花旗銀行 (C) 2023 Q1 法說會逐字稿

Hello, and welcome to Citi's First Quarter 2023 Earnings Review with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

您好，歡迎收看花旗 2023 年第一季度與首席執行官簡·弗雷澤 (Jane Fraser) 的收益回顧；和首席財務官 Mark Mason。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。 （操作員說明）另外，作為提醒，今天正在錄製此會議。如果您有異議，請此時斷開連接。 Landis 女士，您可以開始了。

Thank you, operator. Good morning, and thank you all for joining us. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our SEC filings.

謝謝你，運營商。早上好，感謝大家加入我們。我想提醒您，今天的演示文稿可在我們的網站 citigroup.com 上下載，其中可能包含前瞻性陳述，這些陳述基於管理層當前的預期，並受不確定性和環境變化的影響。由於各種因素，包括我們向美國證券交易委員會提交的文件中描述的因素，實際結果可能與這些陳述存在重大差異。

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

有了這個，我會把它交給簡。

Thank you, Jen, and hello to everyone joining us today. Well, 2023 is shaping up to be another interesting year. Given the tumultuous events of the last few weeks, I'm going to share some observations, and then we'll turn to what was a good quarter.

謝謝你，Jen，向今天加入我們的每個人問好。好吧，2023 年將是又一個有趣的一年。考慮到過去幾週的動盪事件，我將分享一些觀察結果，然後我們將轉向表現出色的季度。

First, our banking system as a whole is very strong. While a small handful of institutions still have challenges to overcome, the U.S. financial system remains unmatched globally. And I feel confident saying that as someone who has worked in many different systems around the world. The U.S. system comprises a healthy mix of community banks, regional banks and larger global banks, including Citi. We all have important but different roles to play, serving different clients with different needs and on different scale.

首先，我們的銀行體係作為一個整體非常強大。儘管少數機構仍有挑戰需要克服，但美國的金融體系在全球範圍內仍然無與倫比。作為一個曾在世界各地的許多不同系統中工作過的人，我很有信心這麼說。美國系統由社區銀行、區域銀行和包括花旗在內的大型全球銀行組成。我們都扮演著重要但不同的角色，為具有不同需求和不同規模的不同客戶提供服務。

I would also point to the rapid response by state, federal and international regulators, that help reinforce confidence in the system at a very critical juncture. I'm pleased that Citi has been a source of stability for the financial system and a source of strength for our clients. That's not an accident. We are in a position to play this role because our strategy is delivering a simpler, more focused bank. We benefit from a diversified earnings base and resilient business model. This is reinforced by our robust balance sheet management, liquidity position and strong risk management frameworks. We are disciplined in how we run the firm, from client selection to capital planning.

我還要指出州、聯邦和國際監管機構的快速反應，這有助於在非常關鍵的時刻增強對該系統的信心。我很高興花旗一直是金融體系穩定的源泉，也是我們客戶的力量源泉。那不是意外。我們能夠扮演這個角色，因為我們的戰略是提供一個更簡單、更專注的銀行。我們受益於多元化的盈利基礎和富有彈性的商業模式。我們穩健的資產負債表管理、流動性狀況和強大的風險管理框架進一步加強了這一點。從客戶選擇到資本規劃，我們在經營公司的方式上都遵守紀律。

And it's also thanks to our people, and I want to express my pride in our colleagues around the world who worked tirelessly last month to serve clients as they turned to Citi as a port in the storm.

這也要感謝我們的員工，我想對我們世界各地的同事表示自豪，他們在上個月不知疲倦地工作，為客戶提供服務，因為他們將花旗視為風暴中的一個港口。

Recent events have shown that prudent asset and liability management is absolutely paramount. While Mark is going to walk you through our approach and our focus on interest rate risk, liquidity and capital, I do want to mention a few things myself.

最近的事件表明，審慎的資產和負債管理絕對是最重要的。雖然 Mark 將向您介紹我們的方法以及我們對利率風險、流動性和資本的關注，但我本人確實想提及一些事情。

In terms of assets, our loans are high quality and short duration. We have highly liquid investment securities and a significant amount of cash. We have over $1 trillion worth of available liquidity resources, including $584 billion of HQLA and an LCR of 120%. And we maintain a diverse set of funding sources, including over $1.3 trillion of deposits across corporates, consumers, industries and regions, many of which are operational in nature. Indeed, the cornerstone is our institutional deposit base, which comprises about 60% of our deposits. Most of these deposits are particularly sticky because they sit in operating accounts that are fully integrated into how our multinational clients run their businesses around the world from their payroll to their supply chains to their cash and liquidity management. 80% of these deposits are with clients who use all 3 of our integrated services: payments and collections, liquidity management and working capital solutions.

在資產方面，我們的貸款質量高、期限短。我們擁有高流動性的投資證券和大量現金。我們擁有超過 1 萬億美元的可用流動性資源，包括 5840 億美元的 HQLA 和 120% 的 LCR。我們擁有多種資金來源，包括來自企業、消費者、行業和地區的超過 1.3 萬億美元的存款，其中許多在本質上是可操作的。事實上，基石是我們的機構存款基礎，約占我們存款的 60%。這些存款中的大部分都特別粘，因為它們存在於運營賬戶中，這些賬戶完全融入了我們的跨國客戶如何在全球範圍內經營他們的業務，從他們的工資單到他們的供應鏈再到他們的現金和流動性管理。這些存款中的 80% 都存在於使用我們所有 3 項綜合服務的客戶：付款和收款、流動性管理和營運資金解決方案。

The data that we aggregate from these deposits and their related flows is fundamental to how our clients manage their efficiency, risk and compliance. And this greatly increases our deposit stickiness. It's also why nearly 80% of these deposits are from client relationships that are 15 years old or more.

我們從這些存款及其相關流量中收集的數據對於我們的客戶如何管理其效率、風險和合規性至關重要。這大大增加了我們的存款粘性。這也是為什麼這些存款中近 80% 來自 15 年或以上的客戶關係。

Finally, we operate a strong risk framework that looks at both assets and liability concentrations across client segments, industry and region. And we're confident in the size and nature of our exposures, given our very rigorous stress testing. We also diligently manage counterparty risk, which is critical given the interconnectedness of financial institutions.

最後，我們運營著一個強大的風險框架，著眼於跨客戶群、行業和地區的資產和負債集中度。鑑於我們非常嚴格的壓力測試，我們對風險敞口的規模和性質充滿信心。我們還努力管理交易對手風險，鑑於金融機構的相互關聯性，這一點至關重要。

We are in a strong position to navigate whatever environment we face, which is particularly relevant given the degree of uncertainty today. The Fed continues to use rate policy to battle inflation, which has been more than stubborn in services even as we see signs of cooling in labor and manufacturing. We expect the recent event to be disinflationary and credit to contract. We believe it's now more likely that the U.S. will enter into a shallow recession later this year. That could be exacerbated in depth and duration in a more severe credit crunch. But right now, the biggest unknown is the impact on terminal short-term U.S. interest rates and of course, how the debt ceiling plays out.

我們處於有利地位，可以駕馭我們所面臨的任何環境，考慮到當今的不確定性程度，這一點尤為重要。美聯儲繼續使用利率政策來對抗通脹，儘管我們看到勞動力和製造業出現降溫跡象，但服務業的通脹一直很頑固。我們預計最近發生的事件會導致通貨緊縮和信用收縮。我們認為，現在美國更有可能在今年晚些時候進入淺度衰退。在更嚴重的信貸緊縮中，這種情況可能會在深度和持續時間內加劇。但目前，最大的未知數是對美國短期短期利率的影響，當然還有債務上限如何發揮作用。

In Europe, the ECB is on a similar but more difficult quest to tame inflation. They have had some help from lower-than-expected energy prices and the outlook continues to be a bit brighter. However, the war in Ukraine sadly shows no sign of ending, and Europe faces more structural challenges, such as the need for increased defense spending, higher energy costs and fiscal burdens that will make efforts to dampen inflation and stimulate growth more difficult.

在歐洲，歐洲央行正在採取類似但更困難的措施來抑制通脹。他們從低於預期的能源價格中獲得了一些幫助，前景繼續更加光明。然而，令人遺憾的是，烏克蘭戰爭沒有結束的跡象，歐洲面臨更多結構性挑戰，例如需要增加國防開支、更高的能源成本和財政負擔，這將使抑制通脹和刺激增長的努力更加困難。

In Asia, the reopening of China is adding to the momentum in the region, although the Chinese consumer has been slower to rebound than expected. I saw many green shoots firsthand talking to our clients and our bankers in my various trips to India, Japan and Hong Kong this year. We have to keep a close eye on geopolitics as the U.S.-China relationship becomes increasingly strained and is fragmenting economic blocs. And we see this translate into a shift in flows and heightened cross-border volume across TTS and our global network.

在亞洲，中國的重新開放正在增加該地區的勢頭，儘管中國消費者的反彈速度低於預期。在我今年前往印度、日本和香港的各種旅行中，我親眼看到了許多萌芽與我們的客戶和我們的銀行家交談。隨著美中關係變得越來越緊張，經濟集團正在分裂，我們必須密切關注地緣政治。我們看到這轉化為 TTS 和我們全球網絡中流量的轉變和跨境交易量的增加。

Now turning to how we performed this quarter. We reported net income of $4.6 billion and an EPS of $2.19. We had good revenue growth of 6% ex divestitures, and both revenue and expenses were in line with our guidance. Our RoTCE of nearly 11% benefited from the closing of the sales of our consumer businesses in India and Vietnam and would have been over 9% without those gains.

現在轉向我們本季度的表現。我們報告的淨收入為 46 億美元，每股收益為 2.19 美元。剝離資產前，我們的收入增長良好，達到 6%，收入和支出均符合我們的指引。我們將近 11% 的 RoTCE 受益於我們在印度和越南的消費者業務的銷售結束，如果沒有這些收益，該比例將超過 9%。

Let me highlight our operating performance in each of our 5 core businesses. In Services, TTS has continued to go from strength to strength with revenues up 31%. Noninterest revenue was up 11% quarter-on-quarter on the back of increased cross-border activity and good performance in commercial cards due to the rebound of corporate travel.

讓我強調一下我們在 5 項核心業務中每一項的經營業績。在服務方面，TTS 不斷壯大，收入增長了 31%。非利息收入環比增長 11%，原因是跨境活動增加以及商務旅行反彈導致商務卡表現良好。

Securities Services wasn't too shabby either, up 23% as we executed on new mandates, onboarded new AUC and benefited from higher rates. Within market, our fixed income revenues were up 4% from a year ago. We benefited from excellent performance in rates and continued engagement from our corporate clients. The first quarter of 2022 was no slouch, as you may recall, but this quarter was our third best in a decade. Equities was much weaker, however, down markedly in both derivatives and cash, although it still had revenues north of $1 billion.

證券服務也不錯，隨著我們執行新的任務、加入新的 AUC 並受益於更高的利率，增長了 23%。在市場中，我們的固定收益收入比一年前增長了 4%。我們受益於出色的利率表現和企業客戶的持續參與。您可能還記得，2022 年第一季度表現不俗，但本季度是我們十年來的第三好成績。然而，股票的表現要弱得多，衍生品和現金都明顯下跌，儘管它的收入仍然超過 10 億美元。

Banking was down again, but there were signs of the beginning of a pickup, including increased activity in the investment-grade market. In U.S. Personal Banking, our cards businesses gained momentum as all drivers continued to normalize to pre-COVID levels and beyond. Branded cards and retail services saw revenues up 18% and 24%. Retail banking saw some growth as we continue to see good momentum in mortgages and installment lending and also experience a significant increase in digital deposits. We did see a notable softening in consumer spending growth over the course of the quarter. Travel and entertainment continued to grow in March, but essentials were flat, and almost all other spend categories were down.

銀行業務再次下滑，但出現了復甦的跡象，包括投資級市場活動的增加。在美國個人銀行業務方面，我們的卡業務增長勢頭強勁，因為所有司機都繼續正常化到 COVID 之前的水平，甚至更高。品牌卡和零售服務的收入分別增長了 18% 和 24%。零售銀行業務出現了一些增長，因為我們繼續看到抵押貸款和分期貸款的良好勢頭，並且數字存款也顯著增加。我們確實看到本季度消費者支出增長明顯放緩。 3 月份旅遊和娛樂繼續增長，但必需品持平，幾乎所有其他支出類別均有所下降。

Savings rates are below historic averages. And while the upper quintiles of household income still have roughly $1 trillion in excess savings, the savings of the lower quintiles have been significantly drawn down. So we're keeping a diligent eye on the lower FICO bands as economic growth and services spend slow.

儲蓄率低於歷史平均水平。雖然家庭收入較高的五分之一人群仍有大約 1 萬億美元的超額儲蓄，但較低五分之一人群的儲蓄已大幅減少。因此，隨著經濟增長和服務支出放緩，我們正在密切關注較低的 FICO 區間。

Finally, while revenues were down again, we remain confident about the prospects of our Wealth business. Despite the challenging headwinds, growth in Citigold accounts, client acquisition and client advisers were all solid, and we expect these drivers to flow through to revenues later this year and beyond.

最後，雖然收入再次下降，但我們對財富業務的前景仍然充滿信心。儘管面臨挑戰，但 Citigold 賬戶、客戶獲取和客戶顧問的增長都很穩健，我們預計這些驅動因素將在今年晚些時候及以後轉化為收入。

We also saw the early signs of a long-awaited Asian recovery. We built credit reserves this quarter on the back of growth in revolving balances in cards and poorer macro outlook. NCLs continued to normalize in consumer while the health of our corporate base was evident in another quarter of very low NCLs.

我們還看到了期待已久的亞洲復甦的早期跡象。本季度我們在信用卡循環餘額增長和宏觀前景較差的背景下建立了信貸儲備。 NCL 在消費者中繼續正常化，而我們公司基礎的健康在另一個非常低的 NCL 中很明顯。

Finally, we continue to generate capital through our earnings. With our CET1 ratio now at 13.4%, we have room to absorb the temporary upfront impact should we sign a deal for Mexico. As you know, we continue to pursue a dual-path here, and we are committed to increasing the amount of capital we return to our shareholders over time.

最後，我們繼續通過盈利創造資本。我們的 CET1 比率現在為 13.4%，如果我們與墨西哥簽署協議，我們有空間吸收暫時的前期影響。如您所知，我們繼續在這裡尋求雙路徑，我們致力於隨著時間的推移增加我們返還給股東的資本數額。

As you can see from Slide 3, in addition to good operating performance from our businesses and despite everything else going on in the industry, we got a lot done this quarter as we implement the strategy we shared with you at Investor Day. We closed the sales of our consumer businesses in India and Vietnam. Indonesia and Taiwan are next on the list to close later in the year. Our Asian consumer sales will then be complete, and we are intensifying our efforts to eliminate stranded costs and simplify our organizational structure.

正如您從幻燈片 3 中看到的那樣，除了我們業務的良好經營業績外，儘管行業中發生了其他一切，我們在本季度完成了很多工作，因為我們實施了我們在投資者日與您分享的戰略。我們關閉了在印度和越南的消費者業務的銷售。印度尼西亞和台灣緊隨其後，將在今年晚些時候關閉。屆時我們的亞洲消費者銷售將完成，我們正在加緊努力消除擱淺成本並簡化我們的組織結構。

We made some significant leadership announcements. I'm delighted that Andy Sieg will join Citi at my table as the new Head of Wealth Management. Andy is a widely respected leader in this space and comes to us after running an $18 billion business with $2.8 trillion in client balances. He is the latest and the most visible example of the excellent talent we have attracted over the last couple of years.

我們發布了一些重要的領導公告。我很高興 Andy Sieg 將作為新的財富管理主管加入花旗集團。 Andy 是該領域廣受尊敬的領導者，在經營著價值 180 億美元的業務和 2.8 萬億美元的客戶餘額後來到我們這裡。他是我們在過去幾年中吸引的優秀人才的最新和最明顯的例子。

With Karen Peetz retiring, we named Anand Selva as our Chief Operating Officer and asked him to take on running our enterprise-wide Transformation program, in addition to his current responsibilities. Anand has been at Citi for over 3 decades and has a strong track record of delivering results.

隨著 Karen Peetz 的退休，我們任命 Anand Selva 為我們的首席運營官，並請他在目前的職責之外負責我們整個企業的轉型計劃。阿南德 (Anand) 已在花旗工作超過 3 年，在交付成果方面有著良好的記錄。

In terms of our transformation, we are completely focused on executing our plan to address the consent orders and improve our risk and control environment. Mark will walk you through specific examples of how we're modernizing our infrastructure, simplifying processes and improving data quality. Importantly, these efforts are improving the client experience and helping us deliver Citi's full capabilities to them.

就我們的轉型而言，我們完全專注於執行我們的計劃來處理同意令並改善我們的風險和控制環境。 Mark 將向您詳細介紹我們如何實現基礎設施現代化、簡化流程和提高數據質量的具體示例。重要的是，這些努力正在改善客戶體驗並幫助我們向他們提供花旗的全部功能。

To wrap up, it's 1 year after our Investor Day, and I'm proud of the progress we've made and our relentless focus on delivering. Our strategy is clear. Our business model is resilient and diversified. Our balance sheet is strong. We're making good progress on execution. Amidst considerable turmoil, we are delivering on our guidance and our commitments. Our team is determined to continue delivering with excellence.

總而言之，我們的投資者日已經過去一年了，我為我們取得的進步以及我們對交付的不懈專注感到自豪。我們的戰略很明確。我們的商業模式具有彈性和多元化。我們的資產負債表很強勁。我們在執行方面取得了良好進展。在相當大的動盪中，我們正在兌現我們的指導和承諾。我們的團隊決心繼續提供卓越的服務。

And with that, I would like to turn it over to Mark, and then we will be delighted, as always, to take your questions.

說到這裡，我想把它交給馬克，然後我們將一如既往地很高興回答你的問題。

Thanks, Jane, and good morning, everyone. I'm going to start with the firm-wide financial results, focusing on year-over-year comparisons for the first quarter, unless I indicate otherwise; and spend a little more time on expenses, our balance sheet and capital; then I will turn to the results of each segment.

謝謝，簡，大家早上好。我將從全公司的財務業績開始，重點關注第一季度的同比比較，除非我另有說明；在開支、我們的資產負債表和資本上多花點時間；然後我將轉向每個部分的結果。

On Slide 4, we show financial results for the full firm. In the first quarter, we reported net income of approximately $4.6 billion and an EPS of $2.19 and an RoTCE of nearly 11% on $21.4 billion of revenues. Embedded in these results are pretax divestiture-related impacts of approximately $950 million, largely driven by the gain on sale of the India consumer business. Excluding these items, EPS was $1.86, with an RoTCE of over 9%.

在幻燈片 4 中，我們展示了整個公司的財務結果。第一季度，我們報告的淨收入約為 46 億美元，每股收益為 2.19 美元，RoTCE 接近 11%，收入為 214 億美元。這些結果中嵌入了約 9.5 億美元的稅前資產剝離相關影響，這主要是由出售印度消費者業務的收益推動的。不包括這些項目，EPS 為 1.86 美元，RoTCE 超過 9%。

In the quarter, total revenues increased by 12% on a reported basis and increased 6%, excluding divestiture-related impacts, as strength across Services, Fixed Income and U.S. Personal Banking was partially offset by declines in Investment Banking, Equity Markets and Wealth as well as the revenue reduction from the closed exits and wind downs.

本季度，總收入在報告基礎上增長了 12%，增長了 6%，不包括資產剝離相關的影響，因為服務、固定收益和美國個人銀行業務的實力被投資銀行業務、股票市場和財富業務的下滑部分抵消，因為以及關閉出口和關閉帶來的收入減少。

Our results include expenses of $13.3 billion, an increase of 1% versus the prior year. Excluding divestiture-related costs in the prior year, expenses increased 5%, largely driven by the transformation, other risk and control investments and inflation, partially offset by productivity savings and the expense reductions from the exits and wind downs.

我們的業績包括 133 億美元的支出，比上一年增長 1%。不包括上一年與資產剝離相關的成本，費用增長了 5%，主要受轉型、其他風險和控制投資以及通貨膨脹的推動，部分被生產力節約以及退出和停業帶來的費用減少所抵消。

Cost of credit was approximately $2 billion, primarily driven by the continued normalization in card net credit losses and ACL and other provision builds of approximately $700 million, largely related to a deterioration in macroeconomic assumptions and growth in card revolving balance. At the end of the quarter, we had nearly $20 billion in total reserves with a reserve-to-funded loan ratio of approximately 2.7%.

信貸成本約為 20 億美元，主要是由於信用卡淨信貸損失和 ACL 的持續正常化以及約 7 億美元的其他準備金增加，這在很大程度上與宏觀經濟假設的惡化和信用卡循環餘額的增長有關。截至本季度末，我們擁有近 200 億美元的總準備金，準備金與融資貸款的比率約為 2.7%。

On Slide 5, we show an expense walk for the first quarter with the key underlying drivers. Transformation investments drove 1% of the growth, largely in the data, finance and risk and control programs. And 4% of the increase is driven by structural, largely in the form of compensation and benefits, including the full year impact of the people we hired last year as well as those we hired in the first quarter. Embedded in this structural bucket are a few key items. First, other risk and control investments that are enterprise-wide and in the businesses, which make up about 2% of the total expense increase. Second, the impact of additional front and back-office hires. Third, inflation and severance costs. All of this was partially offset by productivity savings as well as the benefit from foreign exchange translation and the expense reduction from the exits.

在幻燈片 5 中，我們展示了第一季度的支出情況以及主要的潛在驅動因素。轉型投資推動了 1% 的增長，主要是在數據、財務以及風險和控制計劃方面。 4% 的增長是由結構性驅動的，主要以薪酬和福利的形式出現，包括我們去年僱用的人員以及我們在第一季度僱用的人員的全年影響。嵌入在這個結構桶中的是一些關鍵項目。首先，在企業範圍內和業務中的其他風險和控制投資，約佔總費用增長的 2%。其次，增加前台和後台員工的影響。第三，通貨膨脹和遣散費。所有這一切都被生產力節省以及外匯轉換帶來的好處和退出帶來的費用減少部分抵消了。

And across the firm, technology-related expenses grew 12%. We recognize these investments have driven a significant increase in expenses, but they are crucial to modernize the firm, address the consent orders and position Citi for success in the years to come.

在整個公司，與技術相關的費用增長了 12%。我們認識到這些投資導致支出大幅增加，但它們對於實現公司現代化、處理同意令和使花旗在未來幾年取得成功至關重要。

Now turning to Slide 6. I'd like to spend a few minutes giving you some tangible examples of what we're investing in and the benefits we'll see over time. In many cases, these investments will simplify our processes and platforms. For example, we are retiring and consolidating 20 cash equities platforms to 1 single modern platform, eliminating costs over time. And we have consolidated 11 platforms to 1 global sanctions-screening platform, reducing false alerts, improving the client experience and eliminating costs.

現在轉到幻燈片 6。我想花幾分鐘時間給你們一些具體的例子，說明我們正在投資什麼以及我們將隨著時間的推移看到的好處。在許多情況下，這些投資將簡化我們的流程和平台。例如，我們正在淘汰 20 個現金股票平台並將其整合為 1 個單一的現代平台，隨著時間的推移消除成本。我們將 11 個平台整合為 1 個全球製裁篩查平台，減少了誤報，改善了客戶體驗並降低了成本。

We're also modernizing our infrastructure and the security of our data and information by enhancing cybersecurity through the use of AI and improving the security of our infrastructure and devices, leading to fewer operating losses. And we are leveraging industry-leading cloud-based solutions to modernize and streamline the connectivity between our front-office systems and the general ledger, eliminating manual processes and operating costs over time. We're driving the strategy by investing in the client experience, both in terms of our technology interface and innovative new products.

我們還通過使用人工智能增強網絡安全並提高基礎設施和設備的安全性，從而實現基礎設施現代化以及數據和信息的安全性，從而減少運營損失。我們正在利用行業領先的基於雲的解決方案來現代化和簡化我們的前台系統和總賬之間的連接，隨著時間的推移消除手動流程和運營成本。我們通過投資客戶體驗來推動戰略，包括我們的技術接口和創新的新產品。

We launched our cloud-based instant payments platform for e-commerce clients in TTS. We're also deploying CitiDirect Commercial Banking, our mobile and digital interface for commercial clients, so they too can open accounts and access all products and services across ICG in the same way our large corporate clients do. And finally, we're investing in data to create advanced decision-making, client-targeting and risk management capabilities, which has allowed us to enhance our returns through greater RWA efficiency. And we expect many of these investments to generate efficiencies that will allow us to self-fund future investments over time.

我們在 TTS 中為電子商務客戶推出了基於雲的即時支付平台。我們還部署了 CitiDirect Commercial Banking，這是我們為商業客戶提供的移動和數字界面，因此他們也可以像我們的大型企業客戶一樣在 ICG 開立賬戶並訪問所有產品和服務。最後，我們正在投資數據以創建高級決策、客戶定位和風險管理能力，這使我們能夠通過提高 RWA 效率來提高回報。我們希望其中的許多投資能夠提高效率，使我們能夠隨著時間的推移自籌資金進行未來的投資。

On Slide 7, we show net interest income, deposits and loans, where I'll speak to sequential variances. In the first quarter, net interest income increased by approximately $80 million, largely driven by interest-earning balances in cards. Average loans were up slightly as growth in PBWM was largely offset by a decline in ICG. Average deposits were also up slightly, driven by growth in both PBWM and ICG, and our net interest margin increased 2 basis points.

在幻燈片 7 上，我們顯示了淨利息收入、存款和貸款，我將在其中談到順序差異。第一季度，淨利息收入增加了約 8000 萬美元，主要受卡內生息餘額的推動。由於 PBWM 的增長在很大程度上被 ICG 的下降所抵消，平均貸款略有上升。在 PBWM 和 ICG 增長的推動下，平均存款也略有上升，我們的淨息差增加了 2 個基點。

On Slide 8, we show key consumer and corporate credit metrics. We're well reserved for the current environment with nearly $20 billion of reserves. Our reserves-to-funded loan ratio was approximately 2.7%. And within that, U.S. cards is 8.1%. In PBWM, 44% of our lending exposures are in U.S. cards. And of that exposure, nearly 80% is to customers with FICO scores of 680 or higher. And NCL rates, while reflecting some typical seasonality this quarter, are still below pre-COVID levels and are normalizing in line with our expectations. The remaining 56% of our PBWM lending exposure is largely in wealth and predominantly mortgages and margin lending.

在幻燈片 8 中，我們展示了主要的消費者和企業信用指標。我們擁有近 200 億美元的儲備，可以應對當前環境。我們的準備金與融資貸款比率約為 2.7%。其中，美國卡佔 8.1%。在 PBWM，我們 44% 的貸款敞口是美國卡。在這些風險敞口中，近 80% 是針對 FICO 分數為 680 或更高的客戶。 NCL 利率雖然反映了本季度的一些典型季節性，但仍低於 COVID 前的水平，並且正在正常化，符合我們的預期。我們 PBWM 貸款敞口的其餘 56% 主要是財富，主要是抵押貸款和保證金貸款。

In our ICG portfolio, of our total exposure, approximately 85% is investment grade. Of the international exposure, approximately 90% is investment grade or exposure to multinational clients or their subsidiary. And corporate nonaccrual loans remain low at about 40 basis points of total loans.

在我們的 ICG 投資組合中，我們的總敞口中，大約 85% 是投資級別。在國際敞口中，大約 90% 是投資級別或對跨國客戶或其子公司的敞口。公司非應計貸款佔總貸款的比例仍然很低，約為 40 個基點。

As you can see on the page, we break out our commercial real estate lending exposures across ICG and PBWM, which totaled $66 billion, of which 90% is investment grade. So while the macro and geopolitical environment remains uncertain, we feel very good about our asset quality, exposures and reserve levels, and we continuously review and stress the portfolio under a range of scenarios.

正如您在頁面上看到的那樣，我們將 ICG 和 PBWM 的商業房地產貸款敞口分開，總計 660 億美元，其中 90% 是投資級別。因此，儘管宏觀和地緣政治環境仍然不確定，但我們對我們的資產質量、風險敞口和準備金水平感覺非常好，我們在一系列情景下不斷審查和強調投資組合。

On Slide 9, we show our summary balance sheet and key capital and liquidity metrics. We've added a few additional metrics to the page to provide additional transparency into how we manage the balance sheet. We maintain a very strong $2.5 trillion balance sheet, which is funded in part by a well-diversified $1.3 trillion deposit base across regions, industries, customers and account types, which is deployed into high-quality diversified assets. Our balance sheet is a reflection of our strategy and well-diversified business model. We leverage our unique assets and capabilities to serve corporates, financial institutions, investors and individuals with global needs.

在幻燈片 9 中，我們展示了我們的資產負債表摘要以及關鍵資本和流動性指標。我們在頁面上添加了一些額外的指標，以提高我們管理資產負債表的透明度。我們保持著 2.5 萬億美元的非常強勁的資產負債表，部分資金來源於跨地區、行業、客戶和賬戶類型的 1.3 萬億美元的多元化存款基礎，這些存款基礎被部署到高質量的多元化資產中。我們的資產負債表反映了我們的戰略和多元化的商業模式。我們利用我們獨特的資產和能力為具有全球需求的企業、金融機構、投資者和個人提供服務。

First, the majority of our deposits, $819 billion, are institutional and span 90 countries. And the majority of these institutional deposits tend to be interest rate sensitive. So when rates go up, we reprice the deposits accordingly, but that reprice takes into account the overall client relationship as well as the level of rates. But despite this interest rate sensitivity, these deposits tend to be stable as they are tied to the operational services that we provide. And these institutional deposits are complemented by $437 billion of U.S. retail consumer and global wealth deposits, as you can see on the bottom right side of the page. These deposits are well diversified across the Private Bank, Citigold, Retail and Wealth at Work as well as across regions and products, with 75% of U.S. Citigold clients and approximately 50% of ultra-high net worth clients having been with Citi for more than 10 years. Our Wealth deposits tend to also be interest rate sensitive, but this usually results in our customers moving to higher-yielding deposits and investment products.

首先，我們的大部分存款（8,190 億美元）是機構存款，分佈在 90 個國家/地區。大多數這些機構存款往往對利率敏感。因此，當利率上升時，我們會相應地對存款重新定價，但重新定價會考慮整體客戶關係以及利率水平。但是，儘管存在這種利率敏感性，但這些存款往往是穩定的，因為它們與我們提供的運營服務相關聯。正如您在頁面右下角看到的那樣，這些機構存款得到了 4370 億美元的美國零售消費者和全球財富存款的補充。這些存款在 Private Bank、Citigold、Retail 和 Wealth at Work 以及各個地區和產品中分佈廣泛，其中 75% 的美國 Citigold 客戶和約 50% 的超高淨值客戶在花旗的服務時間超過10年。我們的財富存款往往也對利率敏感，但這通常會導致我們的客戶轉向收益更高的存款和投資產品。

Now turning to the asset side. At a high level, you can think of our deposits being largely deployed in 3 asset buckets: loans, investment securities and cash, which complement the interest rate sensitivity and liquidity value of our liability. And this deployment is also linked to our strategy. We use our resources to lend and transact with our clients in ways that deepen the relationship and drive returns for our shareholders while maintaining strong liquidity and capital.

現在轉向資產方面。在高層次上，您可以認為我們的存款主要分佈在 3 個資產類別中：貸款、投資證券和現金，它們補充了我們負債的利率敏感性和流動性價值。而這個部署也和我們的戰略掛鉤。我們利用我們的資源向客戶提供貸款和進行交易，以深化關係並為我們的股東帶來回報，同時保持強勁的流動性和資本。

Our $652 billion loan portfolio is well diversified across consumer and corporate loans, and the duration of the total portfolio is approximately 1.3 years as the majority of these loans are variable rate. About 35% of our balance sheet is in cash and investment securities, which contribute to our $1 trillion of available liquidity resources. And at the end of the quarter, we had an LCR of 120%, which means we have roughly $100 billion of HQLA in excess of the amount required by the rule to cover stressed outflows. And you can see the details of this on Page 27 in the appendix.

我們 6,520 億美元的貸款組合在消費者和企業貸款方面非常多元化，總投資組合的期限約為 1.3 年，因為這些貸款中的大部分都是浮動利率。我們資產負債表的大約 35% 是現金和投資證券，這為我們提供了 1 萬億美元的可用流動性資源。在本季度末，我們的 LCR 為 120%，這意味著我們擁有大約 1000 億美元的 HQLA，超出了規則要求的數額，以應對壓力大的資金流出。您可以在附錄的第 27 頁上查看詳細信息。

But just as important as the quantum of liquidity is the composition and duration of that liquidity. And our $513 billion investment portfolio consists largely of highly liquid U.S. Treasury, agency and other sovereign bonds and is split evenly between available for sale and held to maturity, where we've maintained a short duration of less than 3 years, so we could benefit from higher interest rates. And we actively and prudently manage our assets and liabilities by considering a range of possible stress scenarios and how they might impact interest rate risks, liquidity and capital.

但與流動性數量同樣重要的是流動性的構成和持續時間。我們 5130 億美元的投資組合主要由流動性高的美國國債、機構債券和其他主權債券組成，並且在可供出售和持有至到期之間平均分配，我們維持了不到 3 年的短期期限，因此我們可以受益來自更高的利率。我們通過考慮一系列可能的壓力情景以及它們如何影響利率風險、流動性和資本，積極審慎地管理我們的資產和負債。

So in summary, our assets and liabilities are aligned across interest rate sensitivity, liquidity value and duration and reflect a diversified business model and execution of our strategy.

因此，總而言之，我們的資產和負債在利率敏感性、流動性價值和期限方面保持一致，反映了我們多元化的商業模式和戰略執行。

On Slide 10, we show a sequential CET1 walk to provide more detail on the drivers this quarter. Walking from the end of the fourth quarter, first, we generated $4.3 billion of net income to common, which added 38 basis points; second, we returned $1 billion in the form of common dividends, which drove a reduction of about 9 basis points; third, impact on AOCI through our AFS investment portfolio drove a 7 basis point increase; and finally, the remaining 4 basis point increase was largely driven by the RWA benefit from closing our consumer exits.

在幻燈片 10 上，我們展示了連續的 CET1 步行，以提供有關本季度驅動程序的更多詳細信息。從第四季度末開始，首先，我們產生了 43 億美元的普通股淨收入，增加了 38 個基點；其次，我們以普通股息的形式返還了 10 億美元，這推動了約 9 個基點的減少；第三，通過我們的 AFS 投資組合對 AOCI 的影響推動了 7 個基點的增長；最後，剩餘的 4 個基點增長主要是由關閉我們的消費者出口帶來的 RWA 收益推動的。

We ended the quarter with a 13.4% CET1 capital ratio, approximately 40 basis points higher than last quarter, and this includes a 100-basis point internal management buffer. And as it relates to buybacks, we did not buy back any stock this quarter, and we will continue to make that decision on a quarter-by-quarter basis.

本季度末，我們的 CET1 資本比率為 13.4%，比上一季度高出約 40 個基點，其中包括 100 個基點的內部管理緩衝。由於涉及回購，本季度我們沒有回購任何股票，我們將繼續按季度做出決定。

On Slide 11, we show the results for our Institutional Clients Group for the first quarter. Revenues were up 1% this quarter, largely driven by services and fixed income, mostly offset by investment banking and equities. Expenses increased 4%, driven by transformation, other risk and control investments and volume-related expenses, partially offset by FX translation and productivity savings. Cost of credit was a $72 million benefit as an ACL release more than offset net credit losses. This resulted in net income of approximately $3.3 billion, up 23% driven by the lower cost of credit and higher revenues, partially offset by higher expenses. ICG delivered a 13.8% RoTCE for the quarter. And average loans were down 2%, reflecting discipline around our strategy and returns.

在幻燈片 11 上，我們展示了第一季度機構客戶組的結果。本季度收入增長 1%，主要受服務和固定收益的推動，但大部分被投資銀行業務和股票所抵消。在轉型、其他風險和控制投資以及與數量相關的費用的推動下，費用增加了 4%，部分被外匯換算和生產力節省所抵消。信貸成本是 7200 萬美元的收益，因為 ACL 釋放超過抵消了淨信貸損失。這導致淨收入約為 33 億美元，增長 23%，原因是信貸成本降低和收入增加，部分被增加的費用所抵消。 ICG 本季度交付了 13.8% 的 RoTCE。平均貸款下降了 2%，反映出圍繞我們的戰略和回報的紀律。

Average deposits were up 3% as we continue to acquire new clients and deepen relationships with existing ones. And sequentially, average deposits were up 1%. And on an end-of-period basis, ICG deposits were down 3% sequentially, driven by seasonality as our clients tend to make tax payments in the first quarter.

隨著我們繼續獲得新客戶並加深與現有客戶的關係，平均存款增長了 3%。隨後，平均存款增長了 1%。在期末基礎上，ICG 存款環比下降 3%，受季節性因素的推動，因為我們的客戶傾向於在第一季度納稅。

On Slide 12, we show revenue performance by business and the key drivers we laid out at Investor Day. In Treasury and Trade Solutions, revenues were up 31%, driven by 41% growth in net interest income and 13% in NIR with growth across all client segments. We continue to see healthy underlying drivers in TTS that indicate consistently strong client activity with U.S. dollar clearing volumes up 6%, reflecting continued swift share gains; cross-border flows up 10%, outpacing global GDP growth; and commercial card volumes up roughly 40%, led by spend in travel.

在幻燈片 12 上，我們按業務顯示收入表現以及我們在投資者日提出的主要驅動因素。在資金和貿易解決方案方面，收入增長了 31%，這主要受淨利息收入增長 41% 和 NIR 收入增長 13% 的推動，所有客戶群均有所增長。我們繼續看到 TTS 健康的潛在驅動因素表明客戶活動持續強勁，美元清算量增長 6%，反映出份額持續快速增長；跨境流動增長 10%，超過全球 GDP 增長；在旅行支出的帶動下，商務卡銷量增長了約 40%。

So while the rate environment drove about 60% of the growth this quarter, business actions drove the remaining 40% as we continued to deepen relationships with existing clients and win new clients. In fact, client wins are up approximately 50% across all segments. These include marquee transactions where we are serving as the client's primary operating bank.

因此，雖然利率環境推動了本季度約 60% 的增長，但隨著我們繼續深化與現有客戶的關係並贏得新客戶，業務行動推動了剩餘的 40%。事實上，所有細分市場的客戶贏率都增長了約 50%。其中包括我們作為客戶主要運營銀行的大型交易。

In Securities Services, revenues grew 23% as net interest income grew 94%, driven by higher interest rates across currency, partially offset by a 6% decrease in noninterest revenue due to the impact of market valuations. We are pleased with the execution in Securities Services as we continue to onboard assets under custody and administration from significant client wins, and we feel very good about the pipeline of new deals. As a reminder, the services businesses are central to our strategy and are 2 of our higher-returning businesses with strong linkages across the firm.

在證券服務方面，收入增長 23%，淨利息收入增長 94%，受貨幣利率上升的推動，部分被市場估值影響導致的非利息收入下降 6% 所抵消。我們對證券服務的執行情況感到滿意，因為我們繼續從重要的客戶勝利中獲得託管和管理的資產，我們對新交易的管道感到非常滿意。提醒一下，服務業務是我們戰略的核心，是我們回報率較高的兩項業務，與整個公司有著緊密的聯繫。

Markets revenues were down 4% as growth in fixed income was more than offset by equities. Fixed income revenues were up 4% relative to a very strong quarter last year as strength in our rates franchise was partially offset by a decline in FX and commodities.

由於固定收益的增長被股票所抵消，市場收入下降了 4%。與去年非常強勁的季度相比，固定收益收入增長了 4%，這是因為我們的利率優勢被外彙和大宗商品的下滑部分抵消了。

Equities revenues were down 25%, also relative to a strong quarter last year, primarily reflecting reduced client activity in cash and equity derivatives. Corporate client flows remain strong and stable, and we continue to make solid progress on our revenue to RWA target.

與去年強勁的季度相比，股票收入也下降了 25%，這主要反映了客戶在現金和股票衍生品方面的活動減少。企業客戶流量保持強勁和穩定，我們繼續在實現 RWA 目標的收入方面取得穩步進展。

And finally, banking revenues, excluding gains and losses on loan hedges, were down 21%, driven by investment banking as heightened macro uncertainty and volatility continued to impact client activity. Having said that, we do see revenue growth sequentially, largely driven by the investment-grade market opening up. So overall, while the market environment remains challenging, we feel good about the progress that we're making in ICG.

最後，由於宏觀不確定性和波動性加劇繼續影響客戶活動，銀行業收入（不包括貸款對沖收益和損失）下降了 21%，這是受投資銀行業務的推動。話雖如此，我們確實看到收入環比增長，這主要是受投資級市場開放的推動。所以總的來說，雖然市場環境仍然充滿挑戰，但我們對我們在 ICG 中取得的進展感到滿意。

Now turning to Slide 13, we show the results for our Personal Banking and Wealth Management business. Revenues were up 9%, driven by net interest income growth of 10%, partially offset by a 1% decline in noninterest revenue, driven by lower investment product revenues in Wealth. Expenses were also up 9%, predominantly driven by investments in transformation and other risk and control initiatives. Cost of credit was $1.6 billion, driven by higher net credit losses as we continue to see normalization in our card portfolios and a reserve build of approximately $500 million, largely driven by a deterioration in macroeconomic assumption and growth in card revolving balance.

現在轉到幻燈片 13，我們展示了個人銀行和財富管理業務的結果。收入增長 9%，受淨利息收入增長 10% 的推動，部分被非利息收入下降 1% 所抵消，原因是財富投資產品收入下降。費用也增長了 9%，這主要是受轉型投資和其他風險與控制舉措的推動。信貸成本為 16 億美元，這是由於我們繼續看到我們的信用卡組合正常化和儲備金增加約 5 億美元，導致淨信貸損失增加，這主要是由於宏觀經濟假設惡化和信用卡循環餘額增長所致。

Average loans increased 7% driven by cards, mortgages and installment lending. Average deposits decreased 3%, largely reflecting our Wealth clients putting cash to work in fixed income investments on our platform. And PBWM delivered an RoTCE of 5.5%, largely driven by higher credit costs.

在信用卡、抵押貸款和分期貸款的推動下，平均貸款增長了 7%。平均存款下降 3%，主要反映了我們的財富客戶將現金用於我們平台上的固定收益投資。 PBWM 的 RoTCE 為 5.5%，主要是受信貸成本上升的推動。

On Slide 14, we show PBWM revenues by product as well as key business drivers and metrics. Branded cards revenues were up 18%, driven by higher net interest income. We continue to see strong underlying drivers with new account acquisitions up 17%; card spend volumes up 9%; and average loans up 15%. Retail services revenues were up 24%, also driven by higher net interest income.

在幻燈片 14 上，我們按產品以及關鍵業務驅動因素和指標顯示 PBWM 收入。在淨利息收入增加的推動下，品牌卡收入增長了 18%。我們繼續看到強勁的潛在驅動因素，新客戶收購增長了 17%；卡片消費量增長 9%；平均貸款增長 15%。零售服務收入增長 24%，這也是受淨利息收入增加的推動。

For both card portfolios, we continue to see payment rates decline. And that, combined with the investments that we've been making, contributed to growth in interest-earning balances of 18% in branded cards and 11% in retail services. Retail banking revenues were up 3%, primarily driven by higher mortgage revenue and strong growth in personal installment lending, partially offset by the impact of the transfer of relationships and the associated deposits to our Wealth business. In fact, consistent with the strategy, we continue to leverage our retail network to drive over 13,000 wealth referrals in the first quarter. Wealth revenues were down 9%, driven by continued investment fee headwind and higher deposit costs, particularly in the Private Bank. However, we did see notable improvement in revenues in Asia, which were up approximately 20% on a sequential basis.

對於這兩種卡組合，我們繼續看到支付率下降。再加上我們一直在進行的投資，品牌卡的生息餘額增長了 18%，零售服務的生息餘額增長了 11%。零售銀行業務收入增長 3%，主要受抵押貸款收入增加和個人分期貸款強勁增長的推動，部分被關係轉移和相關存款對我們財富業務的影響所抵消。事實上，根據該戰略，我們繼續利用我們的零售網絡在第一季度推動超過 13,000 次財富推薦。財富收入下降了 9%，原因是持續的投資費用逆風和更高的存款成本，特別是在私人銀行。然而，我們確實看到亞洲收入有顯著改善，環比增長約 20%。

Client advisers were up 3%, and we are seeing net new investment inflows and strong new client acquisitions across our Wealth business with new clients in the Private Bank and Wealth at Work up 62% and 81%, respectively. While the environment continues to remain challenging for Wealth, we're seeing strong underlying business drivers as we execute against our strategy.

客戶顧問增長了 3%，我們看到財富業務的淨新投資流入和強勁的新客戶收購，私人銀行和 Wealth at Work 的新客戶分別增長了 62% 和 81%。儘管環境繼續對 Wealth 充滿挑戰，但我們在執行戰略時看到了強大的潛在業務驅動因素。

On Slide 15, we show results for legacy franchise. Revenues grew 48%, driven by a gain on sale of our Consumer business in India, partially offset by the wind downs and closed consumer exits. Expenses decreased 24%, largely driven by the absence of a goodwill impairment we had in the prior year as well as the impact of the wind downs and closed consumer exits.

在幻燈片 15 上，我們展示了傳統特許經營權的結果。收入增長了 48%，這主要得益於我們在印度的消費者業務的銷售收益，部分被停產和關閉的消費者退出所抵消。費用下降了 24%，這主要是由於我們在上一年沒有商譽減值，以及停業和關閉消費者退出的影響。

On Slide 16, we show results for Corporate/Other for the first quarter. Revenues increased, largely driven by higher net revenue from the investment portfolio. Expenses increased, driven by transformation and other risk and control investments, partially offset by a reduction in consulting fees.

在幻燈片 16 上，我們展示了第一季度公司/其他的結果。收入增加，主要是受投資組合淨收入增加的推動。在轉型和其他風險與控制投資的推動下，費用有所增加，部分被諮詢費用的減少所抵消。

Before we move to Q&A, I'd like to end with a few key points. Despite recent events and the economic uncertainty that remains, our full year outlook for revenue and expenses remains unchanged. We have a very strong balance sheet with a diversified set of assets and funding sources and ample capital and liquidity. This positions us well to serve clients and navigate any number of scenarios. We're seeing solid momentum in the underlying drivers of the majority of our businesses and continue to execute on our strategy. The financial path will not be linear, but we are confident that we can achieve our medium-term targets.

在我們進入問答環節之前，我想以幾個要點作為結束。儘管最近發生了一些事件並且經濟不確定性依然存在，但我們對全年收入和支出的展望保持不變。我們擁有非常強大的資產負債表、多元化的資產和資金來源以及充足的資本和流動性。這使我們能夠很好地為客戶服務並駕馭任何數量的場景。我們在大多數業務的潛在驅動因素中看到了強勁的勢頭，並繼續執行我們的戰略。財務路徑不會是線性的，但我們有信心能夠實現我們的中期目標。

And finally, I'm incredibly proud of how our firm and our employees have continued to help our clients navigate the recent environment and support the health of the overall banking system.

最後，我為我們公司和我們的員工如何繼續幫助我們的客戶應對最近的環境並支持整個銀行系統的健康而感到無比自豪。

And with that, Jane and I would be happy to take your questions.

有了這個，簡和我很樂意回答你的問題。

(Operator Instructions) And our first question will come from Glenn Schorr with Evercore.

（操作員說明）我們的第一個問題將來自 Evercore 的 Glenn Schorr。

Simple one. I appreciate the many, many moving parts, but your first quarter NII and revenue production was great. And if you just annualize it, you're handily ahead of your full year guide. So I'm just curious on how you're thinking about maintaining the guide but running ahead of schedule.

簡單的一個。我很欣賞很多很多的移動部件，但是你的第一季度 NII 和收入生產很棒。如果你只是將它年化，你就可以輕而易舉地領先於你的全年指南。所以我很好奇你是如何考慮維護指南但提前運行的。

Yes. Thanks, Glenn. I appreciate the question. Look, we did have a very solid first quarter. But as Jane mentioned in her prepared remarks, there are a number of things that are still out there in the global macro environment that are uncertain and unclear, including, frankly, as we contemplate the direction of rates and what's required to tame inflation, let alone the uncertainty that we've seen in parts of the sector here through the quarter. And so when I think about that and I think about, frankly, how betas have evolved and the likelihood of a recession in the back half of the year, which we had built into our outlook, I remain comfortable with the guidance that we've set here.

是的。謝謝，格倫。我很欣賞這個問題。看，我們確實有一個非常穩健的第一季度。但正如簡在準備好的發言中提到的那樣，全球宏觀環境中仍有許多不確定和不明確的事情，包括坦率地說，當我們考慮利率方向和抑制通脹所需的條件時，讓僅在本季度我們在該行業的部分地區看到的不確定性。因此，當我想到這一點時，坦率地說，我想到貝塔係數是如何演變的，以及今年下半年經濟衰退的可能性，這些我們已經納入了我們的展望，我仍然對我們的指導感到滿意設置在這裡。

And as -- and when you think about where that comes from, the strength in TTS, the strength in Securities Services, both benefiting from the rate hikes we saw last year, but also deepening relationships with new and existing clients, the card momentum, which is really about seeing more revolving activity as payment rates start to slow, and the recovery in Investment Banking and Wealth is not as swift as we would like. And so we have to see how that plays out, too. So when I put those things together, there are certainly some puts and takes that speaks to the diversification of our business model, but it leaves me in a place where I'm comfortable with the guidance that we've set. And if that changes, we'll certainly update you, but that's where we are.

並且當你考慮它的來源時，TTS 的實力，證券服務的實力，都受益於我們去年看到的加息，但也加深了與新客戶和現有客戶的關係，卡勢頭，這實際上是關於看到更多的循環活動，因為支付率開始放緩，而且投資銀行和財富的複蘇並不像我們希望的那樣迅速。因此，我們也必須看看結果如何。因此，當我把這些東西放在一起時，肯定有一些說明了我們商業模式的多樣化，但它讓我處於一個我對我們設定的指導感到滿意的地方。如果這種情況發生變化，我們肯定會為您更新，但這就是我們的現狀。

Well, I appreciate that. Maybe if I could follow up on your comments and the previous ones on TTS and Securities Services. I try to learn from all my mistakes, I make a lot of them. But in '08, we thought housing prices couldn't go down much, and then they went down a lot, and we all adapted. The same thing in March, thought deposits couldn't leave a bank so quickly, but they did. So like I -- Slide 25 and 26 people should look at because they're great, and they show the stability of your deposit franchise. But I'm curious if history can change at all, meaning right now, those are cash and operating deposits that clients keep with you and they need you, and you're fully integrated. But do you have client concentrations we should know about? Or how are you thinking about any big changes that can happen in terms of client behavior relative to the past in terms of what they keep at any given bank? I know that's a tough one.

好吧，我很感激。也許我可以跟進您的評論以及之前關於 TTS 和證券服務的評論。我試著從我所有的錯誤中吸取教訓，我犯了很多錯誤。但是08年的時候，我們覺得房價不會降多少，後來降了很多，我們都適應了。 3 月份也是如此，人們認為存款不能這麼快離開銀行，但他們做到了。所以就像我一樣 - 幻燈片 25 和 26 人們應該看看，因為它們很棒，並且它們顯示了您的存款特許經營權的穩定性。但我很好奇歷史是否會完全改變，這意味著現在，那些是客戶隨身攜帶的現金和運營存款，他們需要你，而你已經完全融入。但是你有我們應該知道的客戶集中度嗎？或者，您如何看待客戶在任何給定銀行保留的內容相對於過去的行為可能發生的任何重大變化？我知道那很難。

Yes. Glenn, I'll kick it off and pass it over to Mark. I feel very comfortable about how very well diversified our deposit base is across different countries, industries, clients and currencies. And it's extremely strong in that respect. And as you say, the majority of the institutional deposits are integrated into the operating accounts all around the world to enable the clients to run their day-to-day operations, the payroll, the working capital, the supplier financing, et cetera.

是的。格倫，我會開始，然後交給馬克。我對我們的存款基礎在不同國家、行業、客戶和貨幣方面的多元化程度感到非常滿意。它在這方面非常強大。正如你所說，大部分機構存款都被整合到世界各地的運營賬戶中，使客戶能夠進行日常運營、工資、營運資金、供應商融資等。

And I think what's changed in the more digital world is, frankly, these have become even stickier because the amount of data, the extent of integration into the technology platforms and systems of the clients and the value that we extract and present back to the clients from the combination of our FX trade, cash, et cetera, flows is incredibly important for their -- in driving their efficiency, their risk management and their financial performance as well. So both the extent of that diversification and the increasing stickiness versus history is something that we're certainly not complacent about, but I think is why you see some of the pages we've put into the deck as well, including in the back, on just the consistency of this space. Mark, what would you add?

而且我認為，在數字化程度更高的世界中發生的變化是，坦率地說，這些變得更加棘手，因為數據量、與客戶技術平台和系統的集成程度以及我們提取並呈現給客戶的價值從我們的外匯交易、現金等的組合來看，流動對他們來說非常重要——在提高他們的效率、他們的風險管理和他們的財務業績方面也是如此。因此，我們當然不會對這種多樣化的程度和與歷史的粘性增加的程度感到自滿，但我認為這就是為什麼你會看到我們也放入甲板上的一些頁面，包括在後面，只是這個空間的一致性。馬克，你會添加什麼？

I think that's exactly right, Jane. And Glenn, I'm glad you pointed out Pages 25 and 26, which clearly lay out that diversification, but also the scale and stability of those deposits over an extended period of time.

我認為這是完全正確的，簡。格倫，我很高興你指出了第 25 頁和第 26 頁，其中清楚地闡述了這種多元化，以及這些存款在很長一段時間內的規模和穩定性。

The only thing I'd add additional to that would be, obviously, we're in an environment where there's quantitative tightening that's occurring. That's going to have a broad industry impact as we've started to see already. But we're also in an environment where rates are increasing. We'll see how that plays out through the balance of the year. That has an impact on betas, but we shouldn't mistake price sensitivity or interest rate sensitivity with the stickiness of the deposits. And so we've obviously talked about betas increasing, particularly in our TTS portfolio, more so in the U.S. It obviously will continue to increase outside of the U.S., but we'll work the relationship that we have with those clients and the breadth of services that we bring to influence and impact pricing. And more importantly, because of the operating nature of them, we do see them as very stable.

我唯一要補充的是，顯然，我們處於一個正在發生量化緊縮的環境中。正如我們已經開始看到的那樣，這將產生廣泛的行業影響。但我們也處於利率上升的環境中。我們將在今年餘下的時間裡看到它是如何發揮作用的。這對貝塔係數有影響，但我們不應將價格敏感度或利率敏感度與存款的粘性混為一談。因此，我們顯然已經談到了貝塔值的增加，尤其是在我們的 TTS 投資組合中，在美國更是如此。它顯然會在美國以外的地區繼續增加，但我們將利用與這些客戶的關係以及我們的廣度我們帶來的影響和影響定價的服務。更重要的是，由於它們的操作性質，我們確實認為它們非常穩定。

Our next question will come from Mike Mayo with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券公司的 Mike Mayo。

Jane, I challenged you a couple of earnings calls ago about the complexity created by being in so many countries. You said, TTS was your crown jewel. And here, it's up almost 1/3 year-over-year. So, so far, so good under -- since your Investor Day. Can you talk about some of the fee growth? I mean we kind of understand the NII growth, but the fee growth is double digits also. So I guess that's money in motion. And I think you described this as the world's largest wholesale global payment system. What's happening to give you double-digit top line growth there?

簡，我在之前的幾次財報電話會議上向你挑戰過在如此多的國家/地區所造成的複雜性。你說過，TTS 是你皇冠上的明珠。在這裡，它同比增長近 1/3。所以，到目前為止，一切都很好——自你的投資者日以來。你能談談一些費用增長嗎？我的意思是我們有點了解 NII 的增長，但費用增長也是兩位數。所以我想這是在流動的錢。我認為您將其描述為世界上最大的批發全球支付系統。是什麼讓你在那裡實現兩位數的收入增長？

Thank you, Mike, and a great question. I think one of the numbers I'm almost more happy about than the stellar revenue growth was the fee growth quarter-over-quarter here. Because, obviously, we've been benefiting in TTS from the rates environment, but we've also been benefiting from the drivers behind the franchise. And the fee revenues are coming from multiple different products and different offerings that we have here. And we're typically looking and have consistently looked at growing our fee revenue as a percentage of the underlying growth in TTS. It got masked a bit when the rates environment was growing so much, but the different areas there around the world are making a big difference to just the strength of our earnings and the quality of our earnings in these areas.

謝謝你，邁克，這是一個很好的問題。我認為，比收入的驚人增長更令我高興的數字之一是這裡的費用環比增長。因為，很明顯，我們一直從費率環境中受益於 TTS，但我們也一直受益於特許經營背後的驅動因素。費用收入來自我們在這裡提供的多種不同產品和不同產品。而且我們通常正在尋找並且一直在尋找增加我們的費用收入作為 TTS 潛在增長的百分比。當利率環境增長如此之快時，它有點被掩蓋了，但世界各地的不同地區正在對我們在這些地區的盈利實力和盈利質量產生重大影響。

Okay. And then as it relates to rates, generally, like what is it, like over 90% of your rate sensitivity is outside the U.S. And so shouldn't you be benefiting more than you originally thought, given some of these rate hikes? And I guess, Mark, are you just sandbagging a little bit? I get the uncertainties in IB, backlogs pushed out. And no, I mean, we want you to have a reasonable bar to jump over. And I'm just wondering if you set the bar high enough for yourself for this year.

好的。然後，當它與利率相關時，一般來說，就像它是什麼，就像你 90% 以上的利率敏感度都在美國以外。所以，考慮到其中一些加息，你不應該比你原先想像的受益更多嗎？我想，馬克，你只是在裝沙袋嗎？我得到了 IB 的不確定性，積壓的工作被推遲了。不，我的意思是，我們希望你有一個合理的障礙來跳過。我只是想知道今年你是否為自己設定了足夠高的標準。

Yes. So again, I think that there's certainly more opportunity in terms of how rates move and capturing NII. As you pointed out, outside of the U.S., we articulate our interest rate exposure for a parallel shift. And that mix at the end of last year was the 90-10 that you mentioned for non-U.S. As I sit here in March, it probably is going to skew a little bit less non-U.S. and a little bit more towards the U.S., and you'll see that in the Q.

是的。因此，我再次認為，在利率如何變動和獲取 NII 方面肯定有更多機會。正如您所指出的，在美國以外，我們闡明了我們的利率敞口以進行平行轉移。去年年底的這種組合是你提到的非美國的 90-10，正如我 3 月份坐在這裡時，它可能會稍微減少非美國的傾斜，而更多地向美國傾斜，你會在 Q 中看到它。

With that said, I mentioned earlier, there's still a bit of uncertainty in terms of how rates continue to evolve here in the U.S. We'll see how betas evolve. We reached terminal betas in the U.S. with our clients kind of at the end of last year. And so we'll see kind of what happens in terms of pricing through the balance of 2023. And betas are not quite at terminal levels outside of the U.S. And so we'll see the pacing of that, again, in light of how the interest rate curve may be evolving and frankly, in light of how we've seen the broader sector turmoil play out. That could, in fact, play to our benefit. But we are also, again, in an environment where there's quantitative tightening that is still at play.

話雖如此，我之前提到過，就利率在美國如何繼續演變而言，仍然存在一些不確定性。我們將看到貝塔如何演變。我們在去年年底與我們的客戶達成了美國的終端測試。因此，我們將看到到 2023 年剩餘時間在定價方面會發生什麼。在美國以外的地區，測試版還沒有達到終端水平。因此，我們將再次根據利率曲線可能正在演變，坦率地說，鑑於我們已經看到更廣泛的行業動盪已經結束。事實上，這可能對我們有利。但我們也再次處於量化緊縮仍在發揮作用的環境中。

And then the final point I'd make, Mike, that often people forget is that in that NII is legacy NII. And so as we continue with our wind downs, our divestitures, et cetera, that's going to be a headwind that we will have to deal with.

然後我要說的最後一點，邁克，人們經常忘記的一點是，在 NII 中，NII 是遺留的 NII。因此，隨著我們繼續我們的停滯、資產剝離等，這將是我們必須應對的逆風。

Our next question will come from Betsy Graseck with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Betsy Graseck。

I know during the prepared remarks, you talked a bit about Andy Sieg coming on board. And I just wanted to understand how to think about the outlook for what you're doing with Wealth, not only in the U.S. but the non-U.S. locations, and also try to understand how much capital you think you could apply to that business relative to what you have today?

我知道在準備好的發言中，你談到了 Andy Sieg 的加入。我只是想了解如何考慮您在 Wealth 所做的事情的前景，不僅在美國而且在非美國地區，並且還試圖了解您認為您可以將多少資本應用於該業務相關你今天有什麼？

Betsy, so we're obviously delighted that Andy is joining as our new Global Head of Wealth around my table. He's a tremendous leader with a great track record driving growth. He's got deep product and digital expertise, proven people leader, and we'll certainly be taking full advantage of his expertise and experience in the U.S.

Betsy，所以我們顯然很高興 Andy 加入我的餐桌，成為我們新的全球財富主管。他是一位出色的領導者，在推動增長方面有著出色的業績記錄。他擁有深厚的產品和數字專業知識，是公認的人才領袖，我們肯定會充分利用他在美國的專業知識和經驗。

We're not shifting our strategy in Wealth. His mandate is consistent with the strategy we laid out at Investment Day -- Investor Day. We see a lot of potential of growth in Asia as we fill in the coverage across the full Wealth spectrum there. We'll be scaling up in the U.S. by building out the investment offering and cross-selling into our existing and new clients across the country. We see tremendous potential of growth in our Private Bank and the family office franchise or really around the world. And there's a lot of synergies to be realized as we point out in the different KPIs and drivers, between the other 4 core businesses in terms of referrals and other business that we're able to generate across the franchise. So the core of the strategy will not be changing with him coming onboard. Mark, what else would you add in?

我們不會改變我們在財富方面的戰略。他的任務與我們在投資日 - 投資者日制定的戰略一致。我們看到亞洲有很大的增長潛力，因為我們填補了整個財富範圍的覆蓋範圍。我們將通過擴大投資產品和交叉銷售到我們在全國的現有和新客戶來擴大在美國的規模。我們看到我們的私人銀行和家族辦公室特許經營權或全世界的巨大增長潛力。正如我們在不同的 KPI 和驅動因素中指出的那樣，在推薦和我們能夠在特許經營中產生的其他業務方面的其他 4 項核心業務之間，還有很多協同效應需要實現。因此戰略的核心不會隨著他的加入而改變。馬克，你還要添加什麼？

One thing I'd add is that, look, we are, I think, well positioned for as the market recovers, and it plays towards Wealth. When you look at kind of the client advisers, as you know, we've been investing in bringing on new client advisers. We've been increasing the number of new clients that we've been onboarding as well. We've invested in some of the investment products that we have. And so I feel like we are positioning ourselves for when this turns.

我要補充的一件事是，看，我認為，隨著市場復甦，我們處於有利地位，並且對財富有利。如您所知，當您查看客戶顧問時，我們一直在投資引進新的客戶顧問。我們也一直在增加新客戶的數量。我們已經投資了我們擁有的一些投資產品。因此，我覺得我們正在為這種轉變做好準備。

And as it relates to your question regarding capital, this, in a normal cycle, is a very healthy returning business. And as the market turns and as we recover, we would look to deploy capital appropriate with the growth and return prospects that we see in front of us. It's also not as much of a capital-intensive business as other businesses. And so I think you've got to keep both of those things in mind.

由於它與您有關資本的問題有關，因此在正常週期中，這是一項非常健康的回報業務。隨著市場的轉變和我們的複蘇，我們將尋求根據我們面前的增長和回報前景來部署適當的資本。它也不像其他業務那樣屬於資本密集型業務。所以我認為你必須牢記這兩點。

Our next question will come from Erika Najarian with UBS.

我們的下一個問題將來自瑞銀的 Erika Najarian。

And I think it's remarkable that your first 2 questions were essentially saying that your revenues are too conservative. So that's very notable for Citi.

我認為您的前兩個問題本質上是在說您的收入過於保守，這很了不起。所以這對花旗來說非常值得注意。

My first question is a follow-up to Betsy. I think everybody was certainly impressed, Jane, at the Andy Sieg hire. And clearly, he was running a much larger business than what Citi has today. And this is sort of a tricky question. Clearly, you're still working through some of the transformation. There's still a consent order. But given your strength as a global player, could Citi participate in perhaps inorganic opportunities that could be out there, having a result perhaps of the liquidity crisis that we saw that could potentially enhance your Wealth Management footprint more quickly?

我的第一個問題是 Betsy 的後續問題。簡，我認為每個人都對 Andy Sieg 的聘用印象深刻。很明顯，他經營的業務比花旗今天的規模大得多。這是一個棘手的問題。顯然，您仍在努力完成一些轉變。仍然有同意令。但鑑於您作為全球參與者的實力，花旗能否參與可能存在的無機機會，我們看到的流動性危機的結果可能會更快地提升您的財富管理足跡？

We see plenty of potential for organic growth potential. And I think that's really where we're going to be focusing, Erika, because I look at the Private Bank and the family office. There is so much wealth creation, supplemented by our commercial banking relationship with a lot of the enterprises and the owners of those enterprises who are really generating the new industry champions in country after country, and we're extremely well positioned to capture that. I don't see an inorganic play that would actually help us on it.

我們看到了有機增長潛力的巨大潛力。我認為這真的是我們要關注的地方，埃里卡，因為我關注私人銀行和家族辦公室。創造瞭如此多的財富，再加上我們與許多企業和這些企業的所有者的商業銀行關係，這些企業真正在一個又一個國家產生了新的行業冠軍，我們非常有能力抓住這一點。我看不到真正能幫助我們解決這個問題的無機遊戲。

We also benefit because we don't have our own proprietary products and a sales force pushing those proprietary products, we're open architecture. And therefore, we're a very desirable partner for many of our key partners on the institutional side of the business to be able to provide very interesting value propositions, investment opportunities and the like to our clients around the world.

我們也受益，因為我們沒有自己的專有產品和推銷這些專有產品的銷售人員，我們是開放式架構。因此，對於我們在業務機構方面的許多主要合作夥伴來說，我們是非常理想的合作夥伴，能夠為全球客戶提供非常有趣的價值主張、投資機會等。

And finally, we can see certainly areas in interesting digital plays, different partnerships, areas like that, that are of interest. So I'll never say never in the longer run. I'm sure if something very attractive comes up, we'll be very interested in looking at it. But it's not something right now that I think makes sense, given where we're focused. And no consent -- to actually almost independent of the consent orders. I think where -- what we're looking at doing right now is getting this organic play right, and then we'll see from there.

最後，我們可以肯定地看到有趣的數字遊戲領域、不同的合作夥伴關係，以及類似的領域。所以從長遠來看，我永遠不會說永遠不會。我敢肯定，如果出現非常有吸引力的東西，我們將非常有興趣研究它。但考慮到我們關注的重點，我認為現在這不是有意義的事情。沒有同意——實際上幾乎獨立於同意令。我認為在哪裡 - 我們現在正在考慮做的是讓這種有機遊戲正確，然後我們會從那裡看到。

I think it's pretty telling that we had 13,000 referrals from our retail bank.

我認為我們從零售銀行獲得了 13,000 個推薦，這很能說明問題。

Yes.

是的。

To the wealth space, right, over to our wealth business. And so a lot of embedded opportunity and it really speaks to the integrated model that we've been talking about.

到財富空間，對，到我們的財富業務。所以很多嵌入式機會，它確實說明了我們一直在談論的集成模型。

And I think the other bit I'd also just point to is I think one of the things we do benefit from is that we aren't constrained by being dominated by a brokerage model in a particular way of doing Wealth. So part of the mandate for Andy and the ones that we've been working on to date is really looking at what is modern Wealth Management and making sure that we are really well positioned that way, because I do think that will be more of the way of the future.

我想我還要指出的另一點是，我認為我們確實從中受益的一件事是，我們不會以特定的財富管理方式受到經紀模式的支配。因此，安迪和我們迄今為止一直在努力的任務的一部分是真正研究什麼是現代財富管理，並確保我們在這方面確實處於有利地位，因為我確實認為這將更多未來的方式。

Our next question will come from Jim Mitchell with Seaport Global.

我們的下一個問題將來自 Seaport Global 的 Jim Mitchell。

Maybe just a question on capital. I appreciate the fact that the potential sale of the Mexico franchise would be a negative impact, but you're sitting at a pretty comfortable cushion now above your target. Obviously, expected future retained earnings growth should be more than an offset. So how do we think about -- how are you thinking about the timing of restarting buybacks with your stock as cheap as it is?

也許只是資本問題。我很欣賞墨西哥特許經營權的潛在出售會產生負面影響，但你現在正坐在一個非常舒適的墊子上，高於你的目標。顯然，預期的未來留存收益增長應該不僅僅是抵消。那麼我們如何考慮——你如何考慮以你的股票盡可能便宜的價格重新開始回購的時機？

Yes. Thanks, Jim. Look, we -- as you point out, we grew capital pretty sizably this quarter, up to 13.4% from a CET1 ratio point of view and up significantly from a year ago, some 200 basis points or so. And a good portion of that, a significant portion of that was really net income earnings generation, which is important.

是的。謝謝，吉姆。看，我們 - 正如你指出的那樣，本季度我們的資本增長相當可觀，從 CET1 比率的角度來看高達 13.4%，比一年前顯著增長，大約 200 個基點左右。其中很大一部分，其中很大一部分實際上是淨收入的產生，這很重要。

Look, the way we think about it is at 13.4%, we certainly have well above what's required from a reg point of view, and it includes our internal management buffer of about 100 basis points. But as we've said in the past, there is certainly the Mexico transaction, and that would be a temporary drag, if you will, to CET1 at signing, the difference between signing and closing, if it were a sale to take place.

看，我們考慮的方式是 13.4%，從 reg 的角度來看，我們當然遠遠高於要求，它包括我們大約 100 個基點的內部管理緩衝。但正如我們過去所說，肯定有墨西哥交易，如果你願意的話，這將暫時拖累 CET1 在簽署時，簽署和關閉之間的區別，如果要進行銷售的話。

And then there are a couple of other factors that are out there as well. So think about the Basel III Endgame that's out there and the capital requirements that could come out of that; think about the CCAR, DFAST that is current -- has been submitted and currently under review and what that might mean for stress capital buffers and also think about just where we are in the broader economy and broader global macro environment that we're playing in and needing to see how that kind of evolves. And so when I think about all those factors, we're in a place where we will continue to take it quarter-by-quarter. But I'd end by saying our bias is kind of where yours is, which is given where we're trading, all things being equal, we'd like to be buying back shares. But we have to be responsible about that and the timing of that.

然後還有其他一些因素。所以想想巴塞爾協議 III 的終局之戰以及由此產生的資本要求；想想當前的 CCAR、DFAST——已經提交並且目前正在審查中，這對壓力資本緩衝可能意味著什麼，還要考慮我們在更廣泛的經濟和更廣泛的全球宏觀環境中所處的位置並且需要了解這種情況是如何演變的。因此，當我考慮所有這些因素時，我們將繼續按季度進行處理。但我最後要說的是，我們的偏見有點像你的偏見，這是給定我們交易的地方，在所有條件相同的情況下，我們希望回購股票。但我們必須對此負責，並對時間負責。

I think we'll have more clarity fairly soon around a number of the factors. So we'll be able to give you better clarity on timing before too long.

我認為我們很快就會對一些因素有更多的了解。因此，我們能夠在不久之後為您提供更清晰的時間安排。

Yes, all fair. And then maybe as a follow-up, just you mentioned increased macro assumptions embedded in reserves. Where are you now on the macro assumptions in the reserve book?

是的，一切都公平。然後也許作為後續行動，剛才你提到了儲備中嵌入的宏觀假設增加。您現在對儲備簿中的宏觀假設有何看法？

So in terms of the reserve -- again remember, we have a couple of different scenarios that we run when we calculate the CECL reserves. Our current reserves are based on those 3 macroeconomic scenarios. It reflects a 5.1%-or-so unemployment rate on a weighted basis over 8 quarters. So that's relatively flat versus last quarter.

因此，就儲備而言——再次記住，我們在計算 CECL 儲備時運行了幾個不同的場景。我們目前的儲備是基於這 3 種宏觀經濟情景。它反映了在 8 個季度的加權基礎上 5.1% 左右的失業率。所以這與上一季度相比相對持平。

The other point worth mentioning is that in this particular calculation for the quarter, we did skew a little bit more towards the downside in terms of the probability weighting than last quarter, again, in light of the macro environment and the combination of that as well as well as some normalization in the portfolio, including an increase in revolver activity contributed to the increase in reserves we saw. But to answer your question, unemployment at about 5.5% for a weighted -- sorry, 5.1% for the weighted basis over the 8 quarters.

另一點值得一提的是，在本季度的這個特定計算中，我們在概率權重方面確實比上個季度更傾向於下行，再次考慮到宏觀環境及其組合以及投資組合的一些正常化，包括循環活動的增加，導致我們看到的儲備增加。但要回答你的問題，加權失業率約為 5.5%——抱歉，8 個季度的加權失業率為 5.1%。

Our next question will come from Steven Chubak with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Steven Chubak。

I wanted to start off with a question just on the IB and trading outlook. On the trading side, just given some of the recent macro shocks, have you seen any evidence of that volatility? And are you still confident that you can sustain that mid-single-digit growth target? And just on the investment banking side, I wanted to see if there's any evidence of green shoots. It's been a challenging backdrop, as you noted, Mark, but I was hoping you could offer some color just across some of the different product lines across M&A, ECM, DCM.

我想從一個關於 IB 和交易前景的問題開始。在交易方面，僅考慮到最近的一些宏觀衝擊，您是否看到這種波動的任何證據？您是否仍然有信心能夠維持中等個位數的增長目標？就在投資銀行方面，我想看看是否有任何跡象表明出現了新芽。正如你所說，這是一個充滿挑戰的背景，馬克，但我希望你能在併購、ECM、DCM 的一些不同產品線上提供一些顏色。

Why don't I start and then, Jane, feel free to jump in. Look, we had a -- we saw a better performance in the quarter in markets then when I talked at the conference earlier in the quarter. And really, that played through in our fixed income business, which was up about 4% year-over-year, driven largely by strength in rates. And we saw rate volatility in the back end of the quarter, and we were well positioned to take advantage of that and serve clients, and that aided getting us to the down 4% in aggregate across markets.

為什麼我不開始然後，簡，隨時加入。看，我們看到了 - 我們在本季度早些時候在會議上發表講話時看到了更好的市場表現。事實上，這在我們的固定收益業務中發揮了作用，該業務同比增長約 4%，這主要是由於利率走強。我們在本季度末看到了利率波動，我們處於有利地位，可以利用這一點為客戶提供服務，這幫助我們在整個市場上的總跌幅達到 4%。

What we talked about for the full year is kind of relatively flat performance. And I still think that based on what we see today and subject to how the macro continues to evolve, that we'll be able to deliver on that. But as you know, volatility, in many instances, plays to the favor of markets businesses. And so there's a bit of an unknown as to how that evolves, but I feel confident in the guidance that we've given thus far on that. Did you want...

我們談論的全年表現相對平淡。而且我仍然認為，根據我們今天所看到的情況，並根據宏觀經濟如何繼續發展，我們將能夠實現這一目標。但如您所知，在許多情況下，波動對市場業務有利。因此，關於它如何演變還有一些未知數，但我對我們迄今為止就此給出的指導充滿信心。你想...

Yes. I'd jump in before you turn to banking as well. I think one of the differences with our franchise compared to some others is that we are the go-to bank for corporate. And that provides a highly attractive, but pretty steady flow of activity. This is obviously in the volatile markets we've been seeing is, from our perspective, very good volatility because we're able to support our clients in rates, FX, commodity hedging. And it makes our risk flows much more diversified than our competitors, particularly in volatile markets like this. We're not taking positions. This is really attractive client flow business right at the heart of the global network.

是的。在您也轉向銀行業之前，我會介入。我認為我們特許經營權與其他特許經營權的區別之一是我們是企業的首選銀行。這提供了極具吸引力但相當穩定的活動流。這顯然是在我們一直看到的動盪市場中，從我們的角度來看，波動性非常好，因為我們能夠在利率、外匯、商品對沖方面為我們的客戶提供支持。它使我們的風險流比我們的競爭對手更加多樣化，尤其是在這樣動蕩的市場中。我們不採取立場。這是位於全球網絡核心的非常有吸引力的客戶流量業務。

The other piece that I think is important in the mix here, too, is just the partnership with TTS, cross-border payments. These are the elements that -- a cornerstone of the FX franchise. So there's some pieces here of the volatility that one doesn't usually think of this as being client -- so client heavy, but that's what's differentiating on the Citi franchise. Mark, back to you.

我認為在這裡組合中的另一部分也很重要，就是與 TTS 的合作夥伴關係，即跨境支付。這些是 FX 特許經營權的基石。所以這裡有一些波動性的部分，人們通常不會認為這是客戶——所以客戶很重，但這就是花旗特許經營權的不同之處。馬克，回到你身邊。

Thanks. I think that's exactly right in terms of the corporate client base there. Look, in Investment Banking, obviously, the wallet's down -- were down meaningfully last year. We saw some performance -- good performance in debt capital markets this quarter, up 66% versus the prior quarter, particularly as we saw activity in investment-grade names, which is an area of strength for us for sure. And I think there was a bit of momentum behind -- a bit more clarity on the direction of rates. And so we'll see how that continues to evolve and play out.

謝謝。我認為就那裡的企業客戶群而言，這是完全正確的。看，在投資銀行業務中，很明顯，去年錢包下降了。我們看到了一些表現——本季度債務資本市場表現良好，比上一季度增長 66%，特別是當我們看到投資級名稱的活動時，這無疑是我們的優勢領域。而且我認為背後有一些動力——利率方向更加清晰。因此，我們將看到它如何繼續發展和發揮作用。

The other thing I'd add is that we continue to have very good dialogue with clients as they manage through the environment and try to anticipate what the balance of the year looks like. And at some point, it's clear that clients are going to need to get back into the markets. But that trajectory is going to largely depend on the geopolitical and macro environment and how we all manage and navigate that uncertainty. So very engaged, healthy pipeline, but subject to how the environment continues to evolve.

我要補充的另一件事是，我們繼續與客戶進行很好的對話，因為他們通過環境進行管理，並試圖預測今年的平衡情況。在某些時候，很明顯客戶將需要重新進入市場。但這一軌跡將在很大程度上取決於地緣政治和宏觀環境，以及我們如何管理和駕馭這種不確定性。非常投入、健康的管道，但取決於環境如何不斷發展。

That's great. And for my follow-up, just on PWM fee income trends. I'm not going to ask you about the broader Wealth strategy, but we're big fans of Andy here. So congrats on the hire. The one thing I did want to get a better sense of is how much of the sequential improvement that we saw in fees is a function of just partner payments being higher as credit continues to normalize. And how we should be thinking about the trajectory and fees within PBWM over the remainder of this year?

那太棒了。對於我的後續行動，只是關於 PWM 費用收入趨勢。我不會問你更廣泛的財富戰略，但我們是安迪的忠實粉絲。所以恭喜你被錄用了。我確實想更好地了解的一件事是，隨著信貸繼續正常化，我們在費用方面看到的連續改善有多少是合作夥伴支付更高的函數。在今年餘下的時間裡，我們應該如何考慮 PBWM 的發展軌跡和費用？

I think there are a couple of things to kind of keep in mind in terms of PBWM fees. And I think part of it is that PBWM is a combination of both the cards business as well as the Wealth business. And a good amount of the pressure that we've seen in fees, and that is still subject to how the environment evolves, is in the wealth space, because we continue to see fee pressure on investment activity and revenues there. And we'll have to see how the market valuations move on some of the assets that we manage on behalf of clients and what momentum it drives in terms of more investment activity. So I think that's a big part of the drag in fees, the upside that we've seen in fees and in banking and cards, again, I think will be subject to how activity and volume evolves across our cards business.

我認為就 PBWM 費用而言，有幾件事需要牢記。我認為部分原因是 PBWM 是卡業務和財富業務的結合。我們在費用方面看到的很大一部分壓力，仍然取決於環境如何演變，是在財富領域，因為我們繼續看到那裡的投資活動和收入面臨費用壓力。我們將不得不看看市場估值如何影響我們代表客戶管理的一些資產，以及它在更多投資活動方面推動的勢頭。因此，我認為這是費用拖累的很大一部分，我們在費用以及銀行和信用卡方面看到的好處，我認為這將再次取決於我們卡片業務的活動和數量如何演變。

We do expect revolving levels to continue, but purchase sales, while they're up year-over-year, when we look at kind of the latter months of the quarter, they've been under -- the growth has been slowing and it's been quite concentrated in travel and entertainment. So we'll have to see how some of that volume activity evolves, and that will be a factor to keep in mind.

我們確實預計循環水平會繼續，但採購銷售額雖然同比增長，但當我們看一下本季度的後幾個月時，它們一直在下降——增長一直在放緩，而且一直比較專注於旅遊和娛樂。因此，我們必須看看其中一些交易量活動是如何演變的，這將是一個需要牢記的因素。

Our next question will come from Ebrahim Poonawala from Bank of America.

我們的下一個問題將來自美國銀行的 Ebrahim Poonawala。

Just a couple of quick questions. One, in terms of the Banamex sale, I think, Jane, you mentioned that maybe we might hear something relatively soon and you still are pursuing the dual-track process. One, if you do decide to go the IPO route, does that change the accounting dynamics, Mark, with regards to taking that hit early on if -- given just the time it might take to go through the -- an IPO? And the outlook for the Mexican economy, the banks continues to be robust. Does that -- is that impacting or influencing how you're thinking about the value that you should get from this transaction?

只是幾個簡單的問題。第一，就 Banamex 的銷售而言，我認為，簡，你提到我們可能很快就會聽到一些消息，而你仍在追求雙軌流程。第一，如果你決定走 IPO 路線，這是否會改變會計動態，馬克，如果 - 考慮到它可能需要的時間來完成 - IPO，那麼早期受到打擊？而墨西哥經濟的前景，銀行繼續保持強勁。這是否 - 這是否影響或影響您對您應該從該交易中獲得的價值的思考方式？

So we're in a very active dialogue right now in Mexico. So neither Mark or I are going to comment in a lot of detail there. As you say, we're continuing to pursue a dual path, both the sale and an IPO. So we'll have an exit strategy either way. And we'll take the path that is in the best interest of our shareholders. So we've got enormous body of work going on in Mexico to separate out the institutional business. I'm pleased with the progress they're making.

所以我們現在在墨西哥正在進行非常積極的對話。所以 Mark 和我都不會在那裡詳細評論。正如你所說，我們將繼續追求雙重路徑，即出售和首次公開募股。因此，無論哪種方式，我們都會有一個退出策略。我們將走符合股東最大利益的道路。因此，我們在墨西哥正在進行大量工作，以分離出機構業務。我對他們取得的進展感到滿意。

I think we're seeing -- when we look at the performance of our Mexican franchise, a lot of the really strong performance is happening in our ICG business where Mexico is such a beneficiary of the supply chain dynamics that are happening around the world. And its location is obviously very beneficial given the proximity to the U.S. as well. So we're seeing a lot of the dynamic and the big benefits here coming in the institutional franchise that we're keeping within Citi as a core part of business. So the current Mexican economy doesn't really have so much of an impact on our current decision-making. The principle is we will take the path that is in the best interest of our shareholders.

我認為我們正在看到 - 當我們查看墨西哥特許經營權的表現時，我們的 ICG 業務正在發生很多非常強勁的表現，墨西哥是全球供應鏈動態的受益者。考慮到靠近美國，它的位置顯然非常有利。因此，我們看到機構特許經營帶來了很多動態和巨大的好處，我們將其作為業務的核心部分保留在花旗內部。因此，當前的墨西哥經濟並沒有真正對我們當前的決策產生太大影響。原則是我們將走符合股東最佳利益的道路。

Yes. And just to put some numbers to that. For the quarter, Mexico was up 16% revenue year-over-year; quarter-over-quarter, up 5%, cards growth, deposit growth so performing well, I would say. And in terms of the latter part of your question, Jane's exactly right. Everything we're doing is positioning us for both a private sale and/or an IPO, and we'll choose the path that's best for shareholders. An IPO would take longer, it would likely take longer as we would want a set of full audited financials, et cetera.

是的。只是為了給它加上一些數字。本季度，墨西哥收入同比增長 16%；我會說，環比增長 5%，卡片增長、存款增長表現良好。就你問題的後半部分而言，簡是完全正確的。我們所做的一切都是為私人出售和/或 IPO 做好準備，我們將選擇對股東最有利的道路。首次公開募股需要更長的時間，可能需要更長的時間，因為我們需要一套完整的經審計的財務數據，等等。

I would say that in terms of what the implications would be from an accounting point of view, CTA accounting is different for an IPO, so we would not recognize that CTA through the P&L. In an IPO, we wouldn't have at signing that impact that is different from that closing. And so that would not be an issue. The impact would be a matter of how much we IPO-ed at that time. So lot of -- a lot of moving pieces there. We would need to figure out if we ended up down that path. But hopefully, that gives you some sense of the scenarios there. But I'd end with just one final point that Jane has made already, which is that the outcome that we choose will be the best outcome for our shareholders, our clients and employees.

我想說的是，從會計的角度來看，CTA 會計與 IPO 不同，因此我們不會通過 P&L 來識別 CTA。在 IPO 中，我們不會簽署與關閉不同的影響。所以這不是問題。影響將取決於我們當時 IPO 的數量。很多 - 那裡有很多動人的作品。我們需要弄清楚我們是否最終走上了這條路。但希望這能讓您對那裡的場景有所了解。但我想以 Jane 已經提出的最後一點作為結尾，即我們選擇的結果將是對我們的股東、客戶和員工最好的結果。

And that will be an exit.

那將是一個出口。

Our next question will come from Matt O'Connor with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Matt O'Connor。

You guys have talked about bending the curve on cost, I think, in the latter part of 2024. And I wanted to see if that's still the case. And I guess maybe just some clarification on what bending the curve means. Is that slowing expense growth absolutely dropped? Any kind of clarity on that and cost in general kind of medium term would be helpful.

我想，你們已經討論過在 2024 年下半年彎曲成本曲線。我想看看情況是否仍然如此。我想也許只是對彎曲曲線意味著什麼的一些澄清。費用增長放緩是否絕對下降了？對此的任何澄清和一般中期的成本都會有所幫助。

Thanks, Matt. To answer your question very directly, yes, it is still the case. We are going to bend the curve, as I mentioned in -- towards the end of 2024. It does mean an absolute dollar reduction in expenses.

謝謝，馬特。很直接的回答你的問題，是的，還是這樣。正如我在 2024 年底提到的那樣，我們將扭轉曲線。這確實意味著支出的絕對美元減少。

Okay. That's helpful. And then, I mean, I think in the past, you've kind of insinuated that, that's like the start of, hopefully, a more material drop in costs beyond, obviously, if it's far away, but just any additional color there, too.

好的。這很有幫助。然後，我的意思是，我認為在過去，你有點暗示，這就像開始，希望成本有更多的實質性下降，顯然，如果它很遠，但只是那裡的任何額外顏色，也。

Yes. Look -- again, look, the expense base is a key area of focus for us, right? We recognize that expenses have been growing. They've been growing because we've been investing in the franchise, both transformation-wise, as well as business-led growth to support the competitive advantages that we have in many of our franchises. But we're managing that very actively and very deliberately. And that means that we're looking to ensure that we're spending the money in the right way in the right places and that we're going to yield the benefits that we expect from that over time. And that was all factored into the targets that we set at our Investor Day for the medium term. And what that requires is that we start bending the curve in '24, as I stated, and that we end in that medium term at a place where we have an operating efficiency of about 60%, and we're positioned to have returns that are in that 11% to 12% RoTCE point of view.

是的。看 - 再次看，費用基礎是我們關注的一個關鍵領域，對嗎？我們認識到開支一直在增長。他們一直在增長，因為我們一直在投資特許經營權，無論是在轉型方面，還是在業務主導的增長方面，以支持我們在許多特許經營權中擁有的競爭優勢。但我們正在非常積極、非常慎重地管理它。這意味著我們希望確保我們以正確的方式在正確的地方花錢，並且我們將隨著時間的推移產生我們期望的收益。而這一切都被納入了我們在投資者日設定的中期目標。正如我所說，這需要的是我們在 24 世紀開始彎曲曲線，並且在那個中期結束時我們的運營效率約為 60%，並且我們有能力獲得回報是在 11% 到 12% 的 RoTCE 觀點中。

There are a couple of factors that are going to contribute to lowering that expense base. One, the divestitures that we've been talking about, right? The second is both the benefits from the transformation and other investments that I've just referenced. And the third is further organizational and management simplification efforts that we have underway that are enabled by the idea that we're exiting 14 consumer countries. And so those 3 factors, if you will, become very important and to ensure that we get to that lower cost structure and that we're able to deliver on the broader commitments that we're making with regards to returns.

有幾個因素將有助於降低該費用基數。第一，我們一直在談論的資產剝離，對嗎？第二個是我剛才提到的轉型和其他投資帶來的好處。第三是我們正在進行的進一步的組織和管理簡化工作，這是由於我們正在退出 14 個消費國家的想法。因此，這 3 個因素（如果您願意的話）變得非常重要，以確保我們達到較低的成本結構，並確保我們能夠兌現我們在回報方面做出的更廣泛的承諾。

Our next question will come from Gerard Cassidy with RBC Capital Markets.

我們的下一個問題將來自 RBC 資本市場的 Gerard Cassidy。

A couple of questions. Jane, maybe starting with you first, or Mark, both of you can answer it. In view of what -- the disruptions we've seen in the banking system in the month of March with what went on with the regional banks here in the U.S. and obviously, the large investment bank over in Switzerland, do you guys see changes coming? Or what changes do you see coming in terms of regulatory, whether it's more capital, more liquidity? And it may not be directed at a company like yours because you're a global SIFI already, and it might be more regional orientated in the United States.

幾個問題。簡，也許先從你開始，或者馬克，你們兩個都可以回答。鑑於我們在 3 月份看到的銀行系統中斷以及美國這裡的區域性銀行以及瑞士的大型投資銀行顯然發生的事情，你們是否看到即將發生的變化？或者你認為監管方面會發生什麼變化，是更多的資本，更多的流動性？它可能不會針對像您這樣的公司，因為您已經是全球 SIFI，而且它可能更面向美國的區域。

And then as part of this question, Jane, can you guys give us some color on the deposit you and your peers made into First Republic? What was the thinking behind that as well?

然後，作為這個問題的一部分，簡，你們能給我們一些關於你們和你們的同齡人進入第一共和國的存款的顏色嗎？這背後的想法是什麼？

Yes, sure. Thank you for the question, Gerard. Well, I'd say that we hope that there will be a thoughtful and targeted approach to any changes in the regulatory and capital framework, and that they address the root causes of what actually happened here. And what happened is a combination of macro impacts from the sharp rapid rate increases and some idiosyncratic situation, namely a lack of proper asset and liability management at a small handful of banks. We don't see these issues as pervasive throughout the broader banking industry. But the events certainly highlight the importance of prudent asset and liability management. We still believe that there is plenty of capital amongst the large banks. And if capital requirements were to increase for the large banks by the regulators, it would exacerbate any credit tightening that might go on.

是的，當然。謝謝你的問題，杰拉德。好吧，我想說的是，我們希望對監管和資本框架的任何變化採取深思熟慮和有針對性的方法，並解決這裡實際發生的事情的根本原因。發生的事情是利率急劇上升和一些特殊情況的宏觀影響的結合，即少數銀行缺乏適當的資產和負債管理。我們不認為這些問題在整個銀行業中普遍存在。但這些事件無疑凸顯了審慎資產和負債管理的重要性。我們仍然相信大型銀行中有充足的資金。如果監管機構提高對大型銀行的資本金要求，將加劇可能持續的信貸緊縮。

And related to that, what continues to keep me most awake at night is the quantity and quality of activity in the shadow banking industry. It does not benefit from the same regulatory frameworks and protections for participants. And I, amongst others, fear that more activity getting driven into it, if the banking capital requirements increase, will be through the detriment of system strength and stability. So we hope that this approach will be thoughtful and targeted to where the issues actually were.

與此相關，讓我夜不能寐的是影子銀行業活動的數量和質量。它沒有受益於相同的監管框架和對參與者的保護。我和其他人一樣擔心，如果銀行資本要求增加，更多的活動會被驅使進來，這將損害系統的強度和穩定性。因此，我們希望這種方法能夠深思熟慮並針對問題的實際所在。

As I said in my opening comments, we thought that the regulators, both at the local and the national and the international level, were very -- were swift and effective in making sure that they tackle the issues that were in front, and we were absolutely delighted that the large banks acted as a source of strength.

正如我在開場白中所說，我們認為監管機構，無論是在地方、國家還是國際層面，都非常 - 迅速有效地確保他們解決面前的問題，我們是非常高興大型銀行成為力量的源泉。

And let's just step back for a minute. In the face of tremendous market uncertainty, 11 of the largest U.S. banks were able to come together to inject $30 billion of deposits into First Republic in little over 1 day. And that speaks volumes for our capital and balance sheet positions. And I think the responsibility of large institutions are recognizing that we also play an important role here in helping stabilize situations like this. And we thought it was very important to help buy some time and also demonstrate our confidence in the overall U.S. banking system. So I hope that gives you a bit of a flavor.

讓我們退後一步。面對巨大的市場不確定性，美國 11 家最大的銀行能夠在 1 天多一點的時間裡向 First Republic 注入 300 億美元的存款。這對我們的資本和資產負債表狀況來說意義重大。我認為大型機構的責任是認識到我們在幫助穩定這種情況方面也發揮著重要作用。我們認為幫助爭取時間並展示我們對整個美國銀行體系的信心非常重要。所以我希望這能給你一點味道。

No, very insightful. Very good. And then as a follow-up question, I noticed in your card, I think it was Slide 8, you gave us the prime -- 80% of the portfolio is prime, which is FICO scores greater than 680. I don't know if you would agree with this statement, but we're hearing that there were some FICO score inflation. As a result of the pandemic, a lot of consumers saw their FICO scores go up. And I've seen numbers as high as 70 points that may be in the high side. But can you guys -- do you agree with that? And if you do, would you then expect the 700 FICO score customer at some point to behave like a 650-score customer?

不，很有洞察力。非常好。然後作為後續問題，我在你的卡片中註意到，我認為是幻燈片 8，你給了我們 prime -- 80% 的投資組合是 prime，即 FICO 分數大於 680。我不知道如果你同意這個說法，但我們聽說有一些 FICO 分數膨脹。由於大流行，許多消費者看到他們的 FICO 分數上升了。我見過高達 70 分的數字可能偏高。但是你們可以——你們同意嗎？如果你這樣做了，那麼你會期望 FICO 分數為 700 的客戶在某個時候表現得像 650 分數的客戶嗎？

I think the short answer is no, but let me let Mark answer that one.

我認為簡短的回答是否定的，但讓我讓馬克回答這個問題。

Yes. No, I think what's really important here, Gerard, is kind of what we're seeing in the way of the performance of the portfolio. So again, I've heard that sentiment regarding FICO score inflation. We feel very confident in how we've assessed our customers and what it means to have 80% of our customers prime and greater than 680. And I think importantly, what we're seeing is we're seeing payment rates start to slow. We're seeing average interest-earning balances start to increase. We're seeing NCL rates increase, but particularly driven by the lower FICO score customers across the portfolio, which is where you would expect to start to see that drag occur. And the NCL rates that we're seeing are still well below what we would see in a normal cycle, right? And they're in line with what we've been forecasting for performance. So there are no surprises that we're seeing in terms of how that curve is evolving. We'd expect that it will get back to those normal levels towards the beginning of next year. It will likely play through those normal levels a bit before tapering.

是的。不，杰拉德，我認為這裡真正重要的是我們在投資組合績效方面所看到的。所以，我又一次聽到了關於 FICO 分數膨脹的情緒。我們對我們如何評估客戶以及擁有 80% 的優質客戶和超過 680 名客戶意味著什麼感到非常有信心。而且我認為重要的是，我們看到的是我們看到付款率開始放緩。我們看到平均生息餘額開始增加。我們看到 NCL 利率上升，但特別是受到投資組合中 FICO 評分較低的客戶的推動，這是您預計開始看到拖累發生的地方。我們看到的 NCL 率仍然遠低於我們在正常週期中看到的水平，對嗎？它們與我們一直在預測的性能一致。因此，就該曲線的演變方式而言，我們所看到的並不令人意外。我們預計它會在明年年初恢復到正常水平。在逐漸減少之前，它可能會通過這些正常水平發揮作用。

But my point here is that we understand our customers, the portfolio and how it reacts to the environment enough to forecast that out. And so far, that's been performing in line with that forecast and those estimates. And importantly, we continue to stress it to make sure we're not missing anything. And importantly, we carry a sizable reserve, as you know, as part of that $20 billion.

但我的意思是，我們了解我們的客戶、產品組合以及它對環境的反應足以預測出來。到目前為止，這一直符合該預測和這些估計。重要的是，我們繼續強調它以確保我們沒有遺漏任何東西。重要的是，如您所知，作為這 200 億美元的一部分，我們擁有可觀的儲備。

I'd also add that we don't just rely on FICO scores for assessing the credit of our customers and our portfolio. There's a tremendous amount of data that we draw upon that goes well, well beyond that. And that's also, as you could imagine, something that gives a lot more confidence. It's not just prior history and it's a wealth of data that is used.

我還要補充一點，我們不僅僅依靠 FICO 分數來評估我們的客戶和我們的投資組合的信用。我們利用的大量數據進展順利，遠不止於此。正如您可以想像的那樣，這也是讓您更有信心的東西。這不僅僅是以前的歷史，而且還使用了大量數據。

Our next question will come from Vivek Juneja with JPMorgan.

我們的下一個問題將來自摩根大通的 Vivek Juneja。

Mark, I want to go to your revenue. I hear you, you're keeping the revenue guidance unchanged. What is in your revenue assumption? I just want to unpeel that onion a little bit. What's in your revenue assumptions for rates, U.S. and internationally? And what is going on with deposit betas, particularly following the inflows you've seen recently in the U.S. with the crisis?

馬克，我想去你的收入。我聽說你，你保持收入指導不變。您的收入假設是什麼？我只想把洋蔥剝開一點。您對美國和國際費率的收入假設是什麼？存款貝塔值發生了什麼變化，尤其是在您最近看到危機導緻美國資金流入之後？

Yes. So I guess a couple of things. One, in terms of the rates that we've assumed, in the balance of the year, we've kind of assumed that rates would kind of probably -- rates would flatten out after this quarter, after the second quarter and then trend down a bit towards the end of the year, down a bit to something like [4.50%] or so, 4.50% or so. So we may have 1 rate increase and then flat and then down to about 4.50% . That could change. But candidly, if it changes a little bit here or there, it's unlikely to have a meaningful impact in 2023. That's likely to have more of an impact in 2024. So we can debate that curve but that's kind of what we have thus far in our outlook.

是的。所以我猜有幾件事。第一，就我們假設的利率而言，在今年餘下的時間裡，我們假設利率可能會在本季度之後、第二季度之後趨於平穩，然後呈下降趨勢接近年底時，下降到 [4.50%] 左右，4.50% 左右。因此，我們可能會加息 1 次，然後持平，然後降至 4.50% 左右。這可能會改變。但坦率地說，如果它在這里或那裡發生一點變化，它不太可能在 2023 年產生有意義的影響。這可能會在 2024 年產生更大的影響。所以我們可以討論這條曲線，但這就是我們迄今為止所做的我們的前景。

The second point I'd make is around -- and that's U.S. rates. We're assuming -- I don't have specifics in front of me in terms of the rate curves around the globe, but we are assuming kind of continued rate increases there, not of significant magnitude, but some assumptions there depending on where we're talking about.

我要說的第二點是——那就是美國利率。我們假設 - 我面前沒有關於全球利率曲線的具體細節，但我們假設那裡的利率持續上漲，幅度不大，但那裡的一些假設取決於我們在哪裡正在談論。

The beta assumptions that we have built in are for betas to continue to increase outside of the U.S. But again, they run lower than the U.S. in general, for our multinational clients. We expect that we will see in the PBWM retail banking -- or with PBWM client segment space that clients are likely to move towards either higher-yielding deposit products or investment products. And so we factored those things into how we think about the outlook. And could that change or evolve? Absolutely, but that's kind of what's behind what we've assumed here.

我們內置的貝塔假設是貝塔在美國以外的地區繼續增加。但同樣，對於我們的跨國客戶來說，它們的運行低於美國。我們預計我們將在 PBWM 零售銀行業務中看到客戶可能會轉向收益更高的存款產品或投資產品的 PBWM 客戶細分市場。因此，我們將這些因素納入了我們對前景的看法。這會改變或發展嗎？當然可以，但這就是我們在這裡假設的背後原因。

And just as a clarification, with the inflows you've seen recently in deposits with the crisis in the U.S., obviously, any other betas, tempering a little bit, how much those are going up? Are you -- is that slowing down or not any change so far?

澄清一下，隨著你最近看到的存款流入與美國的危機，很明顯，任何其他貝塔值都有所緩和，這些貝塔值上升了多少？到目前為止，你是在放慢速度還是沒有任何變化？

So a couple of things I'd mention. So one, we did see inflows in the quarter associated with some of the sector turmoil. If you -- we've looked at kind of deposit levels from, call it, March 7th, March 8th, through close to the end of March. And we certainly did see an uptick, call it, probably a little bit under $30 billion or so of inflows in that period of time with a good portion of that in our CCB, our commercial middle market client base. It's too soon to tell kind of how betas evolve, but we do think that a good portion of those deposits will likely be sticky.

所以我要提到幾件事。因此，第一，我們確實看到本季度的資金流入與一些行業動盪有關。如果你 - 我們已經研究了從 3 月 7 日、3 月 8 日到接近 3 月底的存款水平。我們當然確實看到了一個上升，可以稱之為，在那段時間裡流入的資金可能略低於 300 億美元左右，其中很大一部分流入了我們的商業中間市場客戶群 CCB。現在說貝塔如何演變還為時過早，但我們確實認為這些存款中的很大一部分可能是粘性的。

I think what's important here is that part of our strategy here is, in fact, growing operating deposits with our large multinational clients and our middle market clients. And so we're going to continue to be focused on that. What's a little bit unclear is how the rate environment continues to evolve and what that means for how betas actually evolve, right? And we'll have to kind of wait and see. It's too soon to tell as it relates to that.

我認為這裡重要的是我們戰略的一部分實際上是增加我們的大型跨國客戶和中間市場客戶的運營存款。因此，我們將繼續關注這一點。有點不清楚的是利率環境如何繼續發展，以及這對 beta 的實際發展意味著什麼，對吧？我們將不得不拭目以待。現在下結論還為時過早。

Our next question will come from Ken Usdin with Jefferies.

我們的下一個問題將來自 Jefferies 的 Ken Usdin。

Just a follow-up on the credit. So you mentioned, obviously, that you moved your -- part of your CECL adjustment a little bit towards the -- in your weightings. And you had previously talked about getting towards "normalized" card losses, I think you had said by around the end of the year. So can you just -- given the changes that we're seeing ahead of us and definitely saw some normalization happen this quarter, can you just -- are you still online for that getting to that [3 to 3.5] and [5, 5.5] in the respective card businesses by around year-end this year?

只是對信用的跟進。所以你提到，很明顯，你在你的權重中將你的 - 部分 CECL 調整向 - 移動了一點。你之前曾談到要實現“正常化”的卡牌損失，我想你在年底左右說過。那麼你能不能 - 鑑於我們在我們面前看到的變化並且肯定看到本季度發生了一些正常化，你能不能 - 你是否仍然在線以獲得 [3 到 3.5] 和 [5, 5.5 ] 今年年底左右在各自的卡業務中？

Yes. Yes. year-end, early, early next year, yes, we're still kind of on track on trend for that. Again, I'd expect that they pick up a little bit after that before they start tapering down. But to answer your question, Ken, is yes, that's still the time line, fourth quarter, early 2024, reaching those normalized levels.

是的。是的。年底，年初，明年年初，是的，我們仍然在某種程度上走上了趨勢。同樣，我希望他們在開始逐漸減少之前會有所回升。但要回答你的問題，Ken，是的，這仍然是時間線，即 2024 年初第四季度，達到這些正常水平。

Okay. Cool. And then one more just follow-up end-of-period deposits down 3%. You mentioned the taxes. Is -- are the taxes -- do the tax [end up] across the business. When I look at the deposits page, there are a lot of ins and there are a lot of outs on an end-of-period basis. And just trying to get a sense of like what areas might have been impacted by that tax seasonality and where there was just some of the other pieces that you've already talked through in terms of inflows, outflows and everything else in between.

好的。涼爽的。然後再跟進期末存款下降3%。你提到了稅收。是 - 是稅收 - 對整個企業徵稅[最終]。當我查看存款頁面時，在期末有很多入金和出金。只是想了解一下哪些領域可能受到了稅收季節性的影響，以及在流入、流出以及兩者之間的其他方面，你已經討論過的其他一些部分。

Yes, it's a good question. So again, in the -- when you look at our deposits on an average basis, you see on Page 26 that they tick up a little bit. If you look at it on an end-of-period basis, they're down about 3%. And essentially, intra-quarter, particularly in March, as I mentioned earlier, we did see a sizable increase in flows. With that said, if you remember in the fourth quarter, we saw a nice run-up in deposits. And then we have the seasonality point that I referenced in prepared -- in my prepared remarks, excuse me, where we have both operational payments from our large TTS clients as well as tax payments and with our TTS clients, also with wealth clients, to some extent, kind of playing through the end-of-period deposits. And again, that for the most part is normal operating payments that we'd expect to see at this time of year.

是的，這是個好問題。因此，再次 - 當您平均查看我們的存款時，您會在第 26 頁看到它們略有增加。如果你在期末的基礎上看，它們下降了大約 3%。從本質上講，正如我之前提到的那樣，在季度內，尤其是在 3 月份，我們確實看到了流量的大幅增加。話雖如此，如果你還記得在第四季度，我們看到存款有了很好的增長。然後我們有我在準備好的季節性點 - 在我準備好的評論中，對不起，我們既有來自我們的大型 TTS 客戶的運營付款，也有納稅以及我們的 TTS 客戶和財富客戶的付款，以在某種程度上，這是一種利用期末存款的方式。再一次，這在很大程度上是我們預計在每年的這個時候看到的正常運營付款。

There are no surprises in what happened.

發生的事情並不令人意外。

Yes.

是的。

Our last question will come from Mike Mayo with Wells Fargo Securities.

我們的最後一個問題將來自富國銀行證券公司的 Mike Mayo。

Just one clarification on that last answer. You said you had inter-quarter flow. Did you gain more deposits in the month of March? And was that in the U.S.?

只是對最後一個答案的一個澄清。你說你有季度間流動。你在三月份獲得了更多的存款嗎？那是在美國嗎？

Yes, we did. Yes. That's what I was talking about, Mike, in terms of those flows. They did come largely in the U.S. in the month of March, following March 8 through kind of the end of March, they were overshadowed by these normal payments that I referenced. And we did -- and we still see good activity kind of even as we came through March and in the early parts of April.

是的我們做了。是的。就這些流量而言，這就是我所說的，邁克。從 3 月 8 日到 3 月底，它們確實在 3 月份主要出現在美國，它們被我提到的這些正常付款所掩蓋。我們做到了——即使在 3 月和 4 月初，我們仍然看到了良好的活動。

And that was both in the institutional business that we saw the inflows as well as in the PBWM.

這既是在我們看到資金流入的機構業務，也是在 PBWM 中。

In Wealth, yes.

在財富方面，是的。

And if you define deposits this way, I mean, if I'm oversimplifying correct me, but look, you have 5,000 multinationals. You really target for payments, capital markets and banking. Those companies have a lot of deposits, a lot of services. That's the stickiest. That's where you said 80% of your clients in TTS have been with you for over 15 years. What are the deposits for those 5,000 multinationals? And I know I'm asking the slice and dice in a little bit different way, but even just a general sense. Because the reason I'm asking this is because I think there's a disconnect between showing percent of uninsured deposits as a measure of stickiness. And I don't think that's valid. And you showed higher deposits, even though you have a big percentage of uninsured deposits or maybe that doesn't matter as much as some front pages of newspapers are suggesting. So if you could address that.

如果你這樣定義存款，我的意思是，如果我過於簡單化，請糾正我，但是你看，你有 5,000 家跨國公司。你真正瞄準的是支付、資本市場和銀行業。那些公司有很多存款，很多服務。那是最粘的。那就是您所說的 TTS 中 80% 的客戶已經與您合作超過 15 年的地方。那5000家跨國公司的存款是多少？而且我知道我是在以有點不同的方式詢問切片和骰子，但即使只是一般意義上的。因為我問這個問題的原因是因為我認為顯示未保險存款百分比作為粘性衡量標準之間存在脫節。我不認為這是有效的。而且你顯示了更高的存款，即使你有很大比例的未投保存款，或者這可能並不像某些報紙頭版所暗示的那樣重要。所以，如果你能解決這個問題。

Yes. Thanks, Mike. Look, I'll tell you to turn to Page 26 in the earnings presentation, right? And we've broken down the deposits for each of the businesses that we have. And at the bottom, you see the TTS deposits. And this is where the 5,000-or-so large multinational client deposits reside. And you can see the stability as well as the steady growth in those deposits over time.

是的。謝謝，邁克。聽著，我會告訴你翻到收益報告的第 26 頁，對嗎？我們已經分解了我們擁有的每項業務的存款。在底部，您會看到 TTS 存款。這就是 5,000 多家大型跨國客戶存款所在的地方。隨著時間的推移，你可以看到這些存款的穩定性和穩步增長。

And to your point, these are largely operational deposits that these clients have with us. And we shouldn't mistake rate sensitivity or betas with stickiness, right? And just because these deposits tend to be quite sticky with us, as you can see here. Now they're price-sensitive in the sense that as rates go up, we often have to reprice those. But remember, the relationships we have with these clients are broader than just deposit relationships. And that's what gives us the opportunity to adjust pricing accordingly with our deposits, both in the U.S. and outside of the U.S.

就您而言，這些主要是這些客戶在我們這裡的運營存款。我們不應該將利率敏感性或貝塔值誤認為是粘性，對吧？正如您在此處看到的那樣，僅僅因為這些存款往往對我們很粘。現在他們對價格敏感，因為隨著利率上升，我們經常不得不重新定價。但請記住，我們與這些客戶的關係不僅僅是存款關係。這就是讓我們有機會根據我們在美國和美國以外的存款調整定價的原因。

And so the other page in your own time you can look at is the page prior to that, which, again, speaks to the diversification of the portfolio, but it also speaks to the length of time that many of these clients have been with us and they've grown with us. And so nearly 80% of our deposits are from clients that have greater than 15-year relationship with us, and that says a lot. And that -- and so anyway, those are the 2 points I'd make. Hopefully, that addresses your question around the stickiness.

因此，在您自己的時間裡，您可以查看的另一頁是之前的頁面，這再次說明了投資組合的多樣化，但也說明了這些客戶中的許多人與我們合作的時間長度他們和我們一起成長。因此，我們近 80% 的存款來自與我們有超過 15 年合作關係的客戶，這說明了很多。那——所以無論如何，這是我要提出的兩點。希望這能解決您關於粘性的問題。

Yes. I often say it takes a root canal to extract us from the operations of our clients just because of exactly what we're talking about here. And that's also -- we see it even with the mid-market clients that are a growing portion here as well because we're helping them expand internationally, and that stickiness comes through. And the LCR of 120% is a very high-quality LCR ratio.

是的。我經常說，正是因為我們在這裡談論的內容，才需要根管才能將我們從客戶的運營中解救出來。這也是——我們甚至看到這裡的中端市場客戶也越來越多，因為我們正在幫助他們進行國際擴張，並且這種粘性得以實現。而120%的LCR是非常優質的LCR比例。

Thank you. There are no further questions at this time. I will turn the call back over to Jen Landis for closing remarks.

謝謝。目前沒有其他問題。我將把電話轉回 Jen Landis 以作結束語。

Thank you, everyone, for joining us today. If you have any follow-up questions, please reach out to IR. Thank you.

謝謝大家今天加入我們。如果您有任何後續問題，請聯繫 IR。謝謝。

Thank you, ladies and gentlemen. This concludes the Citi First Quarter 2023 Earnings Review Call. You may disconnect at any time.

謝謝你們，女士們，先生們。花旗 2023 年第一季度收益審查電話會議到此結束。您可以隨時斷開連接。