紐約梅隆銀行 (BK) 2025 Q3 法說會逐字稿

Good morning, and welcome to the 2025 third quarter earnings conference call hosted by BNY. (Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent.

早上好，歡迎參加BNY主辦的2025年第三季財報電話會議。（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。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.

現在我將把電話轉給紐約銀行投資者關係主管 Marius Merz。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our third quarter earnings call. I'm here with Robin Vince, our Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. As always, we will reference the quarterly update presentation, which can be found on the Investor Relations page of our website at bny.com.

謝謝您，接線生。大家早安，歡迎參加我們的第三季財報電話會議。我和我們的執行長 Robin Vince 以及我們的財務長 Dermot McDonogh 一起來到這裡。與往常一樣，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。

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, October 16, 2025, and will not be updated.

我要指出的是，我們的評論將包含前瞻性陳述和非公認會計準則衡量標準。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 10 月 16 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, and thank you for joining us. Let me start with a few highlights before Dermot takes you through our financials for the quarter in greater detail. As summarized on page 2 of our quarterly update presentation, BNY reported another quarter of strong results.

謝謝，馬呂斯。大家早安，感謝大家的收看。在 Dermot 向您詳細介紹我們本季的財務狀況之前，讓我先介紹幾個重點。正如我們季度更新報告第 2 頁所總結的那樣，紐約銀行報告了又一個季度的強勁業績。

Record revenue of $5.1 billion was up 9% year-over-year. We saw broad-based strength, including double-digit revenue growth across the platforms that make up our Security Services and Market and Wealth Services segments, and we drove approximately 500 basis points of positive operating leverage. Our pretax margin improved to 36% and we generated a return on tangible common equity of 26%. Taken together, we reported earnings per share of $1.88, up 25% year-over-year.

創紀錄的 51 億美元營收年增 9%。我們看到了全面的優勢，包括構成我們的安全服務和市場與財富服務部門的平台的兩位數收入增長，並且我們實現了約 500 個基點的正營運槓桿。我們的稅前利潤率提高至 36%，有形普通股權益報酬率達 26%。總體而言，我們報告每股收益為 1.88 美元，年增 25%。

The third quarter presented a largely constructive operating environment. Despite a cooling labor market and inflation lingering above the Federal Reserve's 2% target, the US economy remained resilient. Equity markets continued to climb, credit spreads remained tight, and the Fed ultimately resumed rate cuts. Across our platforms, we saw solid growth in client balances as well as robust trading, clearing and settlement activity.

第三季的經營環境整體呈現良好態勢。儘管勞動市場降溫且通膨率徘徊在聯準會2%的目標之上，但美國經濟仍保持韌性。股市持續攀升，信貸利差維持收緊，聯準會最終恢復降息。在我們的平台上，我們看到客戶餘額穩定成長，交易、清算和結算活動也十分活躍。

While the finalization of US tax legislation and the prospect of deregulation are positives for the economic outlook, uncertainty and multiple tail risks remain, geopolitical conditions, trade policies, fiscal deficits around the world and the sustainability of enthusiastic markets to name a few. Against this backdrop, we continue to execute on our mission of reimagining BNY. This includes our two core transformation programs, a new commercial model, and our platform's operating model.

儘管美國稅法最終確定和放鬆管制的前景對經濟前景有利，但不確定性和多重尾部風險依然存在，例如地緣政治狀況、貿易政策、全球財政赤字以及熱情市場的可持續性等。在此背景下，我們繼續執行重塑紐約銀行的使命。這包括我們的兩個核心轉型計劃、一個新的商業模式和我們平台的營運模式。

Both are continuing to show results, and both have a lot of runway ahead. We recently reached the one-year anniversary of the new commercial model. Year one was about bringing the company together, aligning our teams and proving that when we show up as one BNY, we can win.

兩家公司都持續展現成果，都擁有廣闊的發展空間。我們最近迎來了新商業模式的一周年紀念日。第一年是關於團結公司、協調我們的團隊並證明當我們團結一致時，我們就能取得勝利。

Now we are raising the bar. The next phase of our commercial model is about embedding the habits of operating as one BNY into our daily rhythms and shifting from just connecting the dots to also delivering integrated solutions with patient scale.

現在我們正在提高標準。我們商業模式的下一階段是將作為 BNY 營運的習慣融入我們的日常節奏中，並從僅僅連接各個點轉變為提供具有患者規模的整合解決方案。

We were pleased to announce several wins in the third quarter that demonstrate how BNY is powering growth for our clients, both long-standing and new. Franklin Templeton, a client for nearly three decades expanded its relationship with BNY to provide a full suite of asset servicing and FX capabilities for its US-listed ETF products, tapping our market-leading platform to support one of its fastest growing businesses.

我們很高興地宣布，我們在第三季度取得了多項勝利，證明了紐約銀行正在為我們的長期客戶和新客戶帶來成長動力。富蘭克林鄧普頓 (Franklin Templeton) 是紐約銀行近三十年的客戶，它擴大了與紐約銀行的合作關係，為其在美國上市的 ETF 產品提供全套資產服務和外匯功能，利用我們市場領先的平台來支持其增長最快的業務之一。

And TIAA, who has had a 20-year relationship with BNY Pershing, yesterday announced that they have selected our Wove platform as the unified wealth solution across TIAA Wealth Management's broker-dealer, investment adviser and bank custody businesses.

與紐約潘興銀行有著 20 年合作關係的 TIAA 昨天宣布，他們已選擇我們的 Wove 平台作為 TIAA 財富管理的經紀自營商、投資顧問和銀行託管業務的統一財富解決方案。

Our early commitment to the digital asset space paired with the principles of safety, scalability and innovation that have defined BNY for centuries now positions us to support the growing institutional adoption of digital asset products. In just one example from this past quarter, OpenEden, a leading platform for the tokenization of real-world assets headquartered in Singapore, appointed BNY as investment manager and primary custodian for the underlying assets of its flagship tokenized US treasury bills fund.

我們早期對數位資產領域的承諾，加上幾個世紀以來定義 BNY 的安全性、可擴展性和創新性原則，現在使我們能夠支持越來越多的機構採用數位資產產品。舉一個上個季度的例子，總部位於新加坡的領先現實世界資產代幣化平台 OpenEden 任命紐約銀行為其旗艦代幣化美國國庫券基金基礎資產的投資經理和主要託管人。

As global capital markets move toward an always-on operating model, blockchain technology and digital asset adoption are becoming important enablers. In a meaningful step toward enhancing the utility of money market fund shares, we announced a collaborative initiative with Goldman Sachs to maintain on blockchain technology, a mirror record of customers' ownership of select money market funds, live and available through our LiquidityDirect platform.

隨著全球資本市場走向永遠在線的營運模式，區塊鏈技術和數位資產的採用正在成為重要的推動因素。為了提高貨幣市場基金份額的實用性，我們宣布與高盛合作，利用區塊鏈技術維護客戶對特定貨幣市場基金所有權的鏡像記錄，並透過我們的 LiquidityDirect 平台即時取得。

This includes a new token enabled share class of our own BNY Investments, Dreyfus Treasury Securities Cash Management Fund. We are encouraged by developments in the US regulatory landscape that will further enable tokenized products and allow us to support clients as they consider moving to a more unchained financial world. All of this product innovation, combined with our commercial model 2.0 is allowing us to be more for our clients and drive higher and more sustainable organic growth in the years to come.

這包括我們自己的 BNY Investments、Dreyfus Treasury Securities Cash Management Fund 的全新代幣化股票類別。美國監管環境的進展令我們感到鼓舞，這將進一步推動代幣化產品的發展，並使我們能夠支持客戶轉向更不受束縛的金融世界。所有這些產品創新，加上我們的商業模式 2.0，使我們能夠為客戶提供更多服務，並在未來幾年推動更高、更永續的有機成長。

Turning to another one of our transformation, the ongoing transition into our platform's operating model. More than 70% of employees are now working in the model, and we expect to complete the remaining transition over the course of the next year. It is still early days, but we continue to gather meaningful proof points of benefits. For example, faster client onboarding, more automated delivery of complex NAVs and more modern billing processes. Our progress in the model is creating real capacity to invest in growth, to innovate for clients and to power our culture.

轉向我們的另一個轉型，即我們正在進行的平台營運模式的轉變。目前，超過 70% 的員工都在採用該模式工作，我們預計在明年完成剩餘的過渡。現在還為時過早，但我們將繼續收集有意義的利益證明點。例如，更快的客戶入職、更自動化的複雜資產淨值交付和更現代化的計費流程。我們在模型方面的進步正在創造真正的能力，以投資成長、為客戶創新並推動我們的文化。

Our experience has been that it takes 12 to 18 months after the initial activation of a platform for teams to start realizing the full benefits of this new way of working. That means that while we will be entirely operational in the new model by the fall of next year, we don't expect to see the full benefits of these new operating rhythms until early 2028.

我們的經驗是，平台首次啟動後，團隊需要 12 到 18 個月才能開始充分享受這種新工作方式帶來的好處。這意味著，雖然我們將在明年秋季全面投入新運營，但我們預計要到 2028 年初才能看到這些新營運節奏的全部好處。

As we continue making steady progress on both of our two transformations as well as the broader reimagining of our company, we are always focused on what's next. A prime example of this is how we are embracing the power and benefits of AI. This past quarter, we announced a collaboration with Carnegie Mellon University in Pittsburgh to create the BNY AI lab at CMU. By bringing together CMU's academic leadership and BNY's market expertise, we will advance AI research, responsible governance and deployment.

隨著我們在兩項轉型以及公司更廣泛的重塑方面繼續取得穩步進展，我們始終專注於下一步。一個典型的例子就是我們如何擁抱人工智慧的力量和好處。上個季度，我們宣布與匹茲堡的卡內基美隆大學合作，在 CMU 創建 BNY AI 實驗室。透過結合卡內基美隆大學的學術領導力和紐約銀行的市場專業知識，我們將推動人工智慧研究、負責任的治理和部署。

At BNY, AI is for everyone, everywhere and for everything. The investments we've made have been focused on creating the technology foundation to go faster, but adoption and success are ultimately driven by culture. By putting AI in the hands of everyone at BNY, we intend to develop fluency and create capacity for our people to focus on higher-value work. This translates to how we show up for our clients and innovate more broadly.

在 BNY，AI 適用於每個人、每個地方、每件事。我們所做的投資一直專注於創造更快發展的技術基礎，但採用和成功最終是由文化驅動的。透過將人工智慧交到紐約銀行每個人的手中，我們旨在提高員工的熟練程度並創造能力，使他們能夠專注於更高價值的工作。這意味著我們如何為客戶提供服務並進行更廣泛的創新。

Last month, we launched the next version of BNY's AI platform, Eliza 2.0, smarter, faster and easier to use. Across the company, our people are working together to embed AI solutions into our workflows. By the end of the third quarter, we had 117 AI solutions in production. That is an increase of 75% compared to the prior quarter, and it includes agents that help identify new business leads, rate code, automate payment processing, accelerate client onboarding and increase automation of reconciliations.

上個月，我們推出了 BNY 人工智慧平台的下一個版本 Eliza 2.0，它更聰明、更快速、更容易使用。在整個公司，我們的員工正在共同努力將人工智慧解決方案嵌入我們的工作流程中。截至第三季末，我們已有 117 個 AI 解決方案投入生產。與上一季相比，這一數字成長了 75%，其中包括幫助識別新業務線索、費率代碼、自動化支付處理、加速客戶入職和提高對帳自動化程度的代理商。

We are also leveraging Agentic AI to deploy digital employees. Over 100 of them are already working side by side with our people on tasks such as payment validations and code repairs. We believe our AI opportunity is significant, and we are pursuing it with urgency.

我們也利用 Agentic AI 來部署數位員工。其中 100 多人已經與我們的員工並肩工作，完成付款驗證和代碼修復等任務。我們相信我們的人工智慧機會是巨大的，我們正在緊急地追求它。

Before I hand it over to Dermot, I want to close by acknowledging the tremendous work of our people. As I visit our offices around the world and spend time with our teams, the excitement and drive within the company is palpable. It is our people and culture that propel us forward on our mission to unlock BNY's full potential for our clients and our shareholders.

在將權力移交給德莫特之前，我想先感謝我們人民所做的巨大努力。當我拜訪我們在世界各地的辦事處並與我們的團隊共度時光時，公司內部的興奮和動力是顯而易見的。正是我們的員工和文化推動我們朝著為客戶和股東釋放紐約銀行全部潛力的使命前進。

We are executing with purpose, powering our culture to run our company better so that we can be more for our clients. We have a lot of work ahead of us, but the clear signs of progress both in terms of our reported financials and the leading indicators for future success across the company give us confidence that the strategy is working.

我們有目的地執行任務，推動我們的文化，更好地經營我們的公司，以便我們能夠為客戶提供更多服務。我們還有很多工作要做，但無論是從報告的財務狀況還是整個公司未來成功的領先指標來看，都出現了明顯的進展跡象，這讓我們相信該策略正在發揮作用。

With that, over to you, Dermot.

接下來就交給你了，德莫特。

Thank you, Robin, and good morning, everyone. I'll start with our consolidated financial results for the third quarter on page 3 of the presentation. Total revenue of $5.1 billion was up 9% year-over-year. Fee revenue was up 7%. That included 10% growth in Investment Services fees from our Security Services and Market & Wealth Services segment, driven by net new business, higher client activity and market values.

謝謝你，羅賓，大家早安。我將從簡報第 3 頁的第三季綜合財務表現開始。總營收 51 億美元，年增 9%。費用收入成長了7%。其中包括來自安全服務和市場與財富服務部門的投資服務費用成長 10%，這得益於淨新業務、更高的客戶活動和市場價值。

Investment management and performance fees were down 2%, reflecting the mix of AUM flows, the adjustment for certain rebates we discussed in prior quarters and lower performance fees, partially offset by higher market values and the favorable impact of a weaker US dollar.

投資管理和績效費用下降了 2%，反映了 AUM 流量的組合、我們在前幾個季度討論過的某些回扣的調整以及較低的績效費用，但被更高的市場價值和美元疲軟的有利影響部分抵消。

While not on the page, I will note that firm-wide AUC/A of $57.8 trillion were up 11% year-over-year, reflecting client inflows and higher market values. Assets under management of $2.1 trillion were flat year-over-year, reflecting higher market values offset by cumulative net outflows. Foreign exchange revenue was down 5% year-over-year, reflecting the impact of corporate treasury activity, partially offset by growth in client activity.

雖然沒有在頁面上顯示，但我注意到整個公司的 AUC/A 為 57.8 兆美元，比去年同期成長 11%，反映了客戶流入和更高的市場價值。管理的資產為 2.1 兆美元，與去年同期持平，反映出更高的市場價值被累計淨流出所抵消。外匯收入年減 5%，反映了企業財務活動的影響，但被客戶活動的成長部分抵銷。

Investment and other revenue was $208 million in the quarter, including a $12 million disposal gain. Net interest income of $1.2 billion was up 18% 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.

本季投資和其他收入為 2.08 億美元，其中包括 1,200 萬美元的處置收益。淨利息收入為 12 億美元，年增 18%，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。

Provision for credit losses was a benefit of $7 million in the quarter, primarily driven by changes in the macroeconomic forecast, partially offset by higher reserves related to commercial real estate exposure. Expenses of $3.2 billion were up 4% year-over-year, both on a reported and an adjusted basis. 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.

本季信貸損失準備金為 700 萬美元，主要受宏觀經濟預測變化的影響，但被與商業房地產風險相關的準備金增加部分抵消。支出為 32 億美元，無論按報告或按調整後計算，均比去年同期成長 4%。除顯著項目外，這一差異反映了投資增加、員工績效增加、收入相關費用增加以及美元疲軟的不利影響，但被效率節約部分抵消。

Taken together, we reported earnings per share of $1.88, up 25% year-over-year. Excluding the impact of notable items, earnings per share were $1.91, up 26% year-over-year. Our reported pretax margin was 36%, and our return on tangible common equity was 26% in the quarter.

總體而言，我們報告每股收益為 1.88 美元，年增 25%。排除重大項目的影響，每股收益為 1.91 美元，年增 26%。我們報告的稅前利潤率為 36%，本季有形普通股權益回報率為 26%。

Turning to capital and liquidity on page 4. Our Tier 1 leverage ratio for the third quarter was 6.1%, unchanged from the prior quarter. Our CET1 ratio was 11.7%, up from 11.5% in the prior quarter, reflecting capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returns through common stock repurchases and dividends.

轉到第 4 頁的資本和流動性。我們第三季的一級槓桿率為6.1%，與上一季持平。我們的 CET1 比率為 11.7%，高於上一季的 11.5%，反映了透過收益產生的資本和累積其他綜合收入的淨增加，部分被透過普通股回購和股息產生的資本回報所抵消。

Risk-weighted assets were up 1% sequentially. Over the course of the third quarter, we returned approximately $1.2 billion of capital to our common shareholders, resulting in a 92% total payout ratio year-to-date. With regards to liquidity, the consolidated liquidity coverage ratio was 112%, flat sequentially. And the consolidated net stable funding ratio was 130% compared to 131% in the prior quarter.

風險加權資產季增1%。在第三季度，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%。流動性方面，合併流動性覆蓋率為112%，與上一季持平。合併淨穩定資金比率為 130%，而上一季為 131%。

Next, net interest income and balance sheet trends on page 5. Net interest income of $1.2 billion was up 18% year-over-year and up 3% quarter-over-quarter. Sequentially, net interest income increased due to reinvestment of maturing securities at higher yields, partially offset by changes in deposit mix. Average deposit balances were flat sequentially, as the typical seasonal decline over the summer was offset by idiosyncratic client balances related to CLO activity and M&A escrows.

接下來，第 5 頁是淨利息收入和資產負債表趨勢。淨利息收入為 12 億美元，年增 18%，季增 3%。連續，由於以較高收益率對到期證券進行再投資，淨利息收入增加，但被存款組合的變動部分抵銷。平均存款餘額環比持平，因為夏季典型的季節性下降被與 CLO 活動和併購託管相關的特殊客戶餘額所抵消。

Noninterest-bearing deposits grew by 3% and interest-bearing deposits were down by 1% quarter-over-quarter. Accordingly, average interest-earning assets were also flat sequentially. Cash and reverse repo balances decreased by 2%, loans increased by 2% and investment securities balances increased by 1% quarter-over-quarter.

無息存款較上季成長3%，計息存款較上季下降1%。因此，平均生息資產也環比持平。現金和逆回購餘額較上季下降 2%，貸款增加 2%，投資證券餘額較上季增加 1%。

Turning to our business segments, starting on page 6. Security Services reported total revenue of $2.5 billion, up 11% year-over-year. Total Investment Services fees were also up 11% year-over-year. In Asset Servicing, Investment Services fees increased by 12%, representing strong year-over-year growth, driven by higher client activity and market values. As we support our clients in building their businesses on the strength of our platforms, we are also benefiting from secular growth in attractive markets.

從第 6 頁開始，介紹我們的業務部門。安全服務總收入為 25 億美元，年增 11%。總投資服務費用也比去年同期上漲了 11%。在資產服務方面，投資服務費用成長了 12%，年成長強勁，這得益於客戶活動和市場價值的提高。當我們支持客戶利用我們平台的優勢建立業務時，我們也受益於有吸引力的市場的長期成長。

In the third quarter, our ETF AUC/A outperformed market growth and increased by 35% year-over-year, driven by higher market values, client inflows and net new business. And alternatives AUC/A grew by 12% year-over-year with particular strength in our Private Markets segment.

第三季度，受市場價值、客戶流入和淨新業務成長的推動，我們的 ETF AUC/A 表現優於市場成長，較去年同期成長 35%。另類資產 AUC/A 年成長 12%，其中私募市場領域表現特別強勁。

It is also worth highlighting that almost half of all Asset Servicing wins in the quarter represented multiline of business solutions, underscoring the growing effectiveness of our one BNY strategy and the enablement through our new commercial model.

另外值得強調的是，本季幾乎一半的資產服務勝利都來自多業務線解決方案，這凸顯了我們的單一 BNY 策略日益增強的有效性以及透過我們的新商業模式實現的成果。

In Issuer Services, Investment Services fees were up 10%, primarily driven by strong client activity in depository receipts. Across the segment, foreign exchange revenue was up 4% year-over-year on the back of higher client volumes. Net interest income for the segment was up 10% year-over-year.

在發行人服務方面，投資服務費用上漲了 10%，主要原因是客戶在存託憑證方面的活動強勁。在整個業務領域，由於客戶數量的增加，外匯收入比去年同期成長了 4%。該部門的淨利息收入較去年同期成長10%。

Segment expenses of $1.7 billion were up 6% year-over-year, driven by higher investments, severance revenue-related expenses and employee merit increases, partially offset by efficiency savings. Security Services reported pretax income of $806 million, up 26% year-over-year and a pretax margin of 33%.

分部支出為 17 億美元，年增 6%，主要由於投資增加、遣散費收入相關支出和員工績效加薪，但效率節約部分抵銷了這一增長。安全服務部門報告的稅前收入為 8.06 億美元，年增 26%，稅前利潤率為 33%。

On to Market and Wealth Services on page 7. In our Market and Wealth Services segment, we reported total revenue of $1.8 billion, up 14% year-over-year. Total Investment Services fees were up 9% year-over-year. In Pershing, investment services fees were up 7%, reflecting higher market values and client activity. Net new assets were $3 billion in the quarter, driven by inflows from existing and new clients, partially offset by the deconversion of business lost in the prior year.

請參閱第 7 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 18 億美元，年增 14%。總投資服務費用較去年同期成長 9%。在潘興，投資服務費上漲了 7%，反映了更高的市場價值和客戶活動。本季淨新增資產為 30 億美元，主要受現有客戶和新客戶資金流入的推動，但部分被上一年業務損失的減損所抵銷。

Going forward, we expect net new asset growth to reaccelerate as we completed this previously disclosed deconversion in the third quarter. In Clearance and Collateral Management, Investment Services fees were up 12%, driven by broad-based growth in collateral management balances and clearance volumes. Average collateral balances increased 14% year-over-year, with growth from both existing and new clients. And in Treasury Services, Investment Services fees were up 7%, primarily reflecting net new business.

展望未來，我們預計隨著我們在第三季完成先前揭露的去轉換，淨新資產成長將重新加速。在清算和抵押品管理方面，投資服務費用上漲了 12%，這得益於抵押品管理餘額和清算量的廣泛增長。平均抵押品餘額年增 14%，現有客戶和新客戶均有成長。在財務服務方面，投資服務費用上漲了 7%，主要反映了淨新業務。

Net interest income for the segment was up 26% year-over-year. Segment expenses of $895 million were up 7% year-over-year, driven by higher investments, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings. Taken together, our Market and Wealth Services segment reported pretax income of $875 million, up 24% year-over-year and a pretax margin of 50%.

該部門淨利息收入較去年同期成長26%。分部支出為 8.95 億美元，年增 7%，主要由於投資增加、員工績效加薪和收入相關支出增加，但被效率節約部分抵銷。總體而言，我們的市場和財富服務部門報告的稅前收入為 8.75 億美元，年增 24%，稅前利潤率為 50%。

Turning to Investment and Wealth Management on page 8. Our Investments in Wealth Management segment reported total revenue of $824 million, down 3% 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 the impact of higher market values and the weaker dollar.

翻到第 8 頁的投資和財富管理。我們的財富管理投資部門報告總收入為 8.24 億美元，年減 3%。投資管理費年減 1%，主要受 AUM 流量組合和某些回扣調整的影響，但被更高的市場價值和疲軟的美元所部分抵消。

Segment expenses of $640 million were down 5% year-over-year, driven by lower revenue-related expenses and efficiency savings, partially offset by employee merit increases, higher investments and the unfavorable impact of the weaker dollar. Investment and Wealth Management reported pretax income of $184 million, up 5% year-over-year, and our pretax margin expanded to 22%.

分部支出為 6.4 億美元，年減 5%，主要由於收入相關支出減少和效率節約，但被員工績效加薪、投資增加和美元疲軟的不利影響部分抵消。投資與財富管理業務稅前收入為 1.84 億美元，年增 5%，稅前利潤率擴大至 22%。

As I mentioned earlier, assets under management of $2.1 trillion were flat year-over-year. In the third quarter, we saw $33 billion of net outflows from long-term strategies and $34 billion of net inflows into cash. Wealth Management client assets of $348 billion increased by 5% year-over-year, primarily driven by higher market values, partially offset by cumulative net outflows.

正如我之前提到的，管理的資產為 2.1 兆美元，與去年同期持平。第三季度，長期策略淨流出 330 億美元，現金淨流入 340 億美元。財富管理客戶資產為 3,480 億美元，年增 5%，主要受市場價值上漲推動，但累計淨流出量部分抵銷了這一增長。

Reflecting on our Investment and Wealth Management segment for a moment. Under new leadership over the past year, we have begun taking important steps to reorganize, streamline operations and start enabling the business to leverage BNY's broader portfolio of platforms.

稍微回顧一下我們的投資和財富管理部分。在過去一年的新領導下，我們已開始採取重要措施進行重組、簡化營運並開始使業務能夠利用紐約銀行更廣泛的平台組合。

Additionally, we have started bolstering the team with a number of strategic hires and internal moves to further strengthen product, distribution and client coverage expertise. Along the way, we are being mindful of protecting the unique investment processes of our individual investment firms. While we are still in the very early stages of unlocking the growth opportunities associated with Investment and Wealth Management, Security Services and Pershing truly pulling in the same direction, we are encouraged by the progress over the past few months.

此外，我們已經開始透過一系列策略性招募和內部調動來增強團隊實力，以進一步加強產品、分銷和客戶覆蓋方面的專業知識。在這個過程中，我們一直注意保護各個投資公司獨特的投資流程。雖然我們仍處於釋放投資和財富管理、安全服務和潘興真正朝著同一方向發展的成長機會的早期階段，但過去幾個月的進展令我們感到鼓舞。

Page 9 shows the results of the other segments. For this segment, I'll just note that the year-over-year decrease in revenue was primarily driven by higher net securities losses and the sequential increase primarily reflects gains realized on the sale of real estate.

第 9 頁顯示了其他部分的結果。對於這一部分，我只想指出，收入同比下降主要是由於證券淨損失增加，而環比增長主要反映了房地產銷售實現的收益。

I'll close with our financial outlook for the remainder of the year. On the back of a strong third quarter, we expect net interest income in the fourth quarter to be approximately flat sequentially, which would ultimately result in full year 2025 net interest income to be up 12% year-over-year. We continue to expect expenses, excluding notable items for the full year to be up approximately 3% year-over-year. We currently project our effective tax rate for the fourth quarter to be approximately 21%, which would bring our effective tax rate for the full year into a range of 21% to 22%.

最後，我將對今年剩餘時間的財務狀況進行展望。在第三季強勁表現的推動下，我們預計第四季淨利息收入將與上一季基本持平，最終導致 2025 年全年淨利息收入年增 12%。我們仍然預計，不包括重大項目在內的全年支出將年增約 3%。我們目前預計第四季度的有效稅率約為 21%，這將使全年的有效稅率達到 21% 至 22% 的範圍。

And finally, we expect to continue returning capital at a pace that is consistent with a total payout ratio of 90% to 100% for the full year 2025. To conclude, our results reflect the disciplined execution and collective effort of our teams around the world. We are encouraged by our progress and remain focused on delivering consistent long-term value for our clients and shareholders.

最後，我們預計到 2025 年全年，我們將繼續以與 90% 至 100% 的總派息率一致的速度回報資本。總而言之，我們的成果反映了我們世界各地團隊的嚴格執行和集體努力。我們對我們的進步感到鼓舞，並將繼續專注於為我們的客戶和股東提供持續的長期價值。

With that, operator, can you please open the line.

接線員，請您接通電話。

(Operator Instructions) Mike Mayo, Wells Fargo Securities.

（操作員指示）富國證券的 Mike Mayo。

Hi, My question is how much of this growth year-over-year would you attribute to actions that you've taken versus just a generally good market backdrop? And I recognize that you have one BNY, which is now the new commercial model, recognize that your platform operating model, you said is 70% done and also recognize that you had Eliza 1.0.

您好，我的問題是，與整體良好的市場背景相比，您認為這種同比成長在多大程度上歸功於您採取的行動？我知道你們有一個 BNY，這是現在新的商業模式，我知道你們的平台營運模式，你說已經完成了 70%，也知道你們有 Eliza 1.0。

So you have a lot of initiatives taking place. So I'm sure you can claim some credit but probably not all credit and there's probably going to be a quarter at some point where markets tank and things don't look as good. So how much is due to what you're doing and how much is due to the market?

因此，你們正在採取許多措施。因此，我相信您可以獲得一些讚譽，但可能不是全部讚譽，並且可能在某個季度的某個時候市場會陷入困境，情況看起來不那麼好。那麼，有多少是因為你所做的事情，有多少是因為市場？

Hey, Mike, good morning. It's Dermot here. So if you -- let's reflect on the past several quarters and in both Rob and I's prepared remarks, the intersection of the commercial model and the platform operating model, I really kind of positioned the company in a much better way than previously to take advantage of the market opportunities when the markets are constructive, and they have been constructive for the last few quarters, and now we're in a position to be able to take advantage of that. So that's point -- I think that's important point number one. That hasn't always previously been the case when markets have been constructive and BNY have been able to take advantage of that.

嘿，麥克，早安。我是德莫特。所以，如果你——讓我們回顧一下過去幾個季度，在 Rob 和我準備好的發言中，商業模式和平台運營模式的交匯處，我確實以一種比以前更好的方式定位公司，以便在市場建設性的時候利用市場機會，而且它們在過去幾個季度一直是建設性的，現在我們能夠利用這一點。這就是重點——我認為這是第一點。以前，當市場表現良好且紐約銀行能夠利用這一優勢時，情況並不總是如此。

And the second thing I would say, with the one-year anniversary of the commercial model and a multiyear phased approach to the platform operating model, we're now being able to stitch together solutions for our clients and do that cross-selling thing that we've talked about in prior quarters but now you can see us in execution.

我想說的第二件事是，隨著商業模式推出一周年以及平台運營模式的多年分階段實施，我們現在能夠為客戶整合解決方案，並進行我們在前幾個季度討論過的交叉銷售，但現在您可以看到我們正在執行。

And in the prepared remarks, we talked about the wins in asset servicing this quarter that nearly half of them, we were in a position to be able to sell multiline of business solutions to the existing clients of asset servicing. So when you take a step back and look at that 7% fee growth, it's a mixture of organic growth, higher market levels and then FX. So it's all of the above and the proportion of each one is pretty balanced, I would say. So we're very pleased about how we've been able to drive organic growth for the company, particularly this year.

在準備好的發言中，我們談到了本季資產服務的勝利，其中近一半是我們能夠向現有的資產服務客戶銷售多線業務解決方案。因此，當你退一步看看 7% 的費用成長時，你會發現它是有機成長、更高的市場水平和外匯的混合。所以我想說，以上所有因素都存在，而且每個因素的比例都相當均衡。因此，我們很高興能夠推動公司的有機成長，尤其是今年。

Mike, I'm going to just add a couple of quick things on top of that because we talked about nine months ago about this concept of beta and megatrends. And the fact that you're right, the backdrop of the market has been very constructive. But what we've done is we've gradually repositioned and evolved the company to be able to take more advantage of that backdrop. And Dermot mentioned that, but it really is worth a quick click into it because this diversified set of platforms and the way in which we've been emphasizing the growth in some of them is important.

麥克，我只想在此基礎上補充幾點，因為我們九個月前討論過 beta 和大趨勢的概念。事實上您說得對，市場的背景一直非常具有建設性。但我們所做的是逐步重新定位和發展公司，以便能夠更好地利用這個背景。德莫特提到了這一點，但它確實值得快速點擊一下，因為這套多樣化的平台以及我們一直強調其中一些平台的成長方式非常重要。

Remember, we are -- our businesses collectively fire on different cylinders. So equity markets up, good for some businesses. Fixed income markets up, good for different businesses. Transaction volumes up, good for other businesses. Capital markets activity are up, good for other businesses.

請記住，我們的業務是共同運作的。因此股票市場上漲，對一些企業有利。固定收益市場上漲，對不同的企業有利。交易量上升，對其他業務有利。資本市場活動活躍，對其他企業有利。

The execution and clearing and settlement volume type of activity under the hood GDP growth, which is more correlated to our Payments and Treasury Services business, and of course, increasingly software and services. And so this orientation of ourselves to be more diversified, more platforms oriented is a very definitive strategy in order to be able to make more money in more different types of markets over time. And the derisking of the balance sheet, you can see that in the consistency of NII is part of it.

執行、清算和結算量類型的活動是 GDP 成長的基礎，這與我們的支付和財務服務業務以及軟體和服務更相關。因此，我們採取更加多樣化、更加平台化的定位，這是一種非常明確的策略，以便能夠隨著時間的推移在更多不同類型的市場中賺取更多的利潤。而資產負債表的去風險化，你可以看到NII的一致性是其中的一部分。

And just to give you a couple of facts around it, your fund of our trust bank businesses. And if you define for a second Asset Servicing Investments in Wealth as that core of the Trust Bank businesses, which I think most people would think is the case, that now represents less than 40% of the company's pretax income.

我只是給你介紹一下有關我們的信託銀行業務的基金的一些事實。如果你將第二項資產服務財富投資定義為信託銀行業務的核心，我想大多數人都會這麼認為，那麼現在這部分收入只占公司稅前收入的不到 40%。

Now those businesses have been growing, and we love them. But the nontrust bank, more platform-like businesses, corporate trust, depository receipts, treasury services, clearing, collateral management, Pershing, pretty long list, they now represent about two-third of the pretax income of the company, and that's up from three years ago when it was only 55%.

現在這些業務一直在成長，我們很喜歡它們。但非信託銀行、更像平台的業務、企業信託、存託憑證、財務服務、清算、抵押品管理、潘興等等，這些業務現在占公司稅前收入的三分之二左右，而三年前這一比例僅為 55%。

So everything is growing. The Trust businesses are growing. The nontrust businesses are growing faster. They have higher margin, and we're positioning ourselves for more different types of environments with a more diversified platform.

所以一切都在成長。信託業務正在成長。非信託業務成長較快。它們擁有更高的利潤率，而我們正透過更多樣化的平台，將自己定位在更多不同類型的環境。

All right, thank you.

好的，謝謝。

Glenn Schorr, Evercore ISI.

格倫·肖爾 (Glenn Schorr)，Evercore ISI。

Hi, thanks a lot. So great question on NII and the repositioning you talked about. So 18% this quarter, you told us next quarter will be up 12% year-on-year. We've had a couple of rate cuts, a couple more coming forward. Can you expand a little bit more about derisking of the balance sheet and how you've changed your approach towards interest rate risk management that we head into this potentially lower back -- lower rate backdrop?

你好，非常感謝。關於 NII 和您談到的重新定位，這是一個非常好的問題。所以本季是 18%，您告訴我們下個季度將年增 12%。我們已經進行了幾次降息，未來還會有幾次降息。您能否進一步闡述資產負債表的去風險化，以及在我們面臨可能更低利率的背景下，您如何改變利率風險管理的方法？

Thank you.

謝謝。

Morning, Glenn, thanks for the question. So I would say -- and look, I said this to Robin earlier in the week when we were preparing for this call when I was going through it with what we now kind of finally call the tripod within the firm, which is Lida, who runs our deposit platform, Tiffany, who is our Treasurer; and Jason, who is our CIO. The sophistication and the investment that we've made over the last three years in our tools and our risk management and how we analyze run scenarios, talk to all the different businesses to predict where deposits will be just gives us a real confidence around the baseline and the strength.

早安，格倫，謝謝你的提問。所以我想說——你看，本週早些時候，當我們準備這次電話會議時，我跟羅賓說過這句話，當時我正在和我們現在最終稱之為公司內部三足鼎立的人討論這件事，也就是負責我們存款平台的麗達、我們的財務主管蒂芙尼和我們的首席信息官傑森。過去三年來，我們在工具和風險管理方面不斷改進，並進行了大量的投資，我們分析運行場景的方式也不斷改進，我們與各種不同的企業進行了交流，以預測存款的去向，這些都讓我們對基線和實力充滿信心。

And look, our balance sheet is very clean. It's very liquid, and we talk a lot about the $1.7 trillion liquidity funnel that we have. And so every day, when we come in, we see this funnel, and we can see where we can help clients maximize the return on their cash and at the same time, kind of optimize our kind of deposit mix and where we are.

而且，我們的資產負債表非常乾淨。它的流動性非常強，我們經常談論我們擁有的 1.7 兆美元的流動性漏斗。因此，每天當我們進來時，我們都會看到這個漏斗，我們可以看到我們可以在哪裡幫助客戶最大化他們的現金回報，同時優化我們的存款組合和我們所處的位置。

And I think the reason for the strength in NII this quarter was really around that. And in my prepared remarks, and if you reflect back and when I talked about it on the Q2 call, we kind of said Q3 was going to be a tough comp given last year in terms of there was a lot of activity. This year, we did see some seasonal decline in deposits, but that was more than offset by a pickup in, as Robin said in the answer to the last question, capital markets activity, strong activity in the CLO space, and we're able to serve clients in a very differentiated way.

我認為本季 NII 表現強勁的原因確實與此有關。在我準備好的發言中，如果你回想一下，當我在第二季度電話會議上談論這個問題時，我們說過，考慮到去年有很多活動，第三季度將會是一個艱難的時期。今年，我們確實看到存款出現了一些季節性下降，但正如羅賓在回答上一個問題時所說，這被資本市場活動的回升、CLO 領域的強勁活動所抵消，我們能夠以非常差異化的方式為客戶提供服務。

And then there's a nice bit of M&A activity, and we have a nice M&A escrow business, and we were able to serve our clients in that space, too. And so that drives fees and then it also drives healthy deposits, which can attract NII for us. And so going forward from here, I kind of said some of that activity will moderate into Q4, which kind of give the prediction that our base case is that we expected the balances for the balance of the year to be kind of flat sequentially.

然後還有一些不錯的併購活動，我們有不錯的併購託管業務，我們也能夠為該領域的客戶提供服務。這樣一來，費用就會增加，存款也會增加，從而可以為我們吸引 NII。因此，從現在開始，我說過部分活動將在第四季度放緩，這在某種程度上給出了預測，我們的基本情況是，我們預計今年餘額將環比持平。

Thanks, Rob. Thanks, Robin. Thanks, Dermot.

謝謝，羅布。謝謝，羅賓。謝謝，德莫特。

Great. Thank you, Glenn.

偉大的。謝謝你，格倫。

Brennan Hawken, Bank of Montreal.

蒙特利爾銀行的布倫南·霍肯。

Good morning. Thanks for taking my questions. Dermot, you just touched on this a little bit with the point around M&A escrow business. But we've been in sort of capital markets for a while, and we're starting to see M&A announcements of activity, which generally goes well for securities listing. What early trends have you seen on the back of that? And how should we be thinking about modeling those revenue lines if the capital markets environment remains?

早安.感謝您回答我的問題。德莫特，您剛才稍微談了一下併購託管業務的問題。但我們進入資本市場已有一段時間了，我們開始看到併購活動的公告，這通常對證券上市有利。您從中看到了哪些早期趨勢？如果資本市場環境保持不變，我們應該如何考慮對這些收入線進行建模？

So you broke up a little bit, Brennan, on the question. So could you just repeat it again? So the capital markets activity as it relates to which aspects of the business, sorry.

布倫南，你在這個問題上有點分歧。那你能再重複一次嗎？因此，資本市場活動與業務的哪些方面有關，抱歉。

Yes. Sorry about that, Dermot. Securities lending, the securities lending part, like we've seen hard to borrow start to pick up on the back of M&A merger or IPO activity and the like. So I was curious about how we would think about what that impact could be on securities lending going forward.

是的。很抱歉，德莫特。證券借貸，證券借貸部分，就像我們看到的一樣，在併購或 IPO 活動等的推動下，借貸困難開始增加。所以我很好奇我們會如何看待這對未來證券借貸可能產生的影響。

We haven't seen like on that specific one, we haven't seen anything a noticeable change in that or there is nothing that I would kind of bring to your attention that we kind of see as a step function change that I would highlight as it relates to kind of forward potential for us in that business. But as you'll know, we are the world's largest agency lenders. So we expect that's a very nice business for us. We're very focused on it. But there's nothing there for me to highlight to you on this call.

在那個特定的方面，我們還沒有看到任何明顯的變化，或者沒有什麼值得您注意的，我們認為這是一個階躍函數變化，我會強調這一點，因為它與我們在該業務中的前瞻潛力有關。但正如您所知，我們是世界上最大的代理貸款機構。因此我們預計這對我們來說是一筆非常好的生意。我們非常關注這一點。但在這通電話中我沒有什麼需要向你們強調的。

Yes. And I would just add to that, Brennan, that it's a good business. It's an important business, but its greatest value is actually is adjacency to our broader collateral management franchise because it's the lending, but it's also the reinvest. It's also our new product, collateral one, which adds in the broader collateral management globally to the whole mix.

是的。布倫南，我還要補充一點，這是一門好生意。這是一項重要的業務，但其最大的價值實際上在於與我們更廣泛的抵押品管理特許經營權的相鄰性，因為它是貸款，但也是再投資。這也是我們的新產品，抵押品一號，它將全球更廣泛的抵押品管理添加到整個組合中。

And so we become one-stop shopping for clients across all of these different components if they do securities lending with us, some of these other things become particularly attractive. But I think the heart of your question, which is around capital markets activity and how it drives us is actually more to the corporate trust platforms, as you referred, is depository receipts. It's debt capital markets, its markets overall. And while the lending activity is part of it, I would say, in the grand scheme of our capital markets footprint, it's a smaller part of it.

因此，如果客戶與我們進行證券借貸，我們將成為涵蓋所有這些不同組成部分的一站式購物客戶，其中一些其他的東西就會變得特別有吸引力。但我認為，你的問題的核心是圍繞資本市場活動及其如何推動我們，實際上更多的是企業信託平台，正如你所提到的，是存託憑證。這是債務資本市場，也是整體市場。雖然貸款活動是其中的一部分，但我想說，在我們的資本市場足跡的宏偉計劃中，它只是其中較小的一部分。

Got it. I appreciate it. And Dermot, you spoke to the fact that the offboarding, I believe you said was finished. So within Wealth, a couple of questions. DARTS for Pershing was a little soft.

知道了。我很感激。德莫特，您談到了離職這件事情，我相信您說過已經結束了。因此，在財富方面，有幾個問題。對於 Pershing 來說 DARTS 有點軟。

Was that -- it looked a little bit more pronounced than typical summer slowdown. So maybe if there was any color around that. And then you also landed a nice Wove win recently with the TIAA Wealth Management business. I'm certainly familiar with TIAA Asset Management business, but could you help us understand the size of the Wealth business and what we could expect from that?

是不是——它看起來比典型的夏季放緩更為明顯。所以也許如果周圍有任何顏色的話。最近，您也憑藉 TIAA 財富管理業務在 Wove 中取得了不錯的成績。我當然熟悉 TIAA 資產管理業務，但您能否幫助我們了解財富業務的規模以及我們對此的期望？

So look, on Wove, we've signed over 50 clients onto the platform now. We're very pleased and proud of the TIAA announcement. It's been a lot of discussion with that, very important client, as Robin said, they've been with us for a long time, and we're happy to be able to serve them in a new and differentiated way.

所以，在 Wove 上，我們現在已經簽了 50 多位客戶。我們對 TIAA 的公告感到非常高興和自豪。我們與這位非常重要的客戶進行了很多討論，正如羅賓所說，他們與我們合作了很長時間，我們很高興能夠以一種新的、差異化的方式為他們服務。

And I think when you take a step back and look at Pershing overall as a business, this -- over the last 12 months, we've had this deconversion over the prior 12 months. We had the First Republic conversion. So as a general matter, there's been kind of noise flowing through the results.

我認為，當你退一步看待 Pershing 的整體業務時，你會發現在過去 12 個月中，我們已經經歷了這種轉變。我們經歷了第一共和國的轉變。因此，一般來說，結果中存在一些噪音。

And sometimes, we don't see the underlying performance of the business because of the deconversions. But I would say overall, this year, Pershing has performed well for us. Q2 had high levels of activity. And I would say the DARTS were high because of all the activity that we saw in terms of client behavior around Liberation Day and then Q3 kind of being a seasonally quieter business.

有時，由於轉換率降低，我們看不到業務的潛在表現。但我想說，總體而言，今年 Pershing 的表現非常出色。Q2 的活動量很高。我想說的是，DARTS 之所以很高，是因為我們看到解放日前後客戶行為非常活躍，而第三季則是季節性業務較為平靜的時期。

And look, when we take a step back and we think about Pershing, it's a $3 trillion AUM business within the wealth tech sector space, and you see new entrants into it, and we like competition. And the fact that new entrants are coming in kind of allows us to show what we have to offer clients. So, a, we're excited about the business. We're excited about the growth potential. And we're now with the deconversion behind us, we expect growth in net new assets to reaccelerate for the balance of the year.

看看，當我們退一步思考潘興時，它是財富科技領域內資產管理規模達 3 兆美元的企業，你會看到新進業者進入這個領域，我們喜歡競爭。新進入者的加入讓我們能夠展示我們能為客戶提供什麼。所以，我們對這項業務感到興奮。我們對成長潛力感到興奮。現在我們已經完成了去轉換，我們預計今年剩餘時間淨新資產的成長將再次加速。

Excellent. Thank you for taking my question.

出色的。感謝您回答我的問題。

David Smith, Truist Securities.

大衛史密斯（David Smith），Truist Securities。

Hey, good morning. You mentioned some potential turbulence and headwinds to the money market ecosystem coming up right now with the rise of stable coins on the one hand, coming amidst the backdrop of falling rates, do you think either of these could put pressure on fee rates because this is an area of the fund space that's seeing less pressure than equities and fixed income over the last decade or two?

嘿，早安。您提到，一方面，在利率下降的背景下，穩定幣的興起可能會給貨幣市場生態系統帶來一些潛在的動盪和阻力，您是否認為這兩種情況都會對費率造成壓力，因為在過去的十年或二十年裡，基金領域的這一領域面臨的壓力小於股票和固定收益領域？

David, I would not describe what's been happening as turbulence. I would regard it as, frankly, as opportunity. You're right, the money market funds have reached record levels, essentially rounding to $8 trillion, making new highs pretty much each quarter. And we're in that business, but we're in that business from lots of different angles. And I think it's worth reflecting on it for a second because we're there, with our dry first money market fund, it's a large fund, again, rounding, call it, $450 billion.

大衛，我不會將正在發生的事情描述為動盪。坦白說，我將其視為一個機會。你說得對，貨幣市場基金已經達到了創紀錄的水平，基本上達到了 8 兆美元，幾乎每季都創下新高。我們從事這個行業，但我們從許多不同的角度從事這個行業。我認為值得對此進行思考，因為我們擁有第一隻貨幣市場基金，這是一個大型基金，四捨五入後，價值 4500 億美元。

That's a significant participation, but then we're also participating with our Liquidity Direct business. We're participating with our Collateral businesses. We're participating with our Custody businesses. We're participating with our Trustee businesses. And so this is another example of an industry, which we touch very broadly across all of our different platforms.

這是一次重要的參與，但我們也參與了我們的 Liquidity Direct 業務。我們正在參與抵押品業務。我們正在參與託管業務。我們正在參與受託業務。這是另一個行業的例子，我們在所有不同的平台上都廣泛涉及該行業。

Now there's an evolution, and we're talking about on chain capabilities for money market funds. I don't view that as a turbulence for them, I view that as a technological evolution. And the question is, do we have platforms that can serve that technological evolution? The answer is yes because of our investment in digital assets. And so our ability to help manage that transition from traditional money market funds to a more digital asset money market fund is something that we've clearly set out that we can do.

現在出現了一種演變，我們正在談論貨幣市場基金的鏈上能力。我不認為這對他們來說是一種動盪，而是一種技術進步。問題是，我們是否有可以服務這種技術進步的平台？答案是肯定的，因為我們對數位資產進行了投資。因此，我們有能力幫助管理從傳統貨幣市場基金到更數位化的資產貨幣市場基金的轉變，這是我們明確表示可以做到的。

And that's not dissimilar to the mutual funds to ETF to separate accounts evolution of market structure. It's not threatening when market structures evolve, unless you can't catch the next evolution. And so we've invested to be able to catch it.

這與共同基金、ETF、獨立帳戶的市場結構演變並無不同。市場結構改變並不會帶來威脅，除非你無法抓住下一次變化。因此我們進行了投資以便能夠抓住它。

Now on top of that, we now have stable coins and you're right, they can be a competitor to a money market fund, but they are very similar to a money market fund essentially is a collection of high-quality assets, but they have the additional feature of mobility. And we are in the mobility business because we have our Treasury Services businesses. We have our clearing businesses. We have our Collateral Management businesses.

除此之外，我們現在有了穩定的貨幣，你說得對，它們可以成為貨幣市場基金的競爭對手，但它們與貨幣市場基金非常相似，本質上是高品質資產的集合，但它們具有流動性的附加特徵。我們從事行動業務是因為我們擁有財務服務業務。我們有清算業務。我們有抵押品管理業務。

And so being in the transaction mobility business, actually gives us a new feature that doesn't exist for money market funds because they aren't mobile assets. So we're quite excited about this evolution. And again, this is the philosophy of our strategy is to say, where are the megatrends and are we set up with our platforms to be able to capitalize on that evolution, have we invested properly and critically, do we have the breadth of range of services that allow us to touch those evolutions from multiple perspectives.

因此，從事交易流動性業務實際上為我們帶來了貨幣市場基金所沒有的新功能，因為它們不是流動資產。所以我們對這演變感到非常興奮。再說一次，我們的策略理念是：大趨勢在哪裡？我們是否建立了平台來利用這種演變？我們是否進行了適當和批判性的投資？我們是否擁有廣泛的服務範圍，使我們能夠從多個角度接觸這些演變。

Thank you. And then, Dermot, I think you said that almost half of the servicing wins in the quarter were multiline business solutions. Can you help us frame how that compares to 2024 to the first half of this year?

謝謝。然後，德莫特，我想您說過，本季幾乎一半的服務勝利來自多線業務解決方案。您能否幫助我們將其與 2024 年到今年上半年的情況進行比較？

So I don't have a crisp number for it because over time, we're kind of -- as with the commercial model being a year old, we're building out the telemetry to be able to track that more and more. So going forward, we'll be more sophisticated in how we communicate these metrics to you. But -- so we started to track it this year, and we didn't go back last year or the year before and track it back then because it's a lot of manual work to do going back in time.

所以我沒有一個確切的數字，因為隨著時間的推移，我們有點 - 就像商業模式已經存在一年了一樣，我們正在建立遙測技術以便能夠越來越多地跟踪這一點。因此，今後我們將以更完善的方式向您傳達這些指標。但是——所以我們今年就開始追蹤它，而沒有回到去年或前年再追踪，因為追溯過去需要大量的手動工作。

But the trend is there, and we just see the cross-selling. And as we've both talked about a number of times, the bringing together of the firm under the commercial leadership of Cathinka is really driving a very powerful transformation. And so it's just we're more connected and so that's what I would say.

但趨勢是存在的，我們看到的是交叉銷售。正如我們多次談到的那樣，在 Cathinka 的商業領導下，公司的整合確實推動了一場非常強大的轉型。所以我們的聯繫更加緊密了，這就是我想說的。

Just directionally, would you say it's somewhat higher or a lot higher? It's hard to really put a frame on it.

從方向上看，您認為它是稍微高一點還是高很多？很難真正給它設定一個框架。

I would say it's higher, yes, much higher is probably too strong, but I would say it's meaningfully higher in terms of when we talked about last year, we had WisdomTree, which we sold four lines of business to one client. And this year, we're kind of seeing more and more of the WisdomTree type solutions being delivered to existing clients, whereas last year, WisdomTree was a new, new client. So we're delivering more to existing clients, which is a core part of the strategy.

我想說它更高，是的，高得多可能太強勁了，但我想說，就我們去年談到的情況而言，它具有顯著的更高意義，當時我們有 WisdomTree，我們向一個客戶出售了四條業務線。今年，我們看到越來越多的 WisdomTree 類型的解決方案被交付給現有客戶，而去年，WisdomTree 是一個全新的客戶。因此，我們為現有客戶提供更多服務，這是該策略的核心部分。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯·布洛斯坦。

Thank you. Hey, Robin, good morning. I wanted to ask you guys about operating leverage over time. Obviously, really strong progress this year, continued in the third quarter, and obviously acknowledge the fact that margin expansion is both a function of revenues and expense controls and efficiencies. But as you look out and you sort of point into a lot of the efficiency gains from the platforms will come through towards maybe the end of '27 and 2028 plus you've got the variety of AI efficiencies underway as well.

謝謝。嘿，羅賓，早安。我想問你們關於長期經營槓桿的問題。顯然，今年取得了非常強勁的進展，並在第三季度繼續保持，並且顯然承認利潤率的擴大是收入和費用控制與效率的函數。但如果你仔細觀察就會發現，平台帶來的許多效率提升可能會在 2027 年底和 2028 年實現，而且各種人工智慧效率也不斷提高。

So as you think about firmwide margin in this kind of mid-30s year-to-date and as you think about the forward opportunity set, what do you guys think this could land understanding that you might not want to set a firm target on this call, but helpful just to kind of hear your thoughts on how you would frame that.

因此，當您考慮今年迄今為止的 35% 左右的全公司利潤率，並考慮未來的機會時，您認為這會帶來什麼結果？您可能不想在這次電話會議上設定一個明確的目標，但聽聽您對如何設定這一目標的想法會很有幫助。

Okay. So there were a few questions rolled up into that one. So when we kind of take a reflection and if you go on to go back, actually, and you kind of time stamp it from the Goldman conference of fall conference of 2022 to now over the last nearly three years, we've consistently delivered positive operating leverage and in some cases, have outperformed.

好的。因此，這個問題牽涉到幾個問題。因此，當我們進行反思並回顧時，實際上，你可以將其標記為從 2022 年秋季高盛會議到現在的近三年時間，我們一直保持著積極的經營槓桿，在某些情況下，表現甚至優於預期。

And so I think this is our fifth or sixth quarter of consistent positive operating leverage that we've delivered. And so this really is kind of -- I kind of go back to this whole notion of the flywheel of the three pillars that Robin has laid out in terms of be more for clients, run our company better and power our culture.

因此，我認為這是我們連續第五或第六個季度實現正向經營槓桿。所以這真的有點像——我有點回到羅賓提出的飛輪的整個概念，即為客戶服務、更好地運營我們的公司以及推動我們的文化。

When you get 50,000 people kind of working in harmony and pulling together to deliver on that, that is what is really creating the outperformance, and so we're very pleased. And each quarter is just another sign of steady execution. And so it is a flywheel of momentum that's powered by culture. And so if you kind of take -- we started all the peer group over the last 15 years, and we kind of said what's been the average positive operating leverage of the firm -- of the firms.

當 5 萬名員工齊心協力、齊心協力地實現目標時，這才是真正創造卓越業績的因素，因此我們非常高興。每個季度都只是穩定執行的另一個標誌。因此，它是一個由文化驅動的動力飛輪。因此，如果你看一下——我們在過去 15 年中建立了所有同行群體，並且我們說了這些公司的平均正營運槓桿是多少。

And so that best-in-class was 150 basis points of positive operating leverage. So over the last three years, we've kind of consistently beaten that. But internally, we feel like in somewhat, we're still in early innings, and when Robin wrote his first shareholder letter, he was taking the decade-long view of what our strategy was going to be. So if you take the decade view, we're three years into that. So you would say relatively early innings and all the things that we're doing.

因此，同類最佳業績是正營運槓桿 150 個基點。因此，在過去三年中，我們一直在不斷超越這個目標。但在內部，我們感覺我們仍處於早期階段，當羅賓寫他的第一封股東信時，他對我們的策略有著長達十年的眼光。因此，如果從十年的角度來看，我們已經進入了第三年。所以你會說相對較早的情況以及我們正在做的所有事情。

And when you take the two transformation projects that we both double-clicked on, commercial model and platform operating model, we really haven't talked about what we want to do in the product and innovation space, and we've recently hired Carolyn Weinberg to kind of stand up and lead that business. So we expect Carolyn to have the same success as Cathinka has had over the last couple of years. And we really haven't factored in the opportunities both in growth and in efficiency that AI is going to bring to the firm over time. So we will be quite optimistic about our ability to deliver these kinds of returns into the future.

當你談到我們都關注的兩個轉型項目，商業模式和平台運營模式時，我們實際上還沒有談論我們想要在產品和創新領域做什麼，我們最近聘請了卡羅琳·溫伯格來領導這項業務。因此，我們期待卡羅琳能夠取得與卡辛卡過去幾年一樣的成功。我們實際上還沒有考慮到人工智慧隨著時間的推移將為公司帶來的成長和效率方面的機會。因此，我們對未來實現此類回報的能力非常樂觀。

Great. That's very helpful. My second or the follow-up question rather just a cleanup around NII. I believe in the past, you guys sort of talked about that the -- internally, you're sort of trying to focus on '26 and trying to neutralize the balance sheet to sort of headwinds from lower interest rates. Just curious if that's still the case.

偉大的。這非常有幫助。我的第二個問題或後續問題只是關於 NII 的清理。我相信在過去，你們內部曾討論過這個問題，你們試圖把重點放在 26 年，並試圖透過資產負債表來抵銷低利率帶來的不利影響。只是好奇情況是否仍然如此。

And if you think about Q4 guide, is that a reasonable jumping off point for NII for all of 2026, again, assuming you guys can succeed at keeping them roughly flat?

如果您考慮第四季度指南，這是否是 2026 年全年 NII 的合理起點，再次假設您能夠成功保持它們大致平穩？

So I think we're quite pleased last year in terms of how we set up the balance sheet for this year in terms of what we call the Jackson Hole pivot, and so we did a lot of work over the summer months of 2024 to kind of deliver the results that you're now seeing in 2025.

因此，我認為，就我們所謂的傑克遜霍爾支點而言，我們對去年如何制定今年的資產負債表感到非常滿意，因此，我們在 2024 年夏季做了很多工作，以便在 2025 年取得您現在看到的結果。

And so we've replicated that thinking in that model and that kind of proactive repositioning of the balance sheet for 2026. And so we've done a lot of work and we've done a lot of positioning. And so to your specific the latter part of your question, I would say Q4 is a good jumping off point as a base case for 2026.

因此，我們在該模型中複製了這種思維，並對 2026 年的資產負債表進行了主動的重新定位。因此，我們做了很多工作，也做了很多定位。因此，針對您問題的後半部分，我想說，第四季是 2026 年基準狀況的一個很好的起點。

Awesome. Thanks so much.

驚人的。非常感謝。

Ken Usdin, Autonomous.

肯‧烏斯丁，自治。

Hey guys, how are you doing? Good morning. I just wanted to ask, it's more of a longer-term question. But obviously, so many announcements out of the crypto and the stable coin space in terms of new products and new offerings from both BNY and the industry. And just wondering how you're starting to think about what's the TAM there from a revenue perspective for BNY? Like what is the opportunity set? We see it in terms of the notionals out there in the marketplace.

嘿夥計們，你們好嗎？早安.我只是想問一下，這是一個長期問題。但顯然，BNY 和業界都發布了許多有關加密貨幣和穩定幣領域的新產品和新服務的消息。我只是想知道您是如何從 BNY 的收入角度考慮那裡的 TAM 的？例如機會集是什麼樣的？我們從市場上的名義情況來看待它。

But how does that convert into revenue for BK, where would you expect it to come through? And is there any perspective on like how quickly -- when that starts to show?

但這要如何轉化為 BK 的收入呢？您預計收入來自哪裡？有沒有什麼觀點可以說明這種影響會以多快的速度－什麼時候開始顯現？

Sure, Ken. Look, we're playing the long game on digital assets. We started this journey really about three years ago, seeing it as a potentially interesting technology. Clearly, it had some very excited fans right at that stage, but it's built and become, I think, a bit more mainstream accepted as a technology. We saw the promise of the technology.

當然，肯。瞧，我們在數位資產方面正在進行長期博弈。我們大約三年前就開始了這段旅程，認為這是一項潛在的有趣的技術。顯然，它在那個階段就擁有一些非常興奮的粉絲，但我認為，它的建立和發展，作為一項技術，已經得到了更主流的認可。我們看到了這項技術的前景。

Look, we've been in the technology evolution business for a long time. We still have some of our ledgers, which were quill and ink back in the day, then it was printing and then it was computers. And now we see this as a promise for certain types of assets and certain types of transactions as being a new way of being able to record improving the mobility of assets, improving the efficiency of recording transactions, et cetera, et cetera.

你看，我們從事技術發展業務已經很久了。我們仍然保留著一些帳簿，以前是用羽毛筆和墨水寫的，後來是印刷術，再後來是電腦。現在，我們將其視為對某些類型的資產和某些類型的交易的一種承諾，它是一種能夠記錄提高資產流動性、提高記錄交易效率等的新方式。

So we see that promise of that technology, and we've invested accordingly. And it's quite broad because yes, it's stable coins, but yes, it's digital asset custody. We can custody with the first US G-SIB to be able to natively custody bitcoin and other digital assets. And then it's also this whole mobility conversation that we've talked about, which we think is quite exciting.

因此，我們看到了該技術的前景，並進行了相應的投資。它的範圍很廣泛，因為它是穩定的貨幣，但它是數位資產託管。我們可以與第一家美國 G-SIB 合作託管比特幣和其他數位資產。然後，我們還討論了整個行動性話題，我們認為這非常令人興奮。

And so it is more than stablecoins, but we are a big supporter of the stablecoin ecosystem. And interestingly, having really lent into this ecosystem earlier on, we became a real go-to partner for many of these firms for our traditional services because they were like -- hey, BNY, you get it. And let's do -- we need all of these traditional services. We need capabilities around transfer agency and custody and on-ramps and off-ramps asset management in order to be able to provide those services. So we've really attached ourselves to those clients.

因此，它不僅僅是穩定幣，而且我們是穩定幣生態系統的堅定支持者。有趣的是，由於我們早期就真正涉足了這個生態系統，我們成為了許多公司在傳統服務方面真正的首選合作夥伴，因為他們說——嘿，紐約銀行，你明白了。讓我們這樣做—我們需要所有這些傳統服務。為了能夠提供這些服務，我們需要具備轉讓代理商和託管以及入口和出口資產管理方面的能力。所以我們與這些客戶的關係非常密切。

And now we're participating in the next evolution. We're in the rails business, we're in the financial markets, enablement business, global capital markets, and there are a variety of different things you combine our clearing capabilities, our collateral capabilities, our mobility capabilities in money movements together, that is able to help stablecoin prospects be able to go faster. And so it's a very interesting space. It's very early days. This is a multiyear thing, but we're positioned for optionality is the way that I would describe it.

現在我們正在參與下一次進化。我們從事鐵路業務，從事金融市場、支持業務和全球資本市場，並將我們的清算能力、抵押能力、資金流動的流動性能力等多種不同的東西結合在一起，這能夠幫助穩定幣的前景更快地發展。這是一個非常有趣的空間。現在還為時過早。這是一件需要多年時間的事情，但我想說的是，我們已經做好了可選性的準備。

Okay. Got it. All right. And then a follow-up on the expense side, Alex asked earlier about operating leverage. I just want to confirm, so like 3% full year expense growth implies more of like a 2% year-over-year in the fourth quarter.

好的。知道了。好的。然後是關於費用方面的後續問題，亞歷克斯之前詢問過有關經營槓桿的問題。我只是想確認一下，全年支出成長 3% 是否意味著第四季年增 2%。

And I'm not suggesting that, that means that you're -- there's a lot of variability quarter-to-quarter in terms of how you grow expenses. But just -- is the platforming starting to help at all in terms of either allowing you to have more gross saves underneath that you can even better control the overall growth rate of expenses as you contemplate leverage? And I know you've said earlier in the year that if revenues are better, it's always a good time to spend. So just directional thoughts on how to think about underlying expense growth. Thanks.

我並不是說，這意味著你的支出成長在每季都會有很大差異。但是，平台化是否開始對您有所幫助，讓您擁有更多的總儲蓄，以便在考慮槓桿時更好地控制費用的整體成長率？我知道您今年早些時候就說過，如果收入增加，那麼就是花錢的好時機。因此，只是關於如何考慮潛在費用成長的方向性思考。謝謝。

So I wouldn't say I said exactly what you just said there. I think given the markets are more constructive, we don't -- I wouldn't be an advocate of spending for the sake of spending because revenues are up like hopefully that we've earned the credibility of all of you that over the last few years, we're very good stewards of both our capital and our expense base, and we're disciplined in how we allocate our expense budget.

所以我不會說我說的跟你剛才說的完全一樣。我認為，鑑於市場更具建設性，我們不會——我不會提倡為了支出而支出，因為收入在增加，希望我們在過去幾年中贏得了大家的信任，我們非常善於管理我們的資本和支出基礎，我們在分配支出預算方面也很自律。

And so I think with the backdrop being more constructive this year, we've accelerated some investments. And with the change in administration and everything going on in the digital asset space like we've brought forward some of our investments that previously might have fallen below the line. So we've scaled and gone faster in some of those areas.

因此我認為，在今年更積極的背景下，我們加快了一些投資。隨著政府的變動以及數位資產領域發生的一切，我們提前進行了一些可能低於預期的投資。因此，我們在其中一些領域已經擴大規模並加快了步伐。

But importantly, what I would say is this year, we went into the year thinking that we were going to generate about $0.5 billion of efficiency throughout the firm in terms of running the company better, and we've redeployed that $0.5 billion into growth investments. And we just had our Board here this year, this week, and they were kind of always asking the question, are we investing enough with the market where it is today, should we be doing more?

但重要的是，我想說的是，今年我們在開始時就認為，透過更好地經營公司，我們將在整個公司創造約 5 億美元的效率，並且我們已將這 5 億美元重新部署到成長投資中。今年本週，我們的董事會剛在這裡開會，他們總是問這個問題：在目前的市場環境下，我們的投資是否足夠？我們是否應該做更多？

So as we go into the kind of planning season for '26 and beyond, we're taking a very broad-based look on how we can drive positive operating leverage into the future, which is a North Star and generate savings while at the same time deploying.

因此，當我們進入 26 年及以後的規劃季節時，我們正在廣泛地考慮如何在未來推動積極的營運槓桿，這是一個北極星，並在部署的同時產生節約。

But specifically on your question of we feel good about the guide of 3%, which in the context of the last three years, just kind of start of '22 was up 8%, '23 was 2.7%. Last year was roughly flat. And this year, we guided at the start, 1% to 2%.

但具體到您的問題，我們對 3% 的指導感到滿意，在過去三年的背景下，22 年初上漲了 8%，23 年初上漲了 2.7%。去年基本持平。今年，我們一開始就預測成長率是 1% 到 2%。

And now with the backdrop of revenue-related expenses and a couple of other initiatives that we've embarked upon, we revised our guide up middle of the year to around 3%, and we feel very good about where that is. And overall, I think given where we are in inflation, et cetera, et cetera, and the CapEx associated with AI, we feel very good about what we've managed to accomplish this year.

現在，考慮到與收入相關的支出以及我們已著手實施的其他一些舉措，我們在年中將指導方針上調至 3% 左右，我們對目前的狀況感到非常滿意。總的來說，我認為考慮到我們所處的通貨膨脹等因素以及與人工智慧相關的資本支出，我們對今年所取得的成就感到非常滿意。

Thanks.

謝謝。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning. I just had a couple of follow-up questions, Robin. I think going back to the digital assets piece appreciating still early days. But would you say if the move towards on chain tokenization picks up, is it disruptive from revenue margins for BK accretive or just a client retention tool where you are more likely to retain the clients who want to move?

早安.我只是有幾個後續問題，羅賓。我認為數位資產升值仍處於早期階段。但是，您是否認為，如果鏈上代幣化的趨勢加快，它是否會對 BK 的收入利潤率造成破壞性影響，或者只是一種客戶保留工具，讓您更有可能留住想要轉移的客戶？

I'm just wondering in that spectrum, is it a bigger risk factor? Or is there a tangible revenue opportunity tied to this?

我只是想知道，在這個範圍內，它是否是一個更大的風險因素？或是否存在與此相關的有形收入機會？

There's certainly tangible revenue opportunity. And of course, like any market structure change or new technology that comes along, there's disruption risk, if you stick your head in the sand and do nothing about it and sort of wish it to be away or ignore it. And I think that's true and has been true over generations of changes in financial markets. And so we view this as a change in circumstance for certain types of assets and for certain types of activity, probably more suited for some things than others.

這其中肯定存在著切實的收入機會。當然，就像任何市場結構變化或新技術出現一樣，如果你視而不見，不採取任何行動，希望它消失或忽視它，就會存在中斷風險。我認為這是事實，而且在金融市場幾代的變革中一直如此。因此，我們認為這是某些類型的資產和某些類型的活動的環境變化，可能比其他類型更適合某些事物。

Remember, take something like loans as an example. Loans are pretty clunky. We're a big loan administrator. We provide huge solutions to CLOs and to other market participants for the loans business. If you just look at it as part of our $15 trillion worth of corporate trustee, but they're a pretty clunky instrument to actually manage in the post-trade space.

記住，以貸款為例。貸款相當麻煩。我們是一家大型貸款管理公司。我們為 CLO 和其他市場參與者提供貸款業務的大量解決方案。如果你只是把它看作是我們價值 15 兆美元的公司受託人的一部分，那麼在交易後領域，它們實際上是一種相當笨重的工具。

They're quite bespoke, customized. There's a lot of servicing associated with them. And so to be able to see digital assets, tokenization come along, we actually see opportunities for greater efficiency in markets like that. Now it's going to be hard, not impossible, but it's going to be hard in a traditional equity, traditional clean government bond to be able to create a whole lot more efficiency. That's probably where digital assets create more mobility, 24/7 types of liquidity.

它們都是客製化的、量身訂製的。它們需要提供很多相關的服務。因此，能夠看到數位資產、代幣化的出現，我們實際上看到了在這樣的市場中提高效率的機會。現在這將是困難的，但並非不可能，但在傳統股票、傳統清潔政府債券中創造更高的效率將會很困難。這可能就是數位資產創造更多流動性、全天候流動性的地方。

So either going to make markets more efficient, which we kind of like because we're such a scale player or it can open up new opportunities to be able to trade certain assets 24/7, to be able to convert from collateral into individual securities into individual cash all over the course of seconds in the middle of the night, that's pretty exciting. And that mobility increased mobilization because we are in the transaction business as well, not just in the storage business, we see opportunities to benefit from that.

因此，要么讓市場變得更加高效，這一點我們很喜歡，因為我們是一個規模很大的參與者，要么它可以開闢新的機會，能夠全天候交易某些資產，能夠在半夜幾秒鐘內將抵押品轉換成個人證券，再轉換成個人現金，這非常令人興奮。這種流動性提高了動員能力，因為我們也從事交易業務，而不僅僅是儲存業務，我們看到了從中獲益的機會。

So look, we're eyes wide open on this. There could be places in our business where margins can be pressured on the revenue side by certain things, but then there are also opportunities on the revenue side. And we think on the efficiency side, there is plenty to participate. But this is about culture. It's about attitude.

所以你看，我們對此非常關注。在我們的業務中，某些因素可能會對利潤率的收入造成壓力，但同時也存在著收入方面的機會。我們認為，從效率面來看，有很多可以參與的地方。但這與文化有關。這關乎態度。

It's about investing. We've hired our first product and innovation, our Chief Product and Innovation Officer in the form of Carolyn Weinberg. She's a deep expert in the space in digital assets. She's done significant things in the space for other companies in her past. And so now she's here and she's innovating for us. So I would say, net-net, pretty excited about it, but also eyes wide open about the fact that we've change, you've got to get it right.

這是關於投資的。我們聘請了我們的第一位產品和創新負責人、首席產品和創新官卡羅琳溫伯格 (Carolyn Weinberg)。她是數位資產領域的資深專家。她過去曾為其他公司在該領域做出重大貢獻。現在她在這裡並為我們進行創新。所以我想說，總的來說，我對此感到非常興奮，但同時也要睜大眼睛看看我們已經改變了的事實，你必須把它做好。

Got it. That's helpful. And I guess just a separate question. Very narrowly on how you're thinking about share buybacks, I mean, it's an asset-like model do you care about the dilution buybacks have on book value at these levels?

知道了。這很有幫助。我想這只是一個單獨的問題。非常狹隘地講，您是如何看待股票回購的，我的意思是，這是一個類似資產的模型，您是否關心回購在這些層面上對帳面價值的稀釋？

Or is any of -- sort of when you think about just from a valuation perspective, is that influencing your appetite for buying back stock? Or is it still relatively unchanged today versus a year ago?

或者當您從估值角度考慮時，這會影響您對回購股票的興趣？或者與一年前相比，今天仍然相對沒有變化？

So I would say, broadly, the latter relatively unchanged compared to a year ago. We started out the year guiding plus or minus 100%. Look, this is -- this hasn't been the year I think that most market participants thought it would be in January, and we tend to run on the conservative side of things.

因此我想說，總體而言，後者與一年前相比相對沒有變化。我們年初的預測是正負 100%。瞧，今年的情況與大多數市場參與者在一月所想的不一樣，我們傾向於採取保守的態度。

So you see it at 92%. And that's really borne out of more of a conservative bias to running at the higher end of our Tier 1 leverage ratio given the market turbulence, the geopolitics, et cetera, et cetera. But we kind of -- and I think I said in my prepared remarks that we will be in the 90% to 100% for the full year.

所以你看到的是 92%。考慮到市場動盪、地緣政治等因素，這實際上體現了我們更保守的傾向，傾向於以較高端的一級槓桿率運作。但我們有點——我想我在準備好的演講中說過，我們全年的完成率將達到 90% 到 100%。

And just as a broader matter, you pointed it out, Ebrahim, we're a capital-light business model. And if we don't see opportunities to deploy in excess of our cost of capital, we will return it to shareholders as they would expect .

從更廣泛的角度來看，易卜拉欣，您指出，我們是一種輕資本商業模式。如果我們認為沒有機會部署超過資本成本的資金，我們將按照股東的期望將其返還給他們。

And look, Ebrahim, when we look at our business, and we talked about this all across the call in our prepared remarks and the Q&A, we're excited about the journey that we're on. We have -- yes, we're a year into the commercial model. Yes, we're a year away from finishing the -- just the implementation platforms operating model. But 12 to 18 months after that is when we'd expect to be having the run rate benefits of that. We're right at the beginning of the AI journey, but we see a lot of runway.

易卜拉欣，你看，當我們審視我們的業務時，我們在準備好的發言和問答環節中討論了這個問題，我們對我們正在進行的旅程感到興奮。是的，我們已經進入商業模式一年了。是的，我們距離完成實施平台營運模式還有一年的時間。但 12 到 18 個月後，我們預計就能獲得運行率效益。我們正處於人工智慧之旅的起步階段，但我們已經看到了很大的進步空間。

So for us, we sit here internally and we're pleased, of course, with the progress of the company. We're pleased with the stock price. But when we look at the runway, it doesn't feel to us like it's the type of environment where you'd say, oh, my goodness, it's that we should stop buying back and it's overpriced. It doesn't feel like that to us. And so this feels like an opportunity for runway. So we certainly don't feel like we've reached the end of the road.

因此，對我們來說，我們坐在這裡，當然，我們對公司的進步感到滿意。我們對股價感到滿意。但當我們看到時裝秀時，我們並不覺得這是一種你會說「天哪，我們應該停止回購，價格太高了」的環境。我們的感覺並非如此。因此這感覺就像是一個走秀的機會。所以我們當然不覺得我們已經走到了盡頭。

Very clear. Thank you both.

非常清楚。謝謝你們兩位。

Betsy Graseck with Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, good morning.

嗨，早安。

Morning Betsy.

早安，貝琪。

Hello, can you hear me? Okay. So Robin, is that because like how many more years of positive operating leverage do you anticipate you're going to be able to deliver here? Maybe that's part of what you're seeing in outlook for the stock price versus what the market is seeing.

你好，你聽得到我說話嗎？好的。那麼羅賓，這是因為您預計您還能在這裡實現多少年的正向經營槓桿？也許這就是您所看到的股票價格前景與市場所看到的前景之間的差異的一部分。

And so that would be helpful to understand, especially given the fact that part of your operating leverage has been delivered by headcount reduction. And clearly, at this pace can't go on forever, obviously. So a little bit of color would be helpful.

這將有助於理解，特別是考慮到部分經營槓桿是透過裁員來實現的。顯然，這種速度不可能永遠持續下去。所以一點點顏色會有幫助。

Well, the good news is there's a big difference between forever and for a long time. So we see -- look, the short answer is when we look at the inputs, and we used to talk about this a year or two ago, when we didn't have any output so that time to be able to talk to you all about. So we only talk to you about the inputs, but we try to be very transparent with what those inputs were.

嗯，好消息是永遠和很長一段時間之間有很大的區別。所以我們看到——看，簡短的回答是當我們查看輸入時，我們曾經在一兩年前討論過這個問題，當時我們沒有任何輸出，所以那時可以和你們談論這一切。因此，我們只與您討論輸入，但我們會盡量透明地告知您這些輸入的內容。

Now we can talk about the outputs because we've got delivery and value that's coming out of all of the work that our teams have been doing over the past three years, but we still talk about the inputs for exactly this reason because we want to try to give you all the transparency on the fact that we're still putting a lot of new things in and there's still a lot of runway associated with the value that's going to come out of those.

現在我們可以談論產出，因為我們已經獲得了交付成果和價值，這些都源於我們團隊在過去三年中所做的所有工作，但出於這個原因，我們仍然會談論投入，因為我們想盡量讓大家透明地了解我們仍在投入大量新事物，而且這些新事物所產生的價值還有很長的路要走。

The commercial model is a great example, which is why we keep reiterating it. It's only one year of maturity. And when you look at the combination of how you bring all of our sales folks together, new rhythms, embedding them in the company plus the fact that we've got this full breadth that I answered to Mike's first question, all of these different platforms and the nature of them, we feel that as that matures, there's a lot of runway on sales.

商業模式就是一個很好的例子，這就是我們不斷重申這一點的原因。僅需一年即可成熟。當你看到如何將所有銷售人員聚集在一起，新的節奏，將他們融入公司，再加上我們擁有的這種全面的廣度（我在回答邁克的第一個問題時提到過），所有這些不同的平台及其性質，我們覺得，隨著這些平台的成熟，銷售將有很大的發展空間。

Platform's operating model is not just an efficiency play, as we've told you before, it is very much a creating an increased speed and agility to be able to deliver for clients as well. And if you add 12 to 18 months to something that we won't have finished implementing until towards the end of next year, you get into 2028 before you actually would expect to have the full run rate agility benefits operating-type rhythms, which then allows us to go be going full speed in terms of the technology, the processes and the reimagining of things because platforms is very much a means to an end.

正如我們之前所說，平台的營運模式不僅僅是提高效率，它還能提高速度和靈活性，以便能夠為客戶提供服務。如果你把我們要到明年年底才能完成實施的事情再增加 12 到 18 個月的時間，那麼到 2028 年你才能真正期望獲得全面運行率敏捷性優勢的運營節奏，這使我們能夠在技術、流程和事物的重新構想方面全速前進，因為平台在很大程度上是一種達到目的的手段。

So we look at all of that. We look at the broadening out. We look at the fact that we've improved by about 10%, the contribution of pretax income from platform businesses, which are naturally higher in margin than the rest of the company, that's accretive. Investments in wealth hasn't really kicked in yet to the margin party. So there's opportunity there, and Dermot talked about that in his prepared remarks.

所以我們會考慮所有這些。我們來看看擴大的情況。我們看到，我們的收入成長了約 10%，這是平台業務貢獻的稅前收入，其利潤率自然高於公司其他部分，這是一種增值。財富投資尚未真正對保證金派對產生影響。所以那裡有機會，德莫特在他的準備好的發言中談到了這一點。

So we look around and as Dermot said earlier on, we've taken a decade view of this right from the beginning. We're only at year three, and we've got all of these inputs. And so for us, we sit here, and I think our teams sit here kind of excited about the fact that we feel like we're still early innings, and we're just getting going. So we're -- that's sort of where we sit right now, and that's how it feels in the company. Again, just talking about the inputs that, in theory, are meant to create and so far, a track record is that we've been able to do this, create the outputs of the future.

因此，我們環顧四周，正如德莫特之前所說，我們從一開始就對此採取了十年的眼光。我們才剛進入第三年，就已經獲得了所有這些投入。所以對我們來說，我們坐在這裡，我認為我們的團隊坐在這裡有點興奮，因為我們覺得我們仍然處於早期階段，我們才剛剛開始。所以——這就是我們現在的處境，這就是公司目前的感受。再次，僅討論理論上要創建的輸入，到目前為止，記錄表明我們已經能夠做到這一點，創造未來的輸出。

And then just a follow-up question here is on stablecoin. Do you plan on issuing a BNY stablecoin?

然後這裡的一個後續問題是關於穩定幣的。您計劃發行 BNY 穩定幣嗎？

So we're not going to get into very specific situations about future products, but I would just pull you back to the broader comment, Betsy, which is we are in the infrastructure capital markets enablement business. We're in the rails business. We partner with stablecoins. We enable other people's stablecoins. And that's really the heart of our strategy to enable our clients with their transition into these ecosystems.

因此，我們不會深入討論未來產品的非常具體的情況，但我只想讓你回到更廣泛的評論，貝琪，那就是我們從事基礎設施資本市場支援業務。我們從事鐵路業務。我們與穩定幣合作。我們支持其他人的穩定幣。這確實是我們策略的核心，幫助我們的客戶過渡到這些生態系統。

We support the biggest stablecoin issuers today. There are many people who are interested in launching stablecoins. We really have the complete set of services to be able to power them. And what I would expect to see over time is participants who are wanting to do their own versions of using stablecoins internally to be able to operate their companies, but they won't have the scale or the interest in creating all the infrastructure. And so they're going to turn to other stablecoin providers and they're going to turn to partners to be able to power their own use of those things. And I think that's the sweet spot of how we think about the business opportunity.

我們支持當今最大的穩定幣發行者。有很多人對推出穩定幣感興趣。我們確實擁有全套服務來為他們提供支援。我希望隨著時間的推移，看到參與者希望在內部使用自己的穩定幣來運營他們的公司，但他們沒有足夠的規模或興趣來創建所有的基礎設施。因此，他們將轉向其他穩定幣提供者，並將轉向合作夥伴，以便能夠支持他們自己對這些東西的使用。我認為這是我們對商業機會的最佳看法。

Okay. So if there is an opportunity for a BNY specific stablecoin, you execute on it, but if not, no?

好的。因此，如果有機會推出 BNY 特定的穩定幣，您就會執行，但如果沒有，您就不會執行嗎？

It is -- for us, it's about enabling the stablecoin ecosystem and the way in which I think we're going to be able to best do that is provide the capabilities for stablecoins to be able to thrive and help other people be able to make their stablecoins drive.

對我們來說，這是為了實現穩定幣生態系統，我認為我們能夠做到這一點的最佳方式是為穩定幣提供蓬勃發展的能力，並幫助其他人能夠推動他們的穩定幣的發展。

Now there may be a lot of things that we have to build right up to the point of is it a BK stablecoin. So you could imagine a world where other people stablecoins might be running on rails and capabilities that we provide or we might be helping existing stablecoin issuers to be able to insert their products into other people's ecosystems is this connector across cash collateral, the mobility of money and then the infrastructure and capital markets. That's how I would think about it. But I'm not definitively answering your question because we'll remain agile to these questions over time.

現在我們可能還有很多事情要做，直到它成為 BK 穩定幣。因此，你可以想像這樣一個世界：其他人的穩定幣可能在我們提供的軌​​道和功能上運行，或者我們可能正在幫助現有的穩定幣發行者將他們的產品插入其他人的生態系統中，這是跨越現金抵押品、貨幣流動性以及基礎設施和資本市場的連接器。我就是這麼想的。但我無法明確回答你的問題，因為我們會隨著時間的推移對這些問題保持敏捷的回答。

Thank you.

謝謝。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Hi, Robin. Hi, Dermot. Robin, you talked about the business wins on TIAA, CREF, and then Franklin Templeton. Can you share with us since there was such long-term relationships, was it more cross-selling because of the new policy or the new structure you have is showing success and that's why you made those wins? Or was it new products that they had to -- they've created and they came to you to help offer those products to their customers with you as a partner?

你好，羅賓。你好，德莫特。羅賓，您談到了 TIAA、CREF 以及富蘭克林鄧普頓的業務勝利。您能否與我們分享一下，既然有如此長期的關係，是否因為新政策或新結構而導致交叉銷售更多，並且你們取得了成功，這就是你們取得這些勝利的原因？還是他們必須創造的新產品，然後他們來找您，希望您作為合作夥伴幫助他們向客戶提供這些產品？

I think one of the things -- I don't view this as cross-selling, Gerard. What I view it as is for a long time, BNY has had a series of perfectly good products and they've operated in a very separate and we would say, siloed way, where they were delivering in a very vertical way, single product to a client, and that was how the client knew us. But we recognized very early on in our journey that delivering more of the things that we already do to the clients that we already have was going to be a huge opportunity.

我認為其中一件事——我不認為這是交叉銷售，傑拉德。我的看法是，長期以來，紐約銀行一直擁有一系列非常優秀的產品，但它們的運作方式非常獨立，我們稱之為孤立的方式，它們以非常垂直的方式向客戶提供單一產品，客戶就是這樣認識我們的。但我們在旅程的早期就意識到，為現有客戶提供更多我們已經在做的事情將是一個巨大的機會。

Now that's a big lift because it required the clients to better understand who we were and to understand what we had. Many of our own sales people did not understand what we had. And so the whole retooling that's come along with the commercial model to be able to equip our sales teams and therefore, our clients with knowledge about our company so that they can actually dip in to our businesses and be able to use more of the things that we have, that's a big opportunity.

這是一個很大的提升，因為它要求客戶更好地了解我們是誰以及我們擁有什麼。我們自己的許多銷售人員並不了解我們擁有什麼。因此，伴隨商業模式而來的整個重組能夠讓我們的銷售團隊和客戶了解我們的公司，這樣他們就可以真正參與我們的業務，並能夠使用我們擁有的更多東西，這是一個巨大的機會。

Now the second opportunity, which is very related to that, is that it so happens that the many things that we have are quite related to each other. So if you're a clearing client, you might well be interested in collateral. If you're a US clearing client, you might well be interested in international clearing. If you do those things with us, you might be interested in some of our other transaction services.

現在，與此密切相關的第二個機會是，我們擁有的許多事物恰好彼此相關。因此，如果您是清算客戶，您很可能對抵押品感興趣。如果您是美國清算客戶，您可能會對國際清算感興趣。如果您與我們一起做這些事情，您可能會對我們的其他一些交易服務感興趣。

You might be interested in treasury services. And so there's a natural adjacency where all of our products and services really are pretty adjacent to each other. So they fit well together. So that's created a depth for those clients who now understand us because the salespeople have been able to equip them with that knowledge.

您可能對財務服務有興趣。因此，我們的所有產品和服務實際上都彼此相鄰，這自然是一種相鄰關係。所以他們很適合在一起。因此，這為現在了解我們的客戶創造了深度，因為銷售人員已經能夠向他們提供這些知識。

And then they see all these things we're doing, they look at it and they say, gosh, I should do that with you and that with you because if I do both of them together, it's going to be good for me. And I'm going to get more value. Then you layer on top the product innovation, which is we're making the products better and more capable. The examples that we just talked about were digital assets, but AI is very powerful in this regard as well. And then the constant innovation, launching new products, launching new features and making the products individually better.

然後他們看到我們所做的所有這些事情，他們看著它說，天哪，我應該和你一起做這個，和你一起做那個，因為如果我把這兩件事一起做，這對我有好處。我將獲得更多的價值。然後，我們將進一步進行產品創新，使產品變得更好、更強大。我們剛才講的例子是數位資產，但是人工智慧在這方面也非常強大。然後不斷創新，推出新產品，推出新功能，並使產品變得更好。

And then the secret further source is we bond them together. So there are some of our products and services that if you actually do them together, 1 plus 1 equals 3 in terms of a capability for the client. Then you add on to that, the bigger new innovations, things like Wove but also things like digital assets, then you recognize that there are more clients in the world. And so we're covering clients, and we've talked about this in the context of private markets, new growing client ecosystems, new clients, and there were no stablecoin clients a few years ago, digital asset clients, but now we're earning money from those new industries. And so these are the megatrends tuning into them, helping to be part of that journey.

而秘密的進一步來源是我們將它們結合在一起。因此，我們的一些產品和服務如果實際結合在一起，對於客戶而言，其能力將達到 1 加 1 等於 3。然後，你再加上更大的新創新，像是 Wove，還有數位資產，你就會意識到世界上有更多的客戶。因此，我們正在覆蓋客戶，我們在私人市場、新興客戶生態系統、新客戶的背景下討論過這個問題，幾年前沒有穩定幣客戶和數位資產客戶，但現在我們正在從這些新興行業中賺錢。因此，這些都是與他們相適應的大趨勢，有助於成為這趟旅程的一部分。

So collectively, this is the generating the growth. And it's why, in answer to earlier questions, there's a linkage between our organic growth and our capturing of these mega trends that are going on in the market that make it so much more interesting than just is the market up, is the market down. That used to be the way that you used to dictate the way that BNY would go. We don't believe that's the case anymore.

所以總的來說，這就是成長的產生。這就是為什麼在回答先前的問題時，我們的有機成長和我們對市場上正在發生的這些大趨勢的捕捉之間存在聯繫，這使得它比市場上漲或下跌更有趣。這曾經是你決定紐約銀行發展方向的方式。我們不再相信情況是這樣。

On what you just said, have you guys created a scorecard with your top 100 or top 200 clients and where you are in that journey of giving them those -- all those different options. And as part of that answer, when -- what percentage of those clients are at an optimal mix where you -- where they really are firing on all 8 cylinders?

關於你剛才所說的，你們是否為前 100 名或前 200 名客戶創建了記分卡，以及在為他們提供所有這些不同選擇的過程中，你們處於什麼位置。作為答案的一部分，當 - 這些客戶中有多少百分比處於最佳組合狀態時 - 他們真的全力以赴嗎？

Okay. So you would expect to hear this from the CEO. None of them are at the optimal mix because all of them can do more with us. But we have quite a few clients who do several of these different businesses. You mentioned eight.

好的。所以你會期望從執行長那裡聽到這個消息。他們中沒有一個人處於最佳組合，因為他們都可以和我們一起做更多的事情。但我們有不少客戶從事幾種不同的業務。您提到了八個。

In fact, we were having a conversation at our Board with a client. We regularly bring in our external perspectives, including client perspectives to our Board. And we had a client who I was sitting next to talking about our businesses and their perception of us and they actually do eight products with us coincidentally.

事實上，我們正​​在董事會與一位客戶進行交談。我們定期向董事會提出外部觀點，包括客戶觀點。我們有一位客戶，我坐在他旁邊，談論我們的業務和他們對我們的看法，實際上他們與我們合作生產了八種產品。

But I'll give you one step because I think this is a good one, and it kind of goes to the heart of your question. We have a lot more dashboards. We didn't really use to have them. We didn't use to have sales plans and targets and all of that stuff, and that's what I talked about in my prepared remarks about embedding the rhythms of our commercial model into the daily activities of the company because that's the discipline and the relentless execution to make it all happen as opposed to just wishing it be so.

但我會給你一步，因為我認為這是一個很好的步驟，它有點觸及你問題的核心。我們有更多的儀表板。我們以前確實沒有過它們。我們以前沒有銷售計劃和目標之類的東西，這就是我在準備好的發言中談到的，將我們的商業模式的節奏融入到公司的日常活動中，因為這需要紀律和不懈的執行才能實現這一切，而不僅僅是希望如此。

But the number of clients who buy three or more of our services is up 40% over the past two years. That's probably a pretty good indication of our direction of travel.

但過去兩年購買我們三項或三項以上服務的客戶數量增加了 40%。這或許很好地顯示了我們的旅行方向。

No, it is. And then just last question. Obviously, you guys have plenty of excess capital. Dermot, you talked about the returning 90% to 100% of earnings in buybacks and dividends. I think in 2024, you announced the Archer deal.

不，是的。接下來是最後一個問題。顯然，你們擁有充足的過剩資本。德莫特，您談到了以回購和股息的形式返還 90% 到 100% 的收益。我認為在 2024 年，您宣布了 Archer 交易。

What about inorganic opportunities? Is there any area within your organization that you'd like to enhance with possibly an acquisition? Thank you.

那麼無機機會又如何呢？您的組織內是否有任何領域您希望透過收購來增強？謝謝。

Thanks, Gerard. Look, so it's interesting. We're very open to M&A. We've said it before. We're open-minded to inorganic things if they can accelerate what we're doing, derisk us in some way. And we recognize it can be a powerful tool in the toolkit for sure. And so we look at opportunities. We've got a team that assesses things constantly. It's a new rhythm for us versus the past. As you know, we did the Archer transaction.

謝謝，傑拉德。瞧，這很有趣。我們對併購持非常開放的態度。我們之前已經說過了。如果無機物能夠加速我們的工作，以某種方式降低我們的風險，我們就會對其持開放態度。我們認識到它肯定可以成為工具包中的一個強大工具。因此我們尋找機會。我們有一個團隊不斷評估事物。對我們來說，這是一種與過去不同的新節奏。如您所知，我們進行了 Archer 交易。

That was a good stretching of an exercising of that muscle so that we know we can do it. But we are focused on the discipline here. We have to have great alignment with our strategic priorities, would have to have a good cultural fit and of course, great financial returns, which will make it the bar for it pretty high.

這是對肌肉的一次很好的伸展和鍛煉，這樣我們就知道我們可以做到。但我們在這裡關注的是紀律。我們必須與我們的策略重點高度一致，必須具有良好的文化契合度，當然還要有豐厚的財務回報，這將使它的標準相當高。

But as you've heard really throughout this call, our organic transformation is working. And we're really seeing the results from it and we still feel that we're in the early innings of that opportunity. And therefore, with that runway, we just feel no pressure whatsoever around M&A. We're open to it. We can be opportunistic, but the momentum we have and the runway that we have to create value near, medium and long term means that we're in this wonderful position where we are focused with that as the -- as our real strategic focus right now.

但正如您在整個通話過程中所聽到的，我們的自然轉型正在發揮作用。我們確實看到了它的成果，我們仍然覺得我們正處於這一機會的早期階段。因此，有了這個跑道，我們在併購方面就不會感受到任何壓力。我們對此持開放態度。我們可以抓住機會，但我們所擁有的勢頭以及我們在近期、中期和長期創造價值的跑道意味著我們處於一個絕佳的位置，我們可以將其作為我們目前真正的戰略重點。

Thank you.

謝謝。

Thank you. 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.

謝謝。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, everyone, 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.

謝謝接線員，也謝謝大家今天抽出時間。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。保重。

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 12:00 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中午 12:00 在紐約銀行投資者關係網站上提供。祝你有美好的一天。