紐約梅隆銀行 (BK) 2025 Q2 法說會逐字稿

Good morning and welcome to the 2025 second-quarter earnings conference call hosted by BNY.

早安，歡迎參加BNY主辦的2025年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent.

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。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. Please go ahead.

現在我將電話轉給紐約銀行投資者關係主管 Marius Merz。請繼續。

Thank you, operator. Good morning, everyone. Welcome to our second quarter earnings call. I'm here with Robin Vince, our Chief Executive Officer, and Dermot McDonogh, our Chief Financial Officer.

謝謝您，接線生。大家早安。歡迎參加我們的第二季財報電話會議。我和我們的執行長 Robin Vince 以及財務長 Dermot McDonogh 一起來到這裡。

We will reference the quarterly update presentation which can be found on the Investor Relations page of our website at bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. 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. Forward-looking statements made on this call speak only as of today, July 15, 2025, and would not be updated.

我們將參考季度更新演示文稿，該演示文稿可在我們網站 bny.com 的投資者關係頁面上找到。請注意，我們的評論將包含前瞻性陳述和非公認會計準則 (GAAP) 指標。實際結果可能與前瞻性陳述中的預測有重大差異。有關這些聲明和非公認會計準則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，所有這些資訊均可在我們網站的投資者關係頁面上找到。本次電話會議所作的前瞻性陳述僅截至 2025 年 7 月 15 日有效，且不會更新。

With that, I will turn it over to Robin.

說完這些，我會把麥克風交給羅賓。

Thanks, Marius. Good morning, everyone. Thank you for joining us.

謝謝，馬呂斯。大家早安。感謝您加入我們。

Before Dermot takes you through the financials in greater detail, I'll start with a few summary remarks on our strong performance in the second quarter and a couple of reflections on the first half of the year.

在 Dermot 向您詳細介紹財務狀況之前，我將首先對我們第二季的強勁表現進行一些總結性評論，並對上半年進行一些反思。

Stepping back for a moment to look at the operating environment, we began the quarter in April with elevated market volatility, record US equity trading activity, and increased treasury market volumes. Through the quarter, we saw shifts in global policy with elevated risk from geopolitical tensions and conflicts as well as uncertainty around trade, fiscal, and other policies.

回顧一下經營環境，我們從 4 月開始的這個季度就經歷了市場波動加劇、美國股票交易活動創歷史新高以及國債市場交易量增加的現象。本季度，我們看到全球政策發生變化，地緣政治緊張和衝突的風險上升，以及貿易、財政和其他政策的不確定性。

Periods of volatility and active markets give BNY the opportunity to deepen the connection with our clients, helping them grow while navigating an evolving business landscape. Our unique position as a financial services platforms company at the heart of the world's capital markets combined with our diversified business model allowed us to once again demonstrate our resilience and commercial strength against this backdrop.

市場波動和活躍時期為紐約銀行提供了加深與客戶聯繫的機會，幫助他們在不斷變化的商業環境中成長。我們作為全球資本市場核心的金融服務平台公司的獨特地位，加上我們多元化的業務模式，使我們在這種背景下再次展示了我們的韌性和商業實力。

Turning to the results of the second quarter and referring to page 2 of the quarterly update presentation, BNY delivered a strong performance. Earnings per share of $1.93 were up 27% year over year on a reported basis and up 28%, excluding notable items. Total revenue was up 9% year over year and for the first time, exceeded $5 billion in a quarter.

回顧第二季的業績，並參考季度更新報告的第 2 頁，紐約銀行 (BNY) 表現強勁。每股收益為 1.93 美元，按報告基礎計算年增 27%，扣除重大項目後成長 28%。總營收年增 9%，並且首次在一個季度內超過 50 億美元。

In combination with expense growth of 4%, BNY generated another quarter of significant positive operating leverage, roughly 500 basis points on both a reported and operating basis. And in what is seasonally our strongest quarter, our pre-tax margin improved to 37% and our return on tangible common equity improved to 28%. These are clear outputs from our multi-year transformation and robust indicators of BNY's potential.

加上 4% 的費用成長，紐約銀行又在一個季度產生了顯著的正營運槓桿，報告和營運基礎上均增加了約 500 個基點。在我們季節性表現最強勁的季度，我們的稅前利潤率提高至 37%，有形普通股權益回報率提高至 28%。這些都是我們多年轉型的明確成果，也是紐約銀行潛力的強大指標。

Turning to page 3. Over the past few years, we have been laying the foundations for our future. In our January update, we outlined how BNY is well positioned to capture market beta and capitalize on evolving market trends as we work hard to generate alpha through the continued transformation of our company.

翻到第 3 頁。過去幾年，我們一直在為我們的未來奠定基礎。在 1 月的更新中，我們概述了紐約銀行如何做好充分準備來捕捉市場貝塔值並利用不斷變化的市場趨勢，同時我們努力透過公司的持續轉型來創造阿爾法值。

We entered 2025 with good momentum. Midway through the year, we are seeing results from our consistent execution and continuous delivery that add to our confidence for the medium to long term. Our strategy is simple but powerful to be more for our clients, by running our company better, all powered by our culture.

我們以良好的勢頭邁入2025年。今年年中，我們看到了持續執行和持續交付的成果，這增強了我們對中長期發展的信心。我們的策略很簡單，但很強大，透過更好地經營我們的公司，為客戶提供更多服務，這一切都由我們的文化驅動。

I'll briefly touch on each.

我將簡要地談一談。

First, our commercial model enables BNY to be more for our clients, helping them achieve their goals using the full breadth and depth of our platforms. As we mark the model's one-year anniversary, early signs point to the growing effectiveness of our commercial organization with significant runway ahead. We achieved a second consecutive quarter of record sales. The number of multi-product relationships continues to grow, and we continue to broaden and deepen our engagement with clients.

首先，我們的商業模式使紐約銀行能夠更好地服務我們的客戶，幫助他們充分利用我們平台的廣度和深度來實現他們的目標。值此模式推出一週年之際，早期跡象表明，我們的商業組織的效率正在不斷提高，並且前途光明。我們連續第二季創下銷售記錄。多產品關係的數量持續成長，我們持續擴大和深化與客戶的合作。

For example, in June, we expanded our relationship with specialist active UK asset manager Liontrust. In addition to utilizing our data vault and middle office operating capabilities, Liontrust is fully outsourcing its trading to our buyside trading solutions team, which delivers 24-hour global trade execution and reaches 100 markets globally across all major asset classes. Another important way for us to be more for our clients is to deliver innovative solutions to the market that come from the powerful combination of capabilities we have at BNY.

例如，6 月份，我們擴大了與英國專業主動資產管理公司 Liontrust 的合作關係。除了利用我們的資料庫和中台營運能力外，Liontrust 還將其交易完全外包給我們的買方交易解決方案團隊，該團隊提供 24 小時全球交易執行，並涵蓋所有主要資產類別的全球 100 個市場。我們為客戶提供更多服務的另一個重要方式是向市場提供創新解決方案，這些解決方案源自紐約銀行強大的能力組合。

As I've said before, we're not just in the product sales business, we're in the solutions delivery business. BNY enjoys a suite of highly adjacent platforms that when delivered together create powerful solutions for clients. Our commercial model combined with our platform's operating model are intentionally designed to encourage more of this type of innovation.

正如我之前所說，我們不只是從事產品銷售業務，我們也從事解決方案交付業務。BNY 擁有一套高度相鄰的平台，這些平台共同為客戶創造強大的解決方案。我們的商業模式與平台的營運模式相結合，旨在鼓勵更多此類創新。

An example of this solution's mindset is our work to build the financial infrastructure of the future by bridging traditional and digital financial ecosystems to enable clients to unlock new capabilities securely and at scale. Early and continuous investments in our digital assets platform have positioned us to meet increasing institutional interest and adoption.

這種解決方案思維的一個例子是，我們致力於透過連接傳統和數位金融生態系統來建立未來的金融基礎設施，使客戶能夠安全、大規模地解鎖新功能。我們對數位資產平台的早期和持續投資使我們能夠滿足日益增長的機構興趣和採用。

Last month, Société Générale selected BNY to act as reserve custodian for their first USD stablecoin in Europe. And last week, Ripple announced that BNY will act as primary custodian of Ripple's USD stablecoin reserves. Today, BNY is a leader in servicing the growing stablecoin market, enabling companies to create and use stablecoins by providing wide ranging services from issuance to ongoing operations.

上個月，法國興業銀行選擇 BNY 為其在歐洲首個美元穩定幣的儲備託管人。上週，Ripple 宣布 BNY 將擔任 Ripple 美元穩定幣儲備的主要託管人。如今，BNY 已成為服務日益增長的穩定幣市場的領導者，透過提供從發行到持續營運的廣泛服務，幫助企業創建和使用穩定幣。

Our advancements in the digital assets ecosystem are just one example of continual innovation, but there are many others, flexible financing and global clearing, the integration of [collateral one] into LiquidityDirect, FX Hedge Direct for private markets, agency lending in Saudi Arabia, depository receipts in Canada, to name just a few. This is an important theme for us, not just periodic higher profile product launches, but product level micro innovations week by week, month by month that drive our organic growth.

我們在數位資產生態系統中的進步只是持續創新的一個例子，但還有許多其他例子，例如靈活的融資和全球清算、將[抵押品一]整合到LiquidityDirect、針對私人市場的FX Hedge Direct、沙烏地阿拉伯的代理貸款、加拿大的存託憑證，僅舉幾例。這對我們來說是一個重要的主題，不僅是定期推出高調的產品，而且每週、每月進行產品層面的微創新，推動我們的有機成長。

Next, on running our company better with purpose, 2025 will be a milestone year for BNY's transition into our platform's operating model, which realigns how we work and organize ourselves across the entire company. As a reminder, running our company better is not just about expenses. It's about better.

接下來，為了更好地有目的地運營我們的公司，2025 年將是 BNY 向平台營運模式轉型的里程碑之年，這將重新調整我們整個公司的工作和組織方式。提醒一下，更好地經營我們的公司不僅僅涉及開支。這是為了更好。

Yes, we are driving efficiency, but we're also enabling commercial opportunities, enhancing client journeys, and accelerating speed to market. With more than half of our people at BNY working in the model today, we remain on track to complete our phased transition into the platform's operating model by this time next year. Already we are starting to see the impact of this new way of working, enabling our people to launch more new solutions, deploy more code releases, and come together better than ever before to support our clients.

是的，我們正在提高效率，但我們也在創造商業機會，增強客戶旅程，並加快產品上市速度。目前，紐約銀行一半以上的員工都在採用該模式工作，我們預計在明年這個時候分階段完成向該平台營運模式的過渡。我們已經開始看到這種新的工作方式的影響，使我們的員工能夠推出更多新的解決方案，部署更多的程式碼版本，並且比以往更好地團結在一起為我們的客戶提供支援。

Finally, on culture. Culture is about generating a collective will to make our company achieve its full potential, harnessing the breadth of our talent to be there for clients and to help the company hum. This includes so many things, but one part of that enablement is our embrace of AI. It's an exciting moment for AI at BNY. Nearly all of our employees are using our multi-agentic enterprise AI platform Eliza, and we have started to introduce digital employees into our workforce. It's early days, but we are beginning to see the benefit of some of these agents and digital employees, and we expect that to accelerate in the quarters and years ahead.

最後，關於文化。文化就是要產生一種集體意志，使我們的公司充分發揮其潛力，利用我們的才能為客戶提供服務並幫助公司蓬勃發展。這包括很多方面，但其中一部分就是我們對人工智慧的擁抱。對於紐約銀行的人工智慧來說，這是一個令人興奮的時刻。我們幾乎所有員工都在使用我們的多代理商 AI 平台 Eliza，我們已經開始將數位員工引入我們的員工隊伍。雖然現在還處於早期階段，但我們已經開始看到這些代理商和數位員工的一些好處，我們預計這種好處在未來幾季和幾年內將會加速成長。

To wrap up, against the backdrop of a busy operating environment, our priorities are clear, and we remain relentlessly focused on execution. BNY is showing strong momentum, and we are determined to deliver further value for our clients, our shareholders, and our people. At this midpoint of the year, we are pleased to see the initial work of our multi-year transformation bearing fruit. I'd like to thank our teams around the world for delivering strong results and for their continued commitment to the work ahead. We have a lot of opportunity in front of us but the strategy to unlock it is working.

總而言之，在繁忙的營運環境中，我們的優先事項很明確，我們將繼續堅持不懈地專注於執行。紐約銀行發展勢頭強勁，我們決心為我們的客戶、股東和員工創造更多價值。值此年中之際，我們高興地看到，我們多年的轉型工作已初見成效。我要感謝我們世界各地的團隊所取得的出色成果以及他們對未來工作的持續承諾。我們面前有很多機遇，但把握這些機會的策略正在發揮作用。

And with that, over to you, Dermot.

現在，輪到你了，德莫特。

Thank you, Robin, and good morning, everyone.

謝謝你，羅賓，大家早安。

I'm starting with our consolidated financial results for the second quarter on page 4 of the presentation. Total revenue of $5 billion was up 9% year over year. Fee revenue is up 7%. That included 9% growth in investment services fees from our security services and market and wealth services segments driven by net new business, client activity, and higher market values.

我先從簡報第 4 頁的第二季綜合財務表現開始。總營收 50 億美元，年增 9%。費用收入成長了7%。其中包括來自我們的安全服務和市場及財富服務部門的投資服務費成長 9%，這得益於淨新業務、客戶活動和更高的市場價值。

Investment management and performance fees were flat. Growth from higher market values and the impact of a weaker US dollar was offset by the mix of AUM flows and the adjustment for certain rebates that we discussed on our last earnings call.

投資管理費和績效費持平。市場價值上升和美元疲軟的影響被我們在上次收益電話會議上討論的 AUM 流量組合和某些回扣的調整所抵消。

While not on the page, I will note that firmwide AUC/A of $55.8 trillion, we're up 13% year over year, reflecting client inflows, higher market values, and the impact of the weaker dollar. Assets under management of $2.1 trillion were up 3% year over year, reflecting higher market values and the impact of the weaker dollar partially offset by cumulative net outflows.

雖然沒有寫在紙上，但我要指出的是，全公司的 AUC/A 為 55.8 兆美元，年成長 13%，反映了客戶流入、更高的市場價值以及美元疲軟的影響。管理的資產達 2.1 兆美元，年增 3%，反映出市場價值上升和美元疲軟的影響，但累計淨流出部分抵消了這一影響。

Foreign exchange revenue was up 16% year over year on the back of elevated volatility and higher volumes, partially offset by the impact of corporate treasury activity. Investment and other revenue was $184 million including $35 million of net losses from investment security sales, partially offset by favorable seed capital and other investments results.

由於波動性加劇和交易量增加，外匯收入年增 16%，但部分被企業財務活動的影響所抵銷。投資和其他收入為 1.84 億美元，其中包括投資證券銷售的 3,500 萬美元淨損失，但有利的種子資本和其他投資結果部分抵消了這一損失。

Net interest income was up 17% year over year, driven by continued reinvestment of maturing investment securities at higher yields as well as balance sheet growth partially offset by changes in deposit mix. Provision for credit losses was a benefit of $17 million in the quarter, driven by property specific reserve releases in our commercial real estate portfolio.

淨利息收入年增 17%，這得益於繼續以較高收益率對到期投資證券進行再投資，以及資產負債表增長，但存款組合的變化部分抵消了這一增長。本季信貸損失準備金收益為 1,700 萬美元，這得益於我們商業房地產投資組合中特定房地產儲備金的釋放。

Expenses of $3.2 billion were up 4% year over year, both on a reported basis and excluding notable items. The variance excluding notable items reflects higher investments, employee merit increases, higher revenue-related expenses, and the unfavorable impact of the weaker dollar partially offset by efficiency savings.

支出為 32 億美元，年增 4%，無論是按報告基礎計算還是不包括重大項目。排除顯著項目的差異反映了更高的投資、員工績效增加、更高的收入相關費用以及美元疲軟帶來的不利影響，但效率節約部分抵消了這些影響。

Taken together, we reported earnings per share of $1.93 on a reported basis, up 27% year over year. Excluding the impact of notable items, earnings per share were $1.94, up 28% year over year. Our pre-tax margin was 37%, and our return on tangible common equity was 28% in the quarter.

總體而言，我們報告的每股收益為 1.93 美元，年增 27%。不計重大項目的影響，每股收益為 1.94 美元，年增 28%。本季我們的稅前利潤率為 37%，有形普通股權益報酬率為 28%。

Turning to capital and liquidity on page 5. At the end of June, the Federal Reserve released the results of its 2025 bank stress test, which once again underscored BNY's resilient business model and our strong balance sheet. The results also confirmed that our stress capital buffer remains unchanged at the regulatory floor of 2.5%.

轉到第 5 頁的資本和流動性。6月底，聯準會公佈了2025年銀行壓力測試的結果，這再次凸顯了紐約銀行富有彈性的商業模式和強勁的資產負債表。結果也證實，我們的壓力資本緩衝仍維持在2.5%的監理下限不變。

With regards to our second quarter results, our Tier 1 leverage ratio was 6.1%, down 17 basis points sequentially. Tier 1 capital increased by $689 million, primarily reflecting capital generated through earnings and the net increase in accumulated other comprehensive income, partially offset by capital returns through common stock repurchases and dividends.

關於我們第二季的業績，我們的一級槓桿率為 6.1%，季減 17 個基點。一級資本增加了 6.89 億美元，主要反映了透過收益產生的資本和累計其他綜合收入的淨增加，部分被普通股回購和股息的資本回報所抵消。

Average assets increased, primarily driven by deposit growth. Our CET1 ratio at the end of the quarter was 11.5%, unchanged from the prior quarter. Over the course of the second quarter, we returned approximately $1.2 billion of capital to our common shareholders, resulting in a 92% total payout ratio year to date.

平均資產增加，主要受存款成長推動。本季末我們的 CET1 比率為 11.5%，與上一季持平。在第二季度，我們向普通股股東返還了約 12 億美元的資本，年初至今的總股息率達到 92%。

With regards to liquidity, the consolidated liquidity coverage ratio was 112%, down 4% points sequentially, reflecting elevated deposit balances, which were largely non-operational in early parts of the quarter. The consolidated net stable funding ratio is 131%, down 1% point sequentially.

就流動性而言，綜合流動性覆蓋率為 112%，比上一季下降 4 個百分點，反映出存款餘額增加，但在本季初基本上處於非營運狀態。合併淨穩定資金比率為131%，季減1個百分點。

Next, net interest income and balance sheet trends on page 6. Consistent with the backdrop of elevated volatility and active trading in capital markets, we saw clients seek the strength of BNY's balance sheet and leverage our platforms for execution and settlement.

接下來，第 6 頁是淨利息收入和資產負債表趨勢。在資本市場波動性加劇和交易活躍的背景下，我們看到客戶尋求紐約銀行資產負債表的實力並利用我們的平台進行執行和結算。

Net interest income of $1.2 billion was up 17% year over year and up 4% quarter over quarter. Both the year over year and sequential increase primarily reflect the continued reinvestment of maturing investment securities at higher yields as well as balance sheet growth, partially offset by changes in deposit mix.

淨利息收入為 12 億美元，年增 17%，季增 4%。同比和環比的成長主要反映了到期投資證券以較高收益率持續進行再投資以及資產負債表的成長，但存款組合的變化部分抵消了這一增長。

Average deposit balances grew by 6% sequentially. Non-interest bearing deposits grew by 3% in the quarter and interest-bearing deposits grew by 7%. Accordingly, average interest earning assets increased by 6% sequentially. Cash and reverse repo balances increased by 9%. Investment securities balances increased by 4% and loans increased by 2%.

平均存款餘額較上季增加6%。本季無息存款成長 3%，有息存款成長 7%。因此，平均生息資產較上季成長 6%。現金和逆回購餘額增加了9%。投資證券餘額增加4%，貸款增加2%。

Turning to our business segments starting on page 7. Security services reported total revenue of $2.5 billion, up 10% year over year. Total investment services fees were up 10% year over year. In asset servicing, investment services fees grew by 7%, reflecting higher market values and client activity. And an issuer services, investment services fees were up 17%, driven by exceptionally strong client activity in our depository receipts business.

從第 7 頁開始介紹我們的業務部門。安全服務總收入為 25 億美元，較去年同期成長 10%。總投資服務費較去年同期成長10%。在資產服務方面，投資服務費成長了 7%，反映了更高的市場價值和客戶活動。發行人服務、投資服務費用上漲了 17%，這得益於我們存託憑證業務中客戶活動的異常強勁。

In this segment, foreign exchange revenue was up 22% year over year on the back of elevated volatility and higher volumes. Net interest income for the segment was up 13% year over year. Segment expenses of $1.6 billion were up 4% year over year, driven by higher investments, employee merit increases, revenue-related expenses, and the unfavorable impact of the weaker dollar, partially offset by efficiency savings. Security services reported pre-tax income of $867 million, up 26% year over year, and a pre-tax margin of 35%.

在這一領域，由於波動性加劇和交易量增加，外匯收入較去年同期成長了 22%。該部門淨利息收入較去年同期成長13%。該部門支出為 16 億美元，年增 4%，主要原因是投資增加、員工績效加薪、與收入相關的支出以及美元疲軟的不利影響，但效率節約部分抵消了這一影響。安保服務業務稅前收入為 8.67 億美元，年增 26%，稅前利潤率為 35%。

Onto market and wealth services on page 8. In our market and wealth services segment, we reported total revenue of $1.7 billion, up 13% year over year. Total investment services fees were up 9% year over year. In Pershing, investment services fees were up 8%, reflecting client activity and higher market values. Net new assets were a negative $10 billion in the quarter, reflecting the deconversion of a client that was acquired by a self-clearing competitor.

請參閱第 8 頁的市場和財富服務。在我們的市場和財富服務部門，我們的總收入為 17 億美元，年增 13%。總投資服務費較去年同期成長9%。在潘興，投資服務費上漲了 8%，反映了客戶活動和更高的市場價值。本季淨新資產為負 100 億美元，反映出一位客戶被一家自行清算的競爭對手收購。

In clearance and collateral management, investment services fees were up 14%, driven by broad-based growth in collateral balances and clearance volumes. And in treasury services, investment services fees were up 3%, reflecting net new business.

在清算和抵押品管理方面，投資服務費上漲了 14%，這得益於抵押品餘額和清算量的廣泛增長。在財務服務方面，投資服務費上漲了 3%，反映了淨新業務。

Net interest income for the segment was up 21% year over year. Segment expenses of $897 million were up 8% year over year, driven by higher investments and litigation reserves, employee merit increases, and higher revenue-related expenses, partially offset by efficiency savings. Taken together, our market and wealth services segment reported pre-tax income of $851 million, up 21% year over year and a pre-tax margin of 49%.

該部門淨利息收入較去年同期成長21%。分部支出為 8.97 億美元，年增 8%，主要由於投資和訴訟準備金增加、員工績效加薪以及收入相關支出增加，但效率節約部分抵消了這一增長。總體而言，我們的市場和財富服務部門報告的稅前收入為 8.51 億美元，年增 21%，稅前利潤率為 49%。

Turning to investment and wealth management on page 9. Our investment and wealth management segment reported total revenue of $801 million, down 2% year over year. Investment management fees were down 1% year over year, driven by the mix of AUM flows and the adjustment for certain rebates, partially offset by higher market values and the favorable impact of the weaker dollar.

翻到第 9 頁的投資和財富管理。我們的投資和財富管理部門報告總收入為 8.01 億美元，年減 2%。投資管理費年減 1%，主要是由於資產管理規模 (AUM) 流動組合和某些回扣的調整，但被更高的市場價值和美元疲軟的有利影響部分抵消。

Segment expenses of $653 million were down 2% year over year, driven by lower revenue-related expenses and efficiency savings, partially offset by higher severance expense and the unfavorable impact of the weaker dollar. Investment and wealth management reported pre-tax income of $148 million, down 1% year over year and a pre-tax margin of 19%.

分部支出為 6.53 億美元，年減 2%，主要由於收入相關支出減少和效率節約，但遣散費增加和美元疲軟的不利影響部分抵消了這一下降。投資和財富管理業務稅前收入為 1.48 億美元，年減 1%，稅前利潤率為 19%。

As I described earlier, assets under management of $2.1 trillion were up 3% year over year. In the second quarter, we saw $17 billion of net outflows driven by index, multi-assets, and equity strategies, partially offset by net inflows into cash and fixed income strategies. Wealth management client assets of $339 billion increased by 10% year over year, largely driven by higher market values.

正如我之前所述，管理的資產為 2.1 兆美元，年增 3%。第二季度，我們看到由指數、多種資產和股票策略推動的 170 億美元淨流出，部分被現金和固定收益策略的淨流入所抵消。財富管理客戶資產達 3,390 億美元，年增 10%，主要受市場價值上漲推動。

Page 10 shows the results of the other segment. For this segment, I'll just note that the sequential decrease in revenue primarily reflects the net losses from investment securities activity I mentioned earlier, while the sequential decrease in expenses reflects lower litigation reserves and severance.

第 10 頁顯示了另一部分的結果。對於這一部分，我只想指出，收入的連續下降主要反映了我之前提到的投資證券活動的淨損失，而費用的連續下降反映了訴訟準備金和遣散費的減少。

Turning to page 11, I'll close with a mid-year update of the financial outlook for 2025 that we provided on our earnings call in January. As you can see on the slide, BNY is entering the second half of the year with great momentum while we remain cognizant of the economic outlook amid elevated geopolitical and policy uncertainty.

翻到第 11 頁，我將以我們在 1 月收益電話會議上提供的 2025 年年中財務前景更新作為結束。正如您在幻燈片上看到的，紐約銀行正以強勁的勢頭進入下半年，同時我們仍然意識到地緣政治和政策不確定性加劇背景下的經濟前景。

Based on where we sit today, looking out to the balance of the year, we now expect full-year 2025 net interest income to be up high-single digit percentage points year over year, and we continue to expect solid fee revenue growth in 2025, of course market dependent.

根據我們目前的狀況，展望今年的平衡情況，我們現在預計 2025 年全年淨利息收入將同比增長高個位數百分點，並且我們繼續預計 2025 年費用收入將穩步增長，當然這取決於市場。

We now expect expenses excluding notable items for the year to be up approximately 3% year over year. We continue to expect our effective tax rate for the full year to be in the 22% to 23% range. Considering our 21% tax rate in the first half, that means approximately 23% for the second half of the year. And we continue to expect to return roughly 100% plus or minus of 2025 earnings through common dividends and buybacks over the course of the year.

我們現在預計，不包括重大項目的支出將年增約 3%。我們繼續預計全年有效稅率將在 22% 至 23% 之間。考慮到我們上半年的稅率為 21%，這意味著下半年的稅率約為 23%。我們仍然預計，透過全年普通股股息和回購，2025 年的收益回報率將達到 100% 左右。

Following the release of the Federal Reserve's annual bank stress test, our Board of Directors declared a 13% increase of our quarterly common stock dividend, and we plan to continue repurchasing common shares under our existing share repurchase program. As always, we consider macroeconomic and interest rate environments, balance sheet growth, and many other factors with a conservative bias in managing the pace of our buybacks.

在聯準會年度銀行壓力測試發布後，我們的董事會宣布將季度普通股股利提高 13%，並且我們計劃根據現有的股票回購計畫繼續回購普通股。像往常一樣，我們會考慮宏觀經濟和利率環境、資產負債表成長以及許多其他因素，在管理回購步伐時採取保守的傾向。

To wrap up, BNY posted very strong results in the second quarter, demonstrating the impact of consistent execution and delivery amid a complex, but yet for BNY constructive operating environment. The momentum of our multi-year transformation continues to build and progress to date gives us incremental confidence in BNY's great potential for the medium and long term.

總而言之，紐約銀行第二季的業績非常強勁，證明了在複雜但對紐約銀行而言具有建設性的營運環境中，持續執行和交付的影響。我們多年轉型的勢頭至今仍在不斷增強和進步，這使我們對紐約銀行中長期的巨大潛力越來越有信心。

With that, operator, can you please open the line for Q&A?

接線員，您能開闢問答專線嗎？

(Operator Instructions)

（操作員指示）

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Maybe Robin, for you. So the call in terms of the transformation efforts, digital assets, AI just sounds like significant runway on all things organic, but address for us how you're thinking about capital deployment relative to where the stocks trading at today and I'm sure this is not news to you in terms of news around BNY pursuing a merger with the competitor, your interview in Barron. So give us a sense of when we think about capital deployment as shareholders, how should we think what the priority is outside of funding the business, be it buybacks versus M&A. Thanks.

或許對你來說，羅賓。因此，就轉型努力、數位資產、人工智慧而言，這些呼籲聽起來像是所有有機事物的重要跑道，但請告訴我們，您如何考慮相對於當今股票交易情況的資本配置，我相信這對您來說並不是什麼新聞，因為有消息稱紐約銀行正在尋求與競爭對手合併，這是您在《巴倫周刊》接受采訪時聽到的。因此，當我們作為股東考慮資本部署時，我們應該如何考慮除了為企業提供資金之外的優先事項，是回購還是併購。謝謝。

Sure, so look, the beginning point of what you said is actually the most important thing. We have got strong momentum. We really see the pathway to be able to generate value over the medium and long term. Obviously, you're seeing some of the early signs of that, and we're pleased with it and that is our biggest focus because at the end of the day at the top of the capital waterfall is that ability to invest in the business.

當然，所以你看，你所說的起點其實是最重要的。我們擁有強勁的發展勢頭。我們確實看到了能夠在中長期內創造價值的途徑。顯然，您已經看到了一些早期跡象，我們對此感到高興，這也是我們最大的關注點，因為歸根結底，資本瀑布頂端的就是投資業務的能力。

Now look, the good news is that we're a pretty capital light business. You can see it in the 28% ROTCE that we generated in the quarter. We're pleased with that. That's another sign of the transition and transformation of the company towards this more platforms orientation because that is the feature that you'd expect of a company in terms of the direction of travel that we've got going.

現在看，好消息是我們是一家資本相當輕的企業。您可以從我們本季產生的 28% ROTCE 中看到這一點。我們對此感到高興。這是公司轉型為平台化的另一個標誌，因為就我們目前的發展方向而言，這正是我們所期望的公司所具備的特徵。

Now, in terms of the inorganic stuff. Look, our broad approach hasn't changed, which is M&A done well can be a powerful tool in the toolkit. It's not our custom to comment on any specific rumor or speculation, but I think we demonstrated last year with the Archer acquisition that we've got the ability to make M&A work for us in a sensible way.

現在，就無機物質而言。看起來，我們的整體方針沒有改變，那就是做得好的併購可以成為工具包中的一個強大工具。我們不習慣對任何具體的謠言或猜測發表評論，但我認為，去年我們透過收購 Archer 證明了我們有能力以合理的方式讓併購為我們服務。

Having said that, I just really want to underscore this point. It's a very high bar for us for M&A, especially a larger transaction. It would have to make a ton of sense. We'd need to have a lot of conviction and execution. We're focused on ongoing alignment with our strategic priorities. Strong cultural fit matters, and of course the financials really have to work.

話雖如此，我只是想強調這一點。對我們來說，併購的門檻非常高，尤其是規模較大的交易。這必須非常有意義。我們需要有堅定的信念和執行力。我們專注於持續與我們的策略重點保持一致。強大的文化契合度很重要，當然財務狀況也必須有效。

And our M&A story is a two-sided story as well because you saw that last year, we bought Archer, but we sold our corporate trust Canada business. So the punch line I'll leave you with is we are focused on our organic growth, that is working. We are beginning the process of a multi-year journey on that, and we're going to be open, because we should be open to sensible things inorganically if they make sense, but I'll underline again if they make sense.

我們的併購故事也是一個雙面故事，因為您看到去年我們收購了 Archer，但我們出售了我們的加拿大企業信託業務。所以我想告訴你們的重點是，我們專注於有機成長，這是有效的。我們正在為此開啟一個多年的旅程，我們將保持開放的態度，因為如果有意義的事情，我們應該以開放的態度對待，但如果它們有意義，我會再次強調。

That's very clear. Thank you.

這非常清楚。謝謝。

And I guess maybe just following up on that you referenced the 27% ROTCE this quarter. I get it's a seasonally strong quarter, but as we think about again relative to new investors trying to put money to work in the stock is structurally based on all the work you've done so far over the last few years and where things are going, is it safe for investors -- shareholders -- to assume that this is becoming a high 20s ROTCE institution which should then support a very different multiple than we've been used to for the last several years. Thanks.

我想也許只是跟進一下您提到的本季度 27% 的 ROTCE。我知道這是一個季節性強勁的季度，但是當我們再次思考時，相對於試圖將資金投入股票的新投資者而言，其結構是基於過去幾年中所做的所有工作以及事態發展，投資者——股東——是否可以安全地假設這將成為一家 20 多歲的 ROTCE 機構，這將支持與我們過去幾年習慣的截然不同的倍數。謝謝。

So look, I'll blend two things together here. One is the broader medium-term targets as we think about them. We have not put a ceiling on any of our medium-term targets. We viewed them as milestones on a longer journey. At the time that we first communicated them, people understandably thought about them as ambitious based on where we have been in the past, but we are on a journey here and we are making important steps forward.

所以你看，我會在這裡把兩件事混合在一起。一是我們所考慮的更廣泛的中期目標。我們沒有為任何中期目標設定上限。我們將它們視為漫長旅程中的里程碑。當我們第一次傳達這些目標時，人們根據我們過去的成就認為這些目標過於雄心勃勃，這是可以理解的，但我們已經踏上了旅程，正在向前邁出重要的一步。

And so on ROTCE specifically, we don't see a ceiling on that number because as a more platforms-oriented company, remember NII is only 25% of our revenues view that as broadly a proxy for the balance sheet, which means three quarters of our business is largely a pretty capital light business that's driving forward in terms of fee growth.

尤其是對於 ROTCE 而言，我們認為這個數字沒有上限，因為作為一家更加註重平台的公司，請記住 NII 僅占我們收入的 25%，大體上可以作為資產負債表的代理，這意味著我們四分之三的業務基本上是資本相當輕的業務，在費用增長方面正在推動向前發展。

And so I would just look generally at our medium term-targets and I would throw ROTCE your question into that as well and say we have a lot of ambition. We think we're relatively early in our journey and we're absolutely going to be moving the bar higher on ourselves, which frankly we do every single day in terms of how we run the company.

因此，我只是總體上看一下我們的中期目標，並且我也會將您的問題拋到其中，並說我們有很多雄心壯志。我們認為我們的旅程才剛開始，我們絕對會提高自己的標準，坦白說，就公司營運而言，我們每天都在這樣做。

Kenneth Usdin, Autonomous Research.

肯尼斯·烏斯丁（Kenneth Usdin），自主研究。

I wanted to ask about just the evolution of as the year goes on of just overall top of the house performance because obviously you're taking up your NII guide, but NII is only 25% of revenues. And while the cost guide is up, I think it maybe misses the point that on the fee side, your guide is only just for year over year and here we are plus 6% in the second quarter and plus 7% for the year to date. So I'm just wondering on the fee side, are fees better than your original expectations too? And is that informing as much as the NII upside the slight drip up on the overall cost guide as the total is coming in better?

我想問的是，隨著時間的推移，房屋整體表現如何變化，因為顯然您正在使用 NII 指南，但 NII 僅佔收入的 25%。雖然成本指南有所上漲，但我認為它可能忽略了一點，即在費用方面，您的指南只是針對同比而言的，而第二季度我們增長了 6%，今年迄今為止增長了 7%。所以我只是想知道在費用方面，費用是否也比您最初的預期好？這是否意味著，隨著整體成本指南的改善，NII 的上漲將導致總成本指南略有上升？

Hey Ken, I'll start with that.

嘿，肯，我就從這個開始。

Look, the way I think about the firm is I start with overall positive operating leverage and I guess a key message I would leave you there both on operating and reported basis, I think it was roughly 500 basis points of operating leverage. And so since Robin took over as CEO, we've made the positive operating leverage our North Star. And so consistently delivering that to the market has been our the core strategy around how we think about the financials.

你看，我對公司的看法是，從整體正向經營槓桿開始，我想我會給你留下一個關鍵訊息，無論是在營運基礎還是報告基礎上，我認為經營槓桿大約是 500 個基點。自從羅賓接任執行長以來，我們就把積極的經營槓桿當作我們的北極星。因此，持續向市場提供這些產品一直是我們思考財務問題的核心策略。

So you have three components to that. You've got fees, you've got NII, and you've got expenses, and you'll see from the financials, yeah, revenue up 9%, expenses up 4%, delivering that positive operating leverage. Within the revenue you've got fees, you've got NII, really solid performance on NII which gives us comfort around for the balance of the year, giving a higher guide to high-single digits.

因此，這有三個組成部分。你有費用，有NII，有開支，你會從財務報表中看到，是的，收入增長了 9%，開支增長了 4%，從而產生了積極的經營槓桿。在收入中，您有費用，有 NII，NII 的表現非常穩健，這讓我們對今年的餘額感到安心，為高個位數提供了更高的指導。

And on the revenue side. I think the strength in fees really underscores the commercial model that we launched about a year ago, two consecutive quarters of record sales, notwithstanding that, the second quarter is a seasonally strong quarter. So we would expect strong sales, but that was on the back of a Q1, and we see going into Q3, although it is a seasonally slower quarter for us given the vacations, et cetera. We see strong momentum continuing. So you see a picture on page 3 of the mid-year update where we show you a little pictorial about how we think about organic growth, and we have high conviction around that beginning to build and grow.

在收入方面。我認為費用的強勁確實突顯了我們大約一年前推出的商業模式，連續兩個季度創下銷售記錄，儘管如此，第二季度還是一個季節性強勁的季度。因此，我們預計銷售將強勁，但這是基於第一季的業績，我們預計第三季將會出現，儘管考慮到假期等因素，這對我們來說是一個季節性較慢的季度。我們看到強勁勢頭仍在持續。因此，您可以在年中更新的第 3 頁上看到一張圖片，其中我們向您展示了一張關於我們如何看待有機成長的小圖，我們對開始建造和發展充滿信心。

And Ken, let me just build on a couple of things that Dermot said. So first of all, yes, it was a constructive environment in the second quarter, but I'll bring you back to our comments in January when we talked about the various different things that drive our business. We've intentionally been repositioning the company gradually to be able to take advantage of more. Different types of environments.

肯，請容許我根據德莫特所說的幾點再談一下。首先，是的，第二季的環境是建設性的，但我將帶您回顧我們在一月份的評論，當時我們討論了推動我們業務發展的各種不同因素。我們有意逐步重新定位公司，以便能夠獲得更多優勢。不同類型的環境。

So I think the punch line is, well, there are always amazing environments that you could have for a business or potentially environments which just don't have any element of being particularly constructive. We think we're broadening out the probabilities of any given environment actually working reasonably well for us because equity markets up, fixed income markets up, equity volumes up, fixed income volumes up, transaction volumes and GDP up, issuance up, asset management activity, wealth management activity. There are a lot of cylinders in this particular engine.

所以我認為關鍵在於，嗯，對企業來說，總是存在著令人驚嘆的環境，或是潛在的環境，只是不具備任何特別有建設性的因素。我們認為，我們正在擴大任何特定環境實際上對我們有利的可能性，因為股票市場上漲，固定收益市場上漲，股票交易量上漲，固定收益交易量上漲，交易量和 GDP 上漲，發行量上漲，資產管理活動上漲，財富管理活動上漲。這個特殊的引擎有很多氣缸。

And so the second quarter was constructive, but we have been positioning the company to be able to take advantage of more and more environment as constructive, and I think that plus the point that Dermot made around our commercial model is allowing us to grind organic growth higher, so we want to take advantage of the beta. We want to be able to participate in whatever the quarter happens to bring, but this constant focus on alpha generation in terms of how we're running the company and positioning the company is an important part of the story, and we do think that this is a quarter where you're starting to see that, but again, the early innings point that Dermot and I have made many times before, there's a lot of runway here in our estimation.

因此，第二季度是建設性的，但我們一直在將公司定位為能夠利用越來越多的建設性環境，我認為，再加上 Dermot 圍繞我們的商業模式提出的觀點，我們可以進一步提高有機增長，因此我們希望利用測試版。我們希望能夠參與本季度發生的任何變化，但就我們如何經營公司和定位公司而言，持續關注阿爾法生成是故事的重要組成部分，我們確實認為這是一個你開始看到這一點的季度，但同樣，正如 Dermot 和我之前多次提到的那樣，我們估計這裡還有很大的發展空間。

Understood. That's great color and I do like that upper right chart on page 3.

明白了。顏色很棒，我確實喜歡第 3 頁右上角的圖表。

Just one thing on the environment then, can you've talked previously about just the stickiness of deposits and obviously that's informing the better-than-expected NII outlook. Does anything change in the environment at that point because I think Robin will bring back in your point about like tools in the kit and arsenal to just continue to add deposits, but maybe you could just help us understand the environmental side a little bit.

那麼關於環境的一件事，您之前能否談論過存款的黏性，顯然這有助於預測好於預期的 NII 前景。那時環境會發生任何變化嗎？因為我認為羅賓會重新提出你關於工具包和武器庫中的工具繼續增加存款的觀點，但也許你可以幫助我們稍微了解一下環境方面。

Thank you.

謝謝。

So I think point number one here that I would make, Ken, is as a matter of strategy, we don't really lead with deposits. So when you see deposits being a little bit higher, the mix of IB and IB a little bit higher, it really speaks to the breadth and the depth of the franchise and doing more with clients, and doing more with clients attracts deposits and specifically around the second quarter in our corporate trust business, we had higher levels of activity and we were able to help clients with unique specific situations that attracted deposits into the system, particularly on the NIB side, and that was able for us to have a good NII print this quarter.

因此，肯，我認為我要說的第一點是，從戰略上講，我們實際上並不以存款為主導。因此，當您看到存款略高一些，IB 和 IB 的組合略高一些時，它確實說明了特許經營的廣度和深度，以及與客戶做更多的事情，與客戶做更多的事情會吸引存款，特別是在第二季度我們的企業信託業務中，我們的活動水平更高，我們能夠幫助具有獨特特定情況的客戶吸引進入系統，特別是在存款中進入系統，特別是使我們在本季度，這方面獲得獨特特定情況的客戶。

And when we look out for the balance of the year and run our various scenarios, we really have reduced the tails with respect to interest rates sensitivity, and that was really on the back of a ton of work done towards the back end of last year when the Fed made the pivot after Jackson Hole around the forward rate curve, and so that gives us now a lot of confidence to be able to provide that higher NII growth against what is a constructive backdrop for us.

當我們展望今年的平衡並運行各種情景時，我們確實已經減少了利率敏感性方面的尾部影響，而這實際上是在去年年底美聯儲在傑克遜霍爾會議後圍繞遠期利率曲線做出調整時所做的大量工作的基礎上的，因此，這給了我們現在很大的信心，能夠在對我們有利的背景下實現更高的 NII 增長。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

With so much going well -- forgive me, I'm going to pick on the one area that wasn't as good as everything else in investment management -- so fees down a little bit, flows out, margins down, in that 19% range. So despite the good market, so the question is if we step back a little bit and we talk about -- can we talk a little bit about what investments you're making to improve the business and like what's high on your to-do list to help drive better performance as we move forward in investment management.

由於很多事情進展順利——請原諒我，我將挑選投資管理中不如其他一切好的一個領域——所以費用略有下降，資金流出，利潤率下降，在 19% 的範圍內。因此，儘管市場表現良好，但問題是，如果我們退一步來談談——我們能否談談您正在進行哪些投資來改善業務，以及您的待辦事項清單中有哪些重點可以幫助我們在投資管理方面取得更好的業績。

Thanks.

謝謝。

Thanks for the question, Glenn.

謝謝你的提問，格倫。

I would say, investment number one was Robin appointing Jose as the leader of that business and he started last September. And you can see, between the first quarter where we had a margin of 8% to this quarter where we're about 19%, you can see that step up in margin and you can see Jose is beginning to work the opportunity and making some decisions to right size it from an efficiency standpoint and I'm very pleased with what Jose has done.

我想說，第一項投資是羅賓任命何塞為該業務的領導者，他於去年九月開始任職。您可以看到，從第一季我們的利潤率為 8% 到本季約為 19%，您可以看到利潤率在上升，您可以看到 Jose 開始抓住機會並從效率的角度做出一些決定以正確調整規模，我對 Jose 所做的非常滿意。

And what I also think he's doing very effectively, and look, both Robin and myself will have talked about this on prior quarters, the one BNY approach in terms of de-siloing the firm, you have to go that extra mile as it relates to our investment and wealth management strategy and bringing the boutiques closer to the firm.

我還認為他做得非常有效，你看，羅賓和我都在前幾個季度討論過這個問題，紐約銀行在打破公司壁壘方面採取了一種做法，你必須付出額外的努力，因為它與我們的投資和財富管理戰略有關，並將精品投資公司與公司拉近。

And I think Jose sees a lot of opportunity for us to cross-sell within the firm, both within our asset servicing business and within our Pershing business. So bringing the strength of our manufacturing capabilities to our Pershing clients and our asset servicing clients is a key forward strategy that we can see, we can do well at and also bringing in leadership and product development. So I think you're going to see more positive stories coming from this particular segment, but as with all transformations, it takes a little bit of time and Jose is getting that time to make the decisions that he needs to.

我認為 Jose 看到了我們在公司內部進行交叉銷售的許多機會，包括我們的資產服務業務和 Pershing 業務。因此，將我們強大的製造能力帶給我們的 Pershing 客戶和資產服務客戶是我們能夠做好的關鍵前瞻性策略，同時也能帶來領導力和產品開發。所以我認為你會從這個特定的部分看到更多積極的故事，但就像所有的轉變一樣，這需要一點時間，而何塞正在利用這段時間來做出他需要的決定。

Glenn, let me just build on one particular point that Dermot just made.

格倫，讓我就德莫特剛才提出的一個特定觀點進行補充。

One of Jose's early observations about the business was we have a terrific, to use Dermott's term, manufacturing base. If you look under the hood of our $2.1 trillion of AUM, you have some real market leading franchises. We have Insight, which is number one in its market. That's $1 trillion of it right there. You have Walter Scott, which is terrific, long-only, long-dated equity manager. You have a terrific business in the form of Dreyfus's money markets and we have in Melon a direct indexer that's capable of being able to create product that our asset servicing clients are very interested in. Obviously, it also has a lot of relevance for the $3 trillion of wealth distribution that we have in Pershing.

何塞對這項業務的早期觀察之一是，我們擁有一個非常棒的製造基地，用德莫特的話來說就是如此。如果你深入了解我們 2.1 兆美元的資產管理規模，你會發現我們擁有一些真正的市場領先特許經營權。我們擁有 Insight，它在市場上排名第一。那裡就有 1 兆美元。您有 Walter Scott，他是一位出色的、只做多頭、長期股票的經理。你們在德雷福斯貨幣市場方面擁有出色的業務，而我們在 Melon 擁有直接指數編制器，它能夠創建我們的資產服務客戶非常感興趣的產品。顯然，這與潘興的 3 兆美元財富分配也有很大關係。

So if you think about the manufacturing base, let's give ourselves a check that we have a pretty good set of businesses that are actually performing pretty well. On the distribution, if we didn't have BNY, then you could look at asset management and you could say there are a lot of parallels with other mid-sized to large asset managers and the question of distribution would be on everybody's lips, but one of Jose's observations was, wow, this investment manager at BNY is one of the reasons why I joined BNY because there's all of this distribution potential, but we just haven't fully unlocked it.

因此，如果你考慮製造業基礎，讓我們檢查一下，我們是否有一系列表現相當不錯的業務。關於分銷，如果我們沒有 BNY，那麼你可以看看資產管理，你可以說它與其他中型到大型資產管理公司有很多相似之處，分銷問題會成為每個人都在談論的話題，但 Jose 的一個觀察是，哇，BNY 的這位投資經理是我加入 BNY 的原因之一，因為它具有所有這些分銷潛力，但我們還沒有完全釋放它。

Okay, so then what sits in the middle, and that's the word that Dermot used product, where if you take a metaphor for this for a second. Imagine that you were a Coke or a Pepsi and you were making a beverage and you had to concentrate and you have all of this terrific distribution because you can sell in restaurants, you can sell in grocery stores, you can sell in the corner store as well.

好的，那麼中間是什麼呢，這就是 Dermot 使用的「產品」這個詞，如果你用一個比喻來解釋一下。想像一下，如果你是可口可樂或百事可樂的顧客，你正在製作一種飲料，你必須集中精力，並且你擁有所有這些極好的分銷渠道，因為你可以在餐館銷售，你可以在雜貨店銷售，你也可以在街角商店銷售。

But in the middle of that is a critical point of product which is, are you taking the manufacturing base that you have and making cans when you want to sell it in the corner store? Because if you put bottles of concentrate in the corner store, it's not going to help you. But when you're delivering to a large fast food outlet, there you want to be able to deliver the concentrate cans not as useful.

但在這中間有一個產品的關鍵點，那就是當你想在街角商店銷售罐頭時，你是否要利用現有的製造基地來製造罐頭？因為如果你把濃縮液瓶放在街角商店裡，那是不會有幫助的。但是，當您向大型快餐店送貨時，您希望能夠送貨上門的濃縮罐就沒那麼有用了。

So this piece in the middle, this product shaping that leverages the manufacturing base with an eye to the distribution channels that you have available to you, is critical, and I think we haven't done as good a job on that as we could. And so that's a very big focus for us, and we think that when you take all of those things together, we think there's an interesting pathway here.

因此，中間的這個部分，這種利用製造基礎並專注於可用分銷管道的產品塑造至關重要，我認為我們在這方面做得還不夠好。所以這是我們非常關注的重點，我們認為，當你把所有這些事情放在一起時，我們認為這裡有一條有趣的道路。

Thanks for all that. Maybe I could do a tiny follow-up on the previous question.

謝謝你們。也許我可以對上一個問題做一點跟進。

And forgive me if you said it, but the fee revenue were up 5% for the first half, and the guide is still up on the year. Markets are higher despite this conversation we just had on investment management, it feels like deliberately conservative, which I'm cool with. I'm just curious on how we square the up 5% for the first half. Markets are trending well, your momentum's good. Why wouldn't the fee outlook be better?

請原諒我這麼說，但上半年的費用收入增長了 5%，而且指南同比仍然上漲。儘管我們剛剛討論了投資管理問題，但市場仍然走高，感覺像是故意保守，我對此感到滿意。我只是好奇我們如何解決上半年 5% 的成長。市場趨勢良好，勢頭良好。為什麼費用前景不會更好？

I know I asked you that last quarter and you outperformed.

我知道我上個季度問過你這個問題，而你的表現非常出色。

So the way I would answer it is -- it's like -- there are a lot of factors that go into the fee, a lot of external factors that we don't necessarily control, very market dependent. We go back to the foundational building blocks of the platform operating model and the commercial model, which is, it's still only a year old, but it is working. You can see us.

所以我的回答是──費用牽涉到很多因素，很多外在因素我們無法控制，非常依賴市場。我們回顧平台營運模式和商業模式的基本構成要素，雖然它只有一年的歷史，但它正在發揮作用。你可以看到我們。

We have higher conviction about our ability to drive organic fee growth from here, but and we've changed a lot over the last three years, Glenn, about the transparency of our numbers and how we give you a lot more than we did three years ago.

我們對自己從現在開始推動有機費用增長的能力更有信心，但是，格倫，在過去三年裡，我們在數字透明度方面發生了很大變化，以及我們如何給予您比三年前多得多的東西。

So I think as we get more conviction and as we get more sales telemetry around us, we'll give you more guidance as we feel comfortable, but for now I think the momentum is there, the upward trajectory is there, but we're not ready to yet guide on specifics around fees. And third quarter is usually a seasonally slower quarter, and Q2 is a seasonally strong quarter, so it's important to be balanced in that as well.

因此，我認為，隨著我們越來越確信，並且我們周圍有更多的銷售遙測數據，我們會在感覺舒適的情況下為您提供更多指導，但就目前而言，我認為勢頭就在那裡，上升軌跡就在那裡，但我們還沒有準備好就費用的具體細節提供指導。第三季度通常是季節性較慢的季度，而第二季度是季節性強勁的季度，因此保持平衡也很重要。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

I wanted to dig in a little bit on the AI commentary that you had, Robin, and starting off, the operating leverage is just so strong, almost double what consensus had baked in for you and really terrific results here.

羅賓，我想深入探討你對人工智慧的評論，首先，營運槓桿非常強大，幾乎是你所達成共識的兩倍，而且這裡的結果真的非常棒。

I wanted to understand your comments on AI as it relates to the forward look because you indicated that nearly all your employees are using the Eliza, AI platform and You're starting to, you're beginning to see the benefit of this. I mean, is it the benefit from AI at a level that we can see in these operating leverage results, and maybe you could help us understand is this more revenues or expenses?

我想了解您對 AI 的評論，因為它與前瞻性相關，因為您表示幾乎所有員工都在使用 Eliza AI 平台，而且您開始看到它的好處了。我的意思是，我們可以從這些營運槓桿結果中看到人工智慧帶來的好處嗎？也許您可以幫助我們理解這是更多的收入還是支出？

Sure, well, thanks for your comments about positive operating leverage as Dermot and I have both said over time, Betsy. That is a great North Star. And going back to Glenn's question at the end there, one of the reasons why we've been always a little reluctant to guide on all of the elements underneath the hood of positive operating leverage is we recognize the composition in any quarter or any year could be a little different, and we don't want to create ceilings for ourselves. We are extremely hungry for positive operating leverage and we see a ton of pathway.

當然，好吧，謝謝你對積極經營槓桿的評論，正如德莫特和我一直以來所說的那樣，貝琪。那是一顆偉大的北極星。回到格倫最後提出的問題，我們一直不太願意對正向經營槓桿背後的所有因素進行指導的原因之一是，我們認識到任何季度或任何一年的構成都可能略有不同，我們不想為自己設定上限。我們非常渴望獲得積極的經營槓桿，並且我們看到了大量的途徑。

And when you go under the hood, one of the reasons why over the past three years we've really focused on showing you all the inputs to what we're doing is because we recognize that the timing of exactly when each of these strategies starts to really hit varies a little bit. And so we've got several things driving the positive operating leverage. We've got a commercial engine which is starting to now make a meaningful contribution. Output evidence you can see it in the record sales quarters that we had in the first and second quarter. The platform's operating model, we knew there would be a longer lead time to that. We started work on it three years ago and now it's starting to come into its own, but it's still very early days because only less than 10% of our people have been in the model for at least a year.

當你深入了解後，你會發現我們過去三年來一直致力於向大家展示我們所做工作的所有投入，原因之一是我們認識到，每種策略真正開始發揮作用的具體時間略有不同。因此，我們有幾個因素可以推動積極的經營槓桿。我們擁有一台商用引擎，它現在開始做出有意義的貢獻。產出證據可以從我們第一季和第二季創紀錄的銷售業績中看到。我們知道，該平台的運作模式需要更長的準備時間。我們三年前就開始著手這項工作，現在它開始初見成效，但仍處於早期階段，因為只有不到 10% 的員工使用該模型至少一年。

And as we indicated in our prepared remarks, we see the actual values really starting to shine through in platform's operating model after we've had people in the model for about that period of time. So that is still to come, a little bit of it now, most of it '26, '27, '28, and beyond.

正如我們在準備好的評論中所指出的，在我們讓人們參與該模式一段時間之後，我們看到實際價值開始在平台的營運模式中真正顯現出來。所以這還有待實現，現在有一點，大部分要到 26、27、28 年及以後。

The next layer is the heart of your question, which is AI. We view AI as a top-line story and an expense story in -- because what we're really doing is we're unlocking capacity in the company and we want to then be able to use that capacity to do other higher value things. That's why we've been encouraging all of our people to participate in AI because we view our AI solutions which we put on the page 3 again demonstrating the inputs today and then we'll show you the outputs over time. We see those as being able to be very helpful as too will be our digital employees as essentially companions and leverage for our people to be able to go faster and create capacity for themselves that they can reinvest in doing new things, pushing forward with clients, more time in the day, all of the above.

下一層是你的問題的核心，即人工智慧。我們將人工智慧視為一個營收故事和支出故事——因為我們真正做的是釋放公司的產能，然後我們希望能夠利用這種產能來做其他更高價值的事情。這就是為什麼我們一直鼓勵所有人參與人工智慧，因為我們看到我們的人工智慧解決方案再次放在第 3 頁上，展示了今天的輸入，然後我們會向您展示一段時間內的輸出。我們認為這些能夠非常有幫助，因為我們的數位員工本質上是我們的同伴和槓桿，使我們的員工能夠更快地前進並為自己創造能力，他們可以重新投資於做新的事情，推動客戶的發展，在一天中投入更多的時間，以上所有。

So our excitement about AI is a very medium- to long-term excitement, but we've invested heavily early on in the psychology of it in the company so that we have AI for everyone, everywhere, for everything, and that's really how we think about AI. So it's early days. There's not a ton in the P&L right now to your point with net investment, but we are starting to see the early signs of what we think will be an acceleration '26, '27, '28, '29, beyond.

因此，我們對人工智慧的興奮是一種中長期的興奮，但我們早期就在公司心理學方面投入了大量資金，以便我們能夠為每個人、每個地方、每件事提供人工智慧，這就是我們對人工智慧的看法。所以現在還為時過早。目前，損益表中的淨投資金額還未達到您所說水平，但我們開始看到一些早期跡象，認為 26、27、28、29 年及以後會出現加速增長。

Mike Mayo, Wells Fargo Securities.

富國證券的麥克梅奧 (Mike Mayo)。

Hi, no good deed goes unpunished. I know you talked about organic growth (multiple speakers)--

你好，善有善報，惡有惡報。我知道你談到了有機成長（多位發言者）——

-- you could make that one of your punchlines, Mike. You could -- I know you've trademarked the world's worst oligopoly, but that one you could put in trademark (multiple speakers)--

——你可以把這當作你的笑點之一，麥克。你可以——我知道你已經為世界上最糟糕的寡占企業註冊了商標，但你可以把那個放在商標（多位發言者）——

And BNY, not your parents' bank.

還有 BNY，不是你父母的銀行。

(laughter) Look, I'm the first to say you've optimized much better than I had expected these last two years, and -- but -- and you have these very high returns, but the organic growth and you do it correctly ex-markets, ex-currency, ex-deals, whether it's 2% or 3% is still not great in the scheme of the overall world. And I know you want that growth to be better, and I know you said you had record sales, but it's the growth is still the growth. It hasn't changed that much at an organic level.

（笑聲）你看，我首先要說的是，過去兩年你的優化比我預期的要好得多，而且——但是——你有這些非常高的回報，但有機增長，以及你正確地做到了除市場、除貨幣、除交易之外，無論是 2% 還是 3%，在整個世界範圍內仍然不算好。我知道你希望成長更好，我也知道你說過你的銷售量創下了紀錄，但成長仍然是成長。從有機層面來看，它並沒有太大的改變。

And I know you guys have thought about this, but to the degree you sacrifice the high -- very high returns to reinvest for better growth than what the company had for the past 5, 10, 20 years, right? And so where do you stand in that trade-off of maybe having lower returns or maybe not raising your return targets and reinvesting more for growth, and where should that organic growth be in your perfect world, the way you define it?

我知道你們已經考慮過這個問題，但是，在多大程度上，你要犧牲高額回報，進行再投資，以實現比公司過去 5 年、10 年、20 年更好的成長，對嗎？那麼，在可能獲得較低迴報或可能不提高回報目標並為成長進行更多再投資之間，您的立場是什麼？在您定義的完美世界中，有機成長應該位於何處？

Sure, so several things here, Mike.

當然，這裡有幾件事，麥克。

So one of the reasons why we put that chart, the top right corner of page 3, was to illustrate the fact that organic growth has been growing. I hear your point about 3% versus 2%, but 3% is still 50% more than 2%, and significantly up from where it has been in the past, but a few other points to note.

因此，我們將該圖表放在第 3 頁右上角的原因之一是為了說明有機成長一直在成長的事實。我聽到了您關於 3% 與 2% 的觀點，但 3% 仍然比 2% 高出 50%，並且比過去有顯著上升，但還有其他幾點需要注意。

Our growth in the past generally has been quite subject to markets, and so we are very happy to take advantage of constructive backdrops. And as I answered in a prior question, we're trying to position the company to take advantage of more types of backdrops so that we can be less handed our results by the market conditions and more in charge of our own destiny. That's a very deliberate strategy and we feel like we're making some progress on that. So that's observation the next observation.

我們過去的成長總體上相當受市場影響，因此我們非常樂意利用建設性的背景。正如我在先前的問題中所回答的那樣，我們正在嘗試讓公司利用更多類型的背景，這樣我們的業績就不會受到市場條件的影響，而可以更掌控自己的命運。這是一個非常深思熟慮的策略，我們感覺我們在這方面取得了一些進展。這就是下一個觀察。

The next thing under the hood is what are the prerequisites for the real type of organic growth that you're talking about? You've challenged us on understandably and rightly so over the course of the past two or three years, and this is where we really feel like we've set the table for the future. And to your point about how we think about investing versus harvesting, we've been very clear on this. We are taking a decade view of the transformation of BNY, and we're pleased where we are close to three years in, but we are far from done because much of what we have done has actually been investing for the future and we're in the very early stages of seeing that being harvested.

接下來要考慮的是，您所說的真正的有機成長的先決條件是什麼？在過去的兩三年裡，你們對我們提出了可以理解且正確的挑戰，我們真的覺得我們已經為未來做好了準備。至於您提到的我們如何看待投資與收穫，我們已經非常清楚這一點。我們正在以十年的眼光來看待紐約銀行的轉型，我們很高興看到我們已經取得了近三年的成就，但我們還遠遠沒有完成，因為我們所做的大部分工作實際上都是為未來進行投資，而我們正處於看到收穫的早期階段。

We talked about the commercial model. We talked about the platform's operating model. We talked about AI, which is part of the growth story as well as it is on the expenses. But let me just come back to the key elements of what we've got. We've got a diversified set of platforms that is yes, helping us to be more diversified in different environments, but it is also allowing us to better position to capitalize on these market trends and to generate alpha because it's less one business going to market by itself. It's more what's the synergy between the component parts.

我們討論了商業模式。我們討論了平台的營運模式。我們討論了人工智慧，它既是成長故事的一部分，也是費用的一部分。但讓我再回顧一下我們所擁有的關鍵要素。我們擁有一套多元化的平台，這確實有助於我們在不同的環境中實現多元化，同時也使我們能夠更好地利用這些市場趨勢並產生阿爾法收益，因為這並不是一家企業單獨進入市場。更重要的是各個組成部分之間的協同作用。

A client who custodies with us, who also does treasury clearing with us, who also does collateral management with us, is going to be able to get better outcomes over time because of the fact that all of those things can just be book entry for us within our ecosystem that allows us to move to 24 hour. That allows us to think and embrace digital assets maybe in a different way than somebody else can. And you're starting to see the early signs of these platforms coming together, to show something where the sum is more than the individual parts, and that's what our commercial model is actually about.

與我們進行託管、進行資金清算和進行抵押品管理的客戶將能夠隨著時間的推移獲得更好的結果，因為所有這些事情都可以在我們的生態系統內記入賬簿，這使我們能夠實現 24 小時不間斷運作。這使我們能夠以與其他人不同的方式思考和接受數位資產。你開始看到這些平台融合的早期跡象，顯示出整體大於部分總和，而這正是我們的商業模式的真正意義所在。

So we're investing in these micro innovations, the bigger things, the synergies between the platforms. We've positioned people behind this. We've positioned culture behind this, and we're organizing the company behind this, and we think it is starting to show, but we absolutely agree with you that there should be more -- a lot more gas in the tank here.

因此，我們正在投資這些微創新、更大的事情以及平台之間的協同作用。我們已經安排人員負責此事。我們已經在這個基礎上定位了文化，我們正在組織公司實現這個目標，我們認為這已經開始顯現，但我們完全同意你的觀點，這裡應該有更多的——更多的汽油。

Hey Mike, I would add just a couple of more points as well.

嘿，麥克，我也想補充幾點。

One is, you ask the question sometimes about negative pricing. We just -- we haven't seen it this quarter, which really goes to the efficiency point about us being able to reduce our cost to serve, which is able to help us drive the organic growth because we're able to compete more effectively to win our share of business.

一是，你有時會問有關負定價的問題。我們只是 - 本季度我們還沒有看到它，這實際上涉及到我們能夠降低服務成本的效率點，這能夠幫助我們推動有機增長，因為我們能夠更有效地競爭以贏得我們的業務份額。

So that would be point number 1. Point number 2 to Robin's point about the commercial model. Now we're in the early stages of a product model which is joining with the commercial model, and that's been led by Carolyn Weinberg, where she's able to see in between the seams of our various businesses to create new products that clients want, so lots of op opportunity to come there.

這就是第一點。羅賓關於商業模式的觀點的第二點。現在，我們正處於產品模式與商業模式相結合的早期階段，這一階段由卡羅琳·溫伯格 (Carolyn Weinberg) 領導，她能夠洞察我們各個業務之間的縫隙，從而創造出客戶想要的新產品，因此有很多營運機會。

And the third point I would make is when you look at the firm overall and you have to think about the enterprise, it's a 37% pre-tax margin diversified business model. And so when you look at IWM, which is now hovering around the 19%, it's upside from here for the enterprise as we resume that path towards 25%, which is going to further fuel organic growth at the enterprise level.

我要說的第三點是，當你從整體上看這家公司時，你必須考慮企業，這是一個稅前利潤率為 37% 的多元化商業模式。因此，當您查看 IWM 時，它目前徘徊在 19% 左右，隨著我們恢復朝著 25% 的方向發展，對於企業來說，這是一個上升空間，這將進一步推動企業層面的有機成長。

And I guess just one more follow-up on the talk about acquisitions and I heard you, it can be a powerful tool (technical difficulty) if it makes sense, you're not going to do anything (technical difficulty) stupid, I hear you. As you (technical difficulty) the art of what's possible, since you are talking about being a different type of not your parents, BNY, because you are more diverse in terms of your offerings. What's the realm of possibilities for acquisition? Clearly, traditional trust businesses or sub-businesses are always possible going back to the merger, the big merger, but what other areas would you consider maybe buying?

我想再跟進一下關於收購的討論，我聽到了，如果它有意義的話，它可以是一個強大的工具（技術難度），你不會做任何愚蠢的事情（技術難度），我聽到了。正如你（技術難度）所談論的，什麼是可能的藝術，因為你正在談論一種不同於你父母的類型，BNY，因為你的產品更加多樣化。收購的可能性範圍有多大？顯然，傳統的信託業務或子業務總是有可能回到合併，大型合併，但您還會考慮購買哪些其他領域？

So it's an important question, Mike. Again, focus -- our primary focus is on driving the growth, but there are really different pathways on this thing. So two or three years ago we said there's absolutely no way that we're going to make any acquisitions. Then we warmed up to the idea of capability buys, which is how I would frame Archer, and that really does check the box of helping us to go faster, to de-risk because we could buy versus having to build ourselves and we're seeing the early signs of that output, great client feedback, the integration has been going well, new client wins as a result of it.

所以這是一個重要的問題，麥克。再次強調，重點是──我們的主要重點是推動成長，但這一目標確實存在不同的途徑。所以兩三年前我們就說過，我們絕對不會進行任何收購。然後，我們開始考慮能力購買的想法，這就是我對 Archer 的構想，這確實有助於我們加快步伐，降低風險，因為我們可以購買而不是自己建造，而且我們看到了這種產出的早期跡象，客戶反饋很好，整合進展順利，新客戶也因此而贏得青睞。

So I still think that that is the most likely path for us when it comes to M&A helping us to go faster, and I'm going to guess, but it doesn't have to be this way, that those types of things are generally more likely to be in the bits of the business which are a little bit more platform-like, although it's interesting that Archer was a buy once use across the firm type of acquisition.

因此，我仍然認為，就併購幫助我們加快發展而言，這對我們來說是最有可能的途徑，我猜，但事情不一定是這樣，這些類型的事情通常更有可能出現在業務的各個部分，這些部分更像平台，儘管有趣的是，Archer 是一種一次性購買並在整個公司範圍內使用的收購。

So that's our expectation for the primary focus because the bar for larger transactions is super high, we'd have to have a lot of conviction in the execution of something like that because clearly they could be quite complicated. And there you could make a case elsewhere in some of the other segments that maybe there would be the opportunity to have even more scale because if you're a scale player and you've got a platforms operating model like organization, the thesis would be that you could bolt-on more activity onto your existing chassis and there would be a lot of scalability associated with that.

這就是我們對主要關注點的期望，因為大型交易的門檻非常高，我們必須對執行這樣的事情有很大信心，因為顯然它們可能相當複雜。您可以在其他地方的其他一些領域提出這樣的觀點：也許有機會實現更大的規模，因為如果您是一個規模參與者，並且擁有像組織這樣的平台運營模式，那麼論點就是您可以在現有底盤上添加更多活動，並且隨之而來的是很大的可擴展性。

So that's a fine thesis and something that we certainly keep in mind as well. But as now we have close to two-thirds of the of the company in platform-like businesses, either in MWS or in our issuer services business, when you look at the MWS alone, it's a 49% margin. We've got choices in this space, but we're not going to let those choices get distracting for us. We are focused on building our company to your favorite term, the organic way, and then we'll just be opportunistic and disciplined on external related stuff.

所以這是一個很好的論點，我們一定會牢記這一點。但現在我們有近三分之二的公司業務屬於平台型業務，無論是在 MWS 還是我們的發行人服務業務中，如果只看 MWS，利潤率就高達 49%。我們在這個領域有很多選擇，但我們不會讓這些選擇分散我們的注意力。我們專注於按照您最喜歡的術語，即有機的方式來建立我們的公司，然後我們將在外部相關事務上抓住機會並嚴格遵守紀律。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

So I had a couple of questions for you guys around the new business opportunities. I know you mentioned a couple things around the digital assets and just tokenize environment which obviously continues to be quite dynamic. I was hoping you could build on that a little more. Obviously, there's a lot of debates in the financial services industry today, perhaps more so on this topic than in the past in terms of what's a risk versus what's an opportunity. So when you think about where BNY sits in that realm, where do you see both risk to the existing businesses and some of the new revenue opportunities that could come out of this?

所以我想問你們幾個有關新商機的問題。我知道您提到了有關數位資產和標記化環境的一些事情，這些顯然仍然非常活躍。我希望你能在此基礎上再進一步。顯然，當今金融服務業存在著許多爭論，關於什麼是風險、什麼是機會的爭論可能比過去更多。那麼，當您考慮紐約銀行在該領域的地位時，您認為現有業務面臨的風險以及由此可能產生的一些新收入機會是什麼？

Sure, thanks, Alex.

當然，謝謝，亞歷克斯。

Net, net, we see these advancements providing more opportunities than risks, but you're right, there are things on both sides of the ledger. If you just go back and just think about industries and big changes in technology that happen over time, they create disruption and what disruption does is it allows for a little bit of a reorganization sometimes of the ecosystem and it's our observation that companies that have a lot of forward-thinking innovation that push forward, that take advantage of that as opposed to sticking their heads in the sand, tend to be winners.

整體而言，我們認為這些進步帶來的機會大於風險，但您說得對，帳簿的兩邊都有事情。如果你回顧一下，思考一下各個行業以及隨著時間的推移而發生的重大技術變革，它們會造成顛覆，而顛覆有時會對生態系統進行一些重組，我們觀察到，那些擁有大量前瞻性創新並不斷前進的公司，那些利用這些創新而不是將頭埋在沙子裡的公司，往往會成為贏家。

Now we have many specific valuable attributes that help us make us a great partner to these digital assets firms, and that's one of the reasons why we've been so engaged in this space for several years because initially it had about providing our traditional banking services to those digital asset companies. We serve many of them with our traditional banking services.

現在，我們擁有許多特定的寶貴屬性，可以幫助我們成為這些數位資產公司的優秀合作夥伴，這也是我們多年來如此熱衷於這一領域的原因之一，因為最初我們致力於為這些數位資產公司提供傳統銀行服務。我們透過傳統銀行服務為其中的許多人提供服務。

Then it's been about helping with the on-ramps, off-ramps between that traditional banking world and the on-chain world. And in the future, we think it's also going to be about more activity on chain. We are live with Bitcoin custody today. We do it natively and we can help clients. There's more stuff in the world. We want to -- we're in the business of looking after stuff as one of our businesses and we're happy to do that.

然後，它就開始幫助傳統銀行世界和鏈上世界之間的銜接。我們認為，未來鏈上活動也會更加活躍。我們今天開始進行比特幣託管。我們以本地方式做到這一點，並且可以幫助客戶。世界上還有更多東西。我們希望——把照顧好東西作為我們的業務之一，我們很樂意這樣做。

But we're also in the payments business. Again, there's synergy between our platforms. We're also in the issue of services corporate trustee business. There's synergy. We're in the NAV business. That's relevant; synergy, distribution business, relevant; money market fund business, relevant. So when you take all of these things together, we're a terrific partner for some of these clients because we can do a lot of different things with a trusted brand that actually helps them to feel good.

但我們也從事支付業務。再次，我們的平台之間存在協同作用。我們也涉及服務公司受託業務的問題。有協同作用。我們從事的是資產淨值業務。這是相關的；協同效應、分銷業務是相關的；貨幣市場基金業務是相關的。因此，當你把所有這些因素綜合起來時，我們會成為一些客戶的絕佳合作夥伴，因為我們可以與值得信賴的品牌做很多不同的事情，真正幫助他們感覺良好。

So look, stablecoins particularly, it's obviously one of the topics of the day, and we're very active in that space, and that's the reason why we mentioned a couple of those recent examples, but there are many more in our prepared remarks.

所以，特別是穩定幣，它顯然是當今的主題之一，我們在這個領域非常活躍，這就是我們提到最近幾個例子的原因，但在我們準備好的發言中還有更多。

But Alex, what I would say is don't lose -- also -- that's all great stuff, but don't lose sight of our core businesses that are market leading, that are growing share because the market is growing. So growing the pie with existing clients in our core businesses is also happening and very important.

但是亞歷克斯，我想說的是，不要失去——當然——這些都是好東西，但不要忽視我們的核心業務，它們是市場領先的，隨著市場的增長，我們的份額也在不斷增長。因此，在我們的核心業務中，與現有客戶一起擴大市場份額也在發生，而且非常重要。

Yeah, that's totally fair. Dermot, one for you on just the balance sheet dynamic and deposits. I know you mentioned you guys don't lead with deposits that all makes sense but when we look at the trajectory for the deposit based for the last couple of quarters, obviously much more stable and nice to see the non-interest-bearing deposits improving here as well.

是的，這完全公平。Dermot，我們來為您講一下資產負債表的動態和存款。我知道您提到過，你們不以存款為主導，這都是有道理的，但是當我們查看過去幾個季度的存款軌跡時，顯然更加穩定，並且很高興看到無息存款也在改善。

So as you look out into the back half and ultimately where we are in July, maybe give us a sense where non-interest deposits in particular sit and as we think about the forward, which businesses tend to drive those for you guys as we think about the trajectory beyond 25%.

因此，當您展望下半年以及最終我們在 7 月所處的位置時，也許可以讓我們了解一下非利息存款的具體情況，當我們考慮未來時，當我們考慮超過 25% 的軌跡時，哪些業務往往會為您推動這些業務。

So it was a strong quarter. I expect the balances to moderate into Q3. You might remember Q3 of last year was a strong quarter for us in terms of NII, so Q3 is a tough comp so -- and deposits we expect to moderate the seasonal slowdown.

所以這是一個強勁的季度。我預計餘額將在第三季緩和。您可能還記得，就 NII 而言，去年第三季度對我們來說是一個強勁的季度，因此第三季度是一個艱難的季度——我們預計存款將緩和季節性放緩。

And so the diversity of the NIB across the franchise is particularly pleasing, but corporate trust is a highlight and because of the breadth and the depth and the market shares that we have in that business, we do attract a lot of cash into the system by virtue of increased client activity. So corporate trust in Q2 was a notable highlight, particularly around escrows as a result of increased M&A activity so but I would expect that to moderate a little bit in Q3 and pick up again in Q4 but overall, I feel pretty convicted around the high-, mid-single digits NII growth for the year.

因此，NIB 在整個特許經營中的多樣性尤其令人高興，但企業信任是一個亮點，並且由於我們在該業務中的廣度、深度和市場份額，我們確實透過增加客戶活動吸引了大量現金進入系統。因此，第二季的企業信任是一個值得注意的亮點，特別是由於併購活動增加而導致的託管方面的信任，但我預計第三季度會略有緩和，第四季度會再次回升，但總體而言，我對今年的高、中個位數 NII 增長非常有信心。

Alrighty, thank you so much.

好的，非常感謝。

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(Operator Instructions)

（操作員指示）

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Maybe two separate questions on the platforms operating model. So first one, maybe for you, Dermot, focusing on the cost reduction element, as we have another 50% to migrate over the next call it 12 months, and I know obviously expense guidance went up a little bit, which makes complete sense given the stronger revenue growth environment and also the dynamic budgeting aspect that you've talked about. But on the cost reduction side from that conversion on the platform's operating model and how should we think about framing that as a positive contributor to the expense story for the rest of this year in '26.

關於平台運營模式，也許有兩個單獨的問題。因此，首先，對於 Dermot 來說，也許重點是降低成本的因素，因為在接下來的 12 個月內我們還有另外 50% 需要遷移，而且我知道費用指導顯然有所上升，考慮到更強勁的收入增長環境以及您談到的動態預算方面，這是完全合理的。但從平台營運模式轉換帶來的成本降低方面來看，我們應該如何將其視為對 26 年剩餘時間的支出狀況的正面貢獻。

So I do go back to a little bit, Brian, what Robin said earlier about 50% of the people are in the model. We've done three waves over the last 15 months. The maturity level between wave one and wave three is quite stark. And the wave one businesses that went into the model are doing now in terms of one BNY connectivity, automation, dynamic innovation, having an entrepreneurial spirit within their own businesses, it gives me a great sense of pride to actually see it day in and day out.

因此我確實回顧了一下，布萊恩，羅賓之前說過，大約 50% 的人都在模型中。在過去的 15 個月裡，我們已經進行了三波。第一波和第三波之間的成熟度水準相當明顯。而第一波採用該模式的企業現在在 BNY 連接、自動化、動態創新方面都取得了進展，在自己的企業中具有創業精神，能夠日復一日地親眼看到這些，我感到非常自豪。

And while your question led with the cost reduction, we really think about it internally about running the company better and creating capacity, and we either deploy that capacity into new investments, new opportunities or we let it flow through to positive operating leverage. And you can see in Q2 of this year, we gave you -- gave the market 500 basis points of positive operating leverage and the platform operating model was a contributor to that.

雖然您的問題與降低成本有關，但我們內部真正考慮的是更好地運營公司和創造產能，我們要么將這些產能部署到新的投資、新的機會中，要么讓其轉化為積極的營運槓桿。您可以看到，在今年第二季度，我們為市場提供了 500 個基點的正營運槓桿，而平台營運模式對此做出了貢獻。

So with 50% of the firm in the model and 10% in -- about 15 months, I would expect the maturity of this to give us a benefit for the next few years. And so it's not for another two years where I would say the firm will be reasonably mature in the model and it's creating its own flywheel of momentum and innovation. And when you overlay that with the maturity of the commercial model and you overlay that again with what Carolyn is doing on the product side, you're going to see the North Star of positive operating leverage be delivered for the foreseeable future. So like it's all about running the company better and I don't talk internally about expenses or cost reduction.

因此，如果 50% 的公司採用該模型，另外 10% 的公司採用該模型（約 15 個月），我預計該模型的成熟將為我們在未來幾年帶來收益。因此，我認為再過兩年，該公司的模式就會相當成熟，並創造出自己的動力和創新飛輪。當你將其與商業模式的成熟度相結合，並將其與卡羅琳在產品方面所做的事情相結合時，你將會看到在可預見的未來實現積極的經營槓桿的北極星。所以這一切都是為了更好地經營公司，我不會在內部談論開支或削減成本。

Yeah, okay, that's great.

是的，好的，太好了。

And then maybe just also following question on the platform's operating model. As you think about M&A, maybe just your thoughts around how much the operating model -- the platform's operating model informs your decision about what type of M&A to do? Is it a mean -- is it a major or a primary factor in bringing on businesses that you think can fit into that model and therefore you can scale them inorganically and then I guess is it even possible to do large scale M&A and integrate that into this platform or do you see too many disparities with other large providers that would make that difficult.

然後也許只是關於平台營運模式的後續問題。當您考慮併購時，也許您只是在思考營運模式—平台的營運模式在多大程度上影響了您決定進行何種類型的併購？這是否是一種手段——這是吸引您認為可以適應該模型的企業的主要或主要因素，因此您可以無機地擴展它們，然後我猜是否有可能進行大規模的併購並將其整合到這個平台中，或者您是否看到與其他大型供應商的差距太大，這會使這變得困難。

Yeah, it's an important question.

是的，這是一個重要的問題。

So look broadly in the platform's operating model, Dermot touched on the fact that it's a two-sided thing because we're very much looking for it to drive revenue. This interlock between platform's operating model and the commercial model is super important because by having defined our products and client platforms in the way that we have and then by layering over that a new go-to market approach with our commercial model that's just allowing us to go faster, collaborate more across the platforms, create more solutions, and really create a lot of empowerment to our teams to go and listen to clients, invent new stuff, provide more solutions to them. And of course that and just running the company better more broadly as Dermot mentioned, those are the reasons why we are doing this now.

因此，從平台的營運模式來看，Dermot 提到，這是一個雙面的事情，因為我們非常希望它能推動營收成長。平台營運模式和商業模式之間的這種相互關聯非常重要，因為透過以我們現有的方式定義我們的產品和客戶平台，然後透過在其上疊加一種新的行銷方法和我們的商業模式，我們可以更快地發展，在各個平台上進行更多的協作，創造更多的解決方案，並真正賦予我們的團隊很大的權力去傾聽客戶的意見，更多的發明產品。當然，正如 Dermot 所提到的那樣，這只是為了更廣泛地更好地經營公司，這就是我們現在這樣做的原因。

It has a nice byproduct which is it organizes ourselves in a way where our chassis is super well organized and very strong, and we clearly see the benefits of that across the board as we continue to go through the model. And so I think what that will result in is when we talk about some type of bolt on acquisition and almost irrespective of its size, if it's adding to us in something that we broadly do today or something that essentially speeds us forward in something that we do today, we're able to add it without really having to take on all of the expenses associated with us because it becomes a bolt-on to a chassis that we have.

它有一個很好的副產品，那就是它以一種非常有條理、非常堅固的方式組織我們自己，隨著我們繼續研究這個模型，我們清楚地看到了它帶來的好處。因此，我認為，當我們談論某種類型的附加收購時，幾乎無論其規模大小，如果它能增加我們今天廣泛做的事情，或者加速我們今天做的事情，我們就可以添加它，而不必真正承擔與我們相關的所有費用，因為它成為我們現有底盤的附加物。

You could see that with Archer as a good example, which is they are able to do more of what they want to do because they're able to tap in to the right additional parts of BNY. The client onboarding capabilities that our client onboarding platform provides to Archer in its acquisition of new clients allows them to go faster. The fact that we've been able to wrap our technology and our AI around that is going to allow them to do more things.

你可以以 Archer 為例看到這一點，他們能夠做更多他們想做的事情，因為他們能夠利用 BNY 的正確附加部分。我們的客戶入職平台為 Archer 提供的客戶入職功能使他們能夠更快地獲取新客戶。事實上，我們已經能夠將我們的技術和人工智慧融入其中，這將使他們能夠做更多的事情。

And so there's a real economy -- you're able to actually achieve an economy of scale and actually add scale to a scale business or go faster in a business where you're adding a capability whereas sometimes that's a theoretical conversation because you look at something and you say oh well you could just -- you're pretty scaled, you could just add more stuff and it will scale. But that's not true if you're adding a complicated back end and trying to smash two incompatible things together.

因此，存在著一個真正的經濟——你實際上能夠實現規模經濟，並且實際上在規模業務中增加規模，或者在增加能力的業務中更快地發展，而有時這只是一個理論上的對話，因為你看著某樣東西，然後說哦，好吧，你可以——你的規模已經相當大了，你只要添加更多的東西，它就會擴大。但如果你添加一個複雜的後端並試圖將兩個不相容的東西混合在一起，情況就不是這樣了。

I think that was a lesson that this company learned 20 years ago with the acquisition -- or the merger between Mellon and BNY that was not consolidated properly. So the punch line is the platform's operating model allows us to have a clarity of chassis that I think actually will allow for higher quality integrations in the future if ever we choose to do one.

我認為這是該公司 20 年前在收購中學到的一個教訓——或者說梅隆銀行與紐約銀行的合併沒有適當的整合。因此，關鍵在於平台的營運模式使我們能夠清晰地了解底盤，我認為如果我們選擇進行整合的話，這實際上將允許將來實現更高品質的整合。

David Smith, Truist Securities.

Truist Securities 的 David Smith。

So you're pretty clear that you know you see further upside on returns and margin from here even with the strong results you've had in this quarter in the first half. Are there areas right now that you feel like you're over-earning or would you say that you know you're looking to hold or improve profitability across the firm from these levels right now?

因此，您很清楚，即使本季上半年業績表現強勁，您仍認為回報和利潤率仍有進一步上升的空間。現在您覺得自己在哪些方面盈利過多，或者您是否知道您希望保持或提高整個公司的盈利能力？

I would say, it's a good question, David.

我想說，這是個好問題，大衛。

How I would answer that is we're trying to get better every day in every business, and a mindset I adopt with everybody that I work with and talk to is 1% improvement every day, be better, run the company better, always be humble. It's all about the client, and if you keep the client happy, you're going to win more business and that really is, I think, our secret sauce.

我的回答是，我們正努力在每項業務上每天都取得進步，我與每個與我共事和交談的人都抱有同樣的心態，那就是每天進步 1%，做得更好，更好地經營公司，永遠保持謙遜。一切都是為了客戶，如果你讓客戶滿意，你就會贏得更多的業務，我認為這確實是我們的秘訣。

I talked to a couple of people this week who've been at the firm last a -- long time and I said, what's the difference between BNY today and BNY 10 years ago? And in a word, it was about client centricity. And so we're very focused on putting the client at the heart of everything that we do. And so I wouldn't say that any one business we feel like we've reached max potential. Because we've invested in a lot.

本週我與幾位在該公司工作了很長時間的人進行了交談，我問他們，今天的 BNY 和 10 年前的 BNY 有什麼不同？總而言之，就是以客戶為中心。因此，我們非常注重將客戶放在我們所做的一切的核心位置。因此，我不會說我們覺得任何一項業務已經達到最大潛力了。因為我們投入了很多。

If you take corporate trust two or three years ago, that was a well -- that was a high performing business from a margin standpoint, but had been neglected for a long time with respect to investment because the margin was good. But now we've decided to invest in the business and we're growing share. We're doing it at a higher margin than we did before. We're using AI. We have better employee NPS scores.

如果你看兩三年前的企業信託，從利潤率的角度來看，這是一個表現良好的業務，但由於利潤率較高，長期以來在投資方面一直被忽視。但現在我們決定投資該業務，並且我們的份額正在擴大。我們這樣做的利潤率比以前更高。我們正在使用人工智慧。我們的員工 NPS 分數較高。

So all in the round, the strategy is working when you look at the three strategic pillars for that particular business. If you looked at it objectively three years ago, you would say nothing to do there, and we felt like there was a lot to do and we're making great progress.

因此，總體而言，當您查看該特定業務的三大策略支柱時，該策略是有效的。如果你三年前客觀地看待這個問題，你會說那裡沒有什麼可做的，但我們覺得有很多事情要做，而且我們正在取得巨大進步。

David, let me add a couple of things because this -- your question is one of these things that we debate quite a bit internally as a team, and it goes back actually to the very earliest days of us re-underwriting our strategy. At the time, you might remember us saying this, we looked back over the industry, for instance, on annual operating leverage and we say what does great look like? What are the two best performers in the prior decade from 2012 to 2022 on positive operating leverage and what actually is that number?

大衛，讓我補充幾點，因為這個——你的問題是我們團隊內部經常討論的問題之一，實際上它可以追溯到我們重新制定策略的最初幾天。當時，您可能還記得我們說過這樣的話，我們回顧了整個行業，例如，回顧年度經營槓桿，我們會問，什麼是偉大的？2012 年至 2022 年十年間，在正營業槓桿率方面表現最好的兩家公司為何？實際數字是多少？

And the answer was, well, it was 150 basis points of positive operating leverage on average over the course of that decade. So we said, okay, well we think we can be best in class, we think we've got the businesses to do it. Let's shoot for that.

答案是，在那十年中，平均正營運槓桿為 150 個基點。所以我們說，好吧，我們認為我們可以成為最好的，我們認為我們有能力做到這一點。讓我們為此而努力。

And lo and behold, we've blown that out of the water in 2023 and 2024 and also in the first half of 2025. So it begs the question to ourselves about are we over-earning, how does the environment fit into this? And then we realized, of course, well, we keep talking about being a platforms operating company. We have these great set of businesses, we don't actually think that banks are our pure comp. We think that there's also a comp out there with other platforms companies, and other financial services platforms company who don't happen to exist in bank form.

你瞧，我們在 2023 年、2024 年以及 2025 年上半年已經實現了這個目標。因此，我們不禁要問，我們的收入是否過高，環境與此有何關係？然後我們意識到，當然，我們一直在談論成為一家平台營運公司。我們擁有這些出色的業務，但我們實際上並不認為銀行是我們純粹的業務。我們認為，還有與其他平台公司以及其他不以銀行形式存在的金融服務平台公司的競爭。

And so when you start to look at the world through those lenses, suddenly ROTCE, you can see a pathway to bigger numbers and you can see a pathway to bigger numbers on margin and we look at those types of comps and we say, okay, let us not be satisfied with what we originally thought of as maybe the way that we think about positive operating leverage. It's okay to push harder.

因此，當您開始透過這些視角看世界時，突然間，ROTCE，您可以看到一條通往更大數字的道路，您可以看到一條通往更大利潤數字的道路，我們看看這些類型的比較，我們會說，好吧，讓我們不要滿足於我們最初認為的可能是我們對正營業槓桿的看法。再加把勁也沒關係。

Having said that, we constantly want to be able to invest and so to Dermott's point, we're not going to let a pursuit of positive operating leverage cause us somehow to underinvest in the business. We are investing with a decade view first and foremost, but I think it does go to one of the earlier questions and your point also about our vent ceilings, so I'm sure there will be, but we're not allowing ourselves, including not being lulled into a sense of security by achieving our medium-term outlooks and targets, we're not allowing ourselves to think about any ceilings across the business.

話雖如此，我們始終希望能夠進行投資，因此正如德莫特所說，我們不會讓對正向經營槓桿的追求導致我們對業務的投資不足。我們首先是以十年的眼光進行投資，但我認為這確實涉及到之前的一個問題，以及你關於我們通風上限的觀點，所以我相信會有，但我們不會允許自己，包括不會因為實現我們的中期展望和目標而產生安全感，我們不會允許自己考慮整個業務的任何上限。

So just to push you a little bit on that, if you're not putting any ceilings or capping yourself on gro -- on expenses in order to achieve positive operating leverage, why not invest a little bit more than just 3% expense growth, given the strong backdrop you're seeing and strong performance you've shown so far in the first half.

因此，只是為了稍微推動一下你，如果你沒有設置任何上限或限制自己的支出，以實現積極的運營槓桿，那麼考慮到你所看到的強勁背景和上半年迄今為止表現的強勁表現，為什麼不投資略高於 3% 的支出增長呢？

It's a good push and we do challenge ourselves on that question. I think if you were in our weekly syncs on these types of topics internally, you'd hear Dermod on a regular basis going out to the various different businesses and platforms and say tell me what you need to invest. Do you need more investment and more expense allocation in order to be able to help you to go faster and so that is a constant push that we are giving to the businesses.

這是一個很好的推動，我們確實在這個問題上挑戰了自己。我想，如果您參加我們內部關於這些類型主題的每週同步會議，您會聽到 Dermod 定期前往各種不同的企業和平台，並告訴我您需要投資什麼。您是否需要更多的投資和更多的費用分配，以便能夠幫助您更快地發展，因此這是我們對企業不斷給予的推動。

Having said that, we are mindful of the fact that some of what we do is also dictated by the environment, maybe less and less over time, but it's clearly is still a meaningful backdrop for us. And so we are naturally a little bit conservative in terms of how we think about the year going into it, because if, for instance, we'd had a much, much tougher backdrop, which would not have been impossible in the quarter when you think about what was happening in April.

話雖如此，我們也意識到，我們所做的一些事情也受到環境的影響，也許隨著時間的推移，這種影響會越來越小，但顯然它對我們來說仍然是一個有意義的背景。因此，我們在考慮如何進入新的一年時自然會有些保守，因為，例如，如果我們面臨更加嚴峻的形勢，當你考慮到 4 月份發生的情況時，這種情況在本季度也並非不可能。

And all of the uncertainties that were in April, we wouldn't have felt comfortable necessarily if we'd had a more negative environment growing our expense guide. So there's a certain amount of agility as opposed to going into the year assuming everything's going to be perfect, betting on a big expense number, and then getting disappointed. That's the old version of BNY Mellon. That's not the BNY of today.

考慮到四月存在的所有不確定性，如果我們的支出指南成長環境更加不利，我們就不會感到安心。因此，我們需要一定的靈活性，而不是在進入新的一年時假設一切都會完美，押注於一個很大的支出數字，然後感到失望。這是紐約梅隆銀行的舊版。這不是今天的紐約銀行。

Financial discipline is a very important skill and muscle memory that we've developed over the last few years, and we like to think that you have given us some credibility for that. It's not our desire to lose that, so financial discipline is very important to us.

財務紀律是我們在過去幾年中培養的一項非常重要的技能和肌肉記憶，我們很高興您在這方面給予了我們一定的信譽。我們不想失去這一點，所以財務紀律對我們來說非常重要。

Rajiv Bhatia, Morningstar.

拉吉夫·巴蒂亞，晨星。

I just want to follow up on your remarks that you're not seeing negative pricing. Should I interpret that as pricing being flat year over year? And is that on a consolidated basis? So are you seeing the pricing environment differ by LOB?

我只是想跟進一下您的評論，您沒有看到負面定價。我是否應該將其解讀為價格同比持平？這是合併後的數據嗎？那麼，您是否發現不同 LOB 的定價環境有所不同？

So I would -- it's broadly flat across the firm and significantly improved from three years ago where I would say it was a headwind a few years ago, and I think as a result of all the strategies and the initiatives that we talked to you about and that we've talked about today, I would say repricing, if I was to give you a stat is roughly down about 80% from where it was three years ago. And so overall at the enterprise level, it's flat to slightly positive this year so far.

所以我想說——整個公司的情況基本持平，與三年前相比有了顯著改善，而幾年前我認為這是一股逆風，我認為，由於我們與您討論過的以及我們今天討論過的所有戰略和舉措，我想說，重新定價，如果我要給您一個統計數據，大約比三年前下降了 80%。因此，從企業層級來看，今年迄今整體情況是持平或略有好轉。

And does it differ by like LOB?

它與 LOB 有何不同？

Not really, no -- there's no standout really by LOB. I would say it's broadly consistent.

不是真的，沒有——LOB 確實沒有什麼突出表現。我想說的是，它大致上是一致的。

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

今天的問答環節到此結束。現在我想將電話轉回給羅賓，讓他做任何補充或結束語。

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

謝謝接線員，也謝謝大家今天的寶貴時間。感謝您對 BNY 的關注。如果您有任何後續問題，請聯絡 Marius 和 IR 團隊。祝您身體健康，享受剩下的夏天。

Thank you. This does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Investor Relations website at 2:00 PM Eastern Time today. Have a great day.

謝謝。今天的會議和網路直播到此結束。本次電話會議和網路直播的重播將於今天美國東部時間下午 2:00 在 BNY 投資者關係網站上提供。祝你有美好的一天。