花旗銀行 (C) 2024 Q2 法說會逐字稿

Hello, and welcome to Citi's second-quarter 2024 earnings call. Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Miss Landis, you may begin.

您好，歡迎參加花旗 2024 年第二季財報電話會議。今天的電話會議將由花旗投資者關係主管 Jenn Landis 主持。我們請求您保留所有問題，直到正式發言結束，屆時您將獲得問答環節的指示。另外，提醒一下，今天的會議正在錄製中。如果您有任何異議，請立即斷開連接。蘭迪斯小姐，你可以開始了。

Thank you, operator. Good morning, and thank you all for joining our second-quarter 2024 earnings call. I am joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason. 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.

謝謝您，接線生。早安，感謝大家參加我們的 2024 年第二季財報電話會議。今天和我一起出席的是我們的執行長 Jane Fraser；以及我們的財務長 Mark Mason。我想提醒您，今天的簡報（可在我們的網站 citigroup.com 上下載）可能包含前瞻性陳述，這些陳述基於管理層當前的預期，並受不確定性和情況變化的影響。由於多種因素，包括我們的收益資料以及美國證券交易委員會文件中所述的因素，實際結果可能與這些聲明有重大差異。

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

說完這些，我就把麥克風交給簡。

Thank you, Jenn, and good morning to everyone. Before I discuss the results for the quarter, let me first address the regulatory action by the Federal Reserve and the Office of the Comptroller of the Currency, which were announced on Wednesday. These actions pertain to the consent orders we entered into with both agencies in 2020. And those orders covered four primary areas: risk management, data governance, controls, compliance. Addressing these areas is the primary goal of our transformation, our number one priority.

謝謝你，詹，大家早安。在討論本季的業績之前，我首先要談談聯準會和貨幣監理署週三宣布的監管行動。這些行動與我們在 2020 年與兩個機構達成的同意令有關。這些命令涵蓋四個主要領域：風險管理、資料治理、控制、合規。解決這些問題是我們轉型的首要目標，也是我們的首要任務。

It is a multi-year effort to modernize our infrastructure, unify disparate technology platforms, and automate processes and controls. This week's actions focused primarily on data quality management. We've been public this year about the fact that we were behind in this particular area and that we had increased our investment as a result.

這是一項多年的努力，旨在實現基礎設施現代化、統一不同的技術平台以及流程和控制自動化。本週的行動主要集中在數據品質管理。我們今年已經公開表示，我們在這一領域落後了，因此我們增加了投資。

The regulatory actions consisted of two civil money penalties and under the amended consent order with the OCC, a new process designed to ensure we're allocating sufficient resources to meet our remediation milestones, and that is called the Resource Review Plan. We are currently developing the plan for submission to the OCC.

監管行動包括兩項民事罰款，並根據與 OCC 達成的修訂同意令，實施一項新流程，以確保我們分配足夠的資源來實現補救里程碑，這就是所謂的資源審查計劃。我們目前正在製定提交給 OCC 的計劃。

Now by way of background, while the Federal Reserve is the primary regulator for Citigroup, our bank holding company, the OCC is a primary regulator for Citibank, N.A. -- we call it CBNA -- which is our largest banking vehicle with approximately 70% of our assets. The amended consent order with the OCC allows CBNA to continue paying to Citigroup at a minimum, the dividends necessary for debt service, preferred dividends, and other non-discretionary obligation.

現在介紹一下背景，Fed是我們的銀行控股公司花旗集團的主要監管機構，而美國貨幣監理署則是花旗銀行（我們稱之為 CBNA）的主要監管機構，花旗銀行是我們最大的銀行實體，擁有我們約 70% 的資產。與 OCC 達成的修訂同意令允許 CBNA 繼續向花旗集團支付至少償債所需的股息、優先股息和其他非自由支配義務。

While we're developing and seeking OCC consent for our Resource Review Plan, dividend amount above that would require the OCC's non-objection. Now these dividends are inter-company payment that are made from CBNA ultimately to the parent, Citigroup. They should not be confused with the common dividends Citigroup pays to its shareholders. Indeed, there is no restriction on Citigroup's ability to pay common dividends to shareholders nor is there a restriction to buying back shares.

雖然我們正在製定資源審查計劃並尋求 OCC 的同意，但高於該金額的股息將需要 OCC 的不反對。現在，這些股息是公司內部支付，由 CBNA 最終支付給母公司花旗集團。不應將它們與花旗集團向股東支付的普通股息混為一談。事實上，花旗集團向股東支付普通股股利的能力沒有受到限制，回購股票也沒有受到限制。

And let me be very clear, even with the investments needed for our transformation, Citigroup has more than sufficient resources to also invest in our businesses and make the planned return of capital to our shareholders. We will increase our dividend from $0.53 to $0.56 a share as we announced in late June, and we will resume modest buyback this quarter.

讓我明確一點，即使我們的轉型需要投資，花旗集團仍然擁有足夠的資源來投資我們的業務並按計劃向我們的股東返還資本。我們將按照 6 月底宣布的計劃將股息從每股 0.53 美元提高到 0.56 美元，並且我們將在本季度恢復適度回購。

While these actions were not entirely unexpected to us, it is no doubt disappointing for our investors and for our people. We completely understand that . At the same time, we're confident in our ability to get these specific areas where they need to be, as we have been able to do in other areas of the transformation.

雖然這些行動對我們來說並不完全出乎意料，但毫無疑問，這對我們的投資者和員工來說是令人失望的。我們完全理解。同時，我們有信心讓這些特定領域達到它們需要達到的水平，就像我們在轉型的其他領域所做的那樣。

And we are pleased that it was acknowledged on Wednesday that we have made meaningful progress in executing our transformation and simplifying our firm. A multi-year undertaking such as this was never going to be linear, but I can assure you the investments we have been making are starting to come together to reduce risk, improve controls, and deliver very tangible outcomes.

我們很高興週三確認我們在實施轉型和簡化公司方面取得了有意義的進展。像這樣多年的事業從來都不是直線性的，但我可以向你們保證，我們所做的投資開始產生效果，以降低風險、改善控制並產生非常切實的成果。

The tech investments we have made are making a difference. We have reduced the time it takes to book loans, automated controls for our traders to reduce errors, move risk analytics to a cloud-based infrastructure and to increase the resiliency of our platforms to reduce downtime.

我們所做的技術投資正在產生影響。我們縮短了貸款登記時間，為交易員提供自動化控制以減少錯誤，將風險分析轉移到基於雲端的基礎設施，並提高平台的彈性以減少停機時間。

The changes to our organization and our culture are making a difference. We have eliminated managerial constructs and layers whilst empowering our leaders. We introduced new tools to better manage human capital needs. Our focus on culture has increased accountability and attracted great new talent such as Vis Raghavan, Tim Ryan, and Andy Sieg.

我們的組織和文化的變化正在產生影響。我們消除了管理結構和層級，同時賦予了領導者權力。我們引入了新工具來更好地管理人力資本需求。我們對文化的關注提高了責任感，並吸引了 Vis Raghavan、Tim Ryan 和 Andy Sieg 等優秀的新人才。

You have my and the entire management team's commitment that we will address any error of the consent order where we are behind, by putting the necessary resources and focus behind it. We will get this work where it needs to be as we have with the execution of our strategy and the simplification of our organization.

我和整個管理團隊向您承諾，我們將投入必要的資源和精力，解決我們落後的同意令中的任何錯誤。我們將按照我們執行的策略和簡化的組織結構，把這項工作做好。

Now, turning to what was another good quarter, our results show the relentless focus we have in executing our strategy as we continue to drive towards our medium-term return target. We reported net income of $3.2 billion with an earnings per share of $1.52 and an RoTCE of 7.2%. Revenues were up 4% overall as well as up in each of our five core businesses where all but one had positive operating leverage.

現在，回顧又一個表現良好的季度，我們的業績表明，我們堅持不懈地執行我們的策略，並繼續努力實現我們的中期回報目標。我們報告的淨收入為 32 億美元，每股收益為 1.52 美元，RoTCE 為 7.2%。整體營收成長了 4%，我們的五大核心業務均實現了成長，其中除一項外，其餘均具有正的經營槓桿。

Expenses were down 2% year over year. The steps we're taking to simplify our organization, rightsize businesses such as markets and wealth and reduced stranded costs are beginning to take hold even as we increase investment in our transformation. Over the medium term, we expect the simplification and stranded cost actions to drive $2 billion to $2.5 billion in annual run rate saves.

支出較去年同期下降2%。在我們增加轉型投資的同時，我們正在採取的簡化組織、調整市場和財富等業務規模以及降低擱淺成本的措施已開始見效。從中期來看，我們預計簡化和擱淺成本措施將帶來每年 20 億至 25 億美元的營運成本節省。

Services grew 3%, driven by solid fee growth, which we have prioritized. TTS saw increased activity in cross-border payments and in commercial card. Security services was up 10% with new client onboarding, deepening with existing clients, and markets valuations, helping increase our assets under custody by a preliminary 9%.

服務業成長了 3%，這得益於我們優先考慮的費用穩健成長。TTS 的跨國支付和商業卡業務活動有所增加。隨著新客戶的加入、現有客戶的深化以及市場估值的提高，安全服務增加了 10%，幫助我們託管的資產初步增加了 9%。

At our recent Services Investor Day, we very much enjoyed the opportunity to talk to you in depth about how we're going to continue to grow is high-returning business. And we're very pleased that people are starting to recognize why we described it as our crown jewel.

在我們最近的服務投資者日上，我們非常高興有機會與您深入探討如何繼續發展高回報業務。我們非常高興人們開始認識到我們為什麼將其描述為我們的皇冠上的寶石。

Overall, markets had a strong finish to the quarter, leading to better performance than we'd anticipated. Fixed income was slightly down year on year due to lower FX and rates. So we had good issuance and loan growth in financing and securitization, an area which generates attractive returns.

整體而言，本季市場表現強勁，表現優於我們的預期。由於外匯和利率下降，固定收益比去年同期略有下降。因此，我們在融資和證券化領域的發行量和貸款成長良好，這一領域的回報相當可觀。

Equities was up 37%, driven by strong performance in derivatives, which includes the gain on the Visa B exchange offer. Banking was up 38% as the wallet rebound gained some momentum, and we again grew share. Our clients continue to access debt capital markets with investment grade issuance near record levels. Equity issuance increased, particularly in convertibles as companies wait for a fuller opening of the IPO window.

受衍生性商品強勁表現（包括 Visa B 交換要約的收益）的推動，股市上漲了 37%。隨著錢包反彈勢頭增強，銀行業務成長了 38%，我們的份額再次增加。我們的客戶繼續進入債務資本市場，投資級發行量接近創紀錄水準。由於企業正在等待首次公開發行 (IPO) 窗口全面開放，股票發行量增加，尤其是可轉換債券。

Investment banking fees were up 63% versus the prior year. And we've seen some healthy volumes associated with announced deals over year to date, particularly in natural resources and technology. Combined with a strong pipeline, advisory activity looks promising as we think about the rest of the year and into next year.

投資銀行費用較前一年上漲了63%。我們看到今年迄今已宣布的交易量相當可觀，特別是在自然資源和技術領域。結合強大的管道，當我們考慮今年剩餘時間和明年時，諮詢活動看起來很有希望。

Wealth is starting to improve. Growth in client investment assets drove stronger investment revenue, especially in Citigold, and was up a preliminary 15%. Our focus on rationalizing expense base is also starting to pay off with expenses down 4%. Andy and his team continue to attract top talent from the industry as a focus on our investment business and on enhancing the client experience.

財富開始改善。客戶投資資產的成長帶動了更強勁的投資收入，尤其是花旗黃金的投資收入，初步成長了 15%。我們對合理化費用基礎的關注也開始產生效果，費用下降了 4%。安迪和他的團隊繼續吸引業內頂尖人才，專注於我們的投資業務並提升客戶體驗。

US Personal Banking saw revenue growth of 6% with all three businesses, again, contributing to the top line. There was good revolving balance and loan growth in both branded cards and retail services, and we continue to see differentiation in the credit segment with the lower income customers seeing pressure.

美國個人銀行業務收入成長了 6%，三大業務再次為營收做出了貢獻。品牌卡和零售服務的循環餘額和貸款成長良好，我們繼續看到信貸領域的差異化，低收入客戶面臨壓力。

Retail banking benefited from higher mortgage loans and improved deposit spreads while delivering strong referrals to wealth. Overall, while we saw operating margin expansion, our poor returns were pressured by the combination of credit seasonality and the normalization of certain vintages. We certainly expect to USPB's returns to improve from here.

零售銀行業務受益於抵押貸款增加和存款利差改善，同時帶來強勁的財富推薦。總體而言，雖然我們的營業利潤率有所擴大，但信貸季節性和某些年份的正常化等因素給我們帶來了較低的回報壓力。我們當然希望 USPB 的回報能夠從現在開始提高。

The recent stress test, again, showcase the strength of our balance sheet. Our CET1 ratio now stands at 13.6%, and we expect our regulatory capital requirement to decrease to 12.1% as of October 1, given the reduction of our stress capital buffer. Our tangible book value per share grew to $87.53.

最近的壓力測試再次證明了我們資產負債表的強勁。我們的 CET1 比率目前為 13.6%，鑑於壓力資本緩衝的減少，我們預計自 10 月 1 日起我們的監管資本要求將降至 12.1%。我們的每股有形帳面價值成長至 87.53 美元。

During the quarter, we returned $1 billion in capital to our common shareholders, and we are increasing our dividend by 6%. We expect to buy back $1 billion in common shares this quarter, and we will continue to assess the level of buybacks on a quarterly basis, particularly given the on certainty around the Basel III endgame.

本季度，我們向普通股股東返還了 10 億美元資本，並將股息提高了 6%。我們預計本季將回購 10 億美元的普通股，我們將繼續按季度評估回購水平，特別是考慮到巴塞爾協議 III 最終結果尚不明確。

Looking at the macroenvironment, as we enter the second half of the year, US is still the world's most structurally sound economy. After a break in progress, inflation now appears back on a downward trajectory. Services spending has remained on an upward trend, although there are clear signs of a softening labor market and the tightening of the consumer budget. And of course, you might have heard there is an election in November .

從宏觀環境來看，進入下半年，美國仍是全球結構最穩健的經濟體。在經歷了一段時間的停滯之後，通貨膨脹似乎又回到了下降軌道。儘管有明顯跡象顯示勞動力市場疲軟且消費者預算收緊，但服務支出仍保持上升趨勢。當然，你可能已經聽說了十一月有選舉。

In Europe, while rate cuts have begun, the region's lack of competitiveness continues to be a drag on growth. In Asia, China is growing moderately, albeit with government stimulus, and their pivot to high-tech manufacturing is being challenged by tariffs on EVs and semiconductors.

在歐洲，雖然已經開始降息，但該地區缺乏競爭力仍拖累經濟成長。在亞洲，儘管有政府刺激措施，中國經濟仍在溫和成長，而其向高科技製造業的轉型正受到電動車和半導體關稅的挑戰。

Despite this uncertainty, as you saw at our Services Investor Day when we went through our performance over the last two years, our business model can produce good results in a wide variety of macroenvironments. And there is plenty of upside for us across our five businesses.

儘管存在這種不確定性，但正如您在我們的服務投資者日上看到的那樣，當我們回顧過去兩年的業績時，我們的商業模式可以在各種宏觀環境中產生良好的結果。我們的五大業務都擁有龐大的成長空間。

We have made an incredible amount of progress in simplification, both strategically and organizationally. We've completed most of the exits of our international consumer markets. We streamlined our organization to capitalize agility and faster decision-making. We are modernizing our infrastructure to improve our client service, and we are automating processes to strengthen controls.

我們在策略和組織簡化方面都取得了令人難以置信的進步。我們已經完成了大部分國際消費市場的退出。我們精簡了組織，以充分利用靈活性和更快的決策能力。我們正在對基礎設施進行現代化改造，以改善客戶服務，並且我們正在實現流程自動化以加強控制。

We are on a deliberate path. We will continue to execute our transformation and our strategy so we can meet our medium-term target and then continue to further improve our returns over time.

我們正走在一條深思熟慮的道路上。我們將繼續執行我們的轉型和策略，以便我們能夠實現我們的中期目標，然後隨著時間的推移繼續進一步提高我們的回報。

With that, let me turn it over to Mark and then we will be delighted, as always, to take your questions.

說完這些，讓我把時間交給馬克，然後我們將一如既往地高興回答您的問題。

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

謝謝，簡，大家早安。我將從全公司的財務表現開始，並專注於第二季的年比比較，除非我另有說明，然後再花更多時間討論業務。

On slide 6, we show financial results for the full firm. For the quarter, we reported net income of approximately $3.2 billion, EPS of $1.52 million and an RoTCE of 7.2% on $20.1 billion of revenue. Total revenues were up 4%, driven by growth across all businesses as well as an approximate $400 million gain related to the Visa B exchange offer. A significant portion of this gain is reflected in equity markets with the remainder reflected in all other.

在第 6 張投影片上，我們展示了整個公司的財務表現。本季度，我們報告的淨收入約為 32 億美元，每股收益為 152 萬美元，在 201 億美元的營收中，RoTCE 為 7.2%。總收入成長 4%，這得益於所有業務的成長以及與 Visa B 交換要約相關的約 4 億美元收益。這項收益的很大一部分反映在股票市場，其餘部分則反映在所有其他市場。

Expenses were $13.4 billion, down 2% and 6% on sequential basis. The combination of revenue growth and expense decline drove positive operating leverage for the firm and the majority of our businesses. Cost of credit was $2.5 billion, primarily driven by higher card net credit losses, which were partially offset by ACL releases in all businesses except USPB, where we built for loan growth. At the end of the quarter, we had nearly $22 billion in total reserves for the reserve-to-funded loan ratio of approximate the 2.7%.

支出為 134 億美元，季減 2% 和 6%。收入成長和支出下降的結合為公司和我們的大多數業務帶來了積極的營運槓桿。信貸成本為 25 億美元，主要原因是信用卡淨信貸損失增加，但除 USPB 外，所有業務的 ACL 釋放均部分抵消了這一損失，我們為貸款增長而建立了 USPB。截至本季末，我們的總儲備金接近 220 億美元，儲備金與貸款比率約為 2.7%。

On slide 7, we show the expense trend over the past five quarters. This quarter, we reported expenses of $13.4 billion, down 2% and 6% sequentially, which includes the $136 million civil money penalties imposed by the Fed and OCC earlier this week. The decrease in expenses was primarily driven by savings associated with our organizational simplification, stranded cost reduction, and lower repositioning cost, partially offset by continued investment in transformation and the Fed and the OCC penalties.

在第 7 張投影片上，我們展示了過去五個季度的支出趨勢。本季度，我們報告的支出為 134 億美元，季減 2% 和 6%，其中包括本週稍早聯準會和 OCC 處以的 1.36 億美元民事罰款。費用的減少主要得益於我們組織簡化、擱淺成本削減和重新定位成本降低帶來的節省，但對轉型的持續投資以及美聯儲和美國貨幣監理署的罰款部分抵消了這一減少。

As we said over the past few months, we will come continue to invest in the transformation and technology to modernize our operations and risk and control infrastructure. We expect these investments to offset some of our saves and head count reduction going forward.

正如我們過去幾個月所說的那樣，我們將繼續投資於轉型和技術，以實現我們的營運和風險與控制基礎設施的現代化。我們預計這些投資將抵消我們未來的部分儲蓄和員工人數減少。

However, based on what we know today, we will likely be at the higher end of the expense guidance range, excluding the FDIC special assessment and the civil money penalty. With that said, we will, of course, continue to look for opportunities to absorb the civil money penalties.

然而，根據我們今天所了解的情況，我們可能會處於費用指引範圍的高端，不包括聯邦存款保險公司 (FDIC) 的特別評估和民事罰款。話雖如此，我們當然會繼續尋找機會來承擔民事罰款。

Before going into the balance sheet and the business results for the quarter, I'd like to also give more color on the transformation and address what the Fed and OCC announced Wednesday. We made good progress in our transformation in certain areas over the last few years, and I want to highlight some of those areas before discussing the announcement.

在介紹本季的資產負債表和業務結果之前，我還想進一步說明轉型情況，並談談聯準會和美國貨幣監理署週三宣布的內容。過去幾年，我們在某些​​領域的轉型取得了良好進展，在討論這項聲明之前，我想強調其中的一些領域。

First, wholesale credit and loan operations, where we implemented a consistent end-to-end operating model and consolidated multiple system with enhanced technology. This has not only reduced risk but enhanced operating efficiency and the client experience. We've also made improvements in risk and compliance as we enhanced our risk assessment and technology capabilities to increase automation for monitoring. And in data, while there's a lot more to do, we stood up a data governance process and streamlined our data architecture to ultimately facilitate straight through process.

首先，批發信貸和貸款業務，我們實施了一致的端到端營運模式，並透過增強的技術整合了多個系統。這不僅降低了風險，而且提高了營運效率和客戶體驗。隨著我們增強風險評估和技術能力以提高監控自動化程度，我們也在風險和合規方面取得了進展。在資料方面，雖然還有很多工作要做，但我們建立了資料治理流程並簡化了資料架構，以最終促進直通流程。

Overall, we've improved risk management and consolidated and upgraded systems and platforms to improve our resiliency. These efforts represent meaningful examples of how we're making progress against our transformation milestones.

總體而言，我們改進了風險管理，並整合和升級了系統和平台，以提高我們的彈性。這些努力是我們在實現轉型里程碑方面取得進展的有意義的例子。

That said, we have fallen short in data quality management, particularly related to regulatory reporting, which we've acknowledged publicly since the beginning of the year. As such, we've begun to put additional investments in resources in place to not only address data quality management related to regulatory reporting and data governance but also stress testing capabilities, including DFAST and resolution recovered.

話雖如此，我們在數據品質管理方面仍然存在不足，特別是在監管報告方面，我們從今年年初就公開承認了這一點。因此，我們已開始對資源進行額外投資，不僅用於解決與監管報告和資料治理相關的資料品質管理，還用於解決壓力測試能力，包括 DFAST 和解決方案復原。

We also reprioritized our efforts to ensure we're focused on data that impact these reports first. We take this feedback from our regulators very seriously, and we're committed to allocating all the resources necessary to meet their expectation.

我們也重新調整了努力的優先順序，以確保我們首先專注於影響這些報告的數據。我們非常重視監管機構的回饋，並致力於分配所有必要的資源來滿足他們的期望。

Now turning back to the quarterly results. On slide 9, we show net interest income, deposits, and loans, where I'll speak to sequential variance. In the second quarter, net interest income was roughly flat. Excluding markets, net interest income was down 3%, largely driven by the impact of foreign exchange translation, seasonally lower revolving card balances and lower interest rates in Argentina, partially offset by higher deposit spreads in wealth.

現在回顧季度業績。在幻燈片 9 上，我們展示了淨利息收入、存款和貸款，我將在其中討論連續差異。第二季度，淨利息收入基本持平。不包括市場，淨利息收入下降 3%，主要受到外匯換算、季節性較低的循環卡餘額和阿根廷較低的利率的影響，但財富的存款利差增加部分抵消了這一影響。

Average loans were roughly flat as growth in cards in Mexico consumer was largely offset by slight declines across business. And average deposits decreased by 1%, largely driven by seasonal outflows and transfers to investments in wealth as well as non-operational outflows in TTS.

平均貸款額基本上持平，因為墨西哥消費者信用卡成長在很大程度上被整個業務的輕微下滑所抵消。平均存款減少了 1%，主要是由於季節性流出和財富投資轉移以及 TTS 的非營運性流出。

On slide 10, we show key consumer and corporate credit metrics, which reflect our disciplined risk appetite framework. Across our card portfolios, approximately 86% of our card loans are to consumers with FICO scores of 660 or higher. And while we continue to see an overall resilient US consumer, we also continue to see a divergence in performance and behavior across FICO and income [bands].

在第 10 張投影片上，我們展示了關鍵的消費者和企業信貸指標，這些指標反映了我們嚴謹的風險偏好框架。在我們的信用卡組合中，約有 86% 的信用卡貸款發放給了 FICO 評分為 660 或更高的消費者。儘管我們繼續看到美國消費者整體上保持韌性，但我們也繼續看到 FICO 和收入方面的績效和行為存在差異[樂隊]。

When we look across our consumer clients, only the highest income quartile has more savings than they did at the beginning of 2019. And it is the over-740-FICO-score customers that are driving the spend growth and maintaining high payment rates. Lower FICO band customers are seeing sharp drops in payment rates and borrowing more as they are more acutely impacted by high inflation and interest rates.

當我們審視我們的消費者客戶時，只有收入最高的四分之一人群的儲蓄比 2019 年初更多。正是 FICO 評分超過 740 的客戶推動了支出成長並維持了較高的支付率。由於受到高通膨和高利率的嚴重影響，FICO 信用等級較低的客戶的還款率急劇下降，借款金額也隨之增加。

That said, as we will discuss later, we're seeing signs of stabilization in delinquency performance across our cards portfolio. And we've taken this all into account in our reserving, and we remain well reserved with a reserve-to-funded loan ratio of 8.1% for our total card portfolio.

也就是說，正如我們稍後將討論的那樣，我們看到我們的信用卡組合的拖欠表現出現穩定的跡象。我們在準備金中已將所有這些都考慮在內，並且我們仍然保持著良好的準備金，我們的整個信用卡組合的準備金與貸款比率為 8.1%。

Our corporate portfolio is largely investment grade at approximately 82% as of the second quarter, and we saw a nearly $500 million sequential decrease in corporate non-accrual loans, largely driven by upgrades and repayment. Additionally, this quarter, we saw an improvement in our macro-assumptions driven by our HPI, oil prices, and equity market valuations.

截至第二季度，我們的企業投資組合大部分為投資等級，約 82%，企業非應計貸款較上季減少近 5 億美元，主要原因是升級和償還。此外，本季度，受房屋價格指數、油價和股票市場估值的推動，我們的宏觀假設有所改善。

And our credit loss reserves continue to incorporate a scenario-weighted average unemployment rate of nearly 5% and a downside unemployment rate of nearly 7%. As such, we feel very comfortable with the nearly $22 billion of reserves that we have in the current environment.

我們的信貸損失準備金繼續計入近 5% 的情境加權平均失業率和近 7% 的下行失業率。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 11, I would like to take a moment to highlight the strength of our balance sheet, capital, and liquidity. It is this strength that allows us to support clients through periods of uncertainty and volatility. Our balance sheet reflection of our risk appetite strategy and diversified business model.

翻到第 11 張投影片，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。正是這種實力使我們能夠在不確定和波動的時期為客戶提供支援。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。

Our $1.3 trillion deposit base is well diversified across regions, industries, customers and account types. The majority of our deposits are corporate at $807 billion and span 90 countries. And as you heard at the Services Investor Day, most of these deposits are held in operating accounts that are crucial to our clients fund their daily operations around the world, making them operational in nature and therefore, very stable.

我們的 1.3 兆美元存款基礎在地區、行業、客戶和帳戶類型方面實現了多元化。我們的存款大多來自企業，總額達 8,070 億美元，遍佈 90 個國家。正如您在服務投資者日上聽到的那樣，這些存款大部分都存放在營運帳戶中，這些帳戶對於我們的客戶在全球範圍內的日常運營至關重要，使其具有營運性質，因此非常穩定。

The majority of our remaining deposits -- about $404 billion are well diversified across the private bank, Citigold, retail, and wealth at work offering as well as across regions and product. Of our total deposits, 68% are US-dollar-denominated with the remainder spanning over 60 currency. Our asset mix also reflects our strong risk appetite framework.

我們剩餘的存款大部分（約 4,040 億美元）在私人銀行、花旗黃金、零售和工作財富服務以及地區和產品方面都實現了多元化。在我們的總存款中，68％以美元計價，其餘則涵蓋 60 多種貨幣。我們的資產組合也反映了我們強大的風險偏好架構。

Our $688 billion loan portfolio is well diversified across consumer and corporate loans, and about one-third of our balance sheet is held in cash and high-quality, short-duration investments securities that contribute to our approximately $900 billion of available liquidity resources. We continue to feel very good about the strength of our balance sheet and the quality of our assets and liabilities, which position us to be a source of strength for the industry and importantly, for our clients.

我們的 6,880 億美元貸款組合在消費者貸款和企業貸款方面實現了高度多元化，我們資產負債表中約三分之一以現金和高品質短期投資證券的形式持有，這些證券為我們約 9,000 億美元的可用流動性資源做出了貢獻。我們對我們的資產負債表的實力以及資產和負債的品質感到非常滿意，這使我們成為行業的力量源泉，更重要的是，成為我們客戶的力量來源。

On slide 12, we show a sequential walk to provide more detail on the drivers of our CET1 ratio this quarter. We ended the quarter with a preliminary 13.6% CET1 capital ratio, approximately 130 basis points, or approximately $15 billion, above our current regulatory capital requirement of 12.3%. We expect our regulatory capital requirement to decrease to 12.1% as of October 1, which incorporates the reduction in our stress capital buffer from 4.3% to the indicative SCB of 4.1% we announced couple of weeks ago.

在投影片 12 上，我們展示了連續步進，以提供有關本季 CET1 比率驅動因素的更多詳細資訊。本季末，我們的 CET1 資本比率初步為 13.6%，高出目前 12.3% 的監管資本要求約 130 個基點，或約 150 億美元。我們預計，自 10 月 1 日起，我們的監管資本要求將降至 12.1%，其中包括將我們的壓力資本緩衝從 4.3% 降至我們幾週前宣布的指示性 SCB 4.1%。

We were pleased to see the improvement in our DFAST results and the corresponding reduction in our SCB. That said, even with the reduction, our capital requirement does not yet fully reflect our simplification efforts, the benefits of our transformation, or the full execution of our strategy, all of which we expect to reduce our capital requirements over time.

我們很高興看到我們的 DFAST 結果有所改善，並且 SCB 也相應減少。也就是說，即使有所減少，我們的資本要求也尚未完全反映我們的簡化努力、轉型的好處或策略的全面執行，我們預計所有這些都會隨著時間的推移降低我們的資本要求。

And as a reminder, we announced an increase to our common dividend from $0.53 per share to $0.56 per share following the SCB results. And as Jane mentioned earlier, we plan on doing $1 billion of buybacks this quarter.

提醒一下，根據 SCB 的業績，我們宣布將普通股股息從每股 0.53 美元增加到每股 0.56 美元。正如簡之前提到的，我們計劃本季回購 10 億美元。

So now turning to slide 13. Before I get into the businesses, as a reminder, in the fourth quarter of last year, we implemented a revenue sharing arrangement within banking and between banking, services, and markets to reflect the benefit the 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.

現在翻到第 13 張投影片。在介紹業務之前，我想提醒一下，去年第四季度，我們在銀行內部以及銀行、服務和市場之間實施了收入分享安排，以反映企業從我們的基於關係的貸款中獲得的利益。收入分享的影響已包含在我們的財務補充資料中每項業務的「所有其他」行中。

In services, revenues were up 3% this quarter, reflecting continued underlying momentum across both TTS and security services. Net interest income was down 1%, largely driven by lower earnings on our net investment in Argentina, partially offset by the benefit of higher US and non-US interest rates relative to the prior-year period. Non-interest revenue increased 11%, driven by continued strength across underlying fee drivers as well as a smaller impact from currency devaluation in Argentina.

在服務方面，本季營收成長了 3%，反映出 TTS 和安全服務持續保持潛在成長勢頭。淨利息收入下降 1%，主要是由於我們在阿根廷的淨投資收益下降，但部分被美國和非美國利率相對於去年同期上升的好處所抵消。非利息收入成長 11%，這得益於基礎費用驅動因素的持續強勁以及阿根廷貨幣貶值的影響較小。

The underlying growth in both businesses is a result of our continued investment in product innovation, client experience, and platform modernization that we highlighted during our Services Investor Day last month. Expenses increased 9%, largely driven by in Argentina-related transaction tax expense, a legal settlement expense, and continued investments in product innovation and technology.

這兩項業務的潛在成長是我們對產品創新、客戶體驗和平台現代化持續投資的結果，我們在上個月的服務投資者日上強調了這一點。費用增加了 9%，主要原因是與阿根廷相關的交易稅費用、法律和解費用以及對產品創新和技術的持續投資。

Cost of credit was a benefit of $27 million, driven by an ACL release in the quarter. Average loans were up 3%, primarily driven by continued demand for export and agency finance, particularly in Asia, as well as working capital loans to corporate and commercial clients in Latin America and Asia.

信貸成本為 2,700 萬美元，受本季 ACL 釋放的影響。平均貸款成長 3%，主要原因是對出口和代理商融資的持續需求（尤其是在亞洲），以及拉丁美洲和亞洲的企業和商業客戶的營運資金貸款。

Average deposits were down 1%, driven by non-operating deposit outflows. At the same time, we continue to see good at operating deposit inflow. Net income was approximately $1.5 billion, and services continues to deliver a high RoTCE coming in at 23.8% for the quarter.

受非經營性存款流出影響，平均存款下降 1%。同時，我們繼續看到利好的經營性存款流入。淨收入約 15 億美元，服務持續帶來較高的 RoTCE，本季達到 23.8%。

On slide 14, we show the results for markets for the second quarter. Markets revenues were up 6%. Fixed income revenues decreased 3% driven by rates and currencies, which were down 11% on the back of lower volatility and tighter spread. This was partially offset by strength in spread product and other fixed income, which was up 20% primarily driven by continued loan growth and higher securitization underwriting fees.

在投影片 14 上，我們展示了第二季的市場結果。市場收入成長了6%。固定收益收入下降 3%，受利率和貨幣影響，由於波動性降低和利差收窄，固定收益收入下降 11%。這被利差產品和其他固定收益的強勁增長部分抵消，後者增長了 20%，主要原因是貸款持續增長和證券化承銷費上漲。

In addition to a benefit from the Visa B exchange offer, we continue to see good underlying momentum in equity, primarily driven by equity derivatives. And we continue to make progress in Prime with balances up approximately 18%. Expenses decreased 1%, driven by productivity savings, partially offset by higher volume-related expenses.

除了受益於 Visa B 交換要約之外，我們還看到股票市場繼續呈現良好的潛在勢頭，這主要得益於股票衍生品。我們在 Prime 方面繼續取得進展，餘額增加了約 18%。由於生產力節省，費用下降了 1%，但部分被與數量相關的費用增加所抵消。

Cost of credit was a benefit of $11 million as an ACL release more than offset net credit loss. Average loans increased 11%, largely driven by asset-backed lending and spread product. Average trading assets increased 12%, largely driven by client demand for treasuries and mortgage-backed security. Markets generated positive operating leverage and delivered net income of approximately $1.4 billion with an RoTCE of 10.7% for the quarter.

由於 ACL 釋放超過了淨信貸損失，信貸成本為 1,100 萬美元。平均貸款增加了 11%，主要受到資產支持貸款和利差產品的推動。平均交易資產增加了 12%，主要受客戶對國債和抵押貸款支持證券的需求所推動。市場產生了正的經營槓桿，本季實現了約 14 億美元的淨收入，RoTCE 為 10.7%。

On slide 15, we show the results for banking for the second quarter. Banking revenues increased 38%, driven by growth in investment banking and corporate lending. Investment banking revenues increased 60%, driven by strength across capital markets and advisory given favorable market conditions.

在投影片 15 上，我們展示了第二季的銀行業務表現。受投資銀行和企業貸款成長的推動，銀行收入成長了 38%。在有利的市場條件下，受資本市場和諮詢業務強勁成長的推動，投資銀行收入成長了 60%。

DCM continued to benefit from strong issuance activity, mainly an investment grade as issuers continued to de-risk funding plans in advance of what could be a more volatile second half in the context of a number of important global elections as well as the macroenvironment.

DCM 繼續受益於強勁的發行活動，主要是投資級發行，因為在一系列重要的全球選舉和宏觀環境的背景下，下半年可能會更加動盪，而發行人繼續提前降低融資計劃的風險。

In ECM, excluding China A Share, we're seeing a pickup in IPO activity, led by the US as well as continued convertible issuance as issuers take advantage of strong equity market performance and expectations for rates to be higher for longer. And in advisory, we're seeing revenues from the relatively low announced activity in 2023 coming to fruition as those transactions close.

在股票市場（不包括中國 A 股）中，我們看到 IPO 活動有所回升，其中美國領漲，同時可轉換債券發行也在持續進行，因為發行人利用強勁的股市表現和對利率長期處於高位的預期。在諮詢方面，隨著這些交易的結束，我們看到 2023 年相對較低的宣布活動帶來的收入正在實現。

Both year to date and in the quarter, we gained share across DCM, ECM, and advisory, particularly in technology, where we've been investing. Corporate lending revenues, excluding mark-to-market on loan hedges, increased 7%, largely driven by higher revenue share. We generated positive operating leverage again this quarter as expenses decreased 10%, primarily driven by actions taken to rightsize the expense base.

無論是年初至今還是本季度，我們在 DCM、ECM 和諮詢領域的份額都有所增長，特別是在我們一直在投資的技術領域。企業貸款收入（不包括以市價計價的貸款對沖）增加了 7%，這主要得益於收入份額的提高。本季我們再次產生了正的經營槓桿，因為費用減少了 10%，這主要得益於為調整費用基礎而採取的措施。

Cost to credit was a benefit of $32 million, driven by an ACL release, reflecting an improvement in the macroeconomic outlook, partially offset by net credit loss. Average loans decreased 4% as we maintained strict discipline around returns combined with lower overall demand for credit. Net income was $406 million, and RoTCE was 7.5% for the quarter.

信貸成本為 3,200 萬美元，受 ACL 釋放的推動，反映了宏觀經濟前景的改善，但被淨信貸損失部分抵消。由於我們對回報保持嚴格的紀律，加上整體信貸需求下降，平均貸款減少了 4%。本季淨收入為 4.06 億美元，RoTCE 為 7.5%。

On slide 16, we show the results for wealth for the second quarter. Wealth revenues increased 2%, driven by a 13% increase in NIR from higher investment fee revenues, partially offset by a 4% decrease in NII from higher mortgage funding costs. We continue to see good momentum in non-interest revenue as we benefited from double-digit client investment asset growth, both in North America and internationally, driven by net new client investment assets as well as market valuation.

在投影片 16 上，我們展示了第二季的財富結果。財富收入成長 2%，這得益於投資費用收入增加導致 NIR 增加 13%，但抵押貸款融資成本增加導致 NII 減少 4%，部分抵消了這一增長。我們繼續看到非利息收入的良好勢頭，因為我們受益於北美和國際上兩位數的客戶投資資產成長，這受到淨新客戶投資資產以及市場估值的推動。

Expenses were down 4%, driven by the initial benefit of expense reductions as we rightsized the workforce and an expense base. Cost to credit was a benefit of $9 million as an ACL release more than offset net credit loss. Preliminary end-of-period client balances increased 9%, driven by higher client investment assets as well as higher deposits.

費用下降了 4%，這得益於我們調整員工隊伍和費用基礎後最初產生的費用削減效益。由於 ACL 釋放超過了淨信貸損失，信貸成本為 900 萬美元。由於客戶投資資產增加以及存款增加，初步期末客戶餘額增加了 9%。

Average loans were flat as we continued to optimize capital usage. Average deposits increased 2%, largely reflecting the transfer relationships and associated deposits from USPB, partially offset by a shift in deposit to higher-yielding investment Citi's platform. Client investment assets were up 15%, driven by net new investment asset flows and the benefit of higher market valuation. Wealth generated positive operating leverage this quarter and delivered net income of $210 million with an RoTCE of 6.4% for the quarter.

由於我們持續優化資本使用，平均貸款持平。平均存款增加了 2%，主要反映了來自 USPB 的轉移關係和相關存款，但部分被存款轉向花旗更高收益投資平台所抵消。受淨新投資資產流入和市場估值上升的推動，客戶投資資產增加了 15%。Wealth 本季實現了正向經營槓桿，實現淨收入 2.1 億美元，本季 RoTCE 為 6.4%。

On slide 17, we show the results for US Personal Banking for the second quarter. US Personal Banking revenues increased 6%, driven by NII growth of 5% and lower partner payments. Branded cards revenues increased 8%, driven by interest-earning balanced growth of 9% as payment rates continue to moderate. And we continue to see growth in spend volume up 3%, primarily driven by customers with FICO scores of 740 or higher.

在投影片 17 上，我們展示了第二季美國個人銀行業務的表現。美國個人銀行業務收入成長 6%，主要得益於 NII 成長 5% 和合作夥伴支付減少。由於支付率持續下降，品牌卡收入增加了 8%，其中利息平衡增加了 9%。我們繼續看到支出金額成長 3%，這主要得益於 FICO 分數為 740 或更高的客戶。

Retail services revenues increased 6%, primarily driven by lower payments from city to our partners due to higher net credit losses and interest-earning balances grew 8%. Retail banking revenues increased 3%, driven by higher deposit spread as well as mortgage and installment loan growth. USPB also generated positive operating leverage this quarter with expenses down 2%, driven by lower technology and compensation costs, partially offset by higher-volume-related expenses.

零售服務收入增加 6%，主要原因是淨信貸損失增加導致城市向我們的合作夥伴支付的款項減少，且生息餘額增加了 8%。零售銀行收入成長 3%，主要得益於存款利差增加以及抵押貸款和分期貸款成長。本季度，USPB 也產生了正的經營槓桿，費用下降了 2%，這得益於技術和薪酬成本的降低，但被與銷售相關的費用的增加部分抵消。

Cost of credit increased to $2.3 billion, largely driven by higher NCLs of $1.9 billion and an ACL build of approximately $400 million, reflecting volume growth in the quarter. But let me remind you of the three things driving our NCLs this quarter.

信貸成本增至 23 億美元，主要因為 NCL 增加 19 億美元以及 ACL 增加約 4 億美元，反映了本季交易量的成長。但請讓我提醒您本季推動我們 NCL 發展的三件事。

First, card loan vintages that were originated over the last few years are all maturing at the same time. These vintages were delayed in their maturation due to the unprecedented levels of government stimulus during the pandemic. Second, we continue to see seasonally higher NCLs in the second quarter. Third, certain pockets of customers continue to be impacted by persistent inflation and higher interest rates resulting in higher losses.

首先，過去幾年發起的信用卡貸款都同時到期。由於疫情期間政府採取了前所未有的刺激措施，這些年份的葡萄酒成熟期被推遲。其次，我們繼續看到第二季 NCL 出現季節性上升。第三，部分客戶繼續受到持續通貨膨脹和較高利率的影響，導致損失增加。

However, across both portfolios, we are seeing signs of stabilization in delinquency performance, but we will continue to watch the impact of persistent inflation and high interest rate as the year progresses. Despite these factors, we still expect branded cards to be in the 3.5% to 4% NCL range for the full year and retail services to be at the high end of the range of 5.75% to 6.25%.

然而，在這兩個投資組合中，我們都看到了拖欠表現趨於穩定的跡象，但隨著時間的推移，我們將繼續關注持續通膨和高利率的影響。儘管有這些因素，我們仍然預計品牌卡全年的 NCL 將在 3.5% 至 4% 範圍內，零售服務的 NCL 將處於 5.75% 至 6.25% 範圍內的高端。

Average deposits decreased 18% as the transfer of relationships and the associated deposits to our wealth business more than offset the underlying growth. Net income was $121 million, and RoTCE for the quarter was 1.9%. As we said before, we will continue to take actions to manage through regulatory headwinds, lap the credit cycle, and grow revenue while improving the overall operating efficiency of the business to ultimately get to a high-teens return over the medium term.

平均存款下降了 18%，因為關係轉移和相關存款轉移到我們的財富業務，超過了潛在的成長。本季淨收入為 1.21 億美元，RoTCE 為 1.9%。正如我們之前所說，我們將繼續採取行動，克服監管阻力，突破信貸週期，增加收入，同時提高業務的整體營運效率，最終在中期內實現高回報率。

On slide 18, we show results for all other on a managed basis, which includes corporate other and legacy franchises and excludes divestiture-related items. Revenues decreased 22%, primarily driven by the closed exit and wind down and higher funding costs, partially offset by growth in Mexico as well as the impact from the Visa B exchange offer. And expenses decreased 7%, primarily driven by closed exits and wind-downs.

在投影片 18 中，我們展示了按管理方式計算的所有其他業績，其中包括公司其他業務和傳統特許經營權，但不包括與剝離相關的項目。收入下降了 22%，主要原因是退出和清算結束以及融資成本上升，但被墨西哥的成長以及 Visa B 交換要約的影響部分抵消。費用減少了 7%，主要原因是企業退出和倒閉。

Slide 19 shows our full-year 2024 outlook and medium-term guidance, both of which remain unchanged. We continue to remain laser-focused on executing on our transformation and enhancing the business's performance. And while we recognize there is a lot more to do on transformation, we are pleased with the progress that we're making towards our 2024 and medium-term target and remain committed to these targets.

投影片 19 顯示了我們對 2024 年全年的展望和中期指引，兩者均保持不變。我們將繼續專注於實施轉型並提高業務績效。雖然我們意識到在轉型方面還有很多工作要做，但我們對實現 2024 年和中期目標所取得的進展感到滿意，並將繼續致力於實現這些目標。

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

因此，簡和我很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Hi. Could you elaborate more on the amended consent order, Jane? You said it was disappointing to have gotten that this week. It's almost four years into the consent order. And a little bit -- why it hasn't been resolved, and what's on -- that's the loss column and maybe a little bit more on the win column too. I mean, you have what, 12,000 people thrown at the problem, billions of dollars. Is it not enough people? Is it not enough money? Is it -- you need to look at it in a different way? Are you not talking the same language?

你好。簡，您能詳細說明一下修改後的同意令嗎？你說這週收到這個消息很令人失望。同意令生效已近四年了。還有一點——為什麼它還沒有解決，以及什麼是——這是損失欄，也許在勝利欄上還有更多。我的意思是，你需要投入 12,000 名人員來解決這個問題，投入數十億美元。是不是人不夠啊？是不是錢不夠啊？是不是——你需要以不同的方式看待它？你們不是在說同一種語言嗎？

You have John Dugan as your Lead Independent Director, ex-head of the OCC. And it seems like you got your report card; I guess you passed overall. They went out of the way to say some nice things, but it looks like you've got failing grades in data and regulatory management. So you're confident it's going to be resolved, but it's already been four years, and it hasn't been resolved. So what is it going to take from here? And how can you resolve the regulatory concerns while continuing -- or serving shareholders better?

您的首席獨立董事是 John Dugan，他曾擔任 OCC 負責人。看起來你已經拿到成績單了；我猜你總體上通過了。他們特意說了一些好話，但看起來你在數據和監管管理方面的成績不及格。所以你相信這個問題會解決，但已經四年了，問題仍未解決。那麼接下來會發生什麼事呢？您如何在繼續為股東提供更好的服務的同時解決監管問題？

And then, in the win column, since it's so nebulous -- this back office, what are you achieving? You mentioned some items, but if you could put more meat on those bones. Thanks.

然後，在勝利一欄中，由於它如此模糊——這個後台辦公室，你取得了什麼成就？您提到了一些項目，但如果您能為這些項目添加更多內容的話。謝謝。

Yes. Thank you, Mike. That's -- a few different parts of that. So let's start by just taking a step back. Our transformation is addressing decades of underinvestment in large parts of Citi's infrastructure and in our risk and control environment. And when you unpack that, those areas where we had an absence of enforced enterprise-wide standards and governance, we've had a siloed organization that's prevented scale, a culture where a lot of groups are allowed to solve problems -- the same problem in different ways, fragmented tech platforms, manual processes and controls, and a weak first line of defense, too few subject matter experts.

是的。謝謝你，麥克。那就是——其中幾個不同的部分。因此，讓我們先回顧一下。我們的轉型正在解決花旗銀行數十年來在基礎設施以及風險和控制環境中大量投資不足的問題。當你仔細分析這些領域時，你會發現，在那些缺乏強制執行的企業範圍標準和治理的領域，我們有一個孤立的組織，這阻礙了規模的擴大，一種允許許多團體以不同的方式解決問題的文化——同一個問題，分散的技術平台，手動流程和控制，以及薄弱的第一道防線，以及太少的主題專家。

So this is a massive body of work that goes well beyond the consent order. And this is not old Citi putting in Band-Aids come; this is Citi tackling the root issues head on.

因此，這是一項規模龐大的工作，遠遠超出了同意令的範圍。這並不是花旗銀行打出的「創可貼」；這是花旗正面解決根本問題的做法。

It's a multi-year undertaking as we've talked about. And you saw the statement by one of our regulators this week; we have made meaningful progress on our transformation and on our simplification. Mark, do you want to -- ?

正如我們所說，這是一項多年的任務。大家本週看到了我們一位監管機構的聲明；我們在轉型和簡化方面取得了有意義的進展。馬克，你想-- ？

Yeah. And so as Jane says, the progress that we've made it spans multiple parts of the consent order and transformation work. Remember, that consent order transformation work includes risk. It includes controls. It includes compliance. It includes data and data related to the regulatory reporting. And we've got evidence and proof points of progress against all of those things.

是的。正如簡所說，我們所取得的進展涵蓋了同意令和轉型工作的多個部分。請記住，同意令轉換工作有風險。它包括控件。其中包括合規性。它包括與監管報告相關的數據和資料。我們有證據和證明點來證明所有這些事情都取得了進展。

Thank you, Mark. So transforming -- to answer your question about, how do we fix it and serve our investors at the same time? Transforming Citi will drive benefits for our shareholders, our clients, and our regulators. This is not mutually exclusive.

謝謝你，馬克。所以轉變－回答你的問題，我們如何解決這個問題並同時為我們的投資者提供服務？花旗的轉型將為我們的股東、客戶和監管機構帶來利益。這並不是互相排斥的。

At the beginning of the year, we honed in on two priorities, the transformation and improving our business performance. And we are able to do so because we've largely cleared the decks. We have a clear, focused strategy. We've executed the divestitures. We've got a much simpler organization. So we can focus on these two priorities, and we are able to do both.

年初，我們確定了兩個重點任務：轉型和提升經營績效。我們之所以能夠做到這一點，是因為我們已經基本上清理了障礙物。我們有一個清晰、有重點的策略。我們已經實施了資產剝離。我們的組織更加簡單。因此我們可以專注於這兩個優先事項，並且能夠同時做到這兩點。

You can see that in our results, again, this quarter -- multiple solid proof points on the execution of strategy. And we know what we need to do on both fronts. We have plans in place from the transformation and on the strategy, and we're executing against them. We have been and we will be transparent when we have issues and how we are addressing them.

您可以再次從本季的業績中看到這一點——策略執行的多個確鑿證據。我們知道在這兩個方面我們需要做什麼。我們已經制定了轉型和策略計劃，並且正在執行這些計劃。當我們遇到問題時，我們會透明地告知我們解決這些問題的方法，並且將來也會如此。

Yeah. And just to add a couple of data points to that, Mike, you've heard us mention some of these before, but we've retired platforms. We've reduced the number of data centers. Platforms are down some 300. We moved from 39 corporate loan platforms down to south of 20. We've got 20 cash equities execution platforms down to 1. We reduced the 6 reporting ledgers down to 1 -- 11 sanction platforms down to 1. So we've been making considerable progress over the past last couple of years.

是的。麥克，我再補充幾個數據點，你可能已經聽我們提到其中一些，但我們已經淘汰了一些平台。我們減少了資料中心的數量。大約有 300 個平台癱瘓。我們的企業貸款平台從 39 個減少到 20 個以上。我們的現金股票執行平台從 20 個減少到 1 個。我們將 6 個報告分類帳減少到 1 個，將 11 個制裁平台減少到 1 個。過去幾年我們取得了長足的進步。

With that said, there's a lot more work to be done around the data regulatory reporting work. If you think about Citi, we've got 11,000 global total reg reports, right? So we've got to make sure that the data that's going into those reports is the quality of the data that we want it to be. But more importantly that we're doing it efficiently -- that it doesn't take thousands of people to reconcile that information.

話雖如此，圍繞數據監管報告工作還有很多工作要做。如果你考慮一下花旗銀行，我們有 11,000 份全球總註冊報告，對嗎？因此，我們必須確保這些報告中的數據符合我們想要的品質。但更重要的是，我們做得很有效率——不需要成千上萬的人來核對這些資訊。

And so this is an end-to-end process in the way we're approaching it. One example is the 2052a liquidity report that we have. It has 750,000 lines of data. And that data is -- it's important again that we're efficiently collecting it from multiple systems with standards and governance that ensures it's of the quality that we wanted to be without, again, having to have manual activity supporting it.

因此，就我們處理的方式而言，這是一個端到端的過程。我們的 2052a 流動性報告就是一個例子。它有 750,000 行數據。而且這些數據——再次強調，重要的是我們要有效率地從多個系統中收集數據，並採用標準和治理措施，以確保其達到我們想要的質量，而無需再次進行手動活動來支持它。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Hi, thank you. So Mark, I heard your comments on credit this year; I'm talking the US personal banking. I heard your comments for credit the rest of this year, and I think a position that you're very conservatively reserved.

你好，謝謝。所以馬克，我聽到了你今年對信貸的評論；我指的是美國個人銀行業務。我聽到了您對今年剩餘時間的讚揚的評論，我認為您的立場非常保守。

But right now, you put up a 3% margin. Credit costs are almost half of what revenues are in this space. I guess, my question is, as we roll forward, in a slowing economy with likely a little bit lower -- some rate cuts, how does the P&L evolve? How does it improve from here? Because can we be expecting credit costs to come in in a slowing economy? I'm just trying to figure out the path forward, because it could be impactful if USPB obviously marches to where you need it to be.

但現在，你的保證金是 3%。信貸成本幾乎佔該領域收入的一半。我想，我的問題是，隨著我們向前發展，在經濟放緩且利率可能略低的情況下，損益表將如何演變？下一步情況會如何改善？因為我們能預期在經濟放緩的情況下信貸成本會增加嗎？我只是想弄清楚前進的道路，因為如果 USPB 明顯地向你需要的地方前進，它可能會產生影響。

Yeah. Look, like I said, we do think that there is certainly upside to USPB. We're looking for that upside in the medium-term target that we've set for ourselves. You've got to remember that when you look at the quarter and you look at the half, frankly, that we're still in a period where we're seeing the normalization of the cost of credit.

是的。瞧，就像我說的，我們確實認為 USPB 肯定有優勢。我們正在尋求我們為自己設定的中期目標中的上行空間。你必須記住，當你回顧本季和上半年時，坦白說，我們仍然處於信貸成本正常化的時期。

And as I mentioned in the prepared remarks, you have kind of a compounding effect of multiple vintages now maturing at the same time that's playing through the P&L. And that's not just true for us; that's true for others as well. And so we'd expect -- and we are -- we do believe we're seeing some signs of a cresting when you look at delinquencies now. And so we would expect that those losses start to normalize, and loss rates start to come down as we go towards the medium term.

正如我在準備好的發言中提到的那樣，多個年份的葡萄酒同時成熟，產生了複合效應，這種效應正在透過損益表發揮作用。這不僅適用於我們；對其他人也是如此。因此，我們預計——而且我們也確實相信——從目前的拖欠情況來看，我們看到了一些高峰的跡象。因此，我們預計這些損失將開始正常化，並且隨著中期的到來，損失率將開始下降。

At the same time, we're investing in the business, and we're looking to see continued growth in volume and on the top line. And the combination of those things as we drive towards the medium term will help us to deliver both the top-line growth and certainly improve returns from where we sit today and in line with what we've guided to.

同時，我們正在對業務進行投資，並希望看到銷售和收入的持續成長。在我們邁向中期目標的過程中，這些因素的結合將幫助我們實現營收成長，並且肯定會提高目前的回報率，並符合我們的預期。

So it's a combination of top-line performance from volume -- and obviously the environment plays into that, but we feel like we've got a reasonable assumption around top-line growth there, cost of credit normalizing, continued discipline on the expense line, allowing for us to improved returns cross that USPB business.

因此，這是營業額與銷量表現的結合——顯然環境也在其中發揮了作用，但我們覺得，我們對營業額增長、信貸成本正常化、費用方面的持續約束有一個合理的假設，這使我們能夠提高 USPB 業務的回報。

Okay. I appreciate all that. One quickie on DCM. You had amazingly good performance. There's been plenty of conversation about pull forward this year on just refi driving like three quarters of the activity. Could you just help us think through the second half when thinking about DCM, just to make sure that we don't start modelling this into perpetuity?

好的。我對此表示感謝。DCM 上的一個快速操作。你的表現非常出色。關於今年提前進行再融資的討論已經很多，光是再融資就推動了四分之三的活動。在考慮 DCM 時，您能否幫助我們仔細考慮後半部分，以確保我們不會開始永久建模？

Look, I think when we think about the back-half of '24, we're going to see a different mix of activity in banking. We do still expect demand to be quite strong across our capital market products, because you've got a wall of maturing debt securities coming up in the second half that carry on for a couple of years. But we did see some clients accelerating issuances into the first half, getting ahead of potential market volatility.

看，我認為當我們考慮 24 年下半年時，我們將看到銀行業活動的不同組合。我們仍然預期我們的資本市場產品的需求將相當強勁，因為下半年將有大量債務證券到期，並且將持續幾年。但我們確實看到一些客戶在上半年加速發行債券，以應對潛在的市場波動。

So if you put it all together, I think we expect the rate environment and the financing market to continue to become more accommodative as well as to continue deal-making with M&A being a bit larger in the overall mix, although some of the regulatory elements have put a damper on part of that.

所以，如果把所有因素綜合起來，我認為我們預計利率環境和融資市場將繼續變得更加寬鬆，同時交易量將繼續增加，併購在整體組合中佔比將更大一些，儘管一些監管因素對其中的一部分產生了抑製作用。

The only thing I'd add to that is, look, the wallet for the year is obviously going to depend on a couple of things: so one, the return of a more normalized IPO market; two, the direction and volatility of interest rate; the ongoing global conflicts that we're all seeing and witnessing; and then finally, as Jane mentioned in her remarks, the elections and what those outcomes look like, not just in the US but abroad. And so there are a number of factors there that will play to the wallet. But as we said, we believe we're well positioned to be there to serve our clients and do so in a way that makes good economic sense.

我唯一要補充的是，你看，今年的錢包顯然要取決於幾個因素：第一，更加正常化的 IPO 市場的回歸；二、利率方向及波動性；我們正在看到和見證的正在發生的全球衝突；最後，正如簡在發言中提到的那樣，選舉及其結果不僅在美國，而且在國外也是如此。因此，有許多因素都會對錢包產生影響。但正如我們所說，我們相信我們有能力為客戶提供服務，並以具有良好經濟意義的方式提供服務。

Jim Mitchell, Seaport Global.

吉姆·米切爾，Seaport Global。

Hey. Good morning. Just Mark, maybe on NII down almost 4% year over year, it seemed a little bit more than -- the guidance was down modestly for the year. So can you discuss sort of the puts and takes this quarter, and how we should think about the quarterly trajectory for the rest of the year?

嘿。早安.就像馬克一樣，也許 NII 同比下降了近 4%，這似乎比今年的指導值略有下降。那麼，您能否討論本季的利弊，以及我們應該如何看待今年剩餘時間的季度走勢？

Yeah. So I'd say a couple of things. So one, as I mentioned in the quarter, and if you look -- you see it on slide 9, ex-markets, we're down about 3%. That's largely driven by some FX translation that played through but also some seasonally lower revolving card balances and then lower interest rates in Argentina. And what that is is in Argentina, we have capital there. The policy rate was adjusted downward. And as that happened, we obviously earn less on that capital that flows through the NII line.

是的。所以我想說幾件事。因此，正如我在本季提到的那樣，如果你看一下——在第 9 張投影片上可以看到，除市場外，我們下降了約 3%。這主要是由於外匯交易的影響，但也是由於季節性循環卡餘額較低以及阿根廷利率較低。而我們的資本就在阿根廷。政策利率下修。當這種情況發生時，我們從流經 NII 線路的資本中獲得的收益顯然會減少。

As I think about the back-half of the year and the guidance we have of modestly down, there are a couple of puts and takes to keep in mind. So one is going to be rates, right? So as I think about the higher yield that we can earn on reinvestment, that will be a tailwind that plays through from an NII point of view.

當我思考下半年的情況以及我們適度下降的期望時，有幾點需要牢記。那麼其中一個就是利率，對嗎？因此，當我想到我們可以在再投資中獲得更高的收益時，從國家資訊基礎設施的角度來看，這將是一個順風。

The second would be volume growth, particularly in our card loans portfolio. And we do expect to see continued volume growth across the -- certainly, the branded portfolio. And so that will be another tailwind for us on the NII line.

第二個是數量成長，特別是我們的信用卡貸款組合。我們確實預計整個品牌產品組合的銷售將持續成長。因此，這將成為我們在 NII 領域的又一順風。

In terms of the headwinds, you've got the lower NII earned in Argentina from rates. That will continue to play through. We've got assumed higher average betas in 2024, specifically on the non-US side. We still have in our forecast the impact of CFPB late fees. So assuming that that goes into effect for this year, that will have an impact, and it's in the forecast. And then the impact of lost NII from the exit that we have.

就不利因素而言，阿根廷從利率中獲得的 NII 較低。這將繼續發揮作用。我們假設 2024 年的平均貝塔係數會較高，尤其是在美國以外地區。我們的預測中仍考慮了 CFPB 滯納金的影響。因此，假設該政策在今年生效，將會產生影響，而且這是在預測之中的。然後是我們退出後丟失 NII 的影響。

And so the combination of those things will probably mean that NII in the back-half of the year is a little bit higher than the first half, but again, consistent with the guidance that we gave of modestly down.

因此，這些因素的綜合作用可能意味著下半年的 NII 會比上半年略高一些，但同樣與我們給出的適度下降的指導一致。

That' helpful. And maybe just quickly, just a similar question on expenses -- better than expected this quarter, but there was no restructuring or repositioning charges. I think to get to the high end of your range, you'd have to be up a little bit in the back-half from 2Q run rate. Is that because you expect more repositioning or restructuring in the second half? Or maybe just talk through expense trajectory from here.

這很有幫助。也許只是快速地問一個類似的關於費用的問題——本季度的費用好於預期，但沒有重組或重新定位費用。我認為，要達到你的範圍的高端，你必須在第二季的後半段運行率略有上升。這是因為您預計下半年會出現更多的重新定位或重組嗎？或者也許只是從這裡討論一下費用軌跡。

Yeah. So that's right. When I talked about at the first quarter, I talked about kind of a downward trend for each of the quarters after Q1. The second quarter came in a bit lower than we were expecting. I'm sticking with the guidance. And it does mean that the back-half of the year will likely come in -- will come in higher than the second quarter.

是的。沒錯。當我談到第一季時，我談到了第一季之後每季的下降趨勢。第二季的業績略低於我們的預期。我會堅持遵循指導。這確實意味著今年下半年的銷售額可能會高於第二季。

That's a combination of a couple of things, including the pace of hiring and investment that we will do in the transformation work that has to be done. It also includes repositioning charges that we might take or need to take as we continue to work through our businesses across the firm and the franchise.

這是多種因素的綜合作用，包括我們在必須完成的轉型工作中招募和投資的速度。它還包括我們在繼續開展公司和特許經營業務時可能承擔或需要承擔的重新定位費用。

And then the second quarter did -- yeah, the second quarter did have a one-time or so in some delayed spending that will pick up in the third and fourth quarter around advertising and marketing and some of the other line items. So yes, the second quarter will -- the third and fourth quarter, the back-half will be higher than the second quarter but consistent with the guidance that I've given.

然後第二季確實如此——是的，第二季確實有一些一次性的延遲支出，這些支出將在第三季和第四季圍繞廣告和行銷以及其他一些項目增加。所以是的，第二季度、第三季度和第四季度以及後半年的業績將高於第二季度，但與我給出的指導一致。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi. I had two questions, and I'll ask the first one on expenses first since it's a good follow-up to the previous. Mark, just to clarify, let's just say, take the highest end of your range at $53.8 billion. Just trying to think about how consensus will move. So we take that $53.8 billion and then add the $285 million of FDIC expenses year to date so far and add the civil money penalties of $136 million, so that gets us to $54.2 billion for the year and any other repositioning charges in the second half of the year would already be included in the $53.8 billion?

你好。我有兩個問題，我將首先詢問有關費用的第一個問題，因為這是對前一個問題的一個很好的跟進。馬克，為了澄清起見，我們假設您的最高限額為 538 億美元。只是想思考共識將如何發展。因此，我們將 538 億美元加上今年迄今為止的 2.85 億美元 FDIC 支出，再加上 1.36 億美元的民事罰款，這樣全年總額就達到了 542 億美元，下半年的任何其他重新定位費用是否已經包含在 538 億美元中了？

So yes. The answer to your last part of your question is, yes. So in the range that I've given, $53.5 billion to $53.8 billion, that includes our estimate for the full year of repositioning and any restructuring charges. That range excludes the FDIC special assessment that we saw earlier in the year, and it excludes CMP of $136 million.

是的。對於你問題的最後一部分，答案是肯定的。因此，在我給出的 535 億美元至 538 億美元的範圍內，其中包括我們對全年重新定位和任何重組費用的估計。該範圍不包括我們在今年稍早看到的 FDIC 特別評估，也不包括 1.36 億美元的 CMP。

Got it. And my second question is for Jane, and I'm sure you're getting tired of the question on capital return. So you're buying back $1 billion -- or you plan to buy back $1 billion this quarter. It looks like you didn't buy back any in the second quarter. And I'm asking this question in this context, because [Consensus] has a buyback of nearly $1 billion in the fourth quarter and staying at this rate for the first half of next year and ramping higher.

知道了。我的第二個問題是問簡的，我相信你已經厭倦了關於資本回報的問題。所以你要回購 10 億美元——或者你計劃本季回購 10 億美元。看起來你在第二季沒有回購任何東西。我之所以在這種背景下提出這個問題，是因為[Consensus]在第四季度回購了近 10 億美元，並將在明年上半年保持這一速度並進一步加快。

And I guess is the $1 billion number a catch-up pace because you didn't buyback any in the second quarter? And I fully appreciate that you also have the Banamex IPO coming, which is different from peers that are also waiting for Basel clarification. But I'm just wondering, do we need to wait for that -- for that Banamex IPO for the company to feel comfortable moving away from that quarter-to-quarter guidance? And also, of course, I just want to readdress the beginning of the question when I asked specifically about the pace.

我想，10 億美元的數字是否是追趕速度，因為你們在第二季沒有回購任何股票？我非常感激你們即將推出 Banamex 首次公開發行 (IPO)，這與同樣在等待巴塞爾協議澄清的同行有所不同。但我只是想知道，我們是否需要等待 Banamex 首次公開發行 (IPO)，以便公司能夠放心地放棄季度指引？當然，我只是想重新回答一下問題開頭我具體詢問的速度問題。

Okay. So we are not going to be giving guidance going forward around our buybacks. We are going to continue to give quarterly -- make it a quarterly determination as to the level. And a lot of that is to do with the uncertainty about the forthcoming regulatory changes.

好的。因此，我們不會就回購事宜提供任何指引。我們將繼續每季確定一個水平。這在很大程度上與即將出台的監管變化的不確定性有關。

I think we were delighted to see a slight reduction in our stress capital buffer, reflecting the financial strength and resiliency of our business model. And also good to see the benefits of our strategy playing out. But with the regulatory changes uncertain, we are -- that's one of the major factors for us to continue with the quarterly guidance.

我認為我們很高興看到我們的壓力資本緩衝略有減少，這反映了我們商業模式的財務實力和彈性。並且很高興看到我們的策略取得了成效。但由於監管變化的不確定性，這是我們繼續提供季度指引的主要因素之一。

Yeah, that's right. On the first part of your question, Erika, I'd say, look, we were in discussions with our regulators, and we made a prudent call as it relates to buybacks in the quarter for Q2. So Q3, as we talked about, we would be at $1 billion, and that should not be necessarily viewed as a run rate level. As Jane mentioned, we'll take it quarter by quarter from here.

是的，沒錯。關於你問題的第一部分，埃里卡，我想說，看，我們正在與監管機構進行討論，並且就第二季度的回購做出了審慎的決定。因此，正如我們所討論的，第三季我們的銷售額將達到 10 億美元，但這不一定被視為運行率水準。正如簡所提到的，我們將從現在開始逐季進行。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Thank you. Hi, Jane. Hi, Mark. Mark, regarding the comments you made about the higher credit losses, the three factors that you gave us, can you also talk about if this was a factor at all for you folks -- was there any FICO score inflation back during the pandemic that might be playing into these credit losses?

謝謝。你好，簡。你好，馬克。馬克，關於您對信用損失增加的評論，以及您給我們的三個因素，您能否也談談這對你們來說是否是一個因素——在疫情期間是否存在任何 FICO 分數膨脹，這是否可能導致這些信用損失？

And as part of the credit card question, you mentioned the CFPB -- the fees that you have factored them -- the lower fees, you factored that into your forward look. Where do we stand on that? Do you guys have any color on that as well?

作為信用卡問題的一部分，您提到了消費者金融保護局 (CFPB)——您已經將其考慮在內的費用——較低的費用，您已將其納入您的前瞻性考慮中。我們對此持什麼立場？你們對此也有什麼看法嗎？

Yeah. So on the first part of the question, look, we all have talked about in the past the prospect of FICO inflation factor in the COVID period of time. We've been very, very focused on ensuring that acquisitions that we've made have been appropriately analyzed in the underwriting of that to get comfortable with the quality of new customers that we've been bringing on in light of the environment we have looked moving towards higher FICO scores for new account acquisitions.

是的。因此，關於問題的第一部分，你看，我們過去都討論過 COVID 時期 FICO 通膨因素的前景。我們一直非常注重確保我們所做的收購在核保過程中得到適當的分析，以便在我們尋求提高新帳戶收購的 FICO 分數的環境下，對我們所帶來的新客戶的品質感到滿意。

But as I think about what we're seeing now, there is that dichotomy that I mentioned, where we have the higher FICO score customers that are driving the spend growth and that, frankly, have still continued strong balances and savings. And it's really the lower FICO band customers where we're seeing the sharper drop in payment rates and more borrowing. And so the FICO inflation has effectively fizzled out when we look at the mix and dynamic of the customer portfolio that we have at this point.

但當我思考我們現在看到的情況時，就會發現我提到的二分法，我們擁有 FICO 評分較高的客戶，他們推動著支出成長，而且坦白說，他們仍然保持著強勁的餘額和儲蓄。我們看到，FICO 信用評分較低的客戶的還款率急劇下降，借款金額也增加。因此，當我們觀察目前的客戶組合組合和動態時，FICO 通膨實際上已經逐漸消失。

And in terms of CFPB late fees, I don't have an update on that. Like I said, we've built in an assumption in our forecast. But in terms of the timing, I don't have a formal update on the certainty of --

關於消費者金融保護局 (CFPB) 滯納金，我還沒有更新的消息。正如我所說的，我們在預測中已經建立了一個假設。但就時間而言，我還沒有關於--

Ken Usdin, Jefferies.

肯‧烏斯丁，傑富瑞集團。

Hey, thanks. Good morning. Hey, Mark. Talking about the NII outlook and the fact that now we've got a little bit of a discrepancy starting between US rates maybe higher for longer, and then the beginnings of some of the non-US curve starting to at least put forth their first cut -- I know we've got that good chart that you have in the Qs about the relative contributions. Can you just help us understand a little bit of just generally, how you're thinking through that discrepancy and how that informs the difference between US-related NII and non-US-related NII as you go forward?

嘿，謝謝。早安.嘿，馬克。談到 NII 前景，以及現在我們發現美國利率可能在較長時間內保持較高水平，而部分非美國曲線開始至少出現首次下調，兩者之間存在一些差異——我知道我們在 Q 中已經得到了關於相對貢獻的良好圖表。您能否幫助我們大致了解一下，您是如何看待這種差異的，以及這種差異如何影響與美國相關的 NII 和與美國無關的 NII 之間的差異？

Yeah. Thank you. So look, I think that as we look at it out through the -- certainly through the medium term, we expect to see continued NII growth at obviously a modest level, certainly lower than what we've seen historically. And that's in large part because -- or in part I should say, because of how we've been managing the balance sheet, and that has allowed for us to reinvest as securities have rolled off and earned a higher yield on them relative to what we were earning. In some instances, they were five-year terms on some of these investments.

是的。謝謝。所以，我認為，從中期來看，我們預計 NII 將繼續以明顯溫和的水平增長，肯定低於我們歷史上看到的水平。這在很大程度上是因為——或者我應該說，部分是因為我們一直以來對資產負債表的管理方式，這使我們能夠在證券到期時進行再投資，並獲得相對於我們之前收益更高的收益。在某些情況下，部分投資的期限為五年。

And so we still think there's some upside from a reinvestment point of view. The point you make around non-US dollar or US rates coming off, that will play through a little bit as we think about the beta increases that we're expecting outside of the US. And so we would assume that we have higher betas pick up outside of the US. If rates come off in a more substantive way, then we could see a little less NII pressure than we're forecasting there.

因此，我們仍然認為從再投資的角度來看還存在一些好處。您提到的有關非美元或美國利率下降的觀點，在我們考慮美國以外地區預計的貝塔值上升時，將會產生一定的影響。因此，我們假設美國以外的地區的貝塔係數會較高。如果利率以更實質的方式下降，那麼我們可能會看到NII壓力比我們預測的要小一些。

But net-net, as I think about a combination of volume growth that we're expecting between loans and deposits over that medium term, the higher yield we can earn on our assets combined with the pricing capabilities that we have across the portfolio, offsetting some of that beta, we believe will have continued NII growth.

但總體而言，當我考慮到我們預計中期內貸款和存款之間的量增長、我們資產所能獲得的更高收益以及我們整個投資組合的定價能力，抵消部分貝塔值的影響時，我們相信 NII 將繼續增長。

As I think about what I often point to in terms of the IRE analysis -- and you have to remember that that is a shock to the current balance sheet, and it assumes that the full curve is moving simultaneously, cross currencies, and in that case, the 100-basis-point parallel shift downward would be a negative $1.6 billion with about [$1.3 billion] of that coming from non-US dollar. But again, it does assume that all of those currencies come down at the same time and doesn't account for the rebalancing of the balance sheet and things that I mentioned, like the reinvestment, higher yields that we'd be able to earn.

當我思考我經常在 IRE 分析中指出的問題時——你必須記住，這對當前的資產負債表是一個衝擊，它假設整個曲線同時移動，跨貨幣移動，在這種情況下，100 個基點的平行向下移動將導致負 16 億美元，其中約 [13 億美元] 來自非美元。但同樣，它確實假設所有這些貨幣同時下跌，並且沒有考慮到資產負債表的再平衡以及我提到的再投資、我們能夠獲得的更高收益等因素。

Got it. Okay. And just one follow-up on the OCC amendment, and that's specifically related to the Resource Review Plan. Do you have a line of sight on how long that will take you guys to finish? Because it seems like -- and is that what we should be thinking about in terms of just understanding like what's the side of -- what you need to get done in terms of the other language that's written in the order?

知道了。好的。關於 OCC 修正案還有一點後續問題，具體與資源審查計畫有關。您是否知道需要多長時間才能完成？因為它看起來像是——這就是我們應該考慮的，只是理解什麼是——就訂單中寫的其他語言而言，你需要做什麼？

So Ken, look, the Resource Review Plan is just that. It's a plan to ensure that we have sufficient resources allocated towards achieving a timely and sustainable compliance with the order. Essentially, if an area is delayed or looking as if it could be, we'll determine what additional resourcing, if any, is required to get back on track. And then we'll share that with the OCC in a more formalized way than we do today. We obviously review this pretty constantly ourselves.

所以肯，你看，資源審查計畫就是這樣的。該計劃旨在確保我們分配足夠的資源，以便及時、可持續地遵守命令。本質上，如果某個區域出現延誤或看起來可能出現延誤，我們將確定需要哪些額外資源（如果有的話）才能回到正軌。然後，我們將以比現在更正式的方式與 OCC 分享該資訊。顯然，我們自己經常會對此進行審查。

We're already working on the plan. After it's finalized with the OCC though, (technical difficulty) it will be confidential supervisory information that we can't disclose. So we won't be able to tell you that the plan is -- whether the plan -- what the nature of the plant is going to be. But it won't be much more complicated than what we talked about. And we're expecting to get it -- we're not expecting this to take long.

我們已經在製定計劃了。不過，在與 OCC 最終確定之後（技術難題），它將成為我們不能揭露的機密監管資訊。因此，我們無法告訴您該計劃是什麼——該計劃是否——工廠的性質將會是什麼。但它不會比我們談論的複雜得多。我們期待得到它——我們預計這不會花很長時間。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, good afternoon. Okay. So I know we talked a lot about expenses. I just have one overarching question here which is on how we should think about the path of expenses between now and the medium term as we have come quite a long way in the simplification process.

嗨，下午好。好的。我知道我們討論了很多有關費用的問題。我在這裡只有一個總體問題，那就是我們應該如何考慮從現在到中期的支出路徑，因為我們在簡化過程中已經取得了相當大的進展。

Maybe you could give us a sense as to how far along simplification impact on expenses we are. And overlapping with the regulatory requirements, do these net out, or are we skewed a little bit more towards regulatory requirements being a bit heavier than what's left on simplification from here? Thanks.

也許您可以讓我們了解簡化對我們的費用有多大的影響。並且與監管要求重疊，這些是否會相互抵消，或者我們更傾向於監管要求比現在簡化的要求更嚴格一些？謝謝。

So thank you, Betsy. I guess I'd say a couple of things. So I think we've said in the past, so the target for the medium term -- so think 2026 -- is somewhere around $51 billion to $53 billion of expenses. As we've said, we'll have about a $1.5 billion in savings related to the restructuring that we've done and another $500 million to $1 billion related to net expense reductions from eliminating the stranded costs as well as additional productivity over that medium-term period.

所以謝謝你，貝琪。我想我要說幾件事。所以我想我們過去曾說過，中期目標——也就是 2026 年——的支出大約是 510 億美元到 530 億美元。正如我們所說，透過我們已經完成的重組，我們將節省約 15 億美元，另外透過消除擱淺成本以及在中期提高生產力，我們將節省 5 億至 10 億美元淨費用。

And so we've made -- I think, very good headway as Jane has mentioned in the org simplification and the restructuring charges associated with that, those saves will have started to generate -- some of those saves in the early part of that, meaning this year will likely be offset by continued investment that we're making in areas of the business like transformation, but also in business-led or -driven growth. And you should expect in terms of the trend that we would have a downward trend towards 2026 and achieving that range.

因此，正如 Jane 所提到的那樣，我們在組織簡化和與此相關的重組費用方面取得了非常好的進展，這些節省將開始產生——其中一些節省是在早期實現的，這意味著今年的節省可能會被我們在業務轉型等領域以及業務主導或驅動的增長方面的持續投資所抵消。從趨勢來看，你應該可以預見到 2026 年我們將呈現下降趨勢並達到這個範圍。

And I just want to reiterate, we remain confident that we will meet our 11% to 12% RoTCE target over the medium term. And we've got the -- we have the ability to manage the different elements we've been talking about today, making sure that we're investing sufficient resources into the transformation, so we can be on track with that as well as in our businesses and as well as the return of capital to our shareholders. And so we feel confident around that and good about it. We can manage this.

我只想重申，我們仍然有信心在中期內實現 11% 至 12% 的 RoTCE 目標。我們有能力管理我們今天討論的不同要素，確保我們為轉型投入足夠的資源，這樣我們就可以按計劃進行轉型，也可以按計劃開展業務，並向股東返還資本。因此，我們對此充滿信心，並且感到高興。我們可以解決這個問題。

Yeah, I think that's a great point, Jane. Look, the reality is, as was pointed out earlier, we spent about $3 billion last year -- a little bit under that -- on the transformation-related work. And the plan has called for us to spend a little bit more than that this year.

是的，我認為這是一個很好的觀點，簡。事實上，正如先前指出的那樣，去年我們在轉型相關工作上花費了約 30 億美元——略低於這個數字。而計畫要求我們今年的支出要比這稍微多一點。

And frankly, in the first half of the year, as we work through the transformation work and some of the things that Jane and I have mentioned earlier in the year that we've been focused on like data and data regulation -- and data related to regulatory reporting, we've had to spend more than we had planned for in the first half, right? And we've done that, and we've funded that.

坦白說，在今年上半年，當我們進行轉型工作以及我和簡在今年早些時候提到的一些我們一直關注的事情時，比如數據和數據監管 - 以及與監管報告相關的數據，我們不得不花費比我們計劃的更多的錢在上半年，對嗎？我們已經做到了這一點，並且我們為此提供了資金。

We've been able to find productivity opportunities that allow for us to still stay within the guidance that we've given for the full year. So we are managing this entire expense base, right? So not -- the whole $53 billion-plus of it, we are actively managing that with an eye towards what's required from a transformation point of view to keep it on track, to accelerate in areas, where we are behind, and to shore up areas where we are tracking in accordance to what the order requires and where are there other inefficiencies that can allow for us to free up the expense base.

我們已經能夠找到提高生產力的機會，這使我們能夠仍然保持在全年給予的指導範圍內。所以我們正在管理整個費用基礎，對嗎？因此，對於全部 530 多億美元，我們正在積極管理，著眼於從轉型的角度需要做什麼，以使其保持正軌，在我們落後的領域加速發展，並根據訂單要求鞏固我們正在跟踪的領域，以及哪些地方存在其他效率低下的問題，可以讓我們釋放費用基礎。

And so things like the work that Andy Sieg has done with the finance team around that expense base and finding efficiencies there are opportunities that we've been able to tease out of the business. Things that we have done in parts of USPB and that we have continued to get at there in parts of banking, which you see in the down 10% this quarter are areas where we've been keenly focused on, where are there duplicative roles, where are there inefficient processes that we can actually drive greater efficiency out of.

因此，安迪·西格 (Andy Sieg) 與財務團隊圍繞費用基礎所做的工作以及尋找效率等都為我們從業務中挖掘出機會提供了可能。我們在 USPB 部分業務中已經完成的工作以及我們在銀行部分業務中繼續開展的工作（您會看到本季度的 10% 的下降）都是我們一直密切關注的領域，存在重複的角色，存在低效的流程，我們可以真正提高效率。

So long-winded way of saying, we understand the expense guidance that we've given. We also understand and stress the importance of funding the transformation with what's required, and we're doing both.

長話短說，我們理解我們給予的費用指導。我們也理解並強調為轉型提供所需資金的重要性，而我們同時在做這兩件事。

Okay, great. Thank you very much. Appreciate that.

好的，太好了。非常感謝。非常感謝。

Vivek Juneja, JPMorgan.

摩根大通的 Vivek Juneja。

Hi. Okay. Let me just clarify this, Mark and Jane, just to make sure that we all have it right. The $53.5 billion to $53.8 billion does not include anything thus far on what you think you may need to spend on the Resource Review Plan, meaning what additional resources you would have to put to fix the consent order. Am I right there?

你好。好的。馬克和簡，讓我澄清一下這一點，以確保我們都理解正確。到目前為止，535 億美元到 538 億美元還不包括您認為可能需要在資源審查計劃上花費的任何資金，這意味著您必須投入多少額外資源來修復同意令。我就在那裡嗎？

No, you're not right. So as you've heard us talk about, Vivek, for a while now that we knew there would be areas that we were behind in elements of our transformation program and that we began addressing those and making the investments. Some of that is in people, some of that is in technology spend. It's using different tools and capabilities to get areas addressed earlier. And we began that earlier in the year. And you saw that acknowledge as well by our regulators who pointed to the fact that we've already begun addressing the areas that we're behind.

不，你錯了。正如您所聽到的，維韋克，一段時間以來，我們知道我們的轉型計劃中存在一些落後的領域，我們開始解決這些問題並進行投資。其中一部分是人力投入，一部分是技術投入。它使用不同的工具和功能來更早解決問題。我們在今年早些時候就開始這麼做了。我們的監管機構也承認了這一點，並指出我們已經開始解決落後的領域。

Mark?

標記？

That's right, Jane. And what you have heard is that despite having to spend more -- some $250 million or so more, we're not changing the guidance, right? And so we have -- as Jane mentioned, we have worked on areas already that we've needed to, and we have looked for ways to absorb that and are doing so within our guidance.

沒錯，簡。您所聽說的是，儘管我們必須花費更多——大約 2.5 億美元左右，但我們不會改變指導方針，對嗎？正如簡所提到的，我們已經在需要的領域開展了工作，並且我們已經找到了吸收這些知識的方法，並在我們的指導範圍內進行。

Okay. So going forward, even though this plan is still to be sort of put together and approved by the regulators, we should not expect any change to this expense (multiple speakers)?

好的。因此，展望未來，儘管該計劃仍有待制定並獲得監管機構的批准，但我們不應預期這項支出會有任何變化（多位發言者）？

Look, the plan -- the Resource Review Plan, as Jane mentioned, is what we're working through now with the regulators. That will be a process for demonstrating to them that we are spending and allocating the appropriate resources to accomplishing the commitments that we have. Appropriate resources can range from people, to technology, to enhancing our processes, and ensuring better execution.

你看，正如簡所提到的，資源審查計畫是我們目前正在與監管機構合作制定的。這將向他們證明我們正在投入和分配適當的資源來履行我們的承諾。適當的資源可以包括人員、技術、增強我們的流程、確保更好的執行。

If you think about what that will entail, it will entail areas where we are delayed or behind as we identify those areas, being able to tease out the root cause of any delay, and ensure that we've got proper funding allocated to get it back on track. And that's me framing out how I think about what something like this might look like.

如果你考慮一下這將意味著什麼，它將包括我們在確定哪些領域時出現延誤或落後，能夠找出任何延誤的根本原因，並確保我們分配適當的資金以使其回到正軌。這就是我對這種事情可能會是什麼樣子的思考。

And so what we're saying is that if we identify issues in the quarters to come that we haven't identified already, that's the process we're going to apply to those issues. And as you've heard us say repeatedly, we're going to spend whatever is necessary to then get those things back on track. And as we've done thus far this year, we're going to look for opportunities to absorb those headwinds.

因此，我們的意思是，如果我們在未來幾季發現尚未發現的問題，我們就會採用這個流程來解決這些問題。正如你們聽到我們反覆說的那樣，我們將花費一切必要的資金來讓這些事情回到正軌。正如我們今年迄今為止所做的那樣，我們將尋找機會來消除這些不利因素。

I hope that's clear.

我希望這很清楚。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Hi. Apologies if I missed it in the opening remarks, but what drove the decline in credit card revenues from 1Q to 2Q? It looks like they were down about 6% in aggregate, even though average loans went up, spending went up. What was the driver of that?

你好。如果我在開場白中沒有提到，請見諒，但是什麼原因導致信用卡收入從第一季到第二季下降呢？儘管平均貸款增加了，支出也增加了，但整體來看似乎下降了約 6%。造成這種情況的原因是什麼？

Credit card revenues -- seasonality (multiple speakers) --

信用卡收入－季節性（多位發言者）——

Yeah, seasonality (multiple speakers) --

是的，季節性（多位發言者）——

Seasonality playing through there (multiple speakers)

季節性因素正在發揮作用（多位發言者）

Sequentially.

依次。

Yeah, sequentially.

是的，按順序。

I think if you looked year over year, you will be able to see a pretty common trend there. The consumer is slowing in some of the -- in the spend as Mark had referred to, Matt. And a lot of the spending and the growth areas we are seeing and the underlying numbers is being driven by the affluent customer.

我想如果你逐年回顧，你會發現一個相當普遍的趨勢。正如馬克、馬特所提到的，消費者在某些支出方面正在放緩。我們看到的許多支出和成長領域以及基本數據都是由富裕的消費者推動的。

Yeah, I think there's also the dynamic on the CRS of the reward -- or across the portfolio of rewards playing through from one quarter to the other. So the combination of those things are playing through the revenue line there.

是的，我認為獎勵的 CRS 也存在動態——或者說獎勵組合從一個季度到另一個季度都在發揮作用。所以這些因素的結合對那裡的收入產生了影響。

But nothing that's particularly worrying us, Matt.

但沒有什麼特別讓我們擔心的，馬特。

Okay. And then just separately on the very early part of the prepared remarks, you talked about the dividends being capped in terms of what can be upstreamed from the bank to the holding company because of the OCC thing that came out this week.

好的。然後，在準備好的發言的最初部分，您單獨談到由於本週發布的 OCC 事件，從銀行向控股公司上游轉移的股息受到限制。

For all intents and purposes like, does that impact how you run the company or a subsidiary or impact liquidity or capital? I understood the comment; no change to dividends or buybacks at the holding company, but is there any impact from that that we would notice on the outside? Thank you.

從所有意圖和目的來看，這是否會影響您經營公司或子公司的方式，或影響流動性或資本？我理解這個評論；控股公司的股息或回購沒有變化，但這是否會對我們在外部注意到的影響產生影響？謝謝。

Look, the -- let's be clear. This action does not impact our ability to return capital to our shareholders. The dividends that I referenced are just inter-company payments from CBNA to the parent. So first of all, don't confuse what a dividend is here, and we will -- it's not going to impact how we run the company, the subsidiary, the capital, or the liquidity at all. And the dividends are not capped.

瞧，——讓我們說清楚一點。此舉不會影響我們向股東返還資本的能力。我提到的股息只是 CBNA 向母公司的內部支付。因此，首先，不要混淆這裡的股利是什麼，它不會影響我們如何經營公司、子公司、資本或流動性。且股息沒有上限。

Yeah, I think the -- Jane, that's right. And I think let's not lose sight of the purpose of the orders that are there. And the purpose of the orders that are there are to ensure that we're funding and allocating the effort appropriately, right? So the regulators want essentially the same thing we want, right? It's for us to get this done. All right? And so that is the primary objective.

是的，我認為——簡，沒錯。我認為我們不應該忽視這些命令的目的。這些命令的目的是為了確保我們能夠提供資金並適當地分配工作，對嗎？所以監管機構想要的東西和我們想要的東西基本上一樣，對嗎？我們必須完成這件事。好的？這就是主要目標。

The reference to the dividending from out of CBNA up to the parent is certainly referenced there between now and establishing that Resource Review Plan. But as Jane mentions, that does not constrain the parent from doing the things that it would need to do. And as opposed to the -- it's not a cap. What it is is that anything above the debt service of the parent or the preferred dividends and other non-discretionary obligations would require a non-objection from the OCC.

從現在起到製定資源審查計劃期間，肯定會提到從 CBNA 到母公司的股息。但正如簡所提到的，這並不限制父母做它需要做的事情。與之相反——這不是一個上限。實際情況是，任何超出母公司債務服務或優先股股息和其他非自由支配義務的部分都需要 OCC 的不反對。

Until the Resource Plan is agreed. And as you'll have seen, the Resource Plan needs to be submitted within 30 days, and as I indicated, we're working on that one and not anticipating that to be a problem.

直到資源計劃達成一致。正如您所看到的，資源計劃需要在 30 天內提交，正如我所指出的，我們正在努力實現這一目標，並且預計這不會成為問題。

Saul Martinez, HSBC.

匯豐銀行的索爾·馬丁內斯。

Hi, good afternoon. Thanks for taking my question. I guess I just want to follow up on the latter question. I just want to be very clear. So what you're saying is that the requirement that CBNA receive a non-objection to -- before dividending upstream to the parent, that does not impact how you think about your capital flexibility, how you think about -- it doesn't restrict you in any way and shouldn't impact, for example, your ability to benefit from, for example, a Basel endgame rule that is softened or some of the benefits, Mark, that you've talked about in terms of simplification. So you don't see this impacting your ongoing level of capital flexibility in your ability to repurchase stock going forward, if some of these things actually do play out.

嗨，下午好。感謝您回答我的問題。我想我只是想跟進後一個問題。我只是想把事情說清楚。所以您的意思是，要求 CBNA 在向母公司派發股息之前收到無異議意見，這並不影響您對資本靈活性的看法，也不影響您對資本靈活性的看法——它不會以任何方式限制您，也不會影響您從放寬的巴塞爾協議終局規則中獲益的能力，或者您談到的簡化方面的一些好處，馬克。因此，如果這些事情確實發生，您不會認為這會影響您未來回購股票的能力的持續資本靈活性水平。

No (multiple speakers).

不（多位發言者）

Fair enough. That was clear as can be.

很公平。這是再清楚不過的了。

Thank you.

謝謝。

Second question on -- I just want to follow up on USPB. I mean, I still -- I get the point that you're seeing a normalization in losses in cards. But even if I adjust for reserve builds, your [RoTCE] is still single digits. I would think even at these NCL levels, your cards business is pretty profitable. You're a scale player. I mean, you're above pre-pandemic levels, but not -- I don't know if I -- it doesn't seem like it's that much higher by a dramatic amount.

第二個問題——我只是想跟進 USPB。我的意思是，我仍然——我明白你看到卡片損失正在正常化。但即使我根據預備隊建設進行調整，你的 [RoTCE] 仍然是一位數。我認為即使在這些 NCL 水平下，您的卡片業務仍然非常有利可圖。你是一位規模型選手。我的意思是，你的水平高於疫情前的水平，但不是——我不知道——看起來並沒有高出那麼多。

It would seem to imply that the retail bank is a huge drag on profitability, even -- maybe even losing money, I don't know. But can you just talk about what you can do to improve the retail bank profitability and just give any more color that you can in terms of the path to get to that high-teen [RoTCE] you talked about?

這似乎意味著零售銀行對獲利能力造成了巨大的拖累，甚至——甚至可能虧損，我不知道。但是，您能否談談您可以採取哪些措施來提高零售銀行的盈利能力，並就達到您提到的高青少年 [RoTCE] 的途徑提供更多說明？

Yeah, let me kick off there. And clearly, we're very focused on improving the returns in USPB to get us to the high-teens level over the medium term. And you've seen us generating healthy positive operating leverage this quarter. We've had a number of quarters of good revenue growth.

是的，讓我從那裡開始。顯然，我們非常注重提高 USPB 的回報率，以便在中期內達到高十幾%的水平。並且您已經看到我們本季產生了健康的正營運槓桿。我們已連續多個季度實現了良好的收入成長。

And as Mark said, we're at the low point of the credit cycle. And we knew this year, we would see the pressure on returns from the elevated NCLs and some of the industry headwinds we've talked about. But as the NCL rates approach steady-state levels and the mitigating actions that all of us have been putting in place against the industry headwinds, as those take hold, we expect the returns will improve and support the medium -- the firm-wide, medium-term target.

正如馬克所說，我們正處於信貸週期的低谷。我們知道，今年我們將看到 NCL 提高以及我們談到的一些行業逆風對回報的壓力。但隨著 NCL 率接近穩定水平，以及我們所有人為應對行業逆風而採取的緩解措施，隨著這些措施的實施，我們預計回報將會改善並支持中期——全公司的中期目標。

In the retail bank, we're continuing to focus on growing share in our six core markets, and we're doing that leveraging our physical and digital assets. It plays an important role in enabling the wealth continuum and the growth that we are looking at in our wealth franchise.

在零售銀行領域，我們將繼續專注於擴大六大核心市場的份額，並利用我們的實體和數位資產來實現這一目標。它在實現財富連續性和我們所期望的財富特許經營的成長方面發揮著重要作用。

We're continuing to improve our operating efficiency, being very disciplined in expense management and managing carefully the branch and digital productivity of the retail bank network. But the -- we're at the high point of the credit cycle. It's driving the low point for USPB. And as I said in my remarks, we're expecting to see those returns improved from here.

我們正在繼續提高營運效率，嚴格費用管理，並認真管理零售銀行網路的分行和數位生產力。但是——我們正處於信貸週期的頂峰。這讓 USPB 陷入了低谷。正如我在發言中所說，我們預計回報將會改善。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, good afternoon. So Mark, I have a fairly technical question on the DTA utilization and specifically the NOLs. The deduction is still fairly significant at [$12 billion]. It roughly equates to about 10% of your market cap. And the good news here, I suppose, is that it should come back into capital over time, but we've seen very little utilization over the past two years despite the firm being profitable.

嗨，下午好。馬克，我有一個關於 DTA 利用率，特別是 NOL 的相當技術性的問題。扣除額仍然相當可觀[120億美元]。它大約相當於你的市值的 10% 左右。我想，這裡的好消息是，隨著時間的推移，它應該會恢復資本，但儘管該公司盈利，但過去兩年的利用率卻很低。

And so wanted to better understand is what's constraining your ability to utilize those DTAs? And are there catalysts on the horizon that can actually help accelerate that utilization beyond organic earnings generation?

那麼想要更了解是什麼限制了您利用這些 DTA 的能力？那麼，是否存在一些催化劑，可以真正幫助加速這種利用，超越有機獲利的產生？

Yeah. Thank you. So I'm going to give you a very simple answer to a very complicated question. It really comes down to driving US income, right? And so we are focused on not just all of the things that we've mentioned but driving higher income in the US that allows for us to utilize the disallowed DTA. We saw some of that in the quarter, and we expect to see more of it as we move through the medium term. But that is the major driver of that utilization.

是的。謝謝。因此，我將針對這個非常複雜的問題給出一個非常簡單的答案。這實際上是為了推動美國收入，對嗎？因此，我們關注的不僅僅是我們提到的所有事情，而且還要推動美國收入的提高，以便我們能夠利用不允許的 DTA。我們在本季度看到了一些這樣的情況，我們預計在中期內還會看到更多這樣的情況。但這是實現這項利用的主要驅動力。

And we have many of our business heads very much focused around that opportunity as well. So winning in the US is a very important leg, for example, of the strategy that Vis is refreshing. Similarly, we see opportunities in -- from the commercial bank. We see it in wealth. We see it in, obviously, in US personal banking and in services. So we're very focused from a business strategy point of view on this, not just from the financial side.

我們的許多業務主管也非常關注這個機會。因此，在美國獲勝是 Vis 正在更新的策略的一個非常重要的支柱。同樣，我們也看到了商業銀行的機會。我們在財富中看到了這一點。顯然，我們在美國個人銀行和服務業中看到了這一點。因此，我們從商業策略的角度非常關注這一點，而不僅僅是從財務方面。

Thank you both for that color. And maybe just a quick follow-up. Just on the retail services business, we are seeing some evidence that your competitors in this space have been more aggressive leading with pricing in an effort to win some new mandates. So maybe you could just speak to what you're seeing across the competitor set and your appetite or willingness to potentially offer better economics in response to increased competition from some of your peers?

謝謝你們兩位對這個顏色的喜愛。也許只是一個快速的跟進。僅在零售服務業務方面，我們看到一些證據表明，該領域的競爭對手在定價方面更加積極，以贏得一些新的授權。那麼，也許您可以談談您對整個競爭對手的看法，以及您是否願意或願意提供更好的經濟效益來應對來自一些同行的日益激烈的競爭？

Well, I think you'll be delighted to hear that we're very focused on returns rather than just on revenues. So when we enter into discussions with a partner who maybe a new RFP for their portfolio or looking at new ones such as the one we just agreed with Dillard's, it's all about the returns and the profile of the business rather than the revenue side of things. And it's the shift to probably from some of the ways in the past, but I'm very pleased with how disciplined the team has been around this, and we're seeing the benefits of it.

嗯，我想你會很高興聽到我們非常關注回報而不僅僅是收入。因此，當我們與合作夥伴進行討論時，他們可能會為其投資組合提出新的 RFP，或考慮新的 RFP（例如我們剛剛與 Dillard 達成的協議），我們關心的是回報和業務概況，而不是收入方面。這可能與過去的一些方式有所不同，但我對團隊在這方面的紀律性感到非常滿意，我們也看到了它帶來的好處。

And that maybe different from what you hear and see from other players in the space. But as Jane mentioned, we're keenly focused on ensuring that yes, we have a good partnership, but that we're generating an appropriate return. That's part of achieving our medium-term targets.

這可能與您從該領域的其他參與者那裡聽到和看到的不同。但正如簡所提到的，我們非常注重確保我們擁有良好的合作關係，並且能夠產生適當的回報。這是我們實現中期目標的一部分。

And as you know, since you brought up retail cards, I mean, when we think about how CECL works and the reserves you have to establish for these partnerships, we're establishing full lifetime reserves that's on the balance sheet where ultimately we end up splitting those through the partner-sharing economics. So it's another important consideration as we think about expanding and taking on these relationships and renegotiating partnerships to making sure that returns make good sense for us.

如您所知，既然您提到了零售卡，我的意思是，當我們考慮 CECL 如何運作以及您必須為這些合作夥伴關係建立的儲備金時，我們會在資產負債表上建立完整的終身儲備金，最終我們會透過合作夥伴共享經濟學來分割這些儲備金。因此，當我們考慮擴大和建立這些關係並重新談判合作夥伴關係以確保回報對我們來說是合理的時，這是另一個重要的考慮因素。

Mark and I have no problem saying no to revenue that doesn't come at the right return and being very disciplined around that.

馬克和我會毫不猶豫地拒絕那些沒有帶來正確回報的收入，並且在這方面非常自律。

Vivek Juneja, JPMorgan.

摩根大通的 Vivek Juneja。

Hi, sorry. Just to follow up on this whole consent order stuff, Jane. What do you think this does in terms of timing how much longer for you to get this past due? Is that -- are you talking couple of years? Is it now longer by a year? Any sense of that? Any sense of helping us think through that?

你好，抱歉。只是為了跟進整個同意令的事情，簡。您認為這對您逾期多久有影響？那是——您說的是幾年嗎？現在又長一年了嗎？有這種感覺嗎？有什麼可以幫助我們思考這個問題嗎？

Look, in terms of the consent order and the areas we've had delays, there are four areas to the consent order. It's risk management. It's data governance. It's around compliance, and it's around control. As we've said, we were falling behind in certain areas related to data, and we've been investing to address the areas that we were behind. We also saw an increase in the scope related to regulatory reporting. So we added some more bodies of work there, and we are well underway.

你看，就同意令和我們遇到延誤的領域而言，同意令有四個面向。這是風險管理。這就是資料治理。它與合規性有關，也與控制有關。正如我們所說，我們在某些​​與數據相關的領域落後了，我們一直在投資解決我們落後的領域。我們也看到與監管報告相關的範圍有所擴大。因此我們在那裡增加了一些工作內容，目前進展順利。

So we are not expecting this to extend the original expectations that we have on when we will complete the body of work for the consent order. We have a target state for the different areas of it. We have the plan to achieve those target states. We'll make the investments necessary to ensure that we do so. We will try and get this done as quickly, but as robustly as possible.

因此，我們並不期望這會延長我們對何時完成同意令工作主體的最初預期。我們針對其不同領域設定了目標狀態。我們有實現這些目標的計劃。我們將進行必要的投資以確保實現這一目標。我們將盡力盡快、盡可能穩健地完成這項工作。

We're doing this by making strategic fixes and investments rather than what I would call the old Citi way, which is a series of Band-Aids that remediate but don't actually fix the underlying issue. And that way, we are delivering for our shareholders as well as our regulators and our clients because we're putting in -- we are putting in strategic solutions that will benefit all. But I'm not expecting this to change the timeframe.

我們透過策略性修復和投資來實現這一目標，而不是我所說的舊花旗方式，即一系列的創可貼，只能起到補救作用，但並不能真正解決根本問題。這樣，我們就可以為股東、監管機構和客戶提供服務，因為我們正在製定讓所有人受益的策略解決方案。但我並不期望這會改變時間框架。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Hi. Just two clarifications. So this is a very high-profile amendment to the consent order. And I think what I hear you saying -- if you can confirm, your risk compliance and controls are getting passing grade. It's really the data -- and as it relates to the data, you're talking about 11,000 regulatory reports on which had 750,000 lines of data. Is that really the scope of what you need to fix? Because people see this externally and say, hey, you're failing in terms of overall controls and resiliency. But I think I hear you saying it's really more about just the data and the regulatory reporting, which is important, but more of a slice of broader picture. Is that correct?

你好。只需澄清兩點。因此，這是對同意令的一次非常引人注目的修正。我認為我聽到您說的話——如果您可以確認，您的風險合規性和控制就達到了及格標準。這實際上是數據——就數據而言，您談論的是 11,000 份監管報告，其中包含 750,000 行數據。這真的是您需要修復的範圍嗎？因為人們從外部看到這一點並說，嘿，你們在整體控制和彈性方面失敗了。但我認為我聽到您說這實際上只是關於數據和監管報告，這很重要，但更多的是更廣泛的圖像的一部分。對嗎？

Yeah, Mike, you're asking a great -- and it's an important question. So maybe I try and explain what we -- the data elements, because it's an area that Mark and I have pointed to.

是的，麥克，你問了一個非常好而且重要的問題。因此，也許我會嘗試解釋一下我們——數據元素，因為這是馬克和我指出的一個領域。

So first of all, we use data all over the firm. We've use it to deliver 72 million customer statements every month. Our corporate clients, as you heard about at our Service Investor Day access account data real time across multiple countries from CitiDirect. And we're moving $5 trillion roughly per day for those clients around the world. We trade billions of dollars in a millisecond on our trading platforms. We can see our liquidity positions real-time around the world. This can only be done if you've got pretty pristine data and highly automated ecosystems.

首先，我們在整個公司使用數據。我們每月使用它來發送 7,200 萬份客戶報表。正如您在我們的服務投資者日上聽到的那樣，我們的企業客戶可以透過 CitiDirect 即時存取多個國家的帳戶資料。我們每天為世界各地的客戶轉移約 5 兆美元。我們的交易平台每毫秒的交易金額就達數十億美元。我們可以即時查看我們在世界各地的流動性狀況。只有擁有非常原始的數據和高度自動化的生態系統才能做到這一點。

But what is the transformation doing? What it is doing is simplifying how data moves through the firm. And it is about upgrading the management and governance over those flows. And as I've said, we're doing a strategic overhaul of large parts of our infrastructure.

但轉型在做什麼？它的作用是簡化資料在公司內部的流動方式。這是為了升級對這些流動的管理和治理。正如我所說，我們正在對大部分基礎設施進行策略性改革。

So what are we doing? We're making sure we're capturing data accurately using smart tools and automation. We'll often talk about a smart system, make sure there's no errors when we book a trade. We've seen our error rate down 85% as a result of it.

那我們在做什麼？我們確保使用智慧工具和自動化準確地捕獲數據。我們經常談論智慧系統，確保在進行交易時不會出現任何錯誤。因此，我們的錯誤率下降了 85%。

We're housing our upstream data into standardized repositories. They are the golden sources, an [in-person] data hub, which you've heard me talk about a few times. And they're a golden source now for all of the downstream data use, populating the thousands of regulatory reports Mark talked about and other areas.

我們將上游資料存入標準化儲存庫。它們是黃金資源，是一個[面對面]資料中心，你們已經聽我談論過幾次了。現在，它們已成為所有下游數據使用的黃金來源，填充了馬克談到的數千份監管報告和其他領域。

And what a single repository means is that the data models, the data quality rules, the controls you put in place that govern and manage that data, they all sit in one place rather than being distributed all over the firm as they have been historically.

單一儲存庫意味著資料模型、資料品質規則以及用於管理資料的控制措施都集中在一個地方，而不是像過去那樣分佈在整個公司。

Mark's been investing in building a standardized reporting infrastructure. You've heard us talk about a single full suite reporting ledger versus the six or so reporting ledgers that we had in the past. And we're delivering all of this through consolidated systems, through the automation and streamlining of data flows. So instead of being in multiple pipes, the flows go through single pipes. It's a -- sorry to get a bit plumber on you for a moment, but I think it's important to understand what it is because it's a lot of work. It's a strategic overhaul. It's not a series of tactical fixes.

馬克一直在投資建立標準化的報告基礎設施。您已經聽我們討論過單一全套報告分類賬，而不是像過去那樣有六個左右的報告分類賬。我們透過整合的系統、透過資料流的自動化和簡化來實現所有這些。因此，流體不再通過多根管道，而是透過單根管道。很抱歉，我暫時打擾你了，但我認為了解它是什麼很重要，因為它需要大量的工作。這是一次策略改革。這不是一系列戰術上的修正。

Where we're behind, as we do the work on data, we identify specific issues we need to fix as we execute the plan that we have in place. There's some more areas to address than we knew back when we did the plan. So we've -- and we've also accelerated to work on improving the accuracy of our regulatory reports, and we increased the scope of this work as well. It's more comprehensive than originally planned.

當我們處理資料時，我們會發現在執行現有計劃時需要解決的具體問題。需要解決的問題比我們制定計劃時所知道的要多。因此，我們也加快了提高監管報告準確性的工作，並擴大了這項工作的範圍。它比原計劃的更加全面。

So what we're doing -- we're adding resources and data experts. We're learning from best practices. And we're using some great AI and other data tools that are helping to identify anomalies in data and data flows much quickly. We're also to -- to some of the culture side, we're learning from pilots, how do we accelerate broader deployment at scale across the firm in a consistent enterprise-wide manner?

所以我們正在做的是——增加資源和數據專家。我們正在學習最佳實踐。我們正在使用一些出色的人工智慧和其他數據工具，以幫助快速識別數據和數據流中的異常。我們也從試點中學習了一些文化方面的經驗，我們如何以一致的方式在整個公司範圍內加速更廣泛的部署？

So all of these things in the data side are going to enable us to leapfrog competitors and have more revenue opportunities, better client service, fewer buffers, drive more efficiencies. And hope at the end -- the end goal here is it becomes a competitive advantage for the firm. That is the data plan.

因此，數據方面的所有這些將使我們能夠超越競爭對手，擁有更多的收入機會、更好的客戶服務、更少的緩衝，提高效率。最終的希望－最終目標是它能成為公司的競爭優勢。這就是數據計劃。

Clearly, there's a very important element of it related to the consent orders. We're behind in a few areas. We're investing. We've already begun that investment, as Mark and I've talked about, to get it done. We'll get it done.

顯然，其中有一個非常重要的元素與同意令有關。我們在一些領域落後了。我們正在投資。正如馬克和我所討論的，我們已經開始投資以完成這項工作。我們會完成的。

And the only thing I'll (multiple speakers) --

我唯一能做的（多位發言者）——

A real short --

真正的短片--

Sorry, what was that, Mike?

抱歉，那是什麼，麥克？

Just to say a real short follow-up to that. So you're doing all this great stuff, but you still fell short. Just in like one sentence, despite doing all this great stuff that you described, the regulators still said you didn't get it done. Why after doing all that didn't get it done in the eyes of the regulators, and why will it be fixed now? Just like a one sentence explanation for that if you have it.

只是想對此做一個簡短的跟進。所以你做了這麼多偉大的事情，但你仍然有所不足。就像一句話，儘管你做了你所描述的所有這些偉大的事情，但監管機構仍然說你沒有完成。為什麼做了那麼多，在監管層看來還是沒做成，現在又要改？如果你有的話，就像一句話的解釋一樣。

I always said that a transformation of this magnitude over multiple years would not be linear. We have many steps forward. We have setbacks. We adjust. We learn from them. We move forward, and we get back on track.

我總是說，多年來這種規模的轉變不會是線性的。我們已經向前邁進了很多步。我們遇到了挫折。我們調整。我們向他們學習。我們繼續前進，並重回正軌。

And Mike, if I could just put one number into context, because you played back the 11,000, which was a number of global regulatory reports to cross the landscape here. There are probably 15 to 30 that are core US reports that are pivotal to our US regulators. And a lot of what we're discussing here is about ensuring that we're prioritizing the data that impacts those 15 to 30 reports as we work through this.

麥克，如果我能把一個數字放在上下文中，因為你播放了 11,000 個，這是跨越這裡的全球監管報告的數量。其中大概有 15 到 30 份是美國核心報告，對我們的美國監管機構至關重要。我們在這裡討論的很多內容都是為了確保我們在處理這個問題時優先考慮影響這 15 到 30 份報告的數據。

There are no further questions. I'll now turn the call over to Jenn Landis for closing remarks.

沒有其他問題了。現在我將把電話交給 Jenn Landis 做結束語。

Thank you all for joining us. Please let us know if you have any follow-up questions. Thank you.

感謝大家的參與。如果您有任何後續問題，請告知我們。謝謝。

This concludes Citi's second-quarter 2024 earnings call. You may now disconnect.

花旗 2024 年第二季財報電話會議到此結束。您現在可以斷開連線。