We expect fee revenue to be up year over year.

我們預計費用收入將年增。

And we expect approximately 1% to 2% year-over-year growth in expenses, excluding notable items for the full-year 2025.

我們預計，不包括值得注意的項目，2025 年全年的支出將年增約 1% 至 2%。

Specific to the first quarter, I would like to remind you that staff expenses are typically elevated due to long-term incentive compensation expense for retirement-eligible employees.

具體到第一季度，我想提醒您，由於符合退休條件的員工的長期激勵薪酬費用，員工費用通常會增加。

And then on taxes, we expect our effective tax rate for the full-year 2025 to be in the 22% to 23% range.

然後是稅收，我們預計 2025 年全年有效稅率將在 22% 至 23% 之間。

And finally, our philosophy for capital deployment and distributions remains unchanged.

最後，我們的資本部署和分配理念保持不變。

We anticipate to continue to pursue growth opportunities and deliver compelling capital returns to our shareholders through dividends and buybacks.

我們期望繼續尋求成長機會並透過股利和回購為股東提供可觀的資本回報。

Based on what we are seeing today, we expect to return 100% plus or minus 2025 earnings over the course of the year.

根據我們今天看到的情況，我們預計今年的回報率將達到 100% 左右，也就是 2025 年的收益。

As always, we will calibrate the pace of our buybacks considering factors such as balance sheet growth opportunities as well as macroeconomic and interest rate environments, which are real considerations in 2025.

像往常一樣，我們將考慮資產負債表成長機會以及宏觀經濟和利率環境等因素來調整回購的步伐，這些都是 2025 年需要考慮的實際因素。

Our Tier 1 leverage ratio management target remains unchanged at 5.5% to 6%.

我們的一級槓桿率管理目標維持不變，仍為5.5%至6%。

And against the backdrop of continued interest rate volatility, we will continue to manage ourselves to the upper end of that range for the foreseeable future.

在利率持續波動的背景下，在可預見的未來，我們將繼續將利率管理在該範圍的上限。

To wrap up on page 20, in January of last year, we shared our firm-wide medium-term financial targets, which were to improve BNY's pre-tax margin to equal to or greater than 33% and our return on tangible common equity to equal to or greater than 23% over the medium term while maintaining a strong balance sheet.

在第 20 頁總結一下，去年 1 月，我們分享了全公司的中期財務目標，即提高紐約銀行的稅前利潤率至等於或大於 33%，有形普通股回報率至在保持強勁資產負債表的同時，中期內成長率達到或超過23%。

We have made solid progress towards these targets over the past 12 months and are excited about the year in front of us as our people harness the momentum and continue to embrace our pillars and principles in order to consistently meet or exceed our targets through the cycle.

在過去的12 個月裡，我們朝著這些目標取得了堅實的進展。以便在整個週期中始終如一地達到或超越我們的目標。

As Robin said at the top of the call, we're pleased with our performance this past year and we're heading into 2025 with good momentum, confident that we're on the right path to unlock the opportunity embedded in our company.

正如羅賓在電話會議開始時所說，我們對過去一年的表現感到滿意，並且正以良好的勢頭邁向 2025 年，我們相信我們正走在正確的道路上，釋放公司蘊藏的機遇。

And with that, operator, can you please open the line?

接線員，請問可以請您接電話嗎？

(Operator Instructions) Ebrahim Poonawala, Bank of America.

(操作員指示) Ebrahim Poonawala，美國銀行。

Hey, good afternoon.

嘿，下午好。

Hey, Ebrahim.

嘿，易卜拉欣。

Hey, Robin.

嘿，羅賓。

I guess, first question, and it's with the lens of I'm trying to hit your pre-tax margin ROE targets on an adjusted basis this year.

我想，第一個問題，我試圖在今年調整後實現您的稅前利潤率 ROE 目標。

I guess, I understand it's equal to or greater than -- but I'm trying to get a sense of the resiliency of these numbers as we think about

我想，我理解它等於或大於——但我試圖了解這些數字的彈性，因為我們考慮

--

--

I mean, you've done a great job executing over the last year or two of what the runway is, and is it reasonable for us to assume that those pre-tax margins being higher than where you are today is actually achievable, assuming no big market shock?

我的意思是，在過去的一兩年裡，你們在執行跑道方面做得很好，我們是否可以合理地假設，這些稅前利潤率高於你們現在的水平，實際上是可以實現的，假設沒有市場震盪較大？

So maybe if you want to, at a very high level, address that, Robin, and then I can follow up.

所以，羅賓，如果你想從非常高的層面解決這個問題，然後我就可以跟進。

Hi, Ebrahim, it's Dermot here.

你好，Ebrahim，我是 Dermot。

So I would say, as it relates to the medium-term targets that we gave this time last year, and I think we collectively as a group liked those targets that we gave you; and since Robin has taken on the role of CEO, we kind of have eight quarters where we've executed very well.

所以我想說，因為這與我們去年這個時候給出的中期目標有關，而且我認為我們作為一個團體都喜歡我們給你們的那些目標；自從羅賓擔任執行長以來，我們已經有八個季度的業績表現非常出色。

And I'd like to think that we've established a track record of execution and holding ourselves accountable.

我想，我們已經建立了執行和承擔責任的記錄。

As Robin said in his prepared remarks, say what you do and do as what you say.

正如羅賓在準備好的發言中所說，說到做到。

And so we feel confident that we're going to hit those targets sustainably through the cycle.

因此，我們有信心在整個週期中持續實現這些目標。

So you're going to see more of the same from us and what you've seen in the last couple of years into 2025 and beyond.

因此，您將會看到我們做出更多相同的舉動，就像您在過去幾年、2025 年及以後看到的那樣。

Understood.

明白了。

And I guess if I look at slide 5 and just this whole conversation around 80% of employees being on the platform model by end of 2025, if you could address that in two ways in terms of, does that result in a lot more resilience to your fee revenue growth relative to whatever may happen to markets?

我想，如果我看一下投影片 5，以及整個對話，到 2025 年底，80% 的員工將使用平台模式，如果你能從兩個方面來解決這個問題，那麼這是否會導致更大的彈性無論市場發生什麼變化，您的費用收入成長如何？

One, the resiliency that provides in terms of the synergies you're getting from moving to that model.

第一，從轉向該模型所能獲得的綜效來看，它具有彈性。

And again, as that flows through in terms of these targets, could you actually do much better than where we've been for the last few quarters on the back of the -- and maybe that's the '26 event, but I'm just wondering if the platform allows for more resilient fee growth and actually an improvement relative to where we are on margins and ROE?

再次，隨著這些目標的實現，你們是否真的能比過去幾個季度做得更好——也許那是 26 年事件，但我只是想知道該平台是否能夠實現更具彈性的費用增長，並且相對於我們的利潤率和ROE 而言是否有所改善？

So the way I think about it is if you kind of look at the three pillars of the strategy, be more for clients, run our company better, empower our culture, and then underneath that, which we talk about less but are very important in terms of how we run the company internally or the pillars and how we show up in terms of behaviors every day, the platform operating model, which we've laid out a page for you, page 22, really is the mechanism by which we kind of drive the three pillars.

因此，我認為，如果你看一下策略的三大支柱，那麼就是為客戶提供更多服務、更好地經營我們的公司、增強我們的文化，然後在這之下，我們談論得較少，但非常重要的一點是，就我們如何在內部運營公司或支柱以及我們如何在日常行為中體​​現而言，平台運營模式，我們為您列出了一頁，第 22 頁，實際上是我們用來推動三大支柱。

So I do really believe quite strongly that the platform operating model will drive incremental top-line growth, will make the top-line growth more resilient, but also will allow us to run the company better and become more efficient with that.

因此，我堅信平台營運模式將推動營收增量，使營收成長更具彈性，同時也使我們能夠更好地經營公司，並提高效率。

And that then in turn, we used the words, over the last couple of years, de-siloing, bringing our businesses closer together.

反過來，在過去的幾年裡，我們使用了「打破孤島」這個詞，讓我們的業務更加緊密地聯繫在一起。

And that really speaks to, on the top-line side, the launch of the commercial operating model that we kind of went out with in the middle of last year.

從營收方面來看，這確實反映了我們在去年年中推出的商業營運模式。

So you take all those discrete elements together and you add it together, you kind of go, okay, fee revenue is going to kind of incrementally grind higher from here with the tools that we're deploying and executing.

因此，如果你把所有這些離散元素放在一起並加在一起，你會發現，透過我們部署和執行的工具，費用收入將逐漸增加。

And Ebrahim, I'd add one thing to it, which is just this concept that we've talked about before on the call about short, medium, and long term.

易卜拉欣，我想補充一點，這就是我們之前在電話會議上討論過的關於短期、中期和長期的概念。

And we have consistently been investing both for the top line and also for expense efficiency with all three time horizons, and we've been trying to do that pretty consistently over the past two years.

我們始終如一地在三個時間範圍內進行投資，既為了提高營業收入，也為了提高費用效率，過去兩年來，我們一直在努力做到這一點。

And that's relevant for your question because it isn't just a '26 story.

這和你的問題很相關，因為這不僅僅是一個 1926 年的故事。

It's actually going to be a '27, '28, and '29 story as well, in our opinion.

我們認為，這實際上也將成為 1927、1928 和 1929 年的故事。

Because some of what the platforms model enables is really a foundational point that then allows us to do other things.

因為平台模型所實現的某些功能實際上是一個基礎點，可以讓我們做其他事情。

Retiring systems comes after that.

隨後系統將退役。

We've retired some.

我們已經退休了一些。

We can retire more.

我們可以讓更多人退休。

Being able to do more solutioning for clients, we've done some, but we can do even more.

能夠為客戶提供更多的解決方案，我們已經做了一些，但我們可以做得更多。

So it's quite a bedrock thing for us.

所以這對我們來說是一件十分基礎的事情。

And given the fact that we won't even be fully into the model until 2026, I think you can expect that there's more payoff to come, '26, '27, '28, through the end of the decade, quite frankly, if we do this as well.

考慮到我們直到 2026 年才會完全進入這個模型，我認為你可以預期，2026、2027、2028 年，直到本世紀末，還會有更多的回報，坦白說，如果我們也這樣做。

Got it.

知道了。

And that's a great slide, the slide 27, so good job.

第 27 張幻燈片太棒了，幹得好。

Thank you.

謝謝。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, just two things.

你好，只有兩件事。

One, just to wrap up on that last topic, given that '23, '24, you got to 25% of the folks in the operating model, the platform model, and in '25 you're putting on an incremental 60%, I get that the benefits of all of this is multi-year.

首先，最後再總結一下，考慮到 23、24 年，營運模式和平台模式的人員比例已經達到 25%，而 25 年，這一比例將增加 60%。

But that's a step up in the percentage of employees that are going to be joining the platform in '25.

但這意味著 25 年加入該平台的員工比例將會上升。

So should we expect that operating leverage will also increase given this large slug of folks coming in in '25?

那麼，考慮到25年大量人員的湧入，我們是否應該預期經營槓桿也會增加？

I would say the two things aren't a direct correlation in terms of the way that you're linking it, Betsy, because as you go back to the beginning of our platform's operating model, we're already three years into this if you include the very thought at the beginning of the process.

我想說，就你所說的關聯方式而言，這兩件事並沒有直接的關聯，因為當你回到我們平台營運模式的開始，如果你包括過程開始時的想法。

Because we started actually looking at this and thinking about this during my transition into the CEO role.

因為在我擔任執行長期間，我們實際上開始關注和思考這個問題。

We then designed.

然後我們進行設計。

We then started to test.

然後我們開始測試。

We then started to actually execute.

然後我們開始實際執行。

And so the deliberateness with which we've gone about this has been very important because we knew that it was a very fundamental change for the company, and we wanted to make sure that we were doing it progressively.

因此，我們在處理此事時非常謹慎，因為我們知道這對公司來說是一個非常根本的變革，我們希望確保我們正在逐步進行。

And although there are some benefits from employee satisfaction and speeding up some of the ways that we work as people go into the model, the real benefits so far we've observed, based on the pilots that we actually started doing in 2022, come more like a year or so afterwards as the teams are getting into their new rhythms of working.

雖然隨著人們加入該模式，員工滿意度和工作效率的提高會帶來一些好處，但根據我們在 2022 年開始進行的試點，我們迄今為止觀察到的真正好處更多大約一年後，團隊開始進入新的工作節奏。

So there's a phased delivery.

因此是分階段交付。

And then you have the benefit of, okay, now you've got a really tight team operating at a higher velocity.

然後你就會有好處了，好的，現在你有一個非常緊密的團隊以更高的速度運作。

Now what can you do with that?

現在你能用它做什麼呢？

Better in control of their design of their systems, better in control of the design of their client products, rationalizing the back end in terms of the multiple, potentially duplicative things.

更好地控制他們的系統設計，更好地控制他們的客戶產品的設計，從多個可能重複的事情的角度合理化後端。

And so we see the lead time associated with it, and I think that the payoffs that you and Ebrahim were sort of scratching at are there, but they're not there as immediately as you're talking about.

因此，我們看到了與之相關的準備時間，我認為您和 Ebrahim 所追求的回報是存在的，但並不像您所說的那樣立即出現。

Now notwithstanding that, we've got other things, back to my short-, medium-, and long-term observation, that we have invested in that we feel quite confident will deliver us the expense benefits in 2025 that are part of our guide.

儘管如此，我們還有其他事情要做，回到我的短期、中期和長期觀察，我們已經投資了這些事情，我們非常有信心這些事情將在2025 年為我們帶來費用收益，這是我們指南的一部分。

Yes, it just feels like going from 25% to 60% to 80% in one year should, over time, bump up that operating leverage rate.

是的，感覺就像一年內從 25% 上升到 60% 再到 80%，隨著時間的推移，經營槓桿率就會提高。

Anyway, that's okay.

無論如何，沒關係。

All right, thank you so much.

好的，非常感謝。

Appreciate it.

非常感謝。

Thanks, Betsy.

謝謝，貝琪。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Sorry, had the mute button pressed.

抱歉，我按了靜音按鈕。

Okay, thanks for taking my questions.

好的，感謝您回答我的問題。

So we saw a really solid rebound in net new assets at Pershing this quarter.

因此，我們看到本季潘興的淨新資產出現了強勁反彈。

So curious if you could maybe compare and contrast how that would look like for net new assets in prior quarters, ex the offboarding, which we were dealing with.

我很好奇，您是否可以比較一下和對比一下前幾季的淨新資產情況，不包括我們正在處理的離職情況。

And Robin, I believe you spoke to ultra-high net worth as like a client segment driving -- or a wealth strata driving some of this.

羅賓，我相信您所說的超高淨值就像是推動這一領域的一個客戶群體，或者是一個推動這一領域的財富階層。

But could you speak to maybe what type of firms are driving this growth?

但您能否談談哪些類型的公司正在推動這一成長？

Is it RIAs?

是 RIA 嗎？

Is it broker-dealers?

是經紀自營商嗎？

Any particular sources of strength?

有什麼特別的力量來源嗎？

Thanks.

謝謝。

So thanks for the question, Brennan.

謝謝你的提問，布倫南。

Look, '24 was a noisy year given the large offboarding.

你看，由於大量的離職，24 年是喧鬧的一年。

And we had, as I said in my prepared remarks, a large onboarding in Q4.

正如我在準備好的發言中所說，我們在第四季度進行了大規模的入職培訓。

And look, I guess the way to think about it is we'd like to reiterate we think we have a good ability and the right to win and grow our net new assets at mid-single digits through the cycle.

而且，我猜思考這個問題的方式是，我們想重申，我們認為我們有能力和權利在整個週期內贏得勝利並以中等個位數的速度增長我們的淨新資產。

And that's across the space, whether it's RIAs, whether it's broker-dealers, banks.

這適用於整個領域，無論是 RIA、經紀交易商還是銀行。

And we have the team and the technology in place.

我們擁有合適的團隊和技術。

And if you just look at Wove, this time last year, we kind of gave a guide on Wove.

如果你看看 Wove，去年這個時候，我們就提供了有關 Wove 的指南。

We executed the guide on that.

我們執行了該指南。

We've re-guided hire again this year on Wove.

今年我們在 Wove 上再次重新指導了招募。

We've now got 36 clients on the platform.

我們平台上現在有 36 位客戶。

We have 41 signed contracts.

我們已簽訂41份合約。

So all in all, we feel like we have kind of a really, really big momentum on Pershing in the forward.

總而言之，我們覺得我們在潘興的前鋒線上有著非常非常大的勢頭。

And it's one of the bigger pieces of business that's going into the platform operating model in Q1.

這是第一季進入平台營運模式的較大業務之一。

So we seek to see incremental benefits for that.

因此，我們希望看到由此帶來的增量效益。

So Pershing, it continues to be a very, very strong business for us, and we continue to see it growing.

因此，潘興對我們而言仍然是一個非常非常強大的業務，而且我們看到它正在持續成長。

And Robin will touch on the wealth tech sector, but that is one of the fastest growing areas in the market, and we are a big player in that space.

羅賓將談到財富科技領域，但這是市場上成長最快的領域之一，我們是該領域的重要參與者。

Yes, and the thing that I'd add, Brennan, is just you made the point about ultra-high net worth.

是的，布倫南，我想補充的是，你剛才提到了超高淨值。

That's really in our BNY Wealth business.

這確實屬於我們的紐約銀行財富業務。

We like that business.

我們喜歡那件生意。

It's been a solid performer.

它的表現十分出色。

We think there's more upside in that over time.

我們認為，隨著時間的推移，這會帶來更多好處。

And then Pershing is really across the high-net-worth space, and that's got its focus on billion-dollar-plus RIA firms.

潘興 (Pershing) 真正涉足高淨值領域，其重點是價值十億美元以上的 RIA 公司。

And that's where we're investing.

這就是我們投資的地方。

Together, they're about $3 trillion worth of wealth assets.

他們的財富資產總額約為3兆美元。

And so when we think about what is the market trend, we think the US wealth market's a big trend and we're actually approaching it through both of those businesses, one ultra-high net worth, one real software and service approaching the broader retail market.

因此，當我們思考市場趨勢時，我們認為美國財富市場是一個大趨勢，我們實際上是透過這兩家企業來接近這一趨勢，一家是超高淨值企業，一家是真正的軟體和服務企業，一家是接近更廣泛的零售企業。

Great.

偉大的。

Thanks for that color.

謝謝你這個顏色。

That's helpful.

這很有幫助。

And then shifting gears a bit on the NII expectations, certainly, outlook looks better this year than it did a year ago.

然後稍微改變一下 NII 預期，今年的前景顯然比一年前好。

Could you maybe help us understand what you would think the trajectory would look like?

您能否幫助我們理解您認為的軌跡是什麼樣的？

Do you still think you're largely rate neutral?

您是否仍認為自己對利率基本上持中性態度？

Should that cadence be largely stable?

這個節奏應該基本上穩定嗎？

And you made a reference to changes in the deposit mix.

您提到了存款組合的變化。

Are there any notable shifts in deposit mix that you're assuming as you model out the year?

當您對這一年進行建模時，您是否假設存款組合會發生顯著的變化？

Okay, so in order to answer the question, Brennan, I'd like to maybe spend a couple of seconds just reflecting on '24, where we kind of gave the guide down 10%.

好的，布倫南，為了回答這個問題，我想花幾秒鐘來回顧 24 年，當時我們將指南降低了 10%。

We came in down 1%.

我們下降了1%。

When I think back on that year, for me, it was really kind of broken into three years in one.

當我回想起那一年的時候，對我來說，那一年真的像是分成了三年。

When we sat here at this time last year, I think the market implied forward curve was pricing in about six to seven rate cuts.

當我們去年這個時候坐在這裡時，我認為市場隱含的遠期曲線反映了大約六到七次降息的預期。

And then clearly, the Fed was kind of signaling higher for longer in the spring.

顯然，聯準會在春季暗示升息將在更長時間內持續。

And that's the way we were kind of positioned at the time.

這就是我們當時的定位。

And then clarity over the summer, you had Jackson Hole kind of around the time of the Fed pivot.

然後在夏天的時候，情況變得明朗起來，傑克遜霍爾會議的召開時間與聯準會的轉變時間大致相同。

And we kind of were very proactive on the asset side of the balance sheet there in terms of repositioning the book in terms of taking advantage of the higher rates at the time before the Fed started the easing cycle, which we've kind of factored into our guide for this year.

我們在資產負債表的資產方面非常積極主動，在美聯儲開始寬鬆週期之前重新定位資產負債表，以利用當時更高的利率，我們已經將其考慮在內我們今年的指南。

And then as we went into the fall and kind of we had a very strong finish to the end of the year -- and that was really kind of the strength of the franchise, clients doing more with us, which led to higher balances overall, particularly NIBs, particularly in the corporate trust space where we had more clients doing kind of year-end activity.

然後，當我們進入秋季時，我們在年底取得了非常強勁的業績——這實際上是特許經營的優勢，客戶與我們合作更多，從而帶來了整體餘額的增加，特別是NIB，特別是在企業信託領域，我們有更多的客戶進行年終活動。

Now on balances overall, we've kind of seen that moderate a little bit at the beginning of the year, as you would expect, particularly on the NIB side.

現在就整體餘額而言，正如您所預料的那樣，我們在年初看到餘額有所緩和，特別是在 NIB 方面。

And so as you know, the whole NII is made up of balances, it's made up of the forward curve, it's made up of clients doing stuff with us, and it's made up of what we're doing on the asset side.

如你所知，整個 NII 由餘額、遠期曲線、客戶與我們一起做的事情以及我們在資產方面的所作所為組成。

And I've said this many times on prior calls, I really do believe that we have a unique strength in terms of the tripod, in terms of the interaction between our CIO, the GLS leadership, and then our treasurer.

我在之前的電話會議中已經多次說過，我確實相信我們在三足鼎立的局面下，在我們的首席資訊長、GLS 領導層和財務主管之間的互動方面具有獨特的優勢。

And that team is working really, really well to deliver the strength of the franchise, which shows up in that strong guide of mid-single digits for this year.

這支球隊正非常非常努力地發揮球隊的實力，這在今年中個位數的強勁表現中得到了體現。

Thanks for that color.

謝謝你這個顏色。

Mike Mayo, Wells Fargo Securities.

富國證券的邁克梅奧 (Mike Mayo)。

Hi.

你好。

I'm torn on this financial services platform company transformation.

我對金融服務平台公司的轉型感到很糾結。

On the one hand, I guess it's great if everyone's on the same platform.

一方面，我認為如果每個人都在同一個平台上那就太好了。

You can have the One BNY.

您可以擁有 One BNY。

On the other hand, it just seems like a lot of work to go from 25% employees to 80%.

另一方面，將員工比例從 25% 提高到 80% 似乎需要做大量工作。

It looks like you're ripping the guts out of the company.

看起來你正在毀掉這個公司。

Maybe you have to run parallel systems.

也許您必須運行並行系統。

Maybe you have training.

也許你受過訓練。

When you add it all together, in the short term, are you guiding for positive fee operating leverage in 2025?

當您將所有這些加在一起時，從短期來看，您是否預計 2025 年的費用營運槓桿會為正？

I mean, when you're going through a transformation like this, it's tough to show any positive operating leverage, so I get that.

我的意思是，當你經歷這樣的轉型時，很難表現出任何積極的經營槓桿，所以我明白這一點。

And then what are you really playing for in the end?

那你最終是為了什麼呢？

I mean, I get One BNY, I get one platform.

我的意思是，我得到了一個 BNY，我得到了一個平台。

It's just a little too conceptual.

這太概念化了。

Could you just put a little more meat on the bones?

你能在骨頭上加多一點肉嗎？

Absolutely, Mike.

當然，麥克。

Happy to.

很開心。

So to make this a little clearer, let me just take you back for a moment to something that we talked about two years ago on the call when we were describing the work that we had done to really underwrite who BNY was, what we do, who does it, how we do it.

為了更清楚地說明這一點，讓我先回顧一下我們兩年前在電話會議上談到的事情，當時我們正在描述我們為真正承保紐約銀行所做的工作，以及我們所做的工作，誰做、我們如何做。

And we came to this point of view that the essence of the company is that we really provide technology, services, and software for clients to build their businesses on.

我們得出這樣的觀點：公司的本質是我們真正為客戶提供技術、服務和軟體來幫助他們開展業務。

We have these market-leading platforms, number one in collateral, number one in securities lending, number one in issuer services.

我們擁有這些市場領先的平台，在抵押品方面第一，在證券借貸方面第一，在發行人服務方面第一。

Yes, we're the world's number one custodian as well.

是的，我們也是世界第一的託管人。

We've got this big $3 trillion wealth platform that we just talked about.

我們擁有剛才談到的這個3兆美元的巨大財富平台。

These things are essentially a combination of technology and software and services.

這些東西本質上是科技、軟體和服務的結合。

And so allowing our clients to be able to build business, rent the scale of that platform is the very heart of our growth.

因此，讓我們的客戶能夠建立業務並租用該平台的規模是我們成長的核心。

You can see it in the numbers because Market and Wealth Services, where we've got a lot of those platforms, not all of them, is the part of the company that is the most profitable, with the highest margin, and it's the fastest growing.

你可以從數字中看到這一點，因為市場和財富服務是我們擁有很多平台的部分，但不是全部，它是公司利潤最高、利潤率最高的部分，也是增長最快的部分。

With that said, recognizing who we are, we had to do two things around how we approach it.

話雖如此，認識到我們是誰之後，我們必須做兩件事來解決這個問題。

Number one, we had to get serious and organized around the commercial front end of that.

首先，我們必須嚴肅對待並組織商業前端。

That One BNY, the new commercial model, the stats that we gave you in the presentation around how we're driving to do more things for those clients, we're doing more solutions as well as adding new products.

One BNY 是一種新的商業模式，我們在演示中向您提供的統計數據涉及我們如何為客戶做更多的事情，我們正在提供更多解決方案以及增加新的產品。

But the other thing that we had to do is you just can't run a siloed backend organization with multiple versions of everything.

但我們必須做的另一件事是，你不能運行一個包含所有內容的多個版本的孤立後端組織。

And I'm not just talking about systems platforms.

我所談論的不僅僅是系統平台。

I'm talking about the very organization of the people.

我談論的是人民的組織本身。

We had - we've joked about this before.

我們以前曾開玩笑地說過這件事。

We had eight call centers.

我們有八個呼叫中心。

We had multiple custody pieces of technology.

我們擁有多項保管技術。

We onboarded clients in every individual bit of the company separately.

我們為公司的每個部門單獨招收客戶。

That just doesn't work for the nature of the company that we are and where we're headed.

這不符合我們公司的性質以及我們的發展方向。

So we determined that we had to operate and organize differently.

因此，我們決定必須採用不同的營運和組織方式。

That's what platforms operating model is about.

這就是平台營運模式的精髓。

But to Betsy's question, we've been very deliberate about organizing it over a multiple timeframe.

但對於貝琪的問題，我們非常謹慎地將其組織在多個時間範圍內。

We don't want to create disruption.

我們不想製造混亂。

We don't think we are.

我們認為不是。

We don't think we've had any setback in terms of who we are in grinding through the year because of this.

我們認為，這件事並沒有為我們全年的努力帶來任何挫折。

We actually think, at the margin, it's been a tailwind each year.

我們實際上認為，從邊緣來看，每年都是順風。

It can just be an even bigger tailwind in the out years.

在未來的幾年裡，這可能會成為一股更大的順風。

And with three key metrics in mind, one, employee satisfaction has gone up as people have been in the model and operated in it.

考慮三個關鍵指標：第一，隨著人們融入模型並在其中運作，員工滿意度上升了。

The second thing is we've delivered better for clients, and the velocity of that new delivery has gone up.

第二件事是我們為客戶提供了更好的服務，而且交付速度也提高了。

And then the third thing is the efficiency with which we're operating those groups has also improved.

第三件事是我們經營這些團體的效率也提高了。

So you're right, it's a big change.

所以你說得對，這是一個很大的改變。

This is not something you drift into.

這不是你隨波逐流就會陷入的事情。

It's not something you do if you've got a kind of quick clean-up mentality for a couple of years.

如果您有幾年的快速清理心態，您就不會這樣做。

But if you're trying to make BNY the very best that it can be with a medium- to long-range mindset, this is the sort of fundamental thing you do.

但如果你想以中長期的眼光將紐約銀行打造成最好的銀行，這就是你要做的事情的基礎。

The good news is we've also been delivering all along the way, and that's important.

好消息是我們也一直在履行自己的承諾，這很重要。

And do you have an example outside the banking industry software as a service?

您能舉出一個銀行業以外的軟體即服務的例子嗎？

I mean, when I hang out with my tech colleagues, they'll use phrases like you're using.

我的意思是，當我與技術同事一起出去玩時，他們會使用像你這樣的短語。

Is there any example or maybe another bank somewhere else around the world or a fintech or -- this is something brand new.

有沒有例子，或者可能是世界其他地方的其他銀行，或者金融科技，或者——這是全新的東西。

This is borrowed, broadly speaking, from the technology industry.

從廣義上講，這是從科技業借鑒而來的。

I've sat down with CEOs of large tech titan companies, and this is essentially how they've built or reorganized themselves.

我曾與大型科技巨頭公司的執行長坐在一起交談，他們基本上就是這樣建立或重組自己的。

As you say, if you sit down with a CEO of a technology firm -- it might be a large fintech firm.

正如你所說，如果你與一家科技公司的執行長坐下來交談——它可能是一家大型金融科技公司。

It might be a pure tech firm.

它可能是一家純科技公司。

This is how they've organized themselves.

這就是他們組織自己的方式。

And we're not doing it because it's tech and trendy.

我們這樣做並不是因為它是科技或潮流。

We're doing it because the nature of what we do is more platforms like.

我們這樣做是因為我們所做的事情的本質更像平台。

Now there are examples in the bank space of some banks who've sort of, for little bits of their business, have gone after this.

現在，銀行業已經有一些例子，有些銀行為了部分業務，已經採取了這種做法。

There are also examples in the broader fintech space, plenty of examples of firms who've adopted this concept because of who they are.

在更廣泛的金融科技領域也有很多例子，許多公司因為自己的特性而採用了這個概念。

But we think it's a particularly good fit for us.

但我們認為它特別適合我們。

I wouldn't encourage every other bank.

我不會鼓勵其他所有銀行。

I think if you're an investment bank or a big trading house or a big retail bank, this doesn't necessarily fit.

我認為如果你是一家投資銀行、一家大型貿易公司或一家大型零售銀行，這並不一定適合。

But we're different than that.

但我們與此不同。

We are a bank, we have bank form, but the nature of our businesses is quite different and we think quite well suited to it.

我們是一家銀行，我們有銀行形式，但我們的業務性質卻截然不同，我們認為非常適合它。

And importantly, the early pilots that we've done -- remember, we're into this thing already.

重要的是，我們已經進行了早期試點——記住，我們已經進入這個領域了。

And we've got a lot of measurement of how it's been going, and that's what gives us our confidence.

我們對事情的進展進行了大量測量，這給了我們信心。

It's not just theory.

這不僅僅是理論。

And then last follow up, tech spending, '24 compared to '25.

最後跟進一下，24 年與 25 年的技術支出。

And do you feel better, worse, the same about your AI efforts?

您對於自己在 AI 的努力感覺更好、更糟還是一樣？

So the zip code of tech spending, Mike, we're in the kind of $3.8 billion range of numbers.

麥克，以郵遞區號計算，我們的技術支出約為 38 億美元。

And we have roughly earmarked $0.5 billion for investment this year.

我們今年已預留約5億美元用於投資。

I feel really, really good about where we are on the AI journey.

我對於我們在人工智慧道路上所取得的進展感到非常非常滿意。

We spent the last couple of years building out the infrastructure.

我們花了幾年時間建設基礎建設。

We've got really good relationships with the West Coast, and we have a seat at the table and learning what to do and how to do it.

我們與西海岸的關係非常好，我們坐在一起討論應該做什麼以及如何做。

So I think you're going to hear a lot more from us in the coming quarters about how we deploy AI to run the company better.

因此，我認為在接下來的幾個季度裡，你們將會聽到更多關於我們如何部署人工智慧來更好地經營公司的資訊。

And as a broader statement, this concept of running the company better has different seasons to it.

從更廣泛的角度來看，更好地經營公司這一理念在不同季節有不同的意義。

Season number one has been a lot of blocking and tackling.

第一季中有很多阻擋和鏟球。

Season number two is really the platform's operating model, implementation, and then harvesting the benefit.

第二季其實是平台的營運模式、實施，然後收穫收益。

That lasts a few years.

這持續了幾年。

And then AI.

然後是人工智慧。

And we think AI is very important.

我們認為人工智慧非常重要。

And so within the mix of that $3.8 billion that Dermot mentioned, there's a gradual pivot that's occurring under the hood around uplifting basic capabilities and infrastructure, which was the past, through to making our systems better through AI.

因此，在 Dermot 提到的 38 億美元的資金組合中，我們正在逐步實現從提升基本能力和基礎設施到透過人工智慧使我們的系統變得更好的轉變。

And I think that evolution is quite important.

我認為進化非常重要。

So it may feel like a static number, but it's actually not a static composition.

因此它可能看起來像一個靜態數字，但實際上它並不是一個靜態組合。

Got it.

知道了。

All right, thank you.

好的，謝謝。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, good afternoon.

嘿，下午好。

Thanks for the question.

謝謝你的提問。

Another one for you guys on operating leverage.

另外一個關於經營槓桿的問題。

So obviously, great progress so far.

顯然，到目前為止取得了巨大進展。

Hear you loud and clear on 2025 and more importantly beyond.

清楚聽取您對 2025 年及更重要的以後的看法。

I guess in that context, how important is fee operating leverage to the firm?

我想，在這種情況下，費用經營槓桿對公司來說有多重要？

I know you talked about total, which is right, and NII is a helper in 2025.

我知道您談到了總數，這是正確的，並且 NII 將在 2025 年起到幫助作用。

But for whatever reason, if the fee outlook falls short, how much wiggle room do you guys have against that 1% to 2%?

但無論出於什麼原因，如果費用前景不理想，你們對 1% 到 2% 的調整空間有多大？

And again, maybe talk about the fee operating leverage as well as a metric that you care about or not.

再次，也許可以談論費用經營槓桿以及您關心或不關心的指標。

Thanks, Alex.

謝謝，亞歷克斯。

So we do talk about total, and we're very focused on delivering that consistently through the cycle.

因此，我們確實談論總量，並且我們非常注重在整個週期中始終如一地實現這一目標。

I also think about it in terms of fee operating leverage, and we're also focused on delivering positive fee operating leverage as well.

我也從費用營運槓桿的角度來考慮這個問題，我們也致力於提供積極的費用營運槓桿。

But look, as I said in my prepared remarks, total operating leverage is the North Star.

但是，正如我在準備好的演講中所說，總營業槓桿就是北極星。

There are a number of factors that go into that: NII, fees, expenses.

影響這因素有很多：NII、費用、開支。

And with each of those categories, we have multiple levers that we can toggle.

對於每個類別，我們都有多個可以切換的槓桿。

So we feel like we have flexibility over the inputs in terms of how we end up with that number.

因此，我們覺得，就最終如何得出這個數字而言，我們可以靈活地輸入。

And so I think if you take last year 288 was a very good year.

所以我認為，如果你考慮去年的話，288 是一個非常好的年份。

And look, there was a reasonable amount of positive contribution to that from NII.

並且，NII 對此做出了相當積極的貢獻。

And so we expect to deliver positive fee operation leverage through the cycle as well, as well as total.

因此，我們希望在整個週期以及整體上實現積極的費用營運槓桿。

Got it.

知道了。

All right, super helpful.

好的，非常有幫助。

And then a small, nuanced follow up for you guys just around NII.

然後，我將圍繞 NII 為大家進行一個小小的、細緻的跟進。

We've seen stronger results in the repo business for a handful of quarters now, and I think there's still some expectation for that to normalize.

我們已經看到回購業務在幾個季度中取得了更強勁的業績，我認為人們仍然期待這種業務正常化。

But clearly, that hasn't happened yet.

但顯然，這還沒有發生。

So maybe talk a little bit about the factors that contributed to the stronger performance in that part of the model within the quarter but also maybe within the year.

因此，也許可以稍微談論一下導致該模型該部分在本季乃至全年表現更強勁的因素。

What could change that, given where you are in the environment and the outlook?

考慮到您所處的環境和前景，什麼可以改變這種狀況？

And what do you think is the appropriate run rate, I guess, for that contribution to NII going forward?

您認為未來對 NII 的貢獻適當的運行率是多少？

Thanks.

謝謝。

So for cleared repo, look, strong performance in Q4.

因此，對於清算回購而言，第四季表現強勁。

The only context I will give you on that, Alex, is it's roughly 5% of the overall NII.

亞歷克斯，我能給你的唯一背景資訊是，它大約佔整體 NII 的 5%。

So while we talk about it, it's still kind of small in the context of the bigger number.

因此，當我們談論它時，與更大的數字相比，它仍然有點小。

We've invested a lot in it in the last couple of years in terms of technology, better products, being more for clients, et cetera.

過去幾年，我們在科技、更好的產品、為客戶提供更多服務等方面投入了大量資金。

So on balance, expected to grow, but it's not a meaningful part of the overall number.

因此總的來說，預計會成長，但這並不是整體數字的一個有意義的一部分。

Okay, thanks very much.

好的，非常感謝。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

Great.

偉大的。

Good afternoon, folks.

大家下午好。

Thanks for taking my question, just on a couple of assumptions on the financial outlook for 2025.

感謝您回答我的問題，我只是想對 2025 年的財務前景做幾個假設。

Maybe just to start with net interest revenue, I appreciate all the commentary you made, Dermot, on the factors on that.

也許只是從淨利息收入開始，我很感謝你，德莫特，對相關因素所做的所有評論。

It looks like it's more based on the asset and deposit side on mix as opposed to growth in deposits and growth in earning assets.

它看起來更多是基於資產和存款的組合，而不是存款的成長和生息資產的成長。

I just want to get your sense of, all else equal, to what extent do you think you can actually grow the deposit base via all the client initiatives you have?

我只是想了解一下，在其他條件相同的情況下，您認為透過所有的客戶計劃，您實際上能在多大程度上增加存款基礎？

For '24, I think we outperformed on the balance side.

對於 24 年來說，我認為我們在平衡方面表現優異。

But as we look out into '25, and you talk about if you reflect on Robin's remarks in terms of starting the year, a little bit more uncertainty in kind of post the election.

但當我們展望25年時，如果你回顧羅賓關於今年年初的言論，你會發現選舉後的不確定性會更大一些。

So for now we kind of, in the way we've come up with the guide, we expect balances to be roughly flat.

因此就目前而言，按照我們制定的指南，我們預計餘額將大致持平。

And the mix shift underneath, from Q4 to Q1, I expect NIBs to moderate a little bit and kind of touch down.

從第四季到第一季度，我預計 NIB 的混合變化將有所緩和，並且有所下降。

We're kind of in the zip code of $44 billion to $46 billion of NIBs is kind of what is embedded in the outlook.

我們的 NIB 規模處於 440 億美元至 460 億美元的範圍內，這正是前景所蘊含的。

But we still have a reasonable amount of the book to roll off at 2% yielding assets into current market rates.

但我們仍有相當數量的資產可以以 2% 的收益率轉入當前市場利率。

So you're correct, David, in terms of a lot of proactive management of the balance sheet on the asset side has given us confidence around that mid-single digit guide.

所以你是對的，大衛，就資產方面的資產負債表的大量主動管理而言，我們已經對中等個位數的指導值充滿信心。

Okay, great.

好的，太好了。

And then shifting to the fee side, it looks like this guidance is sort of an alpha guide.

然後轉向費用方面，看起來該指南是一種 alpha 指南。

You talk about the drivers of being higher organic growth as you make progress on the platform strategy, of course, partially mitigated by current currency headwinds.

您談到了在平台策略取得進展的同時實現更高有機成長的驅動因素，當然，當前的貨幣逆風在一定程度上抵消了這一趨勢。

But does this assume generally flat markets?

但這是否假設市場大致穩定？

I guess that would be in line with your uncertainty commentary.

我想這與您的不確定性評論是一致的。

And then I guess if we do have very strong equity markets, say, if we're up just 10%, what would be the rough delta to revenue on that?

然後我想，如果我們確實擁有非常強勁的股票市場，比如說，如果我們只上漲了 10%，那麼這對收入的影響大致是多少？

Thanks, Brian.

謝謝，布萊恩。

So what I would say is roughly kind of 5% on markets from here is about $70 million in fees.

因此我想說的是，從現在起，市場大概 5% 的費用就約為 7,000 萬美元。

That's the rough sensitivity.

這是粗略的敏感度。

And to the first part of your question, we've kind of, given the last couple of years, have, as you say, really strong performance in markets.

對於您問題的第一部分，正如您所說，過去幾年我們在市場上的表現確實非常強勁。

We're kind of more neutral on market growth in terms of our guide.

就我們的指導而言，我們對市場成長持更中立的態度。

Okay, fair enough.

好吧，夠公平。

Thank you.

謝謝。

Market appreciation.

市場升值。

Market appreciation, yes.

是的，市場升值。

Okay, yes, thank you.

好的，是的，謝謝你。

David Smith, Truist Securities.

大衛史密斯（David Smith），Truist Securities。

Hi, good afternoon.

嗨，下午好。

You mentioned all of your -- hi.

您提到了您的所有--嗨。

You managed to hold your AUCA flat despite a big decline in fixed income markets in the fourth quarter.

儘管第四季固定收益市場大幅下滑，您仍成功保持 AUCA 穩定。

Can you remind us just how much of that $52.1 trillion might be showing off as a lag and not reflect the full decline in markets we saw later in the quarter?

您能否提醒我們，這 52.1 兆美元中有多少可能只是落後表現，而沒有反映出我們在本季後期看到的市場全面下滑？

Either way, it seems like inflows to the asset servicing business were really strong in the quarter.

無論如何，本季資產服務業務的資金流入似乎非常強勁。

Could you comment on the competitive environment that you're seeing there as well, please?

您能否評論一下您所看到的競爭環境？

So look, I'll start with the competitive environment.

那麼，我將從競爭環境開始。

I think very pleased with where asset servicing is in terms of competitive strength, in terms of new business won over the last year.

我對資產服務的競爭實力和去年贏得的新業務感到非常滿意。

We came into '24 with strong momentum, and we executed very well.

我們以強勁的勢頭進入24年，而且我們的表現非常出色。

And we talked about a number of the deals that we won on prior calls.

我們討論了在之前的通話中贏得的許多交易。

We've invested in the infrastructure.

我們已經對基礎設施進行了投資。

I think we're showing up well for clients.

我認為我們為客戶提供了良好的服務。

And we exit the year feeling very good about the business.

今年結束時，我們對業務感到非常滿意。

And I think in some ways, asset servicing, everybody looks at asset servicing as the bellwether of the firm.

我認為從某種程度上來說，資產服務，每個人都將資產服務視為公司的風向標。

And so we kind of enter into 2025 with continued momentum and our right to win and winning our share and the world's largest custodian.

因此，我們將帶著持續的動力和勝利的權利進入 2025 年，贏得我們的份額，並成為世界上最大的託管人。

I think we're going to do just fine in 2025.

我認為我們在 2025 年會做得很好。

There's not a ton of lag.

不存在大量的滯後。

Okay.

好的。

And then just to clarify, you mentioned $44 billion to $46 billion of NIBs embedded in the outlook.

然後需要澄清的是，您提到前景包含 440 億至 460 億美元的 NIB。

Is that the average for the first quarter or for the full year?

這是第一季的平均值還是全年的平均值？

For the full year.

全年。

All right.

好的。

Thank you.

謝謝。

(Operator Instructions) Gerard Cassidy, RBC.

（操作員指令）Gerard Cassidy，RBC。

Hi, good afternoon.

嗨，下午好。

This is Thomas Leddy standing in for Gerard.

這是代替杰拉德的托馬斯·萊迪。

Aside from the obvious geopolitical risks we all see in the news, what are the primary risks you guys are monitoring for your businesses?

除了我們在新聞中看到的明顯的地緣政治風險之外，你們為企業監控的主要風險是什麼？

Well, there are a lot of risks in the world at the moment.

目前，世界上存在著許多風險。

I've been asked this question a bunch of times over the course of the past few months.

在過去的幾個月裡，我被問過很多次這個問題。

And as you can imagine, we've got wars in essentially two different continents.

你可以想像，戰爭基本上發生在兩個不同的大陸。

We've got uncertainty in terms of policy in many countries.

許多國家的政策都存在不確定性。

We've got some countries' important major economies that have really been struggling to be able to find growth.

一些國家的重要主要經濟體一直在苦苦掙扎以尋求成長。

We've just gone through the great year of elections, and so we've got a lot of new teams in place in countries around the world.

我們剛經歷了偉大的選舉年，因此我們在世界各國建立了許多新團隊。

There's clearly, at some point, the risk of a downturn or recession in the US.

顯然，在某種程度上，美國存在著經濟下滑或衰退的風險。

It's not something that we see around the corner right now.

這不是我們現在能看到的現象。

There's the impact of higher rates.

利率上升會產生影響。

If we lock in rates at higher levels, maybe even 10 years at 5%, 5.25%, who knows?

如果我們將利率鎖定在更高的水平，也許10年利率為5%、5.25%，誰知道呢？

Certainly possible, those things can create complexity as well.

當然有可能，這些事情也會造成複雜性。

So the market's really contending with a long list of things which today are probably each fairly low probability, but there are a lot of them.

因此，市場實際上要應對一系列因素，這些因素在今天發生的機率可能都很低，但確實有很多。

So the chances of something happening are probably out there.

因此發生某些事情的可能性是存在的。

So we're not in the predictions business.

所以我們不從事預測業務。

We're just trying to prepare.

我們只是在盡力做好準備。

I think our platforms give us the ability to help clients navigate these uncertainties, and so that's clearly our focus.

我認為我們的平台使我們能夠幫助客戶應對這些不確定性，因此這顯然是我們的重點。

But if you had to pick a couple, you're going to say geopolitical risk is probably a curve risk, absolute levels of issuance, which is true for several different countries, and cyber risk.

但如果必須選擇幾個，你會說地緣政治風險可能是曲線風險、絕對發行水準（這對幾個不同的國家來說都是如此）和網路風險。

Now on the flip side of that, and I think it's important to mention it, we're a capital markets-oriented company.

現在從另一方面來說，我認為有必要提及這一點，我們是一家面向資本市場的公司。

We're a financial services platform company.

我們是一家金融服務平台公司。

And so we're pro-growth.

因此，我們支持成長。

We benefit from growth.

我們從成長中獲益。

And it's very encouraging, including particularly here in the US with the new incoming administration, to hear this pro-growth mantra, because growth is, a, important for our business; and b, it enables so many other things.

這是非常令人鼓舞的，特別是在美國新政府上台後，聽到這種促進成長的口號，因為成長對我們的業務非常重要； b、它還能實現很多其他的事情。

And so on the flip side of the risks, I think there is this undertone of this sort of sense of possibility of the year, which we certainly haven't lost sight of, all the while we're managing for the risks that are out there.

因此，在風險的另一面，我認為，今年存在著一種可能性，我們當然沒有忽視它，同時我們也在管理可能出現的風險。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And sort of sticking to the theme of many crosscurrents, can you give us some color on how increased trading volatility attributed to the dynamic interest rate environment might impact your servicing fee revenue growth?

並堅持眾多交叉潮流的主題，您能否向我們解釋一下動態利率環境導致的交易波動性增加將如何影響您的服務費收入成長？

Well, definitely, if you just look at last year, if you just pick one business in particular, clearance and collateral management, which really benefits from increased treasury issuance, increased volatility, clients doing more activity, and we just process much more volume on the platform.

嗯，當然，如果你只看去年，如果你只選擇一個特定的業務，清算和抵押品管理，它確實受益於國債發行量的增加，波動性的增加，客戶活動的增加，我們處理的交易量也大得多。

And when you hear us talking about increased volume, we mean talking about increased fees.

當您聽到我們談論增加交易量時，我們的意思是談論增加費用。

And last year, there were a number of times where we had records and records on records in terms of what's going through the pipes.

去年，我們多次對管道傳輸的情況進行了記錄。

So I think treasury issuance has been a real tailwind for us over the last couple of years.

因此，我認為過去幾年國債發行對我們來說是真正的順風。

There are two things that I'd add just quickly on composition of revenues.

關於收入組成，我想快速補充兩點。

Because to the prior question, the absolute levels of assets does matter in some parts of our business.

因為對於前面的問題，資產的絕對水準對我們業務的某些部分確實很重要。

To your question, transaction volumes matter.

對於您的問題，交易量很重要。

Elsewhere, we have revenues from direct software sales.

此外，我們也透過直接軟體銷售獲得收入。

That's a growing part of who we are and part of this sort of platforms concept.

這是我們自身不斷發展的一部分，也是這類平台概念的一部分。

But if you just take something like fixed income -- and this goes to the gearing to capital markets that we laid out in one of our trends pages in the presentation.

但如果你只考慮固定收益之類的東西 — — 這就涉及到我們在簡報的趨勢頁面之一中列出的資本市場槓桿。

Take fixed income.

以固定收益為例。

What's happening in public markets, private markets, in credit, touches so many of our businesses: our clearance business, our collateral management business, our asset servicing business, our corporate trust business, our debt capital markets business, our investment management fixed-income business, our investment management LDI business, our cash strategies.

公開市場、私人市場和信貸市場發生的情況影響到我們的許多業務：我們的清算業務、抵押品管理業務、資產服務業務、企業信託業務、債務資本市場業務、投資管理固定收益業務業務、我們的投資管理LDI 業務、我們的現金策略。

The firm across the breadth of who we are is really able to capitalize in a lot of different ways back to this point on growth and activity.

在我們這個廣泛的領域中，公司確實能夠透過許多不同的方式利用成長和活動來實現這一點。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And thank you, guys, for taking my question.

謝謝你們回答我的問題。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

Great.

偉大的。

Thanks for taking my follow ups.

感謝您關注我的後續問題。

Just wanted to circle back on Wove.

只是想回到 Wove。

I think, Dermot, you mentioned -- and maybe I missed this.

我想，德莫特，你提到過——也許我錯過了這一點。

You said you had a revenue guide.

您說過您有一份收入指南。

I saw the $75 million of exit and exit rate annualized in '24.

我看到1924年的退出金額和年化退出率達到了7500萬美元。

Did I miss the actual guide for '25, or is that the offboarding point?

我是否錯過了 '25 的實際指南，或者這就是下車點？

And maybe if you could just talk about the general progress at Wove.

也許您可以談談 Wove 的整體進展。

So incremental revenue for '25 of $60 million to $70 million, and I would say we're very pleased. 36 clients on the platform, 41 signed contracts.

因此，25年的增量收入為6,000萬至7,000萬美元，我想說我們非常高興。平台入駐客戶36家，簽約41家。

In the prepared remarks, we kind of talked about the proliferation of products that we announced at INSITE last summer, so becoming more sophisticated and clients really liking what they're seeing.

在準備好的演講中，我們談到了去年夏天在 INSITE 上宣布的產品的激增，因此變得更加複雜，客戶真的很喜歡他們所看到的產品。

Got it.

知道了。

Then the $60 million to $70 million, is that incremental to the [$30 million] of '24, is that right?

那麼 6,000 萬美元到 7,000 萬美元，是 24 年 [3,000 萬美元] 的增量，對嗎？

Yes, that's correct.

是的，正確。

Got it.

知道了。

Okay, great.

好的，太好了。

Thank you.

謝謝。

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

今天的問答環節到此結束。

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

現在我想將電話轉回給羅賓，讓他做任何補充演講或結束語。

Thank you, operator.

謝謝您，接線生。

And thanks, everyone, for your time today.

感謝大家今天的寶貴時間。

We appreciate your interest in BNY.

感謝您對 BNY 的關注。

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.

保重。

Thank you.

謝謝。

This does conclude today's conference and webcast.

今天的會議和網路直播到此結束。

A replay of this conference call and webcast will be available on the BNY Investor Relations website at 4:00 PM Eastern Standard Time today.

本次電話會議和網路直播的重播將於今天美國東部標準時間下午 4:00 在紐約銀行投資者關係網站上提供。

Have a great day.

祝你有美好的一天。