花旗銀行 (C) 2023 Q4 法說會逐字稿

Hello, and welcome to Citi's Fourth Quarter 2023 Earnings Call. Today's call will be hosted by Jen Landis, Head of Citi's Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions).

您好，歡迎參加花旗 2023 年第四季財報電話會議。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。 （操作員說明）另外，提醒一下，今天正在錄製本次會議。 （操作員說明）。

Ms. Landis, you may begin.

蘭迪斯女士，您可以開始了。

Thank you, operator. Good afternoon, and thank you all for joining our fourth quarter 2023 earnings call. I am joined today by our Chief Executive Officer, Jane Fraser, and our Chief Financial Officer, Mark Mason.

謝謝你，接線生。下午好，感謝大家參加我們的 2023 年第四季財報電話會議。今天，我們的執行長簡·弗雷澤 (Jane Fraser) 和財務長馬克·梅森 (Mark Mason) 也加入了我的行列。

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 earnings materials as well as in our SEC filings.

我想提醒您，今天的簡報可以在我們的網站 citigroup.com 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，並可能受到不確定性和情況變化的影響。由於多種因素，包括我們的獲利資料以及我們向 SEC 文件中描述的因素，實際結果可能與這些陳述有重大差異。

And with that, I'll turn it over to Jane.

有了這個，我會把它交給簡。

Thank you, Jen, and a very happy new year to everyone, and I hope you all had a good break. At Citi, we're back at it. And given the notable items and our new financial reporting structure, we've got a lot to cover today, so I'm going to get right to it.

謝謝你，Jen，祝大家新年快樂，希望大家都有一個愉快的假期。在花旗，我們又回到了正軌。鑑於值得注意的項目和我們新的財務報告結構，我們今天有很多內容要介紹，所以我將直接介紹它。

2023 was a foundational year in which we made substantial progress, simplifying Citi and executing the strategy we laid out at Investor Day. With that said, the fourth quarter was clearly very disappointing. Today, I'm going to provide a high-level view on our progress in 2023, discuss our Q4 results and finish with our priorities for '24. We know that 2024 is critical as we prepare to enter the next phase of our journey, and we are completely focused on delivering our medium-term targets and our transformation.

2023 年是基礎性的一年，我們取得了實質進展，簡化了花旗並執行了我們在投資者日制定的策略。話雖如此，第四季顯然非常令人失望。今天，我將概述我們 2023 年的進展，討論我們的第四季業績，並最後介紹我們 2024 年的優先事項。我們知道 2024 年至關重要，因為我們準備進入下一階段的旅程，我們完全專注於實現中期目標和轉型。

So turning to what we accomplished in terms of executing our strategy. As you can see on Slide 5, in 2023, we saw a record year for services, where we maintained our #1 ranking amongst large institutions in TTS, with client wins up 27% and a sustained win-loss rate above 80%. We've now gained over 100 basis points in share in security services since 2021.

因此，轉向我們在執行策略方面所取得的成就。正如您在幻燈片 5 中看到的，2023 年是我們服務創紀錄的一年，我們在 TTS 大型機構中保持第一名，客戶贏率增長了 27%，持續盈虧率超過 80%。自 2021 年以來，我們的安全服務份額現已增加了 100 個基點。

In wealth, we added an estimated $21 billion in net new assets during the year. In USPB, we enjoyed our sixth consecutive quarter of growth, and we began to see the early fruits of our investments in key talent in banking.

在財富方面，我們今年新增淨資產估計為 210 億美元。在 USPB，我們連續第六個季度實現成長，我們開始看到對銀行業關鍵人才投資的早期成果。

In September, we began the most consequential series of changes to the organization and the running of our firm since the aftermath of the financial crisis. We restructured around 5 core interconnected businesses to align our organization to our business strategy and to provide greater transparency into their performance. You can now see in our financials, the full year returns and P&L by business. While they are all impacted by investments and transformation expense, it is clear where we have work to do.

九月，我們開始對金融危機之後的組織和公司運作進行一系列最重要的變革。我們圍繞著 5 個相互關聯的核心業務進行了重組，以使我們的組織符合我們的業務策略，並提高其績效的透明度。現在您可以在我們的財務資料中看到按業務劃分的全年回報和損益表。雖然它們都受到投資和轉型費用的影響，但很明顯我們還有哪些工作要做。

The simplification of our organization structure will conclude at the end of the first quarter and will result in over $1 billion of run rate saves from the net elimination of approximately 5,000 roles mainly managers. As Mark will detail, this will contribute to the reduction of our expenses in '24. Over the medium term, between simplification, benefits of the transformation, stranded costs and other productivity efforts, we expect to eliminate 20,000 positions at Mexico, resulting in over $2 billion in run rate saves.

我們的組織結構的簡化工作將於第一季末結束，淨消除約 5,000 個主要是經理的職位，將帶來超過 10 億美元的運作效率節省。正如馬克將詳細介紹的那樣，這將有助於減少我們 24 年的開支。從中期來看，在簡化、轉型收益、擱置成本和其他生產力努力方面，我們預計將在墨西哥裁減 20,000 個職位，從而節省超過 20 億美元的運行率。

Simplification is also enabling Citi to be more client-focused and less bureaucratic, realizing the synergies between our 5 businesses is one of the key drivers to achieving our medium-term revenue target. With this new structure, I'm holding my business leaders accountable for enhancing connectivity across clients and products. In addition, having a Chief Client Officer act to ensure its discipline in bringing the full power of our franchise to our clients.

簡化也使花旗能夠更加以客戶為中心，減少官僚主義，實現我們 5 項業務之間的協同效應是實現我們中期收入目標的關鍵驅動力之一。透過這種新結構，我要求我的業務領導者負責增強客戶和產品之間的連結。此外，首席客戶長的職責是確保其遵守紀律，將我們特許經營的全部力量帶給我們的客戶。

We have now completed the divestitures of 9 of our 14 international consumer franchises and have wound down nearly 70% of our total retail loans and deposits in Russia, Korea and China. We've restarted the sales process in Poland and a well down the execution path for the Mexico IPO next year. We're exiting marginal businesses such as Munis and a subset of distressed debt trading to focus on our core strengths and allocate our capital with rigor.

目前，我們已完成 14 家國際消費特許經營店中 9 家的剝離，並減少了俄羅斯、韓國和中國零售貸款和存款總額的近 70%。我們已經重新啟動了波蘭的銷售流程，並大幅推進了明年墨西哥 IPO 的執行進程。我們正在退出市政債券和不良債務交易等邊緣業務，以專注於我們的核心優勢並嚴格分配我們的資本。

And without doubt, all these changes are difficult. If they are necessary. At the same time, we continue to invest in our transformation, risk and control environment and data architecture. And we were pleased to have closed the FX consent order with the Federal Reserve. We're committed to fulfilling the expectations of our regulators, given the unique role we play in the global financial system. The modernization of our PEC infrastructure is proceeding at pace, allowing us to deliver new capabilities to our clients.

毫無疑問，所有這些改變都是困難的。如果有必要的話。同時，我們繼續投資於我們的轉型、風險和控制環境以及資料架構。我們很高興與聯準會完成了外匯同意令。鑑於我們在全球金融體系中發揮的獨特作用，我們致力於滿足監管機構的期望。我們的 PEC 基礎設施的現代化正在快速推進，使我們能夠為客戶提供新的功能。

During the year, we consolidated trading and reporting platforms and retired 6% of our legacy applications for the second year in a row. These enhancements dovetail with significant investments in our businesses such as hiring commercial bankers to capture share, improving the digital payment capabilities we offer throughout our global network and automating processes for our security services clients. It was also a year where we upgraded talent with key internal promotions supplemented by selective external hires, including Andy Sieg.

這一年裡，我們整合了交易和報告平台，並連續第二年淘汰了 6% 的遺留應用程式。這些增強功能與我們對業務的重大投資相吻合，例如僱用商業銀行家來獲取份額、改進我們在全球網路中提供的數位支付功能以及為我們的安全服務客戶實現流程自動化。這也是我們透過關鍵的內部晉升來升級人才的一年，並輔以選擇性的外部招聘，其中包括安迪·西格（Andy Sieg）。

The simplified reporting structure has been embraced by colleagues. We're feeling empowered by the new structure to serve clients and drive value for shareholders. While Mark will go through the details, I'd like to level set on our disappointing fourth quarter before recapping the full year's results.

簡化的報告結構受到了同事們的歡迎。我們感覺到新的結構賦予了我們服務客戶和為股東創造價值的能力。雖然馬克將詳細介紹細節，但我想在回顧全年業績之前先談談令人失望的第四季。

Earlier this week, we disclosed additional external headwinds, some of which materialized in the second half of December, including a $1.3 billion reserve build related to transfer risk stemming from exposures to Argentina and Russia. We also saw a nearly $900 million negative revenue impact as a result of the larger-than-expected devaluation of the Argentine currency.

本週早些時候，我們披露了額外的外部不利因素，其中一些在 12 月下半月出現，包括與阿根廷和俄羅斯風險敞口所產生的轉移風險相關的 13 億美元準備金建設。由於阿根廷貨幣貶值幅度超出預期，我們也看到了近 9 億美元的負面收入影響。

These items, together with the $1.7 billion FDIC assessment, drove this quarter to a negative EPS of $1.16. And while these items are clearly very painful, they are quite idiosyncratic in nature and will not impact the course we have set. In terms of the performance of our 5 businesses, while services was the most impacted by the Argentine devaluation. The underlying growth remains very strong, driven by share gains and client wins. Overall, services revenues were up 16% for the full year despite the impact of the Argentine devaluation.

這些項目加上 FDIC 的 17 億美元評估，導致本季 EPS 為負 1.16 美元。雖然這些項目顯然非常痛苦，但它們本質上非常特殊，不會影響我們設定的路線。就我們5項業務的表現而言，服務業受阿根廷貨幣貶值的影響最大。在份額成長和客戶贏得的推動下，潛在成長仍然非常強勁。總體而言，儘管受到阿根廷貨幣貶值的影響，全年服務收入仍成長了 16%。

In TTS, cross-border transactions were up 15% and AUC, AUA in Security Services were up by close to $3 trillion for the year. In markets our fixed income results were disappointing as we saw a significant slowdown in December, particularly in rates and FX. Markets was also impacted by the Argentine devaluation. This franchise is well positioned with our corporate clients, and we continue to take actions to improve returns, whether by redeploying capital to high-returning products or exiting products, which are on to strategic fit.

今年，TTS 領域的跨國交易成長了 15%，安全服務領域的 AUC、AUA 成長了近 3 兆美元。在市場方面，我們的固定收益表現令人失望，因為我們看到 12 月經濟大幅放緩，尤其是利率和外匯。市場也受到阿根廷貨幣貶值的影響。該特許經營權在我們的企業客戶中處於有利地位，我們將繼續採取行動提高回報，無論是透過將資本重新部署到高回報產品還是退出符合策略契合的產品。

We had a decent quarter in equities, particularly in derivatives, and we saw growth in prime balances, an area we have been focusing on. Overall activity picked up in the fourth quarter with revenues up 22%, overall banking revenue continued to be impacted by a weak wallet globally. Investment banking was up slightly for the year, and we finished 2023 as the fifth leading franchise. We certainly aspire to be better. We're seeing improved confidence among CEOs and we like our pipeline, but of course, the timing for a robust recovery is uncertain.

我們的股票季度表現不錯，尤其是衍生性商品，我們看到主要餘額的成長，這是我們一直關注的領域。第四季整體活動有所回升，營收成長 22%，整體銀行營收持續受到全球錢包疲軟的影響。投資銀行業務今年略有成長，2023 年我們成為第五大領先特許經營業務。我們當然渴望變得更好。我們看到執行長們的信心有所增強，我們喜歡我們的產品線，但當然，強勁復甦的時機尚不確定。

The share gains we've made in areas such as health care, put us in a good position, when this business turns more decisively. While investment activity in Asia rebounded with quarterly revenues up 21% and welfare work up 18% for the year. Overall, wealth revenues were down in 2023, and we fully recognized that this business isn't where it needs to be.

當這項業務變得更加果斷時，我們在醫療保健等領域取得的份額成長使我們處於有利地位。亞洲的投資活動出現反彈，全年季度營收成長 21%，福利工作成長 18%。整體而言，2023 年財富收入有所下降，我們充分認識到這項業務並未達到其應有的水準。

Andy is off to a fast start. In addition to resetting the expense base and ensuring the right utilization of our balance sheet, he is tightening our focus to build fee-based revenue streams and investment AUM. With $100 trillion in new wells to be created by 2030, mainly in North America and Asia and with our clients, holding $5.4 trillion away from us. We have an important affinity here to drive growth and return to where they should be.

安迪起步很快。除了重置費用基礎並確保正確利用我們的資產負債表外，他還加強了我們對建立基於費用的收入流和投資資產管理規模的關注。到 2030 年，新油井將創造 100 兆美元的價值，主要是在北美和亞洲，我們的客戶將節省 5.4 兆美元。我們在這裡有重要的親和力來推動成長並回到應有的狀態。

USPB was a bright spot with every product up double digits in the quarter compared to last year, including retail banking, which benefited from a rebound in mortgage origination new and refreshed products have increased customer engagement as we see the benefits for the investments we've made. And in cards, IB and ANR continued their growth reflecting a more balanced lend versus spend mix and falling payment rates.

USPB 是一個亮點，本季每個產品都比去年增長了兩位數，其中包括零售銀行業務，受益於抵押貸款發放的反彈，新產品和更新產品提高了客戶參與度，因為我們看到了我們投資的好處製成。在信用卡方面，IB 和 ANR 繼續成長，反映出貸款與支出組合更加平衡以及支付率下降。

As expected, loss rates are now back to pre-pandemic levels driven by customers in the lower FICO bands. In terms of the full year in 2023, we grew revenues ex-divestures by 4%, although the Argentine devaluation essentially prevented us from reaching the $78 billion revenue mark. We met our full year expense guidance, and we increased our CET1 ratio to 13.3% during the year.

正如預期的那樣，在較低 FICO 等級的客戶的推動下，損失率現在已恢復到疫情前的水平。就 2023 年全年而言，我們的剝離資產前收入成長了 4%，儘管阿根廷貨幣貶值基本上阻止了我們達到 780 億美元的收入大關。我們達到了全年費用指導，並將 CET1 比率提高至 13.3%。

We grew our tangible book value per share by 6% to $86.19, and we returned $6 billion in capital to our shareholders in the form of common dividends and share buybacks. We remain committed to continuing to return capital to investors through both of these channels.

我們的每股有形帳面價值成長了 6%，達到 86.19 美元，並以普通股息和股票回購的形式向股東返還了 60 億美元的資本。我們仍然致力於透過這兩個管道繼續向投資者返還資金。

As I reflect on the year, I also want to note that we were a source of strength for the system and for clients during a volatile periods of the banking sector and geopolitically, and I'm very proud of how our people around the world performed during challenging times. 2024, looks to be similar to 2023 in terms of the macro environment with moderating rates and inflation. We expect to see growth slowing globally with the U.S. well positioned with sand or run-of-the-mill recession should one materialize.

當我回顧這一年時，我還想指出，在銀行業和地緣政治的動盪時期，我們是系統和客戶的力量源泉，我對我們世界各地員工的表現感到非常自豪在充滿挑戰的時期。就宏觀環境而言，2024 年與 2023 年類似，利率和通膨將放緩。我們預計全球經濟成長將放緩，而美國將面臨沙塵暴或普通衰退（如果這種情況真的發生）。

With a strong balance sheet, ample liquidity and diligent risk management we are well positioned to support our clients through whatever environment comes to pass. Moreover, we think environments like these play to our strengths, given how far we are down the path of our simplification and divestitures 2024 will be a turning point as we will be able to completely focus on the performance of our 5 businesses and our transformation.

憑藉強大的資產負債表、充足的流動性和勤勉的風險管理，我們能夠在任何環境下為客戶提供支援。此外，我們認為這樣的環境可以發揮我們的優勢，因為我們在簡化和剝離的道路上已經走了多遠，2024 年將是一個轉折點，因為我們將能夠完全專注於 5 項業務的業績和轉型。

I recognize the importance of this year, and I am highly confident that we will see the benefits of the actions we've taken through the momentum of our businesses. Backed by investments in key products we believe we can continue to grow revenues ex-divestitures by 4% to 5% over the medium term. Overall, we remain confident in our ability to adapt to the evolving capital and macro environment to reach our medium-term return targets and return capital to our shareholders whilst continuing the investments needed in our information.

我認識到今年的重要性，並且我非常有信心，我們將看到我們透過業務動能所採取的行動所帶來的好處。在關鍵產品投資的支持下，我們相信在中期內我們可以繼續將剝離前的收入成長 4% 至 5%。總體而言，我們仍然相信我們有能力適應不斷變化的資本和宏觀環境，以實現我們的中期回報目標並向股東返還資本，同時繼續對我們的資訊進行所需的投資。

With that, I'd like to turn it over to Mark, and then we will be delighted otherwise, to take your questions.

這樣，我想將其轉交給馬克，然後我們將很高興回答您的問題。

Thanks, Jane, and good morning, everyone. You have a lot to cover on today's call. I'm going to start with the fourth quarter and full year firm-wide financial results, focusing on year-over-year comparisons, unless I indicate otherwise. I'll also focus on our guidance for 2024 and end with the path to our medium-term return target. The presentation of our results reflects the changes we've made in conjunction with our organizational simplification, including reporting legacy franchises and corporate other in -- all other.

謝謝，簡，大家早安。今天的電話會議有很多內容可以講。除非我另有說明，我將從第四季度和全年公司範圍內的財務表現開始，並專注於同比比較。我還將重點討論我們對 2024 年的指導，並以實現中期回報目標的路徑結束。我們的結果的呈現反映了我們在組織簡化方面所做的改變，包括報告遺留特許經營權和其他所有其他公司。

However, before I go into the results, let me walk you through some of through some of the notable items that impacted the quarter that were included in the 8-K we recently filed. At the top right of Slide 7, we show these items on a pretax basis. The FDIC special assessment of approximately $1.7 billion related to regional bank failures in March. This impacted expenses in all other.

然而，在討論結果之前，讓我先向您介紹一些影響本季的重要項目，這些項目包含在我們最近提交的 8-K 中。在投影片 7 的右上角，我們以稅前價格顯示這些項目。 FDIC 對 3 月地區銀行倒閉進行了約 17 億美元的特別評估。這影響了所有其他方面的支出。

A restructuring charge of approximately $780 million related to actions associated with our organizational simplification, which will drive head count reductions and future savings over the medium term, impacted expenses in all other the impact of the currency devaluation in Argentina of approximately $880 million. This was recorded in noninterest revenue across services, markets and banking and you can see the impact by business in the appendix of the presentation.

與我們的組織簡化相關的行動相關的約 7.8 億美元的重組費用，將在中期內推動人員減少和未來的節省，影響了阿根廷貨幣貶值約 8.8 億美元的其他所有支出。這記錄在服務、市場和銀行業務的非利息收入中，您可以在簡報的附錄中看到按業務劃分的影響。

While we did have an adverse impact from the Argentina devaluation this quarter, we also benefited from high interest rates, earning approximately $250 million of NII on the net investment in the quarter given the hyperinflationary environment and a reserve build of $1.3 billion related to increases in transfer risk associated with exposures to Russia and Argentina as described in the 8-K. This impact is mostly included in other provisions and cost of credit and spends multiple businesses due to their globality.

雖然本季我們確實受到了阿根廷貨幣貶值的不利影響，但我們也受益於高利率，考慮到惡性通貨膨脹環境以及與貨幣增加相關的13 億美元儲備建設，本季的淨投資賺取了約2.5億美元的NII。與 8-K 中所述的俄羅斯和阿根廷風險敞口相關的轉移風險。這種影響主要包含在其他準備金和信貸成本中，並且由於其全球性而花費了多個企業。

The combination of these items negatively impacted diluted EPS by approximately $2 and RoTCE by approximately 920 basis points. Now turning to the left side of the slide, where we show our financial results for the full FERC. In the fourth quarter, we reported a net loss of $1.8 billion and a net loss per share of $1.16 on $17.4 billion of revenue. Excluding the notable items, diluted EPS would have been $0.84 with an RoTCE of 4.1% for the quarter.

這些項目的結合對稀釋每股盈餘產生了約 2 美元的負面影響，對 RoTCE 產生了約 920 個基點的負面影響。現在轉向幻燈片左側，我們展示了 FERC 的完整財務結果。第四季度，我們報告淨虧損 18 億美元，每股淨虧損 1.16 美元，營收 174 億美元。排除值得注意的項目，本季攤薄後每股收益將為 0.84 美元，RoTCE 為 4.1%。

In the quarter, total revenues decreased by 3% on a reported basis. Excluding divestiture-related impacts and the impact of the Argentina devaluation, revenues increased 2% and driven by strength across services, USPB and Investment Banking, partially offset by lower revenues in markets in wealth and the revenue reduction from the closed exits and wind down. Turning to expenses. We reported expenses of $16 billion, which include the FDIC special assessment and modest divestiture-related costs. Excluding these items, expenses increased 10% to $14.2 billion, largely driven by the restructuring charge I just mentioned. Cost of credit was approximately $3.5 billion.

據報告，本季總收入下降了 3%。排除資產剝離相關的影響和阿根廷貨幣貶值的影響，收入增長了2%，這主要得益於服務業、USPB 和投資銀行業務的實力，但部分被財富市場收入下降以及退出和退出導致的收入減少所抵消。轉向開支。我們報告了 160 億美元的支出，其中包括 FDIC 特別評估和適度的剝離相關成本。不包括這些項目，費用增加了 10%，達到 142 億美元，這主要是由我剛才提到的重組費用所推動的。信貸成本約為 35 億美元。

Excluding the reserve bill for transfer risk cost of credit was primarily driven by far net credit losses, which are now at pre-COVID levels as well as ACL builds for new card volume. At the end of the quarter, we had nearly $22 billion in total reserves, with a reserve to funded loan ratio of approximately 2.7%. And on a full year basis, we delivered $9.2 billion of net income and an RoTCE of 4.9%. Adjusting for the notable items, net income was approximately $13.1 billion with an RoTCE of 7.3%.

不包括轉移風險準備金費用的信貸成本主要是由遠淨信貸損失驅動的，目前淨信貸損失處於新冠疫情之前的水平以及 ACL 為新卡數量而構建的水平。截至本季末，我們的準備金總額接近 220 億美元，準備金與融資貸款的比率約為 2.7%。全年淨利為 92 億美元，RoTCE 為 4.9%。調整重要項目後，淨利潤約為 131 億美元，RoTCE 為 7.3%。

On Slide 8, we show full year revenue trends by business from 2021 to 2023. It is important to highlight that in conjunction with the change to align with our new financial reporting structure. We moved the majority of the financing and securitization business from banking to markets. We also implemented a revenue-sharing arrangement within banking and between banking, services and markets, to reflect the benefits of businesses get from our relationship-based lending. These changes are now reflected in our results and our historical financials.

在投影片 8 中，我們展示了 2021 年至 2023 年按業務劃分的全年收入趨勢。重要的是要強調這一點，並結合我們新的財務報告結構進行的變化。我們將大部分融資和證券化業務從銀行轉移到市場。我們還在銀行內部以及銀行、服務和市場之間實施了收入共享安排，以反映企業從我們基於關係的貸款中獲得的利益。這些變化現已反映在我們的業績和歷史財務數據中。

Now looking at the full year numbers. Services had a record year with revenues of $18.1 billion, up 16%, benefiting from both rates and business actions, new client wins and deepening with existing clients. partially offset by the Argentina devaluation. Markets revenues decreased 6% to $18.9 billion, largely driven by lower volatility and a significant slowdown in December. The markets business was also impacted by the Argentina devaluation. Banking revenues decreased 15% to $4.6 billion, primarily driven by the mark-to-market on loan hedges as well as a decrease in corporate lending.

現在看看全年的數字。由於費率和業務行動、新客戶的贏得以及與現有客戶的深化，服務業今年的收入達到創紀錄的 181 億美元，成長 16%。阿根廷貨幣貶值部分抵銷了這一影響。市場收入下降 6% 至 189 億美元，主要是由於波動性降低和 12 月經濟大幅放緩所致。市場業務也受到阿根廷貨幣貶值的影響。銀行收入下降 15%，至 46 億美元，主要是因為貸款對沖按市值計價以及企業貸款減少所致。

Investment banking revenues were relatively flat for the year as we gained share amidst the declining wallet. Corporate Lending revenues were down 4%, excluding mark-to-market on loan hedges. Wealth revenues decreased 5% to $7.1 billion, primarily due to the deposit mix shift towards higher-yielding products, which drove lower deposit spreads. USPB revenues increased 14% to $19.2 billion, primarily driven by growth in card balances as we continue to see the benefit of our investments in digital acquisition, and customer engagement.

今年投資銀行業務收入相對持平，因為我們在錢包萎縮的情況下獲得了份額。不包括以市值計價的貸款對沖收入，企業貸款收入下降 4%。財富收入下降 5%，至 71 億美元，主要是由於存款結構轉向高收益產品，從而降低了存款利差。 USPB 收入成長 14%，達到 192 億美元，主要是由於卡片餘額成長所推動，因為我們繼續看到我們在數位獲取和客戶參與方面的投資帶來的好處。

Total revenues, excluding divestitures, came in at $77.1 billion, below our guidance of $78 billion to $79 billion for the year, largely due to the impact of the Argentina devaluation softer markets performance, particularly in December and losses on loan hedges. However, NII X markets came in at $47.6 billion, in line with our guidance. Despite the challenging environment and the impact of the Argentina devaluation, we grew firm-wide revenues by approximately 4% ex-divestitures, in line with our Investor Day target, demonstrating the benefit of our diversified business model and the investments we've been making.

不包括資產剝離的總收入為 771 億美元，低於我們今年 780 億至 790 億美元的指導，這主要是由於阿根廷貶值、市場表現疲軟（特別是 12 月）以及貸款對沖損失的影響。然而，NII X 市場規模為 476 億美元，與我們的指導方針一致。儘管面臨充滿挑戰的環境和阿根廷貶值的影響，我們公司的除資產剝離外的收入仍增長了約4%，符合我們的投資者日目標，這證明了我們多元化業務模式和我們一直在進行的投資的好處。

On Slide 9, we show full year expense trends from 2021 to 2023, excluding the FDIC special assessment and divestiture-related impacts, full year expenses were $54.3 billion for 2023, in line with our guidance. As I mentioned, this includes roughly $780 million of restructuring costs associated with our organizational simplification and additional severance costs of approximately $730 million, which included actions to address stranded costs and start to rightsize the businesses.

在投影片 9 中，我們顯示了 2021 年至 2023 年的全年支出趨勢，不包括 FDIC 特別評估和資產剝離相關的影響，2023 年全年支出為 543 億美元，與我們的指導一致。正如我所提到的，這包括與我們的組織簡化相關的大約 7.8 億美元的重組成本以及大約 7.3 億美元的額外遣散費，其中包括解決擱淺成本和開始調整業務規模的行動。

Relative to the prior year, expense growth continued to be driven by transformation and business-led investments, volume-related expenses and other investments in risk and controls and technology. Partially offset by productivity savings and a reduction in expenses in legacy franchises within all other. Over the past few years, we've been investing across these themes, which has not only impacted the performance of the firm, but also the businesses.

與前一年相比，費用成長繼續受到轉型和業務主導的投資、與數量相關的費用以及風險、控制和技術方面的其他投資的推動。部分被生產力節省和所有其他傳統特許經營費用的減少所抵消。在過去的幾年裡，我們一直在這些主題上進行投資，這不僅影響了公司的業績，也影響了業務。

On Slide 10, we show the components of our transformation and technology spend from 2021 to 2023. Over the past 3 years, we have invested significantly in our infrastructure, platforms, applications, processes and data. As you can see in the bar chart at the top of the slide, roughly 30% of our transformation investments over the last 3 years were in technology, with the remainder related to non-tech employees and consultants.

在投影片 10 中，我們展示了 2021 年至 2023 年轉型和技術支出的組成部分。在過去 3 年中，我們在基礎設施、平台、應用程式、流程和數據方面進行了大量投資。正如您在投影片頂部的條形圖中看到的那樣，過去 3 年我們大約 30% 的轉型投資用於技術，其餘與非技術員工和顧問相關。

In 2023, we've seen a shift from consulting expenses to technology and compensation as we've gotten deeper into the execution of our transformation. And you should expect to see this trend continue. In total, we invested over $12 billion in technology in 2023. Beyond transformation, our technology investments are also focused on digital innovation, new product development, client experience enhancements and areas that support our infrastructure like cloud and cyber.

2023 年，隨著我們更深入地執行轉型，我們看到了從諮詢費用到技術和薪資的轉變。您應該期望看到這種趨勢繼續下去。到2023 年，我們總共在技術上投資超過120 億美元。除了轉型之外，我們的技術投資還集中在數位創新、新產品開發、客戶體驗增強以及支持我們的基礎設施（如雲端和網路）的領域。

On Slide 11, we show key consumer and corporate credit metrics. Across branded card and retail services, approximately 80% of our card loans are to consumers with FICO scores of 680 or higher. And across both portfolios, NCL rates have reached pre-COVID levels, but we continue to be well reserved with a reserve to funded loan ratio of 7.7%. In our corporate portfolio, the majority of our exposure is investment grade, which is reflected in our low level of nonaccrual loans at 63 basis points of total corporate loans.

在投影片 11 上，我們展示了關鍵的消費者和企業信用指標。在品牌卡和零售服務中，我們大約 80% 的卡貸款面向 FICO 分數為 680 或更高的消費者。在這兩個投資組合中，NCL 利率已達到新冠疫情爆發前的水平，但我們仍保持充足儲備，準備金與融資貸款的比率為 7.7%。在我們的企業投資組合中，我們的大部分風險敞口都是投資級別，這反映在我們的非應計貸款水平較低，佔企業貸款總額的 63 個基點。

We feel good about the quality and mix of our portfolio and are well reserved for the current environment. As it relates to Argentina, we've included a slide in the appendix summarizing the value it brings to the global network and the broader institutional client relationships we hold as well as the strength of our financial profile in Argentine. As it relates to Russia, we've also included a slide in the appendix. You will see that the reserves for transfer risk that we have taken have significantly reduced our net investment and therefore, our risk of loss related to Russia.

我們對我們投資組合的品質和組合感到滿意，並為當前環境做好了準備。由於與阿根廷相關，我們在附錄中添加了一張投影片，總結了它為全球網路帶來的價值、我們擁有的更廣泛的機構客戶關係以及我們在阿根廷的財務狀況的實力。由於它與俄羅斯有關，我們還在附錄中添加了一張幻燈片。您會看到，我們承擔的轉移風險準備金大大減少了我們的淨投資，因此，我們與俄羅斯相關的損失風險。

On Slide 12, we show our summary balance sheet and key capital 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, which is deployed into high-quality diversified assets -- the majority of our deposits, $801 billion, our institutional and operational in nature and span across 90 countries and are complemented by $426 billion of U.S. personal banking and wealth deposits.

在投影片 12 上，我們展示了資產負債表摘要和關鍵資本流動性指標。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1.3 兆美元的多元化存款基礎，這些存款基礎被部署到高品質的多元化資產中——我們的大部分存款（8,010 億美元）、我們的機構和營運部門其性質橫跨 90 個國家，並輔以 4,260 億美元的美國個人銀行業務和財富存款。

We have approximately $561 billion of HQLA and approximately $690 billion of loans, and we maintained total liquidity resources of $965 billion. Our LCR decreased modestly to 116%, and our tangible book value per share was $86.19, up 6%. On the bottom left corner of the slide, we saw a full CET1 walk to provide more detail on the drivers in 2023. First, we generated $8 billion of net income to common, which added 70 basis points. Second, we returned $6.1 billion in the form of common dividends and share repurchases, which drove a reduction of about 53 basis points.

我們擁有約 5,610 億美元的 HQLA 和約 6,900 億美元的貸款，流動性資源總額為 9,650 億美元。我們的 LCR 小幅下降至 116%，每股有形帳面價值為 86.19 美元，成長 6%。在幻燈片的左下角，我們看到了完整的 CET1 步行，以提供有關 2023 年驅動因素的更多詳細資訊。首先，我們為 Common 創造了 80 億美元的淨利潤，增加了 70 個基點。其次，我們以普通股利和股票回購的形式返還了 61 億美元，這導致股價下跌約 53 個基點。

Third, we benefited from the impact of lower rates on our AFS investment portfolio which drove an increase of 20 basis points. And finally, the remaining 3 basis points was largely driven by higher RWA, partially offset by capital releases from the exit markets. We ended the quarter with a 13.3% CET1 capital ratio, approximately 100 basis points above our regulatory capital requirement of 12.3%. As you can see, we've grown our CET1 ratio by approximately 30 basis points over the course of the year, while returning over $6 billion to shareholders in common dividends and repurchases.

第三，我們受惠於較低利率對 AFS 投資組合的影響，導致 AFS 投資組合成長 20 個基點。最後，剩下的 3 個基點主要是由較高的 RWA 推動的，部分被退出市場的資本釋放所抵消。本季末，我們的 CET1 資本比率為 13.3%，比 12.3% 的監理資本要求高出約 100 個基點。正如您所看到的，我們在這一年中將 CET1 比率提高了約 30 個基點，同時透過普通股息和回購向股東返還了超過 60 億美元。

Before I take you through each business, as Jane mentioned, we are not satisfied with the performance and returns of our businesses. And therefore, we are laser-focused on executing against our strategy, simplifying the organization and rightsizing the expense base. As a reminder, the investments that we've been making have impacted each of the businesses, as you will see in the next few slides.

在我向您介紹每項業務之前，正如簡所提到的，我們對業務的績效和回報並不滿意。因此，我們專注於執行我們的策略、簡化組織並調整費用基礎。提醒一下，我們一直在進行的投資已經影響了每項業務，正如您將在接下來的幾張投影片中看到的那樣。

So now turning to Slide 13, where we show the results for services for the fourth quarter and the full year. Revenues were up 6% this quarter, largely driven by NII across TTS and security services, partially offset by NIR driven by the Argentina devaluation. Services noninterest revenues were up 20%, excluding the impact of the Argentina devaluation. Expenses increased 9%, primarily driven by continued investments in technology product innovation and client experience.

現在轉向幻燈片 13，我們在其中展示了第四季度和全年的服務結果。本季營收成長 6%，主要由 TTS 和安全服務的 NII 推動，但部分被阿根廷貨幣貶值推動的 NIR 所抵銷。排除阿根廷貨幣貶值的影響，服務業非利息收入成長了 20%。費用成長 9%，主要是由於對技術產品創新和客戶體驗的持續投資所致。

Cost of credit was $646 million, driven by a reserve build of approximately $652 million primarily associated with transfer risk in Russia and Argentina. Net income decreased to $776 million as higher revenues were more than offset by higher cost of credit and higher expenses. Average loans were up 6%, primarily driven by strong demand for working capital loans in TTS, both in North America and internationally. Average deposits were down 3%. As the impact of quantitative tightening more than offset new client acquisition and deepening with existing clients. However, sequentially, deposits were up 1%. Services delivered an RoTCE of 13.4% for the quarter. And for the full year, services delivered an RoTCE of 20% on $18.1 billion of revenue.

信貸成本為 6.46 億美元，主要由約 6.52 億美元的儲備建設推動，主要與俄羅斯和阿根廷的轉移風險有關。淨利潤下降至 7.76 億美元，因為較高的收入被較高的信貸成本和較高的費用所抵消。平均貸款成長 6%，主要是由於北美和國際上 TTS 營運資金貸款的強勁需求。平均存款下降 3%。由於數量緊縮的影響遠遠抵消了新客戶的獲取和現有客戶的深化。然而，存款連續成長了 1%。本季服務業的 RoTCE 為 13.4%。全年服務業的 RoTCE 為 20%，營收為 181 億美元。

On Slide 14, we show the results for markets for the fourth quarter and the full year. Markets revenues were down 19% versus a strong quarter last year, driven by a decline in fixed income and the impact of the devaluation, partially offset by an increase in equities. Fixed income revenues decreased by 25% and largely driven by rates and currencies on lower volatility and a significant slowdown in December as well as the impact of devaluation.

在投影片 14 上，我們展示了第四季和全年的市場結果。由於固定收益下降和貨幣貶值的影響，市場收入與去年強勁的季度相比下降了 19%，但部分被股票上漲所抵消。固定收益收入下降 25%，主要是由於利率和貨幣波動性降低、12 月經濟大幅放緩以及貨幣貶值的影響。

However, we saw a good underlying momentum in equities with revenues up 9% driven by gains across all products, and we continue to grow prime balances, while making solid progress on our revenue to RWA target. Expenses increased 8%, driven by investments in transformation and risk and controls and volume-related costs, partially offset by productivity savings. Cost of credit was $209 million, driven by a reserve build of approximately $179 million, primarily associated with the transfer risk in Russia and Argentina.

然而，我們看到了股票的良好潛在勢頭，在所有產品收益的推動下，收入增長了 9%，我們繼續增加主要餘額，同時在實現 RWA 目標的收入方面取得了堅實進展。由於轉型、風險和控制以及與數量相關的成本方面的投資，費用增加了 8%，但部分被生產力節省所抵消。信貸成本為 2.09 億美元，主要由約 1.79 億美元的儲備建設推動，主要與俄羅斯和阿根廷的轉移風險有關。

Markets reported a net loss of $134 million as revenues were more than offset by higher expenses and higher cost of credit. Average loans increased 4% to $115 billion as we saw increased client demand for credit driving growth in warehouse lending. Average trading assets increased 18% to $391 billion, largely driven by treasuries and mortgage-backed securities, given the strong client activity in fixed income for much of the year. While it was a challenging quarter, markets performed relatively well for the full year with revenue of $18.9 billion and an RoTCE of 7.4% compared with very strong performance in the prior year, and we are focused on improving returns over time through a combination of revenue growth, expense discipline and capital optimization.

Markets 報告淨虧損 1.34 億美元，因為收入被較高的支出和較高的信貸成本所抵消。平均貸款成長 4%，達到 1,150 億美元，因為我們看到客戶信貸需求的增加推動了倉庫貸款的成長。鑑於今年大部分時間固定收益客戶活動強勁，平均交易資產成長 18% 至 3,910 億美元，主要由國債和抵押貸款支持證券推動。雖然這是一個充滿挑戰的季度，但全年市場表現相對較好，收入為 189 億美元，RoTCE 為 7.4%，與上一年的強勁表現相比，我們致力於透過收入組合不斷提高回報增長、費用紀律和資本優化。

On Slide 15, we show the results for banking for the fourth quarter and the full year. Banking revenues increased 22%, driven by growth in investment banking fees and lower losses on loan hedges, partially offset by lower corporate lending revenue. Investment banking revenues increased 27% year-over-year, driven by DCM and advisory due to improvements in market sentiment.

在投影片 15 上，我們展示了銀行業第四季和全年的業績。受投資銀行費用成長和貸款對沖損失減少的推動，銀行收入成長了 22%，但部分被企業貸款收入下降所抵銷。由於市場情緒改善，在 DCM 和顧問業務的推動下，投資銀行業務收入年增 27%。

In advisory, we saw signs of strength across technology, health care and energy, and we feel good about the strength of our pipeline. Corporate lending revenues, excluding mark-to-market on loan hedges, decreased 26%, largely driven by lower revenue share from investment banking services and markets. Expenses increased 37%, primarily driven by the absence of an operational loss reserve released in the prior year. Excluding the reserve release, expenses were roughly flat.

在諮詢方面，我們看到了技術、醫療保健和能源領域的實力跡象，我們對我們的管道實力感到滿意。企業貸款收入（不包括以市值計價的貸款對沖）下降了 26%，這主要是由於投資銀行服務和市場的收入份額下降。費用增加了 37%，主要是由於前一年沒有釋放營運損失準備金。不包括準備金釋放，支出大致持平。

Cost of credit was $185 million, driven by a reserve build associated with the transfer risk in Russia and Argentina. The NCL rate was 32 basis points of average loans and we ended the quarter with a reserve to funded loan ratio of 1.6%. Banking reported a net loss of $322 million as higher expenses and cost of credit more than offset higher revenue. RoTCE was negative 6% for the quarter. And for the full year, banking reported an RoTCE of negative 0.2% on $4.6 billion of revenue.

信貸成本為 1.85 億美元，由俄羅斯和阿根廷轉移風險相關的儲備建設推動。 NCL 利率為平均貸款的 32 個基點，本季末我們的準備金與資助貸款比率為 1.6%。銀行業報告淨虧損 3.22 億美元，原因是較高的費用和信貸成本足以抵消較高的收入。本季 RoTCE 為負 6%。全年銀行業的 RoTCE 為負 0.2%，營收為 46 億美元。

So clearly, we have more work to do on returns. And while it's difficult to predict when activity will normalize, we're positioning the business to capitalize on the rebound in the market wallet, and that includes continuing to invest in key growth areas, upgrading talent in traditional sectors and continuing to rightsize the business.

顯然，我們在回報方面還有更多工作要做。雖然很難預測經濟活動何時會恢復正常，但我們正在將業務定位為利用市場錢包的反彈，其中包括繼續投資於關鍵成長領域、升級傳統行業的人才以及繼續調整業務規模。

On Slide 16, we show the results for wealth for the fourth quarter and the full year. Wealth revenues decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding costs and higher investment fee revenues. We're seeing good momentum in non-interest revenue, which was up 13% in the fourth quarter. driven by higher investment assets, increased client activity and market performance. Expenses were up 4%, primarily driven by investments in risk and controls and technology, partially offset by replacing strategic investments and tighter expense control as we begin to rightsize the expense base in the business.

在投影片 16 上，我們展示了第四季和全年的財富結果。由於存款利差下降，財富收入下降了 3%，但抵押貸款融資成本下降和投資費用收入增加部分抵消了這一影響。我們看到非利息收入勢頭良好，第四季度增長了 13%。受投資資產增加、客戶活動增加和市場表現增加的推動。費用增加了 4%，主要是由風險、控制和技術投資推動的，隨著我們開始調整業務費用基礎，更換策略投資和更嚴格的費用控制部分抵消了費用。

Wealth reported a net income of $5 million as revenues were mostly offset by higher expenses. Client balances increased 6%, primarily driven by higher client investment assets, partially offset by lower deposit balance. Average loans were flat as we continue to optimize capital usage. Average deposits decreased 2%, reflecting the continued mix shift of deposits to higher-yielding investments on Citi's platform. Client investment assets were up 12%, driven by new acquisitions and the benefit from higher market valuation, and we're seeing good momentum in net new assets, which more than doubled to $16 billion for the quarter.

Wealth 報告淨利潤為 500 萬美元，大部分收入被較高的支出所抵消。客戶餘額增加 6%，主要是因為客戶投資資產增加，但部分被存款餘額減少抵銷。隨著我們繼續優化資本使用，平均貸款持平。平均存款下降 2%，反映出花旗平台存款持續轉向高收益投資。在新收購和較高市場估值的推動下，客戶投資資產成長了 12%，我們看到淨新資產勢頭良好，本季增加了一倍多，達到 160 億美元。

For the full year, we added an estimated $21 billion in net new assets. RoTCE was 0.1% for the quarter. And for the full year, RoTCE was 2.6% on $7.1 billion of revenue. Looking ahead, we're going to improve the returns in the business as we invest in talent to execute on our refocused strategy to drive investment revenue with an eye towards rightsizing the expense base. We will wind down non-core initiatives, exit less productive performers and enhanced discipline across every expense loan.

全年淨新資產預計增加 210 億美元。本季 RoTCE 為 0.1%。全年 RoTCE 的營收為 71 億美元，成長率為 2.6%。展望未來，我們將投資人才來執行我們重新調整的策略，以提高投資收入，同時著眼於調整支出基礎，從而提高業務回報。我們將逐步減少非核心舉措，退出生產力較低的企業，並加強每筆費用貸款的紀律。

On Slide 17, we show the results for U.S. Personal Banking for the fourth quarter and the full year. U.S. Personal Banking revenues increased 12%. Branded cards revenues increased 10%, driven by higher net interest margin and interest-earning balances growth of 13%, and we continue to see healthy growth in new account acquisition, up 8% and spend volumes up 3%. Retail services revenues increased 15% also driven by higher net interest margin and interest-earning balance growth of 11% as well as lower partner payments due to higher net credit losses.

在投影片 17 上，我們展示了美國個人銀行業務第四季和全年的業績。美國個人銀行業務收入成長 12%。在淨利差提高和生息餘額增長 13% 的推動下，品牌卡收入增長了 10%，我們繼續看到新帳戶獲取量健康增長，增長 8%，支出量增長 3%。零售服務收入增加了 15%，這也是由於淨利差提高、生息餘額增加 11% 以及淨信貸損失增加導致的合作夥伴付款減少所致。

Retail banking revenues increased 15%, driven by higher deposit spreads, loan growth and improved mortgage margins. Expenses decreased 1% as higher expenses to support lending programs and client engagement as well as the rollout of simplified banking were offset by lower nonvolume-related expenses. Cost of credit of $2.1 billion, increased 20%, driven by higher NCLs, partially offset by a lower ACL build.

在存款利差上升、貸款成長和抵押貸款利潤率提高的推動下，零售銀行業務收入成長了 15%。費用下降了 1%，因為支持貸款計劃和客戶參與以及簡化銀行業務的推出所增加的費用被非業務量相關費用的減少所抵消。由於 NCL 增加，信貸成本達到 21 億美元，成長了 20%，但 ACL 建設減少部分抵消了這一影響。

Net income increased to $201 million, driven by higher revenues, partially offset by higher cost of credit. Average deposits decreased 5% driven by the transfer of relationships and the associated deposits to our wealth business. We continue to make progress against our digital strategy with digital deposits up 14%, and active digital users increasing 6%. RoTCE for the quarter was 3.6%. And for the full year, U.S. Personal Banking delivered an RoTCE of 8.3% or $19.2 billion of revenue. Here again, we are focused on improving the return profile of the business. Managing through this part of the credit cycle and continuing to make progress in retail banking will be key.

由於收入增加，淨利潤增加至 2.01 億美元，但部分被信貸成本增加所抵消。由於關係和相關存款向我們的財富業務轉移，平均存款下降了 5%。我們的數位策略持續取得進展，數位存款成長了 14%，活躍數位用戶成長了 6%。本季 RoTCE 為 3.6%。全年，美國個人銀行業務的 RoTCE 為 8.3%，即 192 億美元的收入。在這裡，我們再次專注於改善業務的回報狀況。管理信貸週期的這一部分並繼續在零售銀行業務方面取得進展將是關鍵。

On Slide 18, we show results for all other on a managed basis, which includes corporate other and legacy franchises and excludes divestiture-related items. Revenues decreased 17%, driven by a decrease in NII of 29%, driven by the closed exits and wind down, partially offset by higher noninterest revenue and expenses increased to $4.5 billion, driven by the FDIC special assessment and restructuring costs, partially offset by lower expenses in both wind down and exit markets.

在投影片 18 上，我們顯示了所有其他管理基礎上的結果，其中包括公司其他和遺留特許經營權，但不包括與資產剝離相關的項目。收入下降17%，主要原因是NII 下降29%（受退出和退出關閉影響），部分被非利息收入增加所抵消；支出增加至45 億美元，部分受FDIC 特別評估和重組成本推動，部分被非利息收入增加所抵銷。降低停業和退出市場的費用。

Turning to Slide 20. As we kick off 2024 the environment remains somewhat uncertain and markets remain difficult to predict. But based on what we see today, we expect revenues to be approximately $80 billion to $81 billion, as shown on the left side of the slide. And on the right side of the slide, we list the key drivers. In TTS, we expect revenue growth to be driven by new client wins, deepening with our existing clients and continued momentum with commercial clients as we continue to leverage our global footprint and product innovation.

轉向投影片 20。隨著 2024 年的到來，環境仍然有些不確定，市場仍然難以預測。但根據我們今天看到的情況，我們預計收入約為 800 億至 810 億美元，如幻燈片左側所示。在幻燈片的右側，我們列出了關鍵驅動因素。在 TTS 領域，隨著我們繼續利用我們的全球足跡和產品創新，我們預計收入成長將由新客戶的贏得、與現有客戶的深化以及與商業客戶的持續發展勢頭推動。

In Security Services, we have a very healthy pipeline, and we'll continue to onboard assets under custody from new mandates win new clients and deepen relationships with existing clients. In Investment Banking, we anticipate a rebound in activity and to maintain our position as the wallet recovers. Over time, we do expect the investments that we've made in key growth areas such as health care and technology to allow us to gain share.

在安全服務方面，我們擁有非常健康的管道，我們將繼續根據新任務託管資產，贏得新客戶並加深與現有客戶的關係。在投資銀行業務方面，我們預計隨著錢包的復甦，活動將會反彈並維持我們的地位。隨著時間的推移，我們確實預計我們在醫療保健和技術等關鍵成長領域所做的投資將使我們能夠獲得份額。

And we also expect a modest rebound in wealth as we execute on our refocused strategy with an eye towards growing investment fees, particularly with our existing clients. In USPB, we expect continued growth in card balances driven by the investments we've been making as well as lower partner payments in retail services to continue to drive revenue growth. We also expect to continue to improve our retail brand's performance. And as it relates to NII, excluding markets, we expect net interest income to be down modestly as the volume growth we expect from loans and deposits is more than offset by lower U.S. rates and the reduction from the closed exits and wind down.

我們也預計，隨著我們執行重新調整的策略，著眼於不斷增長的投資費用，特別是現有客戶的投資費用，財富將出現小幅反彈。在 USPB，我們預計，在我們一直在進行的投資的推動下，銀行卡餘額將持續成長，而且零售服務領域合作夥伴付款的降低將繼續推動收入成長。我們也期望繼續改善我們零售品牌的表現。由於與NII相關（不包括市場），我們預計淨利息收入將小幅下降，因為我們預期的貸款和存款數量增長將被美國利率下降以及關閉退出和退出帶來的減少所抵消。

Turning to Slide 21. We expect expenses to be approximately $53.5 billion to $53.8 billion, down from $54.3 billion. Subject to volume-related expenses. The decrease in expenses will be driven by the benefits of our organizational simplification, a continued reduction from exit markets and wind down and productivity savings partially offset by investments in risk and controls and volume-related expenses. Embedded in this guidance includes an elevated level of severance as well as additional potential costs related to the organizational simplification totaling approximately $700 million to $1 billion. This will contribute to reducing headcount over 2024 and the medium term, which we will discuss on the next slide.

轉向幻燈片 21。我們預計支出約為 535 億美元至 538 億美元，低於 543 億美元。需繳納與數量相關的費用。費用的減少將由我們的組織簡化、退出市場的持續減少和逐步減少以及生產力節省所帶來的好處所推動，這些好處被風險和控制以及與數量相關的費用的投資部分抵消。該指南中包含提高遣散費水準以及與組織簡化相關的額外潛在成本，總計約 7 億至 10 億美元。這將有助於減少 2024 年和中期的員工人數，我們將在下一張投影片中討論這一點。

On Slide 22, we show the drivers of headcount and expense reduction over the medium term. As we've discussed in the past, there are 3 drivers that will reduce our expenses, organizational simplification, including the reduction of management layers, eliminating stranded costs as we take additional actions to reduce excess overhead in light of the exit markets and realizing productivity savings from our investments in the transformation and technology.

在投影片 22 中，我們展示了中期內員工人數和費用削減的驅動因素。正如我們過去討論過的，有 3 個驅動因素可以減少我們的開支，組織簡化，包括減少管理層，消除擱淺成本，因為我們根據退出市場採取額外行動減少多餘的管理費用，並實現生產力我們在轉型和技術方面的投資節省了成本。

We expect the combination of these 3 drivers to reduce our headcount by a net 20,000, excluding Mexico and generate a net run rate fee of $2 billion to $2.5 billion over the medium term. This will underpin our path to $51 billion to $53 billion of expenses, subject to volume-related expenses. Both the headcount and expense reduction will allow us to rightsize the firm and businesses to improve performance and returns.

我們預計，這 3 個驅動因素的結合將使我們的員工數量淨減少 20,000 人（不包括墨西哥），並在中期內產生 20 億至 25 億美元的淨運行費用。這將支撐我們的支出達到 510 億至 530 億美元，具體取決於與數量相關的支出。員工人數和費用的減少將使我們能夠調整公司和業務的規模，以提高績效和回報。

On Slide 23, we show our outlook for U.S. cards in 2024. In terms of credit performance, based on the trends that we're seeing, we expect NCL rates both in branded cards and retail services portfolios to rise above pre-COVID levels and peak in 2024. On a full year basis for 2024, we expect the branded card NCL rate to be in the range of 3.5% to 4% and the retail services NCL rate to be in the range of 5.75% to 6.25%.

在投影片23 中，我們展示了2024 年美國信用卡的展望。就信用表現而言，根據我們所看到的趨勢，我們預計品牌卡和零售服務組合的NCL 利率將高於新冠疫情前的水平，並且2024 年達到高峰。以 2024 年全年為基礎，我們預計品牌卡 NCL 率將在 3.5% 至 4% 範圍內，零售服務 NCL 率將在 5.75% 至 6.25% 範圍內。

From an allowance perspective, we are reserved for a weighted 8-quarter average unemployment rate of almost 5%, which embeds a downside scenario of approximately 6.8%. ACL builds in 2024 will primarily be a function of the volume growth that we see as well as changes in the macro scenarios and the probabilities associated with them. and we expect continued momentum in card, albeit more in line with mid-single-digit loan growth.

從準備金的角度來看，我們預計 8 季加權平均失業率將接近 5%，其中包含約 6.8% 的下行情境。 2024 年 ACL 的建設將主要取決於我們看到的數量增長以及宏觀情景及其相關機率的變化。我們預計信用卡業務將繼續保持成長勢頭，儘管更符合中個位數的貸款成長。

On Slide 24, we summarize our medium-term targets. From a revenue perspective, we continue to expect 4% to 5% revenue CAGR in the medium term, including the ongoing reduction of revenue from the closing of the exits and the wind down. From an expense perspective, we're now on the path to lowering our expenses beginning in 2024. From a credit perspective, we expect credit costs to be a function of portfolio mix, volumes and macro assumptions. And we are committed to returning capital to our shareholders and, in fact, expect to do a modest level of buybacks in the first quarter of 2024.

在投影片 24 中，我們總結了我們的中期目標。從收入角度來看，我們繼續預期中期收入複合年增長率為 4% 至 5%，其中包括因退出和退出而導致的收入持續減少。從費用角度來看，我們現在正致力於從 2024 年開始降低費用。從信貸角度來看，我們預期信貸成本將取決於投資組合組合、交易量和宏觀假設。我們致力於向股東返還資本，事實上，我們預計將在 2024 年第一季進行適度的回購。

So to wrap it up, while the world has changed significantly and the components have shifted since Investor Day, our strategy has knocked and we are confident we are on the right path to deliver our 11% to 12% RoTCE in the medium term.

總而言之，雖然自投資者日以來世界已經發生了巨大變化，組成部分也發生了變化，但我們的策略已經發生了變化，我們相信我們正走在正確的道路上，在中期實現11% 至12%的RoTCE。

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

簡和我將很樂意回答您的問題。

(Operator Instructions) Our first question will come from Mike Mayo with Wells Fargo.

（操作員說明）我們的第一個問題將來自富國銀行的麥克梅奧。

I looked in detail at the earnings presentation, especially Slide 4. And I think the question is on many people's minds. I count 12 restructurings at Citigroup. And I count 12 restructurings that have failed at Citigroup. You might disagree with the #12. It could be 5, it could be 8, it could be 12. It could be more, but I've not spoken to one person of any investor who would say that Citi has succeeded on its prior restructuring.

我詳細查看了收益報告，尤其是幻燈片 4。我認為很多人都在思考這個問題。據我統計，花旗集團進行了 12 次重組。據我統計，花旗集團有 12 次重組失敗。您可能不同意#12。可能是 5 個，可能是 8 個，也可能是 12 個。也可能更多，但我沒有與任何一位投資者交談過，他們會說花旗在之前的重組中取得了成功。

So the question is, why is this time different? Number one, who is this new and improved city group? Number two, why are expenses down even more, especially when few people that I talk to think you'll hit your revenue target. And three, Jane, what is your conviction level of getting to that 11% to 12% RoTCE in '25 or '26?

那麼問題來了，為什麼這次不一樣呢？第一，這個新的、完善的城市群是誰？第二，為什麼開支會下降得更多，尤其是當我交談過的人中很少有人認為你會達到收入目標。第三，Jane，您對於在 25 年或 26 年達到 11% 到 12% RoTCE 的信念程度如何？

Well, thank you very much indeed, Mike. I'll start with who is Citi? Citi is I'm delighted to say finally simple. At Investor Day, I set out a vision to be the preeminent banking partner for clients cross-border needs. That vision was based on 5 core interconnected businesses. We set up on a deliberate path to get there. And over the last 3 years, we've done so. Page 4 is who we are today. We are 5 interconnected businesses. No more, no less. We have our organization now aligns with those 5 businesses, and this enables us to focus on 2 priorities.

嗯，非常感謝你，麥克。我先從誰是花旗開始？我很高興地說花旗終於變得簡單了。在投資者日，我制定了成為滿足客戶跨國需求的卓越銀行合作夥伴的願景。這個願景是基於 5 個相互關聯的核心業務。我們精心設計了一條到達那裡的道路。在過去的三年裡，我們已經這麼做了。第 4 頁就是我們今天的樣子。我們是 5 個相互關聯的企業。不多也不少。我們的組織現在與這 5 項業務保持一致，這使我們能夠專注於 2 個優先事項。

The first is improving the performance and the returns of those 5 core businesses, so that we can meet the medium-term RoTCE target we laid out. And the second is on addressing our regulatory issues through the transformation. And I would also be I need to note that I fully recognize that 2024 is an inflection year, Mike. And I and the management team are accountable to deliver and that you and our investors have the transparency need to hold us accountable.

首先是提高這5項核心業務的績效和回報，以便我們能夠實現我們所製定的中期RoTCE目標。第二是透過轉型解決我們的監管問題。我還需要指出的是，我完全認識到 2024 年是一個轉折年，麥克。我和管理團隊有責任交付成果，而您和我們的投資者也需要透明度來讓我們承擔責任。

So why is this time different? Look, it's not lost on me that there have been many attempts in the past to change this firm. I and management are fully committed to transforming this company for the long term, and we are addressing the issues that have held us back in the past. And you've got proof points of the last 3 years, where we've made a lot of tough decisions, and we have put through a tremendous amount of change to get to the simple Citi that we are today.

那為什麼這次會不同呢？看，我並沒有忘記過去曾多次嘗試改變這家公司。我和管理階層完全致力於公司的長期轉型，我們正在解決過去阻礙我們發展的問題。你們已經得到了過去三年的證據，我們做出了很多艱難的決定，並且進行了巨大的變革，以實現今天的簡單花旗。

We completely reset our strategy. So we now have a significantly more focused business and operating model. We've announced the most consequential set of changes to our organizational model. And frankly, from my perspective, more importantly, how we run the bank, since the financial crisis and at simplifying the bank and increasing accountability. You've seen we've moved quickly. We're on track with our execution of this effort, and it will generate over $1 billion of run rate saves at the end of the first quarter, purely from the organization efforts that we put in, that we announced in September.

我們徹底重置了策略。因此，我們現在擁有更專注的業務和營運模式。我們已經宣布了對我們的組織模式最重要的一系列改變。坦白說，從我的角度來看，更重要的是自金融危機以來我們如何經營銀行以及簡化銀行和加強問責制。您已經看到我們行動迅速。我們正在執行這項工作，到第一季末將節省超過 10 億美元的運行率，這完全來自我們在 9 月宣布的組織工作。

We've done this while investing, and I think this is another difference. We've invested heavily in our transformation. And while that was capitalized by our consent orders, these investments will ultimately deliver benefits from automation from well governed data from consolidated platforms. We also have made significant investments in our business to support the 4% to 5% revenue growth and to ensure client momentum. And those investments have helped us expand our product suite, invest in digital capabilities, automate our processes capture synergies through the client organization.

我們在投資時就這樣做了，我認為這是另一個區別。我們在轉型方面投入了大量資金。雖然這是透過我們的同意令資本化的，但這些投資最終將受益於來自整合平台的管理良好的數據的自動化。我們還對業務進行了大量投資，以支持 4% 至 5% 的收入成長並確保客戶動力。這些投資幫助我們擴展了產品套件、投資數位化能力、流程自動化，並透過客戶組織獲取協同效應。

We've also brought in some incredible external talent in key strategic areas, including Andy to lead wealth, and we now have a good balance between experienced city people and external talent with fresh perspectives through multiple layers of the organization. So we are doing things the right way. We're doing it for the long term, and we're moving with urgency. We will need and are spending the money that we need to address our regulatory requirements, but that's already embedded in our path to the 11% to 12% RoTCE in the medium term.

我們還在關鍵策略領域引進了一些令人難以置信的外部人才，包括領導財富的安迪，現在我們在組織的多個層面在經驗豐富的城市人才和具有新鮮視角的外部人才之間實現了良好的平衡。所以我們正在以正確的方式做事。我們這樣做是為了長期目標，我們正在緊急行動。我們將需要並且正在花費我們需要的資金來滿足我們的監管要求，但這已經融入我們在中期實現 11% 至 12% RoTCE 的道路中。

And this already feels like a different bank. We have more work to do. I recognize '24 is a critical year. And as I said, the decks are much clearer now so that we can focus on 2 imperatives: improving our business performance and executing the transformation. Neither is an entirely linear path as we've seen over the last 3 years. We all know that. we get, we have to build our credibility. We're committed to doing so, and we are providing far more transparency around the business performance, so investors have a better sense of how we're doing, and I and my management team, to your final question, are fully accountable for getting this all done, we will. Mark, expenses?

這已經感覺像是一家不同的銀行。我們還有更多工作要做。我認識到 24 年是關鍵的一年。正如我所說，現在的思路更加清晰，因此我們可以專注於兩個當務之急：提高業務績效和執行轉型。兩者都不是我們在過去三年中所看到的完全線性的路徑。我們都知道。我們得到了，我們必須建立我們的信譽。我們致力於這樣做，並且我們正在提供更大的業務績效透明度，以便投資者更好地了解我們的表現，而我和我的管理團隊，對於你的最後一個問題，完全有責任獲得這一切都完成了，我們會的。馬克，費用？

Yes. Thanks, Jane. And why are expenses down more. I think to your point, Jane, we've been investing in the franchise, both on the front end and importantly, on the transformation and the risk and controls. What I would point out is that in 2023, we delivered expenses of $54.3 billion ex the FDIC charge. That is the guidance that we gave. But I'd also highlight that we also included $780 million associated with the restructuring charge. That is more than I had articulated in the way of guidance.

是的。謝謝，簡。以及為什麼費用會下降更多。我認為就你的觀點而言，簡，我們一直在對特許經營權進行投資，無論是在前端，還是重要的是在轉型、風險和控制方面。我要指出的是，2023 年，扣除 FDIC 費用後，我們的支出為 543 億美元。這就是我們給的指導。但我還要強調的是，我們也計入了與重組費用相關的 7.8 億美元。這比我在指導中所闡述的還要多。

So the capacity that we created through our efforts through the year. We use that in a smart way. We use that to fund the org simplification cost so that we can realize the savings down the line. And we're going to continue to manage our expenses in a disciplined and smart fashion. That means spending what we need to spend on the transformation and risk and controls, but driving greater efficiencies and productivities along the way to ensure we get to that 11% to 12%. And to your point, if revenues are to come down or come in lower than expected, we'll adjust the expenses accordingly.

所以我們透過這一年的努力創造了能力。我們以聰明的方式使用它。我們用它來資助組織簡化成本，以便我們可以實現節省。我們將繼續以嚴格、明智的方式管理我們的開支。這意味著我們需要在轉型、風險和控制上投入大量資金，同時不斷提高效率和生產力，以確保我們達到 11% 至 12%。就您而言，如果收入下降或低於預期，我們將相應地調整費用。

Our next question comes from Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So you're clearly making a lot of progress and I hate to like ask this question too early, but I think it is important. Your expense guide is good, your revenue guide is good, and you have your arms around the expenses. The question I have is how do you think about balancing that near-term profitability improvement that we all want desperately was making sure you do make the right investments because if you look around the world, there's a lot of places to grow, whether it would be our branch network or wealth management aspirations that you have or the digital investments. So how do we know that all the right future investments or you mean while you extract costs in all the good ways that you've been doing?

所以你顯然取得了很大的進步，我不想太早問這個問題，但我認為這很重要。你的支出指南很好，你的收入指南也很好，而且你可以控制支出。我的問題是，你如何考慮平衡我們都迫切希望的短期盈利能力的提高，確保你做出正確的投資，因為如果你環顧世界，有很多地方可以增長，無論它是否會是我們的分行網絡或您的財富管理願望或數位投資。那麼，我們如何知道所有正確的未來投資，或者你的意思是，當你以你一直在做的所有好的方式提取成本時？

Yes. I guess I'll start, and Jane feel free to add in on it. Look, it is a balance in that, right? And we do look at each of our 5 core businesses. We obviously are clear on the strategy, but where is the growth, where are the return opportunities associated with them. And how do we ensure we're deploying resources after them in order to deliver for the client and deliver on those returns over time. We have to juxtapose that against the required investment to modernize our operations and we're making those trade-offs on a regular basis.

是的。我想我會開始，簡也可以隨意補充。看，這是一個平衡，對吧？我們確實審視了 5 項核心業務。我們顯然很清楚策略，但成長在哪裡，與之相關的回報機會在哪裡。我們如何確保我們在他們之後部署資源，以便為客戶提供服務並隨著時間的推移提供這些回報。我們必須將其與實現營運現代化所需的投資相結合，並且我們正在定期進行這些權衡。

But importantly, when we do invest to capture those growth opportunities, we're trying to be agile about it, which means if those opportunities don't play out, in the way we're expecting because the cycle just doesn't mature or materialize in that fashion. We've got to be disciplined enough to dial them back. And that's what you've seen over the past year plus is that we've been investing in the business, where we didn't see the upside that we anticipated, we dialed back that spend, right?

但重要的是，當我們進行投資以抓住這些成長機會時，我們會努力保持敏捷，這意味著如果這些機會沒有像我們預期的那樣發揮作用，因為週期尚未成熟或以這種方式實現。我們必須有足夠的紀律來阻止他們。這就是你在過去一年中看到的情況，再加上我們一直在對業務進行投資，但我們沒有看到我們預期的好處，我們削減了支出，對嗎？

And that's the type of iterative process, if you will, Glenn, that we're putting in place to ensure that on the other side of this, we're still positioned to capture growth. Investment Banking, for example, we've invested in health care and technology, building out to prepare ourselves for when that market rebounds. We feel good about that. We've done similar things in the way of our wealth business. We're investing heavily in our TTS franchise to ensure we can remain competitive there. So it's that type of discipline that's required. It is sometimes a trade-off, but it's one that we've been very focused on being smart about.

格倫，如果你願意的話，這就是我們正在實施的迭代過程，以確保在另一方面，我們仍然能夠捕捉成長。例如，我們在投資銀行領域投資了醫療保健和技術，為市場反彈做好準備。我們對此感覺很好。我們在財富業務方面也做過類似的事情。我們正在大力投資 TTS 特許經營權，以確保我們能夠保持競爭力。所以這就是我們所需要的紀律。有時這是一種權衡，但我們一直非常注重明智地對待這一權衡。

I appreciate that. Maybe quickly on services. Obviously, up 16% in a record is great. I don't know if you've dimensionalized how much was rate versus new business, but you have good core business momentum and a pipeline of one, but not yet funded. So I guess the question is, that where can services be over, let's say, the next 2 years in terms of growth, while rates come down, yet your business is winning new wins?

我很感激。也許服務很快。顯然，創紀錄的上漲 16% 是非常了不起的。我不知道您是否已經衡量了新業務的費率是多少，但您擁有良好的核心業務動能和一個管道，但尚未獲得資金。所以我想問題是，服務可以在哪裡結束，比方說，未來兩年的成長，雖然費率下降，但你的企業正在贏得新的勝利？

Yes, sure. Do you want me to -- sure.

是的，當然。你想讓我——當然。

Yes. And I'll jump in. Let's maybe start with TTS. When we think about the performance of TTS, which, as we say, the growth this year, up 19%, ex Argentina, came from a combination of both rates and the strong business actions we've taken. And you can see that in the different drivers. Cross-border was up 23%, commercial cards up 8%. And in terms of the growth prospects, we've generated 22% in average revenue growth from '21 to '23, well ahead of the Investor Day guidance we had a high single digit.

是的。我會插話。也許我們可以從 TTS 開始。當我們考慮 TTS 的業績時，正如我們所說，今年的成長（不包括阿根廷）成長了 19%，這得益於費率和我們採取的強有力的業務行動的結合。您可以在不同的驅動程式中看到這一點。跨國交易成長 23%，商務卡成長 8%。就成長前景而言，從 21 年到 23 年，我們的平均收入成長了 22%，遠高於投資者日指引的高個位數。

That was not just because of the rate cycle. It obviously helped, and we certainly expect to grow revenues at mid-single digit now as we lap the prior periods that benefited from those rate increases. And that's going to come from a few different areas. One, focus on our fee strategy, where we're capitalizing on strong client engagement, market-leading client solutions, and we're delivering on a lot of the different growth initiatives that we've been investing in across all our client segments.

這不僅僅是因為利率週期。這顯然有所幫助，而且我們當然預計現在的收入將實現中個位數的成長，因為我們已經經歷了從這些利率上漲中受益的之前時期。這將來自幾個不同的領域。第一，專注於我們的收費策略，我們正在利用強大的客戶參與度、市場領先的客戶解決方案，並且我們正在實施我們一直在所有客戶群中投資的許多不同的成長計劃。

We'll continue optimizing our deposit book and bringing in high-quality deposits. And in a lower rate environment, GDP is typically higher, so you'd expect to see some higher growth in our capital-efficient payment volumes. You'll see us continuing to acquire new clients and deepen relationships with existing clients. And I point to our confidence here 27% increase in our new client acquisition this year and a sustained win-loss ratio of 82% on new deals. And that was across different client segments.

我們將繼續優化存款帳戶，並引進優質存款。在較低利率的環境中，GDP 通常會更高，因此您預期我們的資本效率支付量會出現更高的成長。您將看到我們繼續獲得新客戶並加深與現有客戶的關係。我指出，我們今年的新客戶獲取量增加了 27%，新交易的持續盈虧比達到 82%，對此我們充滿信心。這涉及不同的客戶群。

And revenues from these clients just continues to ramp up as we expand across the different geographies and product suites with them. And you'll also continue to see us investing in the infrastructure and platforms we've been doing, launching new innovative products, and we're seeing momentum from some of the things we've recently done, Citi Token Services, Payment Express, 24/7 clearing, et cetera. So I think the main takeaway from TTS is that we'll continue to invest in it. We expect to see strong client momentum. We've been getting consistently good client feedback regarding our capabilities. So we expect to see good global growth that will certainly help as the rate cycle comes down.

隨著我們與他們一起擴展到不同的地區和產品套件，這些客戶的收入不斷增加。您還將繼續看到我們投資於我們一直在做的基礎設施和平台，推出新的創新產品，並且我們從我們最近所做的一些事情中看到了勢頭，花旗令牌服務，支付快遞， 24/ 7 清算等等。所以我認為 TTS 的主要收穫是我們將繼續對其進行投資。我們預計會看到強勁的客戶動力。我們一直得到客戶對我們能力的良好回饋。因此，我們預計全球經濟將出現良好成長，隨著利率週期的下降，這肯定會有所幫助。

And it is a crown jewel for a reason. And then just quickly on security services, I think where we're seeing, we mentioned we've got a number of marquee wins there across all the client segments. That pipeline is both investors and issuers, and one of the core strategies that open put in place was to grow share with the U.S.-based asset managers. We had a very low -- we are at 2.6% share in 2020. We're now at 4.3%. And a lot of the growth in the pipeline has been coming not only from our global network names, but also from the marquee players in the U.S. asset manager space. And I think that's our ability to connect our capabilities that gives these players huge efficiencies for our clients.

它是皇冠上的寶石是有原因的。然後很快就安全服務而言，我認為我們所看到的，我們提到我們在所有客戶群中都取得了許多重大勝利。該管道既包括投資者，也包括發行人，而公開實施的核心策略之一是增加與美國資產管理公司的份額。我們的份額非常低——2020 年我們的份額為 2.6%。現在我們的份額為 4.3%。管道中的大量成長不僅來自我們的全球網路名稱，也來自美國資產管理領域的知名企業。我認為，正是我們將我們的能力連結起來的能力，為這些參與者為我們的客戶帶來了巨大的效率。

Mark, anything I've missed there? You know I know this business.

馬克，我錯過了什麼嗎？你知道我了解這個行業。

As you should, rightly so, high-returning business, great growth prospects. To answer one of your questions, Glenn, about half of the NII growth we could attribute to interest rates and about half, I'd say, is business action, so us working with the clients to drive that momentum. And then if you think about the noninterest revenue, for services. They're up about 20% in the quarter year-over-year, if you exclude the impact of the Argentina devaluation and up 7% on a full year basis. And so good momentum in the noninterest revenue growth as well.

正如您所應該的那樣，高回報的業務，巨大的成長前景。格倫，為了回答你的一個問題，我們可以將國家資訊基礎設施成長的大約一半歸因於利率，而我想說，大約一半是商業行為，因此我們與客戶合作來推動這一勢頭。然後，如果你考慮一下服務的非利息收入。如果排除阿根廷貨幣貶值的影響，該季度年增約 20%，全年則上漲 7%。非利息收入成長也呈現良好動能。

Our next question comes from John McDonald with Autonomous Research.

我們的下一個問題來自自治研究中心的約翰·麥克唐納。

Mark, I was hoping to ask you how you're thinking about the pacing of capital build obviously, the Basel III proposals are out there, but they could change, of course. Even if they don't change, you have a couple of years to leg into those with the phase-ins and perhaps some mitigation opportunities. How should we think about you kind of building capital given all those variables and the ability to buy back some stock along the way, as you mentioned earlier?

馬克，我想問你如何看待資本建設的節奏，顯然，巴塞爾協議 III 的提案已經存在，但當然它們可能會改變。即使它們沒有改變，你也有幾年的時間來逐步實施這些措施，也許還有一些緩解機會。正如您之前提到的，考慮到所有這些變數以及在此過程中回購一些股票的能力，我們應該如何看待您建立資本的方式？

Sure. So look, John, obviously, the Basel III proposal is still out there and under discussion. We've been very thoughtful about the potential impact of that. We've also been very disciplined about how we've been managing our capital. We've built that over 30 basis points over the course of the year. You've seen us actively manage that through the year.

當然。所以，約翰，顯然，巴塞爾協議 III 提案仍然存在並正在討論中。我們非常認真地考慮了這一點的潛在影響。我們在管理資本方面也非常嚴格。我們在這一年裡已經建立了超過 30 個基點。您已經看到我們這一年來積極管理這一點。

We're going to continue to do that. We obviously generate earnings that contribute to that. We want to continue to drive growth across the business. We're trading at 0.5x book. Where we can, we want to buy back as much as we can in shares, and we try to be disciplined about that over the past couple of quarters doing that as a modest level. You heard me saying, you heard me say we're going to do that again this quarter at a modest level. But we're going to be -- we have to be thoughtful about what those headwinds might look like, and we're actively working what mitigation actions we'd have to put in place should it turn out closer to the way the current proposal sits.

我們將繼續這樣做。顯然，我們產生的收入對此做出了貢獻。我們希望繼續推動整個業務的成長。我們的交易價格是帳面價值的 0.5 倍。在可能的情況下，我們希望盡可能地回購股票，並且在過去的幾個季度中，我們努力保持適度的回購規模。你聽到我說，你聽到我說我們將在本季度以適度的水平再次這樣做。但我們必須考慮這些不利因素可能會是什麼樣子，並且我們正在積極研究如果結果更接近當前提案的方式，我們必須採取哪些緩解行動坐著。

So it's an ongoing active management that tries to balance servicing our client needs with obviously holding a responsible amount of capital in light of the uncertainty that's out there and with an eye towards buybacks where we can do that.

因此，這是一種持續的積極管理，試圖在滿足客戶需求與鑑於存在的不確定性而顯然持有負責任的資本之間取得平衡，並著眼於我們可以做到的回購。

Okay. And just as an expense follow-up, I wasn't clear. Has the transformation spend peaked when you think about what you'll spend on transformation this year versus last year? And are the transformation benefits starting to kick in at this point?

好的。只是作為費用後續行動，我並不清楚。當您考慮今年與去年相比在轉型方面的支出時，轉型支出是否已達到頂峰？轉型的好處此時是否開始顯現？

Yes. So to be clear, we're going to continue to spend whatever we need to spend on the transformation and on risk and controls. And so we did see a tick up this year. We've got a plan for 2024. And if we've got to spend a bit more than what we spent this year, we're going to spend more. That's what the plan calls for. And so that's what we'll do. That's inside of the number that I've given you for guided, right?

是的。因此需要明確的是，我們將繼續在轉型以及風險和控制方面投入所需的一切。所以今年我們確實看到了成長。我們已經制定了 2024 年的計劃。如果我們必須比今年多花一點錢，我們就會花更多錢。這就是該計劃所要求的。這就是我們要做的。這在我給你的指導號碼裡面，對嗎？

And so that is -- that's important for us. I think it will drive, obviously, operational improvement and saves down the line. It is part of the $2 billion to $2.5 billion, but that is the early stage, if you will, of the transformation spend paying back. I think as we talked about at Investor Day, frankly, we'll continue to see expense benefits beyond the medium term from some of this transformation investment that we've been making. And so I would think of the medium term as the start of the benefits that we'll see from the investments we've been making in transformation and risk and control.

所以這對我們來說很重要。我認為這顯然會推動營運改善並節省成本。它是 20 億至 25 億美元的一部分，但如果你願意的話，這只是轉型支出回報的早期階段。我認為，正如我們在投資者日所討論的那樣，坦白說，我們將繼續看到我們一直在進行的一些轉型投資在中期內帶來的費用效益。因此，我認為中期是我們將從我們在轉型、風險與控制方面進行的投資中看到的好處的開始。

Yes. Mark, just spot on. So we'll continue making the investments we need to in the transformation. It's a multiyear journey as we've always been clear around this, ultimately, with benefits for the shareholders and more of the expense saves that we've been talking about are a separate out transformation from sort of the operating expense base of our businesses, which we want to make sure, it is productive and as effective as possible.

是的。馬克，就在現場。因此，我們將繼續進行轉型所需的投資。這是一個多年的旅程，因為我們一直很清楚這一點，最終，為股東帶來利益，我們一直在談論的更多費用節省是從我們業務的運營費用基礎中分離出來的轉變，我們希望確保它盡可能有成效且有效。

And the types of benefits we're seeing, this is second year in a row that we've retired 6% of our legacy platform base. And you've heard me talking about moving 20 of our cash equity platforms onto 1, 6 reporting ledgers onto 1, 11 sanction platforms onto 1. So we start seeing some of the benefits of those come in.

從我們所看到的好處來看，這是我們連續第二年淘汰 6% 的舊平台基礎。你們聽過我談論將我們的20 個現金股權平台轉移到1 個、將6 個報告分類帳轉移到1 個、將11 個制裁平台轉移到1 個。因此，我們開始看到這些平台帶來的一些好處。

Other things, we automated independent price verification for 90% of our prioritized fixed income and equity securities. That's reduced manual controls, that's improved valuation consistency. That's also had an impact on the efficiency of the business. We've loaded 98% of our prioritized wholesale and consumer data into 2 authorized repositories that will also begin to start having some benefits for us. So there is a cumulative effect. It is beginning to build now from all the work we've done, but it will take some time to really kick into the -- as Mark said, when you really feel it is a few years out, but we'll keep giving you the proof points of things as we're going. So it's not just a trust us, this is coming, you'll begin to see it build.

其他方面，我們對 90% 的優先固定收益和股票證券進行了自動化獨立價格驗證。這減少了手動控制，提高了估值一致性。這也對業務效率產生了影響。我們已將 98% 的優先批發和消費者資料載入到 2 個授權儲存庫中，這也將開始為我們帶來一些好處。所以有一個累積效應。現在它已經開始從我們所做的所有工作中開始構建，但是需要一些時間才能真正投入使用——正如馬克所說，當你真的覺得還需要幾年的時間時，但我們會繼續給你提供我們正在進行的事情的證據。所以這不僅僅是對我們的信任，這即將到來，你將開始看到它的建立。

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

我們的下一個問題將來自 Seaport Global 的吉姆·米切爾 (Jim Mitchell)。

Mark, maybe just a follow-up on the expense. Slide 22, where you talk about $2 billion to $2.5 billion of expense saves. I guess I'm struggling with the numbers there. I think if you look at exit and wind down markets, you're probably close to $2 billion in numbers there and maybe the stranded costs, you can't get all of that out. You're doing about severance is $700 million to $1 billion in '24. So it doesn't seem like there's a ton of actual cost saves in that number. I just maybe I'm wrong, if you could just kind of walk me through the numbers embedded in there? And if there is -- you just kind of alluded to more to come beyond the intermediate term?

馬克，也許只是費用的後續行動。在幻燈片 22 中，您談到了 20 億至 25 億美元的費用節省。我想我正在與那裡的數字作鬥爭。我認為，如果你看看退出和逐步結束的市場，你可能會發現那裡的數字可能接近 20 億美元，也許還有擱淺的成本，你無法將所有這些都拿出來。 2024 年，您支付的遣散費為 7 億至 10 億美元。因此，這個數字似乎並沒有節省大量的實際成本。我只是也許我錯了，你能幫我解釋一下嵌入其中的數字嗎？如果有的話——你只是暗示了中期之後的更多內容？

I think the thing I'd point out to you is a couple of things. One, obviously, we're forecasting revenue growth over this period of time. And so it's going to be volume-related expenses associated with that. The second thing I'd point out, as I just mentioned to the prior question, is that we're continuing to invest in risk and controls and in the transformation over this period of time.

我想我要向你指出的有幾件事。一，顯然，我們預測這段時間內的收入成長。因此，這將是與數量相關的費用。正如我剛剛在前一個問題中提到的那樣，我要指出的第二件事是，我們將在這段時間內繼續投資於風險和控制以及轉型。

And so what you see is there's an increase in expenses associated with at least those 2 things. And that's offset by the savings that we're starting to generate, particularly from the org simplification that Jane has talked about as well as from the stranded cost reduction that will continue to play out as well as from some of the rightsizing of businesses that we've referenced in some of the prepared remarks. And so important to think about their headwinds and tailwinds that kind of net down to this $2 billion to $2.5 billion.

所以你看到的是，至少與這兩件事相關的費用有所增加。這被我們開始產生的節省所抵消，特別是簡談到的組織簡化以及將繼續發揮作用的擱淺成本削減，以及我們所進行的一些業務規模調整。在一些準備好的評論中引用了。考慮到他們的逆風和順風非常重要，因為淨額會下降到 20 億至 25 億美元。

And then the final point that I'd make is if I look at this medium-term number of $51 billion to $53 billion, that still has Mexico in it. In one of the other pages we point to expenses around Mexico, but because of where we are, we'll be in the IPO process, that's still going to be part of this expense base. And so you can't lose sight of that.

我要說的最後一點是，如果我看看這個 510 億至 530 億美元的中期數字，其中仍然包括墨西哥。在另一頁中，我們指出了墨西哥各地的支出，但由於我們所處的位置，我們將處於首次公開發行過程中，這仍然是該支出基礎的一部分。所以你不能忽視這一點。

Well, that's an important clarification that the 2% to 2.5% includes some revenue-related volume growth. So that's helpful. And then just maybe the other -- on the slides talking about revenue targets, one of the big numbers you've not talked about was markets. How are you thinking volatility has come in, macro picture is getting better, maybe that mutes volatility. How do you think about that business in '24 as it relates to your guidance?

嗯，這是一個重要的澄清，2% 至 2.5% 包括一些與收入相關的銷售成長。所以這很有幫助。然後也許是另一個——在談論收入目標的幻燈片上，你沒有談論的一個大數字是市場。您如何看待波動性已經出現，宏觀情況正在好轉，也許這會減弱波動性。您如何看待 24 年的這項業務，因為它與您的指導有關？

As you know, it's a tough business to forecast, certainly for a full year and in some instances for a quarter. And so we basically kind of back that out, but we've assumed markets kind of flat to modestly down, but we've backed it out, and it's roughly flat. Not of the [81] -- not of the [80 to 81] but you see the guidance of NIR ex markets and NII ex market. In the 80 to 81 we've assumed it roughly flat.

如您所知，這是一項很難預測的業務，尤其是全年，有時甚至是一個季度。因此，我們基本上支持這一觀點，但我們假設市場持平或適度下跌，但我們已經支持了這一觀點，而且市場大致持平。不是 [81] 的——不是 [80 到 81] 的，但你會看到 NIR 前市場和 NII 前市場的指導。在 80 到 81 年間，我們假設它大致持平。

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

我們的下一個問題將來自美國銀行的 Ebrahim Poonawala。

I think just one -- Jane, I just wanted to follow-up on something I think Mark said at the end of his very first response around, it's very hard in my seat to figure out whether you're going to grow revenues or shrink revenues given the macro. Should we take it based on what you said today as we look into '26, getting to that 11% RoTCE, if for whatever reason, revenue falls short, you feel good about the expense flex to mitigate that headwind?

我想只有一個 - 簡，我只是想跟進馬克在他的第一次回應結束時所說的一些事情，在我的座位上很難弄清楚你是要增加收入還是減少收入考慮到宏觀收入。我們是否應該根據您今天所說的來看待 '26，達到 11% RoTCE，如果出於某種原因，收入不足，您對緩解這一不利因素的費用彈性感到滿意嗎？

It's Jane. Obviously, I want to just jump in on one bit, which is we are committed and we're very confident around the 4% to 5% revenue growth rate. So there isn't any backing away from that number, and that's in various macro environments, et cetera. And as we look across the different businesses and the projections we have, we're confident around that. Obviously, if there's a very adverse macro environment, et cetera, we've got other levers we can take, but Mark, let me pass it to you.

是簡。顯然，我只想談一點，那就是我們的承諾，我們對 4% 到 5% 的收入成長率非常有信心。因此，這個數字沒有任何回落，而且是在各種宏觀環境等情況下。當我們審視不同的業務和我們的預測時，我們對此充滿信心。顯然，如果宏觀環境非常不利，等等，我們還有其他可以採取的槓桿，但是馬克，讓我把它傳遞給你。

Yes. And I by no means was trying to suggest that we weren't confident in the forecast for the top line. If you think about the strategy and the strength of those 5 core businesses, we've got a lot of conviction around that. With that said, as you pointed out, James, under a circumstance where that doesn't play out. There are obviously volume-related incentive comp expenses and the like that would naturally come down. We'd ensure that they came down with the revenue decline or shortfall, and then we'd recalibrate other spend other investments, spend not related to risk and controls and transformation, but other investments across the platform we'd recalibrate accordingly.

是的。我絕不是想暗示我們對營收預測沒有信心。如果你考慮這 5 項核心業務的策略和實力，我們對此充滿信心。話雖如此，正如你所指出的，詹姆斯，在這種情況下，這種情況不會發生。顯然，與數量相關的激勵補償費用等自然會下降。我們會確保它們隨著收入下降或短缺而下降，然後我們會重新調整其他支出，其他投資，與風險、控制和轉型無關的支出，但我們會相應地重新調整整個平台上的其他投資。

Perfect. Just what I needed. And 1 quick question. As we think about rightsizing the markets business, there have been headlines around the Muni and the (inaudible) business that you've gotten out, is there a risk where you -- the markets business becomes too small and you lack the scale to be sort of efficient and relevant in certain -- just across the breadth of be it fixed income or equities. Just if you can talk about that.

完美的。正是我所需要的。還有 1 個快速問題。當我們考慮調整市場業務規模時，圍繞 Muni 和您已經退出的（聽不清）業務出現了頭條新聞，您是否存在市場業務變得太小而缺乏規模的風險？在某些方面是高效且相關的——無論是固定收益還是股票。只要你能談談這個就好了。

The short answer is no. We have -- if you think about our Markets business, we have 4 businesses, each of which are around $4 billion-or-so in size -- you have our global FX network where we're typically #1 in any year, just given the strength and particularly the corporate client base we set of rates typically top 3, together these are 2 of the largest macro pools within fix. In terms of the spread products, we've been putting our financing and securitization business as part of our simplification fully within markets so that we've created a unified scaled spreads product business.

最簡潔的答案是不。我們——如果你考慮我們的市場業務，我們有4 項業務，每項業務的規模約為40 億美元左右——你擁有我們的全球外匯網絡，我們通常在任何一年都排名第一，只是考慮到實力，特別是企業客戶群，我們通常將利率設定為前三名，這些是固定利率範圍內最大的兩個宏觀資金池。在利差產品方面，我們把融資、證券化業務當作簡化的一部分，完全納入市場，形成統一規模的利差產品業務。

And then finally, equities, where we're focused on improving our prime offering, building balances We have a way to go. Obviously, in that prime balances, we're pleased they were nicely up this year driven by client momentum, and we're a leading equities derivatives franchise. So you do have these 4 core businesses, and I go back to our big point of differentiation, and why we still -- we feel we're well positioned. We have a very differentiated corporate client base and very strong partnerships between our core markets franchise, TTS and banking. And that and security services.

最後，在股票方面，我們專注於改善我們的主要產品，建立平衡，我們還有很長的路要走。顯然，在主要餘額中，我們很高興它們今年在客戶動力的推動下取得了良好的增長，而且我們是領先的股票衍生品特許經營商。所以你確實擁有這 4 項核心業務，我回到我們的主要差異點，以及為什麼我們仍然 - 我們覺得我們處於有利地位。我們擁有非常差異化的企業客戶群，並且在我們的核心市場特許經營、TTS 和銀行業務之間擁有非常牢固的合作夥伴關係。還有安全服務。

And that helps us in FX in commodities and in rates around the world. So it's -- market is important, both in terms of its leadership, but also how it fits into the strengths that we have from this simpler Citi of those 5 core interconnected businesses. We've demonstrated solid returns in the past. I think a lot of the actions we've been taking will help drive returns in the future. And you should be getting confidence. When you see the discipline we're putting on to RWA, 5.3%, getting close to that target, we set at Investor Day, we're moving that up to 6%. The exits we've got of nonstrategic businesses shows our focus on efficiency. And we've also been doing some good investments in our technology that's getting us into a good place there. So I think don't be concerned about this shrinking. We're just making sure that it really plays to our strengths, and we optimize the returns.

這對我們在全球大宗商品和利率方面的外匯有所幫助。因此，市場很重要，無論是在它的領導地位方面，還是在它如何融入我們從這 5 個核心互連業務組成的更簡單的花旗所擁有的優勢方面。我們過去已經展示了可觀的回報。我認為我們已經採取的許多行動將有助於推動未來的回報。你應該變得有信心。當您看到我們對 RWA 實施的紀律（5.3%），接近我們在投資者日設定的目標時，我們將其提高到 6%。我們對非策略性業務的退出表明我們對效率的關注。我們也對我們的技術進行了一些良好的投資，這使我們在這方面取得了良好的進展。所以我認為不必擔心這種萎縮。我們只是確保它真正發揮我們的優勢，並優化回報。

Our next question will come from Gerard Cassidy with RBC.

我們的下一個問題將來自加拿大皇家銀行的傑拉德·卡西迪。

Mark, can you share with us on your revenue guide in the net interest income, I know you mentioned this going to be lower and part of it is due to lower interest rates. Some of your peers have come out with their guides using the forward curve in their net interest income forecast, which includes the Fed in our country, 6 cuts. Can you give us some color what kind of rate environment. I know you said lower rates, but any insights around that guide?

馬克，您能否與我們分享您的淨利息收入收入指南，我知道您提到淨利息收入將會降低，部分原因是利率降低。你們的一些同行已經在他們的淨利息收入預測中使用遠期曲線發布了他們的指南，其中包括我國的美聯儲 6 次降息。您能給我們一些什麼樣的速率環境的顏色嗎？我知道你說更低的費率，但是關於該指南有什麼見解嗎？

Yes. I think what I pointed to is in the range of the [81 -- 80 to 81]. We're assuming 3 to 6 cuts, right? You got a range there. And the reason I describe it like that, excuse me, is that if you think about our IRE as we've shown it in the queues before, we're positioned such that with a 100 basis point move, parallel shift in rates across the curve, the U.S. dollar impact would only be a couple of hundred million dollars, right? And so -- to the negative, obviously, but it's a couple of hundred million dollars. And so as we think about that forecast, and as I mentioned, NII being down a bit, that covers kind of 3 to 6 cuts over the course of 2024, likely back loaded, but that's what's in there.

是的。我認為我所指的範圍是在[81——80到81]之間。我們假設有 3 到 6 次削減，對嗎？你那裡有一個範圍。對不起，我這樣描述它的原因是，如果你考慮我們的 IRE，就像我們之前在隊列中顯示的那樣，我們的定位是，隨著 100 個基點的移動，整個利率的平行變化如果按照曲線計算，美元的影響也只有幾億美元，對嗎？所以——顯然是負面的，但這需要幾億美元。因此，當我們考慮這一預測時，正如我所提到的，NII 略有下降，涵蓋 2024 年期間 3 到 6 次削減，可能會回升，但這就是其中的情況。

Very good. I appreciate that. And then, Jane, more of a qualitative question rather than quantitative. But obviously, there's numerous moving parts of the strategies that you guys are executing on. Exiting businesses, downsizing businesses, especially on the downsizing, I think you guys mentioned the headcount of about 20,000 coming down. How do you keep the morale of the organization elevated when you have these types of tough decisions that you all have to make.

非常好。我很感激。然後，簡，更多的是定性問題而不是定量問題。但顯然，你們正在執行的策略中有許多變化的部分。退出企業，裁員，特別是裁員，我想你們提到了大約2萬人的裁員。當你們所有人都必須做出這些類型的艱難決定時，如何保持組織的士氣高昂。

Yes. Well, we've also got areas, which are growing. So that does help to see -- we have a diversified portfolio here. I think we're very mindful of -- if that there is a human impact of the decisions that we're making. We're trying to be as transparent with our people as we are with our investors about what we need to do? Why we're doing it? What to expect? And laying that out so people understand the logic behind the decisions and then they understand what the decisions are as quickly as they can. I think that's the most [human] way to do this.

是的。嗯，我們還有一些正在成長的領域。所以這確實有助於看到——我們在這裡擁有多元化的投資組合。我認為我們非常注意我們所做的決定是否會對人類產生影響。我們試圖對我們的員工和我們的投資者一樣透明地了解我們需要做什麼？我們為什麼要這樣做？會發生什麼事？並把它列出來，以便人們理解決策背後的邏輯，然後他們盡快理解決策是什麼。我認為這是最[人性化]的方式來做到這一點。

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。

I'm sorry to prolong the call. Just one more question. Jane, when will you feel comfortable giving us a buyback outlook that's beyond just quarter-to-quarter. I know you still have a little bit of ways to go, but you do have a 100 basis point buffer to your minimum, and I know Basel III endgame is still out there. And I'm sure that reducing risk just doesn't mean expenses, but also reducing your -- or being mindful of your RWA footprint. And given where your stock is relative to book, when will we be more comfortable about giving sort of a longer-term outlook that was -- that's underpinning your RoTCE target with regards to the buyback?

很抱歉延長通話時間。還有一個問題。簡，您什麼時候才能放心地向我們提供超越季度與季度的回購前景。我知道你還有一點路要走，但你確實有 100 個基點的緩衝到最低限度，而且我知道巴塞爾 III 的結局仍然存在。我確信降低風險並不意味著費用，而是減少您的 RWA 足跡。考慮到你的股票相對於帳面價值的情況，我們什麼時候才能更放心地給出某種長期前景——這支撐著你在回購方面的 RoTCE 目標？

Erika. It's a great question. It's what I ask myself every morning when I get up because it's -- given where we trade, the value for our shareholders of buybacks is enormous. And Mark and I are very committed to doing so. We also know that we're building our credibility, and I don't want to say things that we're not going to deliver against, although we're going to have to change. I think it's one of the values that we're really trying to adhere to very strongly.

埃里卡。這是一個很好的問題。這是我每天早上起床時問自己的問題，因為考慮到我們的交易地點，回購對股東的價值是巨大的。馬克和我非常致力於這樣做。我們也知道我們正在建立信譽，我不想說一些我們不會兌現的事情，儘管我們必須做出改變。我認為這是我們真正努力堅持的價值觀之一。

And with the NPL, I think we'll get a better sense about this soon. The comment period just got extended, and we want to see what that is. I think you've all heard us at the Senate banking hearings with our concerns about it. I very much hope that it is either completely revised, not all very materially. So it doesn't have a negative impact on the economy, the U.S. banking system competitiveness, and the move for more business, the shadow banks, I think, has got to a point, which is not healthy. So we're going to wait and see before -- where that comes out before we give it to you. But I would be asking exactly the same question in your shoes as well.

透過 NPL，我想我們很快就會對此有更好的認識。評論期剛剛延長，我們想看看具體是什麼。我想你們都在參議院銀行業聽證會上聽到了我們對此的擔憂。我非常希望它能夠得到徹底的修改，而不是全部修改。因此，它不會對經濟、美國銀行體系的競爭力以及更多業務的發展產生負面影響，我認為影子銀行已經到了一定程度，這是不健康的。因此，在我們將其提供給您之前，我們將先拭目以待。但如果我站在你的立場也會問同樣的問題。

I think that it was very helpful that you said on this public forum, where you're trying to build credibility because as I think about what long-only investors have been dying to see from Citi in terms of the previous leadership was that sort of awareness. And I think just having that awareness recognition will be very important to investors.

我認為您在這個公共論壇上所說的非常有幫助，您正在努力建立可信度，因為當我想到長期投資者一直渴望從花旗看到的前領導層是這樣的意識。我認為，獲得這種意識認可對投資者來說非常重要。

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馬特·奧康納。

I wanted to follow-up on the Russian exposure on Page 34. It looks like you guys have taken a really good rack on the net investment and you also highlight how this CTA would be capital neutral [it's difficult] to write that down. But what about the remaining exposure? And just like how frame -- are you responsible to some of these [unremidable] corporate dividends. I just don't -- I think a lot of us don't understand that type of exposure? And is there a risk to you going forward? Or did you hopefully clear the deck from the fund exposure going forward.

我想在第 34 頁上跟進俄羅斯的曝光情況。看來你們對淨投資有了很好的了解，你們還強調了這個 CTA 將如何保持資本中性（很難）把它寫下來。但剩餘的曝光量呢？就像如何構建 - 你是否對其中一些[不可抗拒的]公司股息負責。我只是不明白——我想我們很多人都不理解這種類型的暴露？您的未來有風險嗎？或者您希望清除未來的基金風險？

Yes. And actually, I also want to kind of take a bigger picture answer to that before I turn it to Mark because I would have thought there's a question that is on everybody's mind, particularly given the firm's overall low level of returns and our headline numbers is this quarter about the -- what we've been doing with Russia and Argentina. So the bigger strategic question behind it, and then we'll get to you on specifics on the Russia front.

是的。事實上，在我把這個問題交給馬克之前，我也想對這個問題有一個更宏觀的答案，因為我認為每個人都在思考這個問題，特別是考慮到該公司的整體回報水平較低，而我們的整體數據是本季關於我們與俄羅斯和阿根廷所做的事情。那麼背後更大的戰略問題，然後我們將向您介紹俄羅斯戰線的具體情況。

If you think about Citi, we have a differentiated global business model. And that means we're committed to the countries in which our multinational clients operate over the long run. So that means we hold long-term capital in those countries upon which we generate solid returns through the cycle. And if we just point to our leading services and FX businesses are the heart of that network, and they're generating double digits, as you can see. With that footprint comes a set of risks.

如果你想想花旗，我們有一個差異化的全球商業模式。這意味著我們致力於為跨國客戶長期開展業務的國家提供服務。因此，這意味著我們在這些國家持有長期資本，並在整個週期中產生穩定的回報。如果我們只是指出我們領先的服務和外匯業務是該網路的核心，那麼正如您所看到的，它們正在產生兩位數的成長。隨之而來的是一系列風險。

So I think of them in terms of credit currency transferability of capital. And we've proven our ability to manage those risks consistently over a long period of time. And with respect to the Q4 currency and transfer items, while the timing was unknown, and we've highlighted those risks in our disclosures for a couple of years. I'd say Russia is rather unique. It's a wall and for us, a highly unusual liquidation. We've navigated it very well. We've executed our wind down in an orderly way with very low losses for our clients and very low losses for us.

所以我從信用貨幣資本可轉移性的角度來看它們。我們已經證明了我們有能力長期持續管理這些風險。至於第四季度的貨幣和轉移項目，雖然時間未知，但我們幾年來一直在揭露中強調這些風險。我想說俄羅斯是相當獨特的。這是一堵牆，對我們來說，這是一次極不尋常的清算。我們已經很好地應對了。我們以有序的方式執行了停業，客戶的損失非常低，我們的損失也非常低。

Our remaining net assets are now 100% reserved against. And I think similarly, if I just touched on Argentina for a minute because I'm sure, you've guys have got a few questions on that. Similarly, over the last several years, we derisked our business model there. We don't have a consumer bank. So we've really reduced our emerging market exposures to just our institutional presence focused on the multinational clients. You've heard us talk about that and select high-grade local clients.

我們剩餘的淨資產現在100%預留。我認為同樣，如果我只談一下阿根廷，因為我確信你們對此有一些問題。同樣，在過去的幾年裡，我們消除了我們在那裡的商業模式的風險。我們沒有消費銀行。因此，我們確實將新興市場的風險敞口減少到只專注於跨國客戶的機構存在。您已經聽過我們談論這一點並選擇高級本地客戶。

Just look at Argentina, it's a very good business for us over the cycle. And even after the impacts of Q4, we had less than $5 million in credit losses in Argentina over a 10-year period. That's remarkable, $5 million over 10 years. In terms of the currency risk, we all have to book revenues the official rate versus the parallel market rate. We were able to partially, but not fully hedge the exposure, but we will certainly always take economic decisions on the business we do and did mindful of likely devaluations and capital controls. And the reserve is a reserve. It centers on the ability to convert and transfer capital as per U.S. banking rules.

看看阿根廷，這對我們來說是一個非常好的生意。即使受到第四季的影響，我們在阿根廷的 10 年間的信貸損失也不到 500 萬美元。 10 年內 500 萬美元，太了不起了。就貨幣風險而言，我們都必須依照官方匯率與平行市場匯率來記帳收入。我們能夠部分但不能完全對沖風險，但我們肯定會始終對我們所做的業務做出經濟決策，並考慮到可能的貨幣貶值和資本管制。儲備就是儲備。它的重點是根據美國銀行規則轉換和轉移資本的能力。

So I just want to put part of the things of this quarter into that context, we have a global business model. It's heavily focused on high-grade multinational clients. Our track record for managing the various risks associated with our global network has been very strong. And I think you're seeing us with a very conservative and reserve profile. Mark, what would you add?

所以我只想把本季的部分事情放在這個背景下，我們有一個全球商業模式。它主要專注於高檔跨國客戶。我們在管理與全球網路相關的各種風險方面的記錄非常出色。我認為我們的形象非常保守和保守。馬克，你會加什麼？

Yes, very quickly on the Russia point, as you know and as the slide points out, we continue to bring our exposure down there. It's down to $6.5 billion, it's down 13% from the previous year. And [up 1/3] from 2021, we brought down the consumer loans, the consumer deposits in a significant way there. And essentially, what's left is that we have a custody business, and we are holding corporate dividends that are our clients' proceeds. We're unable to pay those out by law by regulation. And so we have to hold those and that's what's being referenced in the slide where we say [unremidable] Russia corporate dividends. And so that is not a risk that -- of loss for us, but we're unable to kind of clear those because of the state of play in Russia at this stage.

是的，很快就涉及俄羅斯問題，正如您所知，正如幻燈片所指出的那樣，我們將繼續在那裡進行投資。下降至 65 億美元，較上年下降 13%。與 2021 年相比，我們大幅降低了消費者貸款和消費者存款，[增加了 1/3]。從本質上講，剩下的就是我們擁有託管業務，並且我們持有公司股息，即客戶的收益。我們無法依照法律規定支付這些費用。因此，我們必須持有這些股息，這就是幻燈片中提到的內容，我們在幻燈片中提到[不可抗拒的]俄羅斯企業股息。因此，這對我們來說並不是損失的風險，但由於俄羅斯現階段的狀況，我們無法消除這些風險。

Okay. That was clear. And then just separately, in credit card, you and a lot of your peers expect losses to go up from here, but for most seem to be a thing sort of to peak this year, including you. And just what gives you confidence that the card losses will peak this year. As you just getting back to that a little bit above normalized level. Is it some tightening that you've done? What's driving that confidence looking out this year because there's obviously a step-up coming still, right?

好的。這很清楚。另外，在信用卡方面，您和您的許多同行預計損失將從這裡開始上升，但對大多數人來說，今年似乎會達到頂峰，包括您。正是這一點讓你相信卡牌損失今年將達到頂峰。當你剛剛回到比正常水平稍高一點的水平。你做了一些收緊嗎？是什麼推動了人們對今年的信心，因為顯然還會有進步，對嗎？

Sure. There's a step-up coming. We give a forecast 123 as you point out to what the -- the full year estimate for NCLs will be for both branded and for retail services. What I'd point out is you can see actually on the slide how there was a dip in loss rates during the COVID period. And so to some extent, what we're seeing is kind of a catch-up of those as those portfolios go through a longer maturation than what you'd normally see in our cards portfolio. On top of that, we've been originating new card, you've noticed our acquisitions have grown, so we obviously have new card loans. And those are going through a much more normal maturation period. And so as we look at kind of the early buckets and the delinquencies that are playing out, we've got a pretty good sense for when we would expect those to peak and at what level.

當然。即將迎來一個升級。正如您所指出的，我們對品牌服務和零售服務的 NCL 全年預測為 123。我要指出的是，您實際上可以在幻燈片上看到新冠疫情期間損失率的下降情況。因此，在某種程度上，我們所看到的是這些投資組合的追趕，因為這些投資組合的成熟期比您通常在我們的信用卡投資組合中看到的成熟時間更長。最重要的是，我們一直在發行新卡，你已經注意到我們的收購量有所增長，所以我們顯然有新卡貸款。這些正在經歷一個更正常的成熟期。因此，當我們觀察早期的情況和正在發生的拖欠情況時，我們對預計這些情況何時達到頂峰以及達到什麼水平有了很好的認識。

And we think they'll peak inside of '24, so that's captured in that average forecast that we've given. We haven't made material changes to our underwriting. However, there is mix evolution that happens. Transactors, we have a number of transactors that have kind of come on to our portfolio and are in the mix of our branded portfolio as well. And so anyway, those are the drivers that give us confidence and inform the trajectory that we're talking about here.

我們認為它們將在 24 年內達到頂峰，因此我們給出的平均預測反映了這一點。我們尚未對承保做出重大改變。然而，混合進化正在發生。交易者，我們有許多交易者已經進入我們的投資組合，也包含在我們的品牌投資組合中。無論如何，這些驅動因素給了我們信心，並告訴我們我們在這裡討論的軌跡。

(Operator Instructions) Our next question will come from Ryan Kenny with Morgan Stanley.

（操作員說明）我們的下一個問題將來自摩根士丹利的 Ryan Kenny。

So I have a question on quantitative tightening. Wondering if you have any early thoughts on how Citi is positioned if the Fed ends Q2 early. Is that a material catalyst for you? And would that help you hit your revenue targets even sooner?

所以我有一個關於量化緊縮的問題。想知道如果聯準會提前結束第二季度，您是否對花旗的定位有任何早期想法。這對你來說是物質催化劑嗎？這會幫助您更快實現收入目標嗎？

Yes. Again, I mean, when I think about our interest rate exposure and for U.S. dollar, in particular, we showed it in our last Q, we'll show it in this Q for a 100 basis point move in a parallel shift, we're looking at probably a negative $1.6 billion or so. But important to point out that the U.S. dollar component of that is only a couple of hundred million dollars. Similarly, if rates moved in the other way, positive of 100, there'd be a small movement as it relates to U.S. dollar exposure. So our U.S. dollar exposure is relatively neutral again, assuming a static balance sheet, a parallel shift in the curve. And so we're kind of neutral relative to rates moving in either direction and therefore, the impact there.

是的。再說一次，我的意思是，當我考慮我們的利率風險敞口時，特別是美元，我們在上一個季度中展示了這一點，我們將在本季度中展示它平行移動100 個基點的變動，我們'我們預計可能會出現負 16 億美元左右的情況。但需要指出的是，其中美元部分僅為幾億美元。同樣，如果利率以其他方式變動（正值 100），則與美元敞口相關的變動將會很小。因此，假設資產負債表是靜態的，即曲線平行移動，我們的美元敞口再次相對中性。因此，我們對利率朝任一方向的變動及其影響都持中性態度。

And there's a lot of optimism and debate around capital markets rebound. Are you seeing that? And can you help us update us on investment banking pipeline across M&A, ECM, DCM?

關於資本市場的反彈，存在著許多樂觀情緒和爭論。你看到了嗎？您能否協助我們了解併購、ECM、DCM 等投資銀行管道的最新資訊？

Yes. We certainly had a much more constructive market environment at the end of '23 interest rate spreads and volatility at most of the year, equity prices are high. And I think we view this as a helpful foundation for activity to accelerate in '24, assuming the tailwinds persist. And speaking of our own pipeline, the breadth, the depth, the quality of it is very sound. It's higher than it was pre-COVID. So when markets are constructive, we expect to move these opportunities forward, and we're hearing a lot more confidence from the CEOs, CFOs around this.

是的。在 23 世紀末，我們確實擁有一個更具建設性的市場環境，一年中大部分時間的利差和波動，股價都很高。我認為，假設順風持續，我們認為這是 24 年經濟活動加速的有用基礎。說到我們自己的管道，它的廣度、深度和品質都非常好。它比新冠疫情之前還要高。因此，當市場具有建設性時，我們希望將這些機會向前推進，並且我們從執行長和財務長那裡聽到了更多的信心。

And when we're looking at our own side, as you know, we've been investing in some higher growth areas. So we get a good balance between our traditionally strong sectors as well as high-growth areas. And we've been seeing some very good momentum in health care and technology as well as areas of traditional strength, which is energy and industrial. And I think we feel very confident in the recovery in DCM, the beginnings of 1 in [11]. And so cautiously optimistic here. I'm not -- so I wouldn't say that it's going to accelerate enormously and with incredible speed, but I think we're feeling much better about the foundation. Mark, anything you'd add?

當我們審視自己的面向時，如您所知，我們一直在投資一些更高成長的領域。因此，我們在傳統優勢產業和高成長領域之間取得了良好的平衡。我們在醫療保健和技術以及能源和工業等傳統優勢領域看到了一些非常好的動力。我認為我們對 DCM 的復甦非常有信心，這是[11]中 1 的開始。這裡非常謹慎樂觀。我不是——所以我不會說它會以令人難以置信的速度極大地加速，但我認為我們對這個基礎的感覺好多了。馬克，你還有什麼要補充的嗎？

I completely agree.

我完全同意。

Our next question comes from Scott Siefers with Piper Sandler.

我們的下一個問題來自斯科特·西弗斯和派珀·桑德勒。

Have you all assumed any revenue attrition just related to the reduction in force? And I guess, just broadly, how might that be embedded in the '24 revenue guidance. And I guess just at a top level, maybe just a...

你們是否都假設過與兵力減少有關的任何收入消耗？我想，從廣義上講，這將如何嵌入到 24 世紀的收入指導中。我想只是在最高水平，也許只是......

Scott, Sorry, I didn't hear what it was. I think the phone line cut out. The revenue in attrition...

史考特，抱歉，我沒聽清楚那是什麼。我認為電話線斷了。損耗收入...

Yes. Just curious if you have assumed any revenue attrition related to the reduction enforce over the coming year...

是的。只是好奇您是否假設與來年的削減執行相關的任何收入消耗...

No, we haven't. I think a lot of the moves that we've made from the organization simplification. So the 5,000-or-so roles we talked about, they're mainly managerial roles. And they've mainly impacted the functions and the geographies, not nearly so much the revenue from revenue generators.

不，我們沒有。我認為我們採取的許多措施都是透過組織簡化來實現的。所以我們談到的5000個左右的角色，主要是管理角色。它們主要影響的是功能和地理，而不是創收者的收入。

And the other piece is with the client organization, we're actually putting much more time into the hands of our people to drive revenue forward. So I think what we're looking at here is it getting a bit of areas of bureaucracy and where we've been too complicated, where we can drive efficiency whilst preserving our frontline and encouraging them to be as revenue-productive and delivering the full fledged force of the firm to the client. So I'd like to see the opposite actually.

另一件事是與客戶組織有關，我們實際上投入了更多的時間給我們的員工來推動收入成長。因此，我認為我們在這裡關注的是官僚主義的一些領域，以及我們過於複雜的領域，我們可以提高效率，同時保留我們的前線，並鼓勵他們產生收入並提供全面的服務。公司對客戶的初具影響力。所以我實際上希望看到相反的情況。

Okay. Perfect. And then, Mark, could you discuss for a second, maybe just broadly the flow of expenses through the year? I know that they should begin to decline toward the end. But what happened between now and then? Do they hold kind of flattish with a core rate, or would there be any normal course of business growth?

好的。完美的。然後，馬克，你能稍微討論一下全年的支出流程嗎？我知道他們應該在最後開始衰退。但從現在到那時發生了什麼事？他們的核心利率是否持平，或者是否會有正常的業務成長流程？

I think what I'd say is that you should expect that in the first quarter, we'd likely see an uptick in our total expenses relative to the fourth, in part because, as Jane has mentioned, we anticipate that there'll be more to the org simplification and, therefore, dollars associated with that in Q1. And then from there, I would expect that you'd see a downward trend through the fourth quarter.

我想我想說的是，你應該預料到，在第一季度，我們的總支出可能會比第四季度有所上升，部分原因是，正如簡所提到的，我們預計會有更多的是組織簡化，因此，與第一季相關的美元。然後從那時起，我預計第四季會出現下降趨勢。

(Operator Instructions) Our next question will come from Vivek Juneja with JPMorgan.

（操作員說明）我們的下一個問題將來自摩根大通的 Vivek Juneja。

A couple of quick clarifications. On your NII guide, you talked about you're assuming 3 to 6 cuts. That's U.S., I presume. So are you assuming flat unchanged rates outside the U.S. since you're more sensitivity outside?

一些快速的澄清。在您的 NII 指南中，您談到您假設進行 3 到 6 次削減。我猜那是美國。那麼，由於您對美國以外的地區更加敏感，您是否假設美國以外地區的利率保持不變？

Modest declines outside, but yes, declines outside as well, but not nearly of the magnitude of what we're talking about in the U.S.

外部略有下降，但是，是的，外部也有所下降，但幅度遠不及我們在美國談論的程度。

Okay. And then, Jane, to your point about the 20,000 headcount cuts, and I heard you just mentioned 5,000 from managerial positions. Where are the rest 15,000 coming from?

好的。然後，Jane，談到你關於裁員 20,000 人的問題，我聽說你剛剛提到了管理職位上的 5,000 人。剩下的15,000人從哪裡來？

Let me just -- so let me just be clear about where the ones that we've just done and that we're working on through the organization simplification. So when I think about that effort, it will close at the end of the first quarter, as we said, we're expecting to get about $1 billion of run rate saves from the org simplification work alone. That constitutes about 5,000 heads.

讓我簡單說一下，讓我澄清一下我們剛剛完成的工作以及我們正在透過組織簡化進行的工作。因此，當我想到這項工作時，它將在第一季末結束，正如我們所說，我們預計僅透過組織簡化工作就能節省約 10 億美元的運行率。這相當於大約 5,000 頭。

We're just about to -- at the end of this month, finish Phase III, which will mean the first 4 layers of the organization have been addressed. That's been a net reduction of about 1,500 managers out of a total of 12,000 roles. So it was about 13%. And these are mainly manager roles, as I talked about earlier. Then when we think about where are other expense opportunities on top of this, as Mark was talking about earlier, I mean, the stranded costs will be completing the elimination of the stranded costs from the divestures, we'll be continuing, and you've seen it been doing that, exiting marginal businesses and hobbies and the like and being very disciplined about that.

我們即將在本月底完成第三階段，這意味著組織的前 4 層已經解決。總共 12,000 個職位中，淨減少了約 1,500 名經理。所以大約是13%。正如我之前談到的，這些主要是經理角色。然後，當我們考慮除此之外還有其他費用機會時，正如馬克之前所說，我的意思是，擱淺成本將完成消除剝離中的擱淺成本，我們將繼續，而你'我們已經看到它正在這樣做，退出邊緣業務和愛好等，並且對此非常自律。

We've got some businesses where we feel we need to rightsize the core expense base. Andy Sieg is going to be kicking off that in wealth, and you will begin to see some of the impact of that in the first quarter. He's off to a strong start. And then we've got other areas where we'll be creating more utilities. We've got -- still got different fragmented activities across the firm that the organization simplification as highlighted we'll be aggregating those, creating utilities or consolidating some of those different functions.

我們認為有些業務需要調整核心費用基礎。安迪·西格將在財富領域拉開序幕，你將在第一季開始看到它的一些影響。他有一個好的開始。然後我們將在其他領域創建更多實用程式。我們整個公司仍然有不同的分散活動，正如組織簡化所強調的那樣，我們將聚合這些活動，創建實用程式或整合其中一些不同的職能。

And that is before we get to beginning to get benefits from the transformation where there will be efficiencies that come through. We'll still have areas that we're investing. These are going to be, as we talked about, core business investments, it's going to be expense growth still in the top -- from volume growth that we've got, and we will be investing in our transformation.

那是在我們開始從轉型中獲益之前，轉型會帶來效率的提升。我們仍然會投資一些領域。正如我們所討論的，這些將是核心業務投資，費用成長仍然位於頂部——來自我們已經獲得的銷售成長，我們將投資於我們的轉型。

And all of this is happening over the medium term to get us to the 11% to 12% RoTCE target we talked about. So that 20,000 is -- it's the number that we estimate at the headcount. I don't love thinking headcount, and I'm thinking about expenses. I think it's a more meaningful number. So as Mark laid out in his presentation, we've got a net expense saves that we're expecting to achieve in the medium term, and these are the raft of different areas that we will be contributing to it, and we're working hard at it.

所有這一切都是在中期內發生的，目的是讓我們實現我們談到的 11% 至 12% RoTCE 目標。所以 20,000 是我們根據員工人數估算的數字。我不喜歡考慮員工人數，我只考慮開支。我認為這是一個更有意義的數字。因此，正如馬克在他的演講中指出的那樣，我們預計在中期內實現淨費用節省，這些是我們將為此做出貢獻的大量不同領域，我們正在努力做到這一點。

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。

Really some ticky-tack modeling questions on the revenue side. Does the revenue guidance for the full year include any reduction in credit card late fees? And how large of a contributor is that to revenues overall at Citigroup?

收入方面確實存在一些棘手的建模問題。全年收入指引是否包括信用卡滯納金的減少？這對花旗集團的整體營收貢獻有多大？

So let's see. So obviously, the proposals out there, and we've factored in what's knowable as it relates to that. We haven't given guidance externally on what that impact is, but we do believe there offsets and mitigants that over time, we'll be able to kind of bring into play. And so long-winded way of saying our revenue forecast does assume some basic level of late-fee adjustment.

那麼讓我們來看看。顯然，這些提案已經存在，我們已經考慮了與之相關的已知內容。我們還沒有就這種影響給出外部指導，但我們確實相信隨著時間的推移，我們將能夠發揮一些抵消和緩解措施。如此冗長的說法，我們的收入預測確實假設了一些基本水準的滯納金調整。

Got it. And just on the earlier comments you made, Mark, around services NII. I am struggling to reconcile the 50-50 NII contribution from rate and volume components just given average loan and deposits were essentially flat year-on-year. NII grew $3 billion it does imply a much larger contribution from rates. I know there's deposit fund transfer pricing and other noise. So I was hoping you can maybe unpack that a little bit further.

知道了。馬克，關於您之前就服務 NII 發表的評論。鑑於平均貸款和存款同比基本持平，我正在努力調和利率和數量組成部分對 50-50 NII 的貢獻。 NII 成長了 30 億美元，這確實意味著利率的貢獻要大得多。我知道存在存款資金轉移定價和其他噪音。所以我希望你能進一步解開這個問題。

I mean there are a lot of factors in there. There's obviously as well the mix as it relates to what we have in the U.S. versus outside of the U.S. So it's -- there are a number of factors there and probably too much to kind of take you through on the call here, but we're happy to kind of follow-up with you off-line and take you through it.

我的意思是這裡面有很多因素。顯然，這與我們在美國和美國以外的情況有關。所以，那裡有很多因素，可能太多了，無法在電話會議上向您介紹，但我們'我們很樂意在線下跟進您並引導您完成整個過程。

Our final question comes from Mike Mayo with Wells Fargo.

我們的最後一個問題來自富國銀行的麥克梅奧。

Yes. Just a clarification, when you said medium term in this call as it relates to employee reductions, expense savings, revenue targets and 11% to 12% lastly, does medium term mean by 2026, or does it mean something different?

是的。請澄清一下，當您在本次電話會議中提到中期時，因為它涉及裁員、費用節省、收入目標以及最後的 11% 至 12%，中期是指 2026 年，還是意味著其他含義？

Yes, it's...

是的，它就是...

2026...

2026...

There are no further questions. I will turn the call over to Jen Landis for closing remarks.

沒有其他問題了。我將把電話轉給珍‧蘭迪斯 (Jen Landis) 致閉幕詞。

Thank you, everyone, for joining the call. If you have any follow-up questions, please contact IR. Have a great day. Thank you.

謝謝大家加入通話。如果您有任何後續問題，請聯絡 IR。祝你有美好的一天。謝謝。

This concludes the Citi fourth quarter 2023 earnings call. You may now disconnect.

花旗 2023 年第四季財報電話會議至此結束。您現在可以斷開連線。