花旗銀行 (C) 2024 Q1 法說會逐字稿

Hello and welcome to Citi's First Quarter 2024 Earnings Call. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加花旗 2024 年第一季財報電話會議。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。如果您有任何異議，請此時斷開連接。

Ms. Landis, you may begin.

蘭迪斯女士，您可以開始了。

Thank you, operator. Good morning and thank you all for joining our first quarter 2024 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。早安，感謝大家參加我們的 2024 年第一季財報電話會議。今天我們的執行長簡·弗雷澤 (Jane Fraser) 也加入了我的行列。以及我們的財務長馬克梅森。

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，今天的簡報可在我們的網站 citigroup.com 下載，其中可能包含基於管理層當前預期的前瞻性陳述，並可能受到不確定性和情況變化的影響。由於多種因素，包括我們的收益資料以及我們向 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 good morning to everyone. Today, I'm going to touch on the macroeconomic environment before I update you on the progress we're making, and then I'll discuss the quarter.

謝謝你，Jen，祝大家早安。今天，我將先談談宏觀經濟環境，然後再向您介紹我們正在取得的進展，然後我將討論本季。

While global economic performance was surprisingly asynchronized last year, the overall story has been consistent of late, one of economic resiliency supported by tight labor markets and the consumer. Growth this year looks poised to slow in many markets, and conditions are generally disinflationary. We're already seeing some central banks in the emerging markets starting to cut rates.

儘管去年全球經濟表現出乎意料地不同步，但最近的整體情況是一致的，即勞動市場和消費者緊張支撐著經濟彈性。今年許多市場的成長似乎將放緩，而且整體情況是通貨緊縮。我們已經看到新興市場的一些央行開始降息。

In the U.S., a soft landing is viewed as increasingly likely. But we continue to see a tale of 2 Europe with Germany hurt by the weak demand for goods, while Southern European countries, such as Spain and Greece, benefit from stronger demand in services. In Asia, Japan is joining in the areas of bright spot, and China's economy has gained some more traction, although its property market remains a concern.

在美國，軟著陸的可能性越來越大。但我們繼續看到「兩個歐洲」的故事，德國因商品需求疲軟而受到損害，而西班牙和希臘等南歐國家則受益於服務需求的強勁增長。在亞洲，日本正在成為亮點，中國經濟也獲得了更多的牽引力，儘管其房地產市場仍然令人擔憂。

Amidst all these dynamics, we continue to focus on executing against our strategy and delivering the best of Citi to all our stakeholders. I said 2024 will be a pivotal year for us as we put our business and organizational simplification largely behind us and we focus on 2 main priorities: the transformation and the performance of our businesses and the firm.

在所有這些動態中，我們繼續專注於執行我們的策略，並為所有利害關係人提供花旗最好的服務。我說過，2024 年對我們來說將是關鍵的一年，因為我們基本上已經放棄了業務和組織簡化，我們專注於兩個主要優先事項：我們的業務和公司的轉型和績效。

Last month marked the end to the organizational simplification that we announced in September. The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy. We are now more client-centric. We're already seeing faster decision-making and a nimbler organization at work. We have clear lines of accountability, starting with my management team, fewer layers, increased spans of control, and frankly, much less bureaucracy and needless complexity. It will all help us run the company more efficiently, will enhance our clients' experience and improve our agility and ability to execute.

上個月標誌著我們九月宣布的組織簡化工作的結束。其結果是一個更乾淨、更簡單的管理結構，完全符合並促進我們的策略。我們現在更加以客戶為中心。我們已經看到更快的決策和更靈活的組織運作。從我的管理團隊開始，我們有明確的責任線，層級更少，控制範圍更大，坦白說，官僚主義和不必要的複雜性也大大減少。這一切都將幫助我們更有效地經營公司，增強客戶體驗並提高我們的敏捷性和執行能力。

And while reducing expenses wasn't the primary driver of the program, more roles were ultimately impacted than the 5,000 that we discussed in January. We also took a number of other steps to sharpen our business focus and improve returns by right placing businesses to better capture synergies, exiting certain businesses in markets that just didn't fit with our strategy and rightsizing the workforce in wealth.

雖然減少開支並不是該計劃的主要驅動力，但最終受到影響的角色比我們 1 月份討論的 5,000 個要多。我們還採取了許多其他措施，透過正確定位業務以更好地獲取協同效應、退出不符合我們策略的市場中的某些業務以及調整財富勞動力規模，來加強我們的業務重點並提高回報。

As a result of all these combined steps, which include the simplification, we are eliminating approximately 7,000 positions, which will generate $1.5 billion of annualized run rate expense saves. The combination of these actions and the measures we're taking to eliminate our remaining stranded costs will drive $2 billion to $2.5 billion in cumulative annualized run rate saves in the medium term. We are keeping a close eye on the execution of these efforts and overall resourcing to ensure we safeguard our commitment to the transformation.

透過所有這些綜合步驟（包括簡化），我們將消除約 7,000 個職位，這將節省 15 億美元的年化運作費用。這些行動與我們為消除剩餘滯留成本而採取的措施相結合，將在中期推動累計年化運行率節省 20 億至 25 億美元。我們正在密切關注這些努力的執行情況和整體資源配置，以確保我們兌現對轉型的承諾。

As you know, given its magnitude and scale, the transformation is a multiyear effort to address issues that have spanned over 2 decades. We've made steady progress as we retire multiple legacy platforms, streamline end-to-end processes and strengthen our risk and control environment, all of which are necessary not only to meet the expectations of our regulators but also to serve our clients more effectively.

如您所知，鑑於其規模和規模，此次轉型是一項多年的努力，旨在解決跨越 20 多年的問題。隨著我們淘汰多個遺留平台、簡化端到端流程並加強我們的風險和控制環境，我們取得了穩步進展，所有這些都是必要的，不僅可以滿足監管機構的期望，而且可以更有效地為我們的客戶提供服務。

A transformation of this magnitude, well, it's never linear. So while we've made good progress in many areas, there are a few where we are intensifying our efforts, such as automating certain regulatory processes and the data related to regulatory reporting. We're committed to getting these right, and we look to self-fund the necessary investments to do so.

如此規模的轉變從來都不是線性的。因此，雖然我們在許多領域取得了良好進展，但我們仍在一些領域加大努力，例如自動化某些監管流程和與監管報告相關的數據。我們致力於解決這些問題，並希望自籌必要的投資來實現這一目標。

Turning to the quarter. We had a good start to a pivotal year. We reported net income of approximately $3.4 billion, earnings per share of $1.58 and an RoTCE of 7.6% on over $21 billion of revenues. Our revenues were up over 3% year-over-year excluding divestitures, which was primarily the $1 billion gain from the India consumer sale last year. Our expenses were slightly down quarter-over-quarter, excluding the FDIC special assessments.

轉向季度。我們在關鍵的一年有了一個好的開始。我們公佈的淨利潤約為 34 億美元，每股收益為 1.58 美元，RoTCE 為 7.6%，收入超過 210 億美元。不包括資產剝離，我們的營收年增超過 3%，這主要是去年印度消費者銷售帶來的 10 億美元收益。不包括 FDIC 特別評估，我們的支出較上季略有下降。

Services continues to perform well and generate very attractive returns. Revenue was up 8% for the quarter. Both businesses won new mandates and deepened relationships with existing clients. Fees were up a pleasing 10% for services year-over-year driven by the investments we've made across our product offering, platforms and client experience.

服務繼續表現良好，並產生非常有吸引力的回報。該季度營收成長 8%。兩家公司都贏得了新的授權並加深了與現有客戶的關係。由於我們在產品、平台和客戶體驗方面進行的投資，服務費用年增了 10%，令人欣喜。

In Securities Services, we took share again this quarter. And in TTS, cross-border activity continued to outpace global GDP growth and commercial card spend remained robust. We look forward to diving deeper into these 2 businesses at our investor presentation on services in June.

在證券服務領域，我們本季再次佔據份額。在 TTS 領域，跨境活動持續超過全球 GDP 成長，商務卡支出依然強勁。我們期待在 6 月的服務投資者推介會上更深入地探討這兩項業務。

Markets bounced back from a tough final quarter in '23. While revenues were down 7% as lower volatility impacted rates and currencies, that was off a very strong first quarter last year. We saw good client activity in Equities and in spread products, where both new issuance and securitization activity were particularly robust. We fully integrated our financing and securitization capabilities within our Markets business, and we started to see the benefits of having a unified spread product offering for our clients.

市場從 23 年艱難的最後一個季度反彈。雖然由於較低的波動性影響了利率和貨幣，收入下降了 7%，但與去年非常強勁的第一季相比，收入下降了 7%。我們看到股票和價差產品的客戶活動良好，其中新發行和證券化活動尤其強勁。我們將我們的融資和證券化能力完全整合到我們的市場業務中，我們開始看到為客戶提供統一的利差產品的好處。

The rebound in Banking gained speed during the quarter, led by near-record levels of investment-grade debt issuance as improved market conditions enables issuers to pull forward activity. And after a bit of a slow start, ECM picked up in the second half of the quarter, notably in convertibles. Our strong performance in both DCM and ECM drove Investment Banking revenue growth of 35% and overall banking revenue growth of 49%.

由於市場狀況改善使發行人能夠推進活動，投資級債券發行量接近歷史最高水平，帶動了本季銀行業的反彈速度加快。經過一段緩慢的起步後，ECM 在本季後半段有所回升，尤其是在敞篷車領域。我們在 DCM 和 ECM 方面的強勁表現推動投資銀行業務收入成長 35%，整體銀行業務收入成長 49%。

While M&A revenues are still low across The Street, I was pleased that we participated in some of the significant deals announced in the quarter, such as Diamondback's merger with Endeavour Energy and Catalent's merger with Nova Holdings. We are cautiously optimistic that we could see a measured reopening of the IPO market in the second quarter in light of improved market valuation.

儘管整個華爾街的併購收入仍然較低，但我很高興我們參與了本季宣布的一些重大交易，例如 Diamondback 與 Endeavor Energy 的合併以及 Catalent 與 Nova Holdings 的合併。鑑於市場估值的改善，我們謹慎樂觀地認為，IPO 市場可能會在第二季重新開放。

Corporate sentiment is quite positive, especially in the U.S., and our clients around the world have very sound balance sheets. We very much look forward to welcoming Vis Raghavan to Citi to lead our Banking franchise in early June. Like other new top talents who've joined the firm, he will inject fresh thinking to help us achieve our firm's full potential.

企業情緒相當積極，尤其是在美國，而且我們世界各地的客戶都擁有非常健全的資產負債表。我們非常期待 Vis Raghavan 在 6 月初加入花旗領導我們的銀行業務。與其他新加入公司的頂尖人才一樣，他將注入新的思維，幫助我們充分發揮公司的潛力。

In wealth, while revenues were down in the quarter, we grew fees and gathered an estimated $22 billion of net new assets over the past 12 months. As you've seen, Andy continues to form his team and is focused on 3 areas: first, rationalizing the expense base; second, turning on the growth engine by focusing on investment revenues; and third, enhancing our platforms and capabilities to elevate the client experience.

在財富方面，雖然本季收入有所下降，但我們增加了費用，並在過去 12 個月內收集了估計 220 億美元的淨新資產。正如您所看到的，Andy 繼續組建他的團隊，並專注於 3 個領域：第一，合理化支出基礎；二是聚焦投資收益，開啟成長引擎。第三，增強我們的平台和能力，以提升客戶體驗。

Now these won't happen overnight, but getting these things right will help us get more than our fair share of the $5 trillion of assets that our clients have away from us. And that will help us get our returns to where they need to be in this business in the medium term.

現在這些不會在一夜之間發生，但把這些事情做好將幫助我們從客戶從我們手中奪走的 5 兆美元資產中獲得超出應有份額的資產。這將有助於我們在中期獲得該業務所需的回報。

U.S. PB had double-digit revenue growth for the sixth straight quarter. We feel good about our position and our resiliency as a prime lend-centric issuer and are seeing positive momentum across proprietary card and partner card businesses.

美國PB連續第六個季度實現兩位數的營收成長。我們對自己作為以貸款為中心的主要發行人的地位和彈性感到滿意，並看到自營卡和合作夥伴卡業務的積極勢頭。

Healthy spend growth persists in branded cards primarily driven by our more affluent customers. Across both portfolios, increased demand for credit continues to drive strong growth in interest-earning balances. And while they're only a small part of our portfolio, we are keeping an eye on the customers in the lower FICO bands. We also continue to see strong engagement in digital payment offerings, such as Citi Pay, as a point-of-sale lending product, which is easily integrated into merchants' checkout processes. And we are driving more value from our retail branches as well as getting the expense base right to increase returns there.

品牌卡的支出持續健康成長，主要是由我們較富裕的客戶所推動的。在這兩個投資組合中，信貸需求的增加繼續推動生息餘額的強勁成長。雖然他們只是我們投資組合的一小部分，但我們正在密切關注 FICO 較低階的客戶。我們也繼續看到數位支付產品的強勁參與，例如 Citi Pay，作為一種銷售點貸款產品，可以輕鬆整合到商家的結帳流程中。我們正在從我們的零售分支機構中創造更多價值，並建立正確的費用基礎以增加那裡的回報。

Our balance sheet is strong across the board, an intentional result of our high-quality assets, robust capital and liquidity positions and rigorous risk management. During the first quarter, we returned $1.5 billion in capital to our common shareholders, and that includes $500 million through share buyback.

我們的資產負債表全面強勁，這是我們優質資產、穩健的資本和流動性部位以及嚴格的風險管理的結果。第一季度，我們向普通股股東返還了 15 億美元資本，其中包括透過股票回購獲得的 5 億美元。

Our CET1 ratio ticked up to a preliminary 13.5%, and we grew our tangible book value per share to $86.67.

我們的 CET1 比率初步上升至 13.5%，每股有形帳面價值增至 86.67 美元。

We have a great franchise around the world with great clients who are served by great colleagues. I'm pleased with where we are and I'm excited about where we're going. With the organizational simplification behind us and a good quarter under our belt, we have started this critical year on the right foot. Now while there will be bumps in the road, no doubt, we will continue to execute with discipline, and we are committed to reaching our medium-term targets.

我們在世界各地擁有良好的特許經營權，擁有優秀的客戶，並由優秀的同事提供服務。我對我們所處的位置感到滿意，並且對我們要去的地方感到興奮。隨著組織的簡化和一個良好的季度業績，我們在這關鍵的一年中取得了良好的開端。現在，儘管道路上會遇到坎坷，但毫無疑問，我們將繼續嚴格執行，並致力於實現我們的中期目標。

With that, I'd like to turn it over to Mark, and then we will both be delighted, as always, to take your questions. Thank you.

說到這裡，我想將其轉交給馬克，然後我們將一如既往地很高興回答您的問題。謝謝。

Thanks, Jane, and good morning, everyone. I'm going to start with the firm-wide financial results, focusing on our year-over-year comparisons for the first quarter, unless I indicate otherwise, and then spend a little more time on the business.

謝謝，簡，大家早安。除非我另有說明，我將從公司範圍內的財務表現開始，並專注於第一季的同比比較，然後花更多時間討論業務。

On Slide 6, we show financial results for the full firm. In the first quarter, we reported net income of approximately $3.4 billion, EPS of $1.58 and an RoTCE of 7.6% on $21.1 billion of revenue. Total revenues were down 2% on a reported basis. Excluding divestiture-related impacts, largely consisting of the $1 billion gain from the sale of the India consumer business in the prior year, revenues were up more than 3% driven by growth across Banking, USPB and services, partially offset by declines in Markets and wealth. Expenses were $14.2 billion, up 7% on a reported basis.

在投影片 6 上，我們展示了整個公司的財務表現。第一季度，我們的淨利潤約為 34 億美元，每股收益為 1.58 美元，RoTCE 為 7.6%，營收為 211 億美元。據報告，總收入下降了 2%。排除與資產剝離相關的影響（主要包括上一年出售印度消費者業務帶來的10 億美元收益），在銀行業、USPB 和服務業增長的推動下，收入增長了3% 以上，但部分被市場和服務業的下滑所抵銷。財富。據報道，費用為 142 億美元，成長 7%。

Excluding divestiture-related impact and the incremental FDIC special assessment, expenses were up 5%. Cost of credit was approximately $2.4 billion primarily driven by higher card net credit losses, which were partially offset by ACL releases in wealth, Banking and legacy franchise. At the end of the quarter, we had nearly $22 billion in total reserves with a reserve-to-funded loan ratio of approximately 2.8%.

不包括資產剝離相關的影響和增量 FDIC 特別評估，費用增加了 5%。信貸成本約為 24 億美元，主要是由於信用卡淨信貸損失增加，但 ACL 發布的財富、銀行和傳統特許經營業務部分抵消了這一損失。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 2.8%。

On Slide 7, we show the expense trend over the past 5 quarters. We reported expenses of $14.2 billion, which included the incremental FDIC special assessment of roughly $250 million. Also included in this number are $225 million of restructuring charges largely related to the organizational simplification. In total, we've incurred approximately $1 billion of restructuring costs over the last 2 quarters. As part of these actions, we expect approximately $1.5 billion of annualized run rate saves over the medium term related to our head count reduction of approximately 7,000.

在投影片 7 上，我們顯示了過去 5 個季度的費用趨勢。我們報告的支出為 142 億美元，其中包括約 2.5 億美元的增量 FDIC 特別評估。這一數字還包括 2.25 億美元的重組費用，主要與組織簡化有關。過去兩個季度我們總共產生了約 10 億美元的重組成本。作為這些行動的一部分，我們預計中期內因裁員約 7,000 人，年化運行率將節省約 15 億美元。

In addition to the restructuring, we took approximately $260 million of repositioning costs largely related to our efficiency efforts across the firm, including a reduction of stranded costs associated with the consumer divestiture. The expected savings from these actions will allow us to continue to fund additional investments in the transformation this year. And relative to the prior year, the remainder of the expense growth was largely driven by inflation and volume-related expenses, partially offset by productivity savings.

除了重組之外，我們還承擔了約 2.6 億美元的重新定位成本，這主要與我們整個公司的效率工作有關，包括減少與消費者剝離相關的擱淺成本。這些行動的預期節省將使我們能夠繼續為今年的轉型提供額外投資。與前一年相比，其餘的費用增長主要是由通貨膨脹和與數量相關的費用推動的，部分被生產力節省所抵消。

In the remainder of the year, we expect a more normalized level of repositioning, which is already embedded in our guidance. Therefore, you can expect our quarterly expense trend to go down from here, in line with our $53.5 billion to $53.8 billion ex FDIC expense guidance.

在今年剩下的時間裡，我們預計重新定位的水平將更加正常化，這已經納入我們的指導中。因此，您可以預期我們的季度支出趨勢將從這裡開始下降，與我們 535 億美元至 538 億美元的 FDIC 支出指引一致。

On Slide 8, we show net interest income, deposits and loans, where I'll speak to sequential variances. In the first quarter, net interest income decreased by $317 million largely driven by markets, which resulted in a 4 basis point decrease in net interest margin. Excluding Markets, net interest income was relatively flat. Average loans were up $4 billion primarily driven by loans in spread products and Markets as well as card and mortgage loans in U.S. Personal Banking, partially offset by declines in service. And average deposits were up nearly $7 billion primarily driven by services as we continue to grow high-quality operating deposits.

在投影片 8 上，我們顯示了淨利息收入、存款和貸款，我將在其中討論連續變異數。一季淨利息收入減少3.17億美元，主要受市場影響，導致淨利差下降4個基點。排除市場因素後，淨利息收入相對持平。平均貸款增加 40 億美元，主要由利差產品和市場貸款以及美國個人銀行業務的卡片和抵押貸款推動，但部分被服務下降所抵消。隨著我們繼續增加高品質的營運存款，平均存款增加了近 70 億美元，這主要是由服務業推動的。

On Slide 9, we show key consumer and corporate credit metrics. This quarter, we adjusted our FICO distribution to be more aligned with the industry reporting practices and now show our FICO mix using a 660 threshold. Across branded cards and retail services, approximately 85% of our card loans are to consumers with FICO scores of 660 or higher. And we remain well reserved with a reserve-to-funded loan ratio of 8.2% for our total card portfolio.

在投影片 9 上，我們展示了關鍵的消費者和企業信用指標。本季度，我們調整了 FICO 分佈，使其更符合行業報告實踐，現在使用 660 閾值顯示我們的 FICO 組合。在品牌卡和零售服務中，我們約 85% 的卡片貸款面向 FICO 分數為 660 或更高的消費者。我們的銀行卡總投資組合中的準備金與融資貸款比率為 8.2%，因此我們仍然保持著充足的準備金。

In our corporate portfolio, the majority of our exposure is investment grade, which is reflected in our low level of nonaccrual loans at 0.5% of total corporate loans. As a reminder, our loan loss reserves incorporate a scenario weighted average unemployment rate of approximately 5%, which includes a downside scenario unemployment rate of close to 7%. As such, we feel very comfortable with the nearly $22 billion of reserves we have in the current environment.

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 0.5%）。提醒一下，我們的貸款損失準備金考慮了大約 5% 的情境加權平均失業率，其中包括接近 7% 的下行情境失業率。因此，我們對當前環境下擁有的近 220 億美元的儲備感到非常滿意。

Turning to Slide 10. I'd like to take a moment to highlight the strength of our balance sheet, capital and liquidity. We maintain a very strong $2.4 trillion high-quality balance sheet, which increased 1% sequentially. Despite this increase, we were able to decrease our risk-weighted assets, reflecting our continued optimization efforts and focus on capital efficiency. Our balance sheet is a reflection of our risk appetite, strategy and diversified business model. The foundation of our funding is a $1.3 trillion deposit base, which is well diversified across regions, industries customers and account types.

轉向投影片 10。我想花點時間強調我們的資產負債表、資本和流動性的實力。我們維持著 2.4 兆美元的非常強勁的高品質資產負債表，比上一季成長 1%。儘管增加，我們還是能夠減少風險加權資產，反映出我們持續優化的努力和對資本效率的關注。我們的資產負債表反映了我們的風險偏好、策略和多元化業務模式。我們的資金基礎是 1.3 兆美元的存款基礎，該存款基礎在不同地區、行業、客戶和帳戶類型之間實現了多元化。

The majority of our deposits, $812 billion, are corporate and span 90 countries. Most of our corporate deposits reside in operating accounts that are crucial to how our clients fund their daily operations around the world. In most cases, we are fully integrated in our client systems and help them efficiently manage their operations through our 3 integrated services, payments and collections, liquidity management and working capital solutions, all of which greatly increased the stickiness of these deposits.

我們的存款大部分（8,120 億美元）是公司存款，分佈在 90 個國家。我們的大部分公司存款都存放在營運帳戶中，這些帳戶對於我們的客戶如何為其在全球的日常營運提供資金至關重要。在大多數情況下，我們完全整合在我們的客戶系統中，並透過我們的支付和收款、流動性管理和營運資金解決方案這三大綜合服務幫助他們高效管理運營，所有這些都大大增加了這些存款的黏性。

The majority of our remaining deposits, about $423 billion, are well diversified across the Private Bank, Citigold, retail and Wealth at Work as well as across regions and products.

我們剩餘的大部分存款（約 4,230 億美元）在私人銀行、花旗銀行、零售和工作財富以及跨地區和產品方面實現了多元化。

Now turning to the asset side. Over the last several years, we've maintained a strong risk appetite framework and have been very deliberate about how we deploy our deposits and other liabilities into high-quality assets. This starts with our $675 billion loan portfolio, which is well diversified across consumer and corporate loans. And the duration of the total portfolio is approximately 1.2 years. About 1/3 of our balance sheet is held in cash and high-quality, short-duration investment securities that contribute to our nearly $1 trillion of available liquidity resources. And for the quarter, we had an LCR of 117%.

現在轉向資產端。在過去的幾年裡，我們一直保持著強大的風險偏好框架，並且非常謹慎地考慮如何將存款和其他負債配置為優質資產。首先是我們 6,750 億美元的貸款組合，在消費者和企業貸款方面實現了多元化。總投資組合的久期約為1.2年。我們大約 1/3 的資產負債表以現金和高品質短期投資證券持有，這些證券為我們提供了近 1 兆美元的可用流動性資源。本季的 LCR 為 117%。

So to wrap it up, we are active and deliberate in the management of our balance sheet, which is reflected in our high-quality assets and strong capital and liquidity position.

總而言之，我們對資產負債表的管理是積極而審慎的，這體現在我們的優質資產以及強大的資本和流動性狀況。

On Slide 11, we show the sequential CET1 walk to provide more detail on the drivers this quarter. First, we generated $3.1 billion of net income to common shareholders, which added 27 basis points. Second, we returned $1.5 billion in the form of common dividends and share repurchases, which drove a reduction of about 13 basis points. Third, we saw an increase in our disallowed DTA, which resulted in a 10 basis point decrease. And finally, the remaining 6 basis point benefit was largely driven by a reduction in RWA.

在幻燈片 11 中，我們展示了連續的 CET1 步行，以提供有關本季度驅動程式的更多詳細資訊。首先，我們為普通股股東創造了 31 億美元的淨利潤，增加了 27 個基點。其次，我們以普通股利和股票回購的形式返還了 15 億美元，這導致股價下跌約 13 個基點。第三，我們看到不允許的 DTA 增加，導致下降 10 個基點。最後，剩餘的 6 個基點收益主要是由 RWA 的減少所推動的。

We ended the quarter with a preliminary 13.5% CET1 capital ratio, approximately 120 basis points or over $13 billion above our regulatory capital requirement of 12.3%. That said, our current capital requirement does not yet reflect our simplification efforts, the benefits of our transformation or the full execution of our strategy, all of which we expect to bring down capital requirements over time.

本季結束時，我們的 CET1 資本比率初步為 13.5%，比我們 12.3% 的監管資本要求高出約 120 個基點或超過 130 億美元。也就是說，我們目前的資本要求尚未反映我們的簡化努力、轉型的好處或我們策略的全面執行，所有這些我們預計隨著時間的推移會降低資本要求。

So now turning to Slide 12. Before I get into the businesses, let me remind you that in the fourth quarter, we implemented a revenue-sharing arrangement within Banking and between Banking services and Markets to reflect the benefits that businesses get from our relationship-based lending. The impact of revenue sharing is included in the all other line for each business in our financial supplement.

現在轉向投影片12。 -為基礎的貸款。收入分享的影響包含在我們的財務補充中每項業務的所有其他行中。

In services, revenues were up 8% this quarter driven by continued momentum across both TTS and Securities Services. Net interest income increased 6% driven by higher deposit and trade loan spreads. Noninterest revenue increased 14% largely driven by continued strength across underlying fee drivers.

在服務方面，受 TTS 和證券服務持續成長勢頭的推動，本季營收成長了 8%。由於存款和貿易貸款利差上升，淨利息收入增加了 6%。非利息收入成長了 14%，主要是由於潛在費用驅動因素的持續強勁推動。

In TTS, fourth quarter volumes increased 9%, U.S. dollar clearing volumes increased 3%, and commercial card spend volume increased 5%, all of which was driven by strong corporate client activity.

在 TTS 中，第四季度交易量增長了 9%，美元清算量增長了 3%，商務卡支出量增長了 5%，所有這些都是由強勁的企業客戶活動推動的。

In Securities Services, our preliminary assets under custody and administration increased 11%, benefiting from higher market valuations as well as new client onboarding. The growth in both businesses is a direct result of our continued investment in product innovation, the client experience and platform modernization to gain share across all client segments.

在證券服務方面，受益於市場估值的提高以及新客戶的加入，我們的託管和管理的初步資產增加了 11%。這兩項業務的成長是我們持續投資於產品創新、客戶體驗和平台現代化以在所有客戶群中獲得份額的直接結果。

TTS continues to maintain its #1 position with large corporate and FI clients and see good momentum in the commercial client segment, and we continue to gain share in Securities Services. Expenses increased 11% largely driven by continued investments in technology and product innovation. Cost of credit was $64 million as net credit losses remain low. Net income was approximately $1.5 billion. Average loans were up 4% primarily driven by strong demand for working capital loans in TTS. Average deposits were down 3% as the impact of quantitative tightening more than offset new client acquisitions and deepening with existing clients.

TTS 繼續保持其在大型企業和金融機構客戶中的第一名地位，並在商業客戶領域看到良好的發展勢頭，並且我們繼續擴大在證券服務領域的份額。費用增加了 11%，主要是由於對技術和產品創新的持續投資。由於淨信貸損失仍然較低，信貸成本為 6,400 萬美元。淨利潤約 15 億美元。平均貸款成長 4%，主要是由於 TTS 營運資金貸款的強勁需求。平均存款下降了 3%，因為量化緊縮的影響遠遠抵消了新客戶收購和現有客戶深化的影響。

However, it is worth noting that we continue to see good operating deposit inflow, and services continues to deliver a high ROTCE of 24.1% for the quarter.

然而，值得注意的是，我們繼續看到良好的營運存款流入，並且本季服務繼續提供 24.1% 的高 ROTCE。

On Slide 13, we show the results for Markets for the first quarter. Markets revenues were down 7% as lower fixed income revenues more than offset growth in Equities. Fixed income revenues decreased 10% driven by rates and currencies, which were down 21% on the back of lower volatility and a strong quarter in the prior year. This was partially offset by strength in spread products and other fixed income, which was up 26% driven by an increase in client activity, particularly in asset-backed lending.

在投影片 13 上，我們展示了第一季的市場結果。由於固定收益收入的下降抵消了股票的成長，市場收入下降了 7%。受利率和貨幣影響，固定收益收入下降 10%，由於波動性降低和上年季度強勁，固定收益收入下降 21%。這被利差產品和其他固定收益的強勁所部分抵消，由於客戶活動（尤其是資產支持貸款）的增加，該產品和其他固定收益增長了 26%。

And we continue to see good underlying momentum in Equities with revenues up 5% driven by growth across cash trading and equity derivatives. And we continue to make progress in prime with balances up more than 10%. Expenses increased 7% largely driven by the absence of a legal reserve release last year. Cost of credit was $200 million primarily driven by macroeconomic assumptions related to loans and spread products that impacted reserves.

我們繼續看到股票市場良好的潛在勢頭，在現金交易和股票衍生性商品成長的推動下，營收成長了 5%。我們在 Prime 領域繼續取得進展，餘額成長超過 10%。費用增加了 7%，主要是因為去年沒有釋放法定準備金。信貸成本為 2 億美元，主要由影響儲備的貸款和利差產品相關的宏觀經濟假設所驅動。

Net income was approximately $1.4 billion. Average loans increased 8% primarily driven by asset-backed lending and spread products due to an improvement in market activity. Average trading assets increased 4% sequentially largely driven by seasonally stronger activity in the first quarter. Markets delivered an RoTCE of 10.4% for the quarter.

淨利潤約 14 億美元。平均貸款成長 8%，主要是由於市場活動改善而導致資產支持貸款和利差產品的推動。平均交易資產較上季成長 4%，主要是由於第一季季節性活動強勁。市場本季的 RoTCE 為 10.4%。

On Slide 14, we show the results for Banking for the first quarter. Banking revenues increased 49% driven by growth in Investment Banking and corporate lending and lower losses on loan hedges. As I previously mentioned, corporate lending results include the impact of revenue sharing from Investment Banking, services and Markets. Investment Banking revenues increased 35% driven by DCM and ECM as improved market sentiment led to an increase in issuance activity, particularly investment grade, which is running at near-record levels.

在投影片 14 上，我們展示了第一季銀行業的表現。由於投資銀行和企業貸款的成長以及貸款對沖損失的減少，銀行收入增加了 49%。正如我之前提到的，企業貸款結果包括來自投資銀行、服務和市場的收入分享的影響。在 DCM 和 ECM 的推動下，投資銀行業務收入成長了 35%，因為市場情緒改善導致發行活動增加，尤其是投資級別，其運作水平接近歷史最高水平。

Advisory revenues declined given the low level of announced merger activity last year. However, in the quarter, we participated in the pickup in announced M&A across sectors, including those where we've been investing, such as technology and health care. Corporate lending revenues, excluding mark-to-market on loan hedges, increased 34% largely driven by higher revenue share. We generated positive operating leverage this quarter as expenses decreased 4% driven by actions taken to rightsize the expense base.

由於去年宣布的合併活動水準較低，諮詢收入有所下降。然而，在本季度，我們參與了跨行業宣布的併購活動的回升，包括我們一直投資的行業，例如技術和醫療保健。企業貸款收入（不包括以市值計價的貸款對沖）增加了 34%，這主要是由於收入份額增加所致。本季我們產生了積極的營運槓桿，由於採取了調整費用基礎的行動，費用下降了 4%。

Cost of credit was a benefit of $129 million primarily driven by changes in portfolio composition. The NPL rate was 0.3% of average loans, and we ended the quarter with a reserve-to-funded loan ratio of 1.5%. Net income was approximately $536 million. Average loans decreased 6% as we maintain strict discipline around capital efficiency as we optimize corporate loan balances. RoTCE was 9.9% for the quarter, reflecting a rebound in activity, reserve releases and continued expense discipline.

信貸成本效益為 1.29 億美元，主要是由投資組合構成的變化所推動的。不良貸款率為平均貸款的 0.3%，本季末的準備金與融資貸款比率為 1.5%。淨利潤約 5.36 億美元。由於我們在優化企業貸款餘額的同時保持嚴格的資本效率紀律，平均貸款下降了 6%。本季 RoTCE 為 9.9%，反映了活動、準備金釋放和持續支出紀律的反彈。

On Slide 15, we show the results for wealth for the first quarter. Wealth revenues decreased 4% driven by a 13% decrease in NII from lower deposit spreads and higher mortgage funding costs, partially offset by higher investment fee revenue. We're seeing good momentum in noninterest revenue, which was up 11% as we benefited from higher investment assets across regions driven by increased client activity as well as market valuation.

在投影片 15 上，我們展示了第一季的財富結果。存款利差下降和抵押貸款融資成本上升導致NII下降13%，導致財富收入下降4%，但投資費用收入上升部分抵消了這一影響。我們看到非利息收入的良好勢頭，成長了 11%，因為我們受益於客戶活動和市場估值增加推動的跨地區投資資產增加。

Expenses were up 3% driven by technology investments focused on risk and controls as well as platform enhancements, partially offset by the initial benefits of expense reductions as we continue to rightsize the workforce. Cost of credit was a benefit of $170 million driven by a reserve release of approximately $200 million primarily related to a change in estimate as we enhanced our data related to margin lending collateral.

由於專注於風險和控制以及平台增強的技術投資，費用增加了 3%，但隨著我們繼續調整員工規模，費用減少的初步效益部分抵消了費用。信貸成本是由約 2 億美元的準備金釋放推動的 1.7 億美元的收益，這主要與我們增強了與保證金貸款抵押品相關的數據而導致的估計變化有關。

Net income was $150 million. End-of-period client balances increased 6% driven by higher client investment assets. Average loans were flat as we continue to optimize capital usage. Average deposits decreased 1%, largely reflecting lower deposits in the Private Bank and Wealth at Work and the continued shift of deposits to higher-yielding investments on Citi's platform, which more than offset the transfer of relationships and the associated deposits from USPB. Client investment assets were up 12% driven by net new investment asset flows and the benefit of higher market valuation. RoTCE was 4.6% for the quarter.

淨利潤為 1.5 億美元。由於客戶投資資產增加，期末客戶餘額增加了 6%。隨著我們繼續優化資本使用，平均貸款持平。平均存款下降 1%，主要反映了私人銀行和 Wealth at Work 的存款減少，以及存款持續轉向花旗平台上收益較高的投資，這遠遠抵消了 USPB 的關係轉移和相關存款。受新投資資產淨流量和市場估值上升的推動，客戶投資資產成長了 12%。本季 RoTCE 為 4.6%。

Looking ahead, we're going to improve the returns of our wealth business by executing on our 3 foundational priorities. As Jane mentioned, this will take time, but over the medium to longer term, we view this as a greater than 20% return business.

展望未來，我們將透過執行三大基本優先事項來提高財富業務的回報。正如 Jane 所提到的，這需要時間，但從中長期來看，我們認為這是一項回報率超過 20% 的業務。

On Slide 16, we show the results for U.S. Personal Banking for the first quarter. U.S. Personal Banking revenues increased 10% driven by NII growth of 8% and lower partner payments. Branded cards revenues increased 7% driven by interest-earning balance growth of 10% as payment rates continue to moderate. And we continue to see healthy growth in spend volumes up 4% primarily driven by our more affluent customers.

在投影片 16 上，我們展示了美國個人銀行業務第一季的業績。在 NII 成長 8% 和合作夥伴付款減少的推動下，美國個人銀行業務收入成長了 10%。由於支付率持續放緩，生息餘額增加 10%，品牌卡收入成長 7%。我們繼續看到支出金額健康成長 4%，這主要是由我們較富裕的客戶推動的。

Retail services revenues increased 18% primarily driven by lower partner payments due to higher net credit losses as well as interest-earning balance growth of 9%. Retail banking revenues increased 1% driven by higher deposit spreads, loan growth and improved mortgage margins. Expenses were roughly flat due to lower compensation costs, including repositioning, offset by higher volume-related expenses. Cost of credit of approximately $2.2 billion increased 34% largely driven by higher NCLs of $1.9 billion as card loan vintages that were originated over the last few years were delayed in their maturation due to the unprecedented levels of government stimulus during the pandemic and are now maturing.

零售服務收入成長 18%，主要是由於淨信貸損失增加導致合作夥伴付款減少以及利息收入餘額增加 9%。由於存款利差上升、貸款成長和抵押貸款利潤率提高，零售銀行業務收入成長了 1%。由於包括重新定位在內的薪酬成本降低，費用大致持平，但被銷售相關費用增加所抵銷。約 22 億美元的信貸成本增加了 34%，這主要是由於 NCL 增加了 19 億美元，因為過去幾年發起的卡貸款期限由於大流行期間政府前所未有的刺激水平而被推遲，現在正在到期。

In branded cards, the NCL rate came in at 3.65%, in line with our expectations. In Retail Services, the NCL rate of 6.32% was slightly above the high end of our guidance range for the full year and will likely remain above the range in the second quarter, reflecting historical seasonality patterns. However, given the persistent inflation, higher interest rates and continued sales pressure at our partners, we now expect to be closer to the high end of the full year NCL guidance range for Retail Services. This expectation, along with the continued mix shift from transactors to revolvers across both portfolios, led to an ACL build of approximately $340 million. Net income decreased to $347 million.

在品牌卡中，NCL 率為 3.65%，符合我們的預期。在零售服務領域，NCL 率為 6.32%，略高於我們全年指導範圍的上限，並且可能在第二季度保持在該範圍之上，反映了歷史季節性模式。然而，考慮到持續的通貨膨脹、較高的利率以及我們合作夥伴持續的銷售壓力，我們現在預計零售服務將更接近全年 NCL 指導範圍的高端。這種預期，加上兩個投資組合中從交易者到左輪手槍的持續組合轉變，導致 ACL 建造了約 3.4 億美元。淨利潤下降至 3.47 億美元。

Average deposits decreased 10% as the transfer of relationships and the associated deposits to our wealth business more than offset the underlying growth. RoTCE for the quarter was 5.5%. We recognize that this business is facing a number of headwinds from a regulatory perspective and from higher credit costs given where we are in the credit cycle, both of which are putting pressure on returns for the quarter and for the full year 2024. However, this doesn't impact our longer-term view of the business. We feel good about our position as a prime and lend-centric issuer.

平均存款下降了 10%，因為關係和相關存款向我們的財富業務的轉移超過了潛在的成長。本季 RoTCE 為 5.5%。我們認識到，從監管角度以及考慮到我們所處的信貸週期，信貸成本上升，該業務面臨著許多阻力，這兩者都給本季度和 2024 年全年的回報帶來壓力。對業務的長期看法。我們對自己作為主要和以貸款為中心的發行人的地位感到滿意。

We will continue to take mitigating actions to manage through the headwinds, lap the credit cycle and drive more value from retail banking and retail services while improving the overall operating efficiency of the business, all of which will ultimately result in a higher-returning business over the medium term.

我們將繼續採取緩解措施來應對逆風，縮短信貸週期，從零售銀行和零售服務中創造更多價值，同時提高業務的整體營運效率，所有這些最終將帶來更高的業務回報中期。

On Slide 17, we show results for all other on a managed basis, which includes Corporate/Other and legacy franchises and excludes divestiture-related items. Revenues decreased 9% primarily driven by closed exits and wind-downs as well as higher funding costs, partially offset by higher revenue in Mexico. And expenses increased 18% primarily driven by the incremental FDIC special assessment and restructuring charges, partially offset by lower expenses from the wind-down and exit markets.

在投影片 17 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 9%，主要是由於退出和關閉以及融資成本上升造成的，但部分被墨西哥收入增加所抵消。費用增加了 18%，主要是由於 FDIC 特別評估和重組費用增加，但部分被逐步退出市場的費用降低所抵消。

Slide 18 shows our full year 2024 outlook and medium-term guidance, both of which remain unchanged. We have accomplished a lot over the past few years and have made substantial progress on simplifying our business and organizational structure. The year is off to a good start as we are laser-focused on executing the transformation and enhancing the business performance. These 2 priorities will not only enable us to be a more efficient, agile company but a client-centric one that brings together the best of Citi to drive revenue growth and improved return and we are on the path to reach our 11% to 12% return target over the medium term.

幻燈片 18 顯示了我們的 2024 年全年展望和中期指導，兩者均保持不變。過去幾年我們取得了許多成就，在簡化業務和組織結構方面取得了實質進展。今年有了一個良好的開端，我們專注於執行轉型和提高業務績效。這兩個優先事項不僅使我們能夠成為一家更有效率、敏捷的公司，而且能夠成為一家以客戶為中心的公司，匯集花旗的最佳優勢，推動收入成長和提高回報，我們正在努力實現11% 至12% 的目標中期回報目標。

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。

Well, you just finished your 7 months of your org simplification, and you said 7,000 positions go away with $1.5 billion of expense savings. So that's very concrete. But more generally, after 20, 30, 40 years of matrix structure down to 5 lines of business, you're reporting these differently. You're talking about them differently. But the question that I think a lot of people have is are you simply reporting these lines of business differently? Or are you actually running them differently?

嗯，您剛剛完成了為期 7 個月的組織簡化，您說取消了 7,000 個職位，並節省了 15 億美元的費用。這是非常具體的。但更普遍的是，在 20 年、30 年、40 年的矩陣結構縮減至 5 個業務線之後，您會以不同的方式報告這些內容。你以不同的方式談論它們。但我認為很多人的問題是，您是否只是以不同的方式報告這些業務線？或者你實際上以不同的方式運行它們？

Thank you, Mike, for the question. The simplification that we've just gone through, it is what we said it is. It is the most consequential set of changes not only to the organization model that we have but how we run the bank. It's aligned the structure with the strategy. It's simplified the bank. It's eliminated needless complexity. It's created greater transparency into the five businesses and their performance, as you can see. It's increased accountability. And very simply, it's just easier for our people to focus on our clients but also getting things done and the execution that we have ahead of us.

謝謝麥克提出的問題。我們剛剛經歷過的簡化，就是我們所說的。這不僅對我們現有的組織模式，對我們銀行的運作方式都是最重要的改變。它將結構與策略保持一致。它簡化了銀行。它消除了不必要的複雜性。正如您所看到的，它為這五家企業及其業績創造了更大的透明度。它增加了責任感。非常簡單，我們的員工可以更輕鬆地專注於客戶，同時也能更輕鬆地完成工作並執行眼前的任務。

So maybe if I try and bring this a bit more alive, the first thing we did was we elevated the five businesses, and that eliminated the ICG and PBWM layer. And that's -- and we brought all the elements that the businesses needed to run end to end under the direct management of those five business heads, an example being operations.

因此，如果我嘗試讓這一點變得更加活躍，我們做的第一件事就是提升五項業務，從而消除 ICG 和 PBWM 層。那就是——我們將業務端對端運作所需的所有元素都置於這五個業務負責人的直接管理之下，例如營運。

It's enabled transparency, greater accountability. And this end-to-end and total P&L focus, so focus on the bottom line and the returns driving growth, expense discipline, et cetera. We also right-place businesses to align with the strategy. So Banking all being under one umbrella, the investment bank, the corporate bank, commercial bank, really helping us drive synergies there. Putting finance FNS and securitization into markets so that we have a unified spread product there, also beginning to see the benefits of that this quarter.

它實現了透明度和更大的問責制。這種端到端和總損益的關注，因此關注底線和驅動成長的回報、費用紀律等等。我們也根據策略調整業務。因此，銀行業都在一個保護傘下，投資銀行、企業銀行、商業銀行，確實幫助我們推動了綜效。將金融 FNS 和證券化投入市場，以便我們在那裡擁有統一的利差產品，本季也開始看到這樣做的好處。

So that's an example on the businesses. But I do want to highlight a couple of other areas around this change. So by eliminating the regional layer and putting in a far slimmer, lighter management structure in place in the geographies, that's enabled us to make sure that our countries are focused on client delivery and legal entity management. And we've eliminated the whole shadow geographic P&L. We've eliminated a large number of committees in the geographies. This is where a lot of the functional management roles were streamlined and eliminated through the last 7 months.

這是企業的一個例子。但我確實想強調圍繞這一變化的其他幾個領域。因此，透過消除區域層並在各個地區建立更精簡、更輕鬆的管理結構，這使我們能夠確保我們的國家專注於客戶交付和法人實體管理。我們已經消除了整個影子地理損益。我們已經取消了各個地區的大量委員會。在過去的 7 個月裡，許多職能管理角色被精簡和取消。

And we also broke the regions into smaller, lighter clusters, and that allows us to much better capture the big changes in trade flows and financial flows, et cetera, we're seeing around the world. It's just much nimbler.

我們還將這些區域分成更小、更輕的集群，這使我們能夠更好地捕捉我們在世界各地看到的貿易流和金融流等方面的巨大變化。它只是更加靈活。

The third piece, we created the client organizations. So that organization makes sure that our core capabilities and disciplines are being applied firm-wide to drive revenue synergies. And then the government has got a lot easier. It took up a lot of time, and we've given much clearer mandates in. We've more than halved the number of committees. That's 200 committees-plus that we've eliminated in the firm, either by consolidating them or eliminating them.

第三部分，我們創建了客戶組織。因此，該組織確保我們的核心能力和紀律在整個公司範圍內得到應用，以推動收入協同效應。然後政府就變得容易多了。這花費了很多時間，而且我們給出了更明確的任務。我們將委員會的數量減少了一半以上。我們已經在公司中取消了 200 多個委員會，要么是合併，要么是取消。

This stands in there, if you exclude me, 98% of the firm now operates within eight layers. That is a much, much faster decision-making. It's much quicker to get execution done. It also means that you can very quickly get closer to where the engine of the firm is. We've got clear accountabilities. We've eliminated most co-heads. We've reduced matrix reporting. We've got the producer-to-nonproducer ratio improved.

就這樣，如果你排除我的話，公司 98% 的人現在在八樓內運作。這是一個非常非常快的決策。完成執行要快得多。這也意味著你可以很快地接近公司的引擎所在地。我們有明確的責任。我們已經淘汰了大部分聯席主管。我們減少了矩陣報告。我們提高了生產者與非生產者的比率。

So all of this really means, as I've said, a clearer deck, so we can be laser-focused on business performance in those 5 businesses and the transformation. It already feels different. Around my table, I'm much closer to the businesses and the clients. It makes it much easier for Mark and I and the rest of the team to run the bank like an operator versus the head of a holding company. You don't have to go through these aggregator layers to get things done.

因此，正如我所說，所有這一切實際上意味著一個更清晰的平台，因此我們可以專注於這 5 項業務的業務績效和轉型。已經感覺不一樣了。在我的桌子周圍，我與企業和客戶的距離更近了。這使得馬克和我以及團隊的其他成員更容易像運營商而不是控股公司的負責人一樣管理銀行。您不必透過這些聚合器層來完成工作。

And we're done, as we said we would be, at this point. We're wrapping up the final consultation period. Not an easy few months with the organization. We've had to say goodbye to some very good people. We put a lot of change through the organization. And now as we close the chapter on this, we look forward to being back in BAU mode again, continuing to drive improvements in simplification and processes and alike. But now the focus is going to be really getting the full benefit from all the changes we've made in business and organization and moving forward.

正如我們所說，我們現在已經完成了。我們即將結束最後的諮詢期。在該組織度過的幾個月並不輕鬆。我們不得不向一些非常好的人說再見。我們透過組織進行了很多變革。現在，當我們結束這一章時，我們期待再次回到 BAU 模式，繼續推動簡化和流程等方面的改進。但現在的重點將是真正從我們在業務和組織方面所做的所有變革中真正獲得全部利益並繼續前進。

Our next question is from Glenn Schorr at Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So I think it shows how much you've helped us see the simpler organization. I think people have totally bought in to the expense story. So a lot of credit for you guys. I think where I personally and others still have questions on is on the revenue side and getting to those 4% to 5% medium-term targets.

所以我認為這顯示了你在多大程度上幫助我們看到了更簡單的組織。我認為人們已經完全接受了這個開支故事。所以你們有很多功勞。我認為我個人和其他人仍然有疑問的是收入方面以及實現 4% 到 5% 的中期目標。

So could you take us just conceptually where we're going to -- where you think you'll drive that growth from this baseline we're at now? And if you want, you can totally use my second question in there and tell us what good things you're doing inside the Investment Banking line to help tease out one of the answers.

那麼您能否從概念上帶我們去往我們要去的地方——您認為您將從我們現在所處的基線推動增長？如果您願意，您完全可以使用我的第二個問題，告訴我們您在投資銀行業務範圍內做了哪些好事，以幫助找出答案之一。

It's not that one in, Glenn. So I'll kick off with some of this, pass it to Mark, and then I'll come back to Banking. So look, we are laser-focused on the growth and improving the returns of these businesses to where they should and will be in the medium term. And it's not just a growth story, but let me anchor it in those medium-term return targets.

不是那個人，格倫。所以我將從其中的一些開始，將其傳遞給馬克，然後我將回到銀行業務。因此，我們正專注於這些業務的成長和提高回報，使其達到中期內應達到的水平。這不僅僅是一個成長故事，而是讓我將其錨定在中期回報目標上。

In services, we want to continue around the mid-20s in RoTCE. Banking should be getting to around 15%, Markets 10% to 13%. So we'd like to see at the higher end of that range; USPB getting that back to the mid-teens and then moving on to the high teens in the medium term; and then lastly, as Andy and Mark have talked about, getting wealth to a 15% to 20% return in the medium term, but the goal is to the mid-20s in the longer term here.

在服務方面，我們希望在 20 多歲左右繼續 RoTCE。銀行業應該達到 15% 左右，市場為 10% 到 13%。因此，我們希望看到該範圍的高端； USPB 將其恢復到十幾歲左右，然後在中期轉向十幾歲；最後，正如安迪和馬克所說，在中期讓財富回報率達到 15% 到 20%，但長期目標是 20 多歲。

And we're confident that our strategy is going to drive the revenue growth of 4% to 5% CAGR in the medium term. And that's a combination of maintaining our leadership in certain businesses, gaining shares in others. We have good client growth. Look at our win rate, for example, in TTS at over 80%. We've got our commercial bank also bringing in new clients in the mid-market and helping them accelerate their growth and success around the world.

我們相信，我們的策略將在中期內推動收入複合年增長率達到 4% 至 5%。這是保持我們在某些​​業務中的領導地位，並在其他業務中獲得份額的結合。我們有良好的客戶成長。例如，看看我們的 TTS 勝率超過 80%。我們的商業銀行也在中端市場引進新客戶，幫助他們加速在全球的成長和成功。

But Mark, let me pass it over to you.

但是馬克，讓我把它交給你。

Sure. We appreciate the acknowledgment around the expenses. As you know, we've been quite focused on that and working hard to ensure that we deliver on what we say we're going to do there.

當然。我們感謝您對費用的認可。如您所知，我們一直非常關注這一點，並努力確保我們兌現我們所說的要做的事情。

I'd point on the revenue line, I'd first point to if you look back since Investor Day, we've in fact been able to deliver on the guidance that we've given for the medium term, so that 4% to 5% top line growth. And yes, it was a different rate environment, but that growth that we delivered over the past couple of years has been a mix of both revenue and underlying business strength.

我會指出收入線，我首先會指出，如果你回顧投資者日以來的情況，我們實際上已經能夠實現我們為中期給出的指導，因此 4％ 5% 的收入增長。是的，這是一個不同的利率環境，但我們在過去幾年中實現的成長是收入和基礎業務實力的結合。

As you think about the guidance we talked about for this year, we talked about the NII ex Markets being down modestly. And so what that means is that the momentum and the growth that we expect is going to come from the noninterest revenue. And I think this quarter is a good example of where and how that's likely to play through, so the revenue top line being up 3-plus percent.

當你思考我們今年討論的指導時，我們談到了 NII 市場小幅下降。因此，這意味著我們預期的動力和成長將來自非利息收入。我認為本季是一個很好的例子，說明了這一點可能在何處以及如何發揮作用，因此收入增長了 3% 以上。

But when you look through each of the businesses and if you look on each of the pages where we disclose the revenue, you can see the underlying NIR growth in the bottom left-hand corner of each of those pages, that's coming through as well. So Securities Services, up 14% with growth in both TTS between cross-border, clearing commercial cards but also -- and Securities Services, right, with the growth that we're seeing from continued momentum in assets under custody. We expect that trend to continue with existing clients and more -- and new clients as well as how we do more with our commercial market middle -- commercial middle-market business, excuse me, so NIR growth there.

但是，當您查看每項業務並查看我們披露收入的每個頁面時，您可以在每個頁面的左下角看到潛在的 NIR 成長，這也得到了體現。因此，證券服務成長了 14%，跨國清算商業卡之間的 TTS 都在成長，而且證券服務也隨著託管資產的持續成長而成長。我們預計現有客戶和更多新客戶以及我們如何在商業中間市場業務上做更多的事情，這種趨勢將持續下去，請原諒，所以 NIR 在那裡成長。

The Investment Banking piece is the other driver of fees. We're seeing that wallet start to rebound. We're part of that rebound. The announced transactions, we're part of those in sectors that we've been investing in. We're bringing in new talent to help us realize and experience that.

投資銀行業務是費用的另一個驅動因素。我們看到錢包開始反彈。我們是反彈的一部分。已宣布的交易是我們一直在投資的領域的一部分。

And even in wealth, where we're not pleased with the top line performance this quarter of down 4%, when you look through that, we do have good underlying NII growth in the quarter in wealth. And that's up 11% year-over-year. And it's in the area that Andy and the team is leaning in on, which is investments and not just in one region but across all the regions.

即使在財富領域，我們對本季營收下降 4% 的表現並不滿意，但仔細觀察就會發現，本季財富領域的潛在 NII 成長確實良好。較去年同期成長 11%。這正是安迪和團隊所依賴的領域，即投資，而且不僅僅是在一個地區，而是在所有地區。

And then finally, the USPB piece, which is showing good NII growth as well. So the long and short of it is that the 4% growth that's implied in $80 billion to $81 billion is going to be continued momentum largely in fees, helping us to deliver for our clients and make continued progress towards that medium-term target.

最後，USPB 的部分也顯示出良好的 NII 成長。因此，從長遠來看，800 億至 810 億美元所隱含的 4% 的成長將主要在費用方面保持持續的勢頭，幫助我們為客戶提供服務，並在實現中期目標方面不斷取得進展。

So let me pick up -- sorry, I'm sure Jen Landis will give us the evil eye for sneaking in a second question there, Glenn. But let me pick up on Banking and what's going on there. So we have a very clear strategy that we've been executing over the last couple of years really to lay the foundation for growth in Banking.

所以讓我來接一下——抱歉，我相信 Jen Landis 會因為偷偷提出第二個問題而給我們帶來邪惡的眼光，Glenn。但讓我來談談銀行業以及那裡正在發生的事情。因此，我們有一個非常明確的策略，過去幾年我們一直在執行該策略，真正為銀行業的成長奠定基礎。

North America is our key priority. It's the biggest contributor to the global IB wallet. Tech, health care and industrials are likely to constitute over 50% of the fee wallet going forward. So we have better aligned our resources to position the franchise for this, defending areas of traditional strength in industrials and the like, energy, whilst investing in high-growth sectors, such as health care and technology, with some strong talent.

北美是我們的首要任務。它是全球IB錢包的最大貢獻者。未來，科技、醫療保健和工業可能佔費用錢包的 50% 以上。因此，我們更好地調整我們的資源，為此定位專營權，捍衛工業等傳統優勢領域、能源，同時投資於醫療保健和技術等高成長領域，並擁有一些強大的人才。

Financial sponsors are sitting on $3 trillion of estimated firepower, which they are incentivized to deploy. So they're likely to be between 20% to 30% of global Investment Banking fees. We've great relationships with this community. We built that over years and decades. You're going to see us more active in the levfin space in the right situations for our key clients. And we'll continue to ensure we're well positioned and active around this important opportunity.

金融贊助商坐擁 3 兆美元的火力，他們有動力部署這些火力。因此，它們可能佔全球投資銀行費用的 20% 到 30%。我們與這個社區有著良好的關係。我們花了數年和數十年的時間打造了它。您將看到我們在 levfin 領域在適當的情況下為我們的主要客戶更加活躍。我們將繼續確保我們處於有利位置並積極圍繞這一重要機會。

You will likely see us seeking to remain competitive in the private capital asset class. That can be an important source of liquidity for many clients. And the middle market will be fertile hunting ground for corporate and private equity. And our investment bank and commercial bank are going to be closely coordinated to harvest the deal flow around the world.

您可能會看到我們尋求在私人資本資產類別中保持競爭力。對許多客戶來說，這可能是重要的流動性來源。中間市場將成為企業和私募股權的肥沃獵場。我們的投資銀行和商業銀行將密切協調，以收穫世界各地的交易流。

And indeed, the new org structure that I was just talking about really enables us to drive a more joined-up, client-centric strategic coverage across corporate, commercial and investment banking. So over and above the wallet recovery, Mark and I can be very laser-focused on ensuring that we're driving revenue growth from a more holistic focus on the wallet share across flow and episodic activity.

事實上，我剛才談到的新組織結構確實使我們能夠在企業、商業和投資銀行領域推動更聯合、以客戶為中心的策略性覆蓋。因此，除了錢包恢復之外，馬克和我還可以非常專注於確保我們透過更全面地關注跨流程和偶發活動的錢包份額來推動收入成長。

Vis Raghavan is the right person to take over at this important moment for our Banking franchise. The momentum that we've been generating with the foundations we've been laying, the intention here from him is to accelerate that. He will focus on increasing our performance intensity, driving productivity and disciplined growth, and he will keep us firmly on the path towards delivering on our commitments, fundamentally improving the operating margin, generating higher returns and that all important fee revenue.

Vis Raghavan 是在這個重要時刻接手我們銀行業務的合適人選。我們透過所奠定的基礎所產生的動力，他的目的是加速這一進程。他將專注於提高我們的績效強度，推動生產力和有紀律的成長，他將使我們堅定地走在兌現承諾的道路上，從根本上提高營業利潤率，產生更高的回報以及所有重要的費用收入。

Our next question is from Betsy Graseck at Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

I guess a couple of questions. Well, I know we talked through the institutional securities business already on moving that expense ratio a little bit. Could we dig in a little bit on the wealth side? Because the expense ratio there is running a little higher, and so it would be useful just to understand the pace or speed or time frame when we should expect to see that start to inflect.

我想有幾個問題。嗯，我知道我們已經透過機構證券業務討論了稍微調整費用比率。我們可以在財富方面深入研究嗎？因為那裡的費用比率有點高，所以了解我們應該期望看到這種變化的節奏、速度或時間框架會很有用。

Yes, absolutely. And some of it, just as a reminder, the actions that we've been taking on org simplification and Andy has also been taking in the wealth business, we will work through notice periods in the coming weeks. And so you'll start -- you'll see the impact coming through in our head count numbers and in wealth and the expense base next quarter.

是的，一點沒錯。其中一些，只是提醒一下，我們在組織簡化方面採取的行動以及安迪也在財富業務中採取的行動，我們將在未來幾週內透過通知期進行工作。因此，您將開始 - 您將看到下季度我們的員工人數、財富和費用基礎所產生的影響。

Look, as Mark said in his opening and Andy has been talking about, this should be a sort of up to a 30% pretax margin business. Andy is focused on rationalizing the expense base. He's also, as Mark said, turning on the growth engine. He's enhancing platforms and capabilities to elevate the client experience.

看，正如馬克在開場白中所說和安迪一直在談論的那樣，這應該是一種稅前利潤率高達 30% 的業務。安迪專注於合理化支出基礎。正如馬克所說，他也開啟了成長引擎。他正在增強平台和功能以提升客戶體驗。

The heart of the opportunity for us lies with our existing clients. They are an extraordinary client base, but they're underpenetrated. The operating efficiency is frankly going to be -- is going to come on the revenue side here. That said, Andy has taken a number of pretty decisive moves this quarter on the expense side.

我們機會的核心在於我們現有的客戶。他們是一個非凡的客戶群，但滲透率較低。坦白說，營運效率將體現在收入方面。也就是說，安迪本季在費用方面採取了一些相當決定性的舉措。

Mark, let me pass it over to you.

馬克，讓我把它交給你。

Yes. So I mean, look, I think that the quarter expenses that you see of growth of 3% is not yet reflective of the work that Andy has been steadfast at. There is still some investment in there in technology and in the platform that's important. But I think coming out of the first quarter, you'll start to see some of the reduction in expenses that's a byproduct of that work.

是的。所以我的意思是，你看，我認為你看到的增長 3% 的季度費用尚未反映安迪一直堅持的工作。在技​​術和平台方面仍然有一些投資，這一點很重要。但我認為從第一季開始，你會開始看到一些費用的減少，這是這項工作的副產品。

And the work has been across the entire expense base in the wealth business. So that includes non-client-facing roles and support staff. It includes looking at the productivity of existing bankers and advisers. And those kind of reductions will start to play out in the subsequent quarters.

這項工作涵蓋了財富業務的整個支出基礎。這包括非面向客戶的角色和支援人員。它包括考察現有銀行家和顧問的生產力。這些削減將在接下來的幾季開始顯現。

I do want to point out, as Jane mentioned, this is a growth business for us. And so you can see on some of the metrics on Page 15, the bottom left, some of those good signs of investment momentum. And I highlight that because as the expenses come down from some of those efficiencies, there will be a need for us to continue to invest and replenish low-performing or low-producing bankers and advisers with resources that actually can generate the revenues we expect and take advantage of the client opportunity that's in front of us. So long-winded way of saying there's some operating efficiency upside for us for sure. It's a combination of the top line and the expense we're playing through the balance of the quarters and the year here.

我確實想指出，正如簡所提到的，這對我們來說是一項成長業務。因此，您可以在第 15 頁左下角的一些指標上看到一些投資動能的良好跡象。我強調，因為隨著其中一些效率的提高而導致費用下降，我們將需要繼續投資並為表現不佳或產出低下的銀行家和顧問補充資源，這些資源實際上可以產生我們預期的收入，利用擺在我們面前的客戶機會。如此冗長的說法對我們來說肯定有一定的營運效率提升。這是我們在季度和年度的餘額中所計算的收入和費用的組合。

Our next question is from Jim Mitchell at Seaport Global.

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

Jane and Mark, I very much appreciate the comments on your growth opportunities and driving growth. Revenues are often dictated by the macro, that it's a little bit out of your control. Can you talk a little bit about the flexibility on the expenses? You have a range in 2026 of 51 to 53. So if revenues are coming in below the targets, is it, I guess, a, fair to assume you'd be at the very low end of that range? Or is -- and I think there is some revenue growth built in there. So is there some flexibility to the downside to try to get to your targets in a tougher revenue environment?

簡和馬克，我非常感謝你們對成長機會和推動成長的評論。收入通常是由宏觀決定的，這有點超出你的控制範圍。能談談費用的靈活性嗎？ 2026 年的範圍是 51 到 53。或者是——我認為其中存在一些收入成長。那麼，在收入環境更加嚴峻的情況下，是否有一定的彈性來實現您的目標？

Yes. Look, I mean, the top line growth, as you've heard us say, is a CAGR of 4% to 5%. We put that target out there, 51 to 53 as a range of what we're working towards. We've given you a good sense of how we expect to get there with the $2 billion to $2.5 billion reduction by then. We've already signaled the $1.5 billion that's in front of us.

是的。我的意思是，正如您所聽到的，收入成長的複合年增長率為 4% 到 5%。我們將這個目標設定為 51 到 53，作為我們正在努力實現的目標範圍。我們已經讓您清楚地了解了到那時我們預計如何實現 20 億至 25 億美元的削減。我們已經發出了 15 億美元的訊號。

The reality is that if there's softness in revenues, that's why we have a range. Obviously, the volume-related expenses would come down with any softness in revenue. And depending on the drivers of why that revenue is softening, we'd look at the investments that we're making across the business and make sure that those are appropriately calibrated for where we are in the cycle and what we're seeing on the top line.

現實情況是，如果收入疲軟，這就是我們有一個範圍的原因。顯然，與銷售相關的費用會隨著收入的疲軟而下降。根據收入疲軟的驅動因素，我們會研究我們在整個業務中進行的投資，並確保這些投資針對我們所處的周期以及我們在市場上看到的情況進行適當校準頂線。

With that said, we've got to continue to invest in the transformation. We're not going to compromise that. That's going to be something that we have to spend on to ensure we continue to get right. But that's kind of how the dynamic works. There's a top -- we've got a mix of businesses that I think we've demonstrated resiliency around if you think about the past couple of years. And we expect for those to continue to drive some top line momentum, but we've got levers in case they don't.

話雖如此，我們必須繼續投資轉型。我們不會在這一點上妥協。這將是我們必須投入的資金，以確保我們繼續走正確的道路。但這就是動態的運作方式。有一個頂部 - 如果你想想過去幾年，我認為我們已經表現出了彈性的業務組合。我們預計這些將繼續推動一些營收勢頭，但我們有手段以防萬一他們不這樣做。

Our next question is Ebrahim Poonawala at Bank of America.

我們的下一個問題是美國銀行的 Ebrahim Poonawala。

I guess just one question, Mark, around capital. So you talked about $13 billion over the reg minimum. By my -- like you could easily be doing 2x the buyback you did in 1 quarter, if not more. Just I know you don't like to talk about out quarters, but give us a sense of at least this quarter, should we expect the pace of buybacks to increase? And if you could provide additional color as we think about the rest of the year would be greatly appreciated.

馬克，我想只有一個問題是關於資本的。所以你談到了超出最低監管限額 130 億美元。在我看來，你可以很容易地在一個季度內進行兩倍甚至更多的回購。我只是知道您不喜歡談論季度，但至少讓我們了解本季度，我們是否應該預期回購步伐會加快？如果您能在我們考慮今年剩餘時間的情況下提供額外的顏色，我們將不勝感激。

Sure. Look, you know and I've said it repeatedly, Jane has said it repeatedly, given where we trade, we think buying back is smart. And we'd like to do as much as we possibly can and as much as makes sense in light of the uncertainty that's out there. We have run at about $13.5 billion this quarter. That does give us capacity above the $13.3 billion.

當然。聽著，你知道，我已經說過很多次了，簡也說過很多次了，考慮到我們的交易地點，我們認為回購是明智的。鑑於存在的不確定性，我們希望盡可能多做一些有意義的事情。本季我們的營運收入約為 135 億美元。這確實使我們的產能超過 133 億美元。

But it's important to keep in mind that there's client demand that will continue to evolve. We want to make sure we can support the clients that want to do business with us, whether that be in Markets or other parts of the franchise.

但重要的是要記住，客戶需求將繼續發展。我們希望確保能夠為想要與我們開展業務的客戶提供支持，無論是在市場還是特許經營的其他部分。

And then there's still uncertainty out there about how the capital regulation evolves. The good news is we are hearing kind of favorable things about how the Basel III endgame proposal could evolve, but that hasn't happened yet. It's not finalized, it's not in place yet. And so we want to see how that continues to play out. We're obviously in the midst of a CCAR process. We want to see how that evolves. And we'll continue to take the buyback decision on a quarter-by-quarter basis. But we recognize that there's an opportunity there, and we'll get after it just as soon as it makes good sense for us.

此外，資本監管如何演變仍存在不確定性。好消息是，我們聽到了一些關於巴塞爾協議 III 最終提案如何演變的有利消息，但這還沒有發生。它還沒有最終確定，還沒有到位。所以我們想看看這種情況如何繼續發展。顯然我們正處於 CCAR 流程之中。我們想看看事情會如何發展。我們將繼續按季度做出回購決定。但我們認識到那裡存在著機會，只要它對我們有意義，我們就會抓住它。

Our next question is from Erika Najarian at UBS.

我們的下一個問題來自瑞銀 (UBS) 的 Erika Najarian。

So clearly, the theme of this -- that's emerging on the Q&A is a healthy skepticism about your revenue targets in line with the -- in light of the expense declines, which is not really as analysts we're sort of a little bit parroting what we're hearing from long-only investors that haven't yet jumped into the stock. So to that end, I guess I'm going to ask Ebrahim's question differently then ask a question about card late fees.

很明顯，在問答中出現的主題是，鑑於費用下降，對您的收入目標持健康的懷疑態度，這並不是我們作為分析師的鸚鵡學舌。我們從尚未買入該股的只做多的投資者那裡聽到的消息。因此，為此，我想我會以不同的方式問易卜拉欣的問題，然後問有關卡滯納金的問題。

How are you balancing -- clearly, your valuation would demand that the buybacks be ramped up from $500 million. But growing revenues at a 4% to 5% CAGR would mean potentially some capital clawback into the business. I guess, how are you balancing that, especially given that the demand for buyback is louder at Citi than any other money center peer? And could you give us a sense of what card late fees are and how that would impact the $80 billion to $81 billion for the year if we do get an earlier implementation in October?

你如何平衡——顯然，你的估值將要求回購額從 5 億美元開始增加。但收入以 4% 至 5% 的複合年增長率增長將意味著可能會有一些資本回籠到該業務中。我想，您如何平衡這一點，特別是考慮到花旗的回購需求比任何其他貨幣中心同行都更大？您能否讓我們了解一下信用卡滯納金是什麼？

Thank you, Erika. On the first part of the question, I'd just remind you and everyone else that we're playing for the long term here, right? So we have set some medium-term targets. Obviously, Jane has recasted the vision and the strategy. I think we're making very good progress against that.

謝謝你，埃里卡。關於問題的第一部分，我只是提醒您和其他所有人，我們在這裡是為了長期利益，對嗎？所以我們設定了一些中期目標。顯然，簡已經重新制定了願景和策略。我認為我們在這方面取得了很好的進展。

But we're playing for the long term. And what that means is that we have to continue to invest in the franchise. It's why I've given you a range around the expenses, at least in part. It's why I've continued to stress the importance of protecting the transformation and risk and control spend. And it's why I started the answer to Ebrahim's question by saying that we want to be sure that we can match the client demand out there where the returns to do so makes sense.

但我們是在做長期的事。這意味著我們必須繼續投資特許經營權。這就是為什麼我給了你一個關於費用的範圍，至少是部分費用。這就是為什麼我繼續強調保護轉型以及風險和控制支出的重要性。這就是為什麼我在回答易卜拉欣問題時首先說，我們希望確保我們能夠滿足客戶的需求，而這樣做的回報是有意義的。

And so we are having to balance kind of the use of capital and other resources against that longer-term strategic objective and utilize it where it makes sense and generates good returns against the idea of returning that to shareholders. And so this is -- we'll continue to do that. It's an everyday assessment. It's an everyday discussion with the teams. Frankly, it's why things like the revenue sharing has been put in place to intensify the discussion around the clients that we're using balance sheet with and ensuring that we're driving broader revenues across the platform. And so that's kind of how we're operating in terms of making that trade-off on a regular basis in addition to, obviously, the broader regulatory environment that we're in.

因此，我們必須平衡資本和其他資源的使用與長期策略目標，並在有意義的地方利用它並產生良好的回報，而不是將其返還給股東。所以這就是——我們將繼續這樣做。這是日常評估。這是與團隊的日常討論。坦白說，這就是為什麼像收入分享這樣的事情已經到位，以加強圍繞我們使用資產負債表的客戶的討論，並確保我們在整個平台上推動更廣泛的收入。因此，除了我們所處的更廣泛的監管環境之外，這就是我們定期進行權衡的運作方式。

In terms of the second part of your question around late fees, we haven't disclosed kind of the dollar amount of the late fees. What I would say is that we did and have factored that into the $80 billion to $81 billion. And the only thing I'd add to that is it did kind of -- it's being implemented a bit earlier than what we had assumed. But again, it's inside of the range of the guidance that I've given you for top line revenue for the year.

關於您關於滯納金的問題的第二部分，我們尚未透露滯納金的具體金額。我想說的是，我們做到了，並將其計入 800 億至 810 億美元中。我唯一要補充的是，它確實比我們假設的要早一些實施。但同樣，它在我為您提供的今年頂線收入指導範圍內。

And just as a reminder, 85% of our 2 card portfolios are prime. And in CRS, where you tend to see some of the lower-income households, we do have that. The economics of the fee change will be shared with our partners in CRS. So we want our customers to pay on time. We have a number of mechanisms to do so. But in terms of the economics, I think we, along with the rest of the industry, will be putting in mitigating actions over time, some of which we've already begun to implement.

提醒一下，我們的 2 卡投資組合中 85% 都是優質卡。在 CRS 中，你往往會看到一些低收入家庭，我們確實有這樣的情況。費用變更的經濟效益將與我們的 CRS 合作夥伴分享。所以我們希望我們的客戶按時付款。我們有許多機制可以做到這一點。但就經濟而言，我認為我們以及行業其他公司將隨著時間的推移採取緩解措施，其中一些我們已經開始實施。

Our next question is from John McDonald at 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 you could give a little more color on how you're feeling about the credit card charge-offs. You maintained the outlook for the year. You mentioned the higher end on Retail Services. Do you still feel like you'll see a peak this year? And what kind of metrics are you looking at in terms of delinquency formation and seasoning to inform that view that you might see the peak in card charge-offs this year.

馬克，我希望你能更詳細地說明你對信用卡沖銷的感受。您維持了今年的展望。您提到了零售服務的高端。你還覺得今年會看到巔峰嗎？您在拖欠形成和情況方面正在考慮什麼樣的指標，以告知您今年可能會看到信用卡沖銷的高峰。

Yes. Thanks, John. It's -- we have obviously continued to manage this portfolio very actively. We've seen continued top line growth. We've seen continued average interest-earning balance growth. We've talked about how we expect for the cost of credit to normalize, and we've seen that continue to happen. The range that we've given on branded cards, we're inside of that range.

是的。謝謝，約翰。顯然，我們繼續非常積極地管理這個投資組合。我們看到收入持續成長。我們看到平均生息餘額持續成長。我們已經討論了我們對信貸成本正常化的預期，我們已經看到這種情況繼續發生。我們在品牌卡上給出的範圍，我們在該範圍內。

When you look at the spend across the portfolios, the spend is really happening with the affluent customers more so than anything else. And so we're watching the lower-income customer profile or customers that we have. But again, as Jane mentioned, we tend to skew to the higher end to begin with.

當你查看整個投資組合的支出時，你會發現富裕客戶的支出比其他任何支出都多。因此，我們正在關注低收入客戶資料或我們擁有的客戶。但正如簡所提到的，我們一開始就傾向於偏向高端。

Where we're really seeing the pressure is where I mentioned in terms of Retail Services. And so there, the current NCLs are higher than the high end of the full year range that I've given. But if you look back, that is not inconsistent with seasonality that we've seen in the past in that portfolio, where the first 2 quarters are higher than the back half of the year, in part because of coming out of the holiday season and how the -- and how losses tend to mature or materialize through that process.

我們真正看到壓力的地方是我提到的零售服務方面。因此，目前的 NCL 高於我給出的全年範圍的高端。但如果你回頭看，這與我們過去在該投資組合中看到的季節性並不矛盾，前兩個季度高於下半年，部分原因是由於假期結束，通過這個過程，損失是如何成熟或實現的。

And so I'd expect to not only see them be higher than the average range in Q1 but also in Q2 before coming down. And then I still expect that in 2025, you tend to see them further normalize and come down a bit off of these ranges.

因此，我預計它們不僅會高於第一季的平均範圍，而且在第二季高於平均範圍，然後才會下降。然後我仍然預計，到 2025 年，您往往會看到它們進一步正常化，並稍微偏離這些範圍。

But look, the reality is that we continue to watch it, and the factors that are out there that are important include how unemployment evolves, what happens with inflation, what happens with interest rates. And those will be important factors as to how the loss rates continue to evolve over time.

但事實上，我們會繼續關注這種情況，重要的因素包括失業率如何演變、通貨膨脹如何、利率如何變化。這些將是決定損失率如何隨時間持續變化的重要因素。

I think the final point I'd make, and I mentioned it in the prepared remarks, is that we have to remember that the loss rates in both portfolios reflect kind of multiple vintages maturing at the same time. And you'll recall, and this is an industry dynamic through the COVID and pandemic period, losses were at an all-time low, payment rates at all-time highs, supported by government stimulus. And now coming out of that, we're seeing the COVID vintages mature, albeit at a lagged pace from what would be normal. And we're seeing the incremental acquisitions that we've done start to mature at their normal pace. And so these loss rates are exacerbated by that impact, and that's an important factor we can't lose sight of. But the bottom line is that we're watching it. The macro factors matter. We feel good about the quality mix that we have, and we'll kind of see how things evolve from here.

我認為我要說的最後一點，我在準備好的發言中提到過，是我們必須記住，兩個投資組合的損失率反映了同時到期的多個年份。您會記得，這是整個新冠疫情和大流行期間的行業動態，在政府刺激措施的支持下，損失處於歷史最低水平，支付率處於歷史最高水平。現在，我們看到新冠疫情的成熟期已經成熟，儘管速度比正常情況要慢。我們看到我們所做的增量收購開始以正常的速度成熟。因此，這種影響加劇了這些損失率，這是我們不能忽視的重要因素。但最重要的是我們正在關注它。宏觀因素很重要。我們對我們擁有的品質組合感覺良好，我們將看到事情如何從這裡發展。

Okay. And on the branded side, you still expect kind of the peak this year -- you're still inside of the range for the full year and expect 2025 you could move lower on the branded charge-offs?

好的。在品牌方面，您仍然預計今年會達到峰值 - 您仍然在全年的範圍內，並預計 2025 年您的品牌沖銷可能會下降？

Yes. I still kind of expect that trend line of peaking and then kind of moving a bit lower in branded.

是的。我仍然預計品牌趨勢線會達到頂峰，然後稍微走低。

Our next question is from Ken Usdin at Jefferies.

我們的下一個問題來自 Jefferies 的 Ken Usdin。

Can I follow up on the card line of thinking and just asking Mark to talk a little bit about just cost of credit? We did still see some card-related build this quarter even with the comments you just made and seasonal softer loan growth. So just from a bigger-picture perspective, how do you think -- continue to think about reserve builds from here and how that informs your outlook for cost of credit?

我可以跟進信用卡的思路並請馬克談談信貸成本嗎？即使您剛剛發表評論以及季節性貸款成長放緩，本季我們仍然看到一些與信用卡相關的建設。因此，從更宏觀的角度來看，您如何看待——繼續考慮從現在開始建立準備金，以及這如何影響您對信貸成本的前景？

Yes. Sure. Look, I think that when I think about the reserve build, I think it's the same factors that come into play. So obviously, the view on the macro is important. And right now, if you think about some of the key macro factors that impact the cards portfolio, the unemployment assumptions weighted is about 5%. The downside is about 7% kind of weighted over the period. And so feel -- how that evolves will be an important factor. How HBI evolves would be important consideration here for this portfolio, but also what happens with volumes becomes a factor on reserve builds and how important or how much they increase or decrease.

是的。當然。聽著，我認為當我考慮儲備建設時，我認為發揮作用的因素是相同的。顯然，對宏觀的看法很重要。現在，如果考慮影響信用卡投資組合的一些關鍵宏觀因素，失業率假設加權約為 5%。在此期間加權的下行幅度約為 7%。所以感覺——它如何演變將是一個重要因素。 HBI 如何演變將是此投資組合的重要考慮因素，但交易量的變化也將成為影響儲備建設以及儲備增加或減少的重要性或程度的因素。

And then the final piece is mix, and it's kind of related to that revolver point. As we see the mix evolve from transactors to revolvers, that's going to play into how much of a reserve from a lifetime point of view we have to continue to build. And so it's why I mentioned on John's question the importance of looking at the interest rates, looking at what's happening with inflation, watching the lower-income customer base because all of those things combined with how we think about the scenarios and the weighting will be a factor on the reserves.

最後的作品是混音，它與左輪手槍的點有關。當我們看到這種組合從交易者演變為左輪手槍時，從一生的角度來看，這將影響我們必須繼續建立多少儲備。這就是為什麼我在約翰的問題上提到關注利率、關注通膨情況、關注低收入客戶群的重要性，因為所有這些因素與我們對情景和權重的看法相結合影響儲備的一個因素。

But I will say, Ken, as I sit here and think about what we have in the quarter, I feel very good about the reserve levels. The 8.2% combined kind of ACL to loan ratio feels right for the mix of this portfolio, and we'll continue to watch it.

但我想說，肯，當我坐在這裡思考我們本季的情況時，我對準備金水平感覺非常好。 8.2% 的 ACL 與貸款比率的組合感覺適合該投資組合的組合，我們將繼續關注它。

Okay. And a separate question on TTS. That NII related to TTS has been remarkable with rising rates this quarter. Granted, there was a lesser day and there could be currency stuff in there. The first quarter, that step back, I'm just wondering like where is that in its asset liability sensitivity, the TTS/NII? And what are your thoughts about that piece of the NII puzzle going forward?

好的。還有一個關於 TTS 的單獨問題。與 TTS 相關的 NII 非常引人注目，本季的比率不斷上升。誠然，有一個較小的日子，裡面可能有貨幣之類的東西。第一季度，退一步說，我只是想知道它的資產負債敏感性 TTS/NII 在哪裡？您對 NII 難題的未來有何看法？

Sure. Yes. I mean, I think I'd say a couple of things. We do have kind of some Argentina playing through the NII line. I will say that the best way to think about it is kind of the underlying beta activity. And we have seen -- this is a corporate client, it is an institutional client. We have seen betas, particularly in the U.S., at kind of normalized or terminal levels and playing a bit through that. We are seeing betas outside of the U.S. continue to increase as it relates to the TTS client base.

當然。是的。我的意思是，我想我會說幾件事。我們確實有一些阿根廷人透過 NII 線進行比賽。我想說，思考這個問題的最佳方式是潛在的測試活動。我們已經看到—這是一個企業客戶，這是一個機構客戶。我們已經看到了貝塔測試，特別是在美國，處於正常化或最終水平，並在其中發揮了作用。我們看到美國以外的測試版持續增加，因為它與 TTS 客戶群相關。

But all of that, again, is inside of the range that we've talked about. I don't expect to see kind of year-over-year growth on the NII line, anywhere close to kind of what we've seen in prior years, prior quarters, just in light of kind of how the rate environment's evolved and in light of kind of quantitative and tightening and the impact on deposit levels.

但這一切都在我們討論的範圍之內。我預計 NII 線的同比增長不會接近我們前幾年、前幾個季度所看到的情況，只是考慮到利率環境的演變和現狀。根據量化和緊縮的類型以及對存款水平的影響。

The last point I'd make on this is we will continue to drive and see growth as it relates to the operating deposits. And that will be an important tailwind that kind of plays through.

我要就此指出的最後一點是，我們將繼續推動並看到與經營存款相關的成長。這將成為一個重要的推動力。

Our next question is from Vivek Juneja at JPMorgan.

我們的下一個問題來自摩根大通的 Vivek Juneja。

Jane, Mark, just a question maybe on Argentina. You had -- you've shown $100 million in NII, total net income benefit of $500 million after tax. So probably implying about $500 million, $600 million of noninterest income benefit. Which line item -- sorry, which segment did that come through? And is that sustainable?

簡、馬克，也許只是關於阿根廷的問題。您已經顯示了 1 億美元的 NII，稅後淨收入總額為 5 億美元。因此可能意味著約 5 億美元、6 億美元的非利息收入福利。哪個訂單項目 - 抱歉，它來自哪個細分市場？這是可持續的嗎？

Yes. Look, there's a mix, obviously, of things that are driving that net income, including a tax impact on the heels of last year Argentina devaluation activity that's in that line. But the short answer is that if you think about the nature of business that we do in Argentina, it is a big part of our institutional client relationships. And the primary activities include some of the TTS type of activities that we've talked about, so liquidity management, payments, custody within the services business. And so you'd see a good portion of the activity in Argentina playing through the services business, some of it in Markets as well. But again, the majority of the activity in services.

是的。顯然，推動淨收入成長的因素有很多，包括去年阿根廷貶值活動之後的稅收影響。但簡短的回答是，如果你考慮我們在阿根廷開展業務的性質，你會發現它是我們機構客戶關係的重要組成部分。主要活動包括我們討論過的一些 TTS 類型的活動，例如服務業務中的流動性管理、支付、託管。因此，您會看到阿根廷的很大一部分活動是透過服務業務進行的，其中一些也透過市場進行。但同樣，大部分活動都是服務業。

(Operator Instructions) Our next question is from Scott Siefers at Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Scott Siefers。

Mark, I think you touched on at least a component of this a couple of questions ago, but maybe just broadly an update on your rate positioning. I guess I only ask because it looks like we might be starting to diverge in terms of global rate trajectories, if we potentially go lower in Europe but higher here for a while. In the aggregate, do these kind of complicate your management or make you feel better or worse about the overall NII momentum for the company?

馬克，我認為您在幾個問題之前至少談到了其中的一部分，但也許只是大致更新了您的利率定位。我想我之所以這麼問，是因為如果我們可能在歐洲走低但在此處走高一段時間，那麼我們在全球利率軌跡方面可能會開始出現分歧。總的來說，這些是否會讓您的管理變得複雜，或者讓您對公司的整體 NII 勢頭感覺更好還是更糟？

Yes. Let me try and take it in 2 pieces, I guess. So one is, if I think about how the rate implies have evolved from the 3 to 6 to now something a little bit north of 1 in the context of what I expect for our performance, it doesn't have a material impact on the guidance that I've given of $80 billion to $81 billion. And in part, that's because as I think about the timing for the plan cuts, which was generally backloaded as well as some of the other factors that play through.

是的。我想，讓我試著把它分成兩塊。因此，如果我考慮一下該比率是如何從 3 演變為 6，現在在我對我們業績的預期中略高於 1，它不會對指導產生重大影響我已經捐贈了 800 億至 810 億美元。在某種程度上，這是因為當我考慮計劃削減的時間時，計劃削減通常是被推遲的，以及一些其他因素的影響。

So Argentina just announced a policy rate reduction yesterday or a couple of days ago. If rates are a bit higher for longer, we'll watch how the betas continue to evolve. I mentioned earlier the late fees for the cards business happened a bit sooner. Late fees are actually booked in our NII line. And so those factors put me in a place where I feel like there'll certainly be puts and takes around how that rate curves evolved. And therefore, I'm very comfortable kind of leaving the guidance where it is.

所以阿根廷昨天或幾天前才剛宣布降低政策利率。如果利率在較長時間內保持較高水平，我們將觀察測試版如何繼續發展。我之前提到過信用卡業務的滯納金發生得更早一些。滯納金實際上是在我們的 NII 行中預訂的。因此，這些因素讓我覺得肯定會有圍繞利率曲線演變的看跌期權和看跌期權。因此，我很樂意將指南保留在原處。

To answer your broader question in terms of kind of how we're positioned, I'd point you to the 10-K that we have that's out. And in that 10-K, we offer, as we have before, a number of IRE scenarios for plus or minus 100 basis points and what it means for our business. And if you look at it, you'll see that for the aggregate firm for Citi, U.S. dollar and non-U.S. dollar, that we're asset-sensitive. So as rates increase, we should see an increase in our NII performance.

為了回答您關於我們如何定位的更廣泛問題，我會向您指出我們已經推出的 10-K。在 10-K 中，我們像以前一樣提供了一些正負 100 個基點的 IRE 情景以及這對我們的業務意味著什麼。如果你看一下，你會發現，對於花旗集團、美元和非美元的整體公司來說，我們對資產敏感。因此，隨著利率的上升，我們應該會看到 NII 表現的提高。

But if you look at the breakdown and that's about -- I think it was about $1.4 billion or something in terms of the impact of that move. But if you look at the breakdown, what the breakdown will show is that for U.S. dollar, at this point, we're neutral. So if rates were to go up, rates were to go down, no material impact as it relates to our revenue.

但如果你看一下細分，我認為大約是 14 億美元，或者就這項舉措的影響而言。但如果你看一下細分，就會發現對於美元而言，目前我們是中性的。因此，如果利率上升，利率就會下降，這不會對我們的收入產生重大影響。

For the non-U.S. dollar, we're still quite asset-sensitive, right? And so that should give you some sense for at that -- and we recognize the limitations with IRE. It assumes a 100 basis point parallel shift across the curve, the static balance sheet, et cetera. But that should give you some sense for the implications of the rate curve moves as it relates to our book of business.

對於非美元，我們對資產還是相當敏感的，對吧？因此，這應該會讓您對此有所了解 - 我們認識到 IRE 的局限性。它假設曲線上有 100 個基點的平行移動、靜態資產負債表等。但這應該能讓您對利率曲線變動的影響有所了解，因為它與我們的業務相關。

Our next question is from Gerard Cassidy at RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的傑拉德·卡西迪。

Mark, can you share with us -- there's been obviously a lot of conversation around the credit card charge-offs and the credit quality there. If we could shift over to the corporate side, which obviously is very strong. We've seen spreads narrow in the markets on high-yield corporate debt, leverage debt, et cetera. It's very robust out there.

馬克，你能和我們分享一下嗎——顯然，圍繞著信用卡沖銷和信用品質進行了很多討論。如果我們可以轉向企業方面，這顯然是非常強大的。我們已經看到市場上高收益公司債務、槓桿債務等利差縮小。它非常強大。

But around the global geopolitical risk, do you think the spreads will be widening? Can you guys share with us what you're seeing on the corporate side in terms of competition? Are underwriting standards getting a little weaker now as people are trying to grow their books? What are you seeing on that front?

但圍繞全球地緣政治風險，您認為利差會擴大嗎？可以與我們分享一下你們在企業方面看到的競爭情況嗎？隨著人們試圖增加帳簿數量，承保標準現在是否變得有點弱了？你在前面看到了什麼？

Look, we're still seeing good demand for corporate credit. And what I'd say is that we've been very disciplined about where we want to play on the risk profile here. We've been very disciplined in terms of the investment grade, large multinationals that we serve. And that hasn't shifted from an underwriting point of view.

看，我們仍然看到對企業信貸的良好需求。我想說的是，我們對於如何應對風險狀況一直非常嚴格。我們在投資等級、我們所服務的大型跨國公司方面一直非常嚴格。從承保的角度來看，這一點並沒有改變。

We have seen spaces like private credit pick up quite a bit. And that, I think, will continue to evolve. I think importantly, as we think about our corporate lending activity, you'll note that actually, we've been very disciplined about how we want to deploy balance sheet. And part of that, again, is a byproduct of the revenue sharing that we've implemented, where there's been healthy debate and discussion around the names that we want to continue to serve and whether they're positioned to take advantage of the broader platform that we have.

我們已經看到私人信貸等領域出現了相當大的成長。我認為，這將繼續發展。我認為重要的是，當我們考慮我們的企業貸款活動時，您會注意到，實際上，我們對於如何部署資產負債表非常嚴格。其中一部分也是我們實施的收入分享的副產品，圍繞著我們希望繼續服務的名稱以及它們是否能夠利用更廣泛的平台進行了健康的辯論和討論我們有。

And so I think the space will continue to evolve. I think there's been good, healthy demand despite continued strong balance sheet. And part of that demand has been because of where rates are likely to go and continue to evolve. And I think we're well positioned to be thoughtful about that.

因此，我認為這個領域將繼續發展。我認為，儘管資產負債表持續強勁，但需求仍然良好、健康。這種需求的部分原因是利率可能會走向並持續發展。我認為我們完全有能力考慮這一點。

But Jane, you may want to add a couple of points to it.

但簡，你可能想補充幾點。

Yes. Look around the world, the corporate client base and our commercial banking mid-market client base have very healthy balance sheets. And we're also seeing market access gradually opening up as well, which is also helpful for the quality issuers across all asset classes. We've seen both the issuers taking advantage as well as the investors. The deals are well oversubscribed. So that's also been beneficial as corporates think about their financing needs.

是的。放眼全球，企業客戶群和我們的商業銀行中端市場客戶群擁有非常健康的資產負債表。我們也看到市場准入逐漸開放，這對所有資產類別的優質發行人也有幫助。我們看到發行人和投資者都在利用這一點。這些交易被超額認購。因此，當企業考慮其融資需求時，這也是有益的。

The other piece I'd just pop out there as well is the recent large M&A announcements in multiple industries is a sign of rising confidence from CEOs and Boards. Active discussions are increasing as supportive capital markets create confidence as people think about larger strategic transactions. This is going to feed acquisition finance, bridge financing and some of the higher-margin capital markets and lending activity as well.

我剛剛提出的另一篇文章是最近多個行業的大規模併購公告，這是執行長和董事會信心增強的跡象。隨著人們考慮更大的策略交易，支持性的資本市場創造了信心，積極的討論正在增加。這將促進收購融資、過橋融資以及一些利潤率較高的資本市場和貸款活動。

So as we look forward, I think it's recognizing the shift in some of the drivers from companies just investing, refinancing, looking at where they can, diversifying their capital raising in different quarters.

因此，當我們展望未來時，我認為這是認識到公司的一些驅動因素的轉變，這些公司只是投資、再融資、尋找可能的地方、在不同季度實現融資多元化。

But I'd just close by saying I couldn't agree with you more about geopolitical risks and fragility. I think the market's too -- it's too benign in its risk pricing on some of these factors.

但我最後想說的是，我非常同意你對地緣政治風險和脆弱的看法。我認為市場對其中一些因素的風險定價也過於溫和。

Important for us to take this (inaudible).

對我們來說，接受這很重要（聽不清楚）。

Our next question is from Matt O'Connor at Deutsche Bank.

我們的下一個問題來自德意志銀行的馬特·奧康納。

In your prepared remarks, you talked about intensifying certain efforts regarding regulatory processes and data on Slide 4 here and was just wondering if you could elaborate on, I guess, what you're doing or trying to do differently on that front and if there's any meaningful financial impact.

在您準備好的發言中，您談到了加強有關幻燈片4 上的監管流程和數據的某些努力，並且只是想知道您是否可以詳細說明，我想，您在這方面正在做什麼或試圖採取不同的做法，以及是否有任何改進有意義的財務影響。

Yes. Look, I think, Matt, as we've talked about many times, transformation is our top priority. It will be for the next few years. It is foundational for our future success both in terms of delivering the strategy and the medium-term financial path. And we've been making significant investments behind it as well as not only on the consent order but also making sure we've got this modern efficient infrastructure.

是的。馬特，我認為，正如我們多次談論的那樣，轉型是我們的首要任務。這將是未來幾年的事。它是我們未來在策略實施和中期財務路徑方面取得成功的基礎。我們一直在背後進行大量投資，不僅在同意令方面，而且還確保我們擁有這種現代化且高效的基礎設施。

We're currently deep into a very large body of work, upgrading our data architecture, automating manual controls and processes, consolidating fragmented tech platforms. And all of these help enhance our business performance more broadly, not just the risk and control in the medium term.

我們目前正在深入大量工作，升級我們的資料架構，自動化手動控制和流程，整合分散的技術平台。所有這些都有助於更廣泛地提高我們的業務績效，而不僅僅是中期的風險和控制。

As I've said, though, there are a few areas where we are intensifying our processes and data remediation, particularly related to regulatory reporting. We're committed to getting these right. The org changes will help us with execution and making sure that we're -- we have the impetus and everything that we need behind it, the investments that we need. We keep a close eye on execution, making sure we've got the right level of resourcing and expertise. And we'll invest what we need to do to make sure that we address these different concerns.

不過，正如我所說，我們正在某些領域加強流程和資料修復，特別是與監管報告相關的領域。我們致力於把這些做好。組織變革將幫助我們執行並確保我們擁有動力和背後所需的一切，以及我們所需的投資。我們密切注意執行情況，確保我們擁有適當水準的資源和專業知識。我們將投入我們需要做的事情，以確保我們解決這些不同的問題。

I can't go into much more detail in terms of our CSI obviously. But something of this magnitude, you'd expect us to have some areas where we have good progress and others where we need to intensify efforts.

顯然，我無法就我們的 CSI 進行更多詳細介紹。但對於如此規模的事情，你會期望我們在某些​​領域取得良好進展，而在其他領域則需要加強。

Yes. And I mean, I think that's exactly right. But you'd also expect that in this type of environment and on the heels of the regional bank stress last year that we're looking at stress scenarios. We're enhancing our CCAR processes. We're enhancing our resolution and recovery processes, all of those things just to -- kind of to make sure that we're shoring up capabilities. And you'd expect that across the industry, quite frankly.

是的。我的意思是，我認為這是完全正確的。但您也會期望，在這種環境下，繼去年地區銀行壓力之後，我們正在研究壓力情境。我們正在增強我們的 CCAR 流程。我們正在加強我們的解決和恢復流程，所有這些只是為了確保我們能夠增強能力。坦白說，你會期望整個行業都是如此。

Our next question is from Saul Martinez at HSBC.

我們的下一個問題來自匯豐銀行的索爾·馬丁內斯。

I'll change tack a little bit here. But I'm curious if there's any update on the Mexican IPO. And more specifically, I'm kind of curious how set in stone the IPO process is. You will have a new administration. And even if it's the candidate from the same party, she may have a less confrontational view of the private sector, perhaps be more allowing of a local bank to extract value from buying a bank.

我在這裡稍微改變一下策略。但我很好奇墨西哥IPO是否有任何最新消息。更具體地說，我有點好奇 ​​IPO 流程是如何決定的。你們將迎來一個新的政府。即使是來自同一政黨的候選人，她對私部門的看法也可能不那麼對抗，也許更允許當地銀行透過收購銀行來獲取價值。

I guess, if the facts on the ground were to change, would you be open to a sale potentially being back on the table? Because it does seem like this is a situation where a private market valuation could be higher and even materially higher than a public market valuation.

我想，如果實際情況發生變化，您是否願意接受可能重新提出的出售？因為在這種情況下，私募市場估值可能會更高，甚至大幅高於公開市場估值。

The guiding principle that we have and we've had all along is making sure that we make a decision here that is in the best interest of our shareholders and makes the most sense for them. We are -- never say never, but we are very focused on the IPO path here. We believe it is the right one for our shareholders. We're well on track in the path in Mexico. We're very pleased to bring Ignacio Deschamps in as the Banamex Chairman to help guide the IPO process.

我們一直以來的指導原則是確保我們所做的決定符合股東的最大利益並且對他們最有意義。我們永遠不會說永遠，但我們非常關注這裡的 IPO 路徑。我們相信這對我們的股東來說是正確的選擇。我們在墨西哥的道路上進展順利。我們非常高興邀請伊格納西奧·德尚 (Ignacio Deschamps) 擔任 Banamex 董事長，幫助指導 IPO 流程。

We announced some management teams for the 2 banks earlier this quarter. We're far down the path of the technological separation of both banks and then the full legal separation in the second half of the year. Obviously, the election is coming up fairly shortly. But we're not anticipating that we would be deviating from the IPO path. That is the path that we are on at the moment.

本季度早些時候，我們宣布了兩家銀行的一些管理團隊。我們在兩家銀行的技術分離以及下半年全面法律分離的道路上已經走得很遠了。顯然，選舉即將到來。但我們預計我們不會偏離 IPO 路徑。這就是我們目前所走的路。

I'll never say never. But we do believe that this is the right one. But we'll keep an eye on what's happening in Mexico as we always do.

我永遠不會說永遠。但我們確實相信這是正確的。但我們將一如既往地關注墨西哥正在發生的事情。

Our next question is from Chris Kotowski at Oppenheimer.

我們的下一個問題來自奧本海默的克里斯·科托夫斯基。

Just a quick one for Mark. Previously, you had talked about "bending the cost curve" between the third and the fourth quarter of this year. And on this call, I thought I heard you say it's basically bent, that second quarter should be down and we should be sequentially lower from here. So did it just happen 6 months earlier? Or is there still some other bending that comes late this year?

對馬克來說只是一個快速的。此前，您曾談到今年第三季至第四季「彎曲成本曲線」。在這次電話會議上，我想我聽到你說它基本上已經彎曲，第二季度應該會下降，我們應該從這裡開始依次下降。那麼這件事是在 6 個月前發生的嗎？或者今年晚些時候還會出現其他一些彎曲嗎？

I'll take it. I'll take that.

我要買它。我會接受的。

Damn, I wanted that one.

該死的，我想要那個。

I'll take that -- I mean I'll take the win, a downward trajectory from here through the end of the year, in line with the guidance of 53.5% to 53.8%, and so yes.

我會接受這一點——我的意思是我會接受勝利，從現在到年底的下降軌跡，與 53.5% 至 53.8% 的指導一致，所以是的。

Our next question is from Steven Chubak of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·丘巴克。

I did want to ask on DFAST and SCB, just recognizing this will be the last opportunity before the results come out. The macro scenario, Fed assumptions look quite similar to last year. But just given the significant transformation that's underway, repositioning actions, which -- and nearly depressed earnings last year, wanted to get a sense as to whether there are any ideal factors that could result in greater SCB volatility in the coming exam and just broader thoughts on the longer-term trajectory for the SCB just given the org simplification efforts that are underway.

我確實想詢問 DFAST 和 SCB，只是意識到這將是結果出來之前的最後機會。宏觀情景、聯準會的假設看起來與去年非常相似。但考慮到正在進行的重大轉型、重新定位行動以及去年幾乎低迷的收益，我們希望了解是否存在任何可能導致即將到來的考試中SCB波動性更大的理想因素以及更廣泛的想法考慮到正在進行的組織簡化工作，SCB 的長期發展軌跡。

Yes. Steven, the first part of your question is just impossible to answer, to be candid with you, right? I mean it's -- we obviously have an internal base scenario we've run. We have a severely adverse scenario that we've run. We've provided a balance sheet as part of the submission. But ultimately, the regulators have to run through their models the information that we've provided, and that informs what happens with the stress capital buffer. And we don't have as much transparency to that as we'd like. And so really hard to call at this stage.

是的。史蒂文，坦白說，你問題的第一部分是無法回答的，對吧？我的意思是——我們顯然已經運行了一個內部基本場景。我們遇到了嚴重不利的情況。我們在提交內容中提供了資產負債表。但最終，監管機構必須透過他們的模型運行我們提供的信息，並告知壓力資本緩衝會發生什麼。我們對此的透明度並沒有達到我們想要的程度。在這個階段真的很難打電話。

The second part of your question, I think, is spot on and I kind of alluded to in my prepared remarks in that we have the medium-term targets that we've set. And we're still in the midst of kind of the execution of our strategy, the evolution of the business mix and the business model, the mix towards more consistent, predictable and repeatable revenue streams that would impact PPNR, the simplification, which obviously plays through an expense base that will be lower when we get to, that medium-term period. So all of those things, the divestitures and kind of what that means and how that might impact the G-SIB score and the like and the freeing up of capital, which we've already freed up $6 billion or so. And so all of those things have kind of yet to have been factored in and we believe will be beneficial to the SCB over the medium term.

我認為你問題的第二部分是正確的，我在準備好的發言中提到了我們已經設定了中期目標。我們仍在執行我們的策略，業務組合和業務模式的演變，向更一致、可預測和可重複的收入流的組合，這將影響 PPNR，簡化，這顯然發揮了作用當我們到達中期時，支出基礎將會降低。所有這些事情，剝離以及這意味著什麼，以及這可能如何影響 G-SIB 評分等，以及釋放資本，我們已經釋放了大約 60 億美元。因此，所有這些因素都還沒有被考慮在內，我們相信從中期來看將對渣打銀行有利。

Our next question is from Mike Mayo at Wells Fargo.

我們的下一個問題來自富國銀行的麥克梅奧。

A follow-up, Mark. You said TTS -- you said, "We will have growth in operational deposits." And I was just wondering what gives you such confidence that you will. Or is that accelerating or the same pace or what?

後續行動，馬克。你說 TTS——你說，“我們的營運存款將會成長。”我只是想知道是什麼讓你如此有信心做到這一點。或是加速還是相同的速度還是怎樣？

We have seen growth in the quarter in operating deposits. The confidence comes from the focus that we've had with our existing clients as well as the growth we've seen with new clients, doing more with existing and more countries, more deeply penetrating the commercial middle-market base. And so we've been very thoughtfully focused on deposits that obviously give us the most value and also provide the most stickiness as it relates to that relationship. And so yes, the confidence is rooted in what we're seeing in the way of underlying operating deposit growth, including inside this quarter.

我們看到本季經營存款有所成長。我們的信心來自於我們對現有客戶的關注以及我們對新客戶的成長，與現有客戶和更多國家的合作，更深入地滲透到商業中間市場基礎。因此，我們一直非常深思熟慮地關注顯然為我們帶來最大價值並提供與這種關係相關的最大黏性的存款。因此，是的，信心植根於我們所看到的基本營運存款成長方式，包括本季內的成長。

It's also a lot of the investments that we've been making fuel a lot of the growth we've got. We have market-leading product innovations, and those continue to drive good returns, good growth. If it's Citi Token Services, Citi Payment Express, 24/7 -- all of these different elements really mean that this business is utterly invaluable and indispensable to our clients, and the stickiness of the deposits and the operating deposits comes with that. So we feel good about that growth. And you'll hear more about this as well, Mike, in the Investor Day in mid-June, which will be, I think -- we hope will be very helpful to everyone so you really get your arms around how this business operates, makes money and see why we call it a crown jewel.

我們所做的大量投資也推動了我們的成長。我們擁有市場領先的產品創新，這些創新持續推動良好的回報和良好的成長。如果是花旗代幣服務、花旗支付快遞、24/7——所有這些不同的元素確實意味著這項業務對我們的客戶來說是完全無價且不可或缺的，存款和營運存款的黏性也隨之而來。所以我們對這種成長感到滿意。麥克，你也會在六月中旬的投資者日聽到更多關於這方面的信息，我想，我們希望這對每個人都非常有幫助，這樣你就能真正了解這家公司的運作方式，賺錢，看看為什麼我們稱它為皇冠上的寶石。

Our next question is from Vivek Juneja at JPMorgan.

我們的下一個問題來自摩根大通的 Vivek Juneja。

Mark, a completely different topic because I think I understood your answer could be just for my previous question to be the tax benefit. So we'll leave it at that. I don't know if it is different, then I need to go down that part. But the question I was -- I signed on to ask was you talked about the percentage of revolvers increasing in -- from transactors in the private label and the retail partner cards. What is that percentage? And how does it compare with what it was prepandemic?

馬克，一個完全不同的主題，因為我想我理解你的答案可能只是為了我之前的問題是稅收優惠。所以我們就這樣吧。我不知道是否有所不同，那麼我需要繼續下去。但我簽名要問的問題是，您談到了來自自有品牌和零售合作夥伴卡的交易者的左輪手槍增加的百分比。這個百分比是多少？與大流行前相比如何？

Yes. I don't -- we haven't broken down the transactor versus revolver mix, and so I'm not going to get into that. I will say that the revolver levels are at least back to where they were prepandemic and leave it at that. But we are seeing kind of continued revolver activity, which you'd expect kind of given the way the cycle has evolved and given payment rates have started to moderate and the stimulus has kind of unwound. And so all of that is kind of consistent with expectations, but obviously, as a factor in reserve levels, as I mentioned earlier.

是的。我不知道——我們還沒有分解交易者與左輪手槍的組合，所以我不打算討論這個問題。我想說的是，左輪手槍的水平至少回到了大流行前的水平，就這樣吧。但我們看到了持續的左輪手槍活動，考慮到週期的演變方式、支付率已經開始放緩以及刺激措施已經有所放鬆，你可以預料到這種情況。因此，所有這些都與預期一致，但顯然，正如我之前提到的，作為儲備水平的一個因素。

Our final question is from Betsy Graseck at Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Betsy Graseck。

I just wanted to make sure of one thing on the expenses. I know in the past, you've talked about the fact that 1Q will be a little elevated with the restructuring, and you showed that was the $225 million in the quarter. And then when we look to 2Q, we should -- should we still be expecting a step-down in 2Q? And is that step-down just the elimination of the $225 million? Or is there some restructuring that we're likely to see in 2Q as well? In other words, should I just fade sequentially 2, 3, 4Q to hit your annual number? Or is there a bigger step-down in 2Q that I should still be expecting here?

我只是想確定一件事，關於費用。我知道過去您曾談過，隨著重組，第一季的收入將有所提高，您表明該季度的收入為 2.25 億美元。然後，當我們展望第二季時，我們應該——我們仍然應該預期第二季會下降嗎？這次削減只是取消了 2.25 億美元嗎？或者我們也可能在第二季看到一些重組？換句話說，我應該依序淡入 2、3、4Q 來達到您的年度數字嗎？或者第二季是否會有更大的降幅，這是我仍然應該期待的？

Sure. I think you should just fade it, to answer your question very directly. But I'd also point out that in Q1, if you really look through to it, it has the $250 million of FDIC charge in it. So when you back that out, we effectively are coming in lower than what we had guided, right?

當然。我認為你應該淡出它，非常直接地回答你的問題。但我還想指出，在第一季度，如果你仔細看的話，你會發現其中有 2.5 億美元的 FDIC 費用。因此，當您反駁這一點時，我們實際上會低於我們的指導，對吧？

Despite that, I'm telling you the same -- I'm making the same point, which is you can expect a downward trend from here through to the end of the year. And while there won't be additional restructuring charge, there will be the normal BAU activity around repositioning that plays through. So hopefully, that answers your question, Betsy. The guidance still holds, and the downward trend is what we are managing towards as we kind of play out the balance of the year.

儘管如此，我還是要告訴你同樣的事情——我提出同樣的觀點，那就是你可以預期從現在到今年年底都會出現下降趨勢。雖然不會產生額外的重組費用，但圍繞重新定位的正常 BAU 活動將會繼續進行。希望這能回答你的問題，貝特西。這項指引仍然有效，隨著今年剩餘時間的結束，我們正在努力應對下降趨勢。

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 all for joining us. If you have any follow-up questions, please call us and we look forward to talking to you. Thank you very much.

感謝大家加入我們。如果您有任何後續問題，請致電我們，我們期待與您交談。非常感謝。

This concludes the Citi First Quarter 2024 Earnings Call. You may now disconnect.

花旗 2024 年第一季財報電話會議到此結束。您現在可以斷開連線。