花旗銀行 (C) 2023 Q3 法說會逐字稿

Hello, and welcome to Citi's Third Quarter 2023 Earnings Call. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

您好，歡迎參加花旗 2023 年第三季財報電話會議。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。我們要求您保留所有問題，直到正式發言完成，屆時您將收到有關問答環節的指示。另外，提醒一下，今天的電話會議是錄音的。如果您有任何異議，請此時斷開連接。蘭迪斯女士，您可以開始了。

Thank you, Jen, and good morning to everyone. I should touch briefly on the macro environment before reviewing the quarter and last month's organizational announcement. The global macro backdrop remains the story of desynchronization. In the U.S., recent data implies a soft landing, but history would suggest otherwise, and we are seeing some cracks in the lower FICO consumers.

謝謝你，Jen，祝大家早安。在回顧本季和上個月的組織公告之前，我應該先簡單談談宏觀環境。全球宏觀背景仍然是不同步的故事。在美國，最近的數據意味著軟著陸，但歷史表明事實並非如此，而且我們看到 FICO 較低的消費者出現了一些裂痕。

In the euro area and the U.K., the picture has turned distinctly more negative. The summer weakness in industrial economies is spreading south and the weight of structurally higher labor and energy costs suggests a more enduring competitiveness challenge for that region. China's economy may have reached a cyclical bottom, supported by the government's modest stimulus efforts, but it still has to work through week sentiment, use unemployment and the pain in its property market. All of these macro dynamics have clearly impacted client sentiment.

在歐元區和英國，情況明顯變得更加消極。夏季工業經濟的疲軟正在向南蔓延，結構性上漲的勞動力和能源成本表明該地區面臨更持久的競爭力挑戰。在政府適度刺激措施的支持下，中國經濟可能已經觸底，但仍需克服疲軟的情緒、利用失業和房地產市場的痛苦。所有這些宏觀動態都明顯影響了客戶情緒。

September is always a busy month being clients, and I'm struck how consistently CEOs are less optimistic about 2024 than a few months ago. The shift in the rate question from how high to how long has catalyzed more client activity, however, corporates have stopped waiting for rates to come down and are beginning to access the debt capital markets around the globe. Our multinational clients are adapting their operations to the evolving geopolitical landscape and are building redundancy and resiliency. And this plays to our strengths and strategy, in particular, our invaluable global network. And between our high-quality asset portfolio, our strong reserve levels are ample liquidity and our diversified earnings base, we are proving to our clients that we are truly a bank for all seasons.

身為客戶，9 月總是忙碌的一個月，令我驚訝的是，執行長們對 2024 年的態度始終不如幾個月前那麼樂觀。利率問題從多高轉向多長時間引發了更多的客戶活動，然而，企業不再等待利率下降，而是開始進入全球債務資本市場。我們的跨國客戶正在調整其營運以適應不斷變化的地緣政治格局，並建立冗餘和彈性。這發揮了我們的優勢和策略，特別是我們寶貴的全球網絡。在我們高品質的資產組合、強勁的準備金水平、充足的流動性和多元化的盈利基礎之間，我們正在向客戶證明，我們是一家真正的四季皆宜的銀行。

Turning to the quarter. Today, we reported net income of $3.5 billion and EPS of $1.63 and an RoTCE of 7.7%. Our revenues were up 10% ex divestitures, and each of our 5 core interconnected businesses posted revenue growth. We remain on track to meet the revenue and expense guidance we set for the year.

轉向季度。今天，我們報告淨利潤為 35 億美元，每股收益為 1.63 美元，RoTCE 為 7.7%。剝離資產後，我們的收入成長了 10%，我們的 5 項核心互聯業務均實現了收入成長。我們仍有望實現今年設定的收入和支出指導。

Let's start with our fastest-growing business, services. TTS was up 12% from a year ago. That's the highest revenue quarter in over a decade, and it continues to outpace the target we set at Investor Day. Half of that growth was, business drivers, and the other half, rates. And even with the impact of the long expected Argentine devaluation, we again drove fee growth, which is the best sign of the potential of our globally leading franchise.

讓我們從我們成長最快的業務—服務開始。 TTS 比一年前成長了 12%。這是十多年來收入最高的季度，並且繼續超過我們在投資者日設定的目標。成長的一半是業務驅動因素，另一半是利率。即使受到長期預期的阿根廷貨幣貶值的影響，我們仍再次推動費用成長，這是我們全球領先特許經營潛力的最佳跡象。

We keep relentlessly innovating for our clients. Amongst other launches this quarter, we announced the creation of Citi Token Services, which will use distributed ledger and smart contract technologies to deliver a digital asset solution for our TTS clients. And this is the first for the industry as it allows us to seamlessly integrate a permission tokenized bank deposit network with traditional cash services such as 24/7 dollar clearing.

我們為客戶不斷創新。在本季推出的其他產品中，我們宣布創建 Citi Token Services，該服務將使用分散式帳本和智慧合約技術為我們的 TTS 客戶提供數位資產解決方案。這是業界首創，因為它使我們能夠將許可代幣化銀行存款網路與傳統現金服務（例如 24/7 美元清算）無縫整合。

Security Services had revenue growth of 16% with some good underlying fee growth. We took share again, and we have grown our AUC and AUA by over $2 trillion in the last year. This business has considerable momentum and a strong pipeline of clients who are benefiting from the cloud and data investments we're making.

安全服務收入成長 16%，基本費用成長良好。我們再次佔據了份額，去年我們的 AUC 和 AUA 增長了超過 2 兆美元。這項業務發展勢頭強勁，擁有大量客戶，他們正從我們正在進行的雲端和數據投資中受益。

Markets was up 10% year-over-year on the back of rates and currencies having the best third quarter in 10 years and commodities, which also grew nicely. This was partially offset by equities, which was down slightly. Despite this, we continue to see good momentum in cash, and we have grown our prime balances year-to-date.

由於第三季利率和貨幣表現為十年來最好，大宗商品也成長良好，市場年增 10%。這被股市小幅下跌部分抵消。儘管如此，我們仍然看到現金的良好勢頭，並且今年迄今我們的主要餘額有所增長。

Banking had a good quarter with revenues up 17% with activity playing to our mix. Now while corporate lending was essentially flat as we remain very disciplined about how we use our balance sheet, DCM was healthier. And the IPO market also showed some signs of life. This helped drive investment banking revenue up 34%, albeit of a low base and a small wallet. Sitting here today, it remains hard to predict when deal activity will sustainably rebound. Still, I'm proud of our role advising on some of the biggest deals globally so far this year.

銀行業季度表現良好，收入增長了 17%，這對我們的業務組合起到了積極作用。現在，雖然企業貸款基本上持平，因為我們對如何使用資產負債表仍然非常嚴格，但 DCM 更健康。 IPO市場也顯示出一些生機跡象。儘管基數較低且資金規模較小，但這有助於推動投資銀行業務收入成長 34%。今天坐在這裡，仍然很難預測交易活動何時會持續反彈。儘管如此，我還是對我們今年迄今為止為全球一些最大的交易提供諮詢的角色感到自豪。

As you know, we're committed to growing our banking franchise. We brought together the management of the investments, corporate and commercial banks under one umbrella. And this structure will help us better drive the important synergies between all 3. We've been bringing in new talent in key sectors, and we've begun to provide more leverage finance for key clients in the right situation.

如您所知，我們致力於發展我們的銀行業務。我們將投資銀行、企業銀行和商業銀行的管理集中在一個框架內。這種結構將幫助我們更好地推動這三個領域之間的重要協同作用。我們一直在關鍵領域引進新人才，並開始在適當的情況下為關鍵客戶提供更多槓桿融資。

U.S. Personal Banking was also up double digits at 13%. Cards revenues were strong in both our branded and Retail Services portfolios. The growth in spending is decelerating and the consumer is more mindful what they spend on. Indeed, the affluent, who still have excess savings at their disposal drove the growth in spending with a continued tilt to travel and entertainment.

美國個人銀行業務也實現了兩位數成長，達到 13%。我們的品牌和零售服務組合中的卡片收入都很強勁。支出成長正在放緩，消費者更加關注自己的支出。事實上，仍然擁有過剩儲蓄的富人推動了支出的成長，並持續向旅行和娛樂傾斜。

During the quarter, we introduced Simplified Banking to improve the client experience for our retail banking clients. We believe that by peering offerings and simplifying our fee structure, we're going to incentivize our clients to deepen their relationships with us. And the early reaction from clients along those lines has been very positive.

本季度，我們推出了簡化銀行業務，以改善零售銀行客戶的客戶體驗。我們相信，透過對等產品和簡化我們的費用結構，我們將激勵我們的客戶加深與我們的關係。客戶的早期反應非常積極。

Wealth revenues have stabilized and were up slightly. Most notably, investment revenues picked up across our geographies. And the drivers of the franchise, such as referrals, client acquisition and net new inflows were all quite strong around the world. And we won important new mandates for wealth at work, an offering we had highlighted at Investor Day.

財富收入穩定並小幅成長。最值得注意的是，我們各個地區的投資收入都有所增加。特許經營的驅動因素，例如推薦、客戶獲取和淨新流入量在全球範圍內都相當強勁。我們贏得了工作財富的重要新授權，這是我們在投資者日強調的服務。

Andy Sieg has now officially joined our firm. This is a time of massive global wealth creation, and our franchise is uniquely positioned for it. Andy will ensure we're at the forefront of what's happening around the world.

安迪·西格 (Andy Sieg) 現已正式加入我們公司。這是一個全球財富創造巨大的時代，我們的特許經營權為此擁有獨特的定位。安迪將確保我們處於世界各地正在發生的事情的最前沿。

In terms of our balance sheet, our discipline of growing operating deposits has enabled us to maintain a stable deposit base over the past 5 years. We grew loans during the quarter and our credit quality remains extremely strong, aided by our disciplined client selection.

就我們的資產負債表而言，我們不斷增長經營存款的紀律使我們能夠在過去五年中保持穩定的存款基礎。我們在本季度增加了貸款，在我們嚴格的客戶選擇的幫助下，我們的信貸品質仍然非常強勁。

Our CET1 ratio grew to 13.5% and which is $14 billion above our regulatory minimum and still includes a 100 bps internal management buffer. During the quarter, we returned $1.5 billion to our shareholders through common dividends and stock buybacks. We continue to evaluate buyback quarter-by-quarter, and I expect we will continue to do a modest level in the fourth quarter, subject to approval by our Board. And while the ultimate impact of potentially higher capital requirements won't be known until the Basel III Endgame is finalized. We have been actively working through mitigating actions.

我們的 CET1 比率成長至 13.5%，比我們的最低監管水準高出 140 億美元，並且仍包括 100 個基點的內部管理緩衝。本季度，我們透過普通股利和股票回購向股東返還 15 億美元。我們將繼續按季度評估回購情況，我預計我們將在第四季度繼續進行適度的回購，但須經董事會批准。儘管潛在更高的資本要求的最終影響要等到巴塞爾協議III最終確定後才能得知。我們一直在積極採取緩解措施。

As you can see on Slide 3, we are relentless in executing our strategy. This quarter, we closed on the sale of our Taiwan consumer business, and that's the second largest of the Asia consumer divestitures. And earlier this week, we announced that we will sell our consumer wealth portfolio in China to HSBC, and this includes approximately $2.6 billion in assets under management and $1 billion of deposits.

正如您在幻燈片 3 中看到的，我們堅持不懈地執行我們的策略。本季度，我們完成了台灣消費者業務的出售，這是亞洲第二大消費者業務剝離。本週早些時候，我們宣布將把我們在中國的消費者財富投資組合出售給匯豐銀行，其中包括約 26 億美元的管理資產和 10 億美元的存款。

In the fourth quarter, we expect to close on the sale of our Indonesia consumer business. In terms of the international consumer businesses, we're exiting. In addition to the 3 wind down Markets, we've restarted the sales process in Poland, and we remain on track to separate Mexico next year, followed by an IPO in 2025.

在第四季度，我們預計將完成印尼消費者業務的出售。就國際消費業務而言，我們正在退出。除了 3 個逐步結束的市場外，我們還重新啟動了波蘭的銷售流程，我們仍有望在明年分離墨西哥，然後在 2025 年進行 IPO。

Transformation remains our #1 priority. We're deep into the large body of work of automating manual controls and processes, consolidating fragmented tech platforms and upgrading our data architecture. We're committed to doing this the right way. Knowing it will take time to meet our regulators' expectations and to deliver a modern, more efficient infrastructure.

轉型仍然是我們的第一要務。我們正在深入進行自動化手動控制和流程、整合分散的技術平台以及升級資料架構等大量工作。我們致力於以正確的方式做到這一點。我們知道滿足監管機構的期望並提供現代化、更有效率的基礎設施需要時間。

Last month, we announced consequential changes that align our organizational structure with our strategy and changes how we run the bank. I said at the Investor Day, the organizational simplification would follow the divestitures. The changes will eliminate layers, duplication and complexity allowing us to operate the bank more agilely and freeing our people up to focus on clients and execution.

上個月，我們宣布了相應的變革，使我們的組織結構與我們的策略保持一致，並改變了我們經營銀行的方式。我在投資者日說過，剝離之後將進行組織簡化。這些變化將消除層級、重複性和複雜性，使我們能夠更靈活地經營銀行，並讓我們的員工專注於客戶和執行。

Elevating the 5 core businesses to my leadership team will enable me to drive breakthrough accountability and sustainable results. So to bring it to life. The actions we've taken in the last 4 weeks will eliminate over 15% of the regional and functional roles at the top 2 layers of the company. It also take out 60 committees, which frees up over tens of thousands of people hours annually. We've identified approximately 1,000 or 50% of our internal financial management reports that we won't need any longer.

將 5 項核心業務提升至我的領導團隊將使我能夠推動突破性的責任和可持續的成果。所以要把它帶入生活。我們在過去 4 週內採取的行動將消除公司頂層 2 層超過 15% 的區域和職能角色。它還取消了 60 個委員會，每年節省了數萬人的時間。我們已確定約 1,000 份或 50% 的內部財務管理報告不再需要。

And we have taken up co-heads and dual reporting lines to enable faster decision-making. We're cascading these changes through the organization at pace. We announced the first 2 layers in September, and the next set of changes will be implemented by mid-November, and we aim to bring the entire process to a close by early next year.

我們也設立了聯席主管和雙重匯報線，以加速決策速度。我們正在整個組織內快速實施這些變革。我們在 9 月宣布了前 2 層，下一組變更將在 11 月中旬實施，我們的目標是在明年初完成整個流程。

When we speak in January, Mark and I will be in a position to update you on the financial and other metrics showing the impact of the simplification amongst other details. Now while expenses is not the primary driver of the organizational changes, they will help us start bending the expense curve in the fourth quarter of next year. And at the end of the work, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders. We've made tough decisions here. And I want to note how pleased I've been with how the leaders of the firm, especially the next generation, have embraced these changes and are stepping up to implement them. They fully understand that we need to change how we run Citi in order to truly transform it once and for all.

當我們在一月份講話時，馬克和我將能夠向您介紹財務和其他指標的最新情況，這些指標顯示簡化以及其他細節的影響。現在，雖然費用不是組織變革的主要驅動力，但它們將幫助我們在明年第四季開始扭轉費用曲線。工作結束後，我們將擁有一家更簡單的公司，能夠更快地運作、更好地服務我們的客戶並為我們的股東釋放價值。我們在這裡做出了艱難的決定。我想指出的是，我對公司領導者（尤其是下一代領導者）接受這些變革並加緊實施這些變革感到非常高興。他們完全明白，我們需要改變花旗的營運方式，才能真正實現一勞永逸的轉變。

Before I close, I'd like to address our people in Israel. We are a significant bank in the country, and many of our people have lost friends and loved ones. Others are being called up to serve. Despite all they're dealing with, they are keeping our bank running in the country. And I'm, frankly, in awe of their commitment to our clients and each other.

在結束之前，我想向以色列人民發表演說。我們是全國一家重要的銀行，我們的許多人失去了朋友和親人。其他人正在被徵召服役。儘管他們正在處理這些問題，但他們仍然讓我們的銀行在該國保持運作。坦白說，我對他們對客戶和彼此的承諾感到敬畏。

More broadly, the price innocent civilians are paying as this crisis unfolds, is absolutely devastating to witness. And with that, I would like to turn it over to Mark, and then we will be delighted as always to take your questions.

更廣泛地說，隨著這場危機的展開，無辜平民所付出的代價絕對是毀滅性的。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您的問題。

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 third quarter, unless I indicate otherwise, and then spend a little more time on the businesses.

謝謝，簡，大家早安。除非我另有說明，我將從公司範圍內的財務表現開始，並專注於第三季度的同比比較，然後花更多的時間討論業務。

On Slide 4, we show financial results for the full firm. In the third quarter, we reported net income of approximately $3.5 billion, EPS of $1.63 and an RoTCE of 7.7% on $20.1 billion of revenues. Embedded in these results are divestiture-related impacts of approximately $214 million after tax, primarily driven by the Taiwan consumer business sale. Excluding these items, EPS was $1.52 and with an RoTCE of 7.2%.

在投影片 4 上，我們展示了整個公司的財務表現。第三季度，我們的淨利潤約為 35 億美元，每股收益為 1.63 美元，RoTCE 為 7.7%，營收為 201 億美元。這些業績包含約 2.14 億美元的稅後資產剝離相關影響，主要是由台灣消費者業務出售所推動的。排除這些項目，每股收益為 1.52 美元，RoTCE 為 7.2%。

In the quarter, total revenues increased by 9% on a reported basis and 10% excluding divestiture-related impacts, driven by strength across services, cards, and markets as well as modest growth in banking, partially offset by the revenue reduction from the closed exits and wind downs.

本季度，在服務、銀行卡和市場實力以及銀行業溫和增長的推動下，總收入按報告計算增長了9%，不包括資產剝離相關影響則增長了10%，但部分被截至收盤時收入減少所抵消。退出和放鬆。

Our results include expenses of $13.5 billion, up 6% on a reported basis and $13.4 billion, excluding divestiture-related costs, also up 6%. Cost of credit was approximately $1.8 billion, up 35% and primarily driven by the continued normalization in card net credit losses and volume growth. At the end of the quarter, we had over $20 billion in total reserves with a reserve to funded loan ratio of approximately 2.7%. And year-to-date, we reported an RoTCE of 8.3%.

我們的業績包括 135 億美元的支出，以報告計算成長 6%，不包括資產剝離相關成本的 134 億美元也成長 6%。信貸成本約為 18 億美元，成長 35%，主要是由於信用卡淨信貸損失和交易量成長持續正常化所致。截至本季末，我們的準備金總額超過 200 億美元，準備金與融資貸款的比率約為 2.7%。今年迄今為止，我們報告的 RoTCE 為 8.3%。

On Slide 5, we show expense drivers for the third quarter as well as our key investment themes. Expenses were up 6% and our level of expenses continue to be driven by a number of factors, including investments in transformation as well as risk and controls, business-led and enterprise-led investments, macro factors, including inflation and FX, severance, which was approximately $190 million in the quarter and roughly $640 million on a year-to-date basis. This included actions across banking, markets, wealth and the functions. And all of this was partially offset by productivity savings and expense reductions from the closed exits and wind downs. And our technology spend across the firm was $3 billion in the quarter, up 8% and largely driven by investments in product development, platform enhancements and improving the client experience.

在投影片 5 上，我們展示了第三季的費用驅動因素以及我們的關鍵投資主題。費用成長了 6%，我們的費用水準繼續受到多種因素的推動，包括轉型投資以及風險和控制、業務主導和企業主導的投資、宏觀因素，包括通貨膨脹和外匯、遣散費、本季約為1.9 億美元，年初至今約6.4 億美元。這包括跨銀行、市場、財富和功能的行動。所有這一切都被關閉退出和關閉帶來的生產力節省和費用減少所部分抵消。本季我們整個公司的技術支出為 30 億美元，成長了 8%，這主要是由產品開發、平台增強和改善客戶體驗方面的投資所推動的。

Also driving the increase is continued investment in technology for the transformation as we address the consent orders and modernize the firm. As we said last quarter, our transformation and technology investments span the following themes: platform and process simplification, security and infrastructure modernization, client experience enhancements, and data improvements. And we remain in line with our full year guidance of roughly $54 billion, excluding divestiture-related impacts, and the FDIC special assessment.

隨著我們處理同意令並實現公司現代化，對轉型技術的持續投資也推動了這一成長。正如我們上季度所說，我們的轉型和技術投資涵蓋以下主題：平台和流程簡化、安全和基礎設施現代化、客戶體驗增強以及資料改進。我們仍維持約 540 億美元的全年指引，不包括資產剝離相關影響和 FDIC 特別評估。

On Slide 6, we show net interest income, deposits and loans, where I'll speak to sequential variances. In the third quarter, net interest income decreased by $72 million. Excluding Markets, net interest income increased $332 million, primarily driven by growth in PBWM, as we continue to see loan growth and higher loan spreads. A pickup in services, driven by higher deposit spreads as a result of higher interest rates and active beta management, partially offset by reductions from closed exits and wind downs.

在投影片 6 上，我們顯示了淨利息收入、存款和貸款，我將在其中討論連續變異數。第三季淨利息收入減少了7,200萬美元。不包括市場在內，淨利息收入增加了 3.32 億美元，主要是由於 PBWM 的成長推動的，因為我們繼續看到貸款成長和貸款利差上升。由於利率上升和積極的貝塔管理導致存款利差上升，服務業有所回升，但部分被關閉退出和關閉帶來的減少所抵消。

Average loans were up 1%, largely driven by growth in U.S. Personal Banking across cards and retail banking as well as TTS. Average deposits were down 2%, and largely driven by services, as we saw nonoperational deposit outflows as expected in light of quantitative tightening, and our net interest margin increased 1 basis point.

平均貸款成長 1%，主要受到美國個人銀行卡、零售銀行以及 TTS 業務成長的推動。平均存款下降 2%，主要由服務業推動，因為數量緊縮導致非經營性存款符合預期流出，淨利差增加 1 個基點。

On Slide 7, we show key consumer and corporate credit metrics. We are well reserved for the current environment with over $20 billion of total reserves. Our reserves to funded loan ratio is nearly 2.7% and within that, U.S. cards is 7.8%. In PBWM, 45% of our loans are in U.S. cards and of that exposure, 80% is to customers with FICO scores of 680 or higher. And both branded cards and Retail Services NCL rates are still below pre-COVID levels, but are normalizing in line with our expectations. The remaining 55% of our PBWM loan are largely in wealth, predominantly in mortgages and margin lending.

在投影片 7 上，我們展示了關鍵的消費者和企業信用指標。我們為當前環境做好了充足的儲備，總儲備超過 200 億美元。我們的準備金與融資貸款的比率接近 2.7%，其中美國信用卡的比率為 7.8%。在 PBWM 中，我們 45% 的貸款是透過美國銀行卡發放的，其中 80% 發放給 FICO 分數為 680 或更高的客戶。品牌卡和零售服務 NCL 費率仍低於新冠疫情前的水平，但正在正常化，符合我們的預期。我們剩餘 55% 的 PBWM 貸款主要用於財富領域，主要用於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 subsidiaries. Corporate nonaccrual loans increased by $490 million but remained low at 68 basis points of total corporate loans. And we ended the quarter with a reserve to funded loan ratio of approximately 1%. As you can see on the page, we break out our commercial real estate lending exposures across ICG and PBWM, which totals approximately $65 billion, of which 86% is investment grade with a total reserve to funded loan ratio of 1.4%.

在我們的 ICG 投資組合中，大約 85% 是投資等級。在國際風險敞口中，約 90% 是投資等級或跨國客戶或其子公司的風險敞口。企業非應計貸款增加了 4.9 億美元，但仍處於企業貸款總額 68 個基點的低點。本季結束時，我們的準備金與融資貸款的比率約為 1%。正如您在頁面上看到的，我們細分了 ICG 和 PBWM 的商業房地產貸款風險，總額約為 650 億美元，其中 86% 為投資級，總準備金與融資貸款的比率為 1.4%。

To give you a sense of the macro scenario that underpin our over $20 billion of reserves. Our current scenario weighted average unemployment rate is approximately 5%, which includes a downside scenario with an average unemployment rate of roughly 7%. 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.

讓您了解支撐我們超過 200 億美元儲備的宏觀情景。我們目前情境下的加權平均失業率約為 5%，其中包括平均失業率約為 7% 的下行情境。因此，儘管宏觀和地緣政治環境仍存在不確定性，但我們對資產品質、風險敞口和準備金水準感到非常滿意，並且我們在一系列情境下不斷審查和施壓投資組合。

On Slide 8, we show our summary balance sheet and key capital and liquidity metrics. We maintain a very strong $2.4 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 reflects our strategy and well-diversified business model.

在投影片 8 上，我們展示了資產負債表摘要以及關鍵資本和流動性指標。我們維持著非常強勁的 2.4 兆美元資產負債表，部分資金來自跨地區、行業、客戶和帳戶類型的 1.3 兆美元多元化存款基礎，這些存款被部署到高品質、多元化的資產中。我們的資產負債表反映了我們的策略和多元化的業務模式。

We leverage our unique assets and capabilities to serve corporates, financial institutions, investors and individuals with global needs. The majority of our deposits, $782 billion are institutional and operational in nature and span across 90 countries. These institutional deposits are complemented by $416 billion of U.S. Personal Banking and global wealth deposits. We have approximately $569 billion of HQLA and approximately $666 billion of loans, and we maintained total liquidity resources of $937 billion.

我們利用我們獨特的資產和能力為有全球需求的企業、金融機構、投資者和個人提供服務。我們的存款大部分（7,820 億美元）屬於機構性和營運性存款，分佈在 90 個國家。這些機構存款還有 4,160 億美元的美國個人銀行業務和全球財富存款作為補充。我們擁有約 5,690 億美元的 HQLA 和約 6,660 億美元的貸款，流動性資源總額為 9,370 億美元。

Our LCR was 117%. We ended the quarter with a 13.5% CET1 ratio based on standardized RWA, which is our binding constraint. Although not binding, our advanced RWA did increase this quarter, largely driven by business activity. And our tangible book value per share was $86.90, up 8% from a year ago.

我們的 LCR 為 117%。根據標準化 RWA，我們在本季末的 CET1 比率為 13.5%，這是我們的限制條件。儘管不具有約束力，但我們的高級 RWA 在本季度確實有所增加，這主要是由業務活動推動的。我們每股有形帳面價值為 86.90 美元，比去年同期成長 8%。

On Slide 9, we show a sequential CET1 walk to provide more details on the drivers this quarter. Starting from the end of the second quarter. First, we generated $3.2 billion of net income to common, which added 28 basis points. Second, we returned $1.5 billion in the form of common dividends and share repurchases, which drove a reduction of about 13 basis points. And finally, the remaining 2 basis point increase was primarily driven by lower DTA deductions and a net reduction in RWA. We ended the quarter with a 13.5% CET1 capital ratio, approximately 120 basis points or $14 billion above our current regulatory capital requirement of 12.3% as of October 1.

在幻燈片 9 上，我們展示了連續的 CET1 步行，以提供有關本季度驅動程式的更多詳細資訊。從第二季末開始。首先，我們為 Common 創造了 32 億美元的淨利潤，增加了 28 個基點。其次，我們以普通股利和股票回購的形式返還了 15 億美元，這導致股價下跌約 13 個基點。最後，剩餘的 2 個基點成長主要是由於 DTA 扣除額減少和 RWA 淨減少所致。本季結束時，我們的 CET1 資本比率為 13.5%，比截至 10 月 1 日我們目前的監管資本要求 12.3% 高出約 120 個基點，即 140 億美元。

Before we move on, I'd like to spend a minute on capital. We continue to optimize our RWA and capital, which we expect to be a tailwind over time. Contributing to this is the execution of our strategy, such as further diversifying our business mix and simplifying our business model, including exiting our 14 international consumer markets. Our investments in the transformation will continue to enhance our data, analytics and stress testing capabilities, enabling continued capital optimization. And of course, in light of the evolving regulatory environment, we're also looking at other mitigating actions, but those will largely depend on how the final capital rules play out. These actions could include exiting or restructuring certain products, divesting certain equity investments and reevaluating both how we deploy capital and our management buffer.

在我們繼續之前，我想花一點時間談談資本。我們繼續優化我們的 RWA 和資本，我們預計隨著時間的推移，這將成為一種推動力。對此做出貢獻的是我們策略的執行，例如進一步多元化我們的業務組合併簡化我們的業務模式，包括退出我們的 14 個國際消費市場。我們對轉型的投資將繼續增強我們的數據、分析和壓力測試能力，從而實現持續的資本優化。當然，鑑於不斷變化的監管環境，我們也在考慮其他緩解措施，但這在很大程度上取決於最終資本規則的實施。這些行動可能包括退出或重組某些產品、剝離某些股權投資、重新評估我們如何部署資本和管理緩衝。

We consistently demonstrated our ability to manage our RWA and capital levels. through various macro environments and the evolving regulatory landscape, and we'll continue to do so.

我們始終如一地證明了我們管理 RWA 和資本水準的能力。透過各種宏觀環境和不斷變化的監管環境，我們將繼續這樣做。

On Slide 10, we show the results for our Institutional Clients Group for the third quarter. Revenues were up 12% this quarter, driven by double-digit growth across services, markets and banking. In the quarter, normal course foreign currency translation impacts drove a net revenue headwind in ICG. On an ex FX basis, ICG revenues would have been up 15%. Additionally, there was an approximately $180 million negative impact from the currency devaluation in Argentina on our net investment in the country, mainly across TTS, Markets and Security Services.

在投影片 10 上，我們展示了機構客戶組第三季的業績。在服務、市場和銀行業務兩位數成長的推動下，本季營收成長了 12%。本季度，正常情況下的外幣換算影響推動了 ICG 的淨收入逆風。若以匯率計算，ICG 收入將成長 15%。此外，阿根廷貨幣貶值對我們在該國的淨投資產生了約 1.8 億美元的負面影響，主要涉及 TTS、市場和安全服務。

Expenses increased 10%, primarily driven by continued investments in risk and controls and volume-related expenses partially offset by productivity saves. Cost of credit was $196 million, including $51 million of net credit loss. This resulted in net income of approximately $2.4 billion up 12%, driven by higher revenues, partially offset by higher expenses and higher cost of credit.

費用增加了 10%，主要是由於對風險和控制的持續投資以及與產量相關的費用，部分被生產力節省所抵消。信貸成本為 1.96 億美元，其中包括 5,100 萬美元的淨信貸損失。由於收入增加，淨利潤增加約 24 億美元，成長 12%，但部分被費用增加和信貸成本增加所抵消。

Average loans were down 4% and as we were very deliberate about how we deployed resources across the businesses, including the reduction in subscription credit facility. Average deposits were flat as new client acquisition and deepening of relationships with existing clients were offset by nonoperational deposit outflows. ICG delivered an ROTCE up 10% for the quarter and 11% year-to-date.

平均貸款下降了 4%，因為我們非常慎重地考慮如何在各個業務中部署資源，包括減少訂閱信貸額度。由於新客戶的取得和與現有客戶關係的深化被非經營性存款流出所抵消，平均存款持平。 ICG 本季的 ROTCE 成長了 10%，年初至今成長了 11%。

On Slide 11, we show revenue performance by business and the key drivers we laid out at Investor Day. In Treasury and Trade Solutions, we recorded our highest revenue quarter in the last decade. Revenues were up 12%, driven by 17% growth in net interest income. Noninterest revenues were up 1%, and on an ex FX basis, noninterest revenues would have been up 8%.

在投影片 11 中，我們按業務展示了收入表現以及我們在投資者日列出的關鍵驅動因素。在資金和貿易解決方案方面，我們創下了過去十年來最高的收入季度。在淨利息收入成長 17% 的推動下，營收成長了 12%。非利息收入成長 1%，以外匯計算，非利息收入將成長 8%。

We continue to see healthy underlying drivers in TTS that indicate consistently strong client activity with cross-border flows up 16%, outpacing global GDP growth and year-to-date, cross-border flows were up 12%. U.S. dollar clearing volumes are up 6% both year-over-year in the quarter and year-to-date. And commercial card volumes were up 8% year-over-year driven by growth in business-to-business payments and travel and entertainment spend. And year-to-date, commercial card volumes were up 20%.

我們繼續看到 TTS 健康的潛在驅動因素，顯示客戶活動持續強勁，跨境流量成長 16%，超過全球 GDP 成長，今年迄今為止，跨境流量成長 12%。本季和年初至今的美元清算量均較去年同期成長 6%。在企業對企業支付以及旅遊和娛樂支出成長的推動下，商務卡數量較去年同期成長 8%。今年迄今為止，商務卡數量增加了 20%。

In fact, similar to the last few quarters, client wins are up approximately 40% across all client segments. These include marquee mandates, where we are serving as the client's primary operating bank. We continue to make good progress on our commercial client strategy. As year-to-date wins more than doubled, driven by expansion into new markets and growth in multiproduct mandates from clients with cross-border needs.

事實上，與過去幾季類似，所有客戶群的客戶贏得量增加了約 40%。其中包括大型委託，我們作為客戶的主要營運銀行。我們的商業客戶策略持續取得良好進展。在新市場擴張和具有跨境需求的客戶多產品訂單成長的推動下，今年迄今的勝利數量增加了一倍多。

In Securities Services, revenues were up 16% and driven by higher net interest income across currencies. Noninterest revenues were up 3%. We're very pleased with the progress we're seeing in Security Services as we continue to onboard assets under custody and administration which are up approximately 10% or $2.1 trillion. Markets revenues were up 10%, driven by fixed income. Fixed income revenues were up 14% and largely driven by strength in our rates and currency franchise. While volatility remains subdued versus a year ago, we did see overall volatility tick higher relative to the beginning of the quarter. Equities revenues were down 3%, driven by a decline in equity derivatives, partially offset by growth in cash and prime. And we continue to make solid progress on our revenue to RWA target.

在證券服務方面，受各貨幣淨利息收入增加的推動，收入增加了 16%。非利息收入成長 3%。我們對安全服務所取得的進展感到非常滿意，因為我們繼續託管和管理資產，這些資產增加了約 10%（即 2.1 兆美元）。在固定收益的推動下，市場收入成長了 10%。固定收益收入成長了 14%，這主要是由我們的利率和貨幣特許經營實力推動的。儘管波動性與一年前相比仍然較低，但我們確實看到整體波動性相對本季初有所上升。受股票衍生性商品下降的推動，股票收入下降 3%，但部分被現金和優質產品的成長所抵消。我們繼續在實現 RWA 目標的收入方面取得紮實進展。

And finally, banking revenues. Excluding gains and losses on loan hedges were up 17%, driven by investment banking, which increased 34% on a reported basis and 12% excluding marks. Here, too, we saw a pickup in activity in the last couple of weeks of the quarter, particularly in DCM, but also in M&A as we closed a few deals earlier than expected. So overall, while the market environment remains challenging, and there's more work to be done, we're making solid progress against our strategy in these businesses.

最後是銀行收入。在投資銀行業務的推動下，不計貸款對沖收益和損失增長了 17%，按報告計算增長了 34%，不計分數增長了 12%。在本季度的最後幾週，我們也看到活動有所回升，特別是在 DCM 領域，而且在併購領域也有所回升，因為我們比預期提前完成了一些交易。因此，總體而言，雖然市場環境仍然充滿挑戰，並且還有更多工作要做，但我們在這些業務的策略方面正在取得紮實的進展。

Now turning to Slide 12. We show the results for our Personal Banking and Wealth Management business. Revenues were up 10%, driven by net interest income growth of 9% and a 20% increase in noninterest revenue, primarily due to lower partner payments in Retail Services and higher investment product revenues in wealth. Expenses were up 5%, predominantly driven by risk and control investments and severance, partially offset by productivity savings. Cost of credit was $1.5 billion, driven by higher net credit losses as we continue to see normalization in our card portfolios.

現在轉向投影片 12。我們展示了個人銀行和財富管理業務的結果。在淨利息收入成長 9% 和非利息收入成長 20% 的推動下，收入成長了 10%，這主要是由於零售服務領域的合作夥伴付款減少以及財富領域的投資產品收入增加。費用增加了 5%，主要是由風險和控制投資以及遣散費推動的，但部分被生產力節省所抵消。信貸成本為 15 億美元，這是由於我們的信用卡投資組合繼續正常化，導致淨信貸損失增加。

Average loans increased 7% driven by cards, mortgages and installment lending. Average deposits decreased 2%, largely reflecting our clients putting cash to work in investments on our platform. And PBWM delivered an RoTCE of 8.8% and 6.6% on a year-to-date basis.

在信用卡、抵押貸款和分期貸款的推動下，平均貸款增加了 7%。平均存款下降 2%，主要反映了我們的客戶將現金用於我們平台上的投資。 PBWM 年初至今的 RoTCE 分別為 8.8% 及 6.6%。

On Slide 13, we show PBWM revenues by product as well as key business drivers and metrics. This quarter was our fifth consecutive quarter of double-digit growth in Personal Banking, driven by cards. Branded cards revenues were up 12%, primarily driven by higher net interest income. We continue to see strong underlying drivers with new account acquisitions up 5%, card spend volumes up 4% and average loans up 12%.

在投影片 13 上，我們按產品顯示了 PBWM 收入以及關鍵業務驅動因素和指標。在卡片的推動下，本季是我們個人銀行業務連續第五個季度實現兩位數成長。品牌卡收入成長 12%，主要是由於淨利息收入增加。我們繼續看到強勁的潛在驅動力，新帳戶獲取量成長 5%，信用卡支出增加 4%，平均貸款成長 12%。

Retail Services revenues were up 21% and driven by higher net interest income and lower partner payments on the heels of higher net credit losses. In the card portfolio, we continue to see the investments we've been making as well as lower payment rates contribute to growth in interest-earning balances of 15% in branded cards and 12% in Retail Services.

零售服務收入增加了 21%，這得益於淨利息收入的增加以及淨信貸損失增加後合作夥伴付款的減少。在卡片產品組合中，我們繼續看到我們一直在進行的投資以及較低的支付率有助於品牌卡的生息餘額增長 15%，零售服務的生息餘額增長 12%。

Retail banking revenues decreased 3%, driven by the transfer of relationships and the associated deposits to our wealth business, partially offset by higher deposit spreads. Wealth revenues were up 2% and driven by higher investment fees across all regions and segments. The benefit from relationships transferred from retail banking and higher lending revenue. We also saw strong net new inflows across all regions. And year-to-date, new client acquisitions were up almost 30% in the private bank and over 60% in wealth at work. Overall, we are pleased with the progress we are making across these businesses.

由於關係和相關存款向我們的財富業務轉移，零售銀行業務收入下降了 3%，但部分被較高的存款利差所抵消。在所有地區和細分市場投資費用上漲的推動下，財富收入增加了 2%。受益於零售銀行業務轉移的關係和更高的貸款收入。我們也看到所有地區都有強勁的淨新增資金流入。今年迄今為止，私人銀行的新客戶成長了近 30%，工作財富增加了 60% 以上。整體而言，我們對這些業務所取得的進展感到滿意。

On Slide 14, we show results for legacy franchises. Revenues were down 13%, largely driven by the difference in onetime gain on sale impacts in the Asia consumer businesses as well as the reductions from closed consumer exits and wind downs, partially offset by higher revenue in Mexico.

在投影片 14 上，我們展示了傳統特許經營的結果。收入下降了 13%，主要是由於亞洲消費者業務的一次性銷售收益差異以及消費者退出和關閉造成的減少，部分被墨西哥收入的增加所抵消。

It's worth noting that Mexico's revenues were up 32%, primarily driven by Mexican peso appreciation, higher interest rates and volume growth. Ex FX, Mexico revenues were up 16%. Expenses decreased 3%, primarily driven by closed consumer exits and wind down, partially offset by separation costs in Mexico and Mexican peso appreciation. And expenses in Mexico were up 27% and but Ex FX expenses were up 11%.

值得注意的是，墨西哥的營收成長了 32%，主要受到墨西哥比索升值、利率上升和銷售成長的推動。剔除外匯因素，墨西哥營收成長 16%。費用下降了 3%，主要是由於消費者退出和業務縮減造成的，但部分被墨西哥的分離成本和墨西哥比索升值所抵消。墨西哥的開支增加了 27%，但除外匯外的開支增加了 11%。

On Slide 15, we show results for Corporate/Other. Revenues increased, largely driven by the absence of mark-to-market impacts on certain derivative transactions in the prior year and expenses decreased largely driven by lower consulting fees.

在投影片 15 上，我們顯示了企業/其他的結果。收入增加，主要是由於上一年某些衍生性商品交易沒有以市價計價的影響，而費用減少主要是由於諮詢費下降。

On Slide 16, I'll briefly touch on our full year 2023 outlook. With 1 quarter remaining in the year, we continue to expect full year revenues of $78 billion to $79 billion, excluding 2023 divestiture-related impacts. Having said that, based on what we've seen play out year-to-date in terms of U.S. and non-U.S. rates and lagging non-U.S. betas, we now expect net interest income to be slightly above $47.5 billion, for the full year, excluding Markets.

在投影片 16 中，我將簡要介紹我們的 2023 年全年展望。距離今年還剩 1 個季度，我們繼續預計全年收入為 780 億至 790 億美元，不包括 2023 年資產剝離相關的影響。話雖如此，根據我們今年迄今所看到的美國和非美國利率以及滯後的非美國貝塔值，我們現在預計淨利息收入將略高於475 億美元，全年淨利息收入將略高於475 億美元。年，不包括市場。

And we are maintaining our expense guidance of roughly $54 billion, excluding 2023 divestiture-related impact and the FDIC special assessment. Net credit losses in cards should continue to normalize with both portfolios reaching pre-COVID levels by year-end. And as it relates to buybacks, we expect to do a modest level of buybacks in the fourth quarter.

我們維持約 540 億美元的支出指導，不包括 2023 年剝離相關的影響和 FDIC 特別評估。銀行卡的淨信用損失應該會繼續正常化，兩個投資組合到年底都會達到新冠疫情前的水平。由於與回購相關，我們預計第四季將進行適度的回購。

Before we move to Q&A, I'd like to end with a few points. We're executing on our strategy and delivering top line revenue growth of 5% year-to-date. We continue to invest for the long term with discipline while remaining on track to deliver our expense guidance. We're focused on simplifying our organizational and management structure, which will further support our speed of execution.

在我們進行問答之前，我想以幾點結束。我們正在執行我們的策略並實現今年迄今為止 5% 的營收成長。我們繼續有紀律地進行長期投資，同時繼續按計劃提供我們的費用指導。我們專注於簡化我們的組織和管理結構，這將進一步支持我們的執行速度。

We're managing our capital in a disciplined way in light of regulatory headwinds while continuing to optimize and return capital to shareholders, and we remain confident in our ability to achieve our RoTCE target of 11% to 12% in the medium term. And again, we look forward to hosting a more expansive fourth quarter earnings call, where we plan to share additional details related to the organizational simplification including expected related severance and expense saves as well as our outlook for 2024.

鑑於監管不利因素，我們正在以嚴格的方式管理我們的資本，同時繼續優化資本並向股東返還資本，我們對在中期內實現 11% 至 12% 的 RoTCE 目標仍然充滿信心。我們再次期待舉辦更廣泛的第四季度財報電話會議，我們計劃分享與組織簡化相關的更多細節，包括預期的相關遣散費和費用節省以及我們對 2024 年的展望。

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

簡和我很樂意回答您的問題。

(Operator Instructions) And our first question comes from Mike Mayo with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的麥克梅奧。

Jane, you spoke more about the restructuring that you commented on recently. The real question is, why is this restructuring different than the other 5 or 10 or 15 restructurings we've heard about, Citi's creation in its current form 25 years ago, I think, just like a week ago, so I'd say why is this different? We hear the talk about cascading downward and the simplification, reducing dual heads and the committees, but we've heard this so much that -- why is this time different?

簡，您更多地談到了您最近評論的重組。真正的問題是，為什麼這次重組與我們聽說過的其他 5 或 10 或 15 次重組不同，花旗在 25 年前以當前的形式創建，我想，就像一周前一樣，所以我想說為什麼這有什麼不同嗎？我們聽到有關向下級聯和簡化、減少雙頭和委員會的討論，但我們聽過太多這樣的說法——為什麼這次不同呢？

Yes. It's a very important question. Mike, thank you for asking it. As I've said, we view these as the most consequential changes we've made, not just to our organization model, but how we run the bank in almost 2 decades. And -- the first piece is simple, which is our org model was set up for a financial supermarket. That is simply not the bank we are today. So we're aligning the organizational model with that simpler business mix and strategy. But what's truly different is we're changing how we run the bank. And these are permanent changes that will be driven all the way down through the organization.

是的。這是一個非常重要的問題。麥克，謝謝你的提問。正如我所說，我們認為這些是我們所做的最重要的改變，不僅是對我們的組織模式的改變，也是對我們近 2 年來銀行運作方式的改變。而且──第一部分很簡單，這是我們為金融超市建立的組織模式。那根本不是我們今天的銀行。因此，我們正在使組織模型與更簡單的業務組合和策略保持一致。但真正不同的是我們正在改變銀行的運作方式。這些都是永久性的變化，將一直推動整個組織。

So let me give you some examples to bring it to life. We talked about delayering the first 2 or 3 layers of the bank. That will continue through the organization through the spans and theirs, particularly getting rid of aggregator roles.

因此，讓我舉一些例子來將其變為現實。我們討論了延遲銀行的前 2 或 3 層。這將在整個組織中透過跨度和他們的跨度繼續下去，特別是擺脫聚合者角色。

And let me give you an example. HR, we had HR in a region. The region head, you have the Institutional Client Group head, you had the banking head. In addition, you had a North Asia head and a South Asia head. We're just going to have the North Asia head and the South Asia head. And all of those roles collapsed into those two. We're eliminating activities in the geographies that we just don't need anymore because we are no longer running local consumer franchises in them.

讓我舉個例子。人力資源部，我們在一個地區有人力資源部。區域負責人、機構客戶組負責人、銀行業務負責人。此外，你們還有一名北亞負責人和一名南亞負責人。我們只有北亞負責人和南亞負責人。所有這些角色都分解為這兩個角色。我們正在消除我們不再需要的地區的活動，因為我們不再在這些地區經營本地消費者特許經營權。

So let's take the financial reporting -- sorry, the management reporting that Mark and I referred to in the opening remarks. We can reduce our management reports by about 50%. That's 1,000 reports. What does that mean? Shadow P&Ls by country, quarterly outlooks, monthly performance updates all the associated tracking and reconciliations over there that are effectively for a shadow P&L rather than the one that matters to our shareholders.

讓我們以財務報告為例——抱歉，是馬克和我在開場白中提到的管理報告。我們可以將管理報告減少約 50%。那是 1,000 份報告。這意味著什麼？按國家/地區劃分的影子損益表、季度展望、月度業績更新了所有相關的追蹤和對賬，這些對影子損益表有效，而不是對我們的股東重要的損益表。

And so that greatly declutters. It also means we can eliminate processes for our transformation, where we're looking at how do we automate those processes, automate those controls. If they're a duplicative process, we're getting rid of them, so you don't need to do that anymore, and it will accelerate the work on transformation.

這樣就大大簡化了。這也意味著我們可以消除轉型流程，我們正在研究如何自動化這些流程、自動化這些控制。如果它們是一個重複的過程，我們就會擺脫它們，這樣你就不需要再這樣做了，這將加速轉型工作。

We're taking activities out of some of the businesses and centralizing them. A lot of the client activities that will go embedded into a business and we moved that up to centralized utilities that the whole firm can benefit from and that will get scale economies.

我們正在將一些業務的活動從一些業務中剝離並集中起來。許多客戶活動將嵌入到業務中，我們將其轉移到集中式公用事業中，整個公司都可以從中受益，並將獲得規模經濟。

These strategy teams, marketing teams, many of the low cottage industries that build up over time, we can speed up decision-making with fewer committee layers. We'll take down the number of layers and drive that from, some places 13, we're looking to getting in to 8 in as many places as we possibly can. We're giving clarity of decision rights and changing decision rights from 2 or more people who just one so much more single points of accountability. Again, more aligned with our shareholder interest because those points of accountability are more sitting in the products.

這些策略團隊、行銷團隊以及許多隨著時間的推移而建立起來的低階家庭手工業，我們可以用更少的委員會層數來加快決策速度。我們將減少層數並從某些地方減少 13 層，我們希望在盡可能多的地方將層數減少到 8 層。我們明確了決策權，並改變了 2 個或更多人的決策權，而這些人只是多了一個單一的責任點。同樣，更符合我們股東的利益，因為這些責任點更體現在產品中。

And the types of metrics we're looking at to help us measure this, spans, layers, revenue producers, a nonproducer, grade mixes, synergies that we're realizing, voice of the client. But I'd say that our expectations and our execution of the business strategy is also at the heart of what we're trying to drive here.

我們正在尋找幫助我們衡量這一點的指標類型，跨度、層次、收入生產者、非生產者、等級組合、我們正在實現的協同效應、客戶的聲音。但我想說，我們的期望和業務策略的執行也是我們在這裡努力推動的核心。

Our strength is our global network. I don't want to our geographies focused on the full monty of management processes that are a duplication of what's happening in the product organization. I want them focused on delivering to our clients, engaging with our clients and also managing their responsibilities of the legal entities.

我們的優勢是我們的全球網路。我不希望我們的地區專注於與產品組織中發生的事情重複的全部管理流程。我希望他們專注於為我們的客戶提供服務、與我們的客戶互動以及管理他們作為法律實體的責任。

The same way for our banking organization, putting the investment bank, the corporate bank and commercial bank together really make it easier for us to realize the synergies across them. So the cross-sell or the movement of a commercial mid-market company up to a corporate lending company and a corporate banking company, much easier and they're all in the same organization or selling our banking product suite into that commercial bank customer and other examples.

對於我們的銀行組織也是如此，將投資銀行、公司銀行和商業銀行放在一起確實使我們更容易實現它們之間的協同效應。因此，商業中端市場公司向企業貸款公司和企業銀行公司的交叉銷售或轉移要容易得多，而且它們都在同一個組織中，或者將我們的銀行產品套件出售給該商業銀行客戶，其他例子。

So it's really changing decision-making, freeing up people to focus on clients and transformation, much greater transparency, changing decision making and rights, driving synergies. We put a huge amount of work all the way through the summer in design as to how do we want the organization to work. That is now getting driven down into the designing in detail and in depth all of these types of activities through the second and third layers at the moment into the fourth and then until we finish at the end of the first quarter.

因此，它確實改變了決策，讓人們專注於客戶和轉型，提高透明度，改變決策和權利，並推動協同效應。我們整個夏天都投入了大量的工作來設計我們希望組織如何運作。現在，這些活動正在從第二層和第三層深入第四層，然後直到我們在第一季末完成。

So it's very different. You'll get more flavor of it in the fourth quarter earnings call, but I hope that gives you a sense why this is really different. This is how we're running the place. It's not just an org restructuring, both are necessary.

所以這是非常不同的。在第四季的財報電話會議上你會得到更多的體會，但我希望這能讓你明白為什麼這是真正不同的。這就是我們經營這個地方的方式。這不僅僅是組織重組，兩者都是必要的。

And our next question comes from Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So I'm curious, you mentioned that you're still marching towards the 11%, 12%, which is good because everyone was going to ask that. My question is a little bit different of -- with the denominator getting up -- going up 25%, where is your -- in other words, a lot of things are working towards the transformation, but they threw a curveball in there with upping the dominator by 25%. So you seem to be a beneficiary of higher for longer for sure. And you also mentioned you're working on mitigation as we speak. So maybe you could talk about what are the offsets that we don't see that give you confidence still working towards that? Because the top line stuff is working.

所以我很好奇，你提到你仍在向 11%、12% 邁進，這很好，因為每個人都會問這個問題。我的問題有點不同——分母上升了——上升了25%，你在哪裡——換句話說，很多事情都在朝著轉型的方向努力，但他們在那裡拋出了一個上升的曲線球佔主導地位25%。因此，您似乎肯定是長期更高水平的受益者。您還提到，就在我們發言期間，您正在致力於緩解問題。那麼也許您可以談談我們沒有看到的哪些抵銷措施讓您有信心繼續朝這個方向努力？因為最重要的事情正在發揮作用。

Yes. So let me -- Good morning Glenn, it's good to hear from you. Let me make a couple of comments on that, and then Jane, feel free to chime in if you'd like. The first thing is that when I talked about this at the last conference we attended, I mentioned that analysts were somewhere in the 16% to 19% range in terms of a capital increase in we're likely to be inside of that range, assuming the Basel III proposal as it's structured, as it's written. And obviously, that's not the final. There's a period of review that's going on now.

是的。那麼讓我——早安，格倫，很高興收到你的來信。讓我對此發表一些評論，然後簡，如果您願意，請隨時插話。第一件事是，當我在我們參加的上次會議上談到這一點時，我提到分析師在資本增加方面處於 16% 到 19% 的範圍內，假設我們很可能在這個範圍內巴塞爾協議III 提案的結構和書面形式。顯然，這不是決賽。現在正在進行一段時間的審查。

What I'd say is a couple of things, Glenn. One, we haven't fully executed against the strategy that Jane has just described. And obviously, continuing to simplify the business managing through the transformation, changing that business mix that we have to something that's more consistent and predictable and repeatable as it relates to PPNR. Those things matter and impact the SCB. We talked about the exiting of our business, the international consumer businesses. That will be a factor in what our balance sheet looks like and what stress losses might look like. As well as lowering the expense base, which we know is an important factor in that PPNR math as well. And so those things help, I think, to reduce the amount of capital that might be required as we get into that medium-term period.

我想說的是幾件事，格倫。第一，我們還沒有完全執行簡剛才所描述的策略。顯然，透過轉型繼續簡化業務管理，將我們擁有的業務組合改變為與 PPNR 相關的更一致、可預測和可重複的東西。這些事情很重要並影響 SCB。我們討論了我們的業務—國際消費者業務的退出。這將成為影響我們的資產負債表以及壓力損失的因素。以及降低費用基礎，我們知道這也是 PPNR 數學的重要因素。因此，我認為這些事情有助於減少我們進入中期時可能需要的資本量。

Importantly, as you point out, there are other elements of the proposal that are going to require that we take a hard look at as well and identify mitigating actions to the extent that they make it into the final. So think about the increase in operational risk and the fact that some of that's already included in SCB is something of a point of advocacy, but that's obviously a big headwind that we'll have to kind of work through.

重要的是，正如您所指出的，提案中的其他內容也需要我們認真研究並確定緩解措施，以使其進入最終版本。因此，考慮一下操作風險的增加，以及其中一些風險已經包含在 SCB 中的事實，這在某種程度上是一個倡導點，但這顯然是我們必須解決的一個巨大阻力。

The FRTB and the enhancement of models, now there's a global market shock as well, but again, another point of advocacy that we need to work through the equity investments and now that they go from 100% risk-weighting to 400% risk-weighting, I think we're going to take a hard look at whether those are worth keeping in light of the higher capital associated with them, that's going to challenge the returns. That's going to force us to look at those through a different strategic lens, and we're going to do that.

FRTB 和模型的增強，現在全球市場也受到衝擊，但同樣，我們需要解決股權投資的另一個主張，現在它們從 100% 風險加權到 400% 風險加權，我認為我們將認真考慮這些是否值得保留，因為它們相關的資本較高，這將對回報構成挑戰。這將迫使我們從不同的策略角度來看待這些問題，我們將這樣做。

And then that's not to even mention the credit component that impacts both corporates and consumers as it relates to unfunded commitments, for example. And so as we've done with SACR and other types of reg changes, we're going to have to look at what it means for our product mix the returns associated with those, whether there are opportunities to pull levers like pricing or whether we have to take other decisions around those.

更不用說影響企業和消費者的信貸部分，例如與無資金承諾相關的信貸部分。因此，正如我們對 SACR 和其他類型的法規變更所做的那樣，我們將不得不考慮這對我們的產品組合意味著什麼以及與這些相關的回報，是否有機會拉動定價等槓桿，或者我們是否必須圍繞這些做出其他決定。

And so that's what I mean by the mitigating actions that we're dimensioning and putting on paper and working through. But again, we want to be thoughtful because the rule is not final yet, and there are more discussions to be had around those important elements that I mentioned already.

這就是我所說的我們正在製定、寫在紙上並努力實施的緩解措施的意思。但同樣，我們希望深思熟慮，因為該規則還不是最終的，圍繞著我已經提到的那些重要元素還有更多的討論。

And our next question comes from Erika Najarian with UBS.

我們的下一個問題來自瑞銀集團的艾莉卡·納賈里安。

You've talked a lot about defense as I like to call it, in terms of the transformation that you noted that Jane had outlined and bending the expense curve. But I'm wondering for -- both Jane and Mark, if you could sort of address what I think is probably the most debated part of your target, which is that revenue CAGR of 5%. And you put up a very nice quarter in terms of revenues, both in net interest income and fees. And maybe help us sort of look underneath the surface in terms of that momentum and maybe break it down in terms of what's really going well?

你已經談論了很多關於國防的話題，我喜歡這樣稱呼它，就你指出的簡概述的轉變和彎曲費用曲線而言。但我想知道——Jane 和 Mark，你們能否解決我認為可能是你們目標中最有爭議的部分，即收入複合年增長率為 5%。就收入而言，無論是淨利息收入還是費用，你們都取得了非常好的季度表現。也許可以幫助我們從這種勢頭的角度看清表面之下的情況，也許可以根據真正進展順利的方面來分解它？

I think TTS continues to surprise to the upside. I'm going to take, are we going to be -- 2 years from now, we're like, oh, well, TTS is continuing to do it well. So what are the businesses that really sort of strong secular momentum that you feel is being under recognized versus how you could position cyclically and hire for longer? And what is still to come as we think about that path to -- at least enumerate about RoTCE target?

我認為 TTS 繼續帶來驚喜。我想，從現在起兩年後，我們會說，哦，好吧，TTS 會繼續做得很好。那麼，哪些業務確實具有強勁的長期勢頭，但您認為其未被充分認識，而您可以如何進行週期性定位並僱用更長的時間呢？當我們思考通往 RoTCE 目標的道路時，接下來會發生什麼事——至少列舉 RoTCE 目標？

I love this question, Erika because I am really -- I have to say I'm really excited about our strategy and the potential it has. And it is as you say, this is about the revenue potential of the firm and really how do we continue to unlock it.

我喜歡這個問題，艾莉卡，因為我真的——我不得不說，我對我們的策略及其潛力感到非常興奮。正如你所說，這關係到公司的收入潛力，以及我們如何繼續釋放它。

So there's a couple of unstoppable trends that we're going to be riding in the next -- I think it's a decade long. The corporate client of today -- and indeed -- has build resiliency. The multinational client is on a long-term trend of building resiliency, be it because of green, be it because of geopolitics, be it because of regulatory, whatever the different reasons may be, and there are multiple, they're having to build resiliency into supply chains into their own operations. as they operate around the world, where the bank is absolutely there for them. And I think you've seen that in TTS, where we've had such strong drivers of growth in the last few years at the beginning of this trend.

因此，我們將在接下來的十年中順應一些不可阻擋的趨勢。當今的企業客戶——事實上——已經建立了彈性。跨國客戶處於建立彈性的長期趨勢，無論是因為綠色，無論是因為地緣政治，無論是因為監管，無論原因是什麼，而且有多種原因，他們必須建立將供應鏈的彈性融入到自己的營運中。由於他們在世界各地開展業務，銀行絕對會為他們提供幫助。我認為您已經在 TTS 中看到了這一點，在過去幾年中，在這一趨勢開始時，我們擁有如此強大的成長動力。

So that is an important one. Wherever the clients want to go, we are there. We have been there for decades. We understand the risk. We understand the client base. We understand the opportunities there at that. That micro level and local level that someone who's flying in with a suitcase can't possibly deliver. And it's connected globally.

所以這是一個重要的問題。客戶想去哪裡，我們就在那裡。我們已經在那裡待了幾十年了。我們了解風險。我們了解客戶群。我們了解那裡的機會。這種微觀水平和局部水平是一個帶著手提箱飛行的人不可能提供的。而且它與全球相連。

So this thing is just a thing of beauty. Linked into it is what I think of as a hidden gem amongst our crown jewels is Security Services. It equally in custody has this extraordinary global network, the connectivity everywhere. We have been investing behind this business. We've been growing our market share in North America in asset managers where we've been underweight with a number of material marquee wins, you can see the share gain that we're getting in this business. The pipeline of deals that we've already won as well as the new pipelines going forward. Very high return.

所以這個東西只是一個美麗的東西。與此相關的是我認為我們皇冠上的寶石中隱藏的寶石是安全服務。它同樣擁有這個非凡的全球網絡，無所不在的連結。我們一直在投資這項業務。我們在北美資產管理公司的市場份額一直在增長，在這些資產管理公司中，我們一直在減持，並取得了一些重大的勝利，你可以看到我們在這項業務中獲得的份額增益。我們已經贏得的交易管道以及未來的新管道。回報非常高。

We're investing both in terms of our cloud, our data, our client experience. And this is in a way, let's say, I do view this as a hidden gem with extremely attractive return profile, fee profile and other dimensions to it, with quite a long way to run here.

我們在雲端、數據和客戶體驗方面進行投資。在某種程度上，我確實將其視為一顆隱藏的寶石，具有極其有吸引力的回報概況、費用概況和其他維度，在這裡還有很長的路要走。

So a similar story to TTS slightly different client base, competitively advantaged because you've got the -- you've got the free trade and the post trade, we connect the 2 huge efficiencies for clients that's going to matter.

因此，與 TTS 的情況類似，客戶群略有不同，具有競爭優勢，因為您擁有自由貿易和後期貿易，我們將這兩個對客戶​​至關重要的巨大效率聯繫起來。

Next trend that's unstoppable global wealth creation. And there is going to be massive global wealth creation. I can't tell you how excited Andy Sieg is now that he's in the building. And knows a way to his desk. And all the floors is people are on, he's about to hit the road globally. We are so well positioned to deliver against that. And as you can see, we've not been happy with our performance the last couple of years, but this is going to be a very important driver for us. We'll see the recovery in banking wallet eventually, none of us are calling when that will sustainably happen. That will be another driver. And I'd say cards continuing to go from strength to strength, particularly, I think, as we look forward, playing to our lending-led model there.

下一個趨勢是不可阻擋的全球財富創造。全球財富將會大量創造。我無法形容安迪西格來到大樓後有多興奮。並且知道去他辦公桌的路。所有樓層都擠滿了人，他即將踏上全球之旅。我們完全有能力應對這項挑戰。正如您所看到的，我們對過去幾年的表現並不滿意，但這對我們來說將是一個非常重要的驅動力。我們最終會看到銀行錢包的復甦，但我們沒有人知道這種情況何時會持續發生。那將是另一個司機。我想說的是，卡片將繼續變得越來越強大，特別是，我認為，正如我們所期望的那樣，在那裡發揮我們以貸款為主導的模式。

And finally, the other one I do love, which is our commercial bank. We serve these entrepreneurs all over the world who are going to be the drivers of many industries going forward. We're helping them go international for the first step, tap them into global supply chains and the like. It's almost by definition the fastest growing of the mid-market companies are the ones that tap into what we can offer them. We built great relationships with them.

最後，我喜歡的另一家銀行是我們的商業銀行。我們為世界各地的企業家提供服務，他們將成為許多行業發展的驅動力。我們正在幫助他們踏出國際化的第一步，讓他們進入全球供應鏈等。幾乎從定義上來說，成長最快的中階市場公司就是那些利用我們能為他們提供的產品的公司。我們與他們建立了良好的關係。

And then our private bankers call on them. And then our investment bankers call on them. We have our capital market teams calling on them. And we help them grow and succeed. And that is going to be a big engine in the medium term of new client acquisition feeding us. So deeper client relationships, more growth in terms of new clients that fit with our proposition fairly uniquely and some great megatrends that we are going to be riding and pretty uniquely positioned on.

然後我們的私人銀行家就會去拜訪他們。然後我們的投資銀行家就會去拜訪他們。我們的資本市場團隊正在拜訪他們。我們幫助他們成長並取得成功。從中期來看，這將成為我們獲取新客戶的重要引擎。因此，更深層的客戶關係、新客戶的更多成長非常獨特地符合我們的主張，以及我們將要順應的一些大趨勢，並且具有非常獨特的定位。

And we'll keep investing to make sure that we're -- we know areas we're behind, we get into the full front of and the areas we are crushing it in like our win rate is 82% in TTS, we're going to make sure that we continue to do so and innovate that way. So, sorry to be so excited about this, but I -- this is -- the 4% to 5% just feels very, very doable to Mark and I.

我們將繼續投資，以確保我們知道我們落後的領域，我們進入全面領先的領域，以及我們正在壓倒它的領域，就像我們在 TTS 中的勝率是 82% 一樣，我們’我們將確保我們繼續這樣做並以這種方式進行創新。所以，很抱歉對此感到如此興奮，但我——這就是——4% 到 5% 對馬克和我來說非常非常可行。

And our next question comes from Jim Mitchell with Seaport Global.

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

Mark, maybe on the revenue discussion there, let's talk about NII a little bit. You guys have a very unique deposit base, a lot smaller footprint in low-cost consumer. Betas have been already been high. So it doesn't seem like there's as much beta catch-up risk for you. It's 50% non-U.S. roughly. How do you think about the trajectory of NII as -- do you think it stabilizes next year before rate cuts? How do we think about the puts and takes on your NII into next year?

馬克，也許是關於收入的討論，我們來談談 NII。你們擁有非常獨特的存款基礎，低成本消費者的足跡小得多。貝塔值已經很高了。因此，您似乎沒有那麼大的 Beta 追趕風險。約 50% 是非美國市場。您如何看待 NII 的軌跡——您認為明年降息之前它會穩定下來嗎？我們如何看待明年 NII 的看跌期權和承付金額？

Yes. Thanks for the question. Look, I'm not going to give guidance for 2024. We'll do that obviously at the fourth quarter 2023 earnings. But I think it's reasonable to expect that some of the trends that we've seen so far will continue. If you think about what's underneath this, we'll continue to benefit from higher rates across currencies. I think we'll continue to see benefits from card interest-earning balance growth.

是的。謝謝你的提問。看，我不會給出 2024 年的指導。我們顯然會在 2023 年第四季的收益中這樣做。但我認為，我們可以合理地預期迄今為止所看到的一些趨勢將會持續下去。如果您考慮一下背後的原因，我們將繼續受益於各種貨幣的更高利率。我認為我們將繼續看到信用卡生息餘額成長的好處。

Recall that when you look at our U.S. dollar IRE position, it's relatively neutral at this point. And interest-earning balance growth is expected to be driven by continued card spend and lower payment rates. And so I think what's important to remember as it relates to our business is that it's global that we've got, while you're right in that on the U.S. dollar side, we've seen betas kind of reach, particularly for our corporate clients reach terminal levels at the end of last year.

回想一下，當您查看我們的美元 IRE 頭寸時，您會發現此時它相對中性。持續的信用卡支出和較低的支付率預計將推動生息餘額的成長。因此，我認為重要的是要記住，因為這與我們的業務有關，我們所擁有的業務是全球性的，而在美元方面，我們已經看到了貝塔的影響範圍，特別是對於我們的公司而言客戶於去年年底達到終端水準。

On the non-U.S. dollar side, betas run lower, they lag and there's still upside there because it's a different rate curve and a different pace of increases. And so those will be some of the puts and takes to think about volumes, the rates, the speed of the curve moves and then how betas evolve, that will kind of factor in.

在非美元方面，貝塔值較低，滯後，但仍有上行空間，因為利率曲線不同，成長速度也不同。因此，這些將是一些考慮交易量、利率、曲線移動速度以及貝塔值如何演變的看跌期權和看跌期權，這將是一些因素。

And then the final thing to remember is that in our NII, we show it both with and without Markets. On the ex Markets, we'll have the impact of the drag from the exits of the countries that kind of play out. So we just exited Taiwan, that's going to impact, obviously, the next quarter's NII. So just a couple of factors to think about. And obviously, I'll give you more detail on 2024 and at the fourth quarter earnings call.

最後要記住的是，在我們的 NII 中，我們展示了有市場和沒有市場的情況。在前市場上，我們將受到國家退出的拖累的影響。所以我們剛退出台灣，這顯然會影響下一季的國家資訊基礎設施。因此，只需考慮幾個因素。顯然，我將在 2024 年和第四季財報電話會議上向您提供有關 2024 年的更多詳細資訊。

And our next question comes from Ryan Kenny with Morgan Stanley.

我們的下一個問題來自摩根士丹利的瑞安·肯尼。

On the capital markets side, I heard the comments around it being hard to predict when deal activity will sustainably rebound. Can you just give us an update or more color on how CEOs are thinking about bringing deals live across M&A, ECM and DCM? And does the market and rate volatility over the last few weeks have any significant impact on bringing deals to completion or on the pipeline?

在資本市場方面，我聽到有關很難預測交易活動何時可持續反彈的評論。您能否向我們介紹一下執行長們如何考慮在併購、ECM 和 DCM 領域實現交易的最新情況或更多資訊？過去幾週的市場和利率波動是否會對交易的完成或籌備產生重大影響？

Well, I think a couple of pieces. I actually start with Q3 is the seventh quarter of the current IB downturn. So since 2000, downturns have -- downturns have tended not to last longer than 7 quarters because that's often how long it takes for pricing expectations to fully adjust to new realities.

嗯，我想有幾件。我實際上從第三季開始，這是當前IB低迷的第七個季度。因此，自 2000 年以來，經濟低迷的持續時間往往不會超過 7 個季度，因為這通常是定價預期完全適應新現實所需的時間。

And we're starting to see that, particularly in the debt capital markets, investment-grade market, where the expectation of -- no longer how high, but how long for rates, we've seen clients that get off the sidelines and just bite the bullet and get into the debt capital markets in a more meaningful way and no longer waiting on that.

我們開始看到，特別是在債務資本市場、投資等級市場，人們對利率的期望不再是多高，而是利率持續多久，我們看到客戶不再袖手旁觀，只是咬緊牙關，以更有意義的方式進入債務資本市場，不再等待。

We still think that how a recovery and return to normal wallet plays out when you talk to CEOs is largely dependent on the macro environment. That's the main piece for them. ECM, we're seeing increased interest and activity on ECM. You obviously had several IPOs coming to market in September, big -- 3 big ones that we're involved in. But the market still was somewhat fragile. We're watching it closely. And quite a few questions in Q4, things may move to Q1. We just have to see how that unfolds.

我們仍然認為，當你與執行長交談時，復甦和回歸正常錢包的結果在很大程度上取決於宏觀環境。這是他們的主要部分。 ECM，我們看到人們對 ECM 的興趣和活動不斷增加。顯然，9 月有幾筆 IPO 上市，我們參與了 3 筆大型 IPO。但市場仍然有些脆弱。我們正在密切關注。第四季的許多問題，事情可能會轉移到第一季。我們只需要看看事情會如何發展。

But there's a good pipeline. I mean there's a lot of pent-up demand here. In debt, we had a big pickup in DCM, we feel confident that the gradual recovery in DCM and the beginnings of that low thin-one will continue. You're certainly going to see us more active in the low -- sort of thin space in the right situations for our key clients.

但有一個很好的管道。我的意思是這裡有很多被壓抑的需求。在債務方面，我們的 DCM 大幅回升，我們有信心 DCM 的逐步復甦和低薄的開始將持續下去。您肯定會看到我們在低層空間中更加活躍，在適合我們主要客戶的情況下進行。

And then in M&A, a healthy M&A sell-side pipeline. A lot of companies with their industries is transforming are really wanting to think big. I think we'll see that unlocking when sentiment improves further. Companies do accept the new pricing reality, which will be helped by a rebound in equity markets. That obviously from our end takes quite a few quarters to materialize into revenue just given the nature of the product.

然後在併購方面，有健康的併購賣方管道。許多產業正在轉型的公司確實想要有遠大的目標。我認為，當市場情緒進一步改善時，我們會看到這一點的釋放。公司確實接受了新的定價現實，這將受益於股市的反彈。考慮到產品的性質，顯然我們需要幾個季度才能實現收入。

So it's there. But I think just given where everything is geopolitically and particularly from the macro, no one is going to make that call as to when we're going to see that sustainable term in banking at this point.

所以它就在那裡。但我認為，考慮到一切都在地緣政治上，特別是從宏觀角度來看，沒有人會做出這樣的決定：我們何時會看到銀行業的永續發展。

And our next question comes from Steven Chubak with Wolfe Research.

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

So Mark, I recognize and Jane, I do recognize you'll provide a more fulsome update on expense actions next quarter. But one of the things I was hoping was that you could frame the expense opportunity in the context of your head count trends. And prior to COVID as well as the consent order mind you, Citi was running with 200,000 direct staff. That number is closer to 240,000 today. It's an increase of 20% even with multiple divestitures that you've consummated. So how should we think about an appropriate target or an optimal level of head count for city versus that pre-COVID baseline of 200,000. And whether the consent order would impact the timing or magnitude of such head count actions?

因此，馬克，我認識，簡，我確實認識到您將在下個季度提供有關費用行動的更豐富的最新資訊。但我希望的一件事是，您可以根據人數趨勢來制定費用機會。請注意，在新冠疫情以及同意令之前，花旗有 20 萬名直接員工。今天這個數字接近 24 萬。即使您已完成多次資產剝離，該比例仍會增加 20%。那麼，相對於新冠疫情前 20 萬人的基線，我們應該如何考慮城市的適當目標或最佳人數水準。同意令是否會影響此類人員統計行動的時間或規模？

Yes. So look, I'm not going to give you head count guidance. But what I will say is, James talked before about the heads associated with the divestitures that are underway. And obviously, as we continue to progress in those divestitures have made a lot of progress already. We'll see those heads come down.

是的。所以聽著，我不會給你人數統計的指導。但我要說的是，詹姆斯之前談到了與正在進行的資產剝離相關的負責人。顯然，隨著我們在這些資產剝離方面不斷取得進展，我們已經取得了巨大進展。我們會看到那些人的頭低下來。

It's also important to point out that as part of our effort, there's been in-sourcing. And so we've captured the extended workforce in the head count that we have here. And then I think the final point is that as we continue to execute against the transformation work and as we implement the org simplification that we've just announced, undoubtedly, the technology investment, the automation that we're putting in place, the straight-through processing that occurs the fewer reconciliations that are required. The streamlining from all of those layers that Jane mentioned will be eliminating. All of those things will also work to reduce head count as well.

同樣重要的是要指出，作為我們努力的一部分，我們已經進行了內包。因此，我們已經將擴展的勞動力納入我們這裡的員工人數。然後我認為最後一點是，當我們繼續執行轉型工作並實施我們剛剛宣布的組織簡化時，毫無疑問，技術投資，我們正在實施的自動化，直接- 進行的處理越少，所需的對帳就越少。簡提到的所有這些層的精簡都將被消除。所有這些事情也將有助於減少員工人數。

And so while we're investing and hiring on the front end to capture the upside as markets turn, but also as we position ourselves to grow with clients, we're also going to realize efficiencies that come out of head count reduction.

因此，雖然我們在前端進行投資和招聘，以捕捉市場變化帶來的好處，但當我們定位自己與客戶一起成長時，我們也將透過減少員工數量來實現效率提高。

One additional point is that you've heard me mention before that we've taken probably about $600 million or so year-to-date in repositioning charges. And with that will come roughly 7000-or-so head count coming down associated with those repositioning charges. And so -- and we'll continue to do that, by the way. We haven't even begun to take repositioning charges associated with the org simplification that's underway. That will come in the fourth quarter and in the first quarter of next year.

另外一點是，您之前曾聽我提到過，今年迄今為止我們已經收取了大約 6 億美元左右的重新定位費用。隨之而來的是大約 7000 人左右的員工數量將因這些重新定位費用而減少。順便說一句，我們將繼續這樣做。我們甚至還沒有開始收取與正在進行的組織簡化相關的重新定位費用。這將在第四季度和明年第一季進行。

And so we will see heads continue to evolve through this process. But keep in mind that there are puts and takes associated with that as we look at where we need to in-source versus use external parties.

因此，我們將看到頭腦在這個過程中不斷發展。但請記住，當我們考慮在哪些方面需要內包或使用外部方時，就會有一些與之相關的投入和支出。

(Operator Instructions) And our next question comes from Ebrahim Poonawala with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Ebrahim Poonawala。

Just maybe, Mark, following up on that. As we think about bending the curve through the end of next year, maybe if you can talk to around -- as if -- think about the puts and takes between investments and expense saves. How much of that cost save or bending the curve is going to happen in legacy versus PBWM and ICG? Like just how do you break -- how should we think about that as we think about bending the curve and where the savings are coming from?

馬克，也許會跟進此事。當我們考慮在明年年底之前扭轉曲線時，也許你可以談論一下——就好像——想想投資和費用節省之間的利弊。與 PBWM 和 ICG 相比，傳統技術可以節省多少成本或扭轉曲線？就像你如何打破——當我們考慮彎曲曲線以及節省來自哪裡時，我們應該如何考慮這個問題？

Well, look, next year, we talked about expenses coming down from third quarter to fourth quarter. And as we think about that, you'll have some of the benefits of the costs going away from the exits that we would have announced. You'll have some of the benefit from further reduction in stranded costs, which we've been keenly focused on as we've exited each of these.

好吧，看，明年，我們談到了從第三季到第四季的支出下降。當我們考慮這一點時，您將獲得一些我們本應宣布的退出所帶來的成本效益。您將從進一步降低擱淺成本中獲得一些好處，這是我們在退出這些成本時一直密切關注的問題。

And then I think as we get to the medium term, you will start to see some of the benefits from the transformation spend and investments that we would have made start to play out as well as efficiencies that we start to get in a lower structural cost base. But again, that's in that medium-term period. So all of those things will be drivers to getting to bending of the curve.

然後我認為，當我們進入中期時，您將開始看到我們本應開始發揮的轉型支出和投資的一些好處，以及我們開始以較低的結構成本獲得的效率。但同樣，那是在中期時期。因此，所有這些因素都將成為曲線彎曲的驅動力。

I'm not -- I haven't broken down -- I'm not going to break down here on this call how much comes from each of the pieces but all are important factors to achieving that.

我不會——我沒有分解——我不會在這次電話會議上分解每個部分有多少，但所有這些都是實現這一目標的重要因素。

And our next question comes from Matt O'Connor with Deutsche Bank.

我們的下一個問題來自德意志銀行的馬特·奧康納。

There were some quotes, I think in the media, Jane from you talking about some signs of pressure among the lower end of the consumer. And I appreciate the pie chart that you have in the deck showing it's not a huge percent of the card portfolio. But could you elaborate on that?

我認為媒體上有一些引言，簡從你那裡談到了低端消費者面臨壓力的一些跡象。我很欣賞你在牌組中的圓餅圖，它顯示它在卡片組合中所佔的比例並不大。但能詳細說明一下嗎？

And then also just address the -- you mentioned directionally how the payment rates in cards are coming down. But if we look at the growth in spend versus the growth in loans, it is kind of a little disproportionate, I think spends up a couple of percent year-over-year and the loans are [11%] So as we think about being kind of later cycle, is that something that you're paying attention to as a potential sign of further weakness in credit?

然後也要解決您直接提到的卡片支付率如何下降的問題。但如果我們看一下支出的增長與貸款的增長，就會發現有點不成比例，我認為支出同比增長了幾個百分點，而貸款則為[11%]。您是否正在關注這一後期週期，將其視為信貸進一步疲軟的潛在跡象？

Yes. Look, I think most of the pressure in the lower FICO, we don't have a lot of customers in lower FICO. So we're seeing it out in the market. We've got -- we obviously have some in the Retail Services business. We also have to say -- have the benefit of that loss sharing agreement that really makes a difference there because we're having to reserve fully for the -- for that, but we get it back on the revenue line, as you know.

是的。看，我認為大部分壓力都在較低的FICO上，我們沒有很多客戶在較低的FICO。所以我們正在市場上看到它。我們顯然在零售服務業務領域有一些業務。我們還必須說，從損失分擔協議中受益，這確實會產生影響，因為我們必須為此充分預留，但正如您所知，我們將其重新納入收入線。

But as we look at the off-us book, as we look at some of the pressures in the market as we look at spending, we can certainly see some of that pressure for the lower FICO, whereas when I think about the cards business, it's very much driven by the affluent customer. So the affluent is accounting for almost all the spending growth that we're seeing. And that's similar to the numbers that we saw from coming out of the Fed from the deposit side, the excess savings are sitting there, now primarily with households with over $150,000 of income. And it's down in the rest.

但當我們審視美國以外的帳簿時，當我們審視市場中的一些壓力時，當我們審視支出時，我們當然可以看到較低的 FICO 帶來的一些壓力，而當我考慮信用卡業務時，它很大程度是由富裕客戶驅動的。因此，我們所看到的幾乎所有支出成長都是由富人造成的。這與我們從美聯儲存款方面看到的數字類似，多餘的儲蓄就在那裡，現在主要存在於收入超過 15 萬美元的家庭。其餘的都在下降。

So these are things we're keeping an eye on. I want to be very clear. I'm not that worried about it for Citi, given the prime nature of our card portfolio. And then the rest of our PBWM exposure is obviously is very affluent. But when I look out at the market, I talked to our corporate clients, that's where we tend to see them be more nervous about the softness in the consumer.

所以這些都是我們正在關注的事情。我想說得很清楚。考慮到我們信用卡組合的主要性質，我對花旗銀行來說並不擔心。然後我們剩下的 PBWM 暴露顯然是非常豐富的。但當我觀察市場時，我與我們的企業客戶交談，我們往往會看到他們對消費者的疲軟感到更加緊張。

And just -- I call it, they're much more mindful about where they're spending, right? So you're seeing them moving down within a category. They're certainly looking more on the bargain front. We've been hearing that from our retail partners. We've been hearing that across the board. And so growth of card loans is good. Our spend is up but less than loans, I think it's softening, but it's not worrying.

只是 - 我稱之為，他們更加註意自己的支出，對嗎？所以你會看到他們在一個類別中向下移動。他們當然更重視便宜貨。我們已經從我們的零售合作夥伴那裡聽到了這一點。我們已經全面聽到這樣的說法了。因此卡貸款的成長良好。我們的支出有所增加，但少於貸款，我認為支出正在放緩，但並不令人擔憂。

Yes. I think that's spot on, Jane. The only thing I'd add is that when you look at the payment rate, payment rates and branded cards, while they've started to come down, they're still above the pre-COVID level. And we obviously have invested in this business. So the other thing that's driving this is the new account acquisitions are obviously important drivers of that spend volume and ultimately, that loan growth. But again, there's nothing that we see outside of what we were expecting in terms of how this portfolio is normalizing.

是的。我認為這是正確的，簡。我唯一要補充的是，當你查看支付率、支付率和品牌卡時，雖然它們已經開始下降，但仍然高於新冠疫情前的水平。我們顯然已經投資了這項業務。因此，推動這一趨勢的另一件事是新帳戶收購顯然是支出量以及最終貸款成長的重要驅動力。但同樣，我們沒有看到任何超出我們預期的投資組合正常化的情況。

And our next question comes from Gerard Cassidy with RBC.

我們的下一個問題來自加拿大皇家銀行的傑拉德·卡西迪。

Jane, as you pointed out, you're very excited about the opportunities in TTS. You're winning some new mandates in the custody business. Can you feel on this, is it because the competition is struggling with other issues, what gives you -- because Citi has always been well regarded in this area. So what gives you that added excitement that this is even getting better?

Jane，正如您所指出的，您對 TTS 領域的機會感到非常興奮。您正在贏得託管業務的一些新授權。你能感覺到這一點，是不是因為競爭對手在其他議題上掙扎，為你帶來了什麼——因為花旗在這方面一直很受好評。那麼，是什麼讓您對情況變得更好而感到更加興奮呢？

Look, I think the added excitement is -- a lot of it is coming from the investments that we've been making, so that we're -- if you look at it in terms of Payment Express, which is live in the U.S., it's -- Thailand is on track for 3 more markets. That is really a very differentiating capability. The momentum we have in 24/7 clearing, that's been put in place. We had over $1 billion processed year-to-date, putting our commercial bank clients onto CitiDirect so they have seamless access to our whole TTS network globally. I was just talking about Citi Token Services, you can see us innovating with the Fed in new capabilities. So really across the board, it's that innovation in cutting-edge first in the market type of capabilities.

聽著，我認為更令人興奮的是——其中很大一部分來自我們一直在進行的投資，所以如果你從在美國推出的支付快遞的角度來看的話。 ，它是——泰國有望開拓另外3 個市場。這確實是一種非常與眾不同的能力。我們 24/7 清算的勢頭已經到位。今年迄今為止，我們已處理了超過 10 億美元的資金，將我們的商業銀行客戶置於 CitiDirect 上，以便他們能夠無縫訪問我們在全球的整個 TTS 網路。我剛剛談論了花旗代幣服務，您可以看到我們與美聯儲一起在新功能方面進行創新。因此，從整體上來說，這是市場上領先的尖端創新能力。

But you're putting that on top of a network that's just unprecedented in terms of its presence, its local capabilities, it's payroll, cash management, liquidity management, it's collections, its receivables all sitting on one platform connected globally.

但你將其置於一個網絡之上，該網絡在其存在、本地能力、工資、現金管理、流動性管理、收款、應收賬款方面都是前所未有的，所有這些都位於一個全球連接的平台上。

And what that gives a client in terms of efficiency saves, insights on data what they can do in terms of risk management and how to really optimize their treasury capabilities. I mean, this thing is a thing of beauty, and it's very, very hard. It's very sticky to extract from this because it's embedded into how our clients do business. It's that critical and into their technology systems.

這為客戶帶來了效率節省、數據洞察，他們可以在風險管理方面做什麼，以及如何真正優化其財務能力。我的意思是，這件事很美麗，但也非常非常困難。從中提取內容非常有黏性，因為它已嵌入到我們客戶開展業務的方式中。這對他們的技術系統來說至關重要。

So when you look at where the world is headed and what's going on in the world, volatility, these other elements, it's hard not to see opportunities. And its opportunities as well with our Markets business linked in and one of our really differentiating factors that Andy Morton talks about all the time is his partnership with TTS.

因此，當你觀察世界的發展方向、世界正在發生的事情、波動性和其他因素時，你很難不看到機會。它的機會以及我們的市場業務聯繫在一起，安迪·莫頓 (Andy Morton) 一直談論的真正與眾不同的因素之一是他與 TTS 的合作夥伴關係。

In fact, one of our major client bases are corporates, and they have a different profile, let's say, to an asset manager or a hedge fund, and we uniquely can serve them. So that's the piece. It's that combination and trends we see.

事實上，我們的主要客戶群之一是企業，他們與資產管理公司或對沖基金有著不同的形象，而我們可以為他們提供獨特的服務。這就是作品。這就是我們看到的這種組合和趨勢。

The only thing -- I think that's spot on, Jane. The only thing I'd add is that the middle market commercial space is a huge opportunity for us, as you said earlier, leveraging that TTS platform. And then on the Security Services side, the reality is that we're finally seeing real traction in North America, right? We've always had kind of strength in many of the other regions, but we're really winning some major mandates here in North America, which I think is enough to get really excited about.

唯一的事情——我認為這是正確的，簡。我唯一要補充的是，正如您之前所說，利用 TTS 平台，中間市場商業空間對我們來說是一個巨大的機會。然後在安全部門方面，現實是我們終於在北美看到了真正的吸引力，對吧？我們在許多其他地區一直擁有一定的實力，但我們確實在北美贏得了一些主要任務，我認為這足以讓人感到非常興奮。

And I think that, to me, is what then drives a lot of the strategy and what we're trying to do in terms of get to that high quality of earnings, better earnings mix and other pieces that will help us get to that medium-term return target that we are so focused on.

我認為，對我來說，這就是推動許多策略的因素，也是我們在實現高品質收益、更好的收益組合以及其他有助於我們實現這一目標方面正在努力做的事情。我們非常關注的長期回報目標。

And our next question comes from Vivek Juneja with JPMorgan.

我們的下一個問題來自摩根大通的 Vivek Juneja。

I wanted to just clarify the reorganization a little bit. So Jane, I heard you say, to get -- keeping North Asia, North Asia and South Asia heads. So did you just get rid of the Asia head and get rid of the product heads where -- product heads in each country, who're reporting to a regional product head. So -- is that dotted line is no longer there? What's going on there? And when you get rid of all the monthly management reporting, what are you planning to replace that with from your management? Your MIS perspective?

我想稍微澄清一下重組的情況。所以簡，我聽到你說，要保留北亞、北亞和南亞的領導地位。那麼，您是否剛剛解雇了亞洲負責人，並解雇了每個國家/地區的產品負責人，他們向區域產品負責人報告。那麼──那條虛線不再存在了嗎？那裡發生了什麼事？當你擺脫所有月度管理報告時，你打算用管理層的什麼來取代它？您的 MIS 觀點？

So let me take the second one first. I'm not planning on replacing it with anything. We don't need them. We're no longer running consumer franchises in the countries. Instead, we've got global businesses that are operating very consistently in the individual geographies. So we just don't need replace them. And it enables us just to have the legal entity and non-financial management that we need.

那我先來說第二個。我不打算用任何東西替換它。我們不需要它們。我們不再在這些國家經營消費者特許經營權。相反，我們的全球業務在各個地區的營運非常一致。所以我們不需要更換它們。它使我們能夠擁有所需的法人實體和非財務管理。

And then our internal reports get greatly simplified same as they get greatly simplified by taking out ICG and PBWM is another -- eliminating that layer also eliminates a lot of different reports. So the wonderful answer is nothing, a simplicity.

然後我們的內部報告得到極大簡化，就像透過取消 ICG 和 PBWM 得到極大簡化一樣——消除該層也消除了許多不同的報告。所以最好的答案就是什麼都沒有，很簡單。

The first question was about, okay, help you understand what we've done. So on the geography front, we have done 2 main things already. One is we've put -- we've eliminated the regions and I've just put a single international head reporting to me. So that makes it much simpler for me. I have 1 international head, and then we -- he will help us manage the geographies collectively. The second piece is we've really narrowed the mandate of geography to delivering to our clients and covering our clients in their countries and secondly, the legal entity management.

第一個問題是，好吧，幫助您了解我們所做的事情。所以在地理方面，我們已經做了兩件主要的事情。一是我們已經取消了各個地區，而我剛剛任命了一位國際負責人向我報告。這對我來說變得更簡單。我有 1 位國際主管，然後我們——他將幫助我們共同管理各個地區。第二點是，我們確實縮小了地理範圍，以向我們的客戶提供服務並涵蓋他們所在國家的客戶，其次是法人實體管理。

And otherwise before, we had a huge amount of management on shadow P&Ls and different -- a lot of very heavy committee structure. That was necessary because the business was still very local as a retail bank, a local credit card business, a local onshore wealth business. They've gone. It's just serving multinational, the subsidiaries are multinationals and in some markets, the investors and the wealth clients in some markets. And that's a much simpler business to manage. So we could get rid of the regional layer, and we just jumped straight down to the clusters that we have today, but they too have less of a mandate than they had before, a much more focused one.

之前，我們對影子損益表有大量的管理，並且有許多非常繁重的委員會結構。這是必要的，因為作為零售銀行、本地信用卡業務、本地在岸財富業務，該業務仍然非常本地化。他們已經走了。它只是為跨國公司服務，子公司是跨國公司，在某些市場上，是在某些市場上的投資者和財富客戶。這是一項更容易管理的業務。因此，我們可以擺脫區域層，直接跳到今天的集群，但它們的授權也比以前少了，而是更集中。

And the bit that I'm excited about it is not just -- yes, this makes it much simpler to manage but it also helps us really focus on the global network. Now our geographies and our banking organizations sitting together on the same management structure are collectively accountable for serving and delivering against our core client base. And they're in 1 team to do it, it just makes it much easier. Does that give you a feel? What else, Mark?

我對此感到興奮的不僅僅是——是的，這使得管理變得更加簡單，而且還幫助我們真正專注於全球網路。現在，我們的地區和銀行組織坐在同一管理結構中，共同負責為我們的核心客戶群提供服務和交付。他們組成一個團隊來完成這件事，這讓事情變得更容易。這給你一種感覺嗎？還有什麼，馬克？

The other thing, Vivek, that I think is important here is we really want to spend a little bit more investment and time on the client lens in terms of the financial reporting, right? Because as Jane talked about, we talked about the synergies across the franchise that we can capture the ability to leverage the offering we have for those different client segments. So looking at that P&L, looking at those returns, looking at that growth opportunity, through that client lens will be something where we want to enhance the metrics that we have already around that so that we can capture that upside.

Vivek，我認為這裡很重要的另一件事是，我們確實希望在財務報告方面在客戶視角上花費更多的投資和時間，對吧？因為正如簡所說，我們談到了整個特許經營權的協同效應，我們可以利用我們為不同客戶群提供的產品的能力。因此，從客戶的角度來看損益表、回報率、成長機會，我們希望增強我們已有的指標，以便我們能抓住這個優勢。

And around the -- the other piece that I think is also just an important point. Globalization is changing it. We're seeing these lanes all changing, food, trade, financial flows, et cetera. By actually having a single international organization and then the different clusters, North and South Asia, Europe, U.K., LATAM, Middle East, Africa. The connection points between them are really changing at the moment. And so this makes us much more agile in our delivery of the global network because I think it's much more in line with how the world is operating today.

我認為另一件事情也很重要。全球化正在改變它。我們看到這些通道正在發生變化，食品、貿易、金融流動等等。實際上有一個國際組織，然後是不同的集群，北亞和南亞、歐洲、英國、拉丁美洲、中東、非洲。他們之間的連結點此刻確實正在改變。因此，這使我們在交付全球網路時更加敏捷，因為我認為這更符合當今世界的運作方式。

And our next question comes from Saul Martinez with HSBC.

我們的下一個問題來自匯豐銀行的索爾·馬丁內斯。

So I wanted to continue on the thread of normalization of credit losses. And you guys have -- I guess your guidance is implying that branded cards and Retail Services get back to more normalized levels by year-end, which is a decent sized uptick over the levels you had in the third quarter.

所以我想繼續討論信用損失正常化的話題。你們——我想你們的指導意味著品牌卡和零售服務到年底將恢復到更正常化的水平，這比第三季度的水平有相當大的上升。

So I kind of want to know what's driving that view? But more importantly, I guess what does that imply going forward? And does it imply that we get to more -- something more like above-trend losses? Because I would think we still have some seasoning to go in the late 2021 and 2022 vintages. And not only that, we're talking about this in an environment where we still have pretty extraordinary labor market. So if you could just give us a little bit more color on just your expectations on credit losses and whether there's maybe a little bit more risk than we're thinking in terms of losses trending to something that is a bit higher than what we normally -- what are more normalized levels?

所以我有點想知道是什麼推動了這種觀點？但更重要的是，我想這對未來意味著什麼？這是否意味著我們會遭受更多——更像是高於趨勢的損失？因為我認為我們在 2021 年底和 2022 年份仍然需要一些調味料。不僅如此，我們在勞動市場仍然非常出色的環境下談論這個問題。因此，如果您能給我們更多關於您對信用損失的預期的信息，以及就損失趨勢是否比我們通常認為的要高一點而言，是否存在比我們想像的更多的風險 - - 什麼是更標準化的水平？

Yes. So let me start and then Jane, if you want to chime in, that's fine. I think what I'd point you to is Page 24 in the deck that we have because it gives you a nice snapshot of how both the loss rates have been trending, but also how the delinquencies have been trending. And you can see that the delinquencies have been trending up, and that kind of gives us a good indication of where loss rates are likely to trend in the next quarter or so. And so at 2.72% on branded cards and 4.53% on Retail Services, we can see that we're likely to end up at about that normalized rate by the end of the year, getting up to the 3% to 3.25% , 5% to 5.5% pre-COVID normalized NCL rates.

是的。那麼讓我開始吧，然後簡，如果你想插話，那沒問題。我想我要向您指出的是我們現有的資料中的第 24 頁，因為它可以讓您很好地了解損失率的趨勢以及拖欠率的趨勢。您可以看到，拖欠率一直呈上升趨勢，這為我們提供了一個很好的跡象，表明損失率在下個季度左右可能會走向何方。因此，品牌卡的利率為 2.72%，零售服務的利率為 4.53%，我們可以看到，到今年年底，我們很可能會達到這個標準化利率，達到 3% 至 3.25%、5%至新冠疫情前標準化NCL 率的5.5%。

Our expectation is that as we go into '24, to the point that you've made, depending on the macro environment, we're likely to see this tick up above those pre-COVID normalized rates. As we see a slowdown in the economy, again, subject to what the macro looks like before then kind of settling down at some point down the path.

我們的預期是，當我們進入 24 年時，根據宏觀環境，我們可能會看到這一數字高於新冠疫情前的標準化利率。我們再次看到經濟放緩，這取決於宏觀經濟狀況，在此之前，經濟會在某個時刻趨於穩定。

And so yes, we do see that tick up. This is, again, as advertised, so to speak, as we would have expected. And we have reserves, significant reserves for both of these portfolios to account for those loss expectations. So in branded cards, we sit with an ACL to loan reserve of 6.3% in Retail Services. We have 11% and Jane mentioned earlier that the losses in Retail Services ultimately get shared with partners. And so while we would expect this to normalize and mature, so to speak, we feel very well reserved for what that might look like.

是的，我們確實看到這種情況增加。可以說，這又如廣告所言，正如我們所期望的。我們為這兩個投資組合都有準備金，大量準備金來應對這些損失預期。因此，在品牌卡中，我們在零售服務領域的 ACL 貸款準備金為 6.3%。我們有 11%，Jane 之前提到零售服務的損失最終會與合作夥伴分擔。因此，雖然我們期望這種情況能夠正常化和成熟，但可以這麼說，我們對可能出現的情況感到非常有保留。

And our portfolio is very prime. I mean this is not the old Citi. It's very different in terms of our consumer credit exposure. And I think what you're hearing from us is, this is -- this should all be very manageable. We're not -- there's no alarm bells going off at Citi around this. We're being prudent. We're being conservative around pieces and responsible on it. But there's no alarm bells ringing. And I think there's -- that may be a bit of a disconnect from some of the questions out there versus how we're feeling. We're just not seeing the data that is overly concerning. It's manageable. This is all very manageable, and we're being prudent about it as you'd expect us to be.

我們的產品組合非常優質。我的意思是，這不是舊的花旗銀行。就我們的消費者信貸風險而言，情況非常不同。我認為您從我們這裡聽到的是，這一切都應該是非常容易管理的。我們沒有──花旗並沒有就此敲響警鐘。我們很謹慎。我們對各個部分持保守態度並對此負責。但並沒有敲響警鐘。我認為，這可能與一些問題和我們的感受有些脫節。我們只是沒有看到過度令人擔憂的數據。這是可以管理的。這一切都非常容易管理，我們對此持謹慎態度，正如您所期望的那樣。

And our next question comes from Mike Mayo with Wells Fargo.

我們的下一個問題來自富國銀行的麥克梅奧。

From your initial answer, Jane, I hear you with the restructuring, deconstructing Citi to global lines, delayering of management and decluttering reporting, and when you add it all together, we'll get some numbers in January. But as it relates to your return targets and efficiency targets for 2025 and 2026, consensus is about 1/3 below what you target. And frankly, I have not spoken to one investor who thinks you're going to get those targets and maybe you would want to revise those lower in some way or maybe to be determined? Or what's your degree of conviction of getting to those targets or at least getting above your cost of capital?

簡，我從你最初的回答中聽到了你的重組、解構花旗的全球業務、推遲管理和整理報告，當你把所有這些加在一起時，我們將在一月份得到一些數字。但由於它與您 2025 年和 2026 年的回報目標和效率目標相關，因此共識大約比您的目標低 1/3。坦白說，我還沒有與任何一位投資者交談過，他們認為您將實現這些目標，也許您會希望以某種方式修改這些目標，或者可能需要確定？或者您對實現這些目標或至少超出資本成本的信心程度如何？

Yes. Look, we remain confident around our ability to hit these targets. We've got -- you heard me talk earlier around the revenue growth and what are some of the tailwinds that we've got behind us as well as the core strategy and the drivers that we're in control of and that we've been investing behind to achieve. So our strategy is unchanged. We're confident it will drive the revenue growth of 4% to 5%. It's not the primary purpose, but the org simplification is the third driver of the expense reductions that we've talked about.

是的。看，我們對實現這些目標的能力仍然充滿信心。我們已經 - 你聽到我早些時候談論了收入增長以及我們背後的一些順風車以及我們控制的核心戰略和驅動因素一直在背後投資才能實現。所以我們的策略沒有改變。我們有信心它將推動收入成長 4% 至 5%。這不是主要目的，但組織簡化是我們談到的費用削減的第三個驅動因素。

And I would also say that, when you look at revenue expenses and the targets we've laid out at Investor Day, we've certainly had plenty of headwinds in macro regulatory geopolitics in the last couple of years, we have delivered. And we -- on what we said we would do in the revenue and the expense guidance on the strategy. We've made adoptions along the way as we've needed to. But I think that's the piece that we're also really trying to drive into the firm as a culture. We will do what we say we will do, and we'll adapt accordingly to different areas.

我還想說，當你看看收入支出和我們在投資者日制定的目標時，你會發現過去幾年我們在宏觀監管地緣政治方面確實遇到了很多阻力，但我們已經實現了。我們 - 我們說過我們將在該策略的收入和支出指導中做什麼。我們一直在根據需要進行收養。但我認為這也是我們真正努力將其作為文化融入公司的部分。我們會說到做到，並根據不同地區進行相應調整。

Mark talked about adapting to the capital requirements, depending what they are. We have other levers that we can pull, capital allocation, management buffer, DTA. But I -- my message to our investors is we're just building a proof point. This is a relentless execution. Look at that strategy scorecard page at the beginning of the deck there. We've achieved a lot and there is a lot going on, and we're getting a lot done.

馬克談到了適應資本要求，這取決於資本要求是什麼。我們還有其他可以利用的槓桿，資本配置、管理緩衝、DTA。但我向投資人傳達的訊息是，我們只是在建立一個證據點。這是一次無情的處決。查看該套牌開頭的策略記分卡頁面。我們已經取得了很多成就，還有很多事情正在發生，而且我們正在完成很多工作。

We don't pretend we're at the end of the road there, we're there yet. But we're getting done what we said we'd do and building up those proof points so that you can see us achieve those return targets. Anything to add Mark?

我們不會假裝已經到了路的盡頭，我們已經到了。但我們正在完成我們所說的事情，並建立這些證據點，以便您可以看到我們實現了這些回報目標。馬克還有什麼要補充的嗎？

As you said, building credibility and being transparent, right? So we're going to keep delivering on the proof points, and we're going to be transparent about how and when and how we're going to achieve it so.

正如您所說，建立信譽並保持透明，對嗎？因此，我們將繼續提供證據，並且我們將在如何、何時以及如何實現這一目標方面保持透明。

And our next question comes from Gerard Cassidy with RBC.

我們的下一個問題來自加拿大皇家銀行的傑拉德·卡西迪。

Mark, you mentioned in the credit section that the delinquencies are rising and as a percentage of loans, they're still very low. I was just curious on the corporate loans in North America, there was an uptick. Again, I know relative to the portfolio, it's not that big. But anything in particular you can share with us in that area?

馬克，您在信貸部分提到拖欠率正在上升，而且佔貸款的比例仍然很低。我只是對北美的公司貸款感到好奇，那裡的貸款增加。再說一次，我知道相對於投資組合來說，它並沒有那麼大。但您在這方面有什麼特別可以與我們分享的嗎？

On the corporate loans, we saw loss. I think losses were $51 million in the quarter. So a small amount. We did see an uptick, as you point out in the reserves. That was really driven by some country rating adjustments that were made. And then we did see an increase in the NALs, the nonaccrual loans. That was really 1 or 2 names and one in North America, one in EMEA. Both of them are current, but they drove the uptick that we saw in the quarter there.

在企業貸款方面，我們看到了損失。我認為該季度的損失為 5100 萬美元。所以少量。正如您在儲備金中指出的那樣，我們確實看到了上升。這實際上是由一些國家評級調整所推動的。然後我們確實看到 NAL（非應計貸款）增加。這其實是一兩個名字，其中一個在北美，一個在歐洲、中東和非洲。它們都是當前的，但它們推動了我們在該季度看到的成長。

And there are no further questions in the queue. I will turn the call over to Jen Landis for closing remarks.

並且隊列中沒有其他問題。我將把電話轉給珍‧蘭迪斯 (Jen Landis) 致閉幕詞。

Thank you all for joining us. If you have any follow-up questions, please contact IR. Thank you.

感謝大家加入我們。如果您有任何後續問題，請聯絡 IR。謝謝。

This concludes the Citi Third Quarter 2023 Earnings Call. You may now disconnect.

花旗 2023 年第三季財報電話會議到此結束。您現在可以斷開連線。