Bank of New York Mellon Corp (BNY) 2026 Q2 法說會逐字稿

Good morning, and welcome to the 2026 second-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. I will now turn the call over to Marius Merz, BNY, Head of Investor Relations. Please go ahead.

各位早安，歡迎參加由 BNY 主辦的 2026 年第二季財報電話會議。(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。現在我將把電話交給 BNY 投資人關係主管 Marius Merz。請開始。

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

謝謝，接線員。各位早安。歡迎參加我們的第二季財報電話會議。我與我們的執行長 Robin Vince，以及我們的財務長 Dermot McDonogh 一同出席。如同往常，我們將參考季度更新簡報，您可於 bny.com 網站的投資人關係頁面找到。

And I'll note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. Information about these statements and non-GAAP measures is available in the earnings press release, financial supplement and quarterly update presentation, all of which can be found on the Investor Relations page of our website. Forward-looking statements made on this call speak only as of today, July 15, 2026, and will not be updated. With that, I will turn it over to Robin.

並提醒各位，我們的發言將包含前瞻性陳述與非 GAAP 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 指標的資訊，載於財報新聞稿、財務補充資料與季度更新簡報，皆可於我們網站的投資人關係頁面取得。本次電話會議中的前瞻性陳述僅截至今日 2026 年 7 月 15 日有效，且不會更新。接下來我把時間交給 Robin。

Thanks, Marius. Good morning, everyone, and thank you for joining us. I'll begin with a few comments on our performance in the second quarter and our progress over the first half of the year before Dermot takes you through our financials in greater detail and provide you with our updated financial outlook.

謝謝你，Marius。各位早安，感謝各位加入我們。我將先就第二季的表現以及上半年進展做幾點說明，之後 Dermot 會更詳細帶各位檢視我們的財務狀況，並提供更新後的財務展望。

Referring to page 2 of the quarterly update presentation. BNY delivered another strong performance in the second quarter. Earnings per share of $2.45 increased by 27% year-over-year. We grew total revenue by 13% year-over-year to a record $5.7 billion, reflecting broad-based growth across our businesses, and we generated approximately 600 basis points of positive operating leverage. Taken together, we expanded pretax margin to 40% and return on tangible common equity to 31%.

請參閱季度更新簡報第 2 頁。BNY 在第二季再度交出強勁表現。每股盈餘 2.45 美元，年增 27%。我們的總營收年增 13% 至創紀錄的 57 億美元，反映各業務線的廣泛成長，並產生約 600 個基點的正向營運槓桿。綜合而言，我們將稅前利潤率擴大至 40%，有形普通股權報酬率提升至 31%。

Reflecting on the operating environment, the second quarter presented a dynamic backdrop for global markets. Amid geopolitical tensions, elevated energy prices and continued uncertainty around inflation, interest rates and fiscal policy, the fundamental drivers of capital markets remained broadly constructive.

回顧營運環境，第二季為全球市場提供了多變的背景。在地緣政治緊張、能源價格高企，以及通膨、利率與財政政策持續不確定之下，資本市場的基本驅動因素整體仍偏向建設性。

Corporate earnings were resilient. Investment in AI infrastructure continued at a significant pace, and labor markets held up despite some signs of moderation. BNY is built for this type of environment, our diversified set of businesses operate across the breadth of capital markets, benefiting from the higher levels of market activity and strong client engagement.

企業獲利展現韌性。AI 基礎設施投資仍以顯著速度持續推進，勞動市場儘管出現一些降溫跡象，仍維持穩健。BNY 的定位正適合這類環境；我們多元化的業務組合橫跨資本市場各領域，受惠於較高的市場活動水準與強勁的客戶參與度。

Taking a step back, our work over the past several years was about laying the foundation for the multiyear reimagination of our company to create a more diverse, durable and growthier set of businesses that serve our clients in more innovative ways. At the beginning of our transformation, we set out to do three things, which I'll briefly recap, starting with the most important: culture. Revitalizing our leadership team, breaking down silos and encouraging our people to act as owners has resulted in our teams working more effectively together with a common purpose of making BNY better every day.

退一步來看，我們過去幾年的工作，是為公司為期多年的再想像奠定基礎，打造更為多元、更具韌性且更具成長性的業務組合，並以更創新的方式服務客戶。在轉型之初，我們設定要完成三件事，我將簡要回顧，先從最重要的開始：文化。透過重振領導團隊、打破部門藩籬並鼓勵同仁以主人翁精神行事，我們的團隊得以更有效地協作，並以「每天讓 BNY 更好」的共同目標前進。

Second, we fundamentally reimagined how we operate inside the company. No more silos and islands of isolation, but a re-architecting that realigns BNY across client and enterprise platforms. This led to our new operating model, which is now fully activated.

第二，我們從根本上重新想像公司內部的運作方式。不再有各自為政的孤島與隔離，而是重新架構，使 BNY 依客戶與企業平台重新對齊。這促成了我們新的營運模式，而該模式現已全面啟動。

And lastly, we said we had to go to market in a new way to make it easier for our clients to do more with us, a powerful value proposition for them and a meaningful revenue opportunity for us. This led to our new commercial model now in place for 2 years and driving good momentum.

最後，我們表示必須以新的方式走向市場，讓客戶更容易與我們進一步合作，這對客戶是強而有力的價值主張，對我們則是具意義的營收機會。因此，我們新的商業模式已上線兩年，並帶動良好動能。

As we get properly underway in Phase 2 of our work, we have clear signals that our strategy is working. Now we need to capitalize on this foundational work, increasing our focus on innovation both in new technologies like artificial intelligence and digital assets and in continued product innovation across our businesses. In short, we have a lot to do. But as I visit our teams around the world and hear from our clients, I'm energized by the feedback and the opportunity. With this in mind, we wanted to share some more specifics on our progress in our midyear business update on page 3.

當我們在第二階段的工作真正展開時，已出現明確訊號顯示我們的策略正在奏效。現在我們需要把握這些基礎工作成果，進一步聚焦創新：不僅在人工智慧與數位資產等新技術上，也在各項業務持續推動產品創新。簡而言之，我們還有很多要做。但當我走訪全球各地團隊並聽取客戶回饋時，我對這些回饋與機會感到振奮。基於此，我們希望在第 3 頁的年中業務更新中，分享一些更具體的進展。

First, on the commercial side. Momentum matters, deepening relationships and partnering more closely with our clients remains one of our greatest opportunities. With our commercial model in place, we now have a clearer view of the white space opportunity ahead of us. As we sharpen our go-to-market strategy, we are starting to see the benefits, broader relationships, larger mandates and more integrated solutions built on capabilities that BNY is uniquely positioned to deliver as a seamless package.

首先，在商業面。動能至關重要；深化關係並與客戶更緊密合作，仍是我們最大的機會之一。隨著商業模式到位，我們對前方的「空白市場」機會有了更清晰的視野。在我們精進市場進入策略的同時，已開始看到效益：更廣泛的客戶關係、更大的委任案，以及更整合的解決方案——這些皆建立在 BNY 具備獨特優勢、能以無縫方式打包交付的能力之上。

The second quarter was our 14th consecutive quarter of year-over-year sales growth. So far this year, we've had two consecutive record sales quarters. The average deal size is up by more than 20% year-over-year, and approximately 10% of deals are with clients that are entirely new to BNY.

第二季是我們連續第 14 個季度實現年對年銷售成長。截至今年目前為止，我們已連續兩季創下銷售新高。平均交易規模年增超過 20%，且約 10% 的交易來自對 BNY 完全全新的客戶。

Our wins in the second quarter demonstrate, for example, how BNY is helping market participants prepare for expanded clearing for US treasuries, supporting growth of ETFs in Europe, delivering integrated solutions for asset owners and enabling digital asset capabilities for asset managers. The common thread is not any one product or solution. It is that by bringing together BNY's platforms, we can more effectively solve challenges for our clients and drive higher and more durable growth for our company.

我們在第二季的勝出案例顯示，例如 BNY 正協助市場參與者為美國公債擴大清算做好準備、支持歐洲 ETF 的成長、為資產所有人提供整合式解決方案，並為資產管理公司啟用數位資產能力。共同主軸並非某一項產品或解決方案。而是透過整合 BNY 的平台，我們能更有效地解決客戶挑戰，並為公司帶來更高且更具持久性的成長。

Next, on our platform operating model. This was more than a reorganization. It is a better way of working, one that allows us to move faster, collaborate better, innovate more consistently and ultimately deliver more for our clients.

接著談我們的平台營運模式。這不僅僅是一次組織重整。這是一種更好的工作方式，使我們能更快行動、更好協作、更一致地創新，並最終為客戶交付更多價值。

In the second quarter, we completed the transition and have now shifted our focus from implementation to realizing the benefits of this new operating model over the next several years. We are already seeing some early progress. We're now able to move more nimbly, bringing product, technology, operations and commercial teams together to build more integrated solutions and respond more quickly and comprehensively as client needs evolve.

在第二季，我們完成了轉換，並已將重心從導入轉向在未來數年實現這一新營運模式的效益。我們已看到一些早期進展。我們現在能更靈活地運作，將產品、科技、營運與商業團隊聚合在一起，打造更整合的解決方案，並在客戶需求演進時更快速且更全面地回應。

Given the breadth of our businesses and supported by our operating and commercial models, BNY has an incredible advantage in innovating new ways to solve emerging client needs from across our platforms. A good example of this from the second quarter is our work with the US Treasury Department as the financial agent for Trump accounts, which we are supporting with capabilities from across BNY. We can also see that several innovative products launched over the past few years, for example, buy-side trading solutions, Collateral One, BoroPlus, have become compelling contributors to revenue today.

鑑於我們業務的廣度，並在營運與商業模式的支持下，BNY 在跨平台創新、以新方式解決新興客戶需求方面具備極大優勢。第二季的一個良好例子，是我們作為金融代理與美國財政部合作處理 Trump 帳戶的工作，我們動用 BNY 各平台的能力提供支援。我們也看到，過去幾年推出的多項創新產品，例如買方交易解決方案、Collateral One、BoroPlus，如今已成為營收的重要貢獻來源。

Another component of innovation is linked to the shift toward an always-on financial ecosystem. Payments, liquidity, collateral, digital assets and securities markets are becoming more interconnected, creating demand for infrastructure that operates with greater speed, certainty and resilience. We believe this represents one of the defining opportunities for financial services over the next decade and it is an area where BNY is well positioned to lead.

創新的另一個面向，與金融生態系朝向「永續在線（always-on）」的轉變息息相關。支付、流動性、擔保品、數位資產與證券市場正變得更加互聯互通，進而催生對能以更高速度、更高確定性與更強韌性運作之基礎設施的需求。我們相信，這將是未來十年金融服務業最具代表性的機會之一，而 BNY 具備良好條件引領此一領域。

In the second quarter, we announced our expanded relationship with Circle bringing together institutional digital asset custody with mint and burn capabilities for US DC within a single operating model. This builds on our role as custodian of US DC reserves and enables clients to move more seamlessly between traditional cash and blockchain-based networks through infrastructure that combines institutional-grade governance, operational resilience and scale.

在第二季，我們宣布與 Circle 擴大合作關係，將機構級數位資產託管與 US DC 的鑄造與銷毀（mint and burn）能力整合於單一營運模式之中。這是在我們擔任 US DC 準備金託管機構的基礎上更進一步，並透過結合機構級治理、營運韌性與規模的基礎設施，使客戶能更順暢地在傳統現金與區塊鏈網路之間移轉。

We expect this will be a recurring theme as we continue to invest in the infrastructure that we believe will support the future of financial markets. Whether through real-time payments, tokenized assets, collateral mobility or digital cash, our objective is the same, to help clients connect traditional and digital financial ecosystems in ways that improve efficiency, expand optionality and support growth through trust and resiliency, which brings me to AI.

我們預期，隨著我們持續投資於我們相信將支撐未來金融市場的基礎設施，這將會成為一個反覆出現的主題。無論是即時支付、代幣化資產、擔保品流動性或數位現金，我們的目標始終一致：協助客戶以提升效率、擴大選擇性並在信任與韌性基礎上支持成長的方式，連結傳統與數位金融生態系——這也帶我談到 AI。

Over the past 6 months, the conversation around AI has reflected a wide range of sentiment. Excitement about what the technology can unlock, urgency as companies move to deploy it, and skepticism about whether the level of investment will translate into real outcomes. Business leaders are looking at how to measure returns, manage risk and turn AI from experimentation into durable value.

在過去 6 個月，圍繞 AI 的討論反映出各式各樣的情緒。對於這項技術可解鎖之可能性的興奮、企業加速部署所帶來的急迫感，以及對投資規模是否能轉化為實際成果的懷疑。企業領導者正思考如何衡量報酬、管理風險，並將 AI 從實驗轉化為可持續的價值。

At BNY, we continue to view AI as one of the most important long-term opportunities for our company and for society more broadly. Over the past few years, we've invested in the enterprise capabilities, governance and talent to allow us to embed AI across the company in ways that strengthen how we innovate, how we operate and ultimately, how we deliver for clients.

在 BNY，我們仍將 AI 視為對本公司以及更廣泛社會而言最重要的長期機會之一。過去幾年，我們投資於企業級能力、治理與人才，使我們能以強化創新方式、營運方式，並最終提升客戶交付的方式，將 AI 內嵌於全公司各處。

We are now starting to see AI create value across three dimensions. First, AI is helping us to run the company better by embedding new capabilities into our end-to-end workflows and enabling our people to work more productively. This creates capacity. It would be a mistake to think about this capacity as just an efficiency creator. We also see it as an enabler for growth and for our broader strategy. Second, AI is helping us build better products and deliver better experiences for our clients. And third, we believe AI can expand the perimeter for BNY by allowing us to bring new capabilities to market through our platforms, our data and our expertise.

我們現在開始看到 AI 在三個面向創造價值。第一，AI 透過將新能力嵌入端到端工作流程，並讓同仁更具生產力，協助我們把公司營運得更好。這創造了產能。若將這些產能僅視為效率提升的來源，將是個錯誤。我們也將其視為成長與更廣泛策略的推動者。第二，AI 正協助我們打造更好的產品，並為客戶提供更佳體驗。第三，我們相信 AI 能透過我們的平台、數據與專業，讓我們把新能力推向市場，從而擴大 BNY 的業務邊界。

It is early days across all three dimensions, but we are starting to see AI create a tangible and measurable impact across the entire client life cycle. Some examples of which we shared with you in our presentation last quarter. As these capabilities continue to evolve, we believe AI can become an increasingly important source of differentiation and long-term value creation for our clients, our people and our shareholders.

在這三個面向上都仍屬早期階段，但我們已開始看到 AI 在整個客戶生命週期中帶來具體且可衡量的影響。其中一些例子我們已在上季的簡報中與各位分享。隨著這些能力持續演進，我們相信 AI 可成為對客戶、同仁與股東而言日益重要的差異化來源與長期價值創造動能。

Looking back on the first half of the year, we are encouraged by our progress. Across the company, we are seeing the capabilities we are building translate into better outcomes for our clients, and stronger performance for our shareholders with our people at the heart of this progress. The way BNY works today is fundamentally different than it was just a few years ago, and our stronger culture of collaboration, ownership and innovation is helping us to deliver faster and more consistently for our clients and more effectively as one company.

回顧上半年，我們對自身進展感到鼓舞。在全公司範圍內，我們看到所建構的能力正轉化為客戶更佳的成果，以及股東更強的表現，而我們的同仁是這項進展的核心。BNY 今日的運作方式與僅僅幾年前已根本不同；我們更強的協作、主人翁精神與創新文化，正協助我們更快速且更一致地為客戶交付，並以「一家公司」的方式更有效率地運作。

To conclude, we're entering the second half of the year with strong momentum. The trends that are reshaping financial markets, greater activity, increasing complexity, new technologies and demand for trusted partners play to BNY strengths and give us confidence that our strategy is the right one. With that, over to you, Dom.

最後，我們以強勁動能進入下半年。正在重塑金融市場的趨勢——更高的活動度、日益增加的複雜性、新技術，以及對可信賴夥伴的需求——都契合 BNY 的優勢，並讓我們對自身策略正確性充滿信心。接下來交給你，Dom。

Thank you, Robin, and good morning, everyone. I'm starting with our consolidated financials for the second quarter on page 4 of the presentation. Total revenue of $5.7 billion was up 13% year-over-year. Fee revenue was up 11%. That included 13% growth in investment services fees, reflecting net new business, higher client activity and higher market values.

謝謝你，Robin，各位早安。我先從簡報第 4 頁的第二季合併財務數據開始。總營收 57 億美元，年增 13%。手續費收入年增 11%。其中投資服務手續費成長 13%，反映淨新增業務、客戶活動增加以及市場價值上升。

Investment management and performance fees were up 5% primarily driven by higher market values, partially offset by the mix of AUM flows. Firm-wide AUCA of $62.6 trillion were up 12% year-over-year. This increase was primarily driven by higher market values and net client inflows, partially offset by the unfavorable impact of a stronger US dollar.

投資管理與績效費用年增 5%，主要由市場價值上升所帶動，但部分被 AUM 資金流向的組合影響所抵銷。全公司 AUCA 為 62.6 兆美元，年增 12%。此增幅主要由市場價值上升與客戶淨流入所驅動，但部分被美元走強的不利影響所抵銷。

Assets under management of $2.2 trillion were up 6% year-over-year, primarily driven by higher market values, partially offset by the impact of the stronger dollar and cumulative net outflows. Foreign exchange revenue was up 8% year-over-year on the back of higher client volumes, partially offset by the impact of corporate treasury activity. Investment and other revenue was $216 million in the quarter. And net interest income was up 20% year-over-year, primarily driven by reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.

管理資產（AUM）為 2.2 兆美元，年增 6%，主要由市場價值上升所帶動，但部分被美元走強的影響以及累計淨流出所抵銷。外匯收入年增 8%，主要受惠於客戶交易量增加，但部分被企業財資活動的影響所抵銷。本季投資及其他收入為 2.16 億美元。淨利息收入年增 20%，主要由以較高殖利率再投資投資證券及資產負債表成長所帶動，但部分被存款利差收窄所抵銷。

Provision for credit losses was a benefit of $8 million in the quarter, reflecting improvements in commercial real estate exposure, where we now have 0 nonperforming assets. Expenses of $3.4 billion were up 7% year-over-year, both on a reported basis and excluding notable items. 3/4 of the increase represents revenue-related expenses. The remaining 1/4 reflects higher investments and employee salary increases, partially offset by efficiency savings. Taken together, we reported earnings per share of $2.45, up 27% year-over-year.

本季信用損失準備為 800 萬美元的回沖（利益），反映商用不動產曝險改善，目前我們的非執行資產為 0。費用為 34 億美元，年增 7%，無論按報表口徑或排除重大項目後皆然。增幅的 3/4 來自與營收相關的費用。其餘 1/4 反映投資增加與員工薪資調升，但部分被效率節省所抵銷。綜合而言，我們每股盈餘為 2.45 美元，年增 27%。

Excluding the impact of notable items, earnings per share were essentially the same at $2.46 also up 27%. And on the back of approximately 600 basis points of positive operating leverage, we reported a pretax margin of 40% and a return on tangible common equity of 31%.

排除重大項目的影響後，每股盈餘基本相同，為 2.46 美元，同樣年增 27%。在約 600 個基點的正向營運槓桿帶動下，我們稅前利潤率為 40%，有形普通股權報酬率為 31%。

Turning to capital and liquidity on page 5. We continue to operate from a position of strong capital and liquidity, supporting our clients with a resilient balance sheet. Our Tier 1 leverage ratio was 5.9%, down 7 basis points sequentially. Tier 1 capital decreased by $133 million, primarily driven by a redemption of preferred stock partially offset by capital generated through earnings net of capital returned to our common shareholders. Average assets increased by 1% sequentially.

接著看簡報第 5 頁的資本與流動性。我們持續在強健的資本與流動性狀態下營運，以具韌性的資產負債表支持客戶。第一級槓桿比率為 5.9%，較前一季下降 7 個基點。第一級資本減少 1.33 億美元，主要因贖回優先股，部分被透過盈餘所產生的資本（扣除返還給普通股股東的資本）所抵銷。平均資產較前一季增加 1%。

Our CET1 ratio at the end of the quarter was 11% essentially unchanged from the prior quarter. CET1 capital increased by $447 million, primarily driven by capital generated through earnings partially offset by capital returns through common stock repurchases and dividends. Risk-weighted assets increased by 2% sequentially.

本季末 CET1 比率為 11%，與前一季基本持平。CET1 資本增加 4.47 億美元，主要由盈餘所產生的資本帶動，但部分被透過普通股回購與股利的資本回饋所抵銷。風險加權資產較前一季增加 2%。

Over the course of the second quarter, we returned approximately $1.5 billion of capital to our common shareholders, which brings us to $2.8 billion of capital return for the first half of the year, representing an 87% total payout ratio year-to-date. And as previously announced, we increased our quarterly common stock dividend by 19% to $0.63 per share effective this quarter. Our balance sheet remains high quality and highly liquid. The consolidated liquidity coverage ratio was 111%, and the net stable funding ratio was 130%.

在第二季期間，我們向普通股股東返還約 15 億美元資本，使上半年累計資本返還達 28 億美元，年初至今總派付率為 87%。此外，如先前所宣布，我們自本季起將季度普通股股利提高 19% 至每股 0.63 美元。我們的資產負債表仍維持高品質且高度流動。合併流動性覆蓋率為 111%，淨穩定資金比率為 130%。

Next, net interest income and balance sheet trends on page 6. Net interest income of $1.4 billion was up 20% year-over-year and up 6% quarter-over-quarter. I talked about the drivers for the year-over-year increase earlier. Sequentially, growth primarily reflects the reinvestment of investment securities at higher yields and changes in balance sheet size and mix. Average deposit balances moderated by 1% sequentially.

接下來看簡報第 6 頁的淨利息收入與資產負債表趨勢。淨利息收入為 14 億美元，年增 20%，季增 6%。我先前已談到年增的驅動因素。就季比而言，成長主要反映以較高殖利率再投資投資證券，以及資產負債表規模與組合的變化。平均存款餘額較前一季小幅下降 1%。

Noninterest-bearing deposits remained flat and interest-bearing deposits decreased by 2%. Average interest-earning assets were flat sequentially. Underneath, cash and reverse repo balances decreased by 3%. Investment securities balances increased by 2% and loans increased by 6%, primarily driven by growth in securities finance.

無息存款維持持平，計息存款下降2%。平均生息資產較前一季持平。其中，現金與逆回購餘額下降3%。投資證券餘額增加2%，貸款增加6%，主要由證券融資成長所帶動。

Turning to our business segments, starting on page 7. Securities Services reported total revenue of $2.8 billion, up 15% year-over-year. Total investment services fees were also up 15%. In Asset Servicing, Investment Services fees grew by 12%, reflecting higher client activity and market values. ETF AUCA reached $4.4 trillion, up 35% year-over-year. And in alternatives, AUCA grew by 17% year-over-year. The number of fund launches accelerated in the quarter, and we saw an uptick in new business wins.

接著看我們的業務分部，從第7頁開始。證券服務（Securities Services）總營收為28億美元，年增15%。投資服務費用總額亦年增15%。在資產服務（Asset Servicing）方面，投資服務費用成長12%，反映客戶活動與市場價值提高。ETF AUCA達4.4兆美元，年增35%。另在另類投資方面，AUCA年增17%。本季基金發行數量加速，我們也看到新業務得標增加。

In Asset Servicing, overall, once again, more than half of the clients that awarded Asset Servicing new business in the quarter also awarded new business to at least one of our other lines of business, demonstrating the efficacy of our commercial model in action. In Issuer Services, Investment Services fees were up 23% primarily driven by higher corporate trust fees. This reflects the public sector mandate Robin mentioned earlier as well as broad-based growth.

在資產服務方面，整體而言，本季授予資產服務新業務的客戶中，再次有超過一半同時也將新業務授予我們至少一條其他業務線，展現我們商業模式的成效正在發揮作用。在發行人服務（Issuer Services）方面，投資服務費用年增23%，主要由更高的公司信託費用所帶動。這反映了Robin先前提到的公部門委任案，以及廣泛的成長動能。

Amid active CLO markets, we maintained our number 2 position while growing our market share by 200 basis points year-over-year. And in conventional debt servicing, we maintained our number 1 position, growing our market share by 400 basis points year-over-year. It is worth noting that the sequential increase in issuer services, investment services fees reflects seasonal depository receipts client activity as well as net new business across Corporate Trust and depository receipts.

在活躍的CLO市場環境下，我們維持第2名的市場地位，同時市占率年增200個基點。在傳統債務服務（conventional debt servicing）方面，我們維持第1名的市場地位，市占率年增400個基點。值得注意的是，發行人服務投資服務費用的季增，反映存託憑證客戶活動的季節性因素，以及公司信託與存託憑證業務的淨新增業務。

For the segment overall, foreign exchange revenue was up 16% year-over-year, reflecting higher client volumes and net interest income was up 16% year-over-year. Segment expenses of $1.7 billion were up 7% year-over-year, primarily driven by higher revenue-related expenses and investments as well as salary increases, partially offset by efficiency savings. Security Services reported pretax income of $1.1 billion, up 28% year-over-year and a pretax margin of 39%

就該分部整體而言，外匯收入年增16%，反映客戶交易量提高；淨利息收入亦年增16%。分部費用為17億美元，年增7%，主要由較高的與收入相關費用與投資，以及薪資調升所帶動，部分被效率節省所抵銷。證券服務稅前盈餘為11億美元，年增28%，稅前利潤率為39%。

On to Market and Wealth Services on page 8. In our Market and Wealth Services segment, we reported total revenue of $2 billion, up 12% year-over-year. Total Investment Services fees were up 10%. In Wealth Solutions, Investment Services fees were up 5%, reflecting higher market values and client activity. Net new assets were $25 billion in the quarter, representing an annualized growth rate of 4%.

接著看第8頁的市場與財富服務（Market and Wealth Services）。在市場與財富服務分部，我們總營收為20億美元，年增12%。投資服務費用總額年增10%。在財富解決方案（Wealth Solutions）方面，投資服務費用年增5%，反映市場價值與客戶活動提高。本季淨新增資產為250億美元，折合年化成長率為4%。

In the second quarter, Wealth Solutions signed a multiyear contract renewal with Cetera, one of the largest wealth management firms in the US and a long-standing partner. We are pleased to continue supporting them as they innovate, grow and capitalize on evolving market opportunities.

第二季，財富解決方案與Cetera完成多年期合約續約；Cetera是美國最大的財富管理公司之一，也是長期合作夥伴。我們很高興能持續支持他們在創新、成長並把握不斷演變的市場機會。

In Clearance and Collateral Management, investment services fees were up 18%, reflecting broad-based growth in collateral balances and clearance volumes. In this business, we continue to see very strong momentum with average collateral balances of $8.2 trillion, up 16% year-over-year and double-digit year-over-year growth in average daily clearing volumes.

在清算與擔保品管理（Clearance and Collateral Management）方面，投資服務費用年增18%，反映擔保品餘額與清算量的廣泛成長。在此業務中，我們持續看到非常強勁的動能：平均擔保品餘額為8.2兆美元，年增16%，平均每日清算量亦呈現雙位數年增。

Amid a supportive market backdrop, including strong money market fund flows, growing dealer balance sheets and higher equity market values, we've been successful in developing innovative solutions that bring together capabilities from across BNY to support our clients' growth. And in payments and trade investment services fees were up 7%, reflecting net new business.

在有利的市場背景下（包括強勁的貨幣市場基金資金流入、交易商資產負債表擴張以及更高的股票市場價值），我們成功開發創新解決方案，整合BNY各項能力以支持客戶成長。在支付與貿易（payments and trade）方面，投資服務費用年增7%，反映淨新增業務。

We are seeing solid growth in international payments and continue innovating new capabilities for our clients. For example, last month, we introduced 24/7 US dollar book transfers which allow clients to access US dollar payments on weekends and US holidays. And over the last 3 months, we tripled the number of currencies available for same-day FX wire settlement coverage.

我們看到國際支付穩健成長，並持續為客戶創新新能力。例如，上個月我們推出24/7美元簿記轉帳（US dollar book transfers），讓客戶可在週末與美國假日進行美元支付。在過去3個月，我們將可提供同日外匯電匯結算涵蓋的幣別數量增加至原來的三倍。

In Markets and Wealth Services overall, net interest income was up 21% year-over-year. Segment expenses of $948 million were up 4% year-over-year, primarily driven by higher investments and revenue-related expenses as well as salary increases, partially offset by efficiency savings and the absence of prior year litigation reserves. Taken together, our Market and Wealth Services segment reported pretax income of $1 billion, up 21% year-over-year and a pretax margin of 52%.

市場與財富服務整體而言，淨利息收入年增21%。分部費用為9.48億美元，年增4%，主要由較高的投資與與收入相關費用，以及薪資調升所帶動，部分被效率節省及去年訴訟準備金不再發生所抵銷。綜合而言，市場與財富服務分部稅前盈餘為10億美元，年增21%，稅前利潤率為52%。

Turning to Investment and Wealth Management on page 9. Our Investment and Wealth Management segment reported total revenue of $863 million, up 8% year-over-year. Investment management fees were up 6%, primarily driven by higher market values, partially offset by the mix of AUM flows. Segment expenses of $686 million were up 5% year-over-year primarily driven by higher revenue-related expenses and investments as well as salary increases, partially offset by efficiency savings. Investment and Wealth Management reported pretax income of $182 million, up 23% year-over-year and a pretax margin of 21%.

接著看第9頁的投資與財富管理（Investment and Wealth Management）。投資與財富管理分部總營收為8.63億美元，年增8%。投資管理費用年增6%，主要由市場價值提高所帶動，但部分被AUM資金流向的組合影響所抵銷。分部費用為6.86億美元，年增5%，主要由較高的與收入相關費用與投資，以及薪資調升所帶動，部分被效率節省所抵銷。投資與財富管理稅前盈餘為1.82億美元，年增23%，稅前利潤率為21%。

As I described earlier, assets under management of $2.2 trillion were up 6% year-over-year. In the second quarter, we saw $3 billion of net inflows, primarily driven by cash and fixed income strategies, partially offset by net outflows in LDI index and equity strategies. Wealth Management client assets of $348 billion increased by 3% year-over-year, primarily driven by higher market values, partially offset by cumulative net outflows. Page 10 shows the results of the Other segment.

如我先前所述，管理資產（AUM）為2.2兆美元，年增6%。第二季我們錄得30億美元淨流入，主要由現金與固定收益策略帶動，但部分被LDI指數與股票策略的淨流出所抵銷。財富管理客戶資產為3,480億美元，年增3%，主要由市場價值提高所帶動，但部分被累計淨流出所抵銷。第10頁顯示其他（Other）分部的結果。

Turning to page 11. I'll close with a midyear update of the financial outlook for 2026 that we first provided on our earnings call in January. Our strong performance over the past 6 months and the underlying momentum with which we entered the second half of the year, gives us confidence to significantly increase our outlook for growth and operating leverage in 2026.

接著看第11頁。我將以2026年財務展望的年中更新作結；我們最初在1月的財報電話會議中提供該展望。過去6個月的強勁表現，以及我們進入下半年時的內在動能，使我們有信心在2026年大幅上調成長與營運槓桿的展望。

While we remain mindful of the environment and constantly prepare for a wide range of scenarios, our central case for the balance of the year assumes current market implied forward interest rates and that the operating environment remains broadly constructive while we anticipate historically observed seasonal patterns in client activity. With that, we are increasing our outlook for total revenue, excluding notable items in 2026 to up 10% to 11% year-over-year of course, market dependent. And that includes our current expectation for full year 2026 net interest income to be up 12% to 13% year-over-year.

雖然我們仍留意環境變化並持續為各種情境做準備，但我們對今年剩餘期間的基本情境假設為：採用目前市場隱含的遠期利率，且營運環境整體仍具建設性，同時我們預期客戶活動將呈現歷史上觀察到的季節性型態。基於此，我們將2026年（排除重大項目）總營收展望上調至年增10%至11%，當然仍取決於市場。其中也包含我們目前對2026年全年淨利息收入年增12%至13%的預期。

Accordingly, we now expect expenses, excluding notable items for the year to be up 6% to 7% year-over-year, primarily reflecting higher revenue-related expenses. Taken together, that means we now expect to deliver approximately 400 basis points of positive operating leverage in 2026. And for the sake of completeness, we continue to expect a quarterly tax rate of approximately 23% for the remaining two quarters this year.

因此，我們目前預期全年費用（排除重大項目）將年增6%至7%，主要反映較高的與收入相關費用。綜合而言，這表示我們目前預期在2026年可實現約400個基點的正向營運槓桿。為求完整起見，我們仍預期今年剩餘兩個季度的季度稅率約為23%。

To wrap up, BNY delivered strong financial results in the second quarter, but more importantly, our underlying business flywheel is gathering momentum. Our investments and execution are yielding increasingly scalable platforms better client experiences and more innovative solutions that are allowing us to deepen existing relationships and attract more new clients to BNY. With that, operator, can you please open the line for questions.

總結來說，BNY在第二季交出強勁的財務成果；更重要的是，我們的核心業務飛輪正在加速累積動能。我們的投資與執行正產出更具可擴展性的平台、更佳的客戶體驗與更創新的解決方案，使我們得以深化既有關係並吸引更多新客戶加入BNY。接下來，接線員，請開放提問線路。

(Operator Instructions) Ken Usdin, Autonomous Research.

（操作員指示）Ken Usdin，Autonomous Research。

Just a question about the outlook. You mentioned continuing to expect a constructive backdrop. But some of the first half results are already decently above growth rates that you're even giving in is in our updated second half. So I just wanted to ask, like, are there any pieces that you think have tougher comps as we look forward from the second quarter sequentially whether it's deposit levels or issuer services that wouldn't just continue an ongoing growth path from here?

想請教一下對前景的看法。你提到仍然預期會有建設性的背景環境。但上半年有些結果已經明顯高於你們在更新後下半年指引中所給出的成長率。所以我想問的是，從第二季往後按季來看，你覺得有哪些部分可能會面臨較嚴峻的比較基期（tough comps）？不論是存款水位或發行人服務，是否有些不會只是從這裡延續既有的成長軌跡？

Ken, thanks for the question. Look, so first, I'll make a few points. First thing is, typically, the second quarter is our strongest quarter and this particular quarter had a unique set of circumstances around it in terms of the constructed backdrop, the flows in the markets, et cetera. And Q3 is seasonally the slowest quarter. So you've got the best followed by the seasonally adjusted slows.

Ken，謝謝你的問題。我先講幾點。第一，通常第二季是我們最強的一季，而這一季在建設性背景、市場資金流向等方面也有一組獨特的情況。而第三季在季節性上是最慢的一季。所以你會看到最強的一季之後，接著是季節性放緩。

We feel like going into the quarter within the firm, the momentum is strong. The words I use internally is the firm is humming. And so we feel very good about the client dialogue, the engagement, the backlog, but in my comments and how I talked about it, we assume the rate curve stays where it is as of June 30, we know that will change for whatever reason. We assume market levels stay where they were at June 30. We know that will change and so in our updated guide, we've given a range, and we've kind of taken a conservative bias to it because that's how we set up and run the company for through the year, through the cycle durable revenues.

我們覺得進入本季時，公司內部的動能很強。我在內部用的詞是：公司運轉得很順。因此我們對客戶對話、互動程度、在手訂單（backlog）都很有信心；但在我的評論以及我描述方式中，我們假設利率曲線維持在6月30日的水準，我們也知道它會因各種原因而改變。我們也假設市場水準維持在6月30日的狀態。我們知道那也會改變，所以在更新後的指引中我們給了一個區間，並且帶有較保守的偏向，因為這就是我們在全年、跨循環經營公司的方式：打造具韌性的經常性收入（durable revenues）。

I think Q3 specifically, as it relates to NII and deposits year-over-year will be a tough comp because we expect a seasonally slow quarter due to the seasonal slowdown. Last year, that didn't happen due to several idiosyncratic events. So I think that the setup for the quarter, quarter three will be pretty good in terms of NII. But last year's quarter is tough to beat.

我認為第三季就淨利息收入（NII）與存款的年對年來看，會是比較嚴峻的比較基期，因為我們預期第三季會因季節性放緩而較慢。去年則因為幾個特殊事件（idiosyncratic events）而沒有出現那種放緩。所以我覺得第三季的布局，就NII而言會相當不錯。但要超越去年那一季會很難。

Right. Okay. Got it. And was there -- just a quick one on issuer as a follow-up. You did mention that that was strong, especially in Corporate Trust. Was there -- was that just due to the super amount of issuance that we saw on? Is that business just collectively that and ADRs just on a better trajectory than you would have thought given the strength of the environment.

了解。好。明白了。另外再追問一個關於發行人（issuer）的問題。你確實提到那部分很強，尤其是在公司信託（Corporate Trust）。那——這主要是因為我們看到的發行量非常大嗎？還是說，整體而言，那項業務以及ADR（美國存託憑證）在目前環境強勁的情況下，走勢比你原先預期更好？

I would say there are three things at play there, Ken. One is Corporate Trust. You see in my prepared remarks that we've expanded market share, which is basically the result of multiyear investments that are beginning to bear fruit, which also have helped contribute to the margin going through 50% and so we're very, very pleased about that. Deposit receipts, second quarter is seasonally the strongest quarter and we saw particular -- we saw new client activity coming to the platform. So outperformance there in what is a strong quarter. And then last but not least, that the public mandate that we secured and went live on July 1, otherwise known as the Trump accounts, also shows up in that segment as it relates to top line revenue and expenses.

Ken，我會說這裡有三個因素。第一是公司信託（Corporate Trust）。你在我事先準備的講稿裡看到，我們擴大了市佔率，這基本上是多年投資開始開花結果的成果，也有助於利潤率突破50%，所以我們對此非常、非常滿意。存託憑證（deposit receipts）方面，第二季在季節性上是最強的一季，我們也看到特別——我們看到有新客戶活動進入這個平台。因此在本來就強的季度中，表現更優於預期。最後但同樣重要的是，我們取得並於7月1日上線的公共委託案（public mandate），也就是所謂的「Trump accounts」，也會在該分部中反映在營收（top line revenue）與費用上。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

So a lot still like on multiple fronts here. I wanted to talk about operating leverage for a minute. I think not too long ago, you guys provided updated targets, I think calling for about 38% pretax margin. You're already above that, not just for the first half, but even just kind of taking your full year guide. So as you sort of think about what the destination for profitability could be in the business as a whole over the next couple of years, what could that look like, especially considering that AI initiatives is still probably on the kind of earlier day side?

這裡還有很多面向可以談。我想先談一下營運槓桿（operating leverage）。不久前你們提供了更新後的目標，我記得是稅前利潤率大約38%。你們已經高於這個水準，不只是上半年，即便看你們的全年指引也是如此。所以當你們思考未來幾年整體業務的獲利能力可能達到的終點時，那會是什麼樣子？尤其考量到AI相關計畫可能仍處於相對早期階段？

So I appreciate you now I want to put the exact number on that. But as we sort of think about the jumping off point in the trajectory for operating leverage across the business, I guess, acknowledging that you're already at your target would be helpful to understand.

我理解你現在不想給出精確數字。但當我們把它視為全公司營運槓桿軌跡的起跳點來看，考量到你們已經達到目標，能否協助我們理解會很有幫助。

Okay. There's lots on picking that question, Alex. When I go back to January when we initially laid out the targets, we believe we improved them meaningfully pretax margin and ROTCE by 500 basis points from where they were. So it was a big step change for us as a management team to put that guidance out there.

好。Alex，這個問題可以拆很多層來談。回到1月我們最初提出這些目標時，我們認為我們把稅前利潤率與有形普通股權益報酬率（ROTCE）相較原先水準有顯著提升——提高了500個基點。所以對我們管理團隊而言，提出那樣的指引是一個很大的階段性變化。

Also, we kind of view these medium-term targets as 5 -- 3 to 5 years through the cycle and as milestones and not end points and it's not really the limit of our ambition. Internally, as a management team, we're always looking to outperform, and we believe the way that -- as Robin said in his prepared remarks, we're built -- we build the company for a wide range of scenarios and to be durable through that. And Q2 was a point in time in that. But you want to be through them sustainably for a period of time to feel like before you would revisit them again.

另外，我們把這些中期目標視為跨循環、約3到5年的目標，作為里程碑而不是終點，也不是真正限制我們企圖心的上限。在內部，作為管理團隊，我們一直在尋求超越；而且我們相信——正如Robin在他事先準備的講稿中所說——我們打造公司是為了能應對各種情境，並在其中保持韌性。第二季只是其中某個時間點。但你希望能在一段時間內可持續地達成，之後才會再去重新檢視這些目標。

But just remember, it's not the limit of our ambition. And the level of client engagement and all the things around client activity in Q2 give us optimism that through the cycle, we will get to those medium-term targets.

但請記住，這不是我們企圖心的上限。而第二季客戶互動程度以及所有與客戶活動相關的因素，讓我們對於跨循環達成這些中期目標感到樂觀。

Okay. That's helpful. Well, you're at them. So you guys are there. So on the -- a bit of a nuance question on the rate trajectory, and I understand that you guys are assuming rates will stay at current levels across central banks. But as you think about the probability of rate hikes, whether it's in US or outside the US. How do you think deposit betas will perform both in the US and outside the US given this is kind of a bit of a delayed potential kind of rate hiking cycle. So I just want to got a better understanding of the kind of NII and NIM sensitivity in case we get some rate hikes here.

好。這很有幫助。不過你們已經達到了。所以你們其實已經在那個水準上了。那再問一個比較細微的利率路徑問題：我理解你們假設各國央行利率會維持在目前水準。但當你們思考升息的可能性，不論是在美國或美國以外。在這種可能延後的升息循環下，你們認為存款貝塔（deposit betas）在美國與海外會如何表現？我想更了解一下，如果真的出現升息，你們的NII與淨利差（NIM）敏感度會是什麼樣子。

So look, at the start of the year, the environment was calling for rate cuts, now it's calling for rate hikes, one in the US at the end of '26, two in Europe and two in the UK. And as we've consistently said in terms of our risk management philosophy as it relates to rates itself, we're very focused on narrowing the cone of outcomes. And so, we're willing to give up upside so that we limit downside and we can give you kind of reasonably accurate predictions as it relates to interest rate sensitivity to the overall book.

你看，年初市場預期會降息，現在又變成預期升息：美國在2026年底升一次，歐洲兩次，英國兩次。而且我們一直強調，就利率本身相關的風險管理理念而言，我們非常專注於縮小結果的可能範圍（narrowing the cone of outcomes）。因此，我們願意放棄部分上行空間，以限制下行風險，並且能就整體資產負債表（book）的利率敏感度，給你們相對合理且準確的預測。

As it relates to positives like as we consistently say, we don't lead with deposit or deposit pricing, deposit comes as a result of all the client activity. And that's why we feel like deposits have held in and particularly noninterest-bearing deposits have held in well and that's as a result of all the franchise activity that's happening around the firm across many of our platform businesses.

至於正面的部分，如同我們一貫所說，我們不會以存款或存款定價作為主導；存款是所有客戶活動的結果。這也是為什麼我們覺得存款維持得不錯，尤其是無息存款（noninterest-bearing deposits）維持得很好，這是公司在多個平台業務上所發生的各種特許經營活動（franchise activity）共同帶來的結果。

And as it relates to betas, we think it will be largely in line with the last cycle, and that was 80% for dollars and 60% -- 60% to 70% for euros and sterling. And just remember that we're predominantly a dollar book. So it's roughly 75% dollars and the rest split between euros and sterling and then some yen in there as well, but small.

至於存款 beta，我們認為將大致與上一個循環一致；當時美元為 80%，歐元與英鎊為 60%——約 60% 到 70%。另外請記得，我們的資產負債表主要以美元為主。因此大約 75% 是美元，其餘則分散在歐元與英鎊之間，另外也有一些日圓，但占比很小。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I wanted to first start with something, I guess, Robin said in his prepared remarks, tied to investments tied to increasing fees, AI, digital assets, if you don't mind just revisiting both the AI piece and digital assets in terms of how we should think about it with regards to moving the needle on the bottom line, either productivity-wise or what you're doing in terms of new opportunities, maybe tied to digital assets? And also, maybe it often comes up in terms of the risks to the custody business models because of on-chain migration and tokenization. Maybe address that in terms of how you think about it. And is that truly a risk when we think about some of the revenue streams?

我想先從一件事開始，我想是 Robin 在事先準備的發言中提到的，與投資、提高費用、AI、數位資產相關；如果方便的話，能否請你再談談 AI 與數位資產這兩部分，讓我們理解在推動淨利（bottom line）方面應該如何看待它——不論是生產力提升，或是你們在新機會上的作為，可能也與數位資產相關？另外，這也常被提到：由於鏈上遷移（on-chain migration）與代幣化（tokenization），對託管業務模式的風險。也請你就你們如何看待這點做些說明。以及，當我們思考某些營收來源時，這是否真的是一項風險？

Sure, Ebrahim, I'll take that. So let's start with digital assets, which is the second part of your question. And first of all, I would just say the evolution is actually a click above digital assets. It's really the transformation of financial market infrastructure gradually towards an always-on operating model and digital assets are certainly one tool, a very good one for being able to enable that, but real-time payments and various other innovations are also true. So I would take the macro view around the always-on operating model. And then within that, we're a digital asset is the best way of actually achieving that.

當然可以，Ebrahim，我來回答。先從你問題的第二部分——數位資產——開始。首先我想說，這個演進其實比「數位資產」更高一個層次。真正的核心是：金融市場基礎設施正逐步轉型為「永續運作（always-on）」的營運模式；數位資產當然是能促成這件事的一項工具，而且是非常好的工具，但即時支付與各種其他創新也同樣如此。所以我會先從「永續運作」營運模式的宏觀角度來看。然後在這個框架之下，數位資產是實現它的最佳方式。

And then within the context of all of that, it's about a transition, and the transition will take a while. It will not be complete. And so for a long period of time, we expect to be in this coexistence world of having these new capabilities with traditional capabilities. And so for us, as a bridge between the old and the new and collectively globally and across these different types of activity like payments, moving, storing, managing all of that we view ourselves as incredibly well positioned to help our clients manage through all of those types of transitions.

在這整體脈絡下，這是一個轉型過程，而轉型需要時間。它不會完全到位。因此在很長一段時間內，我們預期會處於一個「共存」的世界：新能力與傳統能力並存。對我們而言，作為新舊之間的橋樑——在全球範圍內、跨越不同活動類型（例如支付、移轉、儲存、管理等）——我們認為自己處於非常有利的位置，能協助客戶度過各種轉型。

And so for us, it's about being right around the hoop on all of these types of things, helping clients, whether they be the new economy participants who want a bunch of services that we are the leaders in, some of our traditional clients who want us to, frankly, help them hold their hands in some cases around some of that evolution. So I would say it's all of that. And the way one gets disintermediated is when you don't invest, when you don't participate in the new thing, but we're leaning into the new thing and participating in that fully. So we think that that's kind of how we think about the whole thing.

因此對我們來說，重點是要在所有這些事情上都站在最前線，協助客戶——不論是需要我們所領先的一系列服務的新經濟參與者，或是一些傳統客戶，坦白說，在某些情況下他們希望我們在這些演進上「牽著他們的手」一起走。所以我會說，涵蓋以上所有面向。而被去中介化（disintermediated）通常發生在你不投資、你不參與新事物的時候；但我們正積極投入並全面參與新事物。所以我們大致就是這樣看待整體議題。

In terms of AI, so I talked about this in terms of being a capacity creator for us. There's no question that it can create additional positive operating leverage over time, but that can come in different forms. And so it can come from doing things with clients from improving the way that we serve our clients and then winning more business for making our products even better as a result of having AI inside them.

至於 AI，我之前談到它對我們而言是一個「產能創造者」。毫無疑問，隨著時間推進，它可以帶來額外的正向營運槓桿，但形式可能不同。例如，它可以體現在與客戶互動上：改善我們服務客戶的方式，進而贏得更多業務；也可以體現在把 AI 內嵌到產品中，讓產品因此變得更好。

And also, just in terms of freeing up capacity in some parts of the firm in order to be able to deploy into other parts, I'd like to think there will be less of some things that we have to do using manual tooling and traditional tooling and where AI can take the place of that. And that will allow us to be able to have the capacity to, frankly, be able to spend more bandwidth on serving clients in new and innovative ways. And that's how we view it.

另外，就釋放公司某些部門的產能、以便部署到其他部門而言，我希望未來我們必須用人工工具與傳統工具去做的一些事情會變少，而 AI 可以取而代之。這將讓我們有能力——坦白說——把更多精力投入到以新的、創新的方式服務客戶上。這就是我們的看法。

We see the world, as I mentioned in my prepared remarks, with a ton of white space. And so, having capacity is super valuable for us because it actually allows us to put more people and more investment against that white space without having to grow expenses significantly to do it.

如同我在事先準備的發言中提到的，我們看到這個世界仍有大量「空白地帶」（white space）。因此，擁有產能對我們非常有價值，因為它讓我們能在不必大幅增加費用的情況下，把更多人力與投資投入到那些空白地帶。

And just tied to that as a follow-up. Is it fair to then assume and what you talked about the commercial models in place, the operating model is fully implemented that we should expect a pickup in organic growth as you capture more of that white space beyond any market-driven growth? Like should we have an expectation of just a pretty decent acceleration from where we've already been on the top line growth?

作為追問，與此相關。那麼是否可以合理地假設：在你提到商業模式已到位、營運模式也已全面落地之後，當你們在任何由市場驅動的成長之外，進一步捕捉更多空白地帶時，我們應該預期內生成長（organic growth）會有所回升？也就是說，我們是否應該期待營收端（top line）的成長，相較於你們目前的表現，會有相當不錯的加速？

Ebrahim, it's Dermot. Well, I guess the first thing is we don't expect it to be a lull on day 3 of the cricket match. If you look at the slide where we talk about our midyear business update and where organic fee growth has come relative to 2022, we've gone from flat to the first half of '26 at 4.5%. We're just about to celebrate 2 years of our commercial model. And as Robin said in his prepared remarks that we're now fully active as a whole company in the platform operating model.

Ebrahim，我是 Dermot。我想第一點是，我們不預期會像板球比賽第 3 天那樣出現低潮期（lull）。如果你看我們談到年中業務更新的那張投影片，以及內生費用成長相對於 2022 年的表現，我們已從持平提升到 2026 年上半年達 4.5%。我們的商業模式即將滿兩週年。而且如 Robin 在事先準備的發言中所說，我們現在已作為一家整體公司，全面啟動平台營運模式（platform operating model）。

You've seen 14 consecutive quarters of sales growth and 10% of new logos, which is consistent with last year. So more people like what they're seeing at BNY. I want to come to our firm and do more with us. So I would say the momentum is strong within the firm and the momentum is strong with new logos coming to hear how we can serve them in a differentiated way. And I think as a consequence of that, our ambition is for higher organic growth. When it happens, we don't know, but we believe ultimately, it will come.

你已經看到連續 14 個季度的銷售成長，以及 10% 的新客戶標誌（new logos），這與去年一致。所以有更多人喜歡他們在 BNY 看到的東西。他們想來我們公司，並與我們做更多業務。因此我會說，公司內部的動能很強，新客戶標誌帶來的動能也很強，他們願意來聽我們如何以差異化方式為他們服務。我認為因此，我們的企圖心是追求更高的內生成長。何時發生我們不知道，但我們相信最終會到來。

Got it. No lull and expecting a post tea, fifth day win. So thank you for that.

了解。不會低潮，並且期待在喝完下午茶後、第五天獲勝。所以謝謝你的說明。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，富國銀行證券。

I guess you talk about AI for everyone, everywhere and everything. And I know that's a thematic approach for the 5-year horizon or so. And we do hear a lot of companies putting an AI wrapper around things that have nothing to do with AI. So with that as a big wind up, your headcount is down 7% year-over-year, while your revenues are up. I'm just wondering how much AI has played a role in your increase in revenues per employee, maybe it's more process-oriented or other technology. And if you can give any financial benefits to of what you're seeing from AI, whether it's the capacity or product or new capabilities.

我想你們談到「AI 為所有人、在所有地方、用於所有事情」。我知道這是一個大約 5 年期的主題性策略。我們也確實聽到很多公司把「AI 外衣」套在一些其實與 AI 無關的事情上。在這樣的鋪陳下，你們的人力編制（headcount）年減 7%，但營收卻上升。我想了解 AI 在你們每位員工營收提升中扮演了多大角色——也許更多是流程導向或其他科技所致。以及你是否能提供任何 AI 帶來的財務效益：不論是產能、產品，或新能力方面，你們目前看到的是什麼？

Mike, it's Dermot here. The first thing I would start with saying is that BNY, I think, is operating in a fundamentally different way than it was just a few short years ago. That's just ex-AI. That's just the commercial model, the platform operating model, everybody being a shareholder and everybody feeling like owners in the enterprise and wanting the firm to do better for its clients and for shareholders. So a fundamental shift under Robin's leadership over the last few years.

Mike，我是 Dermot。我想先說，BNY 的運作方式與幾年前相比，已經在根本上不同了。這還不包含 AI。這就是商業模式、平台營運模式、每個人都是股東、每個人都像企業主人一樣思考，並希望公司能為客戶與股東做得更好。所以在 Robin 過去幾年的領導下，發生了根本性的轉變。

Specifically, as it relates to AI, I would say, in the context of our overall engineering budget, which is approximately $4 billion, just remember, we have been on this AI journey and AI strategy since 3.5 years ago when ChatGPT was first launched. So culturally, AI as an individual productivity level is embedded -- are becoming more embedded in our firm. We're all using Elisa planner. We're all becoming more productive. There are lots of things that we're doing day in, day out. that makes us more productive and able to do higher value work.

具體而言，就 AI 而言，我會說，在我們整體工程預算（約 40 億美元）的脈絡下，請記得，我們自 3.5 年前 ChatGPT 首次推出時就已踏上這段 AI 旅程並制定 AI 策略。因此在文化層面，AI 作為個人生產力工具已經嵌入——並且正變得更深地嵌入——我們公司之中。我們都在使用 Elisa 規劃工具。我們都變得更有效率。我們每天都在做很多事情，讓我們更有生產力，並能夠從事更高價值的工作。

And so within the context of $4 billion, our AI spend is quite de minimis and quite modern and appropriate for the strategy that we have in place. And if you kind of go back and reflect on our disclosure in Q1, you see the captions of innovating, prospecting, onboarding, transacting, streamlining and the fact that our engineers at BNY roughly 40% of the software written is now written using AI, you can see it's coming -- it's going broad and is also going deep into the enterprise.

因此在 40 億美元的脈絡下，我們的 AI 支出其實相當微不足道（de minimis），而且相當現代化，並且與我們既定策略相稱、恰當。如果你回頭去看並反思我們在第一季的揭露，你會看到「創新、開發客源、導入、交易、精簡」等標題，以及在 BNY，我們工程師所撰寫的軟體中，約有 40% 現在是使用 AI 來撰寫；你可以看到它正在——在企業內部既廣泛擴散，也深入滲透。

And the last point is really reflecting on your question ray headcount. The headcount is just an output. It's down 7% over the year, but that's as a result of everything. It's not necessarily a headcount target that we deploy. It's more like what's our business plan, what's our operating leverage, how do we want to reach that and what are the investments that we need to make in order to do it. So headcount is more the output as opposed to the input.

最後一點其實是在回應你關於人力（headcount）的問題。人力只是結果。年比下降 7%，但那是各種因素共同作用的結果。這不一定是我們所設定並執行的人力目標。更像是：我們的業務計畫是什麼、我們的營運槓桿要如何展現、我們想怎麼達成，以及為了做到這些我們需要進行哪些投資。所以人力更像是輸出，而不是輸入。

And the last thing I would say is, really, we continue to invest heavily in talent. As Robin has said many times, our early careers class is 3x bigger today than it was 3 years ago. So we're fundamentally investing in the future of BNY through early careers and we're AI optimist and we believe we can use AI to power that growth.

我最後想說的是，我們仍持續大力投資於人才。正如 Robin 多次提到的，我們的早期職涯（early careers）招募班級規模，今天已是 3 年前的 3 倍。因此我們正透過早期職涯計畫，從根本上投資 BNY 的未來；我們對 AI 持樂觀態度，並相信我們可以運用 AI 來驅動那樣的成長。

Mike, the fundamental premise of your question around are we getting a return on the investment. The answer to the question is yes, and we feel quite comfortable with that. We don't break out the very specific economic numbers. I recognize folks would like it if we do. But the rigor that we are applying to this is consistent with the rigor that you see elsewhere from us in terms of how we're operating the company.

Mike，你問題的核心前提是：我們是否正在取得投資報酬。答案是肯定的，而且我們對此相當有信心。我們不會拆分非常具體的經濟數字。我理解大家會希望我們這麼做。但我們在這件事上所採用的嚴謹程度，與你在我們公司其他營運面向所看到的嚴謹程度是一致的。

Now for us, we've had a point of view, and you can go back and listen to our transcripts and press interviews, et cetera, for several years. That ultimately, adoption and embedding in a company is going to be the differentiator for many firms on whether or not they're successful with AI.

對我們而言，我們多年來一直有一個觀點；你可以回去聽我們過去幾年的逐字稿、媒體訪談等等。最終，在公司內的採用與嵌入，將會是許多企業在 AI 上是否成功的關鍵差異化因素。

Their technology is already at a level where it can do just incredible things. But the reason why folks, I think, have some angst about traditional companies as opposed to brand-new start-ups is because there is this lingering question around whether or not you can adapt to large enterprise by truly embedding AI throughout. And that's a cultural question, and it's also an operational and organizational question.

技術本身已經達到能做出令人難以置信事情的水準。但我認為，之所以大家對傳統公司相較於全新新創會有些焦慮，是因為一直存在一個疑問：你是否能透過真正把 AI 全面嵌入，來適應大型企業的運作。而那是一個文化問題，同時也是營運與組織面的問題。

And so, we are quite fortunate and some of this is pure coincidence, but we'll take it that the investment that we've made in our platform operating model the investment that we've made in our commercial model and critically, the investment that we've made in our culture means that we believe we actually have an advantage in terms of embedding and integration of AI into and throughout the firm. And that's what we would expect you to be able to see the outcomes from over the coming years.

因此，我們相當幸運——其中有些純屬巧合，但我們也欣然接受——我們在平台營運模式上的投資、在商業模式上的投資，尤其是我們在文化上的投資，讓我們相信，在把 AI 嵌入並整合到公司內部、以及貫穿全公司方面，我們其實具備優勢。而這正是我們預期你在未來幾年能看到成果的地方。

And do you have -- and look, it's like you say, the results are what you're managing toward, not the specific AI use case in isolation. But can you put any numbers on the expense savings or revenue gains? And I think on the -- two of the largest banks globally have done so far? Or is there a point when you might be able to? Or is this kind of like one big to where the AI is part of the to and you can't really completely isolate the benefits?

那你們是否——而且你看，就像你說的，你們管理的目標是結果，而不是孤立地管理某一個特定 AI 使用案例。但你能否提供任何關於費用節省或營收增益的數字？我想就——目前全球最大的兩家銀行已經這麼做了？或者是否有一個時間點你們可能也能做到？還是說這有點像一個大整體，AI 是其中的一部分，因此你無法真正把效益完全切割出來？

I think we think about it as a package. And so it's not that we can't identify benefits. We certainly can. It's that we recognize that all of these things coming together are ultimately the success. I'll use capacity as an example because I talked about capacity when we use AI to create capacity. So we take some functions and process, which previously was heavily people-intensive, and we make it significantly more automated. That's creating capacity.

我想我們是把它視為一個組合（package）。所以並不是我們無法辨識效益。我們當然可以。而是我們認知到，所有這些事情結合在一起，最終才是成功的關鍵。我用「產能（capacity）」作為例子，因為我提過我們用 AI 來創造產能。我們把一些過去高度依賴人力的職能與流程，變得顯著更自動化。這就是在創造產能。

Now then the question is, are there -- is that capacity going towards serving an individual client. Is it going to making a product specifically better? Is it going to improving the client experience? Is it going to doing something else? Or is it creating an efficiency on the expense line. And so that we deliberately want to be very flexible about that because it's consistent with our strategy for positive operating leverage.

接下來問題是：這些產能會用在服務某一位特定客戶嗎？會用在讓某個產品變得更好嗎？會用在改善客戶體驗嗎？會用在做其他事情嗎？或者它會在費用端創造效率？因此我們刻意希望在這方面保持高度彈性，因為這與我們追求正向營運槓桿（positive operating leverage）的策略一致。

You regularly collectively ask us about, well, is it focused more on revenue? Or is it focused more on our answer to the question is always, it's focused on increasing positive operating leverage. That's our North Star. And we're agile in any one quarter or a year around whether we are leaning more on one level or the other. And so our strategy for AI is kind of similar to that.

你們經常一起問我們：它更偏向營收嗎？還是更偏向成本？我們對這個問題的回答一直是：它聚焦在提升正向營運槓桿。那是我們的北極星指標（North Star）。而在任何一個季度或一年之中，我們會很敏捷地決定要更偏向其中一端或另一端。因此，我們的 AI 策略也有點類似。

Now having said that, we gave a bunch of specific numbers in our first quarter earnings when we talked about those in April, and you can see some of the stats which we view as the inputs to ultimately the fundamental bottom line impact of AI. And we will, from time to time, talk more about those. But actually, across all of them, they're actually increasing up and to the right versus what we showed you in the first quarter.

話雖如此，我們在第一季財報（4 月談到那些內容時）提供了一系列具體數字，你也可以看到一些我們視為「輸入」的統計數據，這些輸入最終會反映為 AI 對基本損益的影響。我們也會不時再多談一些。但事實上，這些指標整體而言，相較於我們在第一季向你展示的，現在都在持續上升、向右上方發展。

Brennan Hawken, BMO Capital.

BMO Capital 的 Brennan Hawken。

I'd actually love to follow up on Mike's question right there. So I was looking at a similar trend with headcount as he said, down 7% year-over-year. Interestingly, when you calculate comp expense as a percentage of headcount -- or sorry, comp expense per head, that's up 8 over that same period. If you go back to the point in time when headcount peaks down 13, but comp expense per employee up 17, right? So there's a really interesting dynamic happening here.

我其實很想就 Mike 剛才那個問題再追問一下。所以我也在看你們的人力趨勢，如他所說，年比下降 7%。有趣的是，當你把薪酬費用按人力去計算——或者抱歉，是每人薪酬費用（comp expense per head）——在同一期間卻上升了 8%。如果你回到人力達到高峰的那個時間點，人力下降 13，但每位員工的薪酬費用上升 17，對吧？所以這裡出現了一個非常有意思的動態。

Obviously, there's inflation, which is a factor. But can you talk about incentives and how you've changed compensation structures and incentives within the organization? It kind of gets, Robin, what you spoke to with culture and how you're changing the commercial biases of the organization? And if you have any stats on incentive and how that breaks down as a percentage of comp across the organization for people now versus previous?

顯然，通膨是一個因素。但你能談談獎酬（incentives），以及你們如何在組織內調整薪酬結構與激勵機制嗎？這某種程度上呼應了你提到的文化，以及你們如何改變組織的商業偏好（commercial biases）。另外，如果你有任何關於獎酬的統計數據，例如在整個組織中，獎酬占總薪酬的比例，現在相較於過去是如何分布的？

Sure. I might skip that last a little bit, given that we have tens of thousands of our employees listening on the call. I haven't going to break out comp by levels in that way. But let me -- but let me address the heart of your question because it's an important one, Brennan.

當然。考量到有數以萬計的員工正在收聽這通電話，我可能會稍微略過你最後那一部分。我不會以那種方式按層級拆分薪酬。不過——讓我來回應你問題的核心，因為這是個重要的問題，Brennan。

And actually, we showed some of this again in the first quarter earnings release when we talked about revenue per employee and pretax income per employee. And if you remember back to those charts, which showed our progression on those two metrics, essentially tracking the growth in margin and the growth in return on tangible common equity, you can see that we are getting more out of our platform. And we are generating more revenue, our clients are coming to us and all of that is showing up in those outcomes per employee.

其實，我們在第一季財報發布時也再次展示了其中一些內容，當時我們談到每位員工的營收以及每位員工的稅前收入。如果你還記得那些圖表，顯示了我們在這兩項指標上的進展，基本上是在追蹤利潤率的成長以及有形普通股權報酬率的成長，你可以看到我們正從我們的平台中獲取更多效益。而且我們正在創造更多營收，我們的客戶正在找上我們，而這一切都反映在每位員工的這些成果上。

Now we have been very deliberate about workforce management. We've been repositioning the company, the repositioning the talent and everything and I talked about this in my prepared remarks with our leadership team as we've refreshed the leadership team over the past few years, the same thing has been true through the ranks of the company.

我們在勞動力管理方面一直非常審慎且有意識。我們一直在重新定位公司、重新配置人才以及各方面；我在事先準備的發言中也和我們的領導團隊談到這點——過去幾年我們更新了領導團隊，而同樣的情況也發生在公司各個層級。

We've got more dynamic leaders. We've got more dynamic folks who are investing in innovation, who are really covering our clients in a fundamentally different way. We're invested in career growth. We're invested in skills. We're leaning into AI for everybody in terms of how our people can actually use it and the skills that they have to be able to operate, whether it's here or elsewhere.

我們擁有更具活力的領導者。我們也有更具活力、投入創新的同仁，並以根本不同的方式真正地服務我們的客戶。我們投入於職涯成長。我們投入於技能培養。我們也在AI方面全面加大投入，讓每個人都能在工作上實際使用AI，以及具備能夠運作所需的技能，不論是在這裡或在其他地方。

So all of that is actually allowing us to drive up compensation per employee, and we're very happy to do it because our people are such an important part of the contribution, but we can afford to do it because collectively, we're managing the workforce better. And so that's sort of the recipe of the whole thing for us.

因此，這一切其實讓我們得以提高每位員工的薪酬，我們也非常樂意這麼做，因為我們的人才對貢獻至關重要；而我們之所以負擔得起，是因為整體而言，我們正在把勞動力管理得更好。所以，這大概就是我們整體做法的「配方」。

Great. Robin, I appreciate it. And one other question I have a little bit on a high level. So the results have been really impressive. It's been very thematic throughout the call today. One thing that a lot of investors come back to, which is more about really the history of this sort of sub industry within the custody banks is around pricing pressure, which has been pretty consistent.

很好。Robin，謝謝你。我還有一個比較宏觀層面的問題。你們的成果確實令人印象深刻。這也是今天整場電話會議貫穿的主題。很多投資人常回到的一點——更偏向於託管銀行這個次產業的歷史——是定價壓力一直相當持續。

And historically, when there's been efficiencies generated, they've been sort of shared with customers via pricing and then shareholders via profit margin. What are you seeing in the market today as these tools increase the efficiency and allow for firms to deliver more effective results. Are you seeing still pricing pressure? Or is there a wider divergences in between the different offerings that can allow for you to hold on to that pricing better than historically?

而從歷史上看，當效率提升被創造出來時，通常會透過定價與客戶分享，並透過利潤率與股東分享。在今天這些工具提升效率、讓公司能交付更有效成果之際，你們在市場上看到什麼？你們仍然看到定價壓力嗎？還是不同產品/服務之間的差異更大，使你們能比過去更好地維持定價？

Dermot is just going to make a couple of comments. And then I want to just come back with a broader comment about the white space and the value that we're actually offering to clients because I think these two things should really be seen in concert.

Dermot 會先做幾點評論。然後我想再回到一個更廣泛的觀點，談談我們實際上為客戶提供的「白地」機會與價值，因為我認為這兩件事應該要放在一起看。

Like when I joined the firm first, I think that was more a common theme than it is today, like pricing pressure is going to exist all the time because we're in a -- all our businesses are in competitive markets. They've got big competitors. And so you would expect and we welcome competition and we welcome that pressure. But I think clients are willing to pay for differentiated service. So from -- relative to like 2, 3 years ago, we don't see the same pricing pressure.

就像我剛加入公司時，我覺得那時候這個主題比今天更常見；定價壓力永遠都會存在，因為我們——我們所有業務都在競爭市場中。我們有大型競爭對手。所以你會預期會有競爭，我們也歡迎競爭、歡迎那樣的壓力。但我認為客戶願意為差異化服務付費。因此，相較於兩三年前，我們沒有看到同樣程度的定價壓力。

And as we've reduced our cost to serve, we can be more competitive in our pricing model because of all the things that Robin said in his last comment. And when there is pricing pressure, you can -- it shows up in the organic fee growth because, as you know, organic fee growth is new business, minus lost our repriced business plus flows. So that growth over the last 3 years from flat to 4.5%, in some ways, reflects what you've just -- your question has just asked. And so we've dealt with it by more clients, more sales more client engagement, more products, more innovation. So we believe our strategy is working in an ability to deal with that in a competitive environment.

而且隨著我們降低了服務成本，我們在定價模型上可以更具競爭力，這也呼應了Robin在上一段所說的各項因素。當出現定價壓力時，你會——它會反映在有機手續費成長上，因為如你所知，有機手續費成長等於新業務，減去流失或重新定價的業務，再加上資金流入/流出。因此，過去三年這個成長從持平到4.5%，某種程度上也反映了你剛才問題所問的情況。我們的應對方式是：更多客戶、更多銷售、更多客戶互動、更多產品、更多創新。所以我們相信，我們的策略正在發揮作用，使我們能在競爭環境中處理這些問題。

And if you -- we step back from the question and this sounds a bit self-serving to say it. I recognize when I say it, but what our clients are recognizing from us is our ability to add real value to their businesses and their operating models. And price is always important, we have to be competitive on price. But our clients are starting to come to us because they're actually our ability to bring different things together across the firm and actually deliver solutions for them are actually different and unique.

如果我們退一步看這個問題——這樣說聽起來可能有點自我吹捧。我在說的時候也意識到這點——但我們的客戶從我們這裡認可的是：我們有能力為他們的業務與營運模式帶來真正的價值。價格永遠重要，我們必須在價格上具競爭力。但客戶開始找上我們，是因為我們能把公司內不同的能力整合起來，並實際為他們交付解決方案，而這些確實是不同且獨特的。

And so if we were just a widget manufacturer with 1 line or 2 lines of business, and we were just making very commoditized widgets, then price is always the grounds on which one competes, but our ability to be able to take the product innovation that we've talked about, the features fact that we have this dozen different business platforms, which actually clients want to see in unique and novel combinations operating together, our ability to combine those different ingredients together, that is actually allowing us to add value to clients. It's allowing us to have a different type of conversation with them than we might have had in the past. And of course, that's also contributing to our growth. And so collectively, it does feel inside the firm that the conversation with clients has changed in that respect.

因此，如果我們只是一家只有一條或兩條業務線的「零件」製造商，只是在生產高度商品化的零件，那麼價格永遠是競爭的基礎；但我們能把我們談到的產品創新、以及我們擁有十多個不同業務平台的事實結合起來——客戶其實希望看到這些平台以獨特且新穎的組合方式一起運作——我們把不同要素組合在一起的能力，正讓我們能為客戶增加價值。這也讓我們能與他們進行不同於以往的對話。當然，這也在推動我們的成長。因此，整體而言，公司內部確實感覺到，與客戶的對話在這方面已經改變了。

Clients buying from 3 or more lines of business over the last 3 years is up greater than 60%. That is the stat to support that.

過去三年，向我們購買三條或以上業務線的客戶數增加了超過60%。這就是支持上述觀點的統計數據。

And by the way, that same fact is true with clients, that is to say more versus the past for clients who buy two or more things from us, three or more things for us, four or more things for us, five or more things from us. It's kind of a remarkable thing to see inside the commercial organization, how there's growth across the board. And I think that goes to that value point.

順帶一提，同樣的情況也適用於客戶：也就是說，相較於過去，向我們購買兩項或以上、三項或以上、四項或以上、五項或以上服務的客戶都更多。在商務組織內部看到這種全面性的成長，其實相當令人驚訝。我認為這也回到「價值」這一點。

David Smith, Truist Securities.

David Smith，Truist Securities。

Can you give us an update on your capital philosophy. You've got a pretty capital-light business model, but the in-line payout ratio is at 87% year-to-date, and that's just a bit lower than we've been accustomed to thinking about for you. And that was consistent for both 1Q and 2Q is a function of needing to retain more capital for growth given the opportunities that you see today, organic or inorganic? Is it a reflection of price sensitivity or discipline on buybacks? Or is just a timing thing? Is there was a pref redemption this quarter and maybe earnings came in stronger than expected later in the quarter because just big picture, is 100% or so still the right payout ratio for BNY today and over the medium term?

你能否更新一下你們的資本理念？你們的商業模式相當輕資本，但今年迄今的（資本）派付率為87%，這比我們過去對你們的認知略低一些。而且第一季與第二季都一致；這是否是因為基於你們目前看到的機會（有機或無機）而需要保留更多資本以支持成長？這是否反映了對價格敏感度或對庫藏股回購的紀律？或者只是時間點因素？本季有一筆優先股贖回，或許也可能是因為本季後段獲利強於預期；但從大方向來看，對於今日以及中期的BNY而言，約100%是否仍是合適的派付率？

Thanks for the question. Look, as you will have noticed, we started guiding on the buyback last year because it's not something that we wake up every day and saying, is 100% the guide for this year or not. It's a function. It's an output, not an input.

謝謝你的問題。你也注意到了，我們從去年開始就對回購提供指引，因為這不是我們每天醒來都在想：今年的指引是不是100%。它是一個函數。它是結果（output），不是投入（input）。

Again, you'll have noticed we've had strong ROCE our balance sheet grew in the quarter, 6% growth in loans. We're using our balance sheet to support clients, which contributed to the net interest income growth as well. We raised our dividend 19%. In total, we returned $1.5 billion of capital this quarter. And as you rightly point out, 87% for the half year.

同樣地，你也注意到我們的ROCE表現強勁；本季資產負債表成長，放款成長6%。我們運用資產負債表來支持客戶，這也對淨利息收入的成長有所貢獻。我們將股利提高了19%。本季合計我們回饋了15億美元的資本。而如你所指出，上半年為87%。

Look at the beginning of the year, we were kind of in the 90, 95 range for the full year, but it's dynamic. We look at it as we see as we evaluate the opportunities, as you say, capital-light business model, but no fundamental change in the strategy where we see opportunities to support clients with our balance sheet, we will do it and we want to maintain healthy capital ratios and liquidity ratios given the geopolitical environment, et cetera, et cetera. So all in all, we feel like we're in a very good place on capital and our outlook kind of remains the same.

回頭看年初，我們對全年大概是在 90、95 的區間，但這是動態的。我們會在評估機會時持續檢視；如你所說，我們是資本輕型的商業模式，但策略上沒有根本性的改變：在我們看到有機會用資產負債表來支持客戶時，我們就會去做，同時在地緣政治環境等因素下，我們也希望維持健康的資本比率與流動性比率，等等等等。總體而言，我們覺得資本狀況非常好，而我們的展望大致也維持不變。

And then a small one, on the Issuer Services, Corporate Trust contribution from your new public sector mandate, is this something you expect to be fairly consistent on a quarterly basis? Or were there any one-timers ahead of the launch or any seasonality that we should be thinking about for this?

接著一個小問題，關於發行人服務（Issuer Services）中，公司信託（Corporate Trust）來自你們新的公共部門委任案的貢獻，你們預期這會在每季基礎上相當一致嗎？還是說在上線前有任何一次性項目，或有任何季節性是我們需要納入考量的？

So look, there's both revenues and expenses in there as a result of the launch. We expected not to we expect not to grow with the program, but to kind of go sideways and tail off, but the revenue and expenses are durable and we'll be there for the foreseeable future, albeit at a slightly lower level.

你看，因為上線的關係，裡面同時包含收入與費用。我們原本預期不會隨著該計畫成長，而是大致持平並逐步走低，但這些收入與費用具有持續性，在可預見的未來都會存在，只是水準會略低一些。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

A quick follow-up on that whole capital conversation. Your average loans were up 20% year-on-year. I think if you look at the last three quarters, it's been solid double digits. I think that's a good thing, but I'm curious what you're seeing in client demand, like what types of loans are you putting on and how that fits into capital consumption, RWA growth, things like that.

就整個資本討論做個快速追問。你們的平均放款年增 20%。我想如果看過去三個季度，都是穩健的雙位數成長。我覺得這是好事，但我好奇你們看到的客戶需求是什麼樣子：你們主要新增的是哪些類型的貸款？以及這如何對應到資本消耗、RWA 成長之類的議題？

So look, I guess one important point that I said in my prepared remarks is that we don't have any nonperforming assets on the balance sheet, and we feel very good about the liquidity and the strength of the balance sheet and et cetera. So loans is mainly in the secured financing space so short term in nature, collateralized, low risk. And so we're seeing demand for clients in that space for that product. And so that's really where we've been leaning in.

你看，我想我在事先準備的發言裡提到的一個重點是：我們的資產負債表上沒有任何不良資產（nonperforming assets），而且我們對流動性與資產負債表的強健程度等都感到非常放心。所以放款主要是在擔保融資（secured financing）領域，性質偏短期、有抵押、風險低。我們看到客戶對這個領域、這類產品的需求。因此我們主要就是在這裡加大投入。

Okay. That's cool. A good answer. And if we go back to slide 3, and we don't till we go through it, I think you spelled out a lot of what you've done on the sales front and the clients are using multiple products. But I wouldn't mind if you could go back to the beginning. And for organic fee growth, what -- maybe the two or three biggest drivers of this acceleration have been and how you define what goes into the category of organic fee growth. Appreciate it.

好的。很酷。回答得很好。如果我們回到第 3 張投影片，雖然我們還沒逐一走過，我想你已經把你們在銷售端做了很多事情講得很清楚，而且客戶也在使用多種產品。但我不介意你能否回到一開始。就有機手續費成長（organic fee growth）而言，這次加速的兩到三個最大驅動因素是什麼？以及你們如何界定哪些項目會被歸入「有機手續費成長」這個類別？謝謝。

Well, let me just talk about organic fee growth overall. Dermot can give you the exact formula on how we define them but it's pretty standard. But when we think about the opportunity, and this goes to the whole white space conversation, we've been laser-focused on driving our organic growth higher. Dermot went through the numbers, you can see them on the page, and we're pleased with the success.

我先談談整體的有機手續費成長。Dermot 可以給你我們如何定義的精確公式，但其實相當標準。不過當我們思考機會時，這也回到整個「白地」（white space）的討論：我們一直非常聚焦在推動有機成長走得更高。Dermot 已經帶過數字，你在頁面上也看得到，我們對這樣的成果感到滿意。

And so one of the questions that we get asked and you sort of implied in your question as have others is, okay, well, how much higher can it go? What other opportunities are there. And so let me just briefly just tick through the way we think about white space because it's critical to this essence of where can this whole thing go.

因此我們常被問到的一個問題——你在問題裡也有暗示，其他人也一樣——是：好，那它還能再高到什麼程度？還有哪些其他機會？所以我簡單快速地說一下我們如何看待「白地」，因為這對於「整件事能走到哪裡」的核心非常關鍵。

So new clients, Dermot mentioned it, 10% of clients generating sales are new to the company. That's obviously a vector, deepening the relationships with existing clients. We just talked about that in terms of the metrics that are going generally up and to the right with clients who are finding more products and services from us than they have traditionally consumed. So there's clearly white space on both of those fronts.

首先是新客戶，Dermot 提到過，帶來銷售的客戶中有 10% 是公司新客戶。這顯然是一個向量；另一個是加深與既有客戶的關係。我們剛剛也談到相關指標：整體上都在往上走，因為客戶從我們這裡取得的產品與服務比以往更多。所以在這兩個面向上都很明顯存在白地。

New product innovation, we talked about it and in the prepared remarks, enhancing features and capabilities. And we've got the scale, as Dermot mentioned, on $4 billion of technology each year. We've got the scale to be able to make those types of investments. and then new solutions, which are also important. And again, the Trump accounts is an example of a business that we probably couldn't have done 2 years ago, not because we didn't have the parts, but we hadn't operationalized the ability to pull those parts together. And as we get better and better at that, we've got the ability to provide more novel solutions to clients from across the various different capabilities that we have. Again, culture, commercial model, platform model or big enablers of all of those things.

再來是新產品創新，我們在事先準備的發言裡也談過：強化功能與能力。而且如 Dermot 所說，我們具備規模——每年投入 40 億美元的科技支出。我們有能力做這類投資。接著是新的解決方案，這也很重要。再舉一次例子，Trump accounts 這項業務可能在兩年前我們還做不到，不是因為我們沒有各個零組件，而是我們還沒有把把這些零組件整合起來並落地運作的能力。隨著我們在這方面越做越好，我們就能把各種不同能力串起來，為客戶提供更具新意的解決方案。同樣地，文化、商業模式、平台模式，都是推動上述各項的重大促成因素。

Then we're positioned to be able to benefit from market trends. We've talked about those trends before scaling with trusted providers, wealth markets growing, private markets, capital market transformation, and we're well positioned in global markets across fixed income, equity trading, settlement collateral liquidity to be able to do that. Then we have digital ecosystems, the always-on thing that we've already just talked about.

接著，我們也具備從市場趨勢中受益的定位。我們以前談過這些趨勢：與受信賴的供應商一起擴張、財富市場成長、私募市場、資本市場轉型；而我們在全球市場的固定收益、股票交易、結算、抵押品與流動性等方面都具備良好布局，能夠把握這些趨勢。然後還有數位生態系，也就是我們剛剛談到的「always-on」那一塊。

And then when you look at the actual elements of what we can attach to at its very heart we attach to the size of the economy and the size of capital markets. And so we are, to some extent, a bet on whether we think those things over time are going to grow, and we certainly see that growth, and we're excited about it. And then within it, its values, equity and fixed income, cash balances, again, the ecosystem of cash that we've talked about before, the shape of the curve and interest rates, yes, but issuance volume, capital markets activity, transaction volumes, volatility.

再來，當你看我們實際能夠連結的要素時，最核心的是：我們連結的是經濟體量與資本市場的規模。因此在某種程度上，我們是在押注這些東西隨時間會成長；而我們確實看到這樣的成長，也對此感到興奮。而在其中，又包括估值、股票與固定收益、現金餘額——也就是我們以前談過的現金生態系——殖利率曲線的形狀與利率，沒錯；但也包括發行量、資本市場活動、交易量、波動度。

So while our business model is certainly built for the type of environment we have in the second quarter and Dermot and I have both talked about, we deliberately have tried to diversify ourselves to position the firm to be able to be good in more types of environments and attach to these underlying growth vectors, which we believe over time will allow us to capture more of the opportunity. And that ultimately what we think will feed organic growth.

所以，雖然我們的商業模式確實是為了像第二季這樣的環境而打造——Dermot 和我都談過——但我們也刻意讓自己多元化，讓公司能在更多不同類型的環境下都有良好表現，並連結到這些底層成長向量；我們相信，隨著時間推進，這將使我們能捕捉更多機會。而最終，我們認為這會推動有機成長。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

Maybe just one for me. As we've got the results from the money center banks over the past couple of days, it's become clear that it's a very strong market for issuance, both equity and debt capital market issuance. We've just had a record quarter for M&A announcements. As you think about the impact to your businesses, how do you size the opportunity for, say, the Issuer Services business overall and if that also translates to some of the other businesses as well?

我這邊可能就一個問題。過去幾天我們看到了幾家大型銀行（money center banks）的財報結果，已經很清楚目前是一個非常強勁的發行市場，無論是股票或債務資本市場的發行。我們也剛看到併購（M&A）公告創下紀錄的一季。當你思考對你們業務的影響時，你們如何衡量例如整體發行人服務（Issuer Services）業務的機會規模？以及這是否也會轉化到其他業務上？

The activity -- good activity levels in capital markets, there's no question that those are good for us. As we think about this inside the company, there's a little bit of a parallel with the way that we think about NII, where we are deliberately wanting to be able to benefit from what's going on in the market, but our businesses are not positioned to be the maximalist play for when the market is at peak frothiness or peak activity. But as a result of that, with this sort of durability even when, because of the diversification of the different businesses, even when activity levels come off.

資本市場的活動——良好的活動水準——毫無疑問對我們是有利的。我們在公司內部思考這件事時，某種程度上和我們看待淨利息收入（NII）的方式有點類似：我們刻意希望能從市場正在發生的事情中受益，但我們的業務並不是那種在市場最狂熱、或活動量達到峰值時的「最大化押注」。但也正因如此，憑藉這種耐久性，加上不同業務的多元化，即使活動水準回落，我們也仍然能維持表現。

So did we benefit? Absolutely. It's true across our clearing platform, our issuer services platforms, both depository receipts and across Corporate Trust. It's truing capital markets. It's up and down, the income statement, you can see some benefit from all of that. But the thing that we think is a little bit different is that we're not getting the amplitude on the wave, and that's kind of by design because we don't want don't expect the amplitude on the downside either.

所以我們有受益嗎？絕對有。這在我們的清算平台、發行人服務平台（包含存託憑證）以及企業信託業務中都成立。在資本市場業務也是如此。從損益表上下各項來看，你都能看到其中一些受益。但我們認為稍有不同的是，我們沒有出現那種波動的「振幅」，這某種程度上是刻意為之，因為我們也不希望、也不預期在下行時會出現同樣的振幅。

And like, I think the important stat that I would give you, Manan, for that is like 75% of our fees are recurring. So it's durable. The durable recurring revenue stream of our platform operating model can weather many storms.

而且，我想我可以給你的一個重要數據，Manan，是我們大約 75% 的費用收入是經常性收入。所以它很具韌性。我們平台營運模式所帶來的、具韌性的經常性收入流，能夠挺過許多風暴。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Robin, in your prepared remarks, you talked about the 14th consecutive quarter of year-over-year sales with this quarter's numbers. And then you also touched on that, I think you said the approximately 10% of the deals are with clients that are entirely new to Bank of New York. Can you share with us what products are they -- did they buy? Or where are you having success in winning new clients and are they self-custody type clients? Or are you actually taking them away from competitors?

Robin，在你事先準備的發言中，你提到以本季數字來看，已是連續第 14 個季度的年對年銷售成長。你也提到，我記得你說大約 10% 的交易是來自對紐約梅隆銀行而言完全是新客戶的客戶。你能否和我們分享他們買了哪些產品？或者你們在哪些領域成功贏得新客戶？他們是自我託管（self-custody）類型的客戶嗎？還是你們其實是從競爭對手那裡把客戶搶過來？

Well, it's really across the breadth of the franchise, Gerard. And so this is one of the things that's been very pleasing for us to see. There are certain products which can be a little bit more, if you want to call them that starter products. And I think if you'd gone back and asked us 3 years ago, we think that there was a more common pathway into the company through one business and then graduating into others. We probably would have said yes to that.

Gerard，這其實涵蓋了我們整個特許經營版圖的廣度。因此，這也是我們很高興看到的一點。有些產品如果你要這麼稱呼的話，可能更像是「入門型」產品。我想如果你回到 3 年前問我們，我們會認為進入本公司的路徑更常見的是先從某一項業務切入，然後再逐步擴展到其他業務。我們大概會回答是的。

Today, we wouldn't say the same thing because actually, we're attracting different types of clients in different ways. And so, it is quite broad-based. And then once one of the other statistics we have is the more the clients do with us, and this is what our client satisfaction surveys very clearly point out. The more clients do with us, the better they know us. The better they know us, the more they like us, the more they like us, the more they do with us. And we're not -- that flywheel is not lost on us.

但今天我們不會再這麼說，因為實際上，我們正以不同方式吸引不同類型的客戶。所以，這是相當廣泛、以多面向為基礎的。另外，我們還有一項統計數據：客戶與我們合作的範圍越多——而這點在我們的客戶滿意度調查中非常清楚——客戶與我們合作越多，就越了解我們。越了解我們，就越喜歡我們；越喜歡我們，就越願意與我們合作更多。我們並沒有忽視——這個飛輪效應我們非常清楚。

And when it comes to winning these clients, is it more the product capability? Or is it a cost decision for the client or a combination of the both?

那在贏得這些客戶時，主要是產品能力的因素嗎？還是對客戶而言是成本考量，或兩者兼具？

It's not cost. It's a capability and it does depend on the client, right? So when you're winning -- and we talked quite a bit in our prior earnings call around AGI, which was a landmark win for us in the German market. Very, very important opportunity. Why did they choose us?

不是成本。是能力，而且確實取決於客戶，對吧？所以當你在贏得——我們在上一季財報電話會議中談了很多 AGI，那是我們在德國市場的一次里程碑式勝利。非常、非常重要的機會。他們為什麼選擇我們？

We'd have to ask them, but they've said publicly they chose us for the breadth of our capabilities and for the modernity of our solutions and the fact that we could create integration, and they were choosing a partner for their own reimagination of their operating model, and they took a very deep dive into what we have done with our operating model with our AI and other things. And they were like -- they picked us because they thought we were the best partner for them to be able to help them through that innovation. So that was a capability. It was a connectivity. It was a technology. All of those features were there.

我們得去問他們，但他們已在公開場合表示，他們選擇我們是因為我們能力的廣度、解決方案的現代化，以及我們能夠實現整合；他們是在為自身營運模式的再想像選擇合作夥伴，而他們也非常深入地研究了我們在營運模式、AI 以及其他方面所做的事情。他們選擇我們，是因為他們認為我們是最適合的合作夥伴，能協助他們推動那項創新。所以那是能力。是連結性。是科技。這些特點全都具備。

And in many other cases, again, it goes back to the scale of technology, which is we can invest in these features, these new products BoroPlus, great example. We called it out. Collateral one, same thing. Buy-side trading, same thing. So it's new products new solutions, which are these combinations from amongst the breadth of the capabilities that we have and then leaning in incredible client service, covering clients and remembering that we don't win business, clients give us business because of what we're doing and the fact that we're earning it.

而在許多其他案例中，同樣回到科技規模：我們能投資於這些功能、這些新產品——BoroPlus 就是很好的例子。我們也特別點名提到它。Collateral One 也是一樣。買方交易（buy-side trading）也是一樣。所以這是新產品、新解決方案——把我們既有的廣泛能力加以組合，並且投入卓越的客戶服務、做好客戶覆蓋；同時也要記得，我們不是「贏得」業務，而是客戶因為我們正在做的事情、因為我們持續贏得他們的信任，而把業務交給我們。

Very good. And then as a follow-up, you guys mentioned, obviously, the Trump accounts, you had the public announcement on the 4th of July as well. Is there a second derivative here, meaning are there other businesses or other opportunities to grow revenues because you won this business?

非常好。接著追問一下，你們提到——顯然——Trump accounts，你們也在 7 月 4 日做了公開宣布。這裡是否存在第二層衍生效應？也就是說，因為你們贏得了這筆業務，是否還有其他業務或其他機會可以帶動營收成長？

I would frame it in the following way. I think there are two vectors on this. So one of the questions that we get asked by our people and by other public sectors around the world is -- that's actually a very cool piece of public policy. And as you know, the US had looked to Australia as one of the models for this to bipartisan piece of public policy that's really been championed by the current administration, but Australia has incredibly successful sort of parallel that's been going for a long time and has built incredible wealth for individuals in Australia.

我會用以下方式來框架這件事。我認為這裡有兩個向量。其中一個問題是，我們的同仁以及全球其他公共部門會問我們——那其實是一項非常酷的公共政策。而如你所知，美國曾參考澳洲作為此政策的模型之一；這是一項真正由現任政府推動、且具兩黨共識的公共政策。不過澳洲長期以來就有非常成功的類似制度，並為澳洲個人累積了可觀的財富。

We're getting asked that question by other governments across the world who are interested in what's going on and we're happy to share with them because creating more attachment to capital markets, more prosperity for more people, more engagement with the stock market, more ownership in a capitalist society, we view those things as good for society and frankly, good for BNY as well.

我們也被全球其他政府問到這個問題，他們對正在發生的事情很感興趣；我們也樂於與他們分享，因為讓更多人與資本市場建立更深連結、讓更多人更富足、提高更多人對股市的參與度、在資本主義社會中擁有更多所有權——我們認為這些對社會是好事，而且坦白說，對 BNY 也是好事。

And then the other vector is just this this concept of solutions, we have all of these capabilities inside the company in each one of our platforms. And what we learned to do over the past couple of years, but it was a proof point with the Trump accounts was our ability to bring these pieces together and deliver a solution that one couldn't previously have ever found on the product shelf of BNY and say, we can do that because of the fact that we've got the culture, the platform model and the commercial model to knit them together and deliver a great outcome and actually have it go live short period of time, great outcome, happy client. And that is a very, very powerful vector for us for the future.

另一個向量則是「解決方案」這個概念：我們在公司內部、在各個平台中都擁有這些能力。而我們在過去幾年學會的一件事——Trump accounts 就是一個驗證點——是我們能把這些拼圖整合起來，交付一個過去你不可能在 BNY 的產品貨架上找到的解決方案；並且我們可以說，我們之所以做得到，是因為我們具備把它們縫合在一起的文化、平台模式與商業模式，能交付很好的成果，而且能在很短時間內上線：成果很好、客戶也滿意。這對我們未來而言是一個非常、非常強大的向量。

That was our final question, and we'll conclude our question-and-answer session for today. I would now like to hand the call over back over to Robin for any additional or closing remarks.

這是我們今天的最後一個問題，我們將結束今天的問答環節。現在我想把電話交回給 Robin，請他做任何補充或結語。

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

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

Thank you. This does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Investor Relations website at 3:00 PM Eastern Time today. Have a great day.

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