Bank of New York Mellon Corp (BNY) 2025 Q4 法說會逐字稿

Good morning and welcome to the 2025 fourth 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 主辦的 2025 年第四季財報電話會議。(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, and welcome to our fourth quarter earnings call. I'm here with Robin Vince, our CEO; and Dermot McDonogh, our CFO. As always, we will reference our 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，歡迎參加我們的第四季財報電話會議。我與我們的執行長 Robin Vince 以及財務長 Dermot McDonogh 一同出席。如同往常，我們將參考季度更新簡報，您可在 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.

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。關於這些陳述與非 GAAP 衡量指標的資訊，可於財報新聞稿、財務補充資料與季度更新簡報中取得，以上皆可在我們網站的投資人關係頁面找到。

Forward-looking statements made on this call speak only as of today, January 13, 2026, and will not be updated. With that, I will turn it over to Robin.

本次電話會議中的前瞻性陳述僅截至今日（2026 年 1 月 13 日）為準，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 strategic update, and then Dermot will take you through our financial performance in the fourth quarter, our outlook for 2026 and our increased targets for the medium term as we look ahead toward the next phase on our journey to unlock BNY's full potential over the long term.

謝謝你，Marius。各位早安，感謝各位加入。我將先進行策略更新，接著 Dermot 會帶各位回顧我們第四季的財務表現、2026 年展望，以及我們上調的中期目標；我們也將展望下一階段旅程，持續釋放 BNY 長期的全部潛力。

Starting on Page 3 of our quarterly update presentation. 2025 was another successful year for BNY. In short, we delivered record net income of $5.3 billion on record revenue of $20.1 billion and generated a return on tangible common equity of 26%. Total revenue grew by 8% year-over-year.

請從我們季度更新簡報第 3 頁開始。2025 年對 BNY 而言又是成功的一年。簡而言之，我們在創紀錄的 201 億美元營收下，創下 53 億美元的淨利新高，並達成 26% 的有形普通股權報酬率。總營收年增 8%。

In combination with expense growth of 3%, we drove 507 basis points of positive operating leverage on a reported basis and 411 basis points, excluding notable items, resulting in an improved pretax margin of 35%. Consistent execution delivered four consecutive quarters of positive operating leverage in 2025, bringing us to 8 consecutive quarters overall.

配合費用成長 3%，我們在申報口徑下帶動 507 個基點的正向營運槓桿；若排除重大項目，則為 411 個基點，使稅前利潤率提升至 35%。穩健的執行讓我們在 2025 年連續四個季度實現正向營運槓桿，累計已達連續八個季度。

Taken together, we grew earnings per share by 28% year-over-year to $7.40 and returned $5 billion of capital to our shareholders through common dividends and share repurchases. This strong financial performance was the output of our work to reimagine BNY and was enabled by tangible progress across strategic priorities over the past year, which we highlight in the four boxes on Slide 4.

綜合而言，我們每股盈餘年增 28% 至 7.40 美元，並透過普通股股利與庫藏股回購向股東返還 50 億美元資本。這項強勁的財務表現，是我們重新想像 BNY 的成果，也得益於過去一年在各項策略優先事項上取得的具體進展；我們在第 4 張投影片的四個方框中加以重點說明。

First, our commercial model is working. Operating as One BNY, we are starting to bring the full breadth of the company together to deliver more products and services to meet our clients' needs. This includes embedding sales practices and behaviors that enable our teams to deliver more and better for clients with greater consistency to drive deeper relationships with existing clients and open the door to new ones.

第一，我們的商業模式正在奏效。以「One BNY」方式運作，我們正開始整合公司全方位能力，提供更多產品與服務以滿足客戶需求。這包括導入銷售實務與行為準則，使團隊能更一致地為客戶提供更多、更好的服務，進而深化既有客戶關係並開啟新客戶機會。

We achieved record sales performance for the year, and we announced several noteworthy wins in the fourth quarter. Further deepening our relationship, WisdomTree selected BNY as their banking as a service provider for the WisdomTree Prime platform.

我們在全年達成創紀錄的銷售表現，並在第四季宣布數項值得關注的勝利。為進一步深化合作關係，WisdomTree 選擇 BNY 作為 WisdomTree Prime 平台的「銀行即服務」（BaaS）供應商。

This solution brings together banking, payments, custody and digital assets to support the growth of WisdomTree's new retail distribution model and its strategy on being a leading digital asset forward investment manager.

此解決方案整合銀行、支付、託管與數位資產能力，以支持 WisdomTree 新的零售分銷模式成長，以及其成為領先的、以數位資產為前瞻的投資管理人的策略。

Jupiter, an active asset manager, selected BNY for a suite of capabilities from front to back from investment operations and data management all the way through to custody, streamlining their operating platform and positioning them for the future. And Japan's Government Pension Investment Fund selected BNY to deliver integrated data and analytics for private markets.

主動式資產管理公司 Jupiter 選擇 BNY 提供一整套端到端能力，從投資營運與資料管理一路到託管，協助其精簡營運平台並為未來做好布局。此外，日本政府年金投資基金（GPIF）選擇 BNY 為私募市場提供整合式資料與分析。

This solution aims to help them manage complexity, enhance transparency and improve decision-making across their growing alternative investment portfolio. Second, we continued to make progress in unlocking the scale and growth potential of our platforms by transitioning approximately half of our people into the platform's operating model over the course of 2025, which brings us to more than 70% of our people working in the model today.

此解決方案旨在協助其管理複雜性、提升透明度，並改善其日益成長的另類投資組合之決策品質。第二，我們持續推進釋放平台規模與成長潛力的工作：在 2025 年期間，我們將約一半員工轉入平台營運模式，使目前採用該模式的人員占比提升至 70% 以上。

This initiative has been a core component of rewiring BNY to make us more agile and intentional in how we deliver to clients, performs part of a larger collection of initiatives that are at the heart of running our company in a fundamentally different way.

此項計畫是我們重塑 BNY 的核心組成之一，使我們在交付客戶價值時更敏捷、更有目的性；它也是一系列更大型計畫的一部分，而這些計畫正是我們以根本不同方式經營公司的核心。

Third, in 2025, we made significant advances in the adoption of AI, underscoring our industry leadership in this burgeoning space. Built upon very deliberate investments over the past several years, our enterprise AI platform, Eliza, is unlocking capacity for our people, allowing them to focus on higher value work for our clients.

第三，在 2025 年，我們在 AI 採用方面取得重大進展，凸顯我們在這個快速成長領域的產業領導地位。建立在過去數年審慎投資之上，我們的企業級 AI 平台 Eliza 正在釋放同仁產能，讓他們能專注於為客戶提供更高價值的工作。

We recently announced a collaboration with Google Cloud to integrate Gemini Enterprise capabilities into our Eliza platform, enhancing our ability to support deep research, analysis and data-intensive workflows across the company, building on existing collaborations with OpenAI and others.

我們近期宣布與 Google Cloud 合作，將 Gemini Enterprise 能力整合至 Eliza 平台，強化我們在全公司支援深度研究、分析與資料密集型工作流程的能力，並在既有與 OpenAI 等夥伴的合作基礎上持續擴展。

These collaborations underscore our commitment to deploying AI responsibly and scale. We expect that over time, AI will allow us to remake many of our processes and systems in new and exciting ways. And that, together with embedding AI in our products and services, represents a significant opportunity for our company in the years ahead.

這些合作凸顯我們以負責任且可規模化方式部署 AI 的承諾。我們預期，隨著時間推進，AI 將使我們以嶄新且令人振奮的方式重塑許多流程與系統。而這一點，加上在產品與服務中嵌入 AI，將在未來數年為公司帶來重大機會。

Fourth, BNY has a rich 241-year history of innovation, from issuing the first loan to the U.S. government to becoming the first U.S. G-SIB to offer digital asset custody. Our focus on innovating new products and solutions is centered on building trusted market infrastructure for the long term and serving our clients in new and evolving ways including increasing delivery of new capabilities connecting the traditional and digital asset worlds.

第四，BNY 擁有 241 年豐富的創新歷史，從向美國政府發放第一筆貸款，到成為首家提供數位資產託管的美國 G-SIB。我們對新產品與解決方案的創新聚焦於長期打造值得信賴的市場基礎設施，並以新的、持續演進的方式服務客戶，包括加速交付連結傳統資產與數位資產世界的新能力。

This past quarter, for example, we launched the Dreyfus Stablecoin Reserves Fund, a government money market fund designed to support stablecoin issuers and institutional participants to manage eligible reserve assets providing BNY's cash and liquidity solutions expertise to the growing digital payments ecosystem.

例如在本季度，我們推出 Dreyfus 穩定幣準備金基金（Dreyfus Stablecoin Reserves Fund），這是一檔政府貨幣市場基金，旨在協助穩定幣發行人與機構參與者管理符合資格的準備金資產，並將 BNY 在現金與流動性解決方案方面的專業帶入日益成長的數位支付生態系。

Our recently announced tokenized AAA CLO strategy in partnership with Securitize brings high rated structured credit product onto the blockchain with BNY serving a sub-adviser and custodian of the underlying assets. And just last week, we announced that we have taken the first step in our strategy to tokenize deposits by enabling the on-chain mirrored representation of client deposit balances on our digital assets platform.

我們近期宣布與 Securitize 合作的代幣化 AAA CLO 策略，將高評級結構性信用產品帶上區塊鏈，BNY 擔任次投資顧問並擔任標的資產的託管機構。而就在上週，我們宣布已邁出存款代幣化策略的第一步：在我們的數位資產平台上，啟用客戶存款餘額的鏈上映射表示。

As we reflect on the scope of our market-leading businesses, our central position as a provider of financial market infrastructure and the depth and breadth of our client relationships, traditional and digitally native. We believe that we are particularly well positioned to advance the future of financial markets.

當我們回顧自身市場領先業務的廣度、作為金融市場基礎設施提供者的核心地位，以及我們與客戶之間深厚且廣泛的關係（涵蓋傳統客戶與數位原生客戶）。我們相信，我們特別具備推動金融市場未來發展的有利定位。

From the very beginning of our work three years ago, we have taken a long-term view toward unlocking BNY's full opportunity as a financial services platforms company with a commitment to disciplined execution and sustained value creation for our clients and shareholders over time. I'm going to touch briefly on some of the work that has brought us here described on Page 5 of our presentation.

自三年前這項工作一開始，我們便以長期視角看待釋放 BNY 作為金融服務平台公司之全部機會，並承諾以嚴謹執行與持續創造價值，長期為客戶與股東帶來成果。我將簡要提及一些促使我們走到今天的工作，相關內容載於簡報第 5 頁。

Two years ago, we communicated our strategic road map and a set of medium-term financial targets for what we viewed as the first foundation setting phase in a multiyear transformation of BNY. While there are elements of that work that will continue well into the future, we consider that this is the right moment to begin to turn the page towards our next phase.

兩年前，我們溝通了我們的策略路線圖，以及一組中期財務目標；我們將其視為 BNY 多年轉型中第一個奠基階段。雖然其中部分工作將在未來很長一段時間持續推進，但我們認為現在正是翻開新頁、邁向下一階段的適當時點。

But before we get to that, I'll take the opportunity to reflect on our efforts, the impact that we've seen across our businesses and operations and how this has started to translate into improved financial performance. As we embarked on the journey, we recognized early on that we had to work across several fronts at the same time.

但在談到那之前，我想藉此機會回顧我們的努力、我們在各項業務與營運中所看到的影響，以及這些如何開始轉化為更佳的財務表現。當我們踏上這段旅程時，我們很早就意識到必須同時在多個面向並行推進。

Simplifying how we operate, improving execution and delivering for our clients and that how we did it as a team was essential to creating deep and enduring change. Thorough strategic and financial business reviews demonstrated to us the powerful combination of capabilities within BNY.

簡化我們的營運方式、提升執行力並為客戶交付成果，以及以團隊方式完成這些工作，對於創造深刻且持久的改變至關重要。全面的策略與財務業務檢視向我們證明了 BNY 內部能力組合的強大。

We are the number one custodian in the world and the number one collateral manager, the leading provider of issuer services and the primary settlement agent for U.S. government securities. We operate a top-tier payments and liquidity franchise and offer our clients leading investments and wealth capabilities.

我們是全球第一大託管銀行與第一大擔保品管理機構、領先的發行人服務提供者，以及美國政府證券的主要結算代理機構。我們經營一流的支付與流動性業務平台，並為客戶提供領先的投資與財富管理能力。

Individually, these are market-leading businesses together they represent a set of highly adjacent financial services platforms operating at the center of global financial markets, difficult to replicate at scale and increasingly valuable to our clients. To organize the company around execution, we deliberately framed our work across three simple elements of strategy, which we continue to focus on.

單獨來看，這些都是市場領先的業務；合在一起，則代表一組高度相鄰的金融服務平台，運作於全球金融市場的核心，難以在規模上被複製，且對客戶而言價值日益提升。為了讓公司圍繞執行力運作，我們刻意將工作框架化為三個簡單的策略要素，並持續聚焦於此。

The first was clients. To be more for them, to deliver more of our existing products to our existing clients, to add new clients, to add new products and to meet clients where they are with solutions tailored to their needs and responsive to market trends and opportunities.

第一個是客戶。為他們做得更多：向既有客戶交付更多既有產品、拓展新客戶、增加新產品，並以符合其需求且能回應市場趨勢與機會的解決方案，在客戶所在之處與其相遇。

The second was on how we run our company. We knew we could do that better simplifying, improving financial discipline, breaking down barriers, challenging the status quo and reimagining our operating model as a platform company.

第二個是我們如何經營公司。我們知道可以做得更好——簡化流程、強化財務紀律、打破藩籬、挑戰現狀，並以平台型公司重新想像我們的營運模式。

The third was culture. Simple to say, hard to do, but magical when it works, a collective sense of ownership, teamwork and accountability, all coming together to bring the other two key strategic pillars to life. This spirit of ownership and accountability is at the heart of our delivery.

第三個是文化。說起來簡單、做起來困難，但一旦奏效就會產生奇妙效果：集體的主人翁精神、團隊合作與問責，匯聚在一起，讓前兩個關鍵策略支柱得以落地。這種主人翁精神與問責文化是我們交付成果的核心。

So it was important to us to build credibility and momentum through consistent execution toward better business and operational performance, some examples of which you can see on Slide 6. What has been and continues to be the single most compelling growth opportunity for BNY is doing more business with our existing clients.

因此，透過持續一致的執行來建立可信度與動能、推動更佳的業務與營運表現對我們很重要；其中一些例子可見於第 6 張投影片。對 BNY 而言，過去與現在最具吸引力的單一成長機會，就是與既有客戶做更多生意。

In 2024, we launched our new commercial model designed to encourage our sales and service teams to raise their ambition equip them with new tools and to enable our people to deliver solutions from across BNY, leveraging the full breadth of our platforms.

在 2024 年，我們推出新的商業模式，旨在鼓勵我們的銷售與服務團隊提高企圖心、為他們配備新工具，並使我們的人才能夠運用 BNY 平台的完整廣度，交付來自全公司各處的解決方案。

Over the last two years, the number of clients buying three or more of our services increased by more than 60%, and organic fee growth has climbed to 3%, reflecting good progress with even greater opportunity ahead. In combination with stronger organic growth, we took steady, deliberate actions to reduce sensitivity to interest rates, driving more resilient top line revenue growth in a range of macroeconomic environments.

過去兩年，購買我們三項或以上服務的客戶數增加超過 60%，有機費用成長率攀升至 3%，反映出良好進展，且前方仍有更大的機會。在更強勁的有機成長之外，我們也穩健且有意識地採取行動，降低對利率的敏感度，推動在各種總體經濟環境下更具韌性的營收成長。

At the same time, our ongoing transition and increasing maturity in the platform's operating model is reducing friction and driving further productivity improvements. For example, investments in digitization and automation have meaningfully lowered the unit cost for processes like striking a NAV and settling a trade and our people are building innovative AI solutions that we expect over time will have a meaningful impact across the company.

同時，我們持續轉型且平台營運模式日益成熟，正在降低摩擦並帶動進一步的生產力提升。例如，對數位化與自動化的投資已顯著降低了如計算 NAV 與交易交割等流程的單位成本；我們的人才也正在打造創新的 AI 解決方案，我們預期隨時間推進，將對全公司產生實質影響。

We're proud that in 2025 alone, we deployed over 130 digital employees, industry-leading multi-agentic AI capabilities. Our digital employees work alongside our people, supporting them with tasks like validating payment details and remediating code vulnerabilities, allowing teams to focus on higher value work and client outcomes.

我們很自豪僅在 2025 年，我們就部署了超過 130 名數位員工，具備業界領先的多代理（multi-agentic）AI 能力。我們的數位員工與同仁並肩工作，支援如驗證付款明細與修補程式碼弱點等任務，使團隊能專注於更高價值的工作與客戶成果。

Taken together, these metrics give glimpses into the how of our execution, milestones and examples, not end points, but helpful indicators that our strategy is working and that there continues to be meaningful opportunity ahead.

綜合來看，這些指標讓我們得以一窺我們如何執行：里程碑與案例——不是終點，但有助於顯示我們的策略正在奏效，且前方仍有可觀的機會。

Turning to Slide 7. By centering the company on positive operating leverage as our North Star, we created a clear intuitive framework for our teams to execute on. The cumulative impact of our steady improvement year after year while capitalizing on a relatively supportive market backdrop has resulted in a meaningful improvement in BNY's financial performance over the last few years.

接著看第 7 張投影片。以正向營運槓桿作為我們的北極星，我們為團隊建立了一個清晰且直觀的執行框架。在相對有利的市場背景下把握機會之餘，我們年復一年穩步改善所累積的影響，使 BNY 在過去幾年財務表現顯著提升。

More consistent revenue growth and deliberate expense management have resulted in positive operating leverage, margin expansion and improved profitability, together, driving double-digit annual earnings per share growth.

更一致的營收成長與有意識的費用管理帶來正向營運槓桿、利潤率擴張與獲利能力提升，合力推動每股盈餘（EPS）達到每年雙位數成長。

Turning to Slide 8. When compared to BNY's financial performance over the prior decade, we can see the difference that consistent discipline, clear intent and sustained execution make over time. More resilient top line revenue growth has started to build and better control of our expense base has allowed us to continue to self-fund important investments in future growth.

接著看第 8 張投影片。與 BNY 前十年的財務表現相比，我們可以看到：長期而言，持續的紀律、明確的意圖與不間斷的執行會帶來多大的差異。更具韌性的營收成長已開始建立，而對費用基礎更佳的控管，使我們得以持續以自有資金投入未來成長所需的重要投資。

While we're encouraged by this progress, we are not satisfied. Our work is far from complete. We remain humble and intensely focused on the opportunity ahead. To that point, I'll wrap up on Slide 9 with where we are headed next. With the foundations largely in place and more of the people in their seats to help us execute.

儘管我們對這些進展感到鼓舞，但我們並不滿足。我們的工作遠未完成。我們保持謙遜，並高度聚焦於前方的機會。因此，我將在第 9 張投影片作結，說明我們接下來的方向。在基礎大致就緒、更多人員就位以協助我們執行之際。

The next phase of our journey to unlock BNY's potential is about realizing scale and growth opportunities across our company. As we mature in our new commercial and platform models unlock capacity using AI and in so doing, serve our clients in new and better ways, enabling the global financial markets and infrastructure of the future.

我們旅程的下一階段——釋放 BNY 潛力——重點在於實現全公司範圍的規模與成長機會。隨著我們的新商業與平台模式日益成熟、運用 AI 釋放產能，並以新的、更好的方式服務客戶，從而賦能未來的全球金融市場與基礎設施。

Taken together, our focus for 2026 and over the medium term represents an exciting shift: Built on the work done over the past three years to enable higher growth and deliver on the competitive advantages embedded in BNY as we remain steadfast in our commitment to create value for you, our investors.

綜合而言，我們對 2026 年及中期的聚焦代表一個令人振奮的轉變：建立在過去三年工作的基礎上，以實現更高成長，並釋放 BNY 內嵌的競爭優勢；同時，我們仍堅定致力於為各位投資人創造價值。

I want to thank our teams around the world for their dedication to our clients and their commitment to reimagining our company. We are entering 2026 with positive momentum and we are excited for the work ahead of us.

我要感謝全球各地的團隊，對客戶的投入，以及對重新想像我們公司的承諾。我們帶著正向動能邁入 2026 年，也對前方的工作充滿期待。

With that, I'll turn it over to Dermot to take you through the financials for the quarter in greater detail before reviewing our outlook for 2026 and our next set of milestones. Dermot?

接下來，我將交給 Dermot，請他在更詳細說明本季財務表現後，回顧我們對 2026 年的展望以及下一組里程碑。Dermot？

Thank you, Robin, and good morning, everyone. I'm picking up on Page 12 of the presentation with our results for the fourth quarter. Total revenue of $5.2 billion was up 7% year-over-year. Fee revenue was up 5%. This included 8% growth in investment services fees primarily driven by net new business, higher market values and higher client activity.

謝謝你，Robin，各位早安。我將從簡報第 12 頁開始，說明第四季的業績。總營收 52 億美元，年增 7%。費用收入年增 5%。其中包含投資服務費用成長 8%，主要由淨新增業務、更高的市場價值以及更高的客戶活動所帶動。

Investment Management and performance fees were flat as growth primarily resulting from higher market values was offset by the impact of the mix of AUM flows and the adjustment for certain rebates we discussed in prior quarters.

投資管理與績效費用持平，主要因市場價值上升帶來的成長，被資產管理規模（AUM）資金流向的組合影響，以及我們在前幾季討論過的特定回饋（rebates）調整所抵銷。

Firm-wide AUC/A of $59.3 trillion, increased by 14% year-over-year, reflecting client inflows, higher market values and the favorable impact of a weaker U.S. dollar. Assets under management of $2.2 trillion were up 7%, reflecting higher market values and the weaker dollar, partially offset by cumulative net outflows. Investment and other revenue was $135 million in the quarter, including $43 million of other investment losses and $15 million of net securities losses.

全公司 AUC/A 為 59.3 兆美元，年增 14%，反映客戶資金流入、市場價值上升以及美元走弱帶來的有利影響。管理資產（AUM）為 2.2 兆美元，成長 7%，反映市場價值上升與美元走弱，部分被累計淨流出所抵銷。本季投資及其他收入為 1.35 億美元，其中包括 4,300 萬美元的其他投資損失及 1,500 萬美元的證券淨損失。

Net interest income increased by 13% year-over-year, primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. Expenses of $3.4 billion were flat year-over-year on a reported basis and up 4% excluding notable items.

淨利息收入年增 13%，主要反映到期投資證券持續以較高殖利率再投資及資產負債表成長，部分被存款利差收窄所抵銷。本季費用為 34 億美元，按申報口徑與去年同期持平；若排除重大項目則增加 4%。

This reflects higher investments and revenue-related expenses, employee merit increases and the unfavorable impact of the weaker dollar, partially offset by efficiency savings. Provision for credit losses was a benefit of $26 million in the quarter, primarily driven by improvements in commercial real estate exposure and changes in the macroeconomic forecast.

此反映投資增加與與收入相關費用上升、員工績效調薪，以及美元走弱的不利影響，部分被效率節省所抵銷。本季信用損失準備為 2,600 萬美元的回沖（利益），主要由商用不動產曝險改善及宏觀經濟預測變動所帶動。

Pretax margin was 36% on a reported basis and 37% excluding notable items. And return on tangible common equity was 27%. Taken together, we reported earnings per share of $2.02, up 31% year-over-year. And excluding notable items, earnings per share were $2.08, up 21%.

稅前利潤率按申報口徑為 36%，排除重大項目為 37%。有形普通股權益報酬率為 27%。綜合而言，我們申報每股盈餘為 2.02 美元，年增 31%。排除重大項目後，每股盈餘為 2.08 美元，年增 21%。

Robin touched on our results for the full year earlier, but turning to Page 13, I'd like to expand on some of the most important items. We grew total revenue by 8% year-over-year to a record $20.1 billion for the full year of 2025. Fee revenue was up 6%.

Robin 先前已提及我們的全年表現，但轉到第 13 頁，我想進一步說明幾個最重要的項目。我們 2025 全年總收入年增 8%，達到創新高的 201 億美元。手續費收入成長 6%。

We grew investment services fees by 8%, primarily driven by net new business, higher market values and client activity. Investment Management and performance fees were down 2%, reflecting the mix of AUM flows and lower performance fees, partially offset by higher market values and the weaker dollar.

我們的投資服務手續費成長 8%，主要由淨新增業務、更高的市場價值及客戶活動所帶動。投資管理與績效費下降 2%，反映 AUM 資金流向組合及較低的績效費，部分被市場價值上升與美元走弱所抵銷。

Net interest income was up 15%, primarily driven by the reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. Expenses of $13.1 billion were up 3%, both on a reported and on an operating basis.

淨利息收入成長 15%，主要由到期投資證券以較高殖利率再投資及資產負債表成長所帶動，部分被存款利差收窄所抵銷。費用為 131 億美元，按申報口徑與營運口徑皆增加 3%。

Excluding the impact of notable items, the increase reflects higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker dollar, partially offset by efficiency savings.

若排除重大項目影響，費用增加反映投資增加、員工績效調薪、與收入相關費用上升，以及美元走弱的不利影響，部分被效率節省所抵銷。

Pretax margin was 35% on a reported basis and 36% excluding notable items. And return on tangible common equity was 26% for the year. As Robin noted earlier, we reported earnings per share of $7.40. Excluding notable items, earnings per share were $7.50, up 24% year-over-year.

稅前利潤率按申報口徑為 35%，排除重大項目為 36%。全年有形普通股權益報酬率為 26%。如 Robin 先前所述，我們申報每股盈餘為 7.40 美元。排除重大項目後，每股盈餘為 7.50 美元，年增 24%。

On to Capital and Liquidity on Page 14. Our Tier 1 leverage ratio for the quarter was 6%, down 9 basis points sequentially. Average assets increased by 3% on the back of deposit growth, and Tier 1 capital increased by $439 million, driven by capital generated through earnings and a net increase in accumulated other comprehensive income partially offset by capital returns through common stock repurchases and dividends.

接著看第 14 頁的資本與流動性。本季第一類槓桿比率為 6%，較前一季下降 9 個基點。平均資產在存款成長帶動下增加 3%；第一類資本增加 4.39 億美元，主要由盈餘所產生的資本及累計其他綜合損益的淨增加所驅動，部分被透過普通股回購與股利進行的資本回饋所抵銷。

Our CET1 ratio at the end of the quarter was 11.9%, up 17 basis points sequentially. Over the course of the fourth quarter, we returned $1.4 billion of capital to our shareholders, representing a total payout ratio of 100%. Our consolidated liquidity coverage ratio as well as the consolidated net stable funding ratio remained unchanged at 112% and 130%, respectively.

本季末普通股權益第一類資本（CET1）比率為 11.9%，較前一季上升 17 個基點。在第四季期間，我們向股東回饋 14 億美元資本，總派付率為 100%。合併流動性覆蓋率（LCR）以及合併淨穩定資金比率（NSFR）分別維持在 112% 與 130%，均未變動。

Next, net interest income and balance sheet trends on Page 15. We Net interest income of $1.3 billion was up 13% year-over-year and up 9% quarter-over-quarter. Like the year-over-year increase discussed earlier, the sequential increase was primarily driven by the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

接下來看第 15 頁的淨利息收入與資產負債表趨勢。我們的淨利息收入為 13 億美元，年增 13%，季增 9%。如同先前討論的年增原因，季增主要由到期投資證券持續以較高殖利率再投資及資產負債表成長所帶動，部分被存款利差收窄所抵銷。

Average deposit balances increased by 4% sequentially, reflecting 4% growth in interest-bearing and 1% growth in noninterest-bearing deposits. Average interest earning assets were up 3% quarter-over-quarter. Cash and reverse repo balances increased by 4%, loans increased by 5% and investment securities portfolio balances increased by 2%.

平均存款餘額較前一季增加 4%，反映計息存款成長 4% 及不計息存款成長 1%。平均生息資產季增 3%。現金與逆回購餘額增加 4%，放款增加 5%，投資證券投資組合餘額增加 2%。

Turning to our business segments, starting on Page 16. Security Services reported total revenue of $2.5 billion, up 7% year-over-year. Total investment services fees were up 11%. In Asset Servicing, investment services fees grew by 11%, primarily reflecting higher client activity and higher market values.

接著看我們的業務分部，從第 16 頁開始。證券服務（Security Services）總收入為 25 億美元，年增 7%。投資服務手續費總額年增 11%。在資產服務（Asset Servicing）方面，投資服務手續費成長 11%，主要反映客戶活動增加及市場價值上升。

Asset Servicing continues to show strong momentum as clients increasingly access the breadth of capabilities across our platforms to help them evolve their operating models.

資產服務持續展現強勁動能，因客戶愈來愈多地運用我們平台的全方位能力，協助其演進營運模式。

Sales wins over the course of the year showed broad-based growth across products and segments with particular strength in custody and with alternative asset managers, banks and broker-dealers, a testament to our targeted investments in the fastest-growing segments of the market.

全年銷售勝出在各產品與分部呈現廣泛成長，託管業務以及另類資產管理人、銀行與券商／交易商（broker-dealers）尤為強勁，這也印證我們針對市場成長最快分部所進行的聚焦投資。

ETF AUC/A of $3.8 trillion ended the year up 34% year-over-year, reflecting growth from the more than 2,500 funds serviced on our platform, which was up 22% year-over-year. Alternatives AUC/A were up 10% year-over-year, including double-digit growth in private markets.

ETF 的 AUC/A 為 3.8 兆美元，年末較去年同期成長 34%，反映我們平台所服務逾 2,500 檔基金帶來的成長；該基金數量年增 22%。另類投資 AUC/A 年增 10%，其中私募市場呈現雙位數成長。

We continue to invest in capabilities to support our clients' growth, including in retail alternatives with solutions spanning custody, fund services corporate trust, FX and hedging. Broadly speaking, approximately half of all asset servicing wins this past year represented multiline of business solutions reflecting the growing effectiveness of our new commercial model and client demand for consolidating with trusted partners.

我們持續投資能力以支持客戶成長，包括零售端另類投資，提供涵蓋託管、基金服務、公司信託、外匯（FX）與避險的解決方案。整體而言，過去一年約有一半的資產服務得標案屬於多業務線解決方案，反映我們新商業模式的成效日益提升，以及客戶希望與可信賴夥伴整合的需求。

In Issuer Services, Investment Services fees were up 12% primarily driven by higher client activity in depository receipts. And in our Corporate Trust business, we're pleased with the momentum across our franchise and see significant multiline of business opportunities ahead especially with corporate and municipal clients.

在發行人服務（Issuer Services）方面，投資服務手續費成長 12%，主要由存託憑證業務的客戶活動增加所帶動。在公司信託（Corporate Trust）業務方面，我們對整體特許經營的動能感到滿意，並看到未來顯著的多業務線機會，尤其是在企業與市政客戶。

We maintained our number one position in conventional debt servicing and in CLOs and munis where we hold number two positions we increased our market shares by 4 percentage points and 3 percentage points year-over-year, respectively.

我們維持在傳統債務服務的第一名地位；在 CLO 與市政債（munis）方面，我們分別位居第二名，且市占率分別年增 4 個百分點與 3 個百分點。

In Security Services, overall, foreign exchange revenue was down 3% year-over-year reflecting lower spreads on the back of lower volatility, partially offset by higher client volumes. Net interest income for the segment was up 8% year-over-year.

在證券服務整體而言，外匯收入年減 3%，反映在波動度較低的情況下利差縮小，部分被較高的客戶交易量所抵銷。該分部淨利息收入年增 8%。

Segment expenses of $1.7 billion were flat year-over-year, reflecting higher investments and revenue-related expenses, employee merit increases and the unfavorable impact of the weaker dollar, offset by efficiency savings and lower litigation reserves. Security Services reported pretax income of $838 million, a 30% increase year-over-year and a pretax margin of 34%.

分部費用為 17 億美元，年比持平，反映投資增加與與收入相關費用上升、員工績效調薪，以及美元走弱的不利影響；上述影響被效率節省與較低的訴訟準備金所抵銷。證券服務稅前收入為 8.38 億美元，年增 30%，稅前利潤率為 34%。

It is worth highlighting that for the full year of 2025, Security Services reported a pretax margin of 33%. That was an improvement of 4 percentage points year-over-year and exceeded the medium-term target of equal to or greater than 30% that we established for this segment in December of 2021.

值得強調的是，2025 全年，安全服務（Security Services）報告稅前利潤率為 33%。這較去年同期提升 4 個百分點，並且超過我們於 2021 年 12 月為該業務部門所設定的中期目標（等於或高於 30%）。

Next, Markets and Wealth Services on Page 17. Markets and Wealth Services reported total revenue of $1.8 billion, up 8% year-over-year. Total Investment Services fees were up 4%. In Pershing, investment services fees were down 2%, reflecting client activity in the prior year quarter related to the de-conversion of lost business, partially offset by higher market values.

接下來看第 17 頁的市場與財富服務（Markets and Wealth Services）。市場與財富服務總營收為 18 億美元，較去年同期成長 8%。投資服務費用總額成長 4%。在 Pershing，投資服務費用下降 2%，反映前一年季度因流失業務去轉換（de-conversion）相關的客戶活動，部分被較高的市場價值所抵銷。

Net new assets were $51 billion in the fourth quarter, representing healthy growth from both new and existing clients. Over the course of 2025, we earned numerous wins from new $1 billion-plus wealth firms and the business accomplished several multiyear contract renewals with key clients.

第四季淨新增資產為 510 億美元，代表來自新客戶與既有客戶的健康成長。在 2025 年期間，我們贏得多家新增資產規模超過 10 億美元的財富管理公司合作，並與關鍵客戶完成數項多年期合約續約。

Our commitment to serving multibillion-dollar growth-minded wealth firms across a full suite of custody, clearing, lending, investment products and wealth services is met with interest from existing and new clients and we remain focused on capitalizing on the important opportunity to enable growth for breakaway advisers as their platform of choice.

我們致力於為追求成長、資產規模達數十億美元的財富管理公司提供涵蓋託管、清算、放貸、投資產品與財富服務的完整方案；此承諾獲得既有與新客戶的高度興趣。我們仍專注把握這項重要機會，成為離職創業顧問（breakaway advisers）首選的平台，以協助其成長。

For example, this past quarter, 71 West Capital Partners and West [Gen] Wealth Partners selected BNY Pershing to provide custody and clearing for their new independent full-service RIA firms. In Clearance and Collateral Management, Investment Services fees increased by 15%, reflecting broad-based growth in collateral balances and clearance volumes.

例如，在本季度，71 West Capital Partners 與 West [Gen] Wealth Partners 選擇 BNY Pershing，為其新成立的獨立全方位服務 RIA 公司提供託管與清算服務。在清算與擔保品管理（Clearance and Collateral Management）方面，投資服務費用增加 15%，反映擔保品餘額與清算量的廣泛成長。

Average collateral balances of $7.5 trillion increased 15% year-over-year, and average settlements exceeded $1 million per day in the fourth quarter, reflecting higher market activity and new clients on our platform.

平均擔保品餘額 7.5 兆美元，較去年同期增加 15%；第四季平均每日結算量超過 100 萬筆，反映市場活動增加以及新客戶加入我們的平台。

Against a supportive backdrop from continued issuance and demand for U.S. treasuries, we're focused on innovating solutions that help our clients optimize capital meet evolving regulatory requirements, scale, operational efficiency, and access market infrastructure and liquidity.

在美國公債持續發行與需求帶來的有利背景下，我們專注於創新解決方案，協助客戶優化資本、滿足不斷演進的監管要求、擴大規模、提升營運效率，並取得市場基礎設施與流動性。

In our Payments & Trade business previously called Treasury Services, Investment Services fees were up 3%, primarily reflecting net new business. Over the course of the year, this business has shown strong performance on the back of broad-based growth across products and regions.

在我們的支付與貿易（Payments & Trade）業務（先前稱為財資服務 Treasury Services）中，投資服務費用成長 3%，主要反映淨新增業務。在過去一年，該業務憑藉產品與區域的廣泛成長，展現強勁表現。

Solid growth in sales wins over the course of the year, enabled by our strategic investments in capabilities and talent, give us good momentum into 2026. Net interest income for the segment overall was up 20% year-over-year.

在我們對能力與人才的策略性投資支持下，全年銷售勝出（sales wins）穩健成長，讓我們在邁入 2026 年時具備良好動能。該部門整體的淨利息收入較去年同期增加 20%。

Segment expense of $930 million were up 9% year-over-year reflecting higher investments and revenue-related expenses, employee merit increases and higher severance expense, partially offset by efficiency savings. Taken together, our Market and Wealth Services segment reported pretax income of $882 million, up 9% year-over-year and achieved a pretax margin of 49%.

部門費用為 9.30 億美元，較去年同期增加 9%，反映投資增加與與營收相關的費用上升、員工績效調薪以及較高的資遣費用，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 8.82 億美元，較去年同期成長 9%，稅前利潤率達 49%。

Turning to Investment and Wealth Management on Page 18. Investment and Wealth Management reported total revenue of $854 million, down 2% year-over-year. Investment Management fees were up 1% driven by higher market values and the favorable impact of the weaker dollar, partially offset by the impact of the mix of AUM flows and the adjustment for certain rebates, which I mentioned before.

接著看第 18 頁的投資與財富管理（Investment and Wealth Management）。投資與財富管理總營收為 8.54 億美元，較去年同期下降 2%。投資管理費用成長 1%，由較高的市場價值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以及我先前提到的特定回饋（rebates）調整所抵銷。

Segment expenses of $703 million were flat year-over-year as the impact of higher investments and the weaker dollar was offset by efficiency savings. Investment and Wealth Management reported pretax income of $148 million, down 14% year-over-year and a pretax margin of 17%. As I mentioned earlier, assets under management of $2.2 trillion increased by 7% year-over-year.

部門費用為 7.03 億美元，與去年同期持平；較高投資與美元走弱的影響被效率節省所抵銷。投資與財富管理稅前盈餘為 1.48 億美元，較去年同期下降 14%，稅前利潤率為 17%。如我先前所述，管理資產（AUM）2.2 兆美元，較去年同期增加 7%。

In the fourth quarter, we saw net outflows of $3 billion including $23 billion of net outflows from long-term strategies and $20 billion of net inflows into cash. Wealth Management client assets of $350 billion increased by 7% year-over-year, reflecting higher market values.

第四季我們看到淨流出 30 億美元，其中包含長期策略淨流出 230 億美元，以及現金淨流入 200 億美元。財富管理客戶資產 3,500 億美元，較去年同期增加 7%，反映較高的市場價值。

Over the past year, we've worked hard to bring our investment in wealth management business closer to our other BNY platforms, streamlined operations and build towards stronger top line growth, including by making several key strategic hires.

在過去一年，我們努力將財富管理業務的投資更緊密地與 BNY 其他平台整合、精簡營運，並朝向更強勁的營收成長邁進，包括進行數項關鍵策略性招募。

We expect that 2026 will be the year in which this work will start to translate into improved financial performance. I'll close with our financial outlook. Page 21 shows the current expectations for 2026. Notwithstanding a very dynamic operating environment, positive operating leverage continues to be our North Star and so we have set ourselves up for another year of more than 100 basis points of positive operating leverage in 2026.

我們預期 2026 年將是這些工作開始轉化為更佳財務表現的一年。最後我將以我們的財務展望作結。第 21 頁顯示 2026 年的最新預期。儘管營運環境非常動態，正向營運槓桿仍是我們的北極星，因此我們已為 2026 年再度實現超過 100 個基點的正向營運槓桿做好準備。

This reflects our current expectation for total revenue excluding notable items, to grow by approximately 5% year-over-year in 2026 market-dependent. And accordingly, a plan for approximately 3% to 4% growth in expenses, excluding notable items. Specific to the first quarter, I would like to remind you that staff expenses are typically elevated due to long-term incentive compensation expense for retirement-eligible employees.

這反映我們目前的預期：在排除重大項目（notable items）後，2026 年總營收將在市場因素影響下，較去年同期成長約 5%。相應地，我們規劃在排除重大項目後，費用成長約 3% 至 4%。就第一季而言，我想提醒各位，人員費用通常會偏高，原因是對符合退休資格員工的長期激勵薪酬費用。

And on taxes, I'd like to note that over the course of 2026, we expect a quarterly tax rate of approximately 23%, with the exception of the first quarter, in which we currently expect to see a tax benefit from the annual vesting of stock awards.

在稅務方面，我想指出在 2026 年期間，我們預期季度稅率約為 23%，第一季除外；我們目前預期第一季將因股票獎酬的年度歸屬（vesting）而出現稅務利益。

Finally, turning to Page 22 for our outlook for the medium term. Two years ago, we communicated our first set of medium-term financial targets, which were to improve BNY's pretax margin to equal to or greater than 33% and our return on tangible common equity to equal to or greater than 23% while maintaining a strong balance sheet.

最後，請看第 22 頁的中期展望。兩年前，我們公布第一組中期財務目標：在維持強健資產負債表的同時，將 BNY 的稅前利潤率提升至等於或高於 33%，並將有形普通股權益報酬率（ROTCE）提升至等於或高於 23%。

Today, we are raising the bar. We are increasing our pretax margin target by 500 basis points to 38% and we are increasing our return on tangible common equity target also by 500 basis points to 28%. These new medium-term financial targets represent the next milestones on our path to unlocking BNY's full potential over the long term.

今天，我們提高標準。我們將稅前利潤率目標上調 500 個基點至 38%，並將有形普通股權益報酬率目標同樣上調 500 個基點至 28%。這些新的中期財務目標，代表我們在長期釋放 BNY 全部潛力道路上的下一個里程碑。

What remains unchanged is our commitment to prudent balance sheet management and with it, our philosophy for capital deployment and distributions. Our Tier 1 leverage ratio management target remains unchanged at 5.5% to 6%, and we will continue to manage ourselves conservatively to the upper end of that range for the foreseeable future.

不變的是，我們對審慎資產負債表管理的承諾，以及與之相伴的資本部署與股利分配理念。我們的一級槓桿比率（Tier 1 leverage ratio）管理目標維持不變，為 5.5% 至 6%；在可預見的未來，我們將持續以保守方式管理，並維持在該區間的上緣。

Robin talked about our strategic priorities for this next phase on our multiyear transformation of BNY earlier. These new medium-term financial targets are a reflection of our confidence in the solid foundation we've built over the past few years and they demonstrate our determination to continue driving positive operating leverage as we realize greater scale and growth opportunities across our platforms.

Robin 先前談到我們在 BNY 多年轉型下一階段的策略重點。這些新的中期財務目標反映我們對過去幾年所建立之穩固基礎的信心，也展現我們在各平台實現更大規模與成長機會的同時，持續推動正向營運槓桿的決心。

And with that, operator, can you please open the line for Q&A.

那麼，接線員，請開放電話線進行問答。

(Operator Instructions)

（接線員指示）

Ebrahim Poonawala, Bofa Merrill Lynch Asset Holdings Inc.

Ebrahim Poonawala，Bofa Merrill Lynch Asset Holdings Inc.

Hey. Good morning, Ibrahim.

嗨。早安，Ibrahim。

Hey Robin. I guess maybe first question for you, Dermot, on the guidance, especially when we look at the revenue growth, just annualizing our fourth quarter NII gets you to about 9% growth on the NII side. So if you don't mind unpacking that a little bit around what are the assumptions underpinning that revenue growth outlook and on fees as we think about '26? Thanks.

嗨，Robin。我想也許先請教你，Dermot，關於指引，特別是當我們看營收成長時，單純把我們第四季的 NII 年化，大概就會得到 NII 端約 9% 的成長。所以如果你不介意的話，能否再拆解一下，這個營收成長展望背後的假設是什麼，以及我們在思考 '26 年費用收入時的假設？謝謝。

Okay. Good morning, Ibrahim. I hope you're well. So let me start with saying this year, we're doing it slightly differently. We finished the year with $20.1 billion of revenue, and the performance over the last three years has given us confidence to guide top line growth.

好的。早安，Ibrahim。希望你一切都好。我先從今年我們做法稍有不同說起。我們以 201 億美元的營收結束今年，而過去三年的表現讓我們有信心提供營收端的成長指引。

And as I said in my prepared remarks, the guides that we're giving to you for 2026 is up 5%, plus or minus year-on-year on the top line revenue. Now underneath that, you have both fees and net interest income. And I've said previously that Q4 is a good jumping off point but December was a particularly strong month for us in NII.

正如我在事先準備的發言中所說，我們給各位的 2026 年指引，是營收（頂線）年增 5%，上下浮動。在這之下，同時包含手續費收入與淨利息收入。我之前也提過，第四季是一個不錯的起跳點，但對我們而言，12 月的 NII 特別強勁。

So the way I would think -- the way you should think about NII for us this year is a little bit ahead of 5%, fees may be a little bit lower than 5%. So all in top line growth, up 5%.

所以我會這樣看——你們也應該這樣看——我們今年的 NII 會略高於 5%，而手續費可能會略低於 5%。因此合計的頂線成長為 5%。

Understood. That's helpful. And I guess maybe one bigger picture question, just around as we think about the strategic targets and maybe, Robin, your thoughts, I guess the one missing piece here is how would you want the seat to think about -- I guess, the medium-term earnings growth potential for BNY.

了解。這很有幫助。我想再問一個比較宏觀的問題：當我們思考策略目標時，也許請 Robin 分享一下想法。我想這裡缺的一塊是，你希望市場怎麼看——也就是說，BNY 的中期獲利成長潛力應該怎麼評估？

And within that construct, for whatever reason, if the revenue growth environment worsens, your level of confidence in defending the margins and the ROTCE targets that you've upgraded today? Thank you.

在這個架構下，若因某些原因營收成長環境轉差，你對於守住你們今天上調的利潤率與 ROTCE 目標的信心程度如何？謝謝。

Sure. So look, I'll take it, it's kind of got two parts. I'll take it both parts of that. But first of all, on the growth targets. Look, we've said all along, the positive operating leverages are North Star. And we've also said that there will be different components to achieving that in any year.

當然。我來回答，這大概有兩個部分。我兩部分都會回答。不過首先談成長目標。我們一直以來都說，正向營運槓桿是我們的北極星。我們也說過，在任何一年，達成它會有不同的組成要素。

And I think it is important to note that, and that's one of the reasons why as Dermot just said, we sort of moved to the total revenue guide because we recognize it's sort of a compositional question. But you should be able to hear from us, certainly, in our prepared remarks, is a bit of an increased conviction inside the company about our ability to win and grow.

我認為這點很重要，而這也是為什麼如同 Dermot 剛才所說，我們某種程度上改採總營收指引，因為我們認知到這其實是個組成結構的問題。但你們應該也能從我們的事先準備發言中聽出來，公司內部對於我們贏得業務並成長的能力，信念有所提升。

And we've certainly been setting internal aggressive sales and revenue targets to be able to do that. But to your question, we're certainly humble about the fact that we've got to be careful around any particular assumptions on market environment. And this is where I come back to the fact that we're all risk managers at heart. We're sort of projecting out a lot of different potential scenarios.

我們確實也在內部設定了更積極的銷售與營收目標來做到這點。但回到你的問題，我們也很謙遜地承認，對任何特定的市場環境假設都必須謹慎。這也讓我回到一點：我們本質上都是風險管理者。我們會推演許多不同的潛在情境。

And we take very seriously the fact that we've got to have levers to the extent that the markets might end up disappointing. And so we created agility in our expense base. And that's been part of our work over the course of the past three years. The platform's operating model work, the work that we originally did around some of the efficiency savings, making choices.

我們非常嚴肅看待的一點是：若市場最終令人失望，我們必須具備可運用的槓桿。因此我們在費用基礎上建立了敏捷性。這也是過去三年我們工作的重點之一。包括平台營運模式的工作、我們最初做的一些效率節省、以及做出取捨。

And the fact that we've now got the rhythm of saying, hey, we could actually make different choices on business development expenses, compensation if needed, the investment book of work. And so this agility is extremely important.

而且我們現在也形成了一種節奏：也就是說，如果需要，我們其實可以在業務開發費用、薪酬、投資工作項目上做出不同選擇。因此，這種敏捷性極其重要。

But I'll just also recap with a reminder of the fact that we've also deliberately positioned the platforms inside the company and the whole company to trying to reduce the macro sensitivity to the world. And so you've seen that in NII. We actually specifically called it out in the presentation.

不過我也再重申並提醒一點：我們也刻意在公司內部的平台以及整體公司定位上，努力降低對宏觀環境的敏感度。你們已在 NII 上看到這點。我們在簡報中也特別點出來。

But if you look at the different cylinders of the revenue engine of BNY equity market values, fixed income market values, equity market transaction volumes, fixed income market volumes, government issuance, private sector issuance, capital markets activity, GDP growth, payments, software, services, execution and clearing, generally, fixed income and equities.

但如果你看 BNY 營收引擎的不同「汽缸」：股票市場價值、固定收益市場價值、股票市場交易量、固定收益市場交易量、政府發行、民間部門發行、資本市場活動、GDP 成長、支付、軟體、服務、執行與清算，一般而言，固定收益與股票。

That is all very deliberately positioning ourselves to be able to be more resilient. But then, of course, to your question, to the extent that things happen, we can still react to them. That's how I think about it together.

這些都是我們非常刻意的定位，讓自己能更具韌性。但當然，回到你的問題，若事情真的發生，我們仍然可以做出反應。這就是我整體的思考方式。

Mike Mayo, Wells Fargo Securities LLC

Mike Mayo，Wells Fargo Securities LLC

Hi. As part of your new hire targets, how much does your thought about tech and AI play into that and specifically, as it relates to AI, you certainly got our attention. You have over 100 digital employees. How many of those AI digital employees do you expect to have over three to five years? And what's the savings from them? And again, how does that play into your new hire targets? Thanks.

嗨。在你們的新聘目標中，你們對科技與 AI 的思考占比有多大？特別是就 AI 而言，你們確實引起了我們的注意。你們有超過 100 位數位員工。未來三到五年，你們預期會有多少位 AI 數位員工？由此帶來的節省是多少？另外，這又如何反映在你們的新聘目標中？謝謝。

Yeah. Thanks, Mike. Look, AI, we think, is super important. We think it's just going to be able to be a catalyst for transformational change. We think that's true for the world. One of the most important evolutions in a technology, frankly, in hundreds of years is the way that we think about it. And so given that, it's very hard to project very clearly exactly where we'll be one, two, three, four, five years from now.

是的。謝謝你，Mike。我們認為 AI 非常重要。我們認為它將能成為推動變革性改變的催化劑。我們認為這對整個世界都成立。坦白說，我們把它視為數百年來最重要的科技演進之一。因此，在這樣的前提下，要非常清楚地預測一、兩、三、四、五年後我們會在哪裡，是非常困難的。

And so there's always the risk that we haven't properly and fully incorporated it into our medium-term targets because while we thought about it, it's hard to look into the future that clearly. But the way that we think about AI and maybe this will be helpful, therefore, is we think that the technology has already gotten to a level where it can have a very significant impact, frankly, on all of us individually and companies and certainly here at BNY.

因此也總是存在一個風險：我們可能沒有把它完整且恰當地納入我們的中期目標之中；因為即使我們有思考它，但要把未來看得那麼清楚很難。不過我們看待 AI 的方式——也許這會有幫助——是我們認為這項技術已經達到一個程度，坦白說，能對我們每個人、對企業、當然也對 BNY 產生非常顯著的影響。

And if that follows then we think it follows that adoption and integration risk becoming the limiting factors. So what we focused on is the real cultural side of it. Making AI for everyone, everywhere and for everything at BNY is our mantra. We launched our AI hub in 2023. That was just after the ChatGPT moment.

如果如此，我們也認為接下來採用與整合的風險會成為限制因素。所以我們聚焦在真正的文化面。「讓 BNY 的每個人、在每個地方、為每件事都能用 AI」是我們的口號。我們在 2023 年推出了 AI hub。那是在 ChatGPT 時刻之後不久。

We now have an enterprise AI platform, Eliza, that's general intelligence model-agnostic, and it supports this multi-agent functionality that underpins the digital employees that you referenced. And then we've put in place the resources to support that to really enable the scaling of it.

我們現在有一個企業級 AI 平台 Eliza，它是通用智慧、模型不可知（model-agnostic），並支援你所提到的數位員工所依賴的多代理（multi-agent）功能。接著我們也配置了資源來支援它，真正讓它能夠擴大規模。

That's all of the GPU compute. We've got our own NVIDIA hardware and tech, but we've also got the collaborations with Google that I mentioned in my prepared remarks and OpenAI and others. And then the culture point again, and you'll see this, it sort of resonates through the whole set of transformation and rewiring concepts that we're talking about for the company.

以上就是所有的 GPU 運算。我們有自有的 NVIDIA 硬體與技術，但同時也有我在事先準備的發言中提到的與 Google 的合作，以及與 OpenAI 和其他夥伴的合作。然後再回到文化這一點，你會看到它貫穿我們正在談的整套轉型與重新佈線的概念。

It's as true for AI because if AI is this great capability, it's a superpower, it can, therefore, be a capacity multiplier for our people and so that's what is causing our people to be able to pull AI towards them, hence, the digital employees working side by side with our people.

這對 AI 同樣成立，因為如果 AI 是一項很強大的能力，是一種超能力，那麼它就能成為我們員工的產能倍增器；因此，這也促使我們的員工把 AI 拉到自己身邊，於是就有數位員工與我們的人員並肩工作。

Now it is early days. We will continue to give you mark-to-market in terms of how we're making progress on this. But we are short-term enthusiastic, medium-term excited and long term, believing that it will have a significant positive impact.

現在仍是早期階段。我們會持續以市價衡量（mark-to-market）的方式向各位更新我們的進展。但我們短期很有熱情，中期很興奮，長期則相信它將帶來顯著的正面影響。

That was helpful. So I get the enterprise with Eliza scaling culture, you're excited about it, but could you put a little bit more meat on the bones if you could, like you might have 134 digital employees today and does that equate to in savings? And where do you think that number goes to? Or that's a little bit more detail, if you could?

這很有幫助。所以我理解你們在企業端以 Eliza 擴大文化規模，你們對此很興奮；但如果可以的話，能否再更具體一點，例如你們今天可能有 134 位數位員工，這大概相當於多少節省？你們認為這個數字會成長到多少？如果可以的話，能否提供更多細節？

Hi Mike, it's Dermott here. If you review the materials on Page 6 of our financial presentation, you'll see over the last couple of years that our headcount has trended down a little bit, but that's not really anything to do with [ AIES ].

嗨 Mike，我是 Dermott。如果你查看我們財務簡報第 6 頁的資料，你會看到過去幾年我們的人力編制（headcount）略有下降，但那其實與[ AIES ] 沒有太大關係。

We talk about internally, AI is unlocking capacity. We don't think about it as in the narrow definition of efficiency. It's all about growing with clients, increasing revenues and optimizing the potential for our employees. So, you have to think that over time, AI as a superpower as Robin just said, is going to increase revenues, create capacity and will allow us to do more with existing resources.

我們在內部談到的是，AI 正在釋放產能。我們不把它侷限在狹義的效率定義上。重點在於與客戶一起成長、提升營收，並最佳化員工的潛能。所以你必須理解，隨著時間推進，AI 如 Robin 剛才所說是一種超能力，將會提升營收、創造產能，並讓我們能用既有資源做更多事。

And over the last couple of years, we've been doing this right since the get-go in terms of enterprise-wide strategy. We've been quite constrained in our spending, and we've been very disciplined, we continue to spend more on cyber resiliency than we do on AI.

而且過去幾年，我們從一開始就在企業層級策略上這麼做。我們在支出上相當受控，也非常自律；我們在資安韌性上的投入仍然高於 AI。

So the return for our money is very, very high from probably getting from the enterprise today. And so we only see upside from here.

因此，就我們今天在企業端所取得的成果而言，我們的資金報酬率非常、非常高。所以從這裡往後，我們只看到上行空間。

Kenneth Usdin, Autonomous Research

Kenneth Usdin，Autonomous Research

Thanks, good morning. Guys, I wonder if you can detail a little bit the pretax margin improvement to five points. What -- can you go through kind of each of the businesses and talk as to how your individual business line pretax margin thoughts are evolving within that too? Like where do we get the most juice?

謝謝，早安。各位，我想請你們更詳細說明一下稅前利潤率提升 5 個百分點的部分。你們能否按各個業務逐一說明，談談各自業務線的稅前利潤率想法在其中是如何演進的？例如，最大的增益會來自哪裡？

Okay. Thanks for the question. So if you kind of go back to 2023, we delivered an actual performance pretax margin of 30% and ROTCE of 22%. And back then, when we initially established the medium-term targets, we went for 33% and 23%. And now we're going with new medium-term targets today of 38% and 28%.

好的。謝謝你的問題。如果回到 2023 年，我們實際達成的稅前利潤率是 30%，ROTCE 為 22%。當時我們最初設定中期目標時，目標是 33% 與 23%。而現在我們提出新的中期目標：38% 與 28%。

So you see real progression there over the last three years. And also today, as I mentioned on the first question from Ebrahim, you see us guiding for the first time, top line revenue growth. Previously, we guided by business. You will have seen us guide four years ago on security services and we've kind of surpassed that guide.

所以你可以看到過去三年確實有明顯進展。另外，如同我在回覆 Ebrahim 的第一個問題時提到的，今天你也看到我們首次指引營收（top line）成長。過去我們是按業務別提供指引。你也會記得四年前我們曾對證券服務（security services）提供指引，而我們已經某種程度上超越了那個指引。

And so that really speaks to the power of the One BNY transformation that we've been doing over the last three years. We have three segments: Security Services; we see upside in Corporate Trust; we see upside in Depository Receipts. We feel that asset servicing over the last three years has really transformed in terms of growing revenues, taking advantage of efficiencies and driving pretax margin.

這確實反映了我們過去三年推動 One BNY 轉型的力量。我們有三個分部：證券服務；我們看到公司信託（Corporate Trust）有上行空間；我們也看到存託憑證（Depository Receipts）有上行空間。我們認為資產服務（asset servicing）在過去三年已在營收成長、效率提升與推動稅前利潤率方面完成了真正的轉型。

So that kind of disciplined focus on expenses is allowing us to better price for business to win in Asset Servicing. Market and Wealth Services is the most akin to platforms at scale that we have at the moment as the rest of the firm matures in the platform operating model.

因此，對費用的那種自律聚焦，讓我們能在資產服務業務中以更好的定價去爭取並贏得業務。市場與財富服務（Market and Wealth Services）目前最接近我們所擁有的「規模化平台」，因為公司其他部分仍在成熟並導入平台化營運模式。

The pretax margin there is roughly, give or take, around 50%. We would expect to grow that pie at that margin. And so the upside from there on that segment was probably a little bit muted. But in Investment and Wealth Management, where we've guided 25% and we finished last year at roughly 17%.

那裡的稅前利潤率大約在 50% 左右（上下些許浮動）。我們預期會在該利潤率水準下擴大那個業務規模。因此，該分部的上行空間可能相對有限一些。但在投資與財富管理（Investment and Wealth Management）方面，我們指引為 25%，而去年結束時大約是 17%。

That's where we see the most opportunity in '26 and beyond as we kind of begin to see the green shoots of recovery in that segment come back. So One BNY overall delivering for clients, as Robin said in his prepared remarks, 64% increase in clients buying from three or more lines of business in the last three years. 10% of new logos coming to the firm last year as a percentage of sales. So the clients are noticing what we're doing and want to do more with us.

那就是我們在 2026 年及之後看到最多機會的地方，因為我們開始看到該分部復甦的初步跡象回來。因此 One BNY 整體在為客戶交付成果；如 Robin 在事先準備的發言中所說，過去三年購買三條或以上業務線的客戶增加了 64%。去年新客戶（new logos）占銷售的比例為 10%。所以客戶注意到我們正在做的事，並希望與我們做更多。

And remember, there's a compositional thing here as well, Ken, because if you think about the combination of corporate trust, depository receipts, payments, trade CCM and Pershing, which are kind of the platform e-businesses that Dermot was talking about, that now represents about two thirds s of the PTI of the company, three years ago, that was just 55%.

而且，Ken，別忘了這裡也有組合結構的因素；因為如果你看公司信託、存託憑證、支付、貿易 CCM 和 Pershing 的組合——這些算是 Dermot 所說的平台型電子業務——它們現在約占公司 PTI 的三分之二；三年前這個比例只有 55%。

So there's a bit of an averaging here given the fact that that's -- those are the -- that's the segment, MWS and the businesses that are actually growing the fastest inside the company. So actually as a percentage of the whole, they're growing. And that's a factor here, too.

所以在平均效果上會有一些影響，因為那——那些——那個分部（MWS）以及那些業務其實是公司內成長最快的。因此它們占整體的比重確實在上升。這也是其中一個因素。

Yeah. Got it. And just a follow-up, Dermot, on your point about how December was a strong month for NII. You guys have done a very good job kind of consistently being conservative about your NII outlook. What would you say about the fourth quarter?

是的。了解。再追問一下，Dermot，關於你提到 12 月 NII 表現很強。你們在 NII 展望上一直都做得很保守、也相當一致。你會怎麼看第四季？

Was it deposit balances? Was it pricing? Like what are the elements that may not run rate forward relative to your exit?

是存款餘額嗎？是定價嗎？有哪些因素可能無法相對於你們的期末水準（exit）延續成為未來的常態（run rate）？

So Q4 really was balances held in quite nicely, and we had -- we always say that we don't lead with deposits and really NII is an output as a result of franchise activity. And in Q4, we had very strong activity in our asset servicing business, which caused balances to outperform in the last few weeks of December, and that caused the outperformance.

所以第四季主要是餘額維持得相當不錯；而且我們——我們一向說我們不會以存款作為主軸，NII 其實是特許經營活動（franchise activity）所帶來的結果。在第四季，我們的資產服務業務活動非常強勁，導致 12 月最後幾週的餘額表現優於預期，進而帶來超預期表現。

Okay. I would just think that just as you're continuing to push, as you mentioned just before, like why wouldn't that just be a better organic hold on just activity and overall balances?

好的。我只是想，既然你們如同剛才提到的仍在持續推進，那為什麼這不會只是活動與整體餘額更好的自然留存（organic hold）呢？

So if you kind of take balances overall, for 2026, we expect balances throughout the course to be roughly flat, Q4 is normally our strongest quarter on balances. Q3 is usually the seasonally slowest and you would expect over the next couple of quarters to moderate down slightly.

因此，如果你從整體餘額來看，對於2026年，我們預期在整個期間餘額大致持平，而第四季通常是我們在餘額方面最強的季度。第三季通常是季節性最疲弱的，你會預期在接下來幾個季度會略為回落、趨於溫和。

When we give you the -- when we think about the 5% plus, it's really around the asset side of the balance sheet where we have securities kind of rolling off, and we're reinvesting as a kind of [150 ] basis point pickup.

當我們給你——當我們思考5%以上時，主要其實是在資產負債表的資產端，我們有一些證券到期/逐步退出，而我們再投資時大約可以獲得[150]個基點的利差提升。

So we kind of -- we've narrowed the range of the cone of outcomes as it relates to interest rate volatility, balances we expect remain roughly in line or flat, and the pickup will come from assets rolling off into higher-yielding securities.

所以我們某種程度上——已經把與利率波動相關的結果範圍收斂了；我們預期餘額大致維持一致或持平，而增益將來自到期資產轉入收益率更高的證券。

Okay. Got it. Thank you, Dermot. Appreciate it.

好的。了解。謝謝你，Dermot。非常感謝。

Steven Chubok, Wolf Research.

Steven Chubok，Wolf Research。

Hi. Good morning and thanks for taking my questions. So Robin, I wanted to start with a question on your newly launched tokenized deposit capabilities, and I was really hoping you could speak to institutional demand for the offering what has been some of the early feedback? And as the effort scales over time, how might your monetization approach differ versus some more traditional deposit gathering activities.

嗨。早安，謝謝讓我提問。Robin，我想先從你們新推出的代幣化存款能力談起，我很希望你能談談機構對這項產品的需求，以及一些早期回饋是什麼？另外，隨著這項工作隨時間擴大規模，你們的變現方式相較於較傳統的吸收存款活動，可能會有哪些不同？

Sure. So look, I just sort of step back from the whole thing because this really is part of the overall digital asset opportunity. We see global financial markets as transforming, moving towards more of an always-on operating model. And we're in the business of moving, storing and managing money. And so we think we're particularly well positioned to connect the traditional and the digital rails to really be able to enable clients.

當然。我先稍微退一步看整體，因為這其實是整體數位資產機會的一部分。我們看到全球金融市場正在轉型，朝向更「永續運作（always-on）」的營運模式前進。而我們的業務是移轉、存放與管理資金。因此我們認為自己特別具備優勢，能把傳統與數位的軌道連接起來，真正賦能客戶。

And so our road map has really been, right from the beginning, focus on the innovation, be able to bring the capabilities online with that first with digital asset custody, stablecoin enablement. You just mentioned the tokenized deposits. And so that allows us to be able to serve both the new digital native clients who, by the way, want the new digital services, but they also want some of the traditional services from us.

因此，我們的路線圖從一開始就很明確：聚焦創新，先把能力上線——先從數位資產託管、穩定幣賦能開始。你剛剛也提到代幣化存款。因此，這讓我們能同時服務新的原生數位客戶——順帶一提，他們想要新的數位服務，但也希望我們提供一些傳統服務。

So we're enabling both with them, and it also allows us with our existing clients to be able to help them to be able to move into this world. So for instance, as a client might want to open up a new share class in parallel to their traditional share classes, maybe they want to open up a tokenized share class, we can do that as well.

所以我們同時為他們提供兩者；同時也讓我們能協助既有客戶進入這個世界。例如，當客戶想在其傳統份額類別之外同步新增一個新的份額類別，也許他們想開設一個代幣化的份額類別，我們也能做到。

So, it really is these two things working in concert that we think unlocks new possibilities. And we see the value of the improved efficiency, reducing friction that is real value here.

所以，我們認為真正能解鎖新可能性的，是這兩件事協同運作。我們看到效率提升、摩擦降低所帶來的價值，確實是實質價值。

And so then when you click in, stablecoins and tokenized deposits are just to become two examples of all of that, stablecoins providing the on-chain settlement currency, which is very necessary and it's frankly because it's their stable value, probably better some of the other alternatives. And there, of course, there are choices there in the stablecoins.

因此再往下看，穩定幣與代幣化存款只是其中兩個例子：穩定幣提供鏈上結算貨幣，這非常必要；坦白說，因為其價值穩定，可能比其他一些替代方案更好。當然，在穩定幣方面也有不同選擇。

And then tokenized deposits really improving the internal utilization of cash. And so for a client making a deposit with us, we can actually improve the usability of that deposit, it becomes sort of programmable, if you will.

而代幣化存款則真正提升了現金的內部使用效率。因此，對於在我們這裡存款的客戶，我們其實可以提升該存款的可用性——某種程度上，它變得可程式化（programmable），如果你願意這麼說。

And it allows that money to be able to work harder and faster for them to be able to facilitate other activities and ultimately might, in fact, create the opportunity for clients to be able to do more things with us anchored around some of those types of activities.

這讓資金能更努力、更快速地為他們運作，以促成其他活動；最終也可能確實創造機會，讓客戶能在我們這裡做更多事情，而這些都會圍繞著此類活動作為核心。

Thanks for the fulsome response. Robin. And for my follow-up, maybe for Dermot, just on the clearance and collateral management business. You've delivered four consecutive years of double-digit fee growth in that area, exited this year growing 15%.

謝謝你這麼完整的回覆。Robin。我的追問可能給Dermot，關於清算與擔保品管理業務。你們在該領域已連續四年費用收入呈現兩位數成長，今年結束時成長了15%。

Just given expectations for a meaningful uptick in treasury issuance, how does that inform the outlook for the business? Is this double-digit growth rate sustainable? And what are some of the factors that could potentially derail some of the recent momentum?

考量市場預期國庫券發行量將明顯上升，這對該業務的展望有何影響？這樣的兩位數成長率是否可持續？以及有哪些因素可能會讓近期的動能脫軌？

Great question. So the way I would think about this is, as you rightly pointed out, the growth rate over the last couple of years has been quite nice to see. And so, we would say the growth rate from here, probably a little bit more modest compared to previous years. We have the treasury clearing mandate coming in, which we expect to kind of influence some of the things that go on there.

問得很好。我會這樣看：如你正確指出的，過去幾年的成長率確實相當不錯。因此我們會說，從現在往後，成長率可能會比前幾年稍微溫和一些。我們也將迎來國庫券清算的監管要求（mandate），我們預期這會在某種程度上影響那邊正在發生的一些事情。

So in the U.S., I would say, more treasury issuance a little bit more stable than we've seen in the prior couple of years because we've kind of volumes, et cetera, et cetera, are beginning to moderate, and where we see some of the growth opportunities outside the U.S., and we've said that on prior calls, where we're continuing to invest in new products and services around the world.

在美國，我會說，國庫券發行量會比前幾年我們看到的情況更穩定一些，因為我們的量能等等開始趨於溫和；而我們看到的一些成長機會是在美國以外——我們在之前的電話會議也提過——我們持續在全球投資新的產品與服務。

So, we expect to continue to grow internationally and moderate in the U.S.

所以，我們預期國際業務將持續成長，而美國市場則會趨於溫和。

It's great color. Thanks for taking my questions.

這些說明很有幫助。謝謝回答我的問題。

Alexander Blostein, Goldman Sachs Group Inc

Alexander Blostein，高盛集團（Goldman Sachs Group Inc）。

Hey, good morning, everybody as well. Thank you for taking the question. I was hoping to jot a little bit and talk about the fee revenue outlook as a whole. You guys updated the organic revenue growth for 2025, which looks like came in at 3%.

嘿，各位早安。謝謝讓我提問。我想稍微退一步，談談整體費用收入的展望。你們更新了2025年的有機收入成長，看起來是3%。

Some businesses are doing better, some are doing a little worse. And the ones where you're seeing strength, particularly things like Security Services, it sounds like that momentum is continuing and then in things that are slower when I think about like Pershing or maybe your asset management, there are some idiosyncratic things that you pointed to that should improve.

有些業務表現較好，有些則稍微差一些。而你們看到較強勁的部分，特別是像證券服務（Security Services）這類，聽起來動能仍在延續；至於較慢的部分，像我想到的Pershing或你們的資產管理，則有一些你們提到的特定因素（idiosyncratic）應該會改善。

So, as you think about organic fee growth into '26 and beyond, any way to frame what that could look like?

所以，當你們思考2026年及之後的有機費用成長時，有沒有什麼方式可以框架化地說明可能會長什麼樣子？

So thanks for the question, Alex. I really would look at and study Page 6 of our presentation. There are two graphs that I particularly like on that page.

謝謝你的問題，Alex。我真的會建議你去看並研究我們簡報的第6頁。那一頁有兩張圖表是我特別喜歡的。

One is the deeper client relationships where you can see that over the last three years, we've grown clients who are buying for more than three or more lines of business has increased by 64% and then when you pivot over to the middle page, you can see that 2022 flat organic, '23 flat organic 24%, 2% and 2025, 3%, then that gives us the confidence to be able to guide 5% to the top line of $20.1 billion.

其中一張是更深的客戶關係：你可以看到過去三年，購買三條或以上業務線的客戶增加了64%；然後當你轉到頁面中間那張圖，你可以看到2022年有機成長持平、2023年持平、2024年2%、2025年3%，這讓我們有信心把營收指引提高到5%，對應營收上限為201億美元。

And as I said in an answer to an earlier question, 10% of our sales last year was with new logos. And when you listen to Robin and his answer to the previous question on digital assets, more clients are coming to us because they want thought leadership.

而且如我在先前回答中提到的，我們去年10%的銷售來自新客戶（new logos）。當你聽Robin在前一題關於數位資產的回答時，會發現有更多客戶來找我們，因為他們想要思想領導力（thought leadership）。

And as a consequence of leadership in new spaces, frontier products, we're doing stuff in traditional services. So the short answer to your question is it's the portfolio effect of delivering One BNY to a broad range of clients. Robin said three years ago, we have a client list that's the envy of The Street.

而且，作為在新領域、前沿產品上的領導者所帶來的結果，我們也正在傳統服務上做一些事情。所以對你問題的簡短回答是：這是向廣泛客戶交付「One BNY」所帶來的投資組合效應。Robin 三年前說過，我們的客戶名單是華爾街羨慕的對象。

We pretty much service most of the S&P 500. And so, clients are seeing the change that's happening at the company, and they want to do more with us. So I would say no one business is doing better than the other. Everything has upside, everything is opportunity.

我們幾乎服務了大多數的標普 500 企業。因此，客戶看到了公司正在發生的變化，他們希望與我們開展更多合作。所以我會說，沒有任何一個業務比另一個做得更好。一切都有上行空間，一切都是機會。

As it relates to Pershing specifically, I'm pleased to say that the last couple of years, I would have said on most calls were deconversion due to M&A activity, that's largely behind us, which reinforces why we feel confident that we continue to grow now at mid-single digits for net new assets. So we feel good about Pershing and the opportunity that's in front of us there.

就 Pershing 而言，我很高興地說，過去幾年我在多數電話會議上都會提到，由於併購活動導致的「去轉換」（deconversion）情況，如今基本已經過去，這也強化了我們為何有信心：我們現在仍能以中個位數的速度實現淨新增資產成長。因此，我們對 Pershing 以及眼前的機會感到樂觀。

And also, as I said in the answer to a previous question, we feel we've turned the corner in IWM and '26 is the year that we're going to begin to see the transformation as we brought that business closer together with BNY.

另外，正如我在回答上一個問題時所說，我們認為 IWM 已經轉過彎了，而 2026 年將是我們開始看到轉型成果的一年，因為我們已把該業務與 BNY 更緊密地整合在一起。

And Alex, I'll just add one thing, which is -- and I understand because we've talked about this a bunch over the course of the past couple of years in terms of, okay, where is the growth going to come from? How are you really thinking about it? We talked before about the alpha and beta that we see in the overall business model.

Alex，我再補充一點——我也理解，因為過去幾年我們就「成長將從哪裡來？」這個問題討論了很多。你們真正是怎麼思考的？我們之前談過，在整體商業模式中我們看到的 alpha 與 beta。

And so I just want to remind you of the beta point. Dermot touched on it related to digital assets. But just remember, there are quite a few megatrends that that we think can be quite interesting tailwinds for the company. And so the question is, have we positioned the company in the right way and all of our business platforms to really be able to serve clients as it relates to those various different trends.

所以我想提醒你關於 beta 的部分。Dermot 在談到數位資產時提到了這點。但請記住，我們認為有相當多的大趨勢（megatrends）可能成為對公司相當有利的順風。因此問題在於：我們是否以正確的方式定位公司以及我們所有業務平台，使我們能夠在這些不同趨勢下真正服務客戶。

So just very briefly to tick through them, capital markets, the growth in capital markets issuance, trading, movement of assets.

所以非常簡要地逐一列舉：資本市場——資本市場發行、交易以及資產流動的成長。

Think about it, corporate trust, our payments and trade business depository receipts, they line up very well with that particular trend, alternatives and our ability to support clients -- alternative clients end-to-end, private market assets, again, Corporate Trust, Asset Servicing, very much playing in that space, wealth very important segment, Pershing, wealth investments are all significant players in participating in the growth of that megatrend.

想想看，公司信託（Corporate Trust）、我們的支付與貿易業務、存託憑證（depository receipts），都與這一特定趨勢非常契合；另類投資以及我們支援客戶——從端到端支援另類投資客戶、私募市場資產——同樣地，公司信託、資產服務（Asset Servicing）在這個領域也扮演重要角色；財富管理是非常重要的板塊，Pershing、財富投資（wealth investments）都是參與這一大趨勢成長的重要玩家。

Digital assets, which we talked a bunch about already. And that, again, many of our businesses aligned to enabling that. The growth of fixed income, which Dermot touched on, that's relevant, not only in the obvious ways, but also in the financing private markets, data centers, U.S. treasury borrowing.

數位資產，我們已經談了很多。而且同樣地，我們許多業務都與促成這一點相一致。固定收益的成長，Dermot 也提到過，這不僅在顯而易見的方面相關，也包括私募市場融資、資料中心、美國國債借款等。

And then the big one, outsourcing, clients wanting to focus on what they're really good at and asking us to step in because of the breadth of what we can do to do some of the one-stop shopping being a trusted provider and really giving us that opportunity to serve them more comprehensively.

然後是最大的那一項：外包。客戶希望專注於他們真正擅長的事情，並因為我們能力覆蓋面廣而請我們介入，提供某種一站式服務，成為值得信賴的供應商，並真正給我們機會更全面地服務他們。

So when you think about that backdrop we have not only the alpha of all of the individual work that we're doing internally, but we're also positioning to be able to take advantage of that. We think the combination of the two things is pretty interesting.

所以在這樣的背景下思考，我們不僅有來自內部各項工作的 alpha，同時也在定位自己以便能夠把握這些機會。我們認為兩者的結合相當有意思。

Yes. No, I agree that. And definitely like the direction where things going on that Chart 6 -- or Slide 6. For my follow-up, guys, real quick on the buyback. I don't think I heard you guys talk about the capital return plans for 2026 specifically?

是的。不，我同意。而且我確實喜歡第 6 張圖——或第 6 頁投影片——所呈現的方向。我追問一下，各位，關於回購，快速問一下。我想我沒有聽到你們談到 2026 年具體的資本回饋計畫？

And then just broadly, when you think about the growth algorithm of the firm, your medium-term targets. Obviously, you gave us margins and the return of capital. But as you think about the share repurchases and the total return of capital, how does that play out over the next couple of years?

然後更廣泛地說，當你們思考公司的成長算法、你們的中期目標時。顯然，你們給了我們利潤率和資本回饋。但當你們思考股票回購與資本回饋總額時，未來幾年會如何展開？

So big picture, Alex, the capital -- our capital philosophy remains unchanged as you both know, Robin and myself, we like to run to the upper end of our Tier 1 leverage ratio, lot of uncertainty in the markets the last couple of years. The outlook is going to be a little bit uncertain.

從大方向來看，Alex，我們的資本——我們的資本理念保持不變，你們都知道，Robin 和我都喜歡把第一級槓桿比率（Tier 1 leverage ratio）維持在較高區間；過去幾年市場不確定性很大。展望仍會有些不確定。

So we like to kind of be in that kind of 6% ZIP code of Tier 1 leverage ratio. And when you step back from what is BNY, it's a capital-light balance sheet with a very clean balance sheet, very liquid balance sheet capital generator.

所以我們喜歡把第一級槓桿比率大致維持在 6% 這個區間。而當你退一步看 BNY 是什麼，它是一個資本占用較輕的資產負債表，資產負債表非常乾淨、流動性很高，並且是資本的產生者。

And over time, we've consistently returned earnings to our shareholders. And so we expect that to continue and when you kind of solve for the model of what we've guided for 2026, it's going to be consistent. So the buyback number as a percentage is really an output to all the things that we've talked about earlier.

而且長期以來，我們一直穩定地把盈餘回饋給股東。因此我們預期這會持續；當你根據我們對 2026 年的指引來推導模型時，結果會是一致的。所以回購比例這個數字，實際上是我們先前談到所有事項的輸出結果。

So it's going to be in that kind of [ 95, 105 ] range. And so don't really feel that it's necessary to guide on the buyback anymore given the overall algorithm and the model that we have for the future.

因此它會落在大約 [ 95, 105 ] 的區間。所以在我們已有的整體算法與未來模型之下，我們不覺得還有必要再對回購提供額外指引。

Yes. Perfect. Thank you, guys, very much.

是的。完美。非常感謝各位。

Brennan Hawken, BMO Capital Markets.

BMO 資本市場的 Brennan Hawken。

Hi. Thanks for taking the question. I actually have a question on organic growth as well. And thanks for all the color you've given. So you generated 3% organic growth last year. Your assumptions in your outlook are that organic growth would accelerate, markets are flat, but yet the fee revenue outlook is sub-5%.

嗨。謝謝讓我提問。我其實也有一個關於內生成長（organic growth） 的問題。也謝謝你們提供的所有細節與說明。你們去年實現了 3% 的內生成長。你們在展望中的假設是內生成長會加速，市場持平，但費用收入展望卻低於 5%。

So this is kind of two possible outputs, conservative outlook? Or was there some over-earning or onetime items that might have elevated the baseline that you're growing off of when we think about 2025 into 2026.

所以這看起來像是兩種可能的結果：是保守的展望？還是說存在某些超額收益或一次性項目，抬高了你們所依據的基期，使得我們在思考 2025 到 2026 年時的成長基準更高？

So look, organic growth in '26 versus '25. I think if you look -- go back to Page 6 and you see the impact that the commercial model is having, right, on the two graphs of organic fee growth and deepening client relationships. The story is quite compelling. And so we continue to hire new talent. The commercial model is not even two years old.

所以你看，2026 年相對 2025 年的內生成長。我認為如果你回去看第 6 頁，你會看到商業模式對兩張圖的影響，對吧——內生費用成長與深化客戶關係。這個故事相當有說服力。因此我們持續招募新人才。這套商業模式甚至還不到兩年。

So we continue to bring in new talent around the world, and we continue to raise the ambition of what we want to do with clients across a wide range of services. So, I would expect higher organic growth this year, which reflects the flywheel of the new commercial model, and also new product development and the culture that we've kind of changing over the last couple of years at the firm.

所以我們持續在全球各地引進新人才，也持續提高我們希望在廣泛服務範圍內與客戶合作的企圖心。因此，我預期今年的內生成長會更高，這反映了新商業模式的飛輪效應，也反映了新產品開發，以及過去幾年我們在公司內部推動的文化轉變。

We haven't really mentioned this, but we have hired a new Chief Product and Innovation Officer who's been with us a little bit over a year, and we would expect a similar impact on the product side of the house that we've had on the commercial side of the house. So we feel quite good about the outlook for organic growth to 2026.

我們其實還沒怎麼提到這點，但我們已聘請了一位新的首席產品與創新長，他加入我們已經一年多一點；我們預期他在產品端帶來的影響，會與我們在商業端所帶來的影響相近。因此，我們對到 2026 年的有機成長前景感到相當樂觀。

No, no. I totally appreciate that. My question is if the organic growth is going to accelerate, markets are flat. How do we end up with sub-5% fee revenue growth? And correspondingly, if you've got organic growth -- I might as well also just throw my follow-up now.

不，不。我完全理解。我的問題是，如果有機成長將加速，但市場是持平的，那我們怎麼會得到低於 5% 的費用收入成長？相對應地，如果你們有有機成長——我乾脆也把追問一起提出來。

Why would balances be flat? Don't balances tend to move with organic growth as well. So shouldn't that move with organic growth? Or was there something in the baseline that might cause that -- those 2 metrics to diverge?

為什麼餘額會持平？餘額不是也通常會隨著有機成長而變動嗎。所以不也應該跟著有機成長一起動嗎？還是基準情境裡有什麼因素，可能導致——這兩個指標出現背離？

You are -- you framed the question at the beginning as we are we over-earning. We don't think we're over-earning. We think we are being thoughtful in the way that we're positioning the outlook for 2026. We see, of course, variability on each of the inputs to the total revenue actually overall line. But we recognize that it could come a little bit more or less with NII.

你——你一開始把問題框成：我們是否超額賺取。我們不認為我們是在超額賺取。我們認為，在設定 2026 年展望時，我們是審慎思考後做出的定位。我們當然看到總收入整體這條線的各項輸入都存在變動性。但我們也認知到，結果可能會因淨利息收入（NII）而略高或略低。

It could come a little bit more or less with the organic fee growth. Of course, no one quite knows what going to happen with markets, which is why we're sort of making what we think is a reasonable baseline assumption there. So you're doing the math and we're kind of agreeing with you. We're not quite exactly sure how the composition is going to come, but we feel pretty good about the guide.

也可能會因有機費用成長而略高或略低。當然，沒有人能確切知道市場會怎麼走，這也是為什麼我們在那裡採用我們認為合理的基準假設。所以你在做數學推算，而我們某種程度上也同意你的看法。我們不太確定組成會如何呈現，但我們對這份指引相當有信心。

Excellent. Okay. Well, I look forward to seeing that organic growth continue to grind higher. So it's a great outcome. Thank you.

很好。好的。我期待看到有機成長持續穩步走高。所以這是很好的結果。謝謝。

Betsy Graseck, Morgan Stanley.

Betsy Graseck，摩根士丹利。

Good Afternoon. I'm all set. All my questions have been asked and answered. Thanks.

下午好。我這邊沒問題了。我所有的問題都已經被問到並且得到回答。謝謝。

So much for the time today.

非常感謝今天撥冗。

Thank you, Betsy.

謝謝你，Betsy。

Glenn Shore, Evercore.

Glenn Shore，Evercore。

Thanks. I'll just do one small one. We're getting long in the tooth here. So I heard your comments about the deconsolidation in Pershing running its course, and I agree. I just -- taking a step back, there's been a ton of consolidation in the space, except there's also a lot of PE ownership.

謝謝。我就問一個小問題。我們這邊時間也拖得有點久了。我聽到你對 Pershing 去合併（deconsolidation）已經告一段落的評論，我也同意。我只是——退一步看，這個領域出現了大量整併，但同時也有很多私募股權（PE）持股。

There's a lot of more consolidation to come. And so I'm curious if you've looked underneath the covers to see your book of business and how high up in the table, it is, meaning do you service a lot of the consolidators or the consolidates in the future because there's going to be more.

未來還會有更多整併。所以我很好奇，你們是否有深入檢視你們的業務組合，看看你們在這個版圖裡的位置有多靠前；也就是說，你們是否服務了很多整併方，或是未來可能被整併的那些機構，因為整併還會更多。

And then I worry a little bit about -- not that I agree with it, but in the past, sometimes when they get big enough, they think they can in-source and do it themselves. I'm just curious if you could talk a little bit about any part of that.

然後我也有點擔心——不是說我認同這種想法，但過去有時候當他們規模夠大時，就會覺得可以把服務內製（in-source），自己做。我只是想請你談談這方面的任何看法。

Okay. Thanks for the question, Glenn. I see us playing a very significant role in what is a very big market. We are a $3 trillion player in this space. And we believe we have the products, we have the talent, and we have a right to play in this space. And we've seen that over the last 12 months, where we -- and I've said it in our prepared remarks, we've had contract renewals with big players.

好的。謝謝你的問題，Glenn。我認為我們會在一個非常大的市場中扮演非常重要的角色。我們在這個領域的規模是 3 兆美元。我們相信我們有產品、有人才，也有在這個領域參與競爭的正當性。而且我們在過去 12 個月已經看到這點——我在事先準備的發言中也提到，我們與大型客戶完成了合約續約。

We've had a couple of breakaway clients in the fourth quarter that we've onboarded, which I said in my script. And so we feel like we're going to do as well as anybody else in this space, and we have the tools and the solutions and clients are happy with Wove. They like Wove. We've invested -- we have more than 50 clients on that platform now.

我們在第四季也上線了幾個「出走型」（breakaway）客戶，我在講稿裡也提過。因此我們覺得，在這個領域我們會跟任何競爭者一樣做得很好；我們有工具、有解決方案，而客戶對 Wove 很滿意。他們喜歡 Wove。我們也持續投資——目前那個平台上已經有超過 50 個客戶。

We continue to grow revenue, and we continue to bring in talent to be able to drive the business forward. And so we kind of think maybe for the next couple of quarters, you won't see necessarily the M&A that's been seen in the last few quarters as people are digesting those transactions. And so there has to be a kind of a pause for digesting and our pipeline is robust and healthy.

我們持續成長營收，也持續引進人才來推動業務向前。所以我們認為，接下來幾個季度，你可能不一定會看到像過去幾個季度那樣的併購（M&A），因為大家正在消化那些交易。因此需要一段消化期；而我們的案源管線依然強勁且健康。

Great answer. Thanks, Dermot.

回答得很好。謝謝你，Dermot。

David Smith, Truist Securities.

David Smith，Truist Securities。

Hey, good afternoon. Your new medium -- your new medium-term targets aren't too far ahead of the adjusted performance of the past quarter. Can you just go into some more details about why you feel like these are sufficiently ambitious given the opportunity set in front of BNY over the next three to five years?

嗨，下午好。你們新的中期——你們新的中期目標，距離上一季的調整後表現其實不算太遠。你能否再多談一些細節，說明為什麼在未來三到五年 BNY 面前有這麼多機會的情況下，你們仍認為這些目標已經足夠有企圖心？

You pretty much hit your targets that you set in January 2024, for your full year 2024 adjusted results. So now I hear you about conservatism and the importance for unity across a range of market backdrops. But what -- can you share to show us why the bar has been set high enough for the next few years?

你們在 2024 年 1 月設定的目標，對照 2024 全年調整後結果，幾乎都達標了。所以我理解你提到的保守，以及在不同市場情境下保持一致性的重要性。但——你能否分享一些內容，讓我們看到為什麼未來幾年的門檻設定得夠高？

Okay. So I was expecting this question. So as you -- who gets to ask it. The way I would answer it, if you go to Page 22 of our highlights presentation. When we were at [ finish '23 ], pretax margin was at 30% and we went with medium-term targets of 33% and 22% on ROTCE, 23% was the medium-term target.

好的。我就知道會有這個問題。所以就看——誰會來問。我會這樣回答：如果你看我們重點簡報的第 22 頁。在我們處於 [ finish '23 ] 的時候，稅前利潤率是 30%，而我們提出的中期目標是 33%；ROTCE 方面，當時是 22%，中期目標是 23%。

I think you appreciated that ambition and liked the targets, and it was doing it for the first time and said, okay, BNY is kind of raising the bar in itself. So now we closed the year quite strong and we're going with 38% and 28% for three to five years out. So again, we're going to stay -- we're going to do that over time through the cycle.

我想你們當時認可那個企圖心，也喜歡那些目標；那是我們第一次這麼做，大家會說，好，BNY 正在提高對自己的標準。現在我們以相當強勁的表現收官，因此我們提出三到五年後的目標為 38% 與 28%。所以同樣地，我們會——我們會在景氣循環中，隨時間推進來達成。

And so a lot of things can go in a different direction. It's going to be nonlinear and we're raising the bar. Every day, we're trying to outperform that, but we're setting -- maybe think of that as a floor to our ambition and we'd look to outperform it. So we feel like it is stretchy for the firm given where it is in its transformation, and we're always going to look to outperform those targets.

因此很多事情可能會往不同方向發展。這會是非線性的，而我們正在提高標準。每天我們都在努力超越它，但我們設定——你可以把它視為我們企圖心的底線，而我們會力求超越。所以我們覺得，考量公司目前轉型所處的位置，這對公司而言是具有拉伸性的目標，而我們也會一直尋求超越這些目標。

Thank you. Just as a follow-up. It's great to see the improvement in client relationship depth with clients who work with three plus businesses up 64% versus two years ago. Can you give us any sense of the number in absolute figures?

謝謝。作為後續追問。很高興看到客戶關係深度有所改善：與三個以上業務合作的客戶比例較兩年前提升了64%。您能否就絕對數字大概提供一些概念？

Is it a single digit percent of use three or more businesses at BNY right now? Is it the majority? Is it somewhere in between? Where do you want us to get to over the medium term? Thank you.

目前在BNY使用三個或以上業務的客戶，是個位數百分比嗎？是多數嗎？還是介於兩者之間？中期您希望我們達到什麼水準？謝謝。

So one of the things that I haven't said is last year, we had two individual record sales quarters. So, I would say it's all across the firm. And we've had three consecutive years of year-on-year growth in core fee sales. And so, when you look about that in the context of a commercial model that's not even two years old, then you have to feel optimistic about the future.

我之前沒提到的一點是，去年我們有兩個單季創下個別的銷售紀錄。所以我會說這是全公司各面向的表現。而且我們核心費用（core fee）銷售已連續三年年增。因此，當你把這些放在一個尚未滿兩年的商業模式背景下來看，就會對未來感到樂觀。

60% of new clients buying from three or more lines of business and 10% of sales in 2025 were clients that are new to BNY. And that is some of the points that Robin made about the new products where clients are coming to us for thought leadership. And while they're with us and talking to us, they're doing traditional services.

新客戶中有60%購買了三條或以上的業務線，而2025年的銷售中有10%來自於對BNY而言的新客戶。這也呼應Robin提到的新產品重點：客戶因為我們的思想領導力而來找我們。而在與我們合作、與我們交流的同時，他們也會使用傳統服務。

And we've seen an increase -- a 20% increase in annual sales productivity. So I think the hustle and energy within our commercial organization is possible and clients really want to talk to us about doing more with us. And also, the last point I'd make on this is -- over the last three years, we've roughly spent $0.5 billion each year investing in the firm and providing improved client service, improve solutions, improved product.

我們也看到年度銷售生產力提升了20%。所以我認為我們商業組織內部的衝勁與能量是存在的，而且客戶確實很想和我們談如何與我們做得更多。另外我最後想補充的是——過去三年，我們每年大約投入5億美元用於投資公司、提供更好的客戶服務、更好的解決方案與更好的產品。

And you can see that particularly showing up if I was to pick one business or one segment. You see it showing up in security services, which is really where we've really outperformed on the margin. And so we see a real flywheel of momentum there and we expect that to continue on the forward. Thank you.

如果要我挑一個業務或一個區塊來看，這點在證券服務（security services）上特別明顯。這也是我們在利潤率方面真正表現超越的領域。因此我們看到那裡形成了真正的動能飛輪，並預期未來會持續。謝謝。

Gerard Cassidy, RBC.

RBC的Gerard Cassidy。

Good afternoon Dermot Robin. Robin, can you give us bigger picture, you guys have obviously put up very strong organic growth numbers, and that's the focus. But when you think about opportunities to grow through acquisitions or inorganic growth, is there any areas that have an interest to you?

下午好，Dermot、Robin。Robin，能否請你從更宏觀的角度談談：你們顯然交出了非常強勁的有機成長數字，這也是焦點。但當你們思考透過併購或非有機成長來擴張的機會時，有沒有任何你們感興趣的領域？

I know you've done a small deal a couple of years ago. And all the focus, again, has been on organic, which has been fabulous. But what about inorganic or acquisitions? How do you think about that?

我知道你們幾年前做過一筆小型交易。而且所有焦點再次都放在有機成長上，表現非常出色。但非有機成長或併購呢？你們如何看待這件事？

Sure, Gerard. So look, let me just start with just bringing you back to our remarks because I do think this is a very important context for M&A because there are a lot of different reasons why folks can do M&A, and one of them is obviously when they absolutely need to go do something because they've run out of runway themselves in some respect.

當然，Gerard。我先把你帶回我們剛才的發言，因為我確實認為這對併購（M&A）的脈絡非常重要：人們進行併購有很多不同原因，其中之一顯然是當他們在某些方面已經沒有成長跑道、不得不去做些事情的時候。

And I think our headline is that our organic transformation is working and it started to show tangible results, and we think we've got strong momentum and the runway to create more value here for clients, and therefore, for shareholders over the near, medium and long term. We're certainly open-minded about inorganic opportunities if they can accelerate, de - risk or enhance our value proposition.

而我們的重點結論是：我們的有機轉型正在奏效，並已開始展現具體成果；我們認為動能強勁，也有足夠跑道在短、中、長期為客戶、因此也為股東創造更多價值。若非有機機會能加速、降低風險（de-risk）或強化我們的價值主張，我們當然會保持開放態度。

But we do feel -- so we have a lot of optionality here because we've got the momentum from what we're already doing. We feel good about that organic path. And so we don't have any pressure to do M&A. And that's very important because we think that when you look out and see the reasons why various different folks do M&A is not always for the best reasons.

但我們確實覺得——我們在這裡有很大的選擇權，因為我們已在既有作為上建立了動能。我們對這條有機路徑感到踏實。因此我們沒有做併購的壓力。這點非常重要，因為我們認為當你放眼市場、看到各方進行併購的原因時，並不總是出於最好的理由。

So that optionality, we think, is a very a very real thing. Now in terms of the philosophy, there's no change to it. So M&A, if done well, can be a powerful tool in the toolkit. We're certainly open to things. We look -- Dermot said this before, ever since last summer when there were all these rumors in the market, we've had a lot of bankers calling us with inorganic opportunities.

所以我們認為這種選擇權是非常真實存在的。至於理念，沒有改變。如果做得好，併購可以是工具箱裡很有力的工具。我們當然對各種可能性保持開放。我們也在看——Dermot之前提過，自從去年夏天市場上出現各種傳聞以來，很多投行一直打電話給我們，提供非有機機會。

So we see the flow and we're in touch with it, which is good. But for us, it's going to be about good discipline, alignment with strategic priorities, strong cultural fit, attractive financial returns and the bar is definitely high. It would have to make a lot of sense because as I said, we don't feel like we need to do it, but that's sort of collectively how we think about it.

所以我們看得到案源流量，也保持接觸，這很好。但對我們而言，關鍵在於嚴謹的紀律、與策略優先事項一致、強烈的文化契合度、具吸引力的財務回報，而且門檻確實很高。它必須非常合理，因為如我所說，我們不覺得自己非做不可；大致上我們就是這樣整體思考的。

Very good. And just to tie into that, in the markets you operate, what are the markets that are the most robust? Is it domestic U.S.? Or is it Europe? Asia? Because obviously, you're global, you've got a good feel for that. Where are you guys seeing the best growth and the best opportunities for growth?

很好。再把這點連結起來：在你們營運的市場中，哪些市場最為強勁？是美國本土嗎？還是歐洲？亞洲？因為你們顯然是全球性公司，對此應該很有感。你們在哪裡看到最佳成長與最佳成長機會？

It's interesting. It's going to sound like I'm not going to give you a satisfactory answer to the question because it really is all of the above. The U.S. is the biggest market that we operate in. If you want the split, it's approximately 40% outside of the U.S.

這很有意思。聽起來我可能無法給你一個你會覺得滿意的答案，因為其實以上皆是。美國是我們營運的最大市場。如果你想要拆分，大約有40%是在美國以外。

So we feel like we've got a good global balance, but the U.S. obviously has got a lot of opportunity for us and a lot of our platform have seen the growth. But actually, last year, the fastest growing in percentage terms region was actually Asia. So clearly, there's opportunity there as well. And I would say historically in Europe, we might have been a little bit under-penetrated so that there's real opportunity there as well. So I wouldn't really break the opportunity down on geographic lines.

所以我們覺得全球布局相當均衡，但美國顯然仍有很多機會，我們許多平台也都看到成長。但其實去年以百分比成長來看，成長最快的地區是亞洲。所以那裡顯然也有機會。而我會說，歷史上我們在歐洲的滲透可能稍微不足，因此那裡也有實質機會。所以我不會真的用地理區域來拆解機會。

And as Dermot said, we don't really break it down on business lines either because we see opportunity and pathway in each one of the businesses, albeit for very different reasons, and that really ties back to this point about the different things going on in the market, these mega trends, whether it's capital markets, private markets, et cetera, that I talked about before.

正如Dermot所說，我們也不會按業務線來拆解，因為我們在每一項業務中都看到機會與路徑，只是原因各不相同；這也回到我先前提到的市場上正在發生的不同事情、那些巨型趨勢（mega trends），不論是資本市場、私募市場等等。

So this is a critical part of how we're thinking about the company. We are deeply invested in making the company work more effectively, the agility, the platform's operating model in terms of how we run the place.

因此，這是我們思考公司方式中的關鍵部分。我們大力投資於讓公司運作得更有效率——敏捷性、平台的營運模式，以及我們如何經營這個地方。

We've deeply invested in the commercial model so that we can actually get more and more out of the businesses that we have, this great breadth of businesses to deliver to clients, including in more combinations and more solutions, which is exciting. Dermot mentioned product and innovation, that's exciting because that's about new products in the same way as he mentioned, new logos earlier on.

我們也大力投資於商業模式，讓我們能從既有業務中挖掘更多價值——我們擁有很廣的業務版圖可交付給客戶，包括更多組合與更多解決方案，這令人振奮。Dermot提到產品與創新，這也令人振奮，因為這關乎新產品，就像他先前提到的新客戶標誌（new logos）一樣。

And so all of those things come together for us think, to be able to drive opportunity, which is one of the reasons why when we sit and look at what we have, going back to the beginning of the answer to your question on M&A, we feel like we've just got a lot of opportunity with what we've got to make more of it.

因此，所有這些因素匯聚在一起，讓我們認為能夠推動機會，而這也是為什麼當我們坐下來檢視我們所擁有的、回到你關於併購（M&A）問題答案的開頭時，我們覺得就我們現有的資產而言，仍有大量機會可以把它做得更大、更好。

Very good. And then Dermot, a quick question on Slide 6, as you referred to one of your favorite graphs, the deeper client relationship graph. I don't think you mentioned this, but if you did that, I apologize. What percentage of the customers are now taking more than three products or three businesses? Or are you is there still enormous room for this to continue to grow at this rate because you just haven't deeply penetrated all of the customer base at this level?

非常好。接著 Dermot，關於第 6 張投影片我有個簡短問題，你提到那是你最喜歡的圖之一，也就是更深的客戶關係圖。我不確定你是否提過這點，如果有的話先說聲抱歉。目前有多少比例的客戶正在使用超過三項產品或三個業務？或者說，是否仍有很大的空間能以這樣的速度持續成長，因為你們尚未在整個客戶基礎上達到這種深度滲透？

So I would say a lot more room for improvement. It's a momentum. It's a cultural transformation. It's a de-siloing of the firm in some ways; we're kind of turning a page here today on Phase I to Phase II but the work is never done. And so we think there is more upside, more training, deeper integration of the businesses.

我會說還有很大的改善空間。這是一種動能。這是一場文化轉型。在某種程度上也是打破公司內部的孤島；我們今天某種程度上是在把頁面從第一階段翻到第二階段，但這項工作永遠沒有完成的一天。因此我們認為還有更多上行空間、更多訓練，以及更深度的業務整合。

We kind of like -- if I just give you one specific example, asset management can do a lot more with Pershing than what it does today. Asset Management can do a lot more with asset servicing kind of it does today. And the leadership of those three businesses are beginning to see that opportunity.

我們有點像——如果我給你一個具體例子，資產管理與 Pershing 的合作可以比現在做得更多。資產管理與資產服務的合作也可以比現在做得更多。而這三個業務的領導團隊正開始看到那個機會。

We have great manufacturing capability and asset management. We need to deliver that to the rest of the firm and their BNY clients.

我們在資產管理方面有很強的產品製造能力。我們需要把這種能力交付到公司其他部門以及他們的 BNY 客戶。

Great. Thank you, gentlemen.

很好。謝謝各位。

Thank you, Gerard.

謝謝你，Gerard。

Emily Erickson, Citigroup.

Emily Erickson，花旗集團。

Hi. Good morning, guys. I wanted to ask first on -- on the expense side of things, you're guiding to 3% to 4% for '26, so take the midpoint of that comes in somewhere near where you guys printed for '25. But we're talking about flat markets, right, from year-end.

嗨。各位早安。我想先問——在費用方面，你們對 2026 年的指引是 3% 到 4%，取中位數大概接近你們 2025 年實際呈現的水準。但我們談的是市場持平，對吧，以年末為基準。

Is the way I kind of square, I guess, that difference is some of the market-related uplifted to expenses expected to kind of recede the balance between what you're able to harvest in efficiency savings relative to the incremental investments, the $500 million from '25. How should I think about that particular balance on the expense side of things in the '26?

我想我用來理解這個差異的方式是：部分與市場相關、推升費用的因素，預期會有所回落；而你們能夠收割的效率節省，與增量投資（2025 年的 5 億美元）之間，會形成某種平衡。我應該如何看待 2026 年費用端這個特定的平衡？

So I'm looking at Page 21 of the financial presentation, Emily. And look, for the first time this year. Previously, we've guided some operating leverage and positive operating leverage. Today, we're coming out and saying it's going to be greater than or equal to 100 basis points.

Emily，我正在看財務簡報第 21 頁。你看，今年是第一次。過去我們曾指引一些營運槓桿、正向營運槓桿。今天我們明確表示，將會大於或等於 100 個基點。

And over the last few years, I think we've managed to establish some credibility that we are very good stewards of our expense base, very good financial discipline. And we've harvested roughly $500 million a year for each of the last three years, and we've reinvested that in the business to grow.

而在過去幾年，我認為我們已經建立了一些可信度：我們非常善於管理費用基礎，財務紀律也非常好。過去三年每一年我們大約都收割了 5 億美元，並把這些資源再投資到業務中以推動成長。

And so, it's really about the 3% to 4% guide for 2026 is that continued investment in the business in a very agile and dynamic way, which gives us then the confidence to be able to guide to the top line growth of 5%. So it all starts with top down where we kind of say we want to solve and deliver positive operating leverage to you.

因此，2026 年 3% 到 4% 的指引，核心在於以非常敏捷且動態的方式持續投資於業務，這也讓我們有信心能夠指引 5% 的營收成長。所以一切都從自上而下開始：我們會說我們希望解決並交付給你們正向的營運槓桿。

And then as a consequence of that, in the budget season, then we're going to go through the bottoms-up planning analysis, and we arrive at this model that gives us this flex on the expense side.

然後作為其結果，在預算季，我們會再進行自下而上的規劃分析，最後形成這個模型，讓我們在費用端具備這種彈性。

Got it. Okay. And then just on the NII side of things, you've talked about breaking out that 5% on total revenue a little better if we look just at the NII piece. How much of that -- can you sort of walk through the drivers of where NIM goes from here?

了解。好。另外在淨利息收入（NII）方面，你們談到如果只看 NII 這一塊，可以把總營收 5% 的拆解說得更清楚一些。其中有多少——你能否說明一下，從這裡開始淨利差（NIM）的驅動因素是什麼？

I know you have the reinvestment impact on the security side of things, but you also pointed to some deposit margin compression in 4Q. Is there room for significant NIM expansion to support that 5% plus on the NII side?

我知道你們提到證券端再投資的影響，但你們也指出第四季存款利差有所壓縮。是否有空間出現顯著的 NIM 擴張，以支撐 NII 端 5% 以上的成長？

So, I'm not too sure what your definition of significant is, but I would expect over the course of 2026 for NI to grind higher from where it is today.

所以，我不太確定你對「顯著」的定義是什麼，但我預期在 2026 年的過程中，淨利息收入（NI）會從目前水準逐步走高。

Got it. Thank you.

了解。謝謝。

David Conrad, KBW.

David Conrad，KBW。

Oh. Hey, thanks. My question on capital was asked and answered, so we can end it here. Thank you.

喔，嗨，謝謝。我關於資本的問題已經有人問過也回答了，所以我們可以到此為止。謝謝。

Okay. Thank you, David.

好的。謝謝你，David。

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

Thank you operator. And thanks everyone for your interest in BNY. If you have any follow-up questions, please reach out to Marius and the IR team. Be well.

謝謝接線員。也謝謝各位對 BNY 的關注。如果你們有任何後續問題，請聯繫 Marius 和投資人關係（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 p.m. 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。