紐約梅隆銀行 (BK) 2026 Q1 法說會逐字稿

Good morning and welcome to the 2026 first-quarter earnings 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.

早安，歡迎收聽由 BNY 主持的 2026 年第一季財報電話會議。(接線員指示) 請注意，本電話會議與網路直播將被錄音，且內容包含受著作權保護之資料。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's Head of Investor Relations. Please go ahead.

現在我將把電話交給 BNY 投資人關係主管 Marius Merz。請開始。

Thank you, operator. Good morning, everyone, and welcome to our first-quarter earnings call. I'm here with Robin Vince, our CEO; and Dermot McDonogh, our CFO. 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，接線員。各位早安，歡迎參加我們的第一季財報電話會議。今天與我一同出席的有我們的執行長 Robin Vince，以及財務長 Dermot McDonogh。如同以往，我們將參考季度更新簡報，您可於 bny.com 網站的投資人關係頁面找到。

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, April 16, 2026 and will not be updated. With that, I will turn it over to Robin.

我也要提醒各位，我們的發言將包含前瞻性陳述與非 GAAP 衡量指標。實際結果可能與前瞻性陳述中所預測者有重大差異。關於這些陳述與非 GAAP 衡量指標的資訊，載於財報新聞稿、財務補充資料與季度更新簡報，皆可於我們網站的投資人關係頁面取得。本次電話會議中的前瞻性陳述僅截至今日，即 2026 年 4 月 16 日，且不會更新。接下來我把時間交給 Robin。

Thanks, Marius. Good morning, everyone, and thank you for joining us. I'll begin with a few broader comments before Dermot takes you through our financial results. Referring to page 2 of the quarterly update presentation. BNY has started the year with a strong performance in the first quarter.

謝謝，Marius。各位早安，感謝各位加入我們。在 Dermot 帶各位檢視財務結果之前，我先做幾點較宏觀的說明。請參考季度更新簡報第 2 頁。BNY 在第一季以強勁表現為今年揭開序幕。

Earnings per share of $2.24 grew 42% year over year, both on a reported basis and excluding notable items. Record revenue of $5.4 billion was up 13% year over year, reflecting broad-based growth across our Securities Services and Market and Wealth Services businesses, and we delivered over 800 basis points of positive operating leverage while making meaningful investments in new products, capabilities, AI and critically, our people and culture.

每股盈餘 2.24 美元，年增 42%，無論以申報口徑或排除重大項目後皆然。營收創新高達 54 億美元，年增 13%，反映我們證券服務以及市場與財富服務業務的全面性成長；同時，在對新產品、能力、AI，以及最關鍵的我們的人才與文化進行有意義投資的同時，我們仍實現超過 800 個基點的正向營運槓桿。

Taken together, this combination of strong top line growth and significant operating leverage resulted in pretax margin expansion to 37% and improved profitability with a return on tangible common equity of 29% in the quarter. BNY's position at the heart of global financial markets with platforms across custody, security settlement, collateral, payments, trading, wealth investments and more supports durable financial performance for our company, enabling us to power our clients' growth as they navigate an increasingly complex landscape.

綜合而言，強勁的營收成長與顯著的營運槓桿，使稅前利潤率擴張至 37%，並在本季將有形普通股權報酬率提升至 29%，獲利能力改善。BNY 位居全球金融市場核心，擁有涵蓋託管、證券交割、擔保品、支付、交易、財富投資等多元平台，支撐公司具韌性的財務表現，並使我們能在客戶面對日益複雜的環境時，為其成長提供動能。

While the path of global markets is difficult to predict with certainty, what is clear is that the underlying trends, higher levels of activity, greater complexity, new technologies and a resulting need for scale efficiency and connectivity are more relevant than ever for our clients. As I mentioned in my shareholder letter earlier this year, the portfolio of BNY's businesses is unique but it is how we are embracing new ways of working, our adoption and integration of new technologies and our strong culture that allows us to create truly differentiated solutions.

儘管全球市場的走勢難以確定預測，但可以確定的是：更高的活動水準、更高的複雜度、新技術，以及由此帶來對規模效率與連結性的需求，對我們的客戶而言比以往任何時候都更為重要。如同我今年稍早在致股東信中提到的，BNY 的業務組合獨一無二；但真正讓我們能打造出高度差異化解決方案的，是我們擁抱新工作方式、採用並整合新技術，以及我們強大的文化。

Clients are increasingly recognizing the value of holistic solutions that support the full life cycle of their activity, whether it is managing liquidity, optimizing collateral, supporting higher trading volumes or getting ready for the future of financial market infrastructure. Our work to operate together as one BNY through both our platforms operating model and our commercial model, better enables us to bring the full breadth of our capabilities together in service of our clients.

客戶愈來愈能體認到整體性解決方案的價值，這些方案可支援其活動的完整生命週期，無論是管理流動性、最佳化擔保品、支援更高的交易量，或為金融市場基礎設施的未來做好準備。我們透過平台營運模式與商業模式，推動以「一個 BNY」共同運作，更能把我們能力的完整廣度整合起來，以服務客戶。

A good example of this from the first quarter is our work with Allianz Global Investors, one of the world's leading active asset managers. AGI has selected BNY to support optimizing their investment operating model, leveraging the breadth of our global capabilities. This integrated model will help AGI deliver exceptional experience front to back. while placing AI and modern data infrastructure at the heart of their operations to enhance productivity, enable faster work, clearer insights and better outcomes for their teams and clients alike.

第一季的一個良好例子，是我們與 Allianz Global Investors（安聯環球投資）的合作；該公司為全球領先的主動式資產管理機構之一。AGI 選擇 BNY 來支援其投資營運模式的最佳化，並運用我們全球能力的廣度。此一整合式模式將協助 AGI 提供端到端的卓越體驗，同時把 AI 與現代化資料基礎設施置於其營運核心，以提升生產力、加速工作、提供更清晰洞見，並為其團隊與客戶帶來更佳成果。

In another example, PayPal has selected BNY to provide institutional grade digital asset custody, supporting their digital payments wallets and financial services for millions of users globally. And just last week, the US Treasury Department announced that they have selected BNY as a financial agent for Trump accounts, the US government's investment savings initiative for children aimed at building a strong financial foundation for our next generation. BNY will manage the national infrastructure for the program and collaborate with Robinhood, which will provide brokerage and initial trustee services.

另一個例子是，PayPal 選擇 BNY 提供機構級數位資產託管服務，以支援其數位支付錢包與面向全球數百萬用戶的金融服務。就在上週，美國財政部宣布已選定 BNY 擔任 Trump accounts 的金融代理機構；該計畫為美國政府針對兒童推出的投資儲蓄倡議，旨在為下一代建立穩健的財務基礎。BNY 將管理該計畫的全國性基礎設施，並與 Robinhood 合作，由其提供經紀與初始受託人服務。

These examples illustrate our strategic evolution toward deeper integration between our products delivered with the technology and scale of BNY's differentiated platforms. Over the next phase of BNY's transformation, one of the most significant enablers of being more for our clients and running our company better is AI. And so we felt that this was an opportune time to spotlight how we are going about AI at BNY.

這些例子說明，我們正朝向更深度的策略演進：在 BNY 具差異化的平台所提供的技術與規模之下，讓產品之間更緊密整合。在 BNY 轉型的下一階段，能讓我們為客戶提供更多、並把公司營運得更好的最重要推動力之一，就是 AI。因此，我們認為現在正是聚焦說明 BNY 如何推動 AI 的適當時機。

Turning to slide 3 of the presentation, as a reminder, our work to set the foundation for reimagining our company has included intentional and consistent investments in AI over the past several years. We took a very deliberate approach to AI through the lens of integration, adoption and importantly, our people and culture. We embraced the platform's approach to embedding AI across the company, creating our AI hub in 2023, so we could develop the enterprise capabilities, strong governance framework and training to empower every employee to embrace AI.

請看簡報第 3 張投影片。提醒各位，我們為重新想像公司而奠定基礎的工作，包含過去數年對 AI 有計畫且持續的投資。我們以整合、採用，以及最重要的「人才與文化」為視角，對 AI 採取非常審慎且有意識的做法。我們採用平台化方法，將 AI 內嵌於全公司，並於 2023 年成立 AI 中樞（AI hub），以便建立企業級能力、健全的治理架構與訓練，賦能每位員工擁抱 AI。

More than two years ago, in collaboration with NVIDIA, BNY became the first global bank to deploy a DGX SuperPOD. And in the same year, we launched Eliza, BNY's AI platform. Outlined on page 4, our vision for AI at BNY is that it is for everyone, everywhere and everything. As is the case with many things, the key to making it work is culture. We took a people-first approach.

兩年多前，BNY 與 NVIDIA 合作，成為首家部署 DGX SuperPOD 的全球銀行。同年，我們推出 Eliza——BNY 的 AI 平台。如第 4 頁所述，我們對 BNY 的 AI 願景是：人人可用、無處不在、無所不包。如同許多事情一樣，讓它奏效的關鍵在於文化。我們採取以人為本（people-first）的做法。

Over the last year, we focused on broad adoption. We made Eliza available to 100% of our employees and supported advanced learning and development through a series of training programs. This approach to enterprise-wide enablement has already allowed us to develop more than 200 AI solutions and to introduce digital employees, multi-agentic solutions that operate alongside human colleagues.

在過去一年，我們聚焦於廣泛採用。我們讓 100% 的員工都能使用 Eliza，並透過一系列訓練計畫支援進階學習與發展。這種全企業賦能的方法，已使我們開發超過 200 項 AI 解決方案，並導入數位員工——可與人類同事並肩運作的多代理（multi-agentic）解決方案。

In 2026, we are doubling down on depth. Moving from AI point solutions to using AI to enhance end-to-end processes reducing manual touch points, improving cycle times, strengthening control outcomes and to build more connected intelligence by linking data, workflows and expertise to enhance the service and value proposition for our clients.

在 2026 年，我們將加倍投入「深度」。從 AI 單點解決方案，轉向運用 AI 強化端到端流程：減少人工接觸點、改善週期時間、強化控制成效，並透過連結資料、工作流程與專業知識，建立更互聯的智慧，以提升我們對客戶的服務與價值主張。

On page 5, we show just some of the initial output tangible results of AI enablement and impact across improved business and operating performance, driving greater efficiency and product innovation. None of these metrics individually show a complete picture of AI at BNY. But taken together, they show something important that we are systematically embedding AI in our workflows across the entire company. Already, AI is helping us increase the pace at which we innovate our technology, accelerate onboarding, improve client service and streamline processes and in combination with our broader efforts to run our company better, AI is starting to contribute to the improved financial performance trajectory at the bottom of the page.

在第 5 頁，我們展示了 AI 賦能所帶來的一些初步產出與具體成果，涵蓋改善業務與營運表現、推動更高效率與產品創新。這些指標各自都無法完整呈現 BNY 的 AI 全貌。但綜合來看，它們顯示一個重要事實：我們正有系統地將 AI 內嵌到全公司各項工作流程之中。目前，AI 已協助我們加快技術創新速度、加速客戶導入（onboarding）、改善客戶服務並精簡流程；並且結合我們更廣泛的公司營運優化工作，AI 正開始對本頁底部所示的財務表現改善軌跡作出貢獻。

Building on our deliberate strategy and the solid foundation we've laid over the past several years, we're confident that AI will enable us to evolve our business model and enhance how we deliver for clients. Our commitment, not just a deep AI enablement but the full reimagination of our company, combined with the role that we play in global financial market infrastructure, the breadth of our businesses and our trusted and deep client relationships together represents a powerful competitive advantage.

在我們審慎的策略以及過去數年所奠定的堅實基礎之上，我們有信心 AI 將使我們得以演進商業模式，並提升我們為客戶提供服務的方式。我們的承諾不僅是深度導入 AI 賦能，更是對公司進行全面再想像；再加上我們在全球金融市場基礎設施中所扮演的角色、業務版圖的廣度，以及我們與客戶之間深厚且受信賴的關係，共同構成強而有力的競爭優勢。

Taking a step back and reflecting on the operating environment, While AI was an ever-present theme in markets over the past few months, the first quarter also presented a dynamic market backdrop. Significant volatility was driven by shifting expectations for the path of growth, inflation and interest rates amid geopolitical conflicts and evolving policy outlooks.

退一步回顧並反思營運環境，雖然在過去幾個月 AI 一直是市場上無所不在的主題，但第一季同樣呈現出多變的市場背景。在地緣政治衝突與政策前景演變之際，市場對成長、通膨與利率走勢的預期不斷變動，帶動了顯著的波動。

Within this constantly changing environment, our diversified business model, combined with our strong balance sheet, allows BNY to serve as a pillar of strength for our clients and for global markets. Before I hand it over to Dermot, I want to take a moment to recognize our employees around the world for rising to the challenge to execute on our long-term plan to unlock BNY's full potential for our clients and shareholders.

在這個持續變動的環境中，我們多元化的商業模式結合強健的資產負債表，使 BNY 能夠成為客戶與全球市場的穩健支柱。在我把時間交給 Dermot 之前，我想花點時間表揚我們全球各地的員工，他們迎難而上，執行我們的長期計畫，以釋放 BNY 對客戶與股東的全部潛力。

We've had a strong start to the year, supported by increasing client engagement and continued progress on our strategic priorities. I'd like to thank our clients for their trust, our employees for their commitment and hard work and our shareholders for their continued support. And with that, over to you, Dermot.

在客戶互動日益增加以及我們在策略重點上持續取得進展的支持下，我們今年開局強勁。我要感謝客戶的信任、員工的投入與辛勤工作，以及股東持續的支持。接下來交給你，Dermot。

Thank you, Robin, and good morning, everyone. I'll pick up on page 6 of the presentation with our consolidated financial results for the first quarter. Total revenue of $5.4 billion was up 13% year-over-year. Fee revenue was up 11%. This included 10% growth in investment services fees, reflecting higher client activity, net new business and higher market values.

謝謝你，Robin，各位早安。我將從簡報第 6 頁開始，說明我們第一季的合併財務結果。總營收為 54 億美元，年增 13%。手續費收入年增 11%。其中投資服務手續費成長 10%，反映客戶活動增加、淨新增業務以及市場價值上升。

Investment management and performance fees were up 6%, primarily driven by higher market values and a favorable impact of a weaker US dollar, partially offset by the impact of the mix of AUM flows. While not on the page, I will note that firm-wide AUC/A of $59.4 trillion increased by 12% year-over-year. This reflects net client inflows, higher market values and the favorable impact of the weaker dollar.

投資管理與績效費用年增 6%，主要受惠於市場價值上升以及美元走弱帶來的有利影響，但部分被資產管理規模（AUM）資金流向組合的影響所抵銷。雖然此頁未列示，我補充說明，全公司 AUC/A 為 59.4 兆美元，年增 12%。這反映客戶淨流入、市場價值上升，以及美元走弱的有利影響。

Assets under management of $2.1 trillion were up 6%, primarily driven by higher market values and the weaker dollar, partially offset by cumulative net outflows. Foreign exchange revenue was up 49% year-over-year on the back of higher volumes resulting from elevated market activity and supported by new products and capabilities. Investment and other revenue was $271 million in the quarter, including approximately $135 million of investment-related gains and $50 million of net securities losses. Net interest income increased by 18% year over year, primarily driven by continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

管理資產（AUM）為 2.1 兆美元，年增 6%，主要受市場價值上升與美元走弱帶動，但部分被累計淨流出所抵銷。外匯收入年增 49%，主要來自市場活動升溫帶動的交易量增加，並受新產品與新能力所支持。本季投資及其他收入為 2.71 億美元，其中包括約 1.35 億美元的投資相關收益，以及 5,000 萬美元的淨證券損失。淨利息收入年增 18%，主要受惠於持續以較高殖利率再投資投資證券及資產負債表成長，但部分被存款利差收窄所抵銷。

Expenses of $3.4 billion were up 5% year over year, both on a reported basis and excluding notable items. This was primarily driven by our commitments to higher investments in our businesses, higher revenue-related expenses, the unfavorable impact of the weaker dollar and employee merit increases, partially offset by continued efficiency savings. Provision for credit losses was a benefit of $7 million in the quarter, primarily driven by improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors.

費用為 34 億美元，無論按申報口徑或排除顯著項目後，皆年增 5%。主要原因是我們承諾加大對各項業務的投資、較高的與營收相關費用、美元走弱的不利影響，以及員工績效調薪；但部分被持續的效率節省所抵銷。本季信用損失準備為 700 萬美元的回沖（利益），主要來自商用不動產曝險改善，但部分被總體經濟與其他因素變動所抵銷。

On the back of significant positive operating leverage of 833 basis points, pretax margin expanded to 37% and return on tangible common equity was 29%. Taken together, we reported earnings per share of $2.24, up 42% year over year.

在顯著的正向營運槓桿 833 個基點的帶動下，稅前利潤率擴大至 37%，有形普通股權報酬率為 29%。綜合而言，我們每股盈餘為 2.24 美元，年增 42%。

On to capital and liquidity on page 7. Our Tier 1 leverage ratio for the quarter was 6%, flat sequentially. Tier 1 capital increased by $532 million, primarily driven by preferred stock issuance and earnings retention, partially offset by a net decrease in accumulated other comprehensive income.

接著看第 7 頁的資本與流動性。本季第一級槓桿比率為 6%，較前一季持平。第一級資本增加 5.32 億美元，主要受惠於發行優先股與盈餘留存，但部分被其他綜合損益累計（AOCI）淨減少所抵銷。

Average assets increased by 2% on the back of deposit growth. Our CET1 ratio at the end of the quarter was 11%, down 89 basis points sequentially. Our CET1 capital remained approximately flat. This decrease was primarily driven by higher risk-weighted assets reflecting a single day increase in overnight loan balances on the last day of the quarter, along with higher client activity in agency securities lending and foreign exchange.

平均資產在存款成長帶動下增加 2%。季末 CET1 比率為 11%，較前一季下降 89 個基點。我們的 CET1 資本大致持平。此下降主要由風險加權資產增加所致，反映季末最後一天隔夜放款餘額單日上升，以及代理證券借貸與外匯業務的客戶活動增加。

Over the course of the first quarter, we returned $1.4 billion of capital to our shareholders, representing a total payout ratio of 87%. And our Board of Directors authorized a new $10 billion share repurchase program. Our consolidated liquidity coverage ratio and net stable funding ratio were at 111% and 131%, respectively.

在第一季期間，我們向股東返還 14 億美元資本，總派付率為 87%。此外，我們董事會核准新的 100 億美元庫藏股回購計畫。我們的合併流動性覆蓋率（LCR）與淨穩定資金比率（NSFR）分別為 111% 與 131%。

Turning to net interest income and balance sheet trends on page 8, net interest income of $1.4 billion was up 18% year-over-year and up 2% quarter over quarter. Like the year-over-year increase described earlier, the sequential increase was primarily driven by the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. Average deposit balances increased by 3% sequentially, reflecting 2% growth in interest-bearing and 6% growth in noninterest-bearing deposits and average interest-earning assets were up 2% quarter-over-quarter.

接著看第 8 頁的淨利息收入與資產負債表趨勢，淨利息收入為 14 億美元，年增 18%，季增 2%。如同先前所述的年增原因，季增主要來自持續以較高殖利率再投資投資證券及資產負債表成長，但部分被存款利差收窄所抵銷。平均存款餘額較前一季增加 3%，反映計息存款成長 2%、不計息存款成長 6%；平均生息資產季增 2%。

Cash and reverse repo balances were flat. Loans increased by 6% and investment securities portfolio balances increased by 2%. Turning to our business segments, starting on page 9. Security Services reported a total revenue of $2.7 billion, up 17% year-over-year. Total investment services fees were up 10%.

現金與逆回購餘額持平。放款增加 6%，投資證券投資組合餘額增加 2%。接著看我們的業務分部，從第 9 頁開始。證券服務（Security Services）總營收為 27 億美元，年增 17%。投資服務手續費總額年增 10%。

In Asset Servicing, investment services fees grew by 11%, reflecting higher market values and broad-based client activity. [ETF AUC/A] were up 33% year over year on the back of higher market values, client inflows and net new business and our alternatives AUC/A were up 20%. I want to highlight that consistent with our strategy to deliver the breadth of BNY to our clients, over 50% of the clients that awarded asset servicing new business in the first quarter also awarded new business to at least one of our other lines of business.

在資產服務（Asset Servicing）方面，投資服務手續費成長 11%，反映市場價值上升與廣泛的客戶活動。[ETF AUC/A] 年增 33%，主要受市場價值上升、客戶資金流入與淨新增業務帶動；我們的另類投資 AUC/A 年增 20%。我想強調，與我們向客戶提供 BNY 全方位能力的策略一致，第一季授予資產服務新增業務的客戶中，超過 50% 也同時授予我們至少一條其他業務線的新增業務。

In Issuer Services, Investment Services fees were up 4%, reflecting growth in both Corporate Trust and depository receipts. I'll note that for the first time in our history, Corporate Trust reached $15 trillion of total debt service, and we're particularly pleased with our continued market share gains in CLO servicing. Once again, the breadth of our capabilities is a powerful differentiator. Our clients clearly recognize the superior value proposition of a single provider for corporate trust, asset servicing, collateral, liquidity solutions and more.

在發行人服務（Issuer Services）方面，投資服務手續費年增 4%，反映公司信託（Corporate Trust）與存託憑證業務皆有成長。我也要指出，這是我們歷史上首次，公司信託的債務服務總額達到 15 兆美元；我們對於在 CLO 服務領域持續提升市占率尤其感到欣慰。我們能力的廣度再次成為強而有力的差異化因素。客戶清楚認知，由單一供應商提供公司信託、資產服務、擔保品、流動性解決方案等服務，具有更優越的價值主張。

In Securities Services overall, foreign exchange revenue was up 44% year-over-year, reflecting higher client volumes. Net interest income for the segment was up 20% year-over-year. Noninterest expenses of $1.6 billion were up 5% year-over-year, primarily driven by higher investments and revenue-related expenses, the unfavorable impact of the weaker dollar and employee merit increases partially offset by efficiency savings.

在整體證券服務方面，外匯收入年增 44%，反映客戶交易量增加。該分部的淨利息收入年增 20%。非利息費用為 16 億美元，年增 5%，主要由較高的投資與與營收相關費用、美元走弱的不利影響，以及員工績效調薪所帶動，但部分被效率節省所抵銷。

Security Services reported pretax income of $1 billion, a 46% increase year-over-year and a pretax margin of 39%. (inaudible) investment-related gains added 3 percentage points to pretax margin in the quarter.

證券服務稅前收入為10億美元，年增46%，稅前利潤率為39%。(聽不清) 與投資相關的收益在本季為稅前利潤率貢獻了3個百分點。

Next, Markets and Wealth Services on page 10. Markets and Wealth Services reported total revenue of $1.9 billion, up 11% year-over-year. Total investment services fees were up 10%. During the quarter, we formed our Wealth Solutions business by realigning Archer's managed account solutions from asset servicing to Pershing. This integration further strengthens our capabilities to serve wealth advisers by adding Archer's market-leading distribution and managed accounts expertise to deliver fully integrated end-to-end solutions across the entire wealth ecosystem.

接下來看第10頁的市場與財富服務。市場與財富服務總營收為19億美元，年增11%。投資服務費總額年增10%。本季，我們透過重新調整架構，將Archer的受託管理帳戶解決方案自資產服務轉至Pershing，成立了我們的財富解決方案（Wealth Solutions）業務。此一整合進一步強化我們服務財富顧問的能力，將Archer在市場領先的通路分銷與受託管理帳戶專業納入，提供覆蓋整個財富生態系的全方位端到端整合解決方案。

In Wealth Solutions, Investment Services fees were up 6% reflecting higher market values and client activity. Net new assets were $22 billion in the quarter, representing an annualized growth rate of 3% and AUC/A of $3.3 trillion were up 14% year-over-year. In Clearance and Collateral Management, Investment Services fees increased by 19%, reflecting broad-based growth in collateral balances and clearance volumes.

在財富解決方案中，投資服務費年增6%，反映市場價值上升與客戶活動增加。本季淨新增資產為220億美元，折算年化成長率為3%，託管/管理資產（AUC/A）為3.3兆美元，年增14%。在清算與擔保品管理方面，投資服務費增加19%，反映擔保品餘額與清算量的全面性成長。

Average collateral balances of $7.8 trillion increased by 18% year-over-year reflecting higher market activity and growth on the back of a robust environment for financing with US treasury securities, strong money market fund balances and increasing client demand for noncash collateral. Ahead of the central clearing mandate for US Treasuries, we are engaging with central counterparties and our clients, and we're delivering innovative solutions from across BNY that help them find new ways to access the market clear transactions and manage collateral and margin.

平均擔保品餘額為7.8兆美元，年增18%，反映市場活動更為活躍，以及在以美國公債作為融資工具的強勁環境下的成長、強勁的貨幣市場基金餘額，與客戶對非現金擔保品需求的增加。在美國公債集中清算（central clearing）強制規定上路之前，我們正與中央對手方（CCP）及客戶積極互動，並提供來自BNY各業務的創新解決方案，協助他們以新方式進入市場、清算交易，並管理擔保品與保證金。

In the quarter, we also saw strong growth in clearing volumes, reflecting net new business wins, particularly in international clearance and from expanding wallet share with existing clients doing more with BNY. In our Payments and Trade business, Investment Services fees were up 5%, primarily reflecting net new business. Payments and Trade delivered another solid quarter with continued sales momentum, including numerous multiline of business wins, particularly with FX and Global Liquidity Solutions.

本季我們也看到清算量強勁成長，反映淨新增業務得標，特別是在國際清算方面，以及既有客戶擴大與BNY合作、提高錢包份額。在支付與貿易業務中，投資服務費年增5%，主要反映淨新增業務。支付與貿易再度交出穩健的一季，銷售動能持續，包括多項跨多條業務線的得標，特別是在外匯（FX）與全球流動性解決方案（Global Liquidity Solutions）。

Net interest income for the segment overall was up 15% year-over-year. Segment expenses of $937 million were up 6% year-over-year, primarily driven by higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker dollar, partially offset by efficiency savings. Taken together, our Markets and Wealth Services segment reported pretax income of $961 million, up 18% year over year and a pretax margin of 51%.

該事業群整體的淨利息收入年增15%。事業群費用為9.37億美元，年增6%，主要由於投資增加、員工績效調薪、與營收相關費用增加，以及美元走弱帶來的不利影響；部分被效率節省所抵銷。綜合而言，我們的市場與財富服務事業群稅前收入為9.61億美元，年增18%，稅前利潤率為51%。

Turning to Investment and Wealth Management on page 11, Investment and Wealth Management reported total revenue of $825 million, up 6% year over year. Investment management and performance fees were up 6%, primarily driven by higher market values and the favorable impact of the weaker dollar, partially offset by the impact of the mix of AUM flows. Segment expenses of $726 million were up 2% year-over-year, primarily driven by the weaker dollar, employee merit increases and higher investments, partially offset by efficiency savings.

接著看第11頁的投資與財富管理。投資與財富管理總營收為8.25億美元，年增6%。投資管理與績效費年增6%，主要由市場價值上升與美元走弱的有利影響所帶動；部分被資產管理規模（AUM）資金流向組合的影響所抵銷。事業群費用為7.26億美元，年增2%，主要由美元走弱、員工績效調薪與投資增加所致；部分被效率節省所抵銷。

Investment in Wealth Management reported pretax income of $90 million, up 43% year-over-year and a pretax margin of 11% versus 8% in the prior year quarter. As I mentioned earlier, assets under management of $2.1 trillion increased by 6% year-over-year. In the first quarter, long-term active flows were flat reflecting net inflows into fixed income and LDI strategies and net outflows from equity strategies.

投資與財富管理稅前收入為9,000萬美元，年增43%，稅前利潤率為11%，高於去年同期的8%。如我先前提到，管理資產規模為2.1兆美元，年增6%。第一季長期主動型資金流持平，反映固定收益與LDI策略的淨流入，以及股票策略的淨流出。

We saw $10 billion of net outflows from cash and $7 billion of net outflows from index strategies. Wealth Management client assets of $339 billion increased by 4% year-over-year, reflecting higher market values.

我們看到現金淨流出100億美元，指數策略淨流出70億美元。財富管理客戶資產為3,390億美元，年增4%，反映市場價值上升。

Page 12 shows the results of the Other segment. I'll close with an update on our financial outlook for the year. In light of our strong performance in the first quarter, we are raising our outlook for total revenue, excluding notable items for the full-year 2026 and now expect approximately 6% year-over-year growth. That includes our expectation for full-year 2026 net interest income to be up approximately 10% year over year.

第12頁顯示其他（Other）事業群的結果。最後我將更新我們今年的財務展望。鑑於第一季表現強勁，我們上調2026全年（不含重大項目）的總營收展望，現預期年增約6%。其中包括我們對2026全年淨利息收入年增約10%的預期。

We expect full year 2026 expense growth, excluding notable items, to be at the top of the 3% to 4% year-over-year growth rate range that we provided in January. And we continue to expect a quarterly tax rate of approximately 23% for the remaining quarters this year.

我們預期2026全年費用成長（不含重大項目）將落在我們1月提供的年增3%至4%區間的上緣。我們也仍預期今年剩餘季度的季度稅率約為23%。

I want to leave you with three important points. First, we delivered a strong financial performance in the first quarter and continue to serve as a pillar of strength for our clients amid a dynamic market environment. Second, the combination of our unique portfolio of businesses, our role in global financial market infrastructure, our deep and trusted client relationships, our diversified business model and the strength of our balance sheet represents an exceptional client value proposition and a powerful competitive advantage.

我想以三個重點作結。第一，我們在第一季交出強勁的財務表現，並在多變的市場環境中持續作為客戶的穩健支柱。第二，我們獨特的業務組合、在全球金融市場基礎設施中的角色、深厚且值得信賴的客戶關係、多元化的商業模式，以及資產負債表的實力，共同構成卓越的客戶價值主張與強大的競爭優勢。

And finally, what truly differentiates BNY today is our ability to mobilize all of the above for the benefit of our clients and shareholders. With that, operator, can you please open the line for Q&A?

最後，真正讓今日BNY與眾不同的是，我們能夠動員上述所有優勢，為客戶與股東創造利益。那麼，接線員，請開放電話線進行問答。

(Operator Instructions) Brennan Hawken, BMO Capital Markets.

(接線員指示) Brennan Hawken，BMO資本市場。

I just start with deposits. So the deposit trends were stronger than expected. I was hoping maybe you could speak to quarter-to-date trends and around betas, specifically for the euro and pound deposit betas, given we've got hikes now in the forward curve, how should we be thinking about the betas for those currencies?

我先從存款談起。存款趨勢比預期更強。我想請你們談談本季迄今的趨勢，以及存款beta，特別是歐元與英鎊存款beta；鑑於遠期曲線現在反映升息，我們應該如何看待這些貨幣的beta？

Okay. Thanks for the question, Brennan. Let me start with overall balances and trends. As you will recall from our call on Jan 13th, we finished last year with strong momentum on deposits. And with the macro uncertainty and just how the events of the quarter played out, we saw clients holding higher levels of liquidity.

好的。謝謝你的問題，Brennan。我先從整體餘額與趨勢談起。如你在1月13日的電話會議中所記得的，我們去年底存款動能強勁。在宏觀不確定性以及本季事件的發展下，我們看到客戶持有較高水位的流動性。

And so as a consequence of that, you see the overall balance being a little bit elevated. And then you saw the mix between IB and NIBs, we attracted more NIBs than anticipated. So overall, on the US dollar side, it really was the balance and the mix that drove the NII outperformance in the quarter. And within particular businesses, it really was an issuer services and asset Servicing, specifically in Corporate Trust that were the two businesses that saw the notable benefit.

因此，你會看到整體餘額略為偏高。另外在IB與NIBs之間的組合方面，我們吸引到的NIBs多於原先預期。所以整體而言，在美元端，主要是餘額與組合推動了本季淨利息收入（NII）的優於預期表現。而在特定業務中，受益最明顯的是發行人服務與資產服務，尤其是公司信託（Corporate Trust）這兩項業務。

As it relates to the non-dollar side of things, euro and sterling is really a smaller part of our overall portfolio. It only accounts for roughly 25% of the overall book. So it's not a meaningful contributor to NII. For euros and sterling, the betas roughly peaked at 80% on the way up. And so we kind of, for dollars and non-dollars, we expect betas to perform in a symmetrical fashion going up as well as going down. That's how we see it.

至於非美元端，歐元與英鎊在我們整體投組中其實占比較小。它們約占整體部位的25%。因此對淨利息收入並非重要貢獻來源。就歐元與英鎊而言，beta在上升過程中大致峰值約為80%。因此，無論美元或非美元，我們預期beta在升息與降息時都會以對稱的方式表現。我們是這樣看的。

Great. And then on, I guess, the (inaudible) formerly known as Pershing. So we had really robust year over year, both DARTs and AUC growth. But the revenue growth was not quite as robust as those two metrics. So could you maybe help unpack the primary drivers of the revenue growth. And help us understand how we should model that going forward?

很好。接著我想談一下（聽不清）先前稱為 Pershing 的業務。我們的 DARTs 與 AUC 年增都非常強勁。但營收成長並沒有像這兩項指標那麼強勁。所以你能否協助拆解一下營收成長的主要驅動因素。並幫助我們理解未來應該如何建模？

Sure. So Wealth Solutions, as we now are going to call it going forward, will be as good as the (inaudible) formerly known as Pershing. And we kind of just -- we continue to believe you saw net new asset growth in the quarter of roughly 3%. I'd just like to reaffirm our kind of belief and commitment that we can grow the business, net new assets, mid-single-digit growth over the coming years.

當然。因此，Wealth Solutions（我們未來將如此稱呼）將會是（聽不清）先前稱為 Pershing 的業務。我們也持續相信，你看到本季淨新增資產成長約 3%。我想再次重申我們的看法與承諾：未來幾年我們能夠推動業務成長，淨新增資產達到中個位數成長。

Also, I think for the first time in a few quarters, we -- it's pleasing that we haven't had to talk about a deconversion. So it was a relatively clean quarter with lots of volume. And so with the macro uncertainty, we did see a lot more volume as clients were rehedging and rebalancing their portfolio. So it was more of a volume-driven quarter. And then just to kind of highlight the point about Archer, like we really kind of feel that Archer sitting in Wealth Solutions will be able to drive more capabilities and more product innovation for our clients, so feel really good about the outlook and what Archer can do in the Wealth Solutions space.

另外，我想這是幾個季度以來第一次，我們——很高興不必談到去轉換（deconversion）。所以這是一個相對乾淨的季度，且交易量很大。在宏觀不確定性之下，我們確實看到更多交易量，因為客戶在重新避險並重新平衡其投資組合。所以這更像是一個由交易量驅動的季度。再強調一下 Archer 的重點：我們確實覺得 Archer 置於 Wealth Solutions 之中，將能為客戶帶來更多能力與更多產品創新，因此我們對前景以及 Archer 在 Wealth Solutions 領域能做的事情感到非常樂觀。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

So obviously, very strong performance in the quarter, underscoring the benefits of various verticals within BK. And part of that, I guess, is sort of transitory. So I was hoping we could unpack that both on the fee side and NII, perhaps like how much of the benefit the elevated market volatility being created this quarter do you think about the right baseline and then for NII, the NIB performance was obviously quite strong. And it feels like in your guide, you're largely kind of mean reverting that. It doesn't sound like you're assuming much of that is going to stick around, but I was hoping you can unpack that a little more on what's baked into the NII guide on the drivers.

所以很明顯，本季表現非常強勁，凸顯 BK 內各個垂直業務的效益。其中一部分我想算是偏短期的。因此我希望我們能拆解一下，包含費用端與 NII：例如，本季由較高的市場波動所帶來的好處，你們認為多少應視為合理的基準水準？另外就 NII 而言，NIB 的表現顯然相當強勁。但感覺在你們的指引中，你們大致上是讓它回歸均值。聽起來你們並未假設其中有太多會持續，但我希望你們能再多拆解一些：在 NII 指引中，究竟納入了哪些驅動因素？

Okay. For your first question, that was a lot of questions, Alex. So here's what I would say. And look, Robin spoke about it well on Squawk Box this morning, we're setting the firm up for really a diversified revenue stream and durable. And so I think what was very pleasing from a CFO lens this quarter was the diversity of the revenue stream, the mix between fees from balances and fees from volumes.

好的。你第一個問題其實包含很多問題，Alex。所以我會這麼說。而且你看，Robin 今天早上在 Squawk Box 上講得很清楚：我們正在把公司打造為真正多元且具韌性的營收來源。因此，從 CFO 的角度來看，本季最令人欣慰的是營收來源的多樣性，也就是來自餘額的費用與來自交易量的費用之間的組合。

And look, there was a lot of uncertainty in the market over the course of the first quarter and our clients were doing a lot of rebalancing. So we were there to help and support that. And so volatility can also be a good enabler for BNY in terms of the business model because it generates volumes. So you saw that across all of our platforms, and then you saw the mix was roughly 50-50 between balances and volumes. So that was also pleasing to see. And also, I think -- the balance between equities and fixed income was also pretty balanced. So overall, I think it was very pleasing to see in terms of the backdrop.

而且你看，第一季市場存在很多不確定性，我們的客戶做了大量再平衡。所以我們在那裡協助並支持他們。因此，波動對 BNY 的商業模式而言也可能是很好的助力，因為它會帶來交易量。你在我們所有平台上都看到了這點，而餘額與交易量的組合大約是 50-50。所以看到這點也令人欣慰。另外我認為——股票與固定收益之間的平衡也相當均衡。所以整體而言，就大環境而言，看到這些表現非常令人欣慰。

Look, to be honest, we see that hopefully to continue. And we have scaled platforms that we've invested in over the last couple of years. And with the record sales quarter, you're beginning to see the proof points of clients coming to the platforms, wanting to do more with us across multiple lines of business. So it really is clients doing more against a macro backdrop that was uncertain that generated the volumes. So overall, a very pleasing quarter.

坦白說，我們希望這種情況能持續。我們在過去幾年投資並擴大了平台規模。而隨著創紀錄的銷售季度，你開始看到一些佐證：客戶來到平台，希望在多條業務線上與我們進行更多合作。所以這確實是客戶在宏觀環境不確定的背景下做更多事情，從而帶動了交易量。因此整體而言，這是一個非常令人欣慰的季度。

As I said in my prepared remarks, there are a few one-offs in there. We particularly highlighted that in security services, which is a 3% contributor to the margin of 39%. But if you back that out, it's 36% margin, still a pretty exceptional quarter for that segment.

正如我在事先準備的發言中所說，裡面有一些一次性因素。我們特別強調了證券服務（security services）中的部分，這對 39% 的利潤率貢獻了 3%。但如果把那部分扣除，利潤率是 36%，對該分部而言仍然是相當出色的一季。

Got you. And then just the follow-up on [NAB] and what you guys are assuming a sort of temporary deposits given the volatility that could reverse itself over the next quarter or so? And how does that inform your 10% in NII guide?

了解。那再追問一下關於 [NAB]：你們是否假設因波動而出現的一些暫時性存款，可能在接下來一季左右反轉？而這又如何影響你們 NII 指引中的 10%？

So we expect we expect deposit balances to kind of revert to more seasonal patterns from here. We expect Q2 to be moderate -- slightly down from Q1. Q3 is usually our -- kind of seasonally our weakest quarter with Q4 being our strongest quarter. But over the balance of the year, we expect balances to be modestly higher relative to 2025. We've run a bunch of scenarios, different rate environments, different levels, take the feedback from the businesses and that kind of gives us confidence around the 10% guide.

所以我們預期存款餘額會從這裡開始回歸到較具季節性的型態。我們預期第二季會溫和——較第一季略為下降。第三季通常是——就季節性而言是我們最弱的一季，而第四季是我們最強的一季。但就全年其餘期間而言，我們預期餘額相較於 2025 年會小幅提高。我們跑了很多情境，不同的利率環境、不同的水準，並吸收各業務單位的回饋，這些讓我們對 10% 的指引更有信心。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess maybe Dermot, following up on your response to the previous question. I just want to make sure we get this right. So very clear on deposit, NII outlook. On fees, the guidance implies like 2% to 3% growth for the rest of the year. Is that right?

我想也許 Dermot，延續你對上一題的回覆。我只是想確認我們理解正確。關於存款與 NII 展望非常清楚。在費用方面，指引意味著今年剩餘期間大約 2% 到 3% 的成長。是這樣嗎？

And I'm just wondering -- like what's the -- like what would need to happen? Like do we need a materially better or worse macro for the [2% to 3%] to be much higher or lower? I'm just wondering what are the market assumptions you're making in the guidance for the rest of the year on the fee revenue side?

我只是想知道——需要發生什麼情況？例如，是否需要宏觀環境明顯更好或更差，才會讓這個 [2% 到 3%] 變得高很多或低很多？我想了解的是：在今年剩餘期間的費用收入端，你們在指引中採用的市場假設是什麼？

So look, it's a tricky question. You ask Ebrahim. If you go back to Jan 13, when we gave the guidance for the full year, we went with 5% on top line growth, and we expect this -- when I was pressed on that, we kind of said a little bit higher on NII, a little bit lower on fees. And so we're one quarter into it, I would say, underneath the hood, and we said this on the call again in January, we continue to believe that we're grinding organic growth higher than where it was.

你看，這是個棘手的問題。你問得很好，Ebrahim。如果回到 1 月 13 日我們給出全年指引時，我們提出營收（top line）成長 5%，而我們預期——當時在被追問時，我們大致說 NII 會稍高一些、費用會稍低一些。現在才過了一個季度，我會說，就內部細項來看，而且我們在 1 月的電話會議上也再次提到，我們仍然相信我們正在把有機成長率逐步推升到高於過去的水準。

It was 3% in 2025. You will remember way back to '22, it was flat and '23, it was 1%. So we're very focused on it. And as Robin said in his remarks, record sales quarter this year, first quarter, two record sales quarters last year, that is going to drive into the organic growth. So we feel pretty good about the outlook for the year, but we're only one quarter in, three quarters to go a lot of uncertainty, so we're not really changing our outlook on the fee at the moment.

2025 年是 3%。你會記得早在 2022 年是持平，而 2023 年是 1%。所以我們非常專注於此。而如 Robin 在他的發言中所說，今年第一季是創紀錄的銷售季度，去年也有兩個創紀錄的銷售季度，這將會帶動有機成長。因此我們對今年的展望感覺相當不錯，但我們才走過一個季度，還有三個季度要走，不確定性很高，所以目前我們並沒有改變對費用的展望。

Got it. And then I guess one sort of a bigger picture question. Maybe, Robin, for you, you sort of talked about like the use of AI, all the other sort of efficiency improvements at the bank. And I would argue like there are a few banks that are deploying AI more efficiently than BNY is.

了解。接著我想問一個比較宏觀的問題。也許，Robin，想請教你，你剛才談到像是 AI 的運用，以及銀行內其他各種效率提升。而我會認為，有幾家銀行在更有效率地部署 AI 方面做得比 BNY 更好。

Just -- is there a risk that you're underinvesting or like when we look at the pretax margin, and to play devil's advocate, could you be doing more in terms of investing in the business using some of these revenue tailwinds given that I would argue that you think there are a lot more productivity boost that the firm should see due to AI, so why not invest more sort of further improve the growth algo for the firm, would be helpful there.

就是——是否存在你們投資不足的風險？或者從稅前利潤率來看，站在唱反調的角度，你們是否可以做得更多：在這些營收順風因素的帶動下，用其中一部分去加大對業務的投資？因為我會認為，你們也覺得公司因 AI 應能看到更多生產力提升，那為什麼不多投資一些，進一步改善公司的成長演算法（growth algo）？希望你能說明一下。

Sure. Ebrahim. So let me just split it in two because you're really asking two questions. I recognize they're related, but let me just, first of all, talk about the investments versus the operating leverage. It's very important to do both.

當然。Ebrahim。所以我先把它拆成兩部分，因為你其實問了兩個問題。我知道它們彼此相關，但我先談第一個：投資與營運槓桿之間的取捨。兩者都做到非常重要。

We are investing in growth, and we are driving positive operating leverage and margin expansion. And we've said that we're going to do that consistently. And so we're setting ourselves up for those real peer-leading levels of operating leverage while we are also investing in the long term. And remember this point about long term because that's how we think about it.

我們正在投資成長，同時也在推動正向的營運槓桿與利潤率擴張。而我們也說過，我們會持續一致地這麼做。因此，我們一方面讓自己具備同業領先水準的營運槓桿，同時也在做長期投資。也請記住「長期」這一點，因為我們就是用這種方式來思考。

Now, sometimes people ask us the question that you're asking and they're saying, okay, are you investing enough? And then the flip side of that question is, do you have full control of your expenses? So if there was any change in the environment and somehow you could react to that. So we're very careful and thoughtful about that point, both leaning in when there is the space to do so, but not setting ourselves up with such a huge momentum of expenses that somehow it becomes problematic in the future if we wanted to make a calibration. And so we feel like we're doing that quite well.

現在，有時候大家會問我們你剛才問的問題：好，你們投資夠不夠？而這個問題的另一面是：你們是否能完全掌控費用？也就是如果環境有任何變化，你們是否能對此做出反應。所以我們在這點上非常謹慎、也很周全：在有空間時會加大投入，但也不會讓費用動能大到未來若要做調整時反而變成問題。因此我們覺得自己在這方面做得相當好。

Now, let me flip that into the AI question. And if you remember, we have been investing in AI for three years. And we've been investing in a pretty meaningful way. And we have a lot of investment heft behind us because remember, our $4 billion technology spend.

接著我把話題轉到 AI。如果你還記得，我們投資 AI 已經三年了。而且我們的投入相當有份量。我們背後有很強的投資力道，因為別忘了，我們每年有 40 億美元的科技支出。

Now we've talked before about the evolution of that technology spend. once upon a time, five, years ago, it was heavily geared towards infrastructure because we were really rewiring literally our underlying infrastructure so that we would be able to build the more modern technology and applications on top of that.

我們之前談過這筆科技支出的演進。曾幾何時——大概五年前——它很大一部分是投入在基礎設施上，因為我們確實是在重新改造、甚至可以說是「重拉線」我們的底層基礎架構，讓我們能在其上建置更現代化的技術與應用。

Now, we've got this wonderful gift of AI at exactly the time that we're leaning into those types of capabilities. And what we tried to give you on the slide is just a sense of the breadth. We're not going to sit here and talk about all the leading edge AI things that we are doing that are state-of-the-art in the company today. They exist. But that's something that we'll keep for ourselves at the moment.

現在，在我們正加大投入這類能力的同時，AI 正好成為一份很棒的禮物。而我們在投影片上想讓你感受到的是它的廣度。我們不會坐在這裡逐一談論公司目前正在做的所有最前沿、最先進的 AI 事項。它們確實存在。但目前我們會先保留不對外細談。

What we do want to do is show you the breadth of what we're doing, so you can get a sense of the fact that it's really everywhere. Remember, we've got 218 AI solutions in production right now all across the company. That's up four times year over year. We've got digital employees working side by side. And we have a ton of stuff in pilot, so we feel very good about our AI investments right now. But to your point, if we felt we needed to do more, we could do more, and we would do more.

我們真正想做的是讓你看到我們正在做的事情有多廣，讓你感受到它其實無所不在。記住，我們目前在全公司已有 218 個 AI 解決方案在正式環境上線運行。這比去年同期增加了四倍。我們也有數位員工與人員並肩工作。而且還有大量項目在試點中，所以我們對目前的 AI 投資非常有信心。但如你所說，如果我們覺得需要做得更多，我們可以做得更多，也會去做更多。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，富國銀行證券（Wells Fargo Securities）。

I guess AI is the topic of the day or you brought upfront in the deck and AI for everyone, everywhere and everything and you talked about doing this for 3 years and you have 200 solutions. And you said you're starting to see the financial benefits. So I get it, it all sounds deliberate and thoughtful and clear. But then the big question is what will the financial benefits be? And what are the financial benefits now? And in five years, do you -- what are your financial expectations as the end result of all these efforts you've been undergoing.

我想 AI 是今天的主題，或者說你們在簡報一開始就把它放在前面：AI 給每個人、在每個地方、用於每件事；你也提到你們做這件事已經三年，並且有 200 個解決方案。你說你們開始看到財務效益。所以我理解，聽起來一切都很有計畫、很周到、也很清楚。但最大的問題是：財務效益會是什麼？現在的財務效益是什麼？以及五年後——你們對於在所有這些努力最終落地後的財務結果，有什麼樣的財務預期？

Sure, Mike. So obviously, it's a critical question. And so just talk about a few different things. We see it as a catalyst for real transformational change. We've said from the beginning that the technology is clearly -- and it was -- this has been clear to us for several years that the technology was going to move incredibly rapidly, and it was going to scale in an exponential way, and we're seeing that now in reality.

當然，Mike。這顯然是個關鍵問題。我從幾個不同面向來談。我們把它視為真正帶來轉型變革的催化劑。我們從一開始就說過，這項技術很明顯——而且對我們來說——幾年前就很清楚：技術會以極快速度演進，並且會以指數型態擴張，而我們現在正看到這一點在現實中發生。

And so therefore, adoption and integration risk being the limiting factors. And I think as a user of AI it's incredibly important that we find ways to be able to embed it and have our people pulling it in as opposed to potentially pushing it away. So this foundational investment in culture and in the technology is allowing it to be the super power that it really is and can be a capacity multiplier for our people.

因此，採用與整合的風險反而可能成為限制因素。我認為，作為 AI 的使用者，我們必須找到方法把它嵌入流程，讓我們的人願意把它「拉進來」使用，而不是可能把它「推開」。所以在文化與技術上的這些基礎性投資，讓它能成為它真正具備、也可以具備的超能力，並且成為我們員工的產能倍增器。

So one of the things that we've been focused on is we would like a 47,000 person company, which is what we are today, to be able to deliver like one that is, in fact, many times larger. And that point that I mentioned in answer to the prior question about having a $4 billion technology spend, we've got the scale to actually be able to use AI and deploy it properly. And this scale point is incredibly important in terms of the way that we frame it because if you are a smaller spend, you've got $1 billion spend, you've got $500 million spend, probably true with $2 billion spend as well.

因此，我們聚焦的一件事是：我們希望一家擁有 47,000 名員工的公司——也就是我們今天的規模——能夠像一家實際上大很多倍的公司那樣交付成果。而我在回答上一個問題時提到的那點：我們有 40 億美元的科技支出，這讓我們具備規模，能真正把 AI 用好並正確部署。而「規模」這點在我們的論述框架中非常重要，因為如果你是較小的支出規模——你只有 10 億美元、5 億美元——甚至 20 億美元可能也一樣。

You just don't have the scale to be able to invest in your AI platform. And then you run risk of lock in because of the way that you live in someone else's ecosystem, you become subject to the token price wars and all of those things. And there are some very pleasant consequences that can come from that. So now let me really get to the question. We think the financial outcomes are going to show up in different ways. We think it's going to show up, and we showed a lot of this on the page, the early bits of this in productivity for our people.

你就是沒有足夠的規模去投資自己的 AI 平台。接著你會面臨被綁定（lock-in）的風險，因為你活在別人的生態系裡，就會受制於 token 價格戰以及各種因素。而那可能會帶來一些「不太愉快」的後果。那我現在回到真正的問題。我們認為財務成果會以不同方式呈現。我們認為它會先體現在——而我們在那一頁也展示了不少——員工生產力的早期提升。

This concept of 47,000 people being able to do a lot more delivering more for our clients is really going to start to show up. And we'll see that in the revenue per employee and the pretax employee over time. The progress so far has been largely driven by platforms operating model, the rewiring, the commercial model, all of those different things. But the next leg of that growth is maturing of those 2 programs and powered by AI, which is really kind of wrapped around everything.

這個「47,000 人能做更多、為客戶交付更多」的概念，將會開始逐步顯現。我們會在每位員工的營收（revenue per employee）以及每位員工的稅前利潤（pretax per employee）上，隨時間看到它。到目前為止，進展主要是由平台營運模式、底層重構、商業模式等各種因素所驅動。但下一段成長動能，將來自這兩個計畫的成熟化，並由 AI 賦能——而 AI 其實是包覆在所有事情之上的。

The second vector is going to be the capabilities and features of our software, of our platforms as we deliver for clients. And we're already starting to see that showing up with client things. I mentioned this deliberately in the prepared remarks. When you look at our AGI win in Europe the fact that they had an inside look at what we are doing on AI, made them really excited about joining our platform because they saw that AI wasn't just us and our own productivity, it was going to be for them, and they viewed us as an extension of their operating model and therefore, our AI as an extension of what they could actually do, very powerful.

第二個向量將會是我們軟體的能力與功能，以及我們在為客戶交付時所使用的平台能力。而我們已經開始看到這在客戶相關事項上浮現。我在事先準備的講稿中特別刻意提到這點。當你看我們在歐洲拿下 AGI 的案子時，他們能夠近距離看到我們在 AI 上做的事情，這讓他們對加入我們的平台感到非常興奮，因為他們看到 AI 不只是提升我們自身的生產力，也會是為了他們；他們把我們視為其營運模式的延伸，因此也把我們的 AI 視為他們實際能做之事的延伸，這非常有力量。

And then the third one is there are going to be things that we can do in an AI-enabled world that frankly just didn't make a lot of sense to do before things that were at the edge of profitability for us as a company, things that clients might have asked us for, but just didn't make a ton of sense to devote resources. But when you get an abundance of capacity, which is how we think about AI, creating for us we can start to think about doing things that previously were things that we had to leave just below the line. So there's a triple play for us in terms of how we're thinking about AI capacity creation, revenue enablement and then this expanding a little bit the perimeter of the firm. And collectively, those things are coming together in a way that really does excite us for the future. But you're right, it's early days, and that's just fine.

然後第三個是，在一個由 AI 賦能的世界裡，我們將能做一些坦白說以前做起來並不太有意義的事情——一些對我們公司而言處在獲利邊緣的事情、一些客戶可能曾要求我們做、但投入資源並不太划算的事情。但當你擁有充沛的產能——這就是我們看待 AI 為我們創造的東西——我們就可以開始思考去做一些過去不得不放在損益表「線下」的事情。所以就我們如何思考 AI 的產能創造、營收賦能，以及把公司的邊界稍微向外擴張而言，對我們來說是一個三重奏。而整體而言，這些事情正以一種確實讓我們對未來感到興奮的方式匯聚在一起。但你說得對，現在還是早期階段，而這樣也很好。

I think it's very clear you're -- in the debate, are banks or BNY an AI beneficiary or victim, obviously, you're saying you're a beneficiary. The other side of this, though, are the bad actors with these AI superpowers, as you described them. And all that I know is what I read in the paper about bank CEOs being summing to DC due to Anthropic and the new tools that are out there and the big risk of cyber. And I just have a tough time dimensioning the new cyber risk that's out there, given the new AI tools? And how should investors think about this type of risk? And how do you think about that?

我覺得很清楚，在「銀行或 BNY 到底是 AI 的受益者還是受害者」這場辯論中，你們顯然是在說自己是受益者。不過，另一面是你所描述、擁有這些 AI 超能力的壞人。而我所知道的都只是從報紙上讀到：因為 Anthropic 以及市面上新的工具，銀行 CEO 們被召集到華盛頓特區，還有巨大的資安風險。但我很難衡量在這些新 AI 工具出現後，新的網路風險到底有多大？投資人應該如何看待這類風險？你們又是怎麼思考的？

So it's obviously an important question. Cyber defense is something that as a -- as one of the world's leading financial institutions in the G-SIB here in the US, we're clearly very focused on. We do a lot of important things. And so defending our clients, defending our role in the financial system has been important for us, frankly, for decades. And as the technology evolves, so to do the defenses.

所以這顯然是一個重要的問題。網路防禦是我們——作為美國這裡的 G-SIB、也是全球領先的金融機構之一——明確高度聚焦的事情。我們做很多重要的事。因此，保護我們的客戶、捍衛我們在金融體系中的角色，坦白說，數十年來一直都很重要。而隨著科技演進，防禦也同樣會演進。

Now, this is a team sport and so doing it with AI providers, other technology partners, all incredibly important. We have (inaudible) in-house. We're running it. And so it becomes -- it joins the team of defense for us as does the early access preview capability that OpenAI announced a couple of days ago, again, joined the team part of our defense.

現在，這是一項團隊運動，因此與 AI 供應商、其他科技夥伴一起合作都極其重要。我們有（聽不清）在內部。我們正在運行它。因此它就成為——加入我們防禦團隊的一員；同樣地，OpenAI 幾天前宣布的早期存取預覽能力，也再次加入了我們防禦的團隊陣容。

And you framed it right, and I used the term for a reason, this concept of superpower because what AI really is now is a superpower. And if you'll forgive the metaphor for a second, it can be used for good and it can be used for evil. And so we're pulling the super power into our environment to use for good in order to be able to defend ourselves. And we view this as sort of an entirely predictable evolution of the technology. When there's a technology, whatever it may be, that is on an exponential curve of growth, it's just inevitable that we'll get surprised by when it takes one of those step functions.

而你框架抓得很對，我也特意用了這個詞——「超能力」這個概念，因為 AI 現在真正是種超能力。如果你允許我用一下這個比喻，它可以用於善，也可以用於惡。因此我們把這種超能力引入我們的環境，用於善，以便能夠保護自己。而我們把這視為科技完全可預期的一種演進。當有一項科技——不論是什麼——處在指數型成長曲線上時，我們難免會在它出現某個階躍式變化時感到意外。

But in a way, it's entirely predictable that, that would happen. And so we've gotten ourselves accustomed to the fact that this is an accelerating thing. We've got to constantly be working to stay ahead of the curve, it goes back to culture, it goes back to humility, and it goes back to being very, very focused on our role in the system. So that's where we are. And all of us have to be vigilant.

但從某種角度看，這樣的事情發生其實完全可預期。因此我們已經習慣這是一個加速中的事物。我們必須持續努力走在曲線之前——這回到文化、回到謙遜，也回到對我們在體系中角色的高度專注。所以這就是我們目前的狀態。而我們所有人都必須保持警覺。

By the way, as an investor, you have to think about this across all industries. This isn't just a financial services thing. This is an all industry thing. Bad actors can use AI in bad ways across all sorts of different vectors. And so we have 1 of the privileges in the financial services industry is that we've been alert to this topic for a long time.

順帶一提，作為投資人，你必須把這件事放到所有產業去思考。這不只是金融服務的事情。這是所有產業的事情。壞人可以在各式各樣不同的向量上，以不好的方式使用 AI。因此，我們在金融服務業的一項「特權」是：我們對這個議題警覺已久。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

So very clear message here on AI. It sounds to me like with the investment spend already in the run rate and a lot more of the benefit to come, there is actually a lot more benefit here on the expense side. You're already at a 37% margin even before the full benefit of the platform's operating model. So I guess, is the rationale for keeping the medium-term targets at 38% plus/minus that there may be some of these economics that you have to share with your customers and that will get you more market share in the future?

所以這裡對 AI 的訊息非常清楚。聽起來對我而言，既然投資支出已經納入目前的常態化支出水準，而更多效益還在後面，其實在費用端還有更多好處。即便平台營運模式的完整效益尚未完全體現，你們的利潤率已經達到 37%。所以我想問，把中期目標維持在 38% 上下的理由，是否是因為其中一些經濟效益需要與客戶分享，而這將在未來為你們帶來更多市占？

So I'll take a stab at that first. And it kind of goes back to one of the previous questions about investing in capacity. Look, we just updated our medium-term targets in January. We had -- we're one quarter into that. The medium-term targets were based on a three- to five-year horizon.

我先嘗試回答一下。這某種程度上回到先前一個關於投資產能的問題。你看，我們在一月才剛更新中期目標。我們——目前才走過其中一個季度。中期目標是以三到五年的時間範圍為基礎。

And so we feel good about where we are on the decade-long journey. And so we'll continue to invest, as Robin said, we're continuing to harvest efficiencies. We think the margin targets and the ROCE targets that we gave in January were a stretch for the firm, notwithstanding the Q1 that we've experienced. So that needs to be repeated through the cycle to give us confidence that they can be attained.

因此，對於這段長達十年的旅程我們目前所處的位置，我們感覺良好。我們會持續投資；如 Robin 所說，我們也會持續收割效率。我們認為一月給出的利潤率目標與 ROCE 目標，對公司而言是具挑戰性的，即便我們經歷了第一季的表現也是如此。因此需要在景氣循環中反覆驗證，才能讓我們有信心它們可以達成。

So I think it's too early to say. And look, when we see opportunities like Robin said on AI, we may invest more. And so we're at the high end of our guide for expenses this year. We like to believe we've earned credibility with the market on being financially disciplined and stewards of the expense base. So it's something that we actively review continuously. And if we see more opportunity to invest, we will. And at the right time, we will talk to you about how it's turning out for a medium term.

所以我認為現在下結論還太早。而且你看，當我們看到像 Robin 提到的 AI 這類機會時，我們可能會投資更多。因此今年我們的費用指引落在區間高端。我們願意相信，我們在財務紀律以及費用基礎的管理者角色上，已經在市場上建立了可信度。所以這是我們持續主動、並且不斷檢視的事情。如果我們看到更多投資機會，我們就會投。在適當的時點，我們也會和各位說明中期結果如何發展。

So let's just talk for a second, Manan, about the -- where does the value accrue because this is, I think, quite an important question. We, over the long term, see great value creation with AI, and it's going to accrue to clients. It's going to accrue to employees, and it's going to obviously accrue to shareholders as well. And we think AI over time, is just going to become stable stakes and ubiquitous. And so to some extent, it will.

Manan，我們先花一點時間談談——價值會累積到哪裡，因為我認為這是個相當重要的問題。長期來看，我們認為 AI 會創造很大的價值，而這些價值會累積到客戶身上。會累積到員工身上，當然也會累積到股東身上。而我們認為 AI 隨著時間推進，將會變成基本門檻並且無所不在。因此在某種程度上，它將會。

You're right, some of it will get priced out through that value chain. But we think that companies that have an edge on using and deploying the technology will have an advantage. And there is a certain benefit to being a little bit ahead in terms of product development and cost of doing business. And so we see this early adopter benefit. We think we are actually an early adopter. But we also think the strategy is super important here.

你說得對，其中一部分會在那條價值鏈中被反映到價格裡。但我們認為，在使用與部署這項技術方面具備優勢的公司，將會擁有競爭優勢。而在產品開發與營運成本方面稍微領先，也會帶來一定的好處。因此我們看到了早期採用者的紅利。我們認為我們其實就是早期採用者。但我們也認為，策略在這裡極其重要。

And I'm just going to call out three things. So number one, culture is an enabler in AI, and we've made a lot of investment in AI. And so to have a team at BNY who see the power of AI and want to use it, that's actually not a small advantage. That's a meaningful thing.

我就點出三件事。第一，文化是AI的促成因素，而我們在AI上投入了大量資源。因此，BNY有一支看見AI力量並且想要使用它的團隊，這其實不是小小的優勢。這是很有意義的一點。

The second thing is we have done work in the company particularly with our platform's operating model, but also with our commercial model to lay the groundwork for being, I think, maybe a better adopter of AI than on average, because of the fact that we brought [light things] together, and we've already done some of the rewiring, the data organization and the other stuff, which frankly is incredibly useful when it comes to actually deploying AI.

第二，我們在公司內做了不少工作，特別是在平台的營運模式上，也在商業模式上打下基礎，使我們我認為可能比一般同業更能採用AI，因為我們把一些[零散的東西]整合在一起，而且我們已經完成部分重整：資料的組織以及其他工作；坦白說，這些在真正部署AI時非常有用。

And then the third thing is this point, and I mentioned it in answer to a prior question. But this point about having the scale because if we think of ourselves as an established player, we've got lots of mini moats all over the place associated with what we do and how we do it and the trust of financial services and people don't necessarily want to give their agent control of all their assets and all of the usual stuff, those things are advantages.

第三點就是這個重點，我在回答前一個問題時也提過。也就是規模的重要性：如果我們把自己視為既有的市場參與者，我們在各處都有許多與我們做什麼、怎麼做，以及金融服務業的信任相關的「小護城河」；而且人們通常不一定願意把所有資產的控制權交給他們的代理人，以及其他常見的顧慮——這些都是優勢。

We have the mentality of a clean sheet of paper, but we have the benefits of an incumbency because we've got the clients, we've got the business, we've got the connections. We've got the platforms. And so we've sort of liberated ourselves from a mindset point of view, but we're leveraging our strengths.

我們有「白紙」的心態，但也享有既有者的好處，因為我們有客戶、有業務、有連結。我們有平台。因此我們在思維上某種程度解放了自己，但同時也在運用我們的強項。

And so then that final point becomes the scale. And do you have the ability to manage yourself where you're not just going to be providing a ton of revenue to the AI companies and losing control of it because this point about escalation of token usage, escalation of token costs, it's the same story that we've seen before with cloud. If you allow yourself to get locked in and you don't have the breadth of access. You're taking a real risk on the pricing PowerPoint that you essentially raised before. And so for us, it's the how of the is actually, we think, also a bit of a strategic advantage.

因此最後一點就回到規模。你是否有能力管理自己，不至於只是把大量營收送給AI公司、並且失去對它的掌控？因為關於token使用量的攀升、token成本的攀升——這跟我們以前在雲端看到的故事一樣。如果你讓自己被綁死（lock-in），而且沒有足夠廣泛的存取選項，你就在定價權這個你先前提出的點上承擔了很大的風險。所以對我們而言，「怎麼做」本身，我們也認為是一種策略優勢。

So look, we've made a bet on AI. We started it three years ago. So far, that's been the right strategy, and we're leaning in, and we think this is something that's going to accrue well to our company over time.

所以你看，我們在AI上押了注。我們三年前就開始了。到目前為止，這是正確的策略；我們會加大投入，而且我們認為這會隨時間推進，為公司帶來良好的累積效益。

Very clear. I appreciate all the detail. Maybe just on the capital side, given the new rules that we had a few weeks ago it would seem to me that BNY would benefit on the G-SIB surcharge side. It's not entirely clear to me what the benefit would be on the RWA side. So I was wondering if you could comment on that and maybe if this changes how you're thinking about the capital targets.

非常清楚。感謝你提供這麼多細節。或許談一下資本面：考量到幾週前公布的新規則，我的理解是BNY在G-SIB附加費方面應該會受益。但在RWA方面的好處我不太確定。所以想請你評論一下，並且這是否會改變你們對資本目標的看法。

Thanks for the question. Look, the recent rule is broadly favorable for BNY before when we talked about it on previous calls, we kind of gave a preliminary estimate of 5% to 7% based on the original proposals. And now we expect a flat to modest reduction. And so look, it just reinforces what we say about our balance sheet, the strength of a liquid balance sheet, low-risk nature of the balance sheet. And so we feel good about where we are, and we feel good about the current proposals.

謝謝你的問題。整體而言，近期的規則對BNY是有利的；先前我們在過去的電話會議談到時，根據原始提案，我們給過一個初步估計是5%到7%。而現在我們預期會是持平到小幅下降。所以你看，這只是再次印證我們對資產負債表的說法：流動性資產負債表的強度，以及資產負債表低風險的特性。因此我們對目前的位置感到安心，也對現行提案感到樂觀。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Just two environmental related questions. Given the real big sharp period end balances, the capital ratios went down. Obviously, you have plenty of room assuming that being temporary, you wouldn't have any change to your outlook for your expected total capital return for this year?

兩個與環境相關的問題。鑑於期末餘額出現非常大且急劇的變動，資本比率下降了。顯然你們有很大的緩衝空間；假設這是暫時性的，你們對今年預期的總資本回饋展望應該不會有任何改變，對嗎？

That's correct. It was really a spot balance sheet on the last day of the quarter, and that returned to normal levels on April 1. And as you'll see from my remarks, Tier 1 leverage ratio, which is what we're bound by remained steady at 6%.

沒錯。那其實只是季度最後一天的資產負債表時點數字，並且在4月1日就回到正常水準。而且如同你會從我的發言看到的，我們受約束的第一級資本槓桿比率（Tier 1 leverage ratio）仍維持在6%不變。

Okay. And also, given that it was a very volatile quarter with a lot of benefits from the environmental type of shift. Just wondering just how organic growth feels especially given a little bit more uncertainty out there. You had spoken last quarter about trying to be better than the 3% last year. Any changes to this an environment in terms of business wins and decision-making out there from your client set?

了解。另外，鑑於這是一個波動非常大的季度，而且因為環境類型的轉移帶來了不少好處。我想問的是，有機成長的感受如何，尤其是在外部不確定性稍微增加的情況下。你們上季曾提到希望能優於去年3%的水準。在這樣的環境下，客戶群在業務得標與決策方面，有沒有任何變化？

So I would just reemphasize the point that Robin made in answer to earlier questions and in these prepared remarks. We saw three really nice client wins in Q1 and across different types of clients, which really kind of demonstrated the strength and the breadth of the franchise. I highlighted in my prepared remarks that 50% of client wins in asset servicing in Q1 were also other lines of business were also awarded. So that kind of clients doing more with us across multiple platforms is really becoming more of a thing. And record sales quarter.

我會再次強調Robin在先前問題以及這些事先準備的發言中提到的重點。我們在第一季看到三個非常不錯的客戶得標，而且涵蓋不同類型的客戶，這確實展現了我們特許經營的實力與廣度。我在事先準備的發言中也強調，第一季資產服務（asset servicing）的客戶得標中，有50%同時也授予了其他業務線。因此，客戶在多個平台上與我們合作更多，這件事正變得越來越常見。而且是創紀錄的銷售季度。

So we feel we're not guiding on organic growth. It was 3% last year. It was zero four years ago, and we've been working the order book higher. And so we expect it to grind higher over the balance of this year. We're excited about the opportunity.

所以我們不對有機成長提供指引。去年是3%。四年前是0%，而我們一直在把訂單簿（order book）往上做。因此我們預期在今年剩餘期間會逐步走高。我們對這個機會感到興奮。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

So when we all look at the bank banks, there's a lot of focus on the [NBFI] lending into a bunch of the funds in private credit land. I wondered, as the biggest servicer of a lot of these products, I'm curious how much of lending into the funds is integral part of the service and relationship and if you have any dimensionalizing of size and composition of book and how much it's grown for you?

當我們看各家銀行時，市場很關注[NBFI]對私人信貸領域許多基金的放款。我想問，作為這些產品最大的服務機構，你們對基金放款在多大程度上是服務與關係中不可或缺的一部分？以及你們是否能就你們的規模與投組構成做一些量化說明，還有這部分對你們而言成長了多少？

So our exposure from a balance sheet perspective is de minimis, well managed. We feel very good about our risk in that dimension. I'll point you over to our Corporate Trust. And as I said in my prepared remarks, we went through for the first time, $15 trillion of loan service, and that's where we service a lot of those clients. And so we feel very good about that business.

從資產負債表角度來看，我們的曝險微乎其微（de minimis），而且管理得當。在那個面向上，我們對自身風險狀況非常有信心。我會請你參考我們的公司信託（Corporate Trust）業務。如同我在事先準備的發言中提到的，我們首次突破了15兆美元的貸款服務規模，而我們也在那裡為許多這類客戶提供服務。因此我們對那項業務非常有信心。

We feel very good about the momentum that's in there and the investments that we've made. So while it's been noteworthy with other banks and through the new cycle over the last several weeks in private credit space, it hasn't materially showing up in our business, and there are no bumps there that I would highlight.

我們對其中的動能以及我們所做的投資感到非常有信心。因此，雖然在過去幾週的私募信貸領域，其他銀行以及在新的週期中確實出現了一些值得關注的情況，但在我們的業務中並未實質性地顯現，我也沒有要特別指出的任何顛簸。

One other one that catches my attention is periodically, you'll see a certain fund or certain even stock get tokenized. And I think there's a lot of investments in, I don't know, experiments being done. And I think you're plenty investing in part of it too. So maybe you could just update us on where we're at and why we're at, meaning like what are we -- money market funds, I get a little bit, but why does the world need everything tokenized. And what would that mean for your businesses if we do go down that path?

另外一個引起我注意的是，你會不時看到某個基金，甚至某檔股票被代幣化。我認為在這方面有很多投資在進行——我不知道——一些實驗正在做。而且我想你們也在其中一部分投入了不少。所以也許你可以跟我們更新一下目前進展到哪裡、以及為什麼會走到這一步；也就是說，我們——貨幣市場基金我多少能理解，但為什麼世界需要把所有東西都代幣化？如果我們真的沿著那條路走下去，這對你們的業務意味著什麼？

Thanks. Look, I don't think the world needs everything tokenized. But there's no question that global financial market infrastructure is transforming and moving towards more of an always-on operating model. And so that's not just about blockchain technology immediately replacing traditional systems. It's about the 2 things working in concert and in some cases, just being able to unlock new possibilities haven't been possible before, without the always on operating model.

謝謝。你看，我不認為世界需要把所有東西都代幣化。但毫無疑問，全球金融市場基礎設施正在轉型，並朝向更「永續運作（always-on）」的營運模式發展。因此，這不只是區塊鏈技術立刻取代傳統系統的問題。而是兩者協同運作；在某些情況下，透過這種永續運作模式，能夠解鎖過去不可能實現的新可能性。

So we're in the business of moving, storing, managing money, creating interoperability, all of that stuff is stuff that we do today. And so what we're doing is we're advising clients to use the right tool for the job. And so if they want to do real-time payment systems in the United States, we've got real-time payments in the United States.

我們的業務是移轉、儲存、管理資金，建立互通性——這些都是我們今天就在做的事。因此我們正在做的是，建議客戶為工作選擇正確的工具。所以如果他們想在美國做即時支付系統，我們在美國就有即時支付能力。

And same thing is true in Europe, they're actually even more advanced which is why stablecoin usage in traditional financial markets hasn't really taken up as much in Europe, although if you go to an emerging market, and they've got high inflation, then the benefit of that 24/7 dollar based stablecoin actually has quite a lot of advantages to sidestep what otherwise would be inflationary friction.

歐洲也是同樣的情況；他們其實更為先進，這也是為什麼在歐洲，穩定幣在傳統金融市場中的使用並沒有真正大幅起飛。儘管如此，如果你去新興市場，遇到高通膨，那麼這種 24/7、以美元計價的穩定幣所帶來的好處其實相當多，能夠繞開原本會造成通膨摩擦的因素。

So it's very much about the case. And what is the BNY strategy, ours is to be a bridge and to be in both places. So we're doing business with traditional clients who frankly would like us to help them with their careful selection of what they should do in the digital assets market. So we're helping clients being able to launch new funds. Maybe they want to launch a new share class for those people who are very focused on digital assets.

所以這非常取決於具體情境。至於 BNY 的策略——我們的策略是成為一座橋樑，同時在兩邊都能參與。因此我們一方面與傳統客戶合作；坦白說，他們希望我們協助他們在數位資產市場中謹慎選擇應該做什麼。所以我們在協助客戶推出新基金。也許他們想為那些非常聚焦數位資產的人推出新的份額類別。

So maybe it is a bitcoin custody for clients who want to be able to launch an ETF. And we've had one of those recently that we announced with Morgan Stanley.

因此，可能是為想要推出 ETF 的客戶提供比特幣託管。而我們最近也宣布了一個這樣的案例，是與摩根士丹利合作。

And so if you look at these different types of innovation, we are helping the clients sort of bridge into the new stuff. And frankly, the new clients, the ones who are really, really digital asset native, they need a lot of traditional capabilities as well, need cash management. They need investment management. They need custody, stablecoin provider would need all of those types of things. So we've invested across this ecosystem.

所以如果你看這些不同類型的創新，我們正在協助客戶把自己「橋接」到這些新事物上。而坦白說，那些新的客戶——也就是非常、非常原生於數位資產的客戶——同樣也需要很多傳統能力，例如現金管理。他們需要投資管理。他們需要託管；穩定幣發行/提供者也會需要這些類型的能力。因此我們已在整個生態系中進行投資。

We've stood up a bigger team together with our Head of Product and Innovation and Digital Assets to really make sure that we are able to deliver against these different use cases.

我們也在產品、創新與數位資產負責人的帶領下，建立了一個更大的團隊，以確保我們能夠針對這些不同的使用情境交付成果。

But you're right. An S&P 500 on-chain maybe isn't adding as much incremental value as maybe bringing an asset deeper into the financial system or making an asset a lot more efficient today. S&P 500 equities are pretty efficient. And as you point out, money market funds essentially work pretty well. But when you're talking about the loans market, the commodities market, there are a lot of opportunities to bring things deeper into the financial system and actually improve them from where they are today.

但你說得對。把標普 500 放到鏈上，或許並不會帶來那麼多額外的增量價值；相較之下，把某項資產更深地帶入金融體系，或讓某項資產在今天變得更有效率，可能更有意義。標普 500 的股票其實已經相當有效率。而如你所指出，貨幣市場基金基本上運作得也很好。但當你談到貸款市場、大宗商品市場時，仍有很多機會把事物更深地帶入金融體系，並且實際上把它們從現況加以改善。

Sounds like evolution, not revolution.

聽起來是演進，而不是革命。

David Smith, Truist Securities.

David Smith，Truist Securities。

You highlighted some big wins with clients working with your multiple lines of business. Anything you can share on the progress in the percentage of clients with multiple products or lines of business relationships at BNY today versus a year or two ago or the average number of products per client or any metrics along those lines?

你提到一些與客戶合作、跨你們多條業務線的大型勝利。你能否分享一下：目前在 BNY，使用多項產品或與多條業務線建立關係的客戶占比，相較於一到兩年前的進展如何？或者每位客戶平均使用的產品數量，或任何類似的衡量指標？

Sure. So a couple of things, David. Clearly, we've set out on this journey and our commercial model to do several different things. There are new products to be created. We've got a lot of micro innovations across the company that gets us pretty excited, quite frankly, because those are new opportunities.

當然可以。David，有幾點。很明顯，我們已經踏上這段旅程，而我們的商業模式要達成幾件不同的事。有新的產品需要被創造出來。我們在全公司有很多微型創新，坦白說這讓我們相當振奮，因為那些都是新的機會。

We've actually surprised ourselves to some extent with the number of new logos that there are in. That we're able to attract the platform.

在某種程度上，我們也對新客戶（new logos）的數量感到驚喜。我們能夠把這些新客戶吸引到平台上。

I think the stat is about 10% of our sales were sort of new logos in recent times, which is quite exciting. Dermot highlighted a stat in his prepared remarks about the fact that half of our asset servicing wins weren't just asset servicing wins, they also came to another line of business somewhere in the company. So there's all of that. But this sort of blocking and tackling of delivering more of who we already are to our existing clients is really just a big opportunity for us.

我想數據大約是：近期我們約 10% 的銷售來自新客戶，這相當令人振奮。Dermot 在事先準備的發言中提到一個數據：我們在資產服務上的勝利有一半不只是資產服務的勝利，同時也帶動了公司內其他某條業務線的合作。所以有這些成果。但這種「基本功」——把我們既有的能力更充分地提供給現有客戶——對我們而言確實是一個很大的機會。

And so what does it mean in practice, some stats for you. So okay, we had a record sales quarter in the first quarter of last year. We had another record sales quarter in the second quarter. It was a record sales quarter year last year. We had another record sales quarter this quarter.

那麼在實務上代表什麼？給你一些數據。去年第一季我們創下銷售季度新高。第二季我們又創下另一個銷售季度新高。去年全年是創紀錄的銷售年度。而這一季我們又創下另一個銷售季度新高。

We've had three consecutive years of year-over-year growth in core fee sales. We've had more than 60% growth. This is very much to your question, in the number of clients buying from 3 or more businesses over the past 2 years, 60% growth. We've had a 20% annual increase in sales productivity, so that's on a per sales person basis.

我們的核心費用（core fee）銷售已連續三年年增。我們的成長超過 60%。這非常呼應你的問題：在過去兩年中，向 3 個或以上業務單位購買服務的客戶數量成長了 60%。我們的銷售生產力每年提升 20%，也就是以每位銷售人員為基礎來看。

And so all of these things are showing the traction that our commercial model is gaining. And remember, only 18 months into that journey, we only launched it in the summer of 2024. And so we feel very excited about that. And that's one of the reasons why at the beginning of the year, said that we were really aiming for a growth in our organic growth rate from the 3% ZIP code that we had last year, and we're very focused on growing from that.

因此，這些都顯示我們的商業模式正在取得牽引力。而且請記得，我們推動這段旅程才 18 個月——我們是在 2024 年夏天才正式啟動。所以我們對此感到非常興奮。這也是為什麼在年初我們說，我們真正的目標是把有機成長率從去年約 3% 的區間往上提升，而我們也非常專注於從那個水準繼續成長。

But I just want to add one other thing. We do get -- it wasn't directly to your question, but I think there's this underlying theme around the fact that in just regular organic growth is somehow completely disconnected from what's going on in the market and somehow the market is just sort of what it is and then there's separately a thing around organic growth. And we push back a little bit on that assumption for our company because we very deliberately aligned our platforms gradually over the course of the past three years, to be able to participate in more environments and be able to be a compounder of value largely irrespective of the environment.

但我還想補充一點。我們確實會遇到——這不完全是針對你的問題，但我認為背後有個主題：有人認為一般的有機成長似乎與市場正在發生的事情完全脫鉤，彷彿市場就是市場，而有機成長是另一件獨立的事。對於我們公司而言，我們會稍微反駁這個假設，因為在過去三年中，我們非常刻意地逐步對齊我們的平台，使我們能夠參與更多不同的環境，並且在很大程度上不受環境影響地成為價值的複利增長者。

Of course, there are always going to be some environments which are just not great for a firm like ours, but it's very deliberate. So we want to tap into these megatrends, scaling with trusted providers, the sophistication in wealth markets, what people are asking for from private markets, the growth that you can see in AUC/A there. Capital markets transformation, this point about participating in digital assets, this kind of connecting the traditional ecosystems with the new digital ones. And then when you think about the different inputs to diversification, equity market values up, fixed income market values up, cash balances issuance activity, M&A activity, private credit, public credit volatility, transaction volumes, equity fixed income and collateral.

當然，總會有一些環境對像我們這樣的公司而言並不理想，但這是非常刻意的取捨。因此，我們希望切入這些巨型趨勢：與值得信賴的供應商一起擴張、財富市場的成熟度、人們對私募市場的需求，以及你在 AUC/A 上看到的成長。資本市場轉型、參與數位資產這一點、以及把傳統生態系與新的數位生態系連結起來。然後當你思考分散化的不同驅動因素：股票市場估值上升、固定收益市場估值上升、現金餘額、發行活動、併購活動、私募信貸、公募信貸波動、交易量、股票、固定收益與擔保品。

And so you put all of that together and we think that we've really been able to create this diversified global strategic recurring durable attachment to different markets. so that we can participate in all of those and of course, wrapped with AI. And so for us, that strategy is very much and as well as what you might traditionally think about as organic growth.

把這些全部加總起來，我們認為我們確實已經打造出一個分散化、全球性的、具策略性、經常性、耐久的模式，能夠與不同市場形成黏著度，讓我們可以參與其中所有領域，當然也會以 AI 作為包裝加持。因此，對我們而言，這個策略非常重要，也包括你可能傳統上會認為的有機成長。

Would you say that dampens the upside for BNY in a really strong market environment, or is it the way you can have your cake and eat it, too?

你會說這在市場非常強勁時會壓抑 BNY 的上行空間嗎？還是說這是一種兩全其美、魚與熊掌兼得的做法？

Well, we think actually it just gives us better exposure to more markets, but take the NII as a proxy because Dermot talks about all of this time -- about this all the time. We've cut off the tails in NII. Out of -- if you take 1,000 different scenarios, can we create one for you that's not great for NII?

我們其實認為，這只是讓我們對更多市場有更好的曝險；不過以淨利息收入（NII）作為代理指標，因為 Dermot 一直在談這件事——他一直都在談。我們已經把 NII 的尾端風險切掉了。在——如果你拿 1,000 種不同情境來看，我們能不能替你找出一個對 NII 不太好的情境？

Sure, a massively inverted curve, not ideal, zero interest rates across the curve, not ideal. There are always going to be scenarios that aren't great. But we look at those, and we think that doesn't feel super plausible or likely right now. The same thing is going to be true in other environments. But yes, we give up some growth.

當然可以：殖利率曲線大幅倒掛，不理想；整條曲線都是零利率，也不理想。總會有一些情境是不理想的。但我們看這些情境，覺得在目前並不是特別可信或可能發生。其他環境下也會是同樣的道理。但沒錯，我們確實會放棄一部分成長。

If you tell me equity markets are up 50%, and that's your base case scenario and you want to be all in on equity markets up 50%. I could tell you to buy somebody else's stock over hours because we represent this more diversified long-term compounding durable play.

如果你告訴我股票市場上漲 50%，而那是你的基本情境，你想要全押在股票市場上漲 50%。我可能會告訴你去買別人的股票，而不是買我們的，因為我們代表的是更分散化、長期複利、且更具耐久性的投資標的。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

I did have a bigger picture question that's getting a little bit more attention that could impact the Wealth Solutions business. And it pertains to AI, specifically the growing adoption in the wealth space of AI. There's been some talk in the industry about the importance of just having greater control over your infrastructure, your tech stack, data, the ability to offer more customized tools and some believe this may compel at least more scale firms to transition to self-clearing models over time. Just recognizing you service the largest RIAs and IVD platforms. I was hoping you could speak to what you're hearing about this potential structural shift that could take place granted over a period of years, most likely? And how do you ensure you can keep those customers within your ecosystem?

我有一個更宏觀的問題，最近受到更多關注，可能會影響 Wealth Solutions 業務。這與 AI 有關，特別是 AI 在財富管理領域日益普及的採用。業界一直在討論：更重要的是要對自家基礎設施、技術堆疊（tech stack）、資料，以及提供更客製化工具的能力有更高的掌控度；有些人認為，這可能會促使至少規模較大的公司，隨著時間推移轉向自我清算（self-clearing）模式。考量到你們服務最大的 RIA 與 IVD 平台。我希望你能談談你們聽到的、這種可能的結構性轉變（雖然多半會在數年期間發生）的情況？以及你們如何確保能把這些客戶留在你們的生態系中？

Yeah, Stephen, it's an important question, actually completely coincidentally, I was having a conversation with one of our largest clients yesterday about this topic. And they were actually just reaffirming how excited they were to be on our platform ironically for all the same reasons that you just listed because as they looked at the question, they say, how we want to grow.

是的，Stephen，這確實是個重要問題。其實完全巧合的是，我昨天才和我們最大的一位客戶就這個主題聊過。他們反而再次確認，他們很興奮能在我們的平台上——諷刺的是，原因正是你剛剛列出的那些，因為他們在思考這個問題時，他們會問：我們想要怎麼成長。

We've got finite investment dollars, what would we like them to be spent on. And for them, it's about rolling up, it's about organic growth, advisers and all of the things that they really want to make part of their core business. They don't want to have to spend the money on the cyber defense, the platform, and they don't want to try to compete as a very large RIA, but nowhere near the $3-plus trillion of scale that we have with the type of ability that we have to be able to invest in that business in the core capabilities that we're providing.

我們的投資資金有限，希望把錢花在哪裡。對他們而言，重點在於併購整合（roll-up）、有機成長、顧問團隊，以及所有他們真正想納入核心業務的事情。他們不想把錢花在資安防禦、平台建置上；而且他們也不想以一家非常大型的 RIA 去競爭，但其規模仍遠不及我們超過 3 兆美元的規模，以及我們能投入該業務、投資我們所提供之核心能力的那種能力。

So sure, if you're a $3 trillion, $4 trillion, $5 trillion RIA, you have your own scale. But if you're turning up with $50 billion, $100 billion, $200 billion, you just don't have the scale. And so if you look at something, let's take AI, I'll just pick one example, which is AI, but it is a good one, which is if you're at that type of scale and you decide to go it alone, you have to pick a provider in the AI space. You have to put yourself in their ecosystem. You've now become subject to their pricing power and their models, you can't have the cross-platform AI scale that essentially can give you more control of the way in which you deploy the technology.

所以當然，如果你是一家 3 兆、4 兆、5 兆美元規模的 RIA，你有自己的規模優勢。但如果你只有 500 億、1,000 億、2,000 億美元，你就是沒有那樣的規模。因此，如果你看某件事——以 AI 為例，我就挑 AI 這個例子，但它確實是個好例子——如果你在那種規模下決定單打獨鬥，你就必須在 AI 領域挑選一個供應商。你必須把自己放進他們的生態系。你就會受制於他們的定價能力與其模型；你也無法擁有跨平台的 AI 規模，來讓你對技術部署方式有更高的掌控。

And so there is this theme of scaling with trusted providers that applies to our Pershing business, as it applies to our other businesses. And so as we combined wealth solutions and sort of the pieces in it, to sort of for our Posing business. It continues to be the feedback that we hear from our clients that they like that scaling with us.

因此，「與值得信賴的供應商一起擴張」這個主題，適用於我們的 Pershing 業務，也同樣適用於我們其他業務。因此，當我們把 Wealth Solutions 以及其中的各個組成部分整合起來——某種程度上是為了我們的 Posing 業務。我們持續從客戶那裡聽到的回饋是：他們喜歡跟著我們一起擴張。

Those are great insights, Robin. So I really appreciate that perspective. If I could just squeeze in 1 more, just double-clicking into Glenn's earlier question on tokenization, how that might impact various lines of business. You noted the use case might be stronger for tokenizing some asset classes over others. Just want to better understand how you're thinking about the implications for the ADR business in a world where tokenized securities could become a bit more widespread?

這些見解很有幫助，Robin。我非常感謝這個觀點。如果我可以再追問一個：延伸 Glenn 先前關於代幣化（tokenization）的問題，它可能如何影響不同業務線。你提到某些資產類別比其他資產類別更適合代幣化，使用情境可能更強。我想更了解：在代幣化證券可能變得更普及的世界裡，你們如何看待對 ADR 業務的影響？

Yes. So that -- look, people have been predicting the decline of the depository receipts business at this point for 20 years. But it is a very defiant and for us, as you know, growing business, which has performed very well. Again, I think there's a little bit of infrastructure connectivity here, which is a slightly different point. It's not scale point for AI here, it's really about the connectivity point and the various different services, connection with exchanges, the connection with the settlement rails an AI agent can't just turn up and offer you all of that connectivity because those providers don't want to provide that type is one thing trying to say, hey, what was the price of the 10-year yesterday or track me my S&P 500.

是的。所以——你看，過去 20 年來，人們一直在預測存託憑證（depository receipts）業務會走下坡。但它非常有韌性；而且對我們而言，如你所知，這是一個仍在成長、表現非常好的業務。再一次，我認為這裡有一點是基礎設施連通性，這是稍微不同的觀點。這裡不是 AI 的規模問題，而是連通性問題，以及各種不同的服務：與交易所的連結、與清算/交割軌道（settlement rails）的連結；AI 代理不可能一出現就能提供你所有這些連通性，因為那些供應商不想提供那種——這跟你說「嘿，昨天 10 年期的價格是多少」或「幫我追蹤我的 S&P 500」是兩回事。

It's an entirely different thing to give an agent full autonomy and agency over how you connect to infrastructure and controlling your assets. And so we do think that there's some there's some trust benefit that we derive from what we do that's going to be relevant in places like this. But you're right, let's use AI ourselves to make the process even more efficient. And that's what we're doing, in fact, across the life cycle of many of our products because we're not competing with AI, we're competing with other people who use AI better than us.

讓一個代理擁有完全的自主權與代理權，去決定你如何連接基礎設施並控制你的資產，這完全是另一回事。因此，我們確實認為，我們所做的事情能帶來一些信任上的優勢，而這在這類領域會是相關且重要的。但你說得對，我們也要自己使用 AI，讓流程更有效率。事實上，我們正在許多產品的全生命週期中這麼做，因為我們不是在和 AI 競爭，而是在和那些比我們更會用 AI 的人競爭。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Two questions. The first is in the security services area, specifically issue of services. Now I know you just talked about the ADRs or depository receipt business, obviously not going away. But can you give us any color just in the quarter, there was a sequential decline from the fourth quarter in the revenues. It was up, of course, year-over-year, about 4%.

兩個問題。第一個是在證券服務領域，具體是發行人服務的議題。我知道你剛剛談到 ADR（美國存託憑證）或存託憑證業務，顯然不會消失。但你能否就本季提供一些說明：營收較第四季出現環比下滑。當然，年增約 4%。

What were the factors that may have caused that? And second, as part of that, is there an opportunity for the depository receipt business to pick up if international equity issuers come into the US capital markets later this year.

造成這種情況的因素可能有哪些？第二，作為其中一部分，如果今年稍晚國際股票發行人進入美國資本市場，存託憑證業務是否有機會回升。

So I would say on the quarter over quarter, Gerard, depository receipts is a seasonal business. And so it just kind of speaks to the seasonality rather than any kind of noticeable trend. Corporate Trust, as I said in my prepared remarks, we continue to grow that. We're growing the revenues. We're growing the margin.

所以我會說，就季度環比而言，Gerard，存託憑證是一項具季節性的業務。因此這更多反映季節性，而非任何明顯的趨勢。公司信託（Corporate Trust）方面，如我在事先準備的發言中所說，我們持續推動成長。我們在提升營收。我們也在提升利潤率。

We're investing in the business. We've grown the margin quite substantially over the last 3 years. And it's the business where -- it's the most mature in the platform's operating model, and it's where we're beginning to see the most benefit.

我們正在投資這項業務。過去 3 年我們已大幅提升利潤率。而且這是平台營運模式中最成熟的業務，也是我們開始看到最多效益的領域。

So it's three years in the model. And so we really like what we see in terms of the leadership, the technology investment and how we're showing up for clients. And so -- it's not an accident that we went through $15 trillion in Q1 in terms of loan service. So I would say overall, great momentum in that part of the world. and we expect it to continue.

所以這個模式已運行三年。因此，就領導力、科技投資以及我們如何為客戶提供服務而言，我們非常喜歡目前看到的成果。所以——我們在第一季貸款服務規模突破 15 兆美元並非偶然。因此我會說，整體而言，這一塊業務動能非常強勁，而且我們預期會持續。

And then, Robin, coming back to the AI commentary. Can you frame out, I don't know if this will make sense, but when does AI become ubiquitous to your business as well as others, meaning if you turn back the clock and look at the introduction of the Internet, I don't know if you want to use the late '90s or early 2000s or just digital banking once the iPhone was created and the ramp-up that everybody did.

然後，Robin，回到 AI 的評論。你能否幫我們勾勒一下——我不確定這樣問是否合理——但 AI 何時會在你們的業務以及其他公司的業務中變得無所不在？也就是說，如果把時間倒回去看網際網路的引入，我不知道你想用 90 年代末或 2000 年代初，或是 iPhone 問世後的數位銀行，以及大家所做的快速推進。

And I know that's not specifically to your business, the ramp-up everybody did to get digital products to consumers and businesses. How long does this take to ramp up AI so that it 5 years from now and 10 years from now, where we say it's just normal operating business and something that everybody is doing.

我知道這不完全是針對你們的業務，但大家為了把數位產品推向消費者與企業所做的那種加速。要把 AI 推進到——5 年後、10 年後——我們會說這只是正常的營運、是每家公司都在做的事情，這需要多久？

I think the answer is that it has to be a lot less than those time frames for it to start to become ubiquitous in a company because I think if you don't make it ubiquitous inside of those types of time frames, I just don't know how you're going to be able to keep up and compete because it is such a powerful technology and is accelerating so quickly and we're talking about 10x capabilities in many cases. And so if you're behind the 10x curve by any meaningful period of time, then I think you're going to be in trouble, which is one of the reasons why we are so focused on it. So I think you have to make it ubiquitous, which goes back to the point on culture integration, deeply embedding which are really our principles at this point. And so we aim to make it ubiquitous well inside of those time frames.

我認為答案是：要讓它在公司內開始變得無所不在，所需時間必須遠短於那些時間框架；因為我認為如果你無法在那樣的時間內讓它普及，我不知道你要如何跟上並競爭，因為這是一項非常強大的技術，而且加速得非常快——在許多情況下我們談的是 10 倍的能力。因此，如果你在 10 倍曲線上落後任何有意義的一段時間，我認為你就會陷入困境；這也是我們如此專注於此的原因之一。所以我認為你必須讓它無所不在，這也回到文化整合的重點：深度嵌入——這些在此刻其實就是我們的原則。因此，我們的目標是在遠短於那些時間框架內就讓它變得無所不在。

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.

那麼，今天的問答環節到此結束。我現在想把電話交回給 Robin，請他做任何補充或結語。

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

謝謝你，Karen，也謝謝各位今天撥冗參與。我們感謝各位對 BNY 的關注。若有任何後續問題，請聯繫 Marius 與投資人關係（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 3:00 PM Eastern Time today. Have a great day.

謝謝。今天的電話會議與網路直播到此結束。本次電話會議與網路直播的重播將於今日美東時間下午 3:00 在 BNY 投資人關係網站提供。祝各位有美好的一天。