紐約梅隆銀行 (BK) 2026 Q3 法說會逐字稿

Good morning and welcome to the 2026 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.

早安，歡迎參加由 BNY 主持的 2026 年第三季財報電話會議。（接線員指示）請注意，本次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 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. Welcome to our third-quarter earnings call. I'm here with Robin Vince, our CEO; and Dermot McDonogh, our CFO.

謝謝，接線員。各位早安。歡迎參加我們的第三季財報電話會議。我與我們的執行長 Robin Vince，以及我們的財務長 Dermot McDonogh 一同出席。

As always, we will reference the quarterly update presentation, which can be found on the Investor Relations page of our website at bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements.

如同以往，我們將引用季度更新簡報，您可在 bny.com 網站的投資人關係頁面找到。我也要提醒，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。

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 15, 2026 and will not be updated.

關於這些陳述與非 GAAP 衡量指標的資訊，已載於財報新聞稿、財務補充資料與季度更新簡報中，以上皆可在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（2026 年 10 月 15 日）有效，且不會更新。

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

接下來，我將把電話交給 Robin。

Thank you, Marius, and good morning, everyone. I'll start with an overview of BNY's performance in the third quarter and then Dermot will walk you through our financial results and outlook in greater detail. Referring to page 2 of the quarterly update presentation, BNY delivered strong results in the third quarter. Earnings per share of $2.34 grew by 24% year-over-year at a very solid pre-tax margin of 39%. And with a strong return on tangible common equity of 29%.

謝謝你，Marius，各位早安。我將先概述 BNY 第三季的表現，接著 Dermot 會更詳細地帶大家檢視我們的財務結果與展望。請參閱季度更新簡報第 2 頁，BNY 在第三季交出強勁成績。每股盈餘 2.34 美元，年增 24%，稅前利潤率穩健達 39%。同時，有形普通股權益報酬率（ROTCE）達 29%。

Once again, our growth was broad-based across our business segments, resulting in firmwide revenue of $5.7 billion, up 12% year-over-year, generating approximately 390 basis points of positive operating leverage in the quarter. Demonstrating the scalability of our business as well as our continued work to enable greater productivity.

再次地，我們的成長在各業務分部均衡展開，帶動全公司營收達 57 億美元，年增 12%，本季產生約 390 個基點的正向營運槓桿。展現我們業務的可擴展性，以及我們持續推動提升生產力的成果。

As another signal to the diversification and resilience of our business model, we delivered these results against the backdrop of an overall constructive but uneven operating environment in the third quarter. Equity markets remain strong, supported by corporate earnings growth as well as continued investments in AI capabilities and related infrastructure. At the same time, persistent inflation, a sharp repricing in interest rates, geopolitical tensions and trade uncertainty contributed to volatility in fixed income markets and rotations across equity markets.

作為我們商業模式多元化與韌性的另一項訊號，我們是在第三季整體偏向建設性但不均衡的營運環境下，仍交出上述成果。股市仍然強勁，受企業獲利成長以及持續投資 AI 能力與相關基礎設施所支撐。同時，持續性的通膨、利率急劇重新定價、地緣政治緊張與貿易不確定性，導致固定收益市場波動，並引發股市板塊輪動。

Turning to our business performance. As many of you know, over the past few years, we have changed how BNY works with two key building blocks for the reimagination of our company in place, the platform operating model and our commercial model. We are able to operate with greater connectivity and deliver greater value to our clients. Our commercial results in the third quarter reinforce our progress. Client demand continued to grow with strong sales and pipelines across products, client segments and regions, as well as larger, more comprehensive wins.

接著談我們的業務表現。如各位所知，過去幾年我們已改變 BNY 的運作方式，並已具備公司再想像的兩大關鍵基石：平台營運模式與商業模式。因此，我們能以更高的連結性運作，並為客戶創造更大價值。第三季的商業成果強化了我們的進展。客戶需求持續成長，各產品、客戶分群與地區的銷售與管線皆表現強勁，且贏得更大型、更全面的合作案。

As a result, the third quarter was our 15 consecutive quarter of year-over-year sales growth with new mandates deepening existing relationships from digital native clients like Revolut to established institutions such as ING that are finding more ways to work with BNY in more places across more products. This continued momentum is driving higher organic growth and enabling an even more resilient and vibrant business built to support our clients with excellence through economic and market cycles.

因此，第三季是我們連續第 15 個季度實現銷售年增；新委任案也深化既有關係，從 Revolut 這類數位原生客戶，到 ING 等成熟機構，都在更多地點、跨更多產品，找到更多與 BNY 合作的方式。這股持續動能正推動更高的內生成長，並打造更具韌性且更有活力的業務，能在經濟與市場循環中以卓越表現支持客戶。

Changing how we worked was a prerequisite, but innovation is an increasingly important element of the BNY story. With everyone in the company now working in our new operating models, our focus has shifted to realizing the benefits with product, engineering, operations and commercial teams coming together to develop more integrated and innovative solutions and deliver them for clients at greater speed and scale. At its heart, BNY powers markets and advances the global financial system. We have done this over the entire history of the United States.

改變我們的工作方式是必要前提，但創新正成為 BNY 故事中愈來愈重要的一環。隨著公司所有人都已在新的營運模式下工作，我們的重點已轉向實現效益：產品、工程、營運與商業團隊攜手開發更整合、更創新的解決方案，並以更快速度與更大規模交付給客戶。BNY 的核心使命是驅動市場並推動全球金融體系向前。我們在美國整個歷史期間一直都在做這件事。

BNY supports the entire capital markets life cycle from managing assets in collateral to servicing them and moving money. We view some of the current inflection points in market structure and technology as opportunities. As markets evolve, we have the vantage point and positioning to connect our capabilities in new ways, helping clients to adapt to changing market structures and pursue growth on infrastructure that they already trust.

BNY 支援資本市場全生命週期，從以擔保品形式管理資產、到提供資產服務，再到資金移轉。我們將當前市場結構與科技的一些轉折點視為機會。隨著市場演進，我們具備獨特視角與定位，能以新的方式串聯我們的能力，協助客戶因應變動的市場結構，並在他們既信任的基礎設施上追求成長。

Several launches illustrate what that can look like. In July, we announced the launch of our Global Digital Transfer Agency capabilities, which extend our leading position in traditional fund servicing to the on-chain world, enabling a unified client servicing experience and ultimately growth into new asset classes and technologies.

多項新產品上線說明了這可能呈現的樣貌。7 月，我們宣布推出全球數位過戶代理（Global Digital Transfer Agency）能力，將我們在傳統基金服務的領先地位延伸至鏈上世界，提供一致的客戶服務體驗，並最終推動向新資產類別與新技術的成長。

In the spirit of build it once, use it many, enabled by BNY Digital TA, we ourselves now offer a new digitally native money market fund through BNY Dreyfus with our new BLIQUID tokens representing shares in the fund on chain. Baillie Gifford co-designed its recent on-chain offering with us and has already launched a fully native UK-regulated tokenized fund. And BlackRock is using our capabilities for a recently launched tokenized share class of one of their existing money market funds.

秉持「一次建置、多次使用」的精神，並在 BNY Digital TA 的支持下，我們也透過 BNY Dreyfus 推出全新的數位原生貨幣市場基金，並以新的 BLIQUID 代幣在鏈上代表該基金的份額。Baillie Gifford 與我們共同設計其近期的鏈上產品，且已推出完全原生、受英國監管的代幣化基金。BlackRock 也正使用我們的能力，為其既有某檔貨幣市場基金近期推出的代幣化份額類別提供支援。

And just last month, our payments and trade business launched a new pay-to-wallet capability that allows banks to send cross-border payments directly from bank accounts to participating retail digital wallets using the payment messages and correspondent banking infrastructure from us that they already rely on. This gives banks another way to reach customers who use digital wallets and grow their cross-border payments businesses on BNY's Global Payments Platform.

就在上個月，我們的支付與貿易業務推出新的 pay-to-wallet 功能，使銀行能使用他們既有仰賴、由我們提供的支付訊息與代理行基礎設施，將跨境款項直接從銀行帳戶匯至參與的零售數位錢包。這讓銀行能以另一種方式觸及使用數位錢包的客戶，並在 BNY 的全球支付平台（Global Payments Platform）上擴大其跨境支付業務。

Our thesis in digital assets remains simple: innovate the capabilities and act as a partner to our clients as we help them bridge to the digital world. On a related note, we couldn't have picked a better time to reimagine BNY than in this age of AI. We have said it consistently, at BNY, AI is for everyone, everywhere and everything, and so we are embedding AI in every aspect of our business. That's why we've built our enterprise AI platform, Eliza, and invested in our people so we can develop capabilities, govern them consistently, and put them to work at scale.

我們對數位資產的主張依然簡單：創新能力，並作為客戶的合作夥伴，協助他們銜接到數位世界。同時也要提到，我們不可能選到比 AI 時代更好的時機來重新想像 BNY。我們一再強調，在 BNY，AI 是為每個人、在每個地方、用於每一件事，因此我們正把 AI 嵌入業務的每個面向。這也是為什麼我們打造了企業級 AI 平台 Eliza，並投資於我們的人才，使我們能開發能力、以一致方式治理，並以規模化方式投入運作。

Over the past quarter, we've continued to move AI deeper into the processes that run our company. By deeply understanding our activity, including process steps, system interactions, workflow patterns and more, Eliza is helping our teams reimagine how work gets done. In fact, over time, we see an opportunity to extend these AI capabilities to our clients to help them solve similar challenges and optimize workflows end to end. This work ultimately creates more capacity for our teams to better serve our clients and earn BNY a greater role in client relationships through improved features and capabilities.

在過去一季，我們持續將 AI 更深入導入支撐公司運作的流程之中。透過深入理解我們的活動，包括流程步驟、系統互動、工作流模式等，Eliza 正協助團隊重新想像工作如何完成。事實上，隨著時間推進，我們看見機會將這些 AI 能力延伸給客戶，協助他們解決類似挑戰，並端到端優化工作流程。這些工作最終將為團隊創造更多產能，以更好地服務客戶，並透過改進的功能與能力，讓 BNY 在客戶關係中扮演更重要的角色。

We are also pairing our ambition with the governance and accountability needed to scale AI responsibly. Last month, we opened the BNY AI Lab at Carnegie Mellon University, advancing research on topics like verifying AI-generated code and evaluating agents for use in critical systems. All of this reflects our broader approach to AI, moving with ambition, intensity, and discipline, all with the objective of running BNY better to drive enhanced commercial, operational, and financial performance.

我們也將我們的雄心與擴大規模所需的治理與問責機制相結合，以確保負責任地擴展 AI。上個月，我們在卡內基美隆大學成立了 BNY AI Lab，推進如驗證 AI 生成程式碼，以及評估可用於關鍵系統之代理（agents）等主題的研究。這一切反映了我們更廣泛的 AI 方法：以雄心、強度與紀律並進，目標是把 BNY 經營得更好，以帶動商業、營運與財務表現的提升。

I'll conclude by summarizing where I see our company at this point in time. Our performance in the third quarter demonstrates what this team and this BNY are all about, deliberate, innovative and never satisfied. Our work to enable higher performance, greater connectivity between our platforms and more seamless delivery of holistic solutions from across BNY to our clients continues. And we can already see that these foundational investments have laid the groundwork for our further growth.

最後，我將總結我對公司目前所處位置的看法。我們第三季的表現展現了這個團隊與這個 BNY 的核心特質：審慎、創新、永不滿足。我們持續推動相關工作，以實現更高績效、強化平台之間的連結，並更無縫地向客戶交付來自 BNY 全體的整體性解決方案。而我們已經可以看到，這些基礎性投資已為我們進一步成長奠定了根基。

With our resilient and trusted platforms deeply embedded in workflows and the breadth of capital markets worldwide, BNY's diversified businesses enable our clients to adapt and thrive. All of this laid against the secular trend of financial markets growing, deepening and evolving. Collectively, this allows us to go after the white space across products, client segments and regions better than ever before, creating value for our clients and shareholders. Put simply, we remain excited and energized by our momentum and the opportunity ahead.

憑藉我們具韌性且值得信賴的平台深度嵌入工作流程，以及遍及全球資本市場的廣度，BNY 多元化的業務使客戶能夠調整並茁壯成長。而這一切都建立在金融市場持續擴張、深化與演進的長期趨勢之上。綜合而言，這使我們能以前所未有的方式把握產品、客戶細分與區域之間的「白地」機會，為客戶與股東創造價值。簡而言之，我們對目前的動能與前方的機會仍感到振奮且充滿幹勁。

With that, I'll turn it over to Dermot.

接下來，我把時間交給 Dermot。

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 $5.7 billion was up 12% year-over-year. Fee revenue was also up 12%. That included 15% growth in investment services fees, reflecting net new business, higher client activity and higher market values. Investment management and performance fees were up 3%. Primarily driven by higher market values, partially offset by the mix of AU inflows.

謝謝你，Robin，各位早安。我將從簡報第 3 頁的第三季合併財務結果開始。總營收為 57 億美元，年增 12%。手續費收入亦年增 12%。其中投資服務手續費成長 15%，反映淨新增業務、客戶活動增加以及市場價值上升。投資管理與績效費用年增 3%。主要由市場價值上升所帶動，但部分被 AU 流入的組合影響所抵銷。

Firmwide AUC/A of $63.4 trillion were up 10% year-over-year. This increase was primarily driven by higher market values, net client inflows and net new business, partially offset by the unfavorable impact of a stronger US dollar. Assets under management of $2.2 trillion were up 2% year-over-year, primarily driven by higher market values, partially offset by cumulative net outflows and the unfavorable impact of the stronger dollar.

全行 AUC/A 為 63.4 兆美元，年增 10%。此增幅主要由市場價值上升、客戶淨流入與淨新增業務所帶動，但部分被美元走強帶來的不利影響所抵銷。管理資產（AUM）為 2.2 兆美元，年增 2%，主要由市場價值上升所帶動，但部分被累計淨流出以及美元走強的不利影響所抵銷。

Foreign exchange revenue was up 19% year-over-year, reflecting higher client volumes supported by continuous product innovation. Investment and other revenue was $175 million in the quarter. Net interest income was up 15% year-over-year, primarily driven by reinvestment of investment securities at higher yields as well as balance sheet growth, partially offset by deposit margin compression. The provision for credit losses was negligible in the quarter. Expenses of $3.5 billion were up 8% year-over-year, both on a reported basis and excluding notable items.

外匯收入年增 19%，反映在持續產品創新支持下的客戶交易量提升。本季投資及其他收入為 1.75 億美元。淨利息收入年增 15%，主要由以更高殖利率再投資投資證券以及資產負債表成長所帶動，但部分被存款利差收窄所抵銷。本季信用損失準備金影響可忽略不計。費用為 35 億美元，年增 8%，無論按申報口徑或排除重大項目後皆然。

More than three-quarters of the increase represents revenue-related expenses. The remainder reflects higher investments, partially offset by efficiency savings. Taken together, we reported earnings per share of $2.34, up 24% year over year. Excluding the impact of notable items, earnings per share were $2.37, also up 24%. On the back of approximately 390 basis points of positive operating leverage, pre-tax margin expanded to 39% and return on tangible common equity was 29%.

增幅中超過四分之三屬於與營收相關的費用。其餘則反映投資增加，部分被效率節省所抵銷。綜合而言，我們申報的每股盈餘為 2.34 美元，年增 24%。排除重大項目影響後，每股盈餘為 2.37 美元，同樣年增 24%。在約 390 個基點的正向營運槓桿帶動下，稅前利潤率擴大至 39%，有形普通股權益報酬率為 29%。

Turning to capital and liquidity on page 4, our Tier 1 leverage ratio for the third quarter was 5.7%, down 24 basis points sequentially. Tier 1 capital decreased by $1.1 billion, primarily driven by capital returns through common stock repurchases and dividends, a decline in accumulated other comprehensive income and a preferred stock redemption net of issuance, partially offset by capital generated through earnings. Average assets were approximately flat sequentially.

接著看簡報第 4 頁的資本與流動性：我們第三季第一級槓桿比率為 5.7%，較前一季下降 24 個基點。第一級資本減少 11 億美元，主要由透過普通股回購與股利進行的資本回饋、累計其他綜合損益（AOCI）下降，以及優先股贖回（扣除發行）所致；部分被盈餘所產生的資本所抵銷。平均資產較前一季約略持平。

Our CET1 ratio was 10.9%, down 6 basis points quarter over quarter. Over the course of the third quarter, we returned approximately $1.4 billion of capital to our common shareholders resulting in an 85% total payout ratio in the quarter.

我們的 CET1 比率為 10.9%，較前一季下降 6 個基點。在第三季期間，我們向普通股股東回饋約 14 億美元資本，使本季總派付率達到 85%。

Next, net interest income and balance sheet trends on page 5. Net interest income of $1.4 billion was up 15% year-over-year and down 2% quarter-over-quarter. I talked about the drivers for the year-over-year increase earlier. Sequentially, the decrease was primarily driven by seasonally lower deposit balances in the third quarter, partially offset by reinvestment of investment securities at higher yields. Average deposit balances decreased by 1% sequentially, including a 1% decrease in interest-bearing deposits and a 3% decrease in non-interest-bearing deposits. Average interest-raining assets were flat sequentially.

接下來看簡報第 5 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 15%，季減 2%。我先前已談到年增的驅動因素。就季比而言，下降主要由第三季季節性較低的存款餘額所致，部分被以更高殖利率再投資投資證券所抵銷。平均存款餘額季減 1%，其中計息存款下降 1%，不計息存款下降 3%。平均生息資產較前一季持平。

Turning to our business segments, starting on page 6. Security Services reported total revenue of $2.8 billion, up 15% year-over-year. Total investment services fees were up 19%. In Asset Servicing, investment services fees increased by 12%, reflecting higher client activity, net new business and higher market values. ETF servicing AUC/A grew by 26% year-over-year, alternatives AUC/A grew by 14% and across both segments we are well positioned to win new funds as they come to market. This past quarter, we were pleased to onboard Aviva Investors to our middle office solutions platform as we near the completion of implementing a fully integrated operating model for them.

接著看我們的業務分部，從簡報第 6 頁開始。證券服務（Security Services）總營收為 28 億美元，年增 15%。投資服務手續費總額年增 19%。在資產服務（Asset Servicing）方面，投資服務手續費增加 12%，反映客戶活動增加、淨新增業務以及市場價值上升。ETF 服務的 AUC/A 年增 26%，另類投資 AUC/A 年增 14%；在兩個領域我們都具備良好條件，能在新基金上市時贏得業務。本季，我們很高興將 Aviva Investors 導入我們的中台解決方案平台，並接近完成為其導入完全整合的營運模式。

Meanwhile, sales momentum continued with a good mix of larger transformational mandates as well as numerous tactical wins supporting the durability of organic growth in this business. In issuer services, investment services fees were up 43%, primarily driven by higher corporate trust fees, notably including fees accounting for pass-through expenses associated with our role as financial agent for Trump accounts. But also reflecting broad-based growth across the business.

同時，銷售動能持續，既有較大型的轉型型委任案，也有眾多戰術性勝案，支持本業務有機成長的持久性。在發行人服務（issuer services）方面，投資服務手續費年增 43%，主要由公司信託費用增加所帶動，尤其包括與我們擔任 Trump 帳戶金融代理角色相關的轉付費用（pass-through expenses）之入帳費用。同時也反映該業務各面向的廣泛成長。

Total debt service grew by 6% year-over-year to $15.4 trillion at quarter end. And in depository receipts, we have won approximately two-thirds of capital raising year-to-date and investment services fees in the quarter grew by double-digits year-over-year. For the segment overall, foreign exchange revenue was up 20% year-over-year on the back of higher client volumes and net interest income was up 14% year-over-year. Segment expenses of $1.8 billion were up 10% year-over-year, primarily driven by higher revenue related expenses and investments, partially offset by efficiency savings and lower severance expenses. Security Services reported pre-tax income of $1 billion, up 24% year-over-year and a pre-tax margin of 36%.

債務服務總額年增 6%，至季末達 15.4 兆美元。在存託憑證（depository receipts）方面，我們今年迄今已贏得約三分之二的募資案，而本季投資服務手續費年增達雙位數。就該分部整體而言，外匯收入在客戶交易量增加的帶動下年增 20%，淨利息收入年增 14%。分部費用為 18 億美元，年增 10%，主要由與營收相關的費用與投資增加所致，部分被效率節省與較低的資遣費用所抵銷。證券服務稅前收入為 10 億美元，年增 24%，稅前利潤率為 36%。

On to Markets and Wealth Services on page 7. In our Markets and Wealth Services segment, we reported total revenue of $2 billion, up 12% year-over-year. Total Investment Services fees were up 10%. In Wealth Solutions, investment services fees were up 7%, reflecting higher market values and client activity, as well as net new business. Net new assets were $48 billion in the quarter, representing an annualized growth rate of 7%, reflecting inflows from existing and new clients. Wealth Solutions continued to win new logos and signed multi-year contract renewals with a number of significant clients in the quarter.

接著看第 7 頁的市場與財富服務。在我們的市場與財富服務部門，我們報告總營收為 20 億美元，年增 12%。投資服務費用總額年增 10%。在財富解決方案方面，投資服務費用年增 7%，反映市場價值上升與客戶活動增加，以及淨新增業務。本季淨新增資產為 480 億美元，折算年化成長率為 7%，反映既有與新客戶的資金流入。財富解決方案持續贏得新客戶標誌（new logos），並在本季與多家重要客戶簽署多年期合約續約。

In clearance and collateral management, investment services fees were up 17%, reflecting broad-based growth in collateral management balances and clearance volumes. Average collateral balances grew by 14% year-over-year to $8.3 trillion, reflecting growth from both existing and new clients. And average daily transaction volumes grew by 10% year-over-year, reflecting higher client activity across both international and US platforms.

在清算與擔保品管理方面，投資服務費用年增 17%，反映擔保品管理餘額與清算量的全面性成長。平均擔保品餘額年增 14% 至 8.3 兆美元，反映既有與新客戶雙方帶來的成長。平均每日交易量年增 10%，反映客戶在國際與美國平台的活動均更為活躍。

In payments and trade, investment services fees were up 8%, reflecting net new business. This solid performance is supported by new client wins, higher payment volumes and growth in our cash management and liquidity solutions. Net interest income for the segment was up 16% year-over-year. Segment expenses of $963 million were up 6% year-over-year, primarily driven by higher revenue-related expenses and investments, partially offset by efficiency savings. Taken together, our Markets and Wealth Services segment reported pre-tax income of $1 billion, up 17% year-over-year and a pre-tax margin of 51%.

在支付與貿易方面，投資服務費用年增 8%，反映淨新增業務。這項穩健表現受新客戶得標、支付量提升，以及我們現金管理與流動性解決方案的成長所支撐。該部門的淨利息收入年增 16%。部門費用為 9.63 億美元，年增 6%，主要由較高的與營收相關費用及投資所帶動，部分被效率節省所抵銷。綜合而言，我們的市場與財富服務部門稅前盈餘為 10 億美元，年增 17%，稅前利潤率為 51%。

Turning to Investment and Wealth Management on page 8. Investment and wealth management reported total revenue of $857 million, up 4% year-over-year. Investment management fees were up 3%, primarily driven by higher market values, partially offset by the mix of AUM flows. Segment expenses of $655 million were up 2% year-over-year, primarily driven by higher revenue-related expenses and investments, partially offset by efficiency savings.

接著看第 8 頁的投資與財富管理。投資與財富管理的總營收為 8.57 億美元，年增 4%。投資管理費用年增 3%，主要由市場價值上升所帶動，部分被資產管理規模（AUM）資金流向的組合效應所抵銷。部門費用為 6.55 億美元，年增 2%，主要由較高的與營收相關費用及投資所帶動，部分被效率節省所抵銷。

Investment and Wealth Management reported pre-tax income of $205 million, up 11% year-over-year and the pre-tax margin improved to 24%. As I mentioned earlier, assets under management of $2.2 trillion were up 2% year-over-year. In the third quarter, we saw $6 billion of net inflows in long-term active strategies. $4 billion of net inflows in index and $22 billion of net outflows in cash. Wealth management client assets of $354 billion increased by 2% year-over-year, primarily driven by higher market values, partially offset by cumulative net outflows. Page 9 shows the results of the other segment.

投資與財富管理的稅前盈餘為 2.05 億美元，年增 11%，稅前利潤率提升至 24%。如我先前提到，管理資產規模 2.2 兆美元，年增 2%。第三季，我們在長期主動式策略看到 60 億美元的淨流入。指數策略淨流入 40 億美元，而現金淨流出 220 億美元。財富管理客戶資產 3,540 億美元年增 2%，主要由市場價值上升所帶動，部分被累計淨流出所抵銷。第 9 頁顯示其他部門的結果。

I'll close with an update on our financial outlook for the year. On the back of another strong performance in the third quarter and with only 2.5 months left in the year, we are once again raising our outlook for growth and operating leverage in 2026. We now expect to generate nearly 500 basis points of positive operating leverage in 2026, up from 400 basis points just three months ago and clearly up from the slightly over 100 basis points we guided to at the beginning of the year.

最後，我將更新我們今年的財務展望。在第三季再度展現強勁表現、且全年僅剩 2.5 個月之際，我們再次上調 2026 年的成長與營運槓桿展望。我們目前預期 2026 年可產生接近 500 個基點的正向營運槓桿，高於三個月前的 400 個基點，也明顯高於年初指引的略高於 100 個基點。

This reflects our current expectation for full year 2026 total revenue growth, excluding notable items to land somewhere around the middle of a 12% to 13% range, market dependent. And that includes our current expectation for full year 2026 net interest income to be up 15% year-over-year. Accordingly, we expect higher revenue-related expenses associated with this approximately 200 basis points improvement in revenue growth. Therefore, we are increasing our expectation for full year 2026 expense growth, excluding notable items by 100 basis points to somewhere around the middle of a 7% to 8% range.

這反映我們目前對 2026 全年總營收成長（不含重大項目）的預期，將落在 12% 至 13% 區間的中位數附近，視市場而定。其中也包含我們目前對 2026 全年淨利息收入年增 15% 的預期。因此，隨著營收成長約提升 200 個基點，我們預期與營收相關的費用也會相應增加。因此，我們將 2026 全年費用成長（不含重大項目）的預期上調 100 個基點至約 7% 至 8% 區間的中位數附近。

As usual, our central case assumes current market implied forward interest rates. And that the operating environment remains broadly constructive. To wrap up, we are encouraged by our performance in the third quarter and the underlying momentum across our businesses. While we remain mindful of the dynamic operating environment, we continue to see our investments and execution translate into stronger client engagement, growth across our platforms and greater scalability.

一如往常，我們的核心情境假設採用目前市場隱含的遠期利率。並假設營運環境整體仍大致具建設性。總結來說，我們對第三季的表現以及各項業務的內在動能感到鼓舞。儘管我們仍留意多變的營運環境，我們持續看到投資與執行正轉化為更強的客戶參與度、平台上的成長，以及更高的可擴展性。

With that, operator, can you please open the line for questions?

那麼，接線員，請開放提問線路，好嗎？

(Operator Instructions)

（接線員指示）

Mike Mayo, Wells Fargo Securities.

Mike Mayo，富國銀行證券。

Hi, I guess this follows on that last comment about the expense guide being a little bit higher. Now, how much are you spending on AI? What sort of benefits are you getting from that? What do you see as the potential? And Robin, I know you say AI for everyone, everywhere, and in everything. That's a nice, kind of a high-level statement, but how does that actually impact the financials or if and when will you actually see it impact the financials?

嗨，我想這是延續你剛才最後那段關於費用指引略高的評論。那麼，你們在 AI 上花了多少錢？你們從中獲得了哪些效益？你們認為潛力在哪裡？另外，Robin，我知道你說 AI 要讓每個人、在每個地方、在每件事上都能使用。這是一個很不錯、偏高層次的說法，但它實際上如何影響財務數字？或者你們何時、以及是否會看到它對財務數字產生影響？

Sure, Mike. Good morning. Happy to talk through all of that for a second. So let me just like zoom out for a moment. So we spent $4 billion a year on technology. We have a $13 billion expense base. And so if you just put AI into that context -- sort of a few different things. So number one, it's a catalyst for transformational change, frankly for the world, for all companies and for people. And so we think we're going to be a significant beneficiary of this technology, given the fact that we think it's going to sort of sweep over our business in a positive way, give us the opportunity to reduce friction, improve outcomes, create capacity internally and frankly deliver for clients. We're excited about it for obvious reasons.

當然，Mike，早安。很樂意花點時間把這些都說明一下。我先把視角拉遠一點。我們每年在科技上投入 40 億美元。我們的費用基礎是 130 億美元。把 AI 放在這個脈絡下來看——大概有幾個面向。第一，它坦白說是推動轉型變革的催化劑，對世界、對所有公司以及對人都是如此。因此，我們認為自己將是這項技術的重要受益者，因為我們相信它會以正面的方式席捲我們的業務，讓我們有機會降低摩擦、改善成果、在內部創造產能，並且坦白說為客戶交付價值。基於顯而易見的原因，我們對此感到興奮。

Now it's moving very rapidly. We think adoption and integration ultimately can become limiting factors, which is why we have focused so much on our platform and this cultural philosophy, which you just quoted to really make sure that we are a fertile ground for adoption because if people have shields up, walls up, that's not going to help the process, and we've been investing in this for, as we've been talking about it for three years, but we've been investing in it for over that.

而且它進展非常迅速。我們認為採用與整合最終可能成為限制因素，這也是為什麼我們如此專注於我們的平台與這種文化理念——也就是你剛引用的那句——以確保我們是有利於採用的沃土；因為如果人們築起防備、豎起高牆，這不會有助於推進流程。我們已經投入這件事——如同我們談了三年——但實際投資時間比這更久。

Now when we actually think about the inputs and measuring them and the outputs, I sort of break it into two categories, so now we're really going to get to the heart of the answer to your question.

當我們實際思考投入、如何衡量投入與產出時，我大致把它分成兩個類別；現在我們會真正切入你問題的核心。

The first thing that matters when we measure how much we spend and we think about how much we spend is are we spending too much or too little. We don't need false precision around exact perfection. What we really need to understand is are we investing appropriately and are we generating return from that? And if the answer is yes, then we need to understand should we carry on and lean in more.

第一個重點是：當我們衡量花了多少、以及思考花了多少時，關鍵在於我們花得太多還是太少。我們不需要在精確到完美這件事上追求虛假的精準。我們真正需要理解的是：我們是否做了適當的投資，以及是否從中產生回報。如果答案是肯定的，那我們就需要進一步理解是否應該持續下去並加大投入。

The answer to the question is yes, we're generating return and yes, we want to lean in more. And at the end of the day, the precise measurement internal transfer pricing, et cetera, isn't super important. So frankly, we don't spend calories worrying about that as an input. The second thing that matters a lot is good FinOps, financial operations, managing the token cost, et cetera. And for that, we've put a lot of precision in because we want to be very careful to make sure we're using the right models for the right tasks, the routing engines, et cetera. And that's all built into Eliza.

這個問題的答案是肯定的：我們正在創造回報，而且我們也希望更進一步加大投入。歸根結底，精確衡量內部移轉訂價等，其實並不是特別重要。所以坦白說，我們不會把精力花在把它當作一個輸入變數去擔心。第二個非常重要的是良好的 FinOps（財務營運），也就是管理代幣成本等。在這方面，我們投入了很高的精準度，因為我們希望非常謹慎，確保針對正確的任務使用正確的模型、路由引擎等。而這些都已內建在 Eliza 裡。

So there we're very precise and we measure very carefully so that we're making the optimal decision at every moment of consumption of AI intelligence. So that's how I'm thinking about it and we're thinking about it. And as a result, we're not breaking it out, but it sort of folds into the inputs across our expense base. And frankly, we think it could be counterproductive to break it out and to start obsessing about it publicly and even within the company as an input.

所以在那裡我們非常精準，並且非常仔細地衡量，確保在每一個 AI 智能消耗的當下都做出最優決策。這就是我以及我們的思考方式。因此，我們不會把它單獨拆分出來，而是把它折算進我們整體費用基礎的各項輸入之中。而且坦白說，我們認為把它拆出來，並開始在公開場合、甚至在公司內部把它當作一個輸入去過度執著，反而可能適得其反。

So one follow-up as it relates to token costs, and this gets to the benefits of scale. Are there benefits to scale when you're purchasing tokens at the enterprise level, do you get kind of discounts or something versus a smaller player that's trying to use AI tokens? And how are you managing that to become more price effective?

那就代幣成本再追問一個問題，這也關係到規模帶來的好處。當你以企業級的規模採購代幣時，是否會有規模效益，例如相較於較小的玩家使用 AI 代幣，能拿到某種折扣之類的？你們又是如何管理這件事，以變得更具成本效益？

Yeah, the short answer is yes, but the benefits of scale accrue in a few different ways. So first of all, yes. If you've got a good relationship with the providers of this intelligence and in fact, frankly, more of a partnership mentality, which we have with several of the labs where we're actually giving them ideas, collaborating with them, helping them with product development in some cases, that sets the scene for better commercial arrangements and that's for sure. And you can only really do those things if you have the scale and frankly the R&D capability to be able to be effective in that regard.

是的，簡短答案是肯定的，但規模效益會以幾種不同方式累積。首先，沒錯。如果你和這些智能供應商維持良好關係，坦白說更像是一種夥伴關係心態——我們與幾家實驗室就是如此，我們實際上會提供想法、與他們協作、在某些情況下協助他們做產品開發——這會為更好的商業條件鋪路，這點毫無疑問。而你基本上只有在具備規模、並且坦白說具備研發能力，才能在這方面真正做得有效。

The second thing that matters for price a lot is, to be able to put the models against each other and to be able to really use the right model for the job. And that isn't just in terms of one lab versus another, it's labs versus the appropriate open source potentially, it might be using a six-month old model or a 12-month model, you don't need a sledgehammer to crack a nut. And the routing logic built into that is very important.

第二個對價格影響很大的因素是：能夠讓模型彼此競爭，並真正做到「用對模型做對工作」。這不只是某一家實驗室對另一家實驗室的比較，也包括實驗室模型與合適的開源方案之間的取捨；有時候你可能用的是六個月前或十二個月前的模型——不需要用大錘子去敲開一顆堅果。而內建其中的路由邏輯非常重要。

Now you can't do that unless you actually have a chassis, a harness to be able to manage that. And that's where the investment in Eliza we think is very important because if you're just natively operating through the front door of one of the labs ecosystems, you can't do that type of routing. You actually need to have a layer that all of your agents operate in, all of your people operate through in order to manage that. And so that's a very important part of essentially managing tokenomics, and you've got to have scale to be able to make that type of investment.

但如果你沒有一個底盤、一個框架來管理這些，你就做不到。這也是為什麼我們認為對 Eliza 的投資非常重要：如果你只是原生地透過某一家實驗室生態系的「正門」來運作，你就無法做那種路由。你實際上需要有一層讓你所有的代理（agents）都在其中運作、讓你所有的人都透過它來操作，才能進行管理。因此，這是管理代幣經濟學（tokenomics）的關鍵部分，而要做出這種投資，你必須具備規模。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Maybe just sticking with AI and the broader sort of all the employees that are on the platform now. As we look forward over the next year or two, how should we think about the benefit of the platform and add to that any AI-related productivity gains? Is it a client wallet share opportunity? Does it open up new revenue pools or is it mostly about more capacity, more efficient employee base?

也許就繼續談 AI，以及目前平台上更廣泛的所有員工。展望未來一到兩年，我們應該如何看待平台帶來的效益，並加上任何與 AI 相關的生產力提升？這會是提升客戶錢包份額（wallet share）的機會嗎？它會打開新的營收池，還是主要是帶來更多產能、更有效率的員工基礎？

It's about all three of those and you happen to have hit on our three AI strategic vectors and so I'll reframe them for you. The first one is generating internal capacity. And it's a very important word capacity because in some companies they frame AI for themselves. I defer to their expertise for their own environments as being an efficiency gain. We don't think about it that way. We think it as a capacity generator. If we can free up our people to be able to do more things, we're a growth company these days. We've got plenty of things to do. And so whenever we can generate capacity to provide for that growth without having to grow the expense base, that's phenomenal. We're so lucky to be reinventing AI -- reinventing this company and reimagining BNY in this age of AI. So that's capacity and we're very about that.

三者皆是，而你剛好點出了我們 AI 的三個策略向量，所以我用你的問題來重新表述一下。第一個是創造內部產能。「產能」這個詞非常重要，因為有些公司在自己的環境裡會把 AI 定義為效率提升。我尊重他們對自身環境的專業判斷。但我們不這麼看。我們把它視為產能的生成器。如果我們能釋放同仁，讓他們能做更多事情——我們現在是一家成長型公司。我們有很多事情要做。因此，只要我們能在不必擴大費用基礎的情況下，創造支撐成長所需的產能，那就非常了不起。我們非常幸運，能在 AI 時代重新打造——重新打造這家公司，並重新想像 BNY。在這個 AI 時代。所以這是產能，而我們非常聚焦在這一點。

What's happened more recently, and as I mentioned, we've got 400-plus AI solutions in production. More recently, there's become a tilt of some of those towards the second category, which is creating improvements in products, features, and actually doing things that are helping our products deliver better for customers. And that we think is going to be one that's going to accelerate more from here.

最近發生的情況是——如我提到的，我們已有 400 多個 AI 解決方案在生產環境中運行。更近期，其中有一部分開始傾向第二類，也就是改善產品與功能，並實際做一些事情，幫助我們的產品為客戶提供更好的成果。而我們認為，從現在開始這一類會加速成長。

And then the third one, which we also have some examples of, although it's very early, is doing new things for clients that we wouldn't previously have done without AI. So actually applying our AI across ourselves and our clients on an end-to-end basis or delivering certain solutions that just didn't make full economic sense in a non-AI world that now might make more economic sense. So that's the third vector. And we actually do the opportunity across all three. It started more in the first, it's evolving more into the second, and ultimately, we think it'll cross all three.

第三個向量——我們也有一些例子，雖然還非常早期——是為客戶做一些在沒有 AI 之前我們不會做的新事情。也就是把我們的 AI 應用在我們自身與客戶之間的端到端流程上，或是提供某些在非 AI 世界裡在經濟上不太划算、但現在可能更具經濟合理性的解決方案。所以這是第三個向量。而我們確實看到三者都有機會。它一開始更多在第一個，正在更多演進到第二個，而最終我們認為會橫跨三者。

And maybe just sticking with that means you obviously have a unique lens both in terms of how front-footed you've been on AI deployment, you see as part of the OpenAI board, Robin. Just talk to us, one, how do you protect against like the headlines we read about rogue agents when you're sort of all signs go in terms of deploying AI internally.

也許就沿著這個話題，你顯然有一個很獨特的視角：一方面你在 AI 部署上非常積極；另一方面，Robin，你也以 OpenAI 董事會成員的身分看到很多。跟我們談談：第一，在你們幾乎全面推進內部部署 AI 的情況下，你們如何防範我們在新聞標題裡看到的那種「失控代理」（rogue agents）？

So one, how do you protect against rogue agents? And as we think about the debate around open weight models versus the closed ones, is that one way to think about it, given you said that you don't need the frontier models to solve the issues that, I guess, industry is dealing with?

所以第一，你們如何防範失控代理？另外，當我們思考開放權重模型（open weight models）與封閉模型之間的辯論時，鑑於你提到不需要最前沿的模型就能解決我想產業正在面對的問題，這是否是一種思考方式？

Sure. I'll give you sort of three parts to that. So number one, if you just step back from the current debate about speeding up, slowing down, pacing the frontier and all of that, there are three sciences in AI these days. One is the frontier model science itself, new models, more capabilities, more better intelligence, et cetera. That one's obviously talked about a lot. But the second and the third are very important and they haven't really been as much as part of the mainstream conversation, although of course you hear about them.

當然。我大概分三個部分來回答。第一，如果你先跳脫當前關於加速、放慢、前沿節奏等辯論，現在的 AI 有三門「科學」。其中一門是前沿模型科學本身：新模型、更強能力、更好的智能等等。這一塊顯然被談得很多。但第二與第三也非常重要，只是它們並沒有那麼多進入主流對話——當然你還是會聽到它們。

The second science is the science of alignment and making sure basically that the models do what we would want them to do, behave as humans would like them to. And this is a science that needs more investment and frankly needs to catch up with the science of the model frontier. And you're seeing the labs starting to really invest in that. You're seeing some of the hardware companies talk about it more as well. Jensen has talked about it in the context of NVIDIA. Some of that alignment might need to be built into the hardware chipset in order to make it fully enduring.

第二門科學是對齊（alignment）的科學，基本上是確保模型會做出我們希望它們做的事，並以人類希望的方式行為。而這是一門需要更多投資、坦白說也需要追上模型前沿科學的學科。你也看到各實驗室開始真正投入在這方面。你也看到一些硬體公司也更常談到這件事。Jensen 在談到 NVIDIA 的脈絡時也提過。有些對齊可能需要內建到硬體晶片組中，才能讓它真正長久耐用。

And then the third science is the science of observability. You want to know what the models are actually thinking and doing, and that science has also lagged and also needs to catch up with the frontier. So I view the safety package of alignment and observability needing to catch up with the frontier, that's important investment and it has to happen.

接著第三門科學是可觀測性（observability）的科學。你會想知道模型實際在想什麼、在做什麼，而這門科學同樣落後，也需要追上前沿。所以我認為，由對齊與可觀測性構成的安全套件需要追上前沿，這是重要的投資，而且必須發生。

The second frame that you mentioned is Opensource. Opensource essentially means open weight, which means user customization, which is terrific and powerful. We do it. We use Open source models as part of our ecosystem, so we're using the right tool for the job. But open weight means that the users can essentially, certainly a sophisticated user, can take off some of that safety package that I was just talking about. And so we need to be very thoughtful about that in the future because if you have very powerful frontier capable models that have open weight, it does mean that bad actors can essentially adjust them, so that they would behave maybe in a manner differently to the way that we would like them to behave.

你提到的第二個框架是開源（Opensource）。開源本質上指的是開放權重（open weight），也就是使用者可自訂，這非常棒也很強大。我們也這麼做。我們把開源模型作為我們生態系的一部分使用，因此會為工作選用合適的工具。但開放權重意味著使用者——當然是較為成熟的使用者——基本上可以移除我剛才提到的部分安全套件。因此我們未來必須非常審慎，因為如果你有非常強大、具備前沿能力且採開放權重的模型，確實意味著不良行為者基本上可以調整它們，讓它們的行為可能不同於我們希望它們的行為方式。

And then the third question, which is how all of that applies to our environment, which is essentially what you asked, that's where the power of Eliza comes in. Because we've got the chassis, the harnesses, the safety protocols, where we essentially can build and wrap safety around that frontier capability because we've got this extra layer. We also have the benefit of all of our existing controls. We don't make payments at BNY without a lot of validation.

然後第三個問題是，這一切如何適用於我們的環境——也就是你實際上問的——這就是 Eliza 的力量所在。因為我們有底盤、保護帶（harnesses）、安全協定，使我們基本上可以在那種前沿能力之外建立並包覆安全性，因為我們多了這一層。我們也受益於既有的所有控制機制。在 BNY，我們不會在沒有大量驗證的情況下進行付款。

The fact that an AI model wants to make a payment, that's nice. We don't fully trust even people to do that things solely by themselves. We have maker-checker processes. We have challenger processes. AI can operate the same way. So having the chassis, the safety harnesses wrapped around AI at the platform level, again, back to Mike's question, some of that investments about scale, that's how we do it well, deliberately and intensely over time.

AI 模型想要發起一筆付款，這很好。但我們甚至也不會完全信任人只靠自己就做這些事。我們有製作人-覆核人（maker-checker）流程。我們有挑戰者（challenger）流程。AI 也可以用同樣方式運作。因此，在平台層級擁有底盤、把安全保護帶包覆在 AI 周圍——回到 Mike 的問題，其中一部分投資是關於規模——這就是我們如何隨時間推移，有意識且高強度地把它做好。

Thank you so much.

非常感謝。

Brennan Hawken, BMO Capital Markets.

BMO 資本市場的 Brennan Hawken。

I would love to hear your updated perspective on the platform operating model. So you guys had a phase rollout. And you spoke in the past about 12 to 18 months of seasoning that new users need to maximize the model. How tangible should we expect to benefit to unit cost reduction or cross-selling or other metrics to impact ultimately BNY's results as we enter into '27 and through '28.

我很想聽聽你對平台營運模式的最新看法。你們之前採取分階段上線。而你們過去也提到，新使用者需要 12 到 18 個月的磨合期（seasoning）才能把模型的效益最大化。當我們進入 2027 年並延續到 2028 年時，你認為我們應該在單位成本下降、交叉銷售或其他指標上，期待多具體的效益，最終對 BNY 的業績產生影響？

Thanks for the question, Brennan. So as we've said, we're fully live in the model now, 100% of the firm is active in the platform operating model. It's been a long journey and I will congratulate everybody at BNY to kind of make it a reality. It was a very big undertaking, a very important strategic initiative for the last four years. But now we're actually in the model and we talked over the last several quarters about de-siloing the firm, putting like capabilities into similar platforms.

謝謝你的問題，Brennan。如同我們所說，我們現在已經在該模式下全面上線，公司 100% 都已在平台營運模式中運作。這是一段漫長的旅程，我也要恭喜 BNY 的每一位同仁，讓它成為現實。這是一項非常龐大的工程，也是過去四年非常重要的策略性倡議。但現在我們確實已經進入這個模式；而在過去幾個季度我們也談到，如何打破公司內部的孤島，把相似能力整合到相同的平台中。

So now we can really feel like going forward. The platform operating model is set up to deliver more value to clients and you're beginning to see that the commercial model alongside the platform operating model is delivering the growth that's resulting in that 15 consecutive quarters of year-over-year sales growth that Robin alluded to in his prepared remarks.

所以現在我們真的能感受到未來的走向。平台營運模式的設計是為客戶交付更多價值，而你也開始看到，與平台營運模式並行的商業模式正在帶來成長，進而促成 Robin 在其事先準備的發言中提到的、連續 15 個季度的年對年銷售成長。

Also, I would draw attention to the fact that over the last few years, and I say it every quarter in my prepared remarks, we've harvested efficiency gains that we've reinvested in the business. And this year particularly, you're beginning to see the payback and the benefit of those investments. If you take security services, that segment that has a margin of 36% this quarter, that's as a result of moving into the model, investment in strategic technology, delivering more for clients, delivering more mandates that security services are then bringing in other platforms to deliver more products from other platforms to the clients.

另外，我也想提醒大家注意：過去幾年——我每一季在事先準備的發言中都會提到——我們收割了效率提升所帶來的成果，並把它再投資到業務中。而今年尤其如此，你開始看到這些投資的回收與效益。以證券服務（security services）為例，該部門本季的利潤率為 36%，這是因為我們轉入該模式、投資策略性科技、為客戶交付更多價值、取得更多委任（mandates）；而證券服務也會引入其他平台，向客戶提供來自其他平台的更多產品。

So we kind of think of platform operating model beside the commercial model alongside AI is a very very compelling strategic opportunity for us in the forward. So we're very excited about the platform and where it is now and how we can grow the firm from here with that in place.

因此我們認為，平台營運模式加上商業模式，再加上 AI，對我們未來而言是一個非常、非常具吸引力的策略性機會。所以我們對平台目前的狀態，以及在此基礎上如何推動公司成長，都感到非常興奮。

Thanks for all that color, Dermot. And a bit more mundane question for my follow-up. So deposit trends were a bit stronger than we had expected. Can you speak to quarter-to-date trends and what you're thinking for the fourth quarter? And also, you took up the NII guide. We've certainly seen rates back up, but in the past, you've spoken to less rate sensibility. So could you maybe speak about what drove the upside to the prior guide on NII.

謝謝你提供這麼多細節，Dermot。我追問一個比較日常的問題。存款趨勢比我們預期的稍微強一些。你能談談本季迄今（quarter-to-date）的趨勢，以及你對第四季的看法嗎？另外，你上調了淨利息收入（NII）的指引。我們確實看到利率回升，但過去你曾提到對利率的敏感度較低。所以你能否談談，是什麼推動了 NII 相較先前指引的上修？

So yeah, sure. So we talk a lot about narrowing the cone of outcomes and interest rate volatility, plus or minus 1,500 basis points. We're kind of -- we always like to stay close to home, as it were, and that's been a strategic philosophy of ours over the last few years, and we feel very comfortable with where we're at in that.

好的，當然。我們經常談到縮小結果的錐形範圍（narrowing the cone of outcomes）以及利率波動，正負 1,500 個基點。我們有點——可以說——總是喜歡貼近本業（stay close to home），這也是我們過去幾年的策略哲學，而我們對目前所處的位置感到非常安心。

And really our NII is really -- we don't lead with deposits, we don't lead with pricing it as a result of client activity coming to our platforms for other products that leave cash with us to service those activities. In Q3, you kind of saw a seasonal dip as expected and then on the other side of it, you see with the rates backing up, you see a pickup in yield from about 150 basis points to 200 basis points with securities rolling off into higher yields.

而且我們的 NII 其實——我們不是以存款作為主打，也不是以定價作為主打；存款是因客戶活動來到我們的平台、使用其他產品而產生，並把現金留在我們這裡以支援那些活動。在第三季，你如預期看到季節性下滑；而在其後，隨著利率回升，你會看到收益率提升，約從 150 個基點到 200 個基點，因為證券到期（rolling off）後轉投到更高收益率的資產。

So that mix we expect to continue into the fourth quarter. We have roughly about $5 billion of securities rolling off per quarter. And we do expect the seasonal deposits to pick up into Q4 a little bit relative to Q3 as Q4 is quite an active quarter. So we've seen that in early doors in terms of deposits picking up so far this quarter.

因此我們預期這種組合（mix）會延續到第四季。我們每季大約有 50 億美元的證券到期。我們也預期季節性存款在第四季相較第三季會略有回升，因為第四季是相當活躍的一季。所以就存款而言，我們在本季初期已經看到到目前為止有所回升。

Great. Thanks for that color.

很好。謝謝你提供這些補充說明。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Hey, good morning. Thank you for the question as well. I was hoping to dig into a couple of businesses for you guys. So first, I guess clearance cloud management continues to pop really nice growth. It's been a super volatile year, obviously, in rates markets as well.

嗨，早安。也謝謝你讓我提問。我想跟各位深入聊幾個業務。首先，我想清算雲端管理（clearance cloud management）持續呈現相當亮眼的成長。顯然，今年也是非常波動的一年，利率市場同樣如此。

So curious how you think about the durability of this kind of growth we've seen and then more near-term as we move closer to a mandatory treasury clearing, what are the puts and takes, both kind of near-term impact on that business and a bit longer-term?

所以我想請教你如何看待我們所看到這類成長的持久性；以及更近一點的時間點，當我們更接近強制性的國債清算（mandatory treasury clearing）時，利弊權衡是什麼——不論是對該業務的短期影響，還是稍微更長期的影響？

The last question first, Central Clearing, we believe we're going to earn our way through that and so far we've seen that because you see more volume on the platform as a result of the initiative. And so actually, we don't see that in the near-term, medium-term, long-term as a particular headwind. Also, a lot of rate volatility this year, but that has encouraged a lot of volume. And so the more volume and people trading treasuries and debt issuance, you kind of see that coming onto our platform. So we're very pleased with the volume that has supported the platform this year.

先回答最後一個問題。關於集中清算（Central Clearing），我們相信我們會靠自身能力把它做出成果；到目前為止我們也確實看到了，因為這項倡議帶動平台上的交易量增加。因此，無論是短期、中期或長期，我們都不認為這會構成特別的逆風。另外，今年利率波動很大，但這也促使交易量上升。因此，當交易量增加、大家交易國債以及債務發行更活躍時，你會看到這些活動進到我們的平台。所以我們對今年支撐平台的交易量感到非常滿意。

Then you have the mix of international and domestic. International is something that we've talked about for several quarters and we made some strategic investments in the platform internationally and we're beginning to see clients come to us and do more activity with us. So it's been nice growth internationally and we expect that to continue. Also, just we've talked about this on prior calls, debt issuance globally, more debt issuance equals more activity, more volume, and so we feel good for that platform.

接著是國際與國內的組合。國際業務是我們已經談了好幾季的重點；我們也在國際平台上做了一些策略性投資，現在開始看到客戶來找我們、與我們進行更多活動。因此國際端的成長很不錯，我們也預期會持續。另外，我們在先前的電話會議也提過，全球債務發行——債務發行越多，就代表活動越多、交易量越大——所以我們對這個平台的前景感到樂觀。

And the last thing I would say on the collateral side, people are always looking for funding, $8.3 trillion of balances on the collateral platform, it's a record for us, so clients are coming to us for funding needs, we're developing new solutions, different ways of doing things, using new technologies, new products. And so there's a certain element of a halo effect of clients wanting to do more with BNY in this space. So we're very pleased where it's at and it may moderate from time to time from here, but the long-term outlook for that platform is particularly good.

最後我想談談擔保品（collateral）這一端。大家一直在尋找資金來源；擔保品平台上的餘額達到 8.3 兆美元，對我們來說是創紀錄的水準，所以客戶會因資金需求而來找我們。我們也在開發新的解決方案、不同的作業方式，運用新技術與新產品。因此，在這個領域，客戶想要與 BNY 做更多合作，確實有某種「光環效應」。所以我們對目前的表現非常滿意；雖然從現在起可能會不時趨於溫和，但就長期而言，這個平台的展望特別好。

Yes, all right, loud and clear. Second question is around Wealth Solutions, the old Pershing business. Growth has obviously been pretty good but partially held by both markets and just the level of client activity. Curious if you can zone in on how you think about improving kind of [NNA] growth in this business and to what extent do you think some of the capacity constraints at other large RA custodians on the long-short tax aware strategies could help you bring in incremental business as you help potentially fill that void?

是的，好的，完全清楚。第二個問題是關於 Wealth Solutions，也就是以前的 Pershing 業務。成長顯然相當不錯，但部分也受到市場以及客戶活動水準的影響。想請你聚焦談談，你如何看待提升這項業務的 [NNA]（淨新增資產）成長；以及在其他大型 RA 託管機構於多空、稅務敏感策略（long-short tax aware strategies）上出現一些產能限制的情況下，這在多大程度上能幫助你在填補缺口時帶來額外業務？

Okay, so I don't know, the old Pershing business, it is the new wealth solutions business. So we're very proud of that business, nearly $4 trillion of assets under custody. We have a right to play, we have a right to win, we have strategic ambition. First of all, I would like to kudos to the team for a really strong quarter in this space, $48 billion of net new assets, that's kind of a 7% annualized growth rate. We've been asked before on calls what do we see the medium-term outlook for this business, we kind of said mid-single-digits of net new assets, so kind of feel good about that, new clients, I think.

好的，所以我不知道你說的「以前的 Pershing 業務」，它現在就是新的 Wealth Solutions 業務。我們對這項業務非常自豪，託管資產接近 4 兆美元。我們有參與的正當性，也有勝出的實力，而且我們有策略性的企圖心。首先，我要稱讚團隊在這個領域交出非常強勁的一季：淨新增資產 480 億美元，換算年化大約是 7% 的成長率。之前在電話會議上也有人問我們對這項業務的中期展望，我們大致說淨新增資產可望達到中個位數成長，所以我們對此感覺良好；也有新客戶，我想。

If I remember correctly, we signed roughly seven new logos onto the platform this quarter, so clients are coming to us, they like what we have to offer, and so we're partnering a lot with big RIAs, and as I said in my prepared remarks, we signed several clients to long-term contracts.

如果我沒記錯的話，本季我們大約在平台上簽下了 7 個新客戶標誌（new logos），所以客戶正在來找我們，他們喜歡我們提供的內容；我們也與大型 RIA（註冊投資顧問）密切合作。正如我在事先準備的發言中提到的，我們與多位客戶簽訂了長期合約。

We like the business. We kind of feel we're a big player in the business. We have fresh leadership in there, taking a fresh look at things and kind of coming up with different strategies. Also, you may recall from our call in January, we've pushed the acquisition we made a couple of years ago, Archer, separately managed accounts. We've moved that over into Wealth Solutions so we can give a more unified product delivery in separately managed accounts. So your point, we're very active in the longshore tax strategy as well, which is a good product for us, for our clients.

我們喜歡這門生意。我們覺得自己是這個業務中的大型參與者。我們也有新的領導團隊加入，以新的角度檢視並提出不同策略。另外，你可能還記得我們在一月的電話會議提到，我們把幾年前收購的 Archer（獨立管理帳戶，separately managed accounts）推進得更深入。我們已把它移到 Wealth Solutions 之下，讓獨立管理帳戶能以更一致的方式交付產品。所以回到你提的點，我們在多空稅務策略（longshore tax strategy）方面也非常積極，這對我們以及我們的客戶而言都是很好的產品。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Hey, thanks. Good morning. Dermot, just wondering two things on the guide and the outlook, if I could just do the applied math for the fourth quarter. If I'm doing it right, it implies that fourth quarter fees would be down sequentially from the third. And I'm just wondering, is there any seasonality there or are there any items in the third quarter that might have just been like strong because of the environment or not, I guess, just in terms of how you're seeing the environment play out? Thanks.

嗨，謝謝。早安。Dermot，我想就指引與展望問兩件事；如果我把第四季做一下推算。如果我算得沒錯，這意味著第四季費用收入會較第三季呈現季減。我想請教：這裡是否有任何季節性因素？或者第三季是否有一些項目只是因為環境因素而特別強勁？我想了解你們對環境演變的看法。謝謝。

So I guess Robin said in his prepared remarks, we have a healthy pipeline. We come into Q4 on the back of a strong Q3. Clearly, there is a lot of volatility in the markets, but as Robin has said, we're set up for these kinds of things and the durability of the revenue stream. So we're kind of just trucking along, executing our strategy, and there's nothing really that I see in Q4 that's outlier relative to Q3.

我想 Robin 在他事先準備的發言中提到，我們有健康的案源管線（pipeline）。我們在強勁的第三季之後進入第四季。市場顯然波動很大，但如 Robin 所說，我們的架構就是為了應對這類情況而設計的，收入來源也具備韌性。所以我們就是持續推進、執行策略；就我所見，第四季沒有什麼相較第三季特別異常的地方。

The pipeline is there, the healthy dialogue is there. Actually, I think we're kind of flattish, not down, but I would say overall we go into the last 2.5 months of the year feeling very good about where the overall firm is and where our businesses are operating and that gave us the confidence to update our guide as I gave in my prepared remarks.

管線在、健康的對話也在。其實我認為我們大致是持平，不是下滑；但我會說，整體而言，在今年最後 2.5 個月，我們對公司整體狀況以及各項業務的運作情形都感到非常好，這也讓我們有信心更新指引，就如我在事先準備的發言中所提到的。

Thanks for that. I appreciate that. And then same point on the expenses, it kind of implies a typical year-end step up in the fourth quarter and you have so much room in the operating leverage, it would make all the sense in the world if you were in fact pulling forward some investments. But can you just kind of talk us through fourth quarter seasonality on cost and if you're in fact kind of help moving some of the investments forward just because you have such a strong revenue base?

謝謝你的說明。我很感謝。另外同樣關於費用：看起來這也意味著第四季會有典型的年末費用上升；而你們在營運槓桿上有很大的空間，如果你們確實把一些投資提前，其實也完全合理。但你能否帶我們了解一下第四季成本的季節性，以及你們是否確實因為收入基礎很強而把部分投資往前移？

So, like, I don't believe we're pulling forward. It's typically seasonal. There are a few idiosyncratic items that happen in the fourth quarter, and then there's some things around compensation matters, so one-off stuff, some vendor-related stuff. There are three or four things that are in there, none of them meaningful in itself, but when you add it up, it kind of gives that uptick, but it wouldn't be a place where you would start your jumping off point for next year.

所以，我不認為我們有把投資提前。這通常是季節性因素。第四季會發生一些較具特殊性的項目，另外也有一些與薪酬相關的事項，所以會有一次性項目、一些與供應商相關的項目。大概有三、四件事情在裡面，單獨看都不算重大，但加總起來就會造成那個小幅上升；不過這不會是你用來作為明年起跳基準的水準。

Right. Okay. Understood. Thanks again, Dermot.

對。好的。了解。再次感謝你，Dermot。

Scott Siefers, TD Cowen Securities.

Scott Siefers，TD Cowen Securities。

Good morning, everybody. Thank you for taking the question. I think only one left for me. I was hoping you could speak a little to capital management priorities from here. Capital levels remain very strong. You all have such strong internal generation rates, but the ratios have inched down a bit and you've been very active on repurchase. Just curious as to how you're thinking about the balance from here.

各位早安。謝謝讓我提問。我想我這邊只剩一題。我想請你談談接下來的資本管理優先順序。資本水準仍然非常強勁。你們內生資本生成率很高，但比率略有下滑，而且你們在庫藏股回購方面非常積極。想請教你們接下來如何看待這之間的平衡。

So the philosophy for a number of years now is Tier 1 leverage ratio 5.5% to 6%. We're at the upper end of that range. And so the firm was set up, we run a lot of stress tests, up, down, shocking, making sure that we can deal with a lot of different situations. And so, like we just this backup in rates, we were able to take it entirely in our stride.

我們過去幾年的理念是第一類資本槓桿比率維持在5.5%到6%。我們目前在這個區間的上緣。因此公司在架構上，我們做了很多壓力測試，上行、下行、衝擊情境，確保能應對各種不同狀況。所以像剛才利率回升這件事，我們完全能從容應對。

Look, most of our peers and ourselves took a bit of a mark-to-market in the AOCI book, but that was entirely within our comfort zone, and we were able to continue our buybacks as a very healthy clip. Year-to-date, I think it's roughly 86% and 85% of the quarter, so everything is in line with our capital management philosophy, and we feel good about where the firm is in terms of capital positioning and liquidity as we go into Q4.

你看，我們多數同業以及我們自己在AOCI帳簿上都出現了一些按市價評價的影響，但那完全在我們的舒適區內，而且我們仍能以非常健康的速度持續回購。年初至今，我想大約是86%，而本季約85%，所以一切都符合我們的資本管理理念；展望進入第四季，我們對公司的資本配置與流動性狀況感到滿意。

Perfect. All right. Thank you very much.

完美。好的。非常感謝。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

Hey, good morning. On the issue of services side. I mean, clearly, really strong growth there of over 40% year-on-year and I know you noted that there is some past rate expenses associated with the Trump accounts in there, but is this level a good level to grow off of from here and what would the drivers be?

嗨，早安。關於服務業務這一塊。很明顯年增成長非常強，超過40%；我也知道你提到其中包含一些與Trump帳戶相關的歷史費用，但以目前這個水準作為基礎，接下來是否仍是良好的成長起點？主要驅動因素會是什麼？

So I think there are three aspects to it. Within issuer services, you have corporate trust where we're servicing roughly $15 trillion of debt and as debt issuance has been growing. Some of those within those sub-sectors, we have market-leading positions. So I feel very good about A, the investments that we've made in corporate trust over the last couple of years. And B, the client dialogue and the client engagement. So business is in good shape.

我想可以從三個面向來看。在發行人服務（issuer services）裡，你有公司信託（corporate trust），我們服務約15兆美元的債務；而隨著債務發行量成長，在其中一些子領域，我們具備市場領先地位。所以A，我對過去幾年我們在公司信託上的投資非常有信心。B，我也對客戶對話與客戶互動很有信心。所以業務狀況良好。

And then you have depository receipts, which is -- it is somewhat of a seasonal business with Q2 being the outlier due to dividends, but our Q3 was good as well, and we've managed to win quite a good number of mandates in the APAC region, which I kind of alluded to in my prepared remarks.

接著是存託憑證（depository receipts），這——它在某種程度上是季節性業務，第二季因股利而成為異常值，但我們第三季也表現不錯；而且我們在亞太地區贏得了相當多的委任案（mandates），我在事先準備的發言中也稍微提到。

And the last comment I would say is, our proud participation in Trump accounts, and that is where that shows up. And while we don't disclose specific numbers, there is the gross up of revenue and expenses there with the pass-through, et cetera. And so overall, that is quite a good segment, strong segment and we like what we have and we will look to continue to grow it.

最後我想說的是，我們很自豪能參與Trump帳戶，而那就是反映在這裡。雖然我們不揭露具體數字，但其中會有收入與費用的總額調整（gross up），以及轉付（pass-through）等。因此整體而言，這是一個相當不錯、很強勁的板塊；我們喜歡目前的布局，也會持續推動成長。

Got it. And then you spoke about deposits, but if you can drill into non-interest-bearing deposits a little bit here, so as rates rise, can we still expect NIB to stay at high 10s as a percentage of deposits and can we still expect that to grow?

了解。另外你談到存款，但能否再深入談一下無息存款（non-interest-bearing deposits）？也就是說，隨著利率上升，我們是否仍可預期無息存款占存款比重維持在10%多的高檔，並且仍可期待它繼續成長？

So we don't look -- we don't guide on the specifics of IBs or NIBs, I think we have grown deposits 26% over 25%, we feel good where our current level is and as I said in answer to another question, we've seen an uptick in going into Q4. In Q3, NIBs did adjust seasonally, but were a little bit better than expected relative to the seasonal decline, so feel good about that.

我們不會——我們不會就計息存款（IBs）或無息存款（NIBs）的細項提供指引。我想我們的存款成長了26%或25%，我們對目前水準感到滿意；而且如我在回答另一個問題時提到的，我們看到進入第四季有回升。第三季無息存款確實有季節性調整，但相較於季節性下滑，表現略優於預期，所以我們對此感覺良好。

And really you have to remember that the deposit base is a result of clients doing more with us. So when you just to your earlier question on corporate trust, we have a lot of kind of natural deposits with that as clients kind of place cash wishes with us to service their debt. And so when you take into account the whole ecosystem, we feel very good about our ability to quote deposits from here in line with the overall growth of the business.

而且你真的要記得，存款基礎是客戶與我們往來更多的結果。所以回到你先前關於公司信託的問題，這裡會帶來很多「自然」存款，因為客戶會把現金放在我們這裡，用於服務其債務。因此，當你把整個生態系統納入考量，我們對於未來持續吸收存款、並使其與整體業務成長同步的能力非常有信心。

Got it. Thank you.

了解。謝謝。

David Smith, Truist Securities.

David Smith，Truist Securities。

Hi, good morning.

嗨，早安。

Good morning, David.

早安，David。

It's nice to see the long stretch continued year-on-year sales growth. How is organic fee growth trending against the 4.5% mark that you saw in the first half? Clearly, there was a trickier backdrop in September during the quarter, but how would you frame the organic growth against the 12% total fee growth, including market benefits you saw in the third quarter? And then any expectations for 4Q given the strong pipeline you mentioned?

很高興看到年對年銷售成長的長期趨勢持續。有機手續費成長（organic fee growth）相較於上半年看到的4.5%水準，目前走勢如何？很明顯本季9月的環境更具挑戰，但你會如何將有機成長與第三季你們看到的12%總手續費成長（包含市場帶來的助益）做對照？另外，考量你提到的強勁案源（pipeline），對第四季有何期待？

So organic growth is sort of a -- I'll call it the longer-term story for us is how we look at it. We just don't report it on a quarterly basis. We don't guide to it on a quarterly basis. It's really the long-term trend that we think is the focus area in terms of the progress of the company. You'll remember we were at zero in organic growth in '22 and '23, 2% in 2024. We increased that by 50% from 2% to 3% in 2025, and then we increased it by 50% again from 3% to 4.5% for the first half of this year. And I just say that the long-term momentum, the 2026 momentum continues.

有機成長算是——我會說對我們而言是較長期的故事，我們是這樣看待的。我們不會按季度揭露它。我們也不會按季度對它提供指引。我們認為重點在於長期趨勢，這才是衡量公司進展的焦點。你會記得我們在2022與2023年的有機成長為零，2024年為2%。2025年我們把它提高了50%，從2%到3%；而今年上半年我們又再提高50%，從3%到4.5%。我只想說，長期動能仍在延續，2026年的動能也持續。

So you expect further momentum through '26 into 2027, even if it's maybe a little bit lumpy on a quarterly basis, is that fair?

所以你預期到2026年並延伸到2027年仍會有進一步動能，即便按季度可能會有些起伏，這樣理解合理嗎？

I'm not going to guide to the extrapolation. We feel good about where we were in the first half and I'll say that our momentum in 2026 has sort of continued to be good. The growth -- organic growth has continued to be good. There's no shock factor in the third quarter.

我不會就此做外推式的指引。我們對上半年的表現感到滿意；我也會說，我們在2026年的動能一直維持良好。成長——有機成長持續良好。第三季沒有任何「衝擊因素」。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Just circling back on the RA custody biz, it's kind of interesting that a business like that would get an influx of two or three really big new competitors or well-funded competitors. But I also know that these are long-dated established relationships and business doesn't change that often.

再回到RA託管業務（RA custody biz）這點，挺有意思的是，像那樣的業務竟然會湧入兩三個非常大型的新競爭者或資金雄厚的競爭者。但我也知道，這些都是長期建立的既有關係，業務其實不常改變。

So maybe you could talk a little bit towards the investments you're making, what you think you have to do going forward to keep growing that business because I think when you see the influx of competition, you go, ahh, and you start thinking pricing is going to come under pressure, but maybe you could just kind of talk to what you're seeing and how we should think about it.

所以也許你可以稍微談談你們正在進行的投資、以及你認為未來為了讓這項業務持續成長需要做些什麼。因為我想當你看到競爭湧入時，你會想，啊，然後開始擔心定價會受到壓力；但也許你可以談談你所看到的情況，以及我們應該如何看待。

So maybe I'll start, but one thing I would say is Wealth Solutions, the platform which used to be known as Pershing, has become much closer to BNY. And so when we have clients of Wealth Solutions, they're also clients of the firm. And I would say over the last couple of years, we've been able to offer more products from the broader BNY family than we've ever done before. And so clients are coming to us because we're also a bank and we can do lending and we can do different things. And so it's the relationship is not with Pershing as in the old days, it's now with BNY and the platform as well solutions. I think that's important fact number one.

所以也許我先開始。不過我想說的一點是，Wealth Solutions 這個平台（過去稱為 Pershing）已經與 BNY 更加緊密地整合。因此，當我們有 Wealth Solutions 的客戶時，他們同時也是本公司的客戶。我會說在過去幾年，我們能夠提供來自更廣泛 BNY 家族的產品，程度是以往從未有過的。因此客戶會來找我們，因為我們同時也是一家銀行，我們可以做放款，也可以做不同的事情。所以這段關係不再像過去那樣是與 Pershing 的關係，而是與 BNY 的關係，以及 Wealth Solutions 這個平台。我認為這是第一個重要事實。

Important fact number two is we have nearly 1,500 clients, nearly 9 million investor accounts, and we do over 2 million trades per day with those clients. And as I said in my answer to the last question, $4 trillion of AUC/A. And when you take Robin's answer to the first couple of questions on the call about our AI strategy and our AI vision, we believe that just with traditional technological investment and bringing AI to the fore, we can develop new products and new ways of doing things for that community that will allow us to be very competitive relative to competition coming in.

第二個重要事實是，我們有將近 1,500 家客戶、接近 900 萬個投資人帳戶，並且每天與這些客戶進行超過 200 萬筆交易。而且如我在上一題的回答中所說，我們有 4 兆美元的 AUC/A。

As I always say, we love competition because it makes us stronger and it makes us better and we feel like we have a really strong base from which to move forward from.

我一向說，我們喜歡競爭，因為它讓我們更強、更好；而且我們覺得自己有一個非常扎實的基礎，可以在此之上繼續向前。

Let me just add to it briefly, which is, I just want to underline, this has always been a competitive industry and always been a competitive business. But the evolution of what clients want, an open architecture solution, the ability to bring strong capabilities, the fact that it isn't just a custody clearing business but is evolving in to also being able to connect with asset management and with banking and the AI capabilities that Dermot mentioned, it's sort of moving in our direction because it's at the right time given the evolution of BNY, given our platform and commercial models unlocking the whole firm to deliver to any client of the firm, that's a good trend for us in this business and it's not by coincidence that we've been evolving the name, in fact, interestingly. When I used to talk to clients of Pershing three years ago, they would say, Oh, please, the Pershing brand is really strong. Please keep the brand.

我再簡短補充一下：我想強調，這一直都是一個競爭激烈的產業，也一直都是競爭激烈的生意。但客戶需求的演進——開放式架構解決方案、導入強大能力的能力、以及它不再只是保管清算業務，而是也在演進成能與資產管理與銀行業務連結，再加上 Dermot 提到的 AI 能力——整體趨勢正朝著我們的方向發展，因為在 BNY 演進、我們的平台與商業模式解鎖整個公司、讓公司能為任何客戶交付服務的這個時點，正好切中需求。這對我們在這項業務上是一個好趨勢；而且我們之所以在演進名稱，也不是巧合，事實上很有意思。三年前我和 Pershing 的客戶談時，他們會說：喔，拜託，Pershing 的品牌很強。請保留這個品牌。

And now when I speak to those same clients, they say to me, Oh, please, BNY, it's a much more useful brand for us running our businesses when we're talking to clients because of the power and strength of that brand and we want to access the rest of the company, we don't just want the traditional services from Pershing. We want the full breadth of BNY delivered through Wealth Solutions.

而現在當我和同一批客戶談時，他們會對我說：喔，拜託，BNY 對我們經營業務更有用，因為當我們和客戶溝通時，這個品牌的力量與強度更大；而且我們想要接觸公司的其他部分，我們不只想要 Pershing 的傳統服務。我們希望透過 Wealth Solutions 取得 BNY 的全方位能力。

Good perspective. Maybe I feel good lead into the quickie follow-up I had was, so average loans are up 19%. How much of that is coming through some of your other platforms and where you're extending balance sheet to help? I don't want to fully tie it to the Tier 1 leverage decline in the quarter because I think this is coming at pretty low RWA securitized loans, but I'm putting words in your mouth. So maybe just talk to us where the 19% average loan growth is coming from and the density of them.

很好的觀點。也許我覺得這正好帶到我接下來一個很快的追問：平均貸款成長了 19%。其中有多少是透過你們其他平台帶來的？你們在哪些地方延伸資產負債表來提供協助？我不想把它完全和本季第一級槓桿比率下降綁在一起，因為我認為這些應該是 RWA 很低的證券化貸款，但我是在替你說話。所以也許請你談談，這 19% 的平均貸款成長是從哪裡來的，以及其密度（集中度）。

I hate to take the short answer to that, Glenn, but you answered the question. It's predominantly in our secured finance, but in short duration, fully collateralized, not using significant amount of risk-weighted assets and just supporting the client franchise. So you hit the nail on the head.

Glenn，我不太想用簡短答案帶過，但你其實已經回答了這個問題。主要來自我們的擔保融資（secured finance），而且是短天期、完全抵押，不會使用大量風險加權資產，主要是為了支持客戶特許經營（client franchise）。所以你一語中的。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Can you give us -- when you think back to January when you gave us your net interest income forecast, I know you talked about the factors pushing up the net interest income growth in the fourth quarter, but when we turn back the clock to January to today, can you identify the deltas for the much better than expected growth in interest income that you've achieved this year? Was it primarily better deposit growth from customers, market conditions, but what were some of the key factors?

你能否跟我們說一下——回想一月你們給出的淨利息收入（NII）預測，我知道你談到了一些推升第四季淨利息收入成長的因素——但如果把時間從一月拉回到今天，你能否指出今年你們所達成的利息收入成長遠優於預期，其間的差異（deltas）是什麼？主要是因為客戶存款成長更好、或市場環境，還是有哪些關鍵因素？

I would say two things. One is just the overall performance of the firm doing more like as we highlighted at the first half, 4.5% organic growth. We highlighted a number of transactions in the quarter in both of our prepared remarks. And so all of that activity brings deposits onto the platform. And so we've grown deposits year-over-year. So I would say that's important point number one.

我會說有兩點。第一是公司整體表現更好——如我們在上半年所強調的，4.5% 的有機成長。我們在本季的兩段事先準備的發言中也提到多筆交易。所有這些活動都會把存款帶到平台上。因此我們的存款年增。所以我會說這是第一個重要點。

And point number two is -- and also the mix between IBs and NIBs has held in well and that's benefited us. And then the other side of the ledger, it's the yield pickup going from about 150 basis points to 200 basis points and so we expect that to kind of continue for the next several quarters as we reposition the portfolio with roughly $5 billion rolling off each quarter and reinvest it at higher yields.

第二點是——IB 與 NIB 之間的組合也維持得不錯，這對我們有利。另外在資產端，收益率的提升（yield pickup）從大約 150 個基點提高到 200 個基點；因此我們預期，隨著我們重新配置投資組合、每季約有 50 億美元到期並以更高收益率再投資，這種趨勢在接下來幾季會持續。

Very good. And then just speaking about rates and not asking for a forecast for '27. Can you just paint the interest rate environment that's most ideal for the NII as we go forward into '27?

非常好。接著談利率——我不是要你們預測 2027 年。你能否描述一下，展望到 2027 年，對 NII 最理想的利率環境是什麼樣子？

Again, so the way I -- my short answer to that is, we try to narrow the cone of outcomes on interest rates. And so up or down 100 basis points, like there's been quite a move over the last several quarters of the last -- particularly the last quarter. And so we're largely immunized from that. So look, tenure goes above 6%, I guess lots of people having different conversations, but we believe where our rates are right now is, we're in good shape.

同樣地，我對此的簡短回答是：我們試著縮小利率結果的可能範圍（cone of outcomes）。所以利率上或下 100 個基點——過去幾季、尤其是上一季，波動其實很大。而我們在很大程度上已經對此做了免疫（immunized）。所以你看，如果 10 年期殖利率（tenure）升到 6% 以上，我想很多人會有不同的對話；但我們認為以目前的利率水準來看，我們狀況良好。

Very good. Thank you very much.

非常好。非常感謝。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi, good morning. I should say good afternoon now, Robin and Dermot, but thanks for squeezing me in here. It's much appreciated.

嗨，早安。我想現在應該說午安了，Robin 和 Dermot，但謝謝你們把我安排進來。非常感激。

I was hoping to drill down into the Security Services segment. Robin, when you started on the transformation journey, you highlighted security services as an area where you were much more focused on driving efficiency versus necessarily having the growth mindset that you are at least outlining for market and wealth services in particular.

我希望深入探討一下證券服務（Security Services）部門。Robin，當你開始推動轉型旅程時，你曾強調證券服務是一個你更著重於提升效率的領域，而不一定像你至少對市場與財富服務（尤其是市場與財富服務）所描繪的那樣，抱持成長導向的思維。

You've been quite successful improving the margin in that segment the last three years within security services, eclipsed your profitability targets while running with a flattish cost base. As I look at the trend over the last couple of quarters, even adjusting for the impact of Trump accounts, we're starting to see a pretty healthy ramp in investment and was hoping you could just speak to whether you're pivoting to more of a growth mindset now that you're operating at full efficiency and where do you see the most compelling growth opportunities within the segment, where are those incremental dollars being deployed?

過去三年你們在證券服務中的該業務板塊，成功大幅改善了利潤率，在成本基礎大致持平的情況下，仍超越了獲利目標。我觀察過去幾個季度的趨勢，即使調整川普帳戶的影響，我們也開始看到投資相當健康地加速成長；想請你談談，當你們已在滿載效率下運作時，是否正轉向更偏成長的思維？以及在該板塊內你認為最具吸引力的成長機會在哪裡、這些新增投入的資金正部署到哪些地方？

Well, again, a little bit like one of the earlier questions, you sort of answered the question along the way. That's right. I agree with the premise, which is we first set our target to improve pre-tax margin in the segment. If you might remember, it was 21% in 2021, and we said 30% was our milestone. A lot of people told us that that was ambitious at the time. That was when the whole narrative was still centered around Trust Bank and world's worst oligopoly and everything, all fair potentially back at the time, but we saw a lot more potential and we started to realize that potential. It was an expense self-help story in part, but you're right, we've done a lot of the foundational work.

嗯，再次地，有點像先前其中一個問題，你其實在提問的過程中就把答案說出來了。沒錯。我同意這個前提，也就是我們一開始設定的目標，是提升該板塊的稅前利潤率。如果你還記得，2021 年是 21%，而我們說 30% 是我們的里程碑。當時很多人告訴我們這個目標很有野心。那時整個敘事仍圍繞著 Trust Bank、所謂「全球最糟的寡占」等等——在當時或許都有其道理，但我們看到了更大的潛力，也開始把這些潛力逐步實現。其中一部分是費用自助（自我改善）的故事，但你說得對，我們已經做了大量的基礎性工作。

And it's really a microcosm of the same thesis as the whole company, which is having done the foundational work in operating model and commercial model, we can pivot and are pivoting more to growth. And as you pointed out, that's starting to show through the top-line story of the segment. And so for the quarter, for the segment, 15% total revenue growth, 500 basis points of positive operating leverage and pre-tax margin expansion to 36% year-on-year, which is obviously a far cry from that milestone because it was originally a milestone, and it's also broad-based inside the whole story.

而這其實是整家公司同一套論點的縮影：在完成營運模式與商業模式的基礎性工作之後，我們可以、也正在更轉向成長。如你所指出的，這也開始反映在該板塊的營收成長故事上。因此就本季、就該板塊而言，總營收成長 15%，正向營運槓桿 500 個基點，稅前利潤率年增擴張至 36%；這顯然已遠超當初那個里程碑（當時只是里程碑），而且這也是整體故事中各面向共同推動的結果。

Now, there was a seasonally strong quarter in depository receipts in the second quarter. There's always a little bit of quarter-by-quarter story associated with it, but you're right, we see white space in this -- in this segment. And there's lots of types of white space for this. There's connecting more things from around the firm. There's going into new regions. You'll remember earlier in the year, we announced very important win in Germany. That's a good example of us pushing into new regions, which is one of the opportunities for us in white space. There are new solutions.

另外，第二季存託憑證（depository receipts）有季節性偏強的表現。這類業務總會有一些逐季波動的因素，但你說得對，我們在這個板塊看到了「白地」空間。而且白地的類型很多。包括把公司內部更多不同業務連結起來。也包括進入新的地區。你會記得今年稍早我們宣布在德國拿下一個非常重要的案子。那就是我們推進新地區的一個好例子，而這正是我們在白地中的機會之一。另外也有新的解決方案。

If you think about the digital asset transfer agency that I mentioned in my prepared remarks, that's essentially a capability add that's in the segment. And then, of course, you have all of the capital markets growth and activity, including the manufacturing of fixed income growth and the market trends that we've talked about as well. So we've done the work, we've repositioned the business, and the team's done a fabulous job to now really attack the opportunity. And we think that's the path that we're now going to be on.

如果你想想我在事先準備的發言中提到的數位資產過戶代理（transfer agency）業務，那本質上就是在該板塊新增的一項能力。當然，還有所有資本市場的成長與活動，包括固定收益的製造端成長，以及我們也談過的市場趨勢。所以我們已經完成相關工作、重新定位了業務，而團隊也做得非常出色，現在真的可以全力進攻這個機會。我們認為這就是我們接下來要走的路徑。

Yeah, look, I would say my only comment is, a leadership change, talent and the business was taken back to the studs by that team four years ago and investing in the core and building from the foundations back up. And the team has got its ability and its belief back in its right to win. And it's been a story of leadership and execution. It's been fantastic.

是的，你看，我想我唯一要補充的是：經歷了領導層變動之後，這個團隊在四年前把人才與業務「拆到骨架」重新打造，投資核心、從基礎重新建起。而團隊也重新找回了能力與信心，相信自己有資格、也有實力去贏。這一直是一個關於領導力與執行力的故事。真的非常精彩。

A really great color. Thanks so much for squeezing me in here.

資訊補充得非常好。非常感謝讓我在這裡插個問題。

And with 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。接下來我想把電話交回給 Robin，請他做任何補充或結語。

Thank you, operator, 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.

謝謝接線員，也謝謝各位今天撥冗參與。我們感謝各位對 BNY 的關注。如有任何後續問題，請聯繫 Marius 與投資人關係（IR）團隊。祝各位安好。

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.

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。