花旗銀行 (C) 2024 Q3 法說會逐字稿

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Hello, and welcome to Citi's third quarter 2024 earnings call. This call will be hosted by Jennifer Landis, Head of Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Jennifer, you may begin.

您好，歡迎參加花旗 2024 年第三季財報電話會議。 本次電話會議將由投資者關係主管 Jennifer Landis 主持。 （操作員說明）另外，提醒一下，今天正在錄製本次會議。 如果您有任何異議，請此時斷開連接。詹妮弗，你可以開始了。

Thank you, operator. Good morning, and thank you all for joining our third 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, t hey contain forward looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances.

謝謝你，接線生。 早安，感謝大家參加我們的 2024 年第三季財報電話會議。 今天我們的執行長簡·弗雷澤 (Jane Fraser) 也加入了我的行列。以及我們的財務長馬克梅森。 我想提醒您，今天的簡報可在我們的網站 citigroup.com 上下載，其中包含基於管理層當前預期的前瞻性陳述，並可能受到不確定性和情況變化的影響。

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

由於多種因素，包括我們的收益資料以及我們向 SEC 文件中描述的因素，實際結果可能與這些陳述有重大差異。 有了這個，我會把它交給簡。

Thank you, Jen, and a very good morning to everyone. Well, we certainly live in interesting times. And I usually start off calls with our views on the global macro environment. We're particularly proud of our progress this quarter. And so I shall stop there. Indeed in a pivotal year this quarter contains multiple proof points that we are moving in the right direction. And that our strategy is delivering concrete results. We saw revenue growth and positive operating leverage for the firm and across all five businesses.

謝謝你，Jen，祝大家早安。 嗯，我們確實生活在一個有趣的時代。 我通常會以我們對全球宏觀環境的看法開始通話。 我們對本季取得的進展感到特別自豪。 所以我就到此為止。 事實上，在關鍵的一年，本季有多個證據表明我們正在朝著正確的方向前進。 我們的策略正在帶來具體成果。 我們看到公司和所有五項業務的收入成長和積極的營運槓桿。

Our businesses performed well as the rate cutting cycle began with the double digit increase in fee-based revenues. Reflecting the growing diversity of our earnings mix, we continue to have share gains in services and banking and wealth. We saw a sizable increase in client investments and flows. We brought expenses down whilst continuing to invest in our transformation and businesses.

隨著降息週期的開始，收費收入出現兩位數成長，我們的業務表現良好。 我們在服務業、銀行業和財富領域的份額持續成長，反映出我們的收入組合日益多樣化。 我們看到客戶投資和流量大幅增加。 我們降低了開支，同時繼續投資我們的轉型和業務。

And we continued to attract the top leaders in the industry and successfully combine them with our own teams in banking and wealth. So while we are not yet where we want to be, the impact back to the changes we're making is clearly evident in our momentum and our improving performance.

我們不斷吸引產業內的頂尖領導者，並成功地將他們與我們自己的銀行和財富團隊結合。 因此，雖然我們還沒有達到我們想要的目標，但我們正在做出的改變所產生的影響在我們的勢頭和不斷提高的績效中顯而易見。

Turning to the macro network growth is not slower than last year. Global economic performance continues to be surprisingly resilient. Whatever you want to call the US landing the sentiment around. It is more optimistic supported by the recent positive payrolls report, and we see a healthy yet more discerning US consumer and the US corporate sector on its front foot manufacturing weaknesses restraining a modest rebound in Europe, which continues to struggle with more structural challenges around its competitiveness, as highlighted by drug ease report and in China.

轉向宏觀網路的成長並不比去年慢。全球經濟表現仍然出乎意料地具有彈性。 不管你怎麼稱呼美國，都會引發人們的情緒。 最近積極的非農業就業報告為這一點提供了更樂觀的支撐，我們看到健康但更具洞察力的美國消費者和美國企業部門的製造業疲軟限制了歐洲的溫和反彈，歐洲繼續面臨更多結構性挑戰。

Consumer sentiment in the property market remain a concern as markets the way details on the expected fiscal stimulus India assay in Japan, Middle East, Mexico and Brazil are all notable bright spots globally. Today, we reported net income of $3.2 billion and earnings per share of $1.51 with an RoTCE of 7%.

房地產市場的消費者信心仍然令人擔憂，因為市場對印度在日本、中東、墨西哥和巴西的預期財政刺激計劃的細節都是全球值得注意的亮點。 今天，我們報告淨利潤為 32 億美元，每股收益為 1.51 美元，RoTCE 為 7%。

Overall revenues grew by 3%, ex divestures with each of our core businesses, delivering growth and positive operating leverage. While we continue to make substantial investments in our transformation, the efficiencies gained from our simplification and other efforts drove a 2% reduction in overall expenses. Turning to the five businesses. Services delivered (technical difficulty) best Signet Lotus performance.

扣除每項核心業務的剝離後，整體收入成長了 3%，實現了成長和積極的營運槓桿。 雖然我們繼續在轉型方面進行大量投資，但透過簡化和其他努力所提高的效率使整體費用減少了 2%。 轉向五項業務。 提供的服務（技術難度）最好的 Signet Lotus 效能。

Treasury and Trade Solutions was up 4% year over year, reflecting good underlying momentum in the core drivers and security services was up 24%, reflecting the benefit of new mandates and an increase in assets under custody. Both PTS. and security services achieved over 10% wallet share in our target model. But through the first half of the year last week, we announced that we are the first global bank to complete integration of our cross-border services with MasterCard move.

資金和貿易解決方案年增 4%，反映了核心驅動因素的良好潛在動能；安全服務成長了 24%，反映了新授權和託管資產增加的好處。 兩個PTS。在我們的目標模型中，安全服務實現了超過 10% 的錢包份額。 但在上週的上半年，我們宣布我們是第一家完成跨境服務與萬事達卡措施整合的全球銀行。

This will ultimately enable new instant secure payments to the vast MasterCard debit network, starting with 14 market with more to come early next year. And this is another great example of our continued investment in market leading innovations in market. Revenues were up slightly on the back a bit better than expected. September equities was up 32% with robust performance across all products.

這最終將為龐大的萬事達借記卡網路提供新的即時安全支付，從 14 個市場開始，明年初將有更多市場推出。 這是我們持續投資於市場領先創新的另一個很好的例子。 收入略有增長，優於預期。 9 月股市上漲 32%，所有產品均表現強勁。

Our continued strong performance in equities validate our strategy and execution to grow priming cash. Fixed income, however, was down 6%. Our rates and currencies business didn't match last year's standout performance. It was a particularly pleasing quarter in banking despite the muted IPO market, investment banking fees are up 44%. That's driven by investment grade debt issuance as our clients pulled forward activity ahead of the US election.

我們在股票方面持續強勁的表現驗證了我們增加現金成長的策略和執行力。 然而，固定收益卻下降了 6%。 我們的利率和貨幣業務未能達到去年的出色表現。 儘管 IPO 市場低迷，但這個季度的銀行業表現尤其令人愉悅，投資銀行費用上漲了 44%。 這是由投資等級債券發行推動的，因為我們的客戶在美國大選前推動了活動。

Corporate sentiment remains and positive as boards pursue strategic transactions (technical difficulty) acquisition of Terra Nova, where we are the sole adviser and the leaf and NCA. Our strategy and banking continues to gain momentum. We are steadily growing our share in fee target sectors such as health care and tech with a healthy pipeline ahead. And a significant upside of our franchise continues to attract the top talent to Citi.

隨著董事會尋求策略交易（技術難度）收購 Terra Nova（我們是該公司的唯一顧問）以及 Leaf 和 NCA，企業情緒仍然保持積極。 我們的策略和銀行業務繼續獲得動力。 我們正在穩步增加在醫療保健和科技等收費目標領域的份額，並擁有健康的管道。 我們特許經營權的一個顯著優勢繼續吸引頂尖人才來到花旗。

During the quarter, we announced an innovative $25 billion of private credit partnership with our long-time client Apollo, giving us the ability to source new transactions without using our balance sheet partnership positions us with another solution for debt financing for our clients, and it allows us to engage in private credit with the same depth and expertise as we currently do with syndicated debt market.

本季度，我們宣布與我們的長期客戶Apollo 建立250 億美元的創新私人信貸合作夥伴關係，使我們能夠在不使用資產負債表合作夥伴關係的情況下尋找新交易，這為我們的客戶提供了另債務融資解決方案。

We are also starting to see the positive impact of the significant changes we've implemented in our wealth franchise with revenues up 9%. one notable example of the traction that I referenced earlier. As Andy and the team intensify the focus on our Investments business. We grew client investment assets by 24%, and we were particularly pleased with the performance in Asia and in Citi bold.

我們也開始看到我們在財富特許經營中實施的重大變革所帶來的正面影響，收入成長了 9%。 我之前提到過的一個引人注目的牽引力例子。 安迪和團隊加強了對我們投資業務的關注。 我們的客戶投資資產成長了 24%，我們對亞洲和花旗大膽的表現尤其滿意。

I continue to be excited by the opportunities and the sheer potential of our franchise during the quarter signed an agreement to exit trust, administration and fiduciary services. As we continue to sharpen the focus of our wealth business, we have more to do to reach our medium-term margin and return targets for this quarter is a good indicator that we are on the way there.

在本季度簽署退出信託、管理和信託服務的協議時，我仍然對我們特許經營的機會和巨大潛力感到興奮。 隨著我們繼續加強財富業務的重點，我們還有更多工作要做，以達到我們的中期利潤率，本季的回報目標是一個很好的指標，表明我們正在實現這一目標。

US Personal Banking grew their cards revenues by 8% with account acquisitions, spend and payment rate all driving higher interest earning balances. Lower discretionary spending is impacting our retail services portfolio. However, we continue to see lower payment rates contributing to interest earning balances. In retail banking, we're growing our mortgage portfolio is the rate environment shifts as well as growing overall load. The US consumer dynamics remain remarkably consistent with prior quarters.

美國個人銀行業務的卡片收入增加了 8%，帳戶獲取、支出和支付率都推動了利息收入餘額的增加。 可自由支配支出的減少正在影響我們的零售服務組合。 然而，我們繼續看到較低的支付率有助於賺取利息餘額。 在零售銀行業務中，隨著利率環境的變化以及整體負荷的增加，我們正在擴大抵押貸款組合。 美國消費者動態與前幾季保持顯著一致。

Our customers are healthy, but more discerning unless spend with signs of stress isolated to the lower fighters. We've maintained strong credit discipline and our core portfolios continued to perform very much in line with our expectations. In terms of capital, while uncertainty about the Basel three and game prevails, our capital position remains very robust, and we ended the quarter with the CET1 ratio of 13.7%.

我們的客戶身體健康，但更具洞察力，除非在消費時出現低階戰士獨有的壓力跡象。 我們一直保持嚴格的信用紀律，我們的核心投資組合的表現仍然非常符合我們的預期。 就資本而言，儘管巴塞爾三協議和遊戲的不確定性普遍存在，但我們的資本狀況仍然非常強勁，本季末我們的 CET1 比率為 13.7%。

During the quarter, we returned $2.1 billion in capital, including the repurchase of $1 billion of common shares. We will continue due to repurchase stock as we evaluate the right level on a quarterly basis. As you know, our transformation is our number one priority.

本季度，我們返還了 21 億美元的資本，其中包括回購了 10 億美元的普通股。 我們將繼續回購股票，因為我們每季評估正確的水平。 如您所知，轉型是我們的首要任務。

This quarter, we closed another long-standing consent order, which related to the effectiveness of our anti money laundering systems. We have increased our investments in areas where we have not made sufficient progress such as Data Quality Management. I and the management team remains steadfast and determined to get this transformation right.

本季度，我們完成了另一項長期同意令，該令與我們反洗錢系統的有效性有關。 我們增加了在數據品質管理等尚未取得足夠進展的領域的投資。 我和管理團隊堅定不移，決心正確完成這項轉型。

And to get this done, we will close out this pivotal year with momentum and with determination to continue to improve performance in each business and the firm. Overall, we are committed to meeting our revenue and expense target for the year, as well as our return target for the medium term. I am very proud of our senior leadership and the entire organization. We demonstrate the potential of our unique global franchise is a privilege to lead this firm. With that, I would like to turn it over to Mark and then we will be delighted as always to take your questions.

為了實現這一目標，我們將以繼續提高每項業務和公司業績的動力和決心來結束這一關鍵的一年。 總體而言，我們致力於實現今年的收入和支出目標以及中期的回報目標。 我為我們的高階領導層和整個組織感到非常自豪。 我們展示了我們獨特的全球特許經營權的潛力，領導這家公司是一種榮幸。 至此，我想將其轉交給馬克，然後我們將一如既往地很高興回答您的問題。

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

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

On Slide 5, we show financial results for the paper. For the quarter, we reported net income of approximately $3.2 billion, EPS of $1.51. And in order to see your 7% on $20.3 billion of revenue, total revenues were up 1% on a reported basis.

在投影片 5 上，我們展示了論文的財務結果。 我們報告的本季淨利潤約為 32 億美元，每股收益為 1.51 美元。 為了實現 203 億美元收入的 7%，總收入在報告基礎上成長了 1%。

Excluding divestiture related impacts, revenues were up 3%, driven by growth across each of our businesses. As you can see on the bottom left side of the page, net interest income, excluding markets, were down 1% year over year, largely due to lower interest rates in Argentina, an auditor for replace and are up 3%.

排除剝離相關影響，在我們各項業務成長的推動下，營收成長了 3%。 正如您在頁面左下角看到的，淨利息收入（不包括市場）同比下降 1%，這主要是由於阿根廷利率較低（審計師更換），淨利息收入增長了 3%。

Excluding divestiture related impact, e xpenses were $13.3 billion, down 2%, largely driven by savings associated with our organizational simplification and stranded cost reductions, partially offset by volume related went through and continued investments in the transformation and other risk and control initiatives. Year to date, expenses were up 1%, primarily driven by the FDIC special assessment and civil money penalties.

不包括資產剝離相關的影響，支出為133 億美元，下降2%，主要是由於我們的組織簡化和擱淺成本削減相關的節省，部分被與轉型和其他風險和控制舉措相關的數量和持續投資所抵消。 今年迄今為止，費用增加了 1%，主要是由 FDIC 特別評估和民事罰款推動的。

Foster greater was $2.7 billion was driven by net credit losses in cars as well as a CDO builds across the businesses, primarily for portfolio growth and mix. At the end of the quarter, we had over $22 billion in total reserves with a reserved funded loan ratio of approximately 2.7% and year to date, excluding the divestiture related impacts, we generated positive off operating leverage for the firm and reported an RoTCE of 7.2%.

Foster 的 27 億美元是由汽車淨信貸損失以及跨業務建立的 CDO（主要用於投資組合成長和組合）推動的。 截至本季末，我們的總儲備超過 220 億美元，儲備資金貸款比率約為 2.7%，今年迄今為止，排除剝離相關影響，我們為該公司產生了積極的營運槓桿，並報告了 RoTCE 7.2%。

On slide 6, we show the expense trend over the past five quarters. This quarter, we reported expenses of $13.3 billion, down 2% and 1% sequentially. As we've said before, we will continue to increase our investments to address data governance and data quality related to regulatory reporting and are committed to spending whatever is necessary to address these areas and transformation more broadly, although a lot more work remains, we have started to see benefits from our bar investments play through.

在投影片 6 上，我們顯示了過去五個季度的費用趨勢。 本季度，我們報告支出為 133 億美元，比上一季下降 2% 和 1%。 正如我們之前所說，我們將繼續增加投資，以解決與監管報告相關的數據治理和數據品質問題，並致力於花費一切必要的資金來解決這些領域和更廣泛的轉型問題，儘管還有很多工作要做，我們我們已經開始看到我們的酒吧投資所帶來的好處。

We've continued to simplify our technology infrastructure, retiring over 450 applications year to date and now over $12.5 or 2022 Investor Day, we've upgraded our 100% of our over 23 hundred ATMs in North America and Asia Pacific, the next-gen software for better customer security and monitoring.

我們繼續簡化我們的技術基礎設施，今年迄今淘汰了450 多個應用程序，現在價格已超過12.5 美元，到2022 年投資者日，我們已經對北美和亞太地區2300 多台ATM 進行了100% 升級，這是下一代用於更好的客戶安全和監控的軟體。

And we've streamlined our cloud onboarding process, reduce from time to onboard applications to the public cloud from over seven week to week. Each of these initiatives will result in both improvement of our operating efficiency and our safety and soundness. And in terms of our full year expenses, we continue to expect that we will be at the higher end of the guidance range of $53.5 billion to $53.8 billion, excluding the FERC special assessments and civil money penalty. And as we've said before, we of course, we'll continue to look for opportunities to absorb the civil money penalty.

我們簡化了雲端載入流程，將應用程式載入到公有雲的時間從超過七週減少到一週。 這些措施中的每一項都將提高我們的營運效率以及我們的安全性和穩健性。 就我們的全年支出而言，我們繼續預計我們將處於指導範圍的高端 535 億美元至 538 億美元，不包括 FERC 特別評估和民事罰款。 正如我們之前所說，我們當然會繼續尋找機會來吸收民事罰款。

On Slide 7, we show net interest income loans and deposits were off pieces sequential variance in the third quarter, net interest income declined 1%, excluding Markets net interest income was up 4%, largely driven by volume growth in USCB, as well as higher deposit spreads and services and well named declined by eight basis points, driven by a decline in markets due to seasonally higher dividends in the second quarter, averaging service and USCB, partially offset by modest declines in banking and legacy franchise.

在投影片7 中，我們顯示第三季貸款和存款的淨利息收入環比變化，淨利息收入下降1%（不包括市場）淨利息收入成長4%，這主要是受到USCB 交易量成長的推動，以及較高的存款利差和服務及名譽下降了8 個基點，這是由於第二季度股息季節性增加導致市場下滑，平均服務和USCB 下降了8 個基點，部分被銀行和傳統特許經營業務的小幅下降所抵消。

Average deposits were roughly flat as growth in services was largely offset by a decline in legacy franchise. And as you think about guidance for NIIX markets in the fourth quarter, as short end rates continue to come down, we expect a headwind on floating rate assets, which will be somewhat offset by disciplined deposit pricing.

平均存款大致持平，因為服務業的成長在很大程度上被傳統特許經營權的下降所抵消。 當你考慮到第四季度 NIIX 市場的指引時，隨著短期利率繼續下降，我們預計浮動利率資產將面臨阻力，這將在一定程度上被嚴格的存款定價所抵消。

Further offsetting that will be a continued benefit from securities being reinvested at higher yields. And as a reminder, we expect an ongoing and I are headwinds as legacy franchises, loans and deposits continue to come down.

以更高的收益率進行再投資的證券將帶來持續的好處，這將進一步抵消這種影響。 提醒一下，隨著遺留特許經營權、貸款和存款繼續下降，我們預計會出現持續的阻力。

So taking all of this into account, we expect NIRIX market to be roughly flat sequentially in the fourth quarter and for the full year to be slightly down better than we have previously guided.

因此，考慮到所有這些因素，我們預計 NIRIX 市場第四季將大致持平，全年將略好於我們先前的預期。

On Slide 8, we show GE consumer and corporate credit metrics, which reflected our disciplined risk appetite framework across our broad portfolio. Of approximately 85% of our loans are to consumers with Vital scores of (technical difficulty) or higher based on what we see for US consumer continues to remain healthy and resilient. (inaudible) payment rates continue to normalize and underlying credit performance remained broadly in line with our expectations.

在投影片 8 中，我們展示了 GE 消費者和企業信用指標，這反映了我們在廣泛的投資組合中嚴格的風險偏好框架。 根據我們對美國消費者持續保持健康和彈性的觀察，我們大約 85% 的貸款發放給了重要分數（技術難度）或更高的消費者。 （聽不清楚）付款率持續正常化，基本信用表現仍基本符合我們的預期。

NCIs increased year over year as card loan vintages that were originated over the last few years continue to mature. At the same time sequentially, NCLs declined, while delinquencies increase, both in line with historical third quarter seasonality. Absent the seasonality, we continue to see stabilization in early-stage delinquencies.

隨著過去幾年產生的卡片貸款年份不斷成熟，NCI 逐年增加。 同時，NCL 連續下降，而拖欠率增加，兩者都符合歷史第三季的季節性。 如果沒有季節性因素，我們繼續看到早期拖欠情況趨於穩定。

We remain well reserved with the reserve funded loan ratio of approximately 8.2% for our US card portfolio, our corporate portfolio is largely investment grade and corporate non-accrual loans remained low at 31 basis points. As such, we feel very comfortable with the over $22 billion of total reserves that we have in the current environment.

我們的美國卡投資組合的準備金貸款比率約為 8.2%，我們仍保持充足的儲備，我們的企業投資組合主要為投資級，企業非應計貸款仍保持在 31 個基點的低水平。 因此，我們對當前環境下擁有的超過 220 億美元的總儲備感到非常滿意。

Turning to slide 9, we provide details on our balance sheet, capital and liquidity, which are a reflection of our risk appetite strategy and business model. Our $1.3 trillion deposit base is well diversified across region industries, customers and account price $840 billion or corporate spending 90 countries and are crucial to our clients fund their daily operations around the world.

轉向幻燈片 9，我們提供了有關資產負債表、資本和流動性的詳細信息，這反映了我們的風險偏好策略和業務模式。 我們1.3 兆美元的存款基礎在各地區行業、客戶和帳戶價值8,400 億美元或90 個國家的企業支出中實現了充分多元化，對於我們的客戶在全球範圍內為其日常運營提供資金至關重要。

So majority of our remaining deposits about $400 billion are well-diversified across the private bank, Citigold retail and wealth and work offerings of our total deposits. Roughly 70% are US-dollar denominated with the remainder spanning over 60 currency.

因此，我們剩餘的存款（約 4000 億美元）大部分都分散在私人銀行、Citigold 零售以及我們總存款的財富和工作產品中。 約 70% 以美元計價，其餘則以 60 多種貨幣計價。

Our asset mix also reflects our strong risk appetite framework. Our $689 billion loan portfolio is well diversified across consumer and corporate loans. In the quarter, deposit growth outpaced loan growth, resulting in higher cash balances, which contributed to available liquidity resources of approximately $960 billion. We continue to fuel in the core assets and liabilities, which position us well to serve our clients and execute on our growth strategy.

我們的資產組合也反映了我們強大的風險偏好架構。 我們 6,890 億美元的貸款組合在消費者和企業貸款方面實現了多元化。 本季存款成長超過貸款成長，導致現金餘額增加，從而貢獻了約 9,600 億美元的可用流動性資源。 我們繼續增加核心資產和負債，這使我們能夠更好地服務客戶並執行我們的成長策略。

On Slide 10, we show the sequential CET1 wall to provide more detail on the drivers this quarter. First, we generated $3 billion of net income to common shareholders, which added 27 basis points.

在投影片 10 上，我們展示了連續的 CET1 牆，以提供有關本季驅動程式的更多詳細資訊。 首先，我們為普通股股東創造了 30 億美元的淨利潤，增加了 27 個基點。

Second, we returned $2.1 billion in the form of common dividends and share repurchases, which drove a reduction of 18 basis points. Third, we generated 12 basis points from unrealized FX gain. And finally, the remaining nine basis point reduction was driven by an increase in RWA as we continue to invest in accretive growth opportunities.

其次，我們以普通股股息和股票回購的形式返還了 21 億美元，這使得股價下跌了 18 個基點。 第三，我們從未實現的外匯收益中產生了 12 個基點。 最後，隨著我們繼續投資於增值成長機會，剩餘 9 個基點的減少是由 RWA 的增加所推動的。

We ended the third quarter with a preliminary CET1 capital ratio of 13.7% relative to our target of 13.3%. As a reminder, effective October first, our new CET 1 capital ratio requirement is 12.1%, and we still plan on holding 100 basis point management buffer on top of that for now, as we think about the coming quarters, there are a few things that we will continue to consider as we manage our capital levels, including client demand, as well as how the macro and Basel III endgame evolve.

第三季末，我們的 CET1 資本比率初步為 13.7%，而我們的目標為 13.3%。 提醒一下，從 10 月 1 日起，我們新的 CET 1 資本比率要求為 12.1%，目前我們仍計劃在此基礎上保持 100 個基點的管理緩衝，因為我們考慮未來幾個季度，有一些事情我們在管理資本水準時將繼續考慮這一點，包括客戶需求，以及宏觀和巴塞爾III 結局如何演變。

We will take all of this into account as it relates to capital levels and the level of share repurchases on a quarter-by-quarter basis.

我們將考慮所有這些，因為它與資本水準和逐季度的股票回購水準有關。

Turning to the businesses on Slide 11. And services revenues were up 8%, reflecting continued momentum across security services and TTS, both of which continue to gain share through the first half of this year. Net interest income was roughly flat as the benefit of higher deposit volume was largely offset by a decline in interest rates in Argentina.

轉向幻燈片 11 上的業務。 淨利息收入大致持平，因為存款量增加的好處在很大程度上被阿根廷利率下降所抵消。

On a sequential basis, net interest income was up 7%, driven by volume growth as we continue to onboard high-quality operating deposits and the benefit from higher deposit spreads. Non-interest revenue increased 33%, driven by a smaller impact from currency.

環比成長 7%，這得益於我們持續吸收高品質經營性存款以及存款利差上升帶來的交易量成長。 由於貨幣影響較小，非利息收入增加了 33%。

Devaluation in Argentina as well has continued strength in underlying fee drivers and TTS and security services. Excluding the impact of the Argentine peso devaluation and I are increased 11% driven by growth in cross-border transactions, USD clearing volumes and commercial card volume expenses increased 3%, primarily driven by investments in technology, other risk and controls and product innovation, including the expansion of the city direct commercial banking platform into additional markets.

阿根廷的貨幣貶值也對基礎費用驅動因素、TTS 和安全服務產生了持續的影響。 排除阿根廷比索貶值的影響，我在跨境交易成長的推動下成長了11%，美元清算量和商業卡交易量支出成長了3%，這主要是由技術、其他風險和控制以及產品創新方面的投資推動的，包括將城市直接商業銀行平台擴展到更多市場。

Cost of credit was $127 million, primarily driven by a build related to unremarkable corporate dividends being held on behalf of clients. Average loans increased 5%, primarily driven by continued demand for export and agency finance, as well as working capital loans. Average deposits increased 4% as we continue to see growth in operating deposits.

信貸成本為 1.27 億美元，主要是由於代表客戶持有的公司股息平平無奇而造成的。 平均貸款成長 5%，主要受到出口和機構融資以及營運資金貸款持續需求的推動。 由於我們繼續看到經營性存款的成長，平均存款增加了 4%。

Services generated positive operating leverage and delivered net income of approximately $1.7 billion and continues to deliver a higher RoTCE. coming in at 26.4% for the quarter and 24.7% year to date.

服務產生了積極的營運槓桿，帶來了約 17 億美元的淨利潤，並繼續帶來更高的 RoTCE。本季成長率為 26.4%，年初至今成長率為 24.7%。

On Slide 12, we show the results were markets for the third quarter. Markets revenues were up 1%, driven by growth in equities, partially offset by a decline in fixed income. Equities revenues increased 32%, driven by momentum in prime, with balances up approximately 22% growth, open derivatives and higher cash volume.

在投影片 12 上，我們展示了第三季的市場結果。 在股票成長的推動下，市場收入成長了 1%，但部分被固定收益下降所抵銷。 受黃金期動能、餘額成長約 22%、開放式衍生性商品和現金量增加的推動，股票收入成長 32%。

Fixed income revenues decreased 6%, driven by rates and currencies, which was down 10%, partially offset by spread products and other fixed income, which was up 5%, while rates and currencies declined from last year, which was the strongest third quarter in the previous 10 years, we did see good momentum in effect from increased corporate client activity.

受利率和貨幣下降 10% 的推動，固定收益收入下降 6%，部分被利差產品和其他固定收益增長 5% 所抵消，而利率和貨幣較去年（第三季度表現最強勁）有所下降在在過去的十年中，我們確實看到了企業客戶活動增加帶來的良好動力。

Spread products and other fixed income was higher, driven by financing securitization volumes in underwriting fees, partially offset by lower commodities on lower gas volatility. Expenses increased 1%, primarily due to higher volume related expense. Foster credit was $141 million, driven by an ACO build primarily related to portfolio mix and spread products.

受承銷費用融資證券化量的推動，價差產品和其他固定收益走高，但部分被天然氣波動性下降導致大宗商品價格下跌所抵銷。 費用增加了 1%，主要是由於與數量相關的費用增加。 Foster 信貸為 1.41 億美元，主要由與投資組合組合和利差產品相關的 ACO 構建推動。

Average loans increased 10%, largely driven by asset-backed lending and spread products as well as margin loans and equity. Average trading account assets increased 18%, largely driven by client demand for US treasuries, foreign government securities and mortgage-backed securities markets generated another quarter of positive operating leverage and delivered net income of approximately $1.1 billion with an RoTCE of 7.9% for the quarter and 9.7% year to date.

平均貸款成長 10%，主要受到資產支持貸款和利差產品以及保證金貸款和股票的推動。 平均交易帳戶資產成長18%，主要是由於客戶對美國國債、外國政府證券和抵押貸款支持證券市場的需求推動，又一個季度實現了正經營槓桿，並實現了約11 億美元的淨利潤，該季度RoTCE 為7.9%今年迄今為 9.7%。

On Slide 13, we show the results were banking for the third quarter. Banking revenues were up 16%, largely driven by growth in investment banking. Investment banking revenues were up 31% and fees were up 44%, with increases across debt, capital markets, advisory and equity capital markets.

在投影片 13 中，我們展示了第三季的銀行業績。 銀行收入成長 16%，主要由投資銀行業務的成長推動。 投資銀行收入成長 31%，費用增加 44%，債務、資本市場、諮詢和股權資本市場均成長。

ECM benefited from continued strong investment grade issuance advisory benefited from strong announced deal volume earlier this year. And in ECM, we saw a stronger follow on activities, which was offset by fewer IPOs of mid market volatility in August for the year to date and in the quarter, we've given wallet share gains, including in the healthcare and technology sectors where we've been investing.

ECM 受惠於今年稍早宣布的強勁交易量，持續強勁的投資級發行諮詢。 在 ECM 方面，我們看到了更強勁的後續活動，但今年迄今 8 月份中期市場波動的 IPO 數量減少所抵消，而在本季度，我們的錢包份額有所增長，包括醫療保健和技術領域，其中我們一直在投資。

Corporate Lending revenues, excluding mark-to-market on loan hedges, increased 5%, primarily driven by a smaller impact from currency devaluation. In Argentina, expenses decreased 9%, primarily driven by benefits of headcount reduction as we continue to rightsize the workforce and expense base.

企業貸款收入（不包括以市值計價的貸款對沖）增加了 5%，主要是由於貨幣貶值的影響較小。 在阿根廷，費用下降了 9%，這主要是由於我們繼續調整勞動力和費用基礎而減少了員工人數。

Foster credit was $177 million, driven by mix. Average loans decreased 1% as we maintained strict discipline around our return Banking generated positive operating leverage for the third quarter in a row and delivered net income of $238 million with an RoTCE of 4.3% for the quarter and 7.2% year to date.

在混合動力的推動下，福斯特信貸達到 1.77 億美元。 由於我們對回報保持嚴格的紀律，平均貸款下降了 1% 銀行業連續第三季度產生了正的營運槓桿，淨利潤達到 2.38 億美元，本季 RoTCE 為 4.3%，年初至今為 7.2%。

On Slide 14, we show the results per well for the third quarter. As you can see from our performance this quarter, we're making good progress against our strategy and expect that momentum to continue. Revenue was up 9%, driven by a 15% increase in NIR as we grow investment fee revenues on momentum in client investment assets, which grew 24%, (inaudible) increased 6% driven by higher deposit volumes and spreads.

在投影片 14 上，我們顯示了第三季每口井的結果。 正如您從我們本季的業績中看到的那樣，我們在策略方面取得了良好進展，並預計這種勢頭將持續下去。 在NIR 成長15% 的推動下，收入成長了9%，因為我們在客戶投資資產的推動下增加了投資費用收入，客戶投資資產成長了24%，（聽不清楚）在存款量和利差增加的推動下成長了6%。

Expenses decreased 4%, driven by the continued benefit of head count reductions as we rightsize the workforce and expense base. Cost of credit was $33 million, largely driven by net credit losses of $27 million. End-of-period client balances increased 14%, driven by higher client investment assets and deposits, both in North America and internationally.

費用下降了 4%，這是由於我們調整了勞動力和費用基礎，減少了人員數量，帶來了持續的好處。 信貸成本為 3,300 萬美元，主要是由 2,700 萬美元的淨信貸損失造成的。 由於北美和國際客戶投資資產和存款增加，期末客戶餘額增加了 14%。

Average deposits increased 4%, reflecting the transfer of relationships and the associated deposits from USPB, partially offset by a shift in deposit to higher yielding investments on Citi. Platform a verage loans decreased 1% as we continued to optimize capital usage, well generated another quarter of positive operating leverage and delivered net income of $283 million with an RoTCE of 8.5% for the quarter and 6.8% year to date.

平均存款成長 4%，反映了關係和相關存款從 USPB 的轉移，部分被存款轉向花旗的高收益投資所抵消。 隨著我們繼續優化資本使用，平台平均貸款下降了 1%，又一個季度實現了正營運槓桿，淨利潤達到 2.83 億美元，本季 RoTCE 為 8.5%，年初至今為 6.8%。

On Slide 15, we show the results for US Personal Banking. For the third quarter, US Personal Banking revenues were up 3%, driven by NII growth of 2% and lower partner payments. Branded cards revenues increased 8%, with interest earning balances growth of 8% as payment rates continue to normalize, and we continue to see growth in spend volume, which were up 3%.

在投影片 15 上，我們展示了美國個人銀行業務的結果。 第三季度，受 NII 成長 2% 和合作夥伴付款減少的推動，美國個人銀行業務收入成長 3%。 隨著支付率持續正常化，品牌卡收入成長 8%，利息收入餘額成長 8%，我們繼續看到支出量增加 3%。

Retail Services revenues were down 1% due to a slowing growth rate in interest earning balances. Retail banking revenues decreased 8%, driven by the transfer of relationships and the associated deposits to our wealth business. Expenses decreased 1%, driven by continuous productivity focus, partially offset by higher volume related expense.

由於利息收入餘額增速放緩，零售服務收入下降 1%。 由於關係和相關存款向我們的財富業務轉移，零售銀行業務收入下降了 8%。 由於持續關註生產力，費用下降了 1%，但部分被銷售相關費用增加所抵消。

Foster credit was $1.9 billion, largely driven by net credit losses and a modest build for volume growth. We continue to expect branded cards to be in the 3.5% to 4% NCR range for the full year. In Retail Services, we continue to expect to be around the high end of the 5.75 to 6.25 range for the full year, driven by both the impact of persistent inflation and higher high interest rates as well as lower sales activity at our partners.

福斯特信貸額為 19 億美元，主要是由淨信貸損失和銷售適度增長推動的。 我們繼續預計全年品牌卡的 NCR 範圍將在 3.5% 至 4% 之間。 在零售服務方面，我們繼續預計全年零售服務價格將在 5.75 至 6.25 區間的高端附近，這是受到持續通膨和高利率上升以及合作夥伴銷售活動減少的影響。

Average deposits decreased 23%, largely driven by the transfer of relationships and the associated deposits through our wealth business. USPB generated another quarter of positive operating leverage and delivered net income of $522 million with an RoTCE of 8.2% for the quarter and 5.2% year to date.

平均存款下降23%，主要是由於我們的財富業務的關係轉移和相關存款所致。 USPB 又一個季度實現了正營運槓桿，淨利潤達 5.22 億美元，本季 RoTCE 為 8.2%，年初至今為 5.2%。

As we've said before, the USPB segment creates a lot of value for the firm. We knew 2024 would be a tough year as we lap the credit call, but we have a path to higher returns. We will continue to drive revenue growth through product innovation while improving the operating efficiency of the business.

正如我們之前所說，USPB 部門為公司創造了許多價值。 我們知道 2024 年將是艱難的一年，因為我們放棄了信貸呼籲，但我們有一條通往更高回報的道路。 我們將繼續透過產品創新推動營收成長，同時提高業務營運效率。

And at the same time, we expect the credit environment to normalize, all of which will ultimately drive USPB to a high-teens return over the medium term.

同時，我們預計信貸環境將正常化，所有這些最終將推動 USPB 在中期內實現高雙位數回報。

On Slide 16, we show results for all other on a managed basis, which includes corporate, other and legacy franchises and excludes divestiture related items. Revenues decreased 18%, primarily driven by close exits in wind down as well as margin compression or mortgage securities that have attended.

在投影片 16 上，我們顯示了所有其他託管基礎上的結果，其中包括公司、其他和遺留特許經營權，但不包括剝離相關項目。 收入下降了 18%，主要是由於退出以及利潤率壓縮或抵押貸款證券的退出造成的。

Expenses were down 5% as a reduction from closed exits and wind-downs was partially offset by a legal reserve and cost of credit was $289 million, largely driven by net credit losses and an ACL build in Mexico.

費用下降了 5%，因為關閉退出和關閉帶來的減少被法定準備金部分抵消，信貸成本為 2.89 億美元，主要是由淨信貸損失和墨西哥 ACL 建設推動的。

Slide 17 shows our full year 2024 outlook and medium term guidance. We generated $61.6 billion of revenue year to date, driven by NII ex-markets growth of 12% and are on track to meet our $80 billion to $81 billion full year guidance.

幻燈片 17 顯示了我們的 2024 年全年展望和中期指引。 在 NII 市場外成長 12% 的推動下，我們今年迄今創造了 616 億美元的收入，並有望實現 800 億至 810 億美元的全年指引。

As I mentioned, we now expect NII ex-markets to be slightly down for the full year with year to date expenses of $40.4 billion. Excluding the FDIC special assessment and civil money penalties, we continue to expect to be on the higher end of our full year guidance range as we take a step back.

正如我所提到的，我們現在預計全年 NII 前市場支出將小幅下降，年初至今的支出為 404 億美元。 排除 FDIC 特別評估和民事罰款，我們繼續預計，當我們後退一步時，我們的全年指導範圍將處於較高端。

The third quarter represents another quarter of solid progress and I said are proof points towards improving firm-wide and business performance. We remain focused on continuing to improve our performance and executing on our transformation. These priorities remain critical to strengthening our operations and becoming a more efficient, agile and client-centric company as we continue to make progress on achieving our medium-term targets. With that, Jane and I will be happy to take your questions.

第三季度代表著又一個堅實進展的季度，我說這是改善公司範圍和業務績效的證據。 我們仍然專注於繼續提高我們的績效並執行我們的轉型。 隨著我們在實現中期目標方面不斷取得進展，這些優先事項對於加強我們的營運並成為一家更有效率、敏捷和以客戶為中心的公司仍然至關重要。 簡和我將很樂意回答您的問題。

(Operator Instructions) Glenn Schorr, Evercore.

（操作員說明）Glenn Schorr，Evercore。

Hi, thanks very much. Good guidance. I'd appreciate it. I'm curious on the card losses in Retail Financial Services, if you could talk to like the 2024 exit rate, seems like it will be higher than the full year guide at 6 in the quarter. Maybe you could talk to this trajectory there and then the huge reserves that you have built. And then if you could tell us about the portfolios so we can keep expectations in the right spot. Thanks.

你好，非常感謝。 很好的指導。 我會很感激。 我對零售金融服務的卡片損失感到好奇，如果你能談論 2024 年的退出率，似乎該季度的退出率將高於全年指引值 6。 也許你可以談談這個軌跡，然後談談你已經建立的巨大儲備。 然後，您是否可以告訴我們有關投資組合的信息，以便我們能夠將預期保持在正確的位置。 謝謝。

Sure. Why don't I take that? Good morning, Glenn. There are a couple of things. So one, I think that one retail services, obviously in a couple of things kind of play out. So what you're seeing kind of spend volumes trend down a bit. You are seeing payment rates on come down as well. That obviously is fueling the average interest earning balanced growth that we're seeing on.

當然。 我為什麼不接受這個呢？ 早安，格倫。有幾件事。 因此，我認為零售服務顯然在幾件事上發揮了作用。 所以你看到的支出量呈現下降趨勢。 您會看到付款率也在下降。 這顯然正在推動我們所看到的平均利息收入平衡成長。

And then you also seeing with the spend volume come down as a denominator effect that plays through which pushes up. Obviously, the loss rates that we that we're seeing that still in the quarter is in line with our guidance.

然後你也會看到支出量下降作為分母效應，透過分母效應推升。 顯然，我們在本季看到的損失率與我們的指導一致。

But in light of what we saw earlier in the year and normal seasonality, we'd expect that number to be on the higher end of that range and likely higher in the fourth quarter. But the higher in the fourth quarter, again depends on what traffic is lagging, what holiday with the holiday spending season looks like through the end of the year.

但鑑於我們今年早些時候看到的情況和正常的季節性，我們預計該數字將處於該範圍的高端，並且可能在第四季度更高。 但第四季的走高，又取決於客流量的延遲情況，以及年底假期消費旺季的情況。

I would say the reserve levels we have are very healthy as it relates to this portfolio. I think in the back of a deck, we show at about [11.7] or so. So well result reserve for the retail services portfolio in light of the environment that we're that we're in a similarly, we are seeing the stabilization and from a delinquency point of view across both portfolios kind of play through.

我想說，我們的準備金水準非常健康，因為它與這個投資組合相關。 我認為在牌組的後面，我們的表現大約是[11.7]左右。 鑑於我們所處的環境，零售服務投資組合的業績儲備非常好，我們看到兩個投資組合都在發揮穩定作用，並從拖欠的角度來看。

And so net-net, we are obviously actively managing this. The retail partner activity is a critical component of it, and that will drive fourth quarter of activity or our levels. But we do feel as if we'll end up on the higher end of the range here.

因此，我們顯然正在積極管理這個問題。 零售合作夥伴活動是其中的關鍵組成部分，它將推動第四季度的活動或我們的水平。 但我們確實覺得我們最終會達到這個範圍的高端。

Okay. Thanks for all that, Mark. Just one quickie on your partnership with Apollo. Very interesting and in line with a lot of other things we've seen some. I'm curious on why how you thought about going with one specific partner versus a group and then more importantly, other other parts of the franchise that could benefit from that with stronger ties to private markets? I'm thinking specifically in the asset-backed world pushing. Thank you.

好的。 謝謝你所做的一切，馬克。 簡單介紹一下您與 Apollo 的合作關係。 非常有趣，並且與我們見過的許多其他事情一致。 我很好奇為什麼你會考慮與一個特定的合作夥伴合作，而不是與一個團體合作，更重要的是，與私人市場建立更緊密的聯繫，特許經營的其他部分可以從中受益？ 我正在特別思考資產支持世界的推動。 謝謝。

So we're delighted to partner with Apollo because what this does is it uniting our comprehensive banking reach and expertise together. And it is enabling us to offer our clients and small, innovative and tailored financing solutions that will be some other and partners involved in this as well. Not the data is another participant in this.

因此，我們很高興與 Apollo 合作，因為它的作用是將我們全面的銀行業務範圍和專業知識結合在一起。 它使我們能夠為客戶提供小型、創新和客製化的融資解決方案，其他一些合作夥伴也將參與其中。 不是數據是另一個參與者。

And when we look at day eight, very, very beneficial for our clients. And we're always looking at how we can best serve our clients and most options. And this this platform enhances corporate and sponsor clients access to the private lending capital pool at real scale in $25 billion is a on a very high sizable and partnership here, and it provides funding certainty and strategic transactions.

當我們看到第八天時，我們的客戶非常非常受益。 我們一直在尋找如何最好地為客戶提供服務和提供最多的選擇。 這個平台增強了企業和贊助商客戶進入實際規模達 250 億美元的私人借貸資本池的機會，這是一個規模非常大的合作夥伴關係，並且它提供了資金確定性和戰略交易。

And it takes case if that LBOs non-investment grade in the US. And the US is obviously the bulk of the private credit market and the BMS globally, it would be great to see that market developing in Europe and I hit on it wouldn't surprise me to see us doing more partnerships and other pieces going forward.

如果槓桿收購在美國的評級為非投資級別，則屬於這種情況。美國顯然是全球私人信貸市場和 BMS 的主體，很高興看到該市場在歐洲發展，看到我們未來開展更多合作夥伴關係和其他工作，我不會感到驚訝。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

G ood morning. I guess maybe a month for you like looking at slide 7 on a and maybe you can break it down into markets and the markets in the ex-markets and [$11.96 billion] this quarter based on what you said, the back book repricing deposits, Flex. Is it safe to conclude that the ex-markets and I welcomed in 2Q '24, and I noticed the securities yield actually went lower 7 bps quarter over quarter. Was there something one-off that impacted the yields this quarter relative to the expectations you outlined earlier?

早安. 我想也許你會喜歡看幻燈片7 上的一個月，也許你可以根據你所說的，根據你所說的，後帳重新定價存款，將其分解為市場和場外市場以及本季度的[ 119.6 億美元]，彈性。 可以肯定地說，我和前市場在 2024 年第二季受到歡迎，而且我注意到證券收益率實際上比上一季下降了 7 個基點。相對於您先前概述的預期，是否存在一次性影響本季收益率的因素？

So when you look at slide 7, you got a couple of things playing through. So your point around the low number in a low point [11.46] in the second quarter. That really is a combination relative to first quarter of FX translation, some seasonally lower card balances and lower interest payments in Argentina playing through that sequential 1Q to 2Q.

因此，當您查看投影片 7 時，您會看到一些內容。 所以你的觀點是在第二季的低點 [11.46] 附近。 這實際上是相對於第一季的外匯換算、阿根廷從第一季到第二季的一些季節性較低的卡片餘額和較低的利息支付的組合。

The third quarter, as I mentioned earlier, is really a byproduct of volumes on the lending side and spreads, deposit spreads and services and wealth. And I think that I've already given kind of the guide for the fourth quarter where that is likely to be flat.

正如我之前提到的，第三季實際上是貸款規模、利差、存款利差、服務和財富的副產品。 我認為我已經給出了第四季度的指導，第四季度的情況可能會持平。

But I think it's important to just remind everyone of the headwinds and tailwinds that play through and I are aligned. And from a from a tailwind point of view, I would expect to see continued volume from loans, the USPB in particular, but also services. And we're talking ex market. So services from, I'd also expect to see continued benefit from the reinvestment and of securities at higher yields. And then we're actively managing, you know, beta as it relates to with our clients.

但我認為重要的是提醒每個人所經歷的逆風和順風，我是一致的。 從順風的角度來看，我預計貸款量將持續成長，特別是 USPB，而且還有服務業。 我們談論的是前市場。 因此，我還期望看到再投資和更高收益率的證券繼續受益。 然後我們正在積極管理與客戶相關的測試版。

And if you think about kind of what we saw in the uptake of rates were actively managing that on the on the downtick as as it relates to our institutional clients, I think the other point here is less not forget that our interest rate sensitivity, you know, skews more towards our non-US. And so a lot of what we think about and talk about tends to be US rates moves move in the betas around that. We're still going to have a bit of beta catch up outside of the US.

如果您考慮我們在利率上升中看到的情況，我們正在積極管理與我們的機構客戶有關的下降趨勢，我認為這裡的另一點是不要忘記我們的利率敏感性，您知道，更傾向於我們的非美國國家。 因此，我們思考和談論的許多內容往往是美國利率變動的貝塔值。 我們在美國以外的地區仍將有一些測試版的趕上。

And so that's one of the headwinds there as well as the legacy franchise exits. So you've got this long winded way of saying I do expect flat into the fourth quarter. I'm not going to give guidance for 2025. But what I will say is, you know, to keep the growth momentum to get to our medium term targets. That's 4% to 5% of our CAGR. And that's going to be a combination of of NIR, but skewing NIR.

因此，這是那裡的阻力之一，也是傳統特許經營退出的原因之一。 所以你已經用這種冗長的方式說我確實預期第四季會持平。 我不會給出 2025 年的指導。 這是我們複合年增長率的 4% 到 5%。 這將是 NIR 的組合，但會扭曲 NIR。

And I want to point that out because the third quarter and year to date numbers that you see in our performance shows very strong fee and our growth across each of these five businesses. And I don't want to lose sight of that. As you all really trying to get a handle on how we get to that medium term. We're evidencing that shift towards more fee revenue as we speak. So I'll stop there, but I think that's important. And hopefully, I've answered your your question around the NII forecast here.

我想指出這一點，因為您在我們的業績中看到的第三季度和年初至今的數字顯示了非常強勁的費用以及我們在這五項業務中的每一項的增長。 我不想忽視這一點。 你們都在努力了解我們如何實現中期目標。 正如我們所說，我們正在證明這種轉向更多費用收入的轉變。 我就到此為止，但我認為這很重要。 希望我已經在這裡回答了您關於 NII 預測的問題。

That's helpful and I agree on the fee momentum. Just one quick on the wealth segment. The scene of considerable progress year to date in terms of going from zero ROE to about 8.5% drawn see significant operating leverage. I think I heard Jane say that momentum should continue. Is it fair to assume that our OTC, he remains like wealth remains a positive story as we think about how Citi's ROE continues to improve from here as we get towards the targets? Or any color on the wealth side would be helpful. Thank you.

這很有幫助，我同意收費動能。 簡單介紹一下財富領域。 今年迄今為止，股本回報率從零升至 8.5% 左右，取得了顯著進展，營運槓桿顯著。 我想我聽到簡說這種勢頭應該繼續下去。 當我們思考花旗的股本回報率如何在我們實現目標時繼續改善時，假設我們的場外交易，他仍然像財富仍然是一個積極的故事，這是否公平？ 或任何代表財富的顏色都會有幫助。 謝謝。

Yes, I agree with you. I think we're all very pleased to see the and the progress on the strategy we laid out at Investor Day on the wealth target we have in the medium term is 15% to 20%. And with that a 25% to 30% operating margin. And we're making steady progress that I think the first piece of putting the pieces that drive a wealth organization together.

是的，我同意你的觀點。 我認為我們都很高興看到我們在投資者日制定的策略的進展，我們的中期財富目標是 15% 到 20%。 營運利潤率為 25% 至 30%。 我們正在取得穩步進展，我認為這是將推動財富組織的各個部分整合在一起的第一步。

And now we're focused on positioning for growth and reshaping the business to deliver the returns that we don't expect a very important part of that shifting our mix by growing investment, and we had 24% growth in client investment assets this quarter. I would call that a good start to realizing the potential that we have here and at the same time, and it continues to right-size our expense base and drive productivity.

現在我們專注於成長定位和重塑業務以提供回報，我們預計這不會是透過增加投資來改變我們的組合的一個非常重要的部分，本季我們的客戶投資資產成長了 24%。 我認為這是實現我們在這裡的潛力的良好開端，同時它也將繼續調整我們的支出基礎並提高生產力。

Our advisor productivity increased over 50% and silicon of North America send a number of different areas that that he's focused on and said that we can continue to grow the investment space, including some important new talent that we've been building.

我們的顧問生產力提高了 50% 以上，北美矽派出了他所關注的許多不同領域，並表示我們可以繼續擴大投資空間，包括我們一直在培養的一些重要的新人才。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi, what assurance can you give that t hey can both meet its '26 expense guide, the $51 billion to $53 billion, and I know the year-to-date run rate implies $54 billion. So getting that $54 billion run rate down to the $51 billion to $53 billion by 2036 and meet its regulatory path.

你好，你能保證他們都能滿足 26 年的支出指南，即 510 億至 530 億美元，我知道今年迄今為止的運行率意味著 540 億美元。 因此，到 2036 年，將 540 億美元的運行率降至 510 億至 530 億美元，並滿足監管要求。

Argos, in other words, assurance that silicon both walk and chew gum at the same time, I guess I'd highlight, as you know, on October second, Senator Orrin as the OCC to impose growth restrictions because Citi is quote too big to managed now, I would assume you don't agree with that. But still the question that a lot of people have is not what assurances can you give that an asset cap won't happen at Citigroup?

Argos，換句話說，保證矽既能行走又能嚼口香糖，我想我會強調，如你所知，在 10 月 2 日，參議員奧林作為 OCC 實施增長限制，因為花旗的報價太大了現在已經解決了，我想你不同意這一點。 但很多人的問題還是不是你能保證花旗集團不會有資產上限嗎？

Thanks, Mike. So what why don't I start with your expense question, and I'm sure Jane will chime in on some of the other parts of your question. So, um, you know, look, we put out medium term targets of $51 billion to $53 billion and 2026 revenue dependent, of course, and that's with the consistent with it target we gave of less than 60% efficiency ratio.

謝謝，麥克。 那麼，我為什麼不從您的費用問題開始，我相信簡會插話您問題的其他部分。 所以，嗯，你知道，看，我們提出了 510 億至 530 億美元的中期目標，當然，這取決於 2026 年的收入，這與我們給出的低於 60% 的效率目標一致。

And we've got a target this year, as you know, on the high end of $53.8 billion. And so we've got to get from $53.8 billion down to $51 billion to $53 billion by 2026. I'm not giving guidance for '25, but you can expect that that would have liked the glide down to that number, what's driving the reduction? So we've talked before about $1 billion and a half in savings largely related to the restructuring and driving down headcount reduction associated with that.

如您所知，我們今年的目標是 538 億美元。 因此，到 2026 年，我們必須從 538 億美元下降到 510 億美元，再到 530 億美元。減少？ 因此，我們之前討論過約 10 億美元的節省，主要與重組和減少與之相關的員工人數有關。

We talked about another $500 million to $1 billion related to expense reductions from eliminating stranded cost as we continue to exit. We're at a nine of these consumer countries already. And we talked about starting to see efficiencies and benefits from the investments in the transformation and technology towards the end of 2026. And those those are the three drivers that are important for us to continue to realize between now and 2026. Will there be headwinds?

我們討論了另外 5 億至 10 億美元，與我們繼續退出時消除擱淺成本有關的費用削減有關。 我們已經進入了九個這樣的消費國家。 我們談到，到 2026 年底，我們將開始看到轉型和技術投資的效率和效益。

Yes, there will be the tranche formations, a multiyear process. We're also investing in risk and controls and regulatory spend to support improving our operations. Of course, there will be headwinds, but there also be things that we shift away from the tailwinds associated with it.

是的，將會有批次形成，這是一個多年的過程。 我們也投資於風險和控制以及監管支出，以支持改善我們的營運。 當然，會有逆風，但也有一些我們需要擺脫與之相關的順風的事情。

Jane mentioned some of the productivity efforts that both Andy as well as bids are pushing on when you look across these businesses and you see positive operating leverage across the board. So that means that Andy Morton as well as Gonzalo, are to looking at their cost structures at expenses that they can take out or productivity that they might improve. And so there will be additional costs that we have to incur.

Jane 提到了 Andy 和 bids 正在推動的一些生產力工作，當你縱觀這些業務時，你會發現全面的積極營運槓桿。 因此，這意味著安迪·莫頓（Andy Morton）和貢薩洛（Gonzalo）將根據他們可以支出的費用或可以提高的生產力來審視他們的成本結構。 因此，我們將不得不承擔額外的費用。

We incurred as additional costs this year. But there also be additional productivity savings that we continue to tease out to ensure that we get to these targets.

今年我們產生了額外費用。 但我們也繼續研究如何節省額外的生產力，以確保實現這些目標。

And Mike, let me pick up on on part of the second part of the question on the in terms of that progress on the transformation. And as you know, as it has Mark's talking about the transformation resources, historic underinvestment in cities, infrastructure, it enhances our risk and control environment.

麥克，讓我談談問題第二部分的部分內容，也就是轉型的進展。 如你所知，正如馬克所談論的轉型資源、歷史上城市、基礎設施投資不足，它增強了我們的風險和控制環境。

And it's a strategic overhaul, as we've talked about, that goes well beyond the consent order to simplify and strengthen the city to the benefit of all of the stakeholders as we have, we are already a very different city today, and we've made enormous change over the past three years, dramatically simpler business model, significant org change.

正如我們所討論的，這是一次策略性改革，遠遠超出了簡化和加強城市的同意令，以造福所有利益相關者，因為我們今天已經是一個非常不同的城市，我們'在過去的三年裡，我們做出了巨大的改變，業務模式大大簡化，組織發生了重大變化。

We align our structure to that model. So we now have a flatter organization with greater accountability. And as Mark talked about through the end investments in our transformation, non-interest-bearing and executing for to acknowledge publicly by one of our regulators, and it's a wide range and book of (inaudible).

我們使我們的結構與該模型保持一致。 因此，我們現在有一個更扁平化、責任更大的組織。 正如馬克在我們的轉型、無息和執行的最終投資中所談到的那樣，我們的一位監管機構公開承認，這是一個範圍廣泛的書（聽不清楚）。

And we've made significant strides in areas such as risk management, compliance and accountability, big bodies. Since other progress enhance our stress testing capabilities that foster more frequent more precise assessment.

我們在風險管理、合規性和問責制、大型機構等領域取得了重大進展。 由於其他進展增強了我們的壓力測試能力，從而促進更頻繁、更精確的評估。

We put in place new target operating model for wholesale credit risk, enterprise risk price, but unpriced risk family, a huge body of work, reducing risk and high risk processes such as payments and market through systemic preventative controls. And we've been implementing the Zoom platform.

我們針對批發信用風險、企業風險價格、未定價風險族等建立了新的目標營運模式，工作量龐大，透過系統性預防性控制降低支付和市場等風險和高風險流程。 我們一直在實施 Zoom 平台。

This is the strategic health solutions and market risk analytics values trades on demand and at scale. And we've embedded risk and controls into our performance management framework and tie that to compensation for the full fan. So these are just giving you a flavor of all these big body of work that we are executing and getting done as rig mask.

這是戰略健康解決方案和市場風險分析價值按需大規模交易。 我們已將風險和控制嵌入到我們的績效管理框架中，並將其與全體粉絲的薪酬聯繫起來。 因此，這些只是讓您了解我們正在執行和完成的所有這些大型工作，作為裝備面具。

And I was very pleased that we close the FRP air and our BSA consent order, particularly given the heightened risk scrutiny in this area. That is the Fed consent order we place in 21. And we've been very transparent on that. Whether areas and mature execution is delayed against our original timelines.

我很高興我們關閉了 FRP 空氣和 BSA 同意令，特別是考慮到該領域的風險審查更加嚴格。 這是我們在 21 月發布的聯準會同意令。 領域和成熟的執行是否比我們原來的時間表延遲。

And yet, as is the case with our data work and we take a step back, determine what we need to change in those areas and get back on track and make it relevant tech and people investments. So I feel and I feel very confident about the strategy we've laid out for the fun, deliberate path. We're on the huge progress we've already made, and we will continue making. And with that termination and with clarity going forward.

然而，就像我們的數據工作一樣，我們退後一步，確定我們需要在這些領域做出哪些改變，然後回到正軌，使其與技術和人員投資相關。 因此，我對我們為這條有趣、深思熟慮的道路制定的策略充滿信心。我們已經取得了巨大進展，並將繼續取得進展。 隨著終止和明確的進展。

So just one follow up when by and you do have the amended consent order that that's not new anymore, but from our assistant problem with your deal or assistant leaders and at now that you don't have or could you?

因此，只要進行一次跟進，您確實擁有修改後的同意令，這不再是新鮮事了，但由於我們的助理問題與您的交易或助理領導有關，而現在您沒有或可以嗎？

We don't have any problems and gaining with our clients, quite the opposite where a source of strength for our clients in terms of the provision of that payments businesses, they're trading business is there on the consumer credit businesses all across the board. So I would say quite the opposite where we are a source of tremendous strength for them. And you see that in the results this quarter on May 12. That's very pleasing across the board in every single one of our businesses.

我們沒有任何問題，並且與我們的客戶獲益，恰恰相反，我們的客戶在提供支付業務方面的力量源泉，他們的交易業務是全面的消費信貸業務。 所以我想說的恰恰相反，我們是他們巨大力量的來源。 您可以在 5 月 12 日的本季業績中看到這一點。

And we are working closely with our regulators. We incorporate their feedback as well as our own lessons learned if we fall behind in an element of the consent orders. But I do understand the breadth of the consent order web as well. I laid out and the meaningful progress we're making across multiple areas may fall behind in an area that we increase the investments needed. And I'm looking at any lessons learned and the approach and address it. So I feel very comfortable.

我們正在與監管機構密切合作。 如果我們在同意令的某個要素上落後，我們會吸收他們的回饋以及我們自己的經驗教訓。 但我也確實了解同意令網路的廣度。 我指出，我們在多個領域取得的有意義的進展可能會落後於我們增加所需投資的領域。 我正在研究學到的教訓和方法並解決它。 所以我覺得很舒服。

So again, we don't have -- we're not talking about issues as it relates to client information, client data, client reporting. We're not talking about information as it relates to financials. We're talking about regulatory reporting, right and regular for reporting.

再說一次，我們沒有——我們不是在談論與客戶資訊、客戶數據、客戶報告有關的問題。 我們不是在談論與財務相關的資訊。 我們談論的是監管報告，正確且定期的報告。

As I mentioned in prior calls, we're a global firm. We've got over 11,000 regulatory reports and we're talking about ensuring that's the data that we capture at trade entry on is the data that's required to ultimately show up on these various regulatory reports in the way that we needed, ensuring that we've got the proper controls on that front end. So we don't do that.

正如我在之前的電話會議中提到的，我們是一家全球性公司。 我們已經獲得了 11,000 多份監管報告，我們正在討論確保我們在交易進入時捕獲的數據是最終以我們需要的方式顯示在這些各種監管報告中所需的數據，確保我們「前端有適當的控制。 所以我們不這樣做。

We don't have to do a lot of the reconciliation and manage and manual adjustments to that data in order to get at how we needed in the report and ensuring that we have standardized rules and controls around that process so that we can do it as efficiently as possible for this is largely around ensuring that we improve those regulatory reports that we have to produce by starting with the underlying data that's required to do that.

我們不必對這些數據進行大量的核對、管理和手動調整，以便了解我們在報告中所需的方式，並確保我們圍繞該流程擁有標準化的規則和控制，以便我們可以按照盡可能高效，因為這主要是為了確保我們透過從所需的基礎數據開始改進必須產生的監管報告。

Jim Mitchell, Seaport Global.

吉姆·米切爾，海港全球公司。

Hey, good morning. Market consensus expectations and it assists in other expense question a different way. But consensus has you not hitting your revenue growth targets and you certainly free to disagree. And I think that's that's fine, but they also have your expenses at the high end of your $51 billion to $53 billion range in '26. I guess, does that make sense or do you feel confident that if revenues do sort of disappoint your targets that you could comment at all shooter can come in at the lower end of that range to help get to your RoTCE target?

嘿，早安。 市場共識預期，它以不同的方式幫助解決其他費用問題。 但共識是你沒有達到你的營收成長目標，你當然可以不同意。 我認為這很好，但他們在 26 年的支出也處於 510 億至 530 億美元範圍的高端。我想，這是否有意義，或者您是否有信心，如果收入確實有點令您的目標失望，您可以評論所有射手可以在該範圍的下限進入以幫助實現您的 RoTCE 目標？

So look, let's take it in pieces. So I think about the first thing is that I think Janet vibrant at Jane and I have been very consistent with trying to give guidance on full year performance for the past couple of years. And we've largely actually delivered on that guidance. If you look at the top line growth since Investor Day is largely consistent with what we've talked about in the medium term.

所以看，讓我們把它分成幾個部分。 因此，我認為第一件事是，我認為珍妮特對簡充滿活力，而我在過去幾年中一直致力於對全年績效提供指導。 我們基本上已經兌現了這項指導意見。 如果你看看自投資者日以來的營收成長，則與我們在中期討論的情況基本一致。

If you looked at the expense guidance that we've given largely consistent with that, including this year, even while even as I look at the $80 billion to $81 billion revenue guidance we gave for the year and you look at the [60.6] that we've done year to date and you think about what we have to deliver in order to hit that, that target that is achievable, particularly when you remember that we had a large Argentina devaluation last year that the momentum required in the fourth quarter is very achievable.

如果你看看我們給出的費用指導基本上與此一致，包括今年，即使我看看我們今年給出的 800 億至 810 億美元的收入指導，你也會看到 [60.6]我們今年迄今為止已經完成了工作，您會想到我們必須交付什麼才能實現這一目標，即可以實現的目標，特別是當您記得去年阿根廷貨幣大幅貶值時，第四季度所需的動力是非常可以實現的。

And we believe that we will obviously hit the high end of the range for 2024. As I think about that out a year period and the guidance that we gave there book, you all want proof points before you actually believe that we can deliver on that medium term target. I'm pointing you to proofpoints. I'm hopeful that as you see those proof points through 2024 full year and each of the quarters that you will start to believe in that road revenue momentum that's required in the m edium term.

我們相信，我們顯然會在 2024 年達到該範圍的高端。目標。 我正在向你指出證據。 我希望，當您看到 2024 年全年和每個季度的這些證據時，您將開始相信中期所需的公路收入動力。

So fee revenue was a very good indicator. What we delivered this year and this quarter is a very good indicator of the momentum we should see across these businesses in the next couple of years. I also hope that you would then see that as we deliver on the expense target that we have a path to continuing to deliver on the medium term expense target. The drivers of which I've mentioned earlier.

因此，費用收入是一個非常好的指標。 我們今年和本季交付的成果很好地表明了我們在未來幾年內應該在這些業務中看到的勢頭。 我還希望您能看到，當我們實現支出目標時，我們有一條繼續實現中期支出目標的道路。 我之前提到過的驅動程式。

Yes, if revenues come in short of target that we've set for ourselves, you would naturally expect for the volume and transaction related expenses and compensation expenses to come down and a commensurate way with that revenue decline. And you would also expect that we would look to see if there are other productivity opportunities that we can tease out in order to still deliver on net operating efficiency target that we've set for ourselves.

是的，如果收入低於我們為自己設定的目標，您自然會期望與交易量和交易相關的費用以及補償費用下降，並與收入下降相應地下降。 您還會期望我們看看是否還有其他生產力機會可以梳理出來，以便仍然實現我們為自己設定的淨營運效率目標。

No, that's great color. I appreciate it. And maybe just as a follow-up on the capital question. I guess one one thing that's been a bit of a headwind over the last year has been sort of growth t he DTA deductions at. Do we start to see that become a tailwind again? How do we think about that accreting back into capital over the next couple of years?

不，那是很棒的顏色。 我很感激。 也許只是作為資本問題的後續行動。 我想去年有點不利的一件事是 DTA 扣除額的成長。 我們是否開始看到這再次成為順風？ 我們如何看待未來幾年資本的增加？

Look, the main driver of our DTA utilization will be driving higher income in the you had your drug. And as we think about. So as you think about each of the strategies that Jane has described for our business, you will often hear the importance of winning in the US. You'll hear it as it relates to banking in the activity that we saw strong performance we saw this quarter and versus world here at as it relates to the wealth business and the importance of was growing investments, particularly in North America.

看，我們使用 DTA 的主要驅動力將是在您服用藥物後增加收入。 正如我們所想。 因此，當您思考簡為我們的業務描述的每一項策略時，您經常會聽到在美國獲勝的重要性。 您會聽到它，因為它與銀行業活動有關，我們在本季度看到了強勁的表現，與世界各地相比，因為它與財富業務以及不斷增長的投資的重要性有關，特別是在北美。

You see it in USPB, which is largely a US-focused business. That detail utilization is about us increasing net income or higher net income in the US. And as we work to execute on our client driven strategy, we are looking for opportunities to do that. We're incenting the business to drive that momentum, and that's what's going to give us a higher utilization on a quarter-by-quarter in the coming years.

你可以在 USPB 中看到這一點，該公司主要專注於美國業務。 該詳細利用是關於我們增加淨收入或提高美國的淨收入。 當我們努力執行客戶驅動的策略時，我們正在尋找機會來做到這一點。 我們正在激勵業務來推動這一勢頭，這將使我們在未來幾年中逐季度提高利用率。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀。

The first one is for you, Jane, and as I speak with longer-term investors in our they are often offer in the commentary that clearly in the past from the 7%, RoTCE this quarter to the 11% to 12%, you know, hopefully will be branch and to be able to initiate a position in the before that progress as main they really sort of want to see more in a capital optimization.

第一個是給你的，Jane，當我在我們的網站上與長期投資者交談時，他們經常在評論中提出，顯然，從過去的7％，本季度的RoTCE 到11％ 到12％，你知道希望能夠成為分支，並能夠在主要進展之前啟動一個職位，他們確實希望在資本優化方面看到更多。

This question and not really the same question to ask about buybacks every quarter, but really may be a progress update on buybacks. And so there is chatter in the market about on BMX needed to have four quarters as separate financials before we IPO-ed. I'm wondering if you could give a specific progress on how that's going. And Mark, m aybe remind us on what BMX's contribution is as we think about the unlocking that excess capital versus taking out of the P&L?

這個問題與每季詢問回購的問題並不是同一個問題，但實際上可能是回購的進度更新。 因此，市場上有傳言稱，在我們進行 IPO 之前，BMX 需要有四個季度的單獨財務數據。 我想知道您能否提供具體進展。 馬克，或許可以提醒我們，當我們考慮釋放多餘資本與剔除損益表時，BMX 的貢獻是什麼？

Yes. I'd be delighted to Erica and I would also just before I jump into BMX point to a laser focus on capital optimization. It's been a mantra for a long time in our markets, business and banking and a discipline that we've driven throughout the organization. And I would say there isn't anyone at Citi that is not keenly aware of the focus around optimizing our capital and returning to shareholders, particularly given where we're trading and and and making sure that we drive to returns.

是的。 我很高興 Erica，而且在我進入 BMX 之前，我也希望專注於資本優化。 長期以來，這一直是我們市場、商業和銀行業的座右銘，也是我們在整個組織中所推行的紀律。 我想說，花旗沒有人不敏銳地意識到優化我們的資本和回報股東的重點，特別是考慮到我們的交易地點以及確保我們推動回報。

So if I turn to Banamex, our singular focus right now is the separation of the two banks, which we expect to complete in the fourth quarter of this year. This has been an enormous day of work because we are creating effectively de novo Mexico's eighth largest bank. And we've just now got the core regulatory authorizations that we need to proceed with separation.

因此，如果我轉向墨西哥銀行，我們現在唯一的重點是兩家銀行的分離，我們預計將在今年第四季完成。 這是艱鉅的一天，因為我們正在有效地從頭開始創建墨西哥第八大銀行。 我們剛剛獲得了進行分離所需的核心監管授權。

Although there are a few other approvals pending, we are in the very few final stages and are working with our clients to prepare them for this switch alpha and later on in Q4. Once the separation is complete, we will turn our full attention to the IPO itself and the successful execution of the IPO is the highest priority for our Head of International. And Mr. Todd has come to the run Banamex and our incoming Banamex Executive Chairman. Let me start this quarter into natural day. Shall we plan to be ready to IPO at the end of 2025 based on the factors that we can control.

儘管還有一些其他批准正在等待中，但我們正處於最後階段，並且正在與我們的客戶合作，為他們為此 switch alpha 和第四季度的晚些時候做好準備。 一旦分離完成，我們將把全部注意力轉向IPO本身，成功執行IPO是我們國際主管的首要任務。托德先生已經接任 Banamex 和我們即將上任的 Banamex 執行主席。 讓我從自然日開始本季。 我們是否會根據我們能控制的因素，計劃在2025年底準備IPO？

But I think is as Mark and I have always said, the timing is going to be driven by market conditions to ensure we maximize shareholder value, and we're making the necessary investments to continue growing share. And I was very pleased that Banamex outpace the average market revenue growth year to date. Good expense discipline being maintained despite the complex separation process and the environment. So I'm pleased with where we are. And I hope that gives you a bit of a flavor of what the path ahead looks like.

但我認為，正如馬克和我一直所說的那樣，時機將由市場狀況決定，以確保我們實現股東價值最大化，並且我們正在進行必要的投資以繼續增加份額。 我很高興墨西哥銀行今年迄今為止的收入成長速度超過了市場平均水平。 儘管分離流程和環境複雜，但仍保持良好的費用紀律。 所以我對我們現在的處境很滿意。 我希望這能讓您對未來的道路有所了解。

In terms of the second part of your question, a couple of things. So one, we've been seeing good growth in our Mexico consumer business. We've also been investing in it appropriately, so to make sure that we protect the strength of that franchise as we prepare for separation and ultimately for the IPO.

關於你問題的第二部分，有幾件事。 其一，我們的墨西哥消費者業務取得了良好的成長。 我們也一直在對其進行適當的投資，以確保在我們準備分拆並最終準備首次公開募股時保護該特許經營權的實力。

Erica, if I understood your question, run right hand side, we show the P&L for Mexico consumer for '22 and '23. And so you can see the contribution from a revenue and expense point of views about 1.5 billion in 2023, (inaudible) where we've probably I think it's about 4 billion or so of TCE that we have associated with this business. So that gives us some sense for the contribution, but it continues to perform quite well as we manage it through the through this process.

艾莉卡（Erica），如果我理解你的問題，請跑到右手邊，我們會顯示墨西哥消費者 '22 和 '23 的損益表。 因此，您可以從收入和支出的角度看到 2023 年約 15 億美元的貢獻（聽不清楚），我認為我們與這項業務相關的 TCE 約為 40 億左右。 因此，這讓我們對貢獻有了一定的認識，但當我們透過這個過程來管理時，它仍然表現得很好。

Perfect. Thank you. And as a follow-up question, I'm sure it is frustrating for you to see the stock reaction in a quarter where you had ample PP&R strength and better expectations for net interest income in the fourth quarter.

完美的。 謝謝。 作為一個後續問題，我確信您看到一個季度的股票反應感到沮喪，因為您擁有充足的 PP&R 實力並且對第四季度的淨利息收入有更好的預期。

So maybe I'll frame the question this way my remarks and as we think about the gyrations in interest rate expectations globally, maybe remind us sort of is it fair to assume that and Citi is asset sensitive internationally and neutrally positioned domestically? How should we think about late fees? And I know you told us it late fees and you're in initial guide for the year?

因此，也許我會用我的言論來闡述這個問題，當我們思考全球利率預期的波動時，也許會提醒我們，假設花旗在國際上對資產敏感，在國內持中性定位，這是否公平？ 我們該如何考慮滯納金？ 我知道你告訴我們滯納金並且你在今年的初始指南中？

And additionally, I think perhaps because of capital markets is so strong, cross the board across all of your peers, maybe that's not what you're getting credit for your strength this quarter. So as we look into 25 and having an IRB that bigger contribution can tear revenue kicker, maybe walk us through what are the other sort of course, the strengths that we should look forward to other than my other than second banking remaining strong and coming back. And that could bring us to bring into that path to 26?

此外，我認為也許由於資本市場如此強勁，所有同業都全面強勁，也許這並不是您本季的實力所得到的認可。 因此，當我們研究 25 並擁有一個 IRB 更大的貢獻可以撕裂收入時，也許會引導我們了解其他類型的課程，我們應該期待的優勢，除了我的第二銀行業務保持強勁並回來。 這能讓我們走上通往 26 的道路嗎？

Okay. There's a lot there, but thank you. Thank you for the for the question. I would like to see the stock's reacting much more favorably because this really has been a strong quarter for us. And in fact, as you as you mentioned, NI, when you look through it, we've in fact taken our NII guidance up just a tad bit as we referenced are that the full year would be slightly down versus modestly down with the fourth quarter. That's flat to the third quarter and so on. That is an important takeaway.

好的。 雖然有很多，但還是謝謝。 謝謝你的提問。 我希望看到該股的反應更加有利，因為這對我們來說確實是一個強勁的季度。 And in fact, as you as you mentioned, NI, when you look through it, we've in fact taken our NII guidance up just a tad bit as we referenced are that the full year would be slightly down versus modestly down with the fourth四分之一. 這與第三季持平，依此類推。 這是一個重要的收穫。

I mentioned the headwind and tailwinds earlier, and we shouldn't lose sight of those. We will get a lift from reinvesting the securities as those mature. We will continue to see volume growth in. Those are important drivers of a tailwind activity for us. You rightfully mentioned our interest rate exposure analysis that we do on a quarterly basis that reflects the asset sensitivity of our business.

我之前提到過逆風和順風，我們不應該忽視這些。 當這些證券成熟時，我們將透過對這些證券進行再投資來獲得提振。 我們將繼續看到銷售成長。 您正確地提到了我們每季進行的利率風險分析，反映了我們業務的資產敏感度。

Last quarter was about $1.6 billion or so of a negative, assuming 100 basis point decline across the curve of soon a static balance sheet and cross currencies. And as you look at that asset sensitivity, again, you rightfully pointed out that we skew non-US in terms of the magnitude of that decline in NII. Should we see that parallel shift and Info affected as much as $1 billion, three or so of that $1.6 billion non-USD related across 60 currencies.

假設很快靜態資產負債表和交叉貨幣的曲線下降 100 個基點，上一季的負值約為 16 億美元。 當您再次審視資產敏感性時，您正確地指出，我們在 NII 下降幅度方面偏向非美國。 如果我們看到平行移動和 Info 影響了多達 10 億美元，那麼這 16 億美元中大約有 3 美元與 60 種貨幣的非美元相關。

And so you'd have to see all of that move in tandem for that drag in the US dollar drag is about $300 million, assuming 100 basis point shift. And that's been coming down. If you look back over the quarters, we've been thoughtfully managing that down and that's down to about a $300 million number. I would expect when we print the third quarter two, it will be down a bit more. And so again, we are at $0.06 asset sensitive to what it does skew outside of the year.

因此，假設移動 100 個基點，您必須同時看到所有這些變動，因為美元的拖累約為 3 億美元。 而且這種情況一直在下降。 如果您回顧過去幾個季度，您會發現我們一直在深思熟慮地將其控制在較低水平，這一數字已降至約 3 億美元。 我預計當我們列印第三季二時，它會下降更多。 同樣，我們的資產價格為 0.06 美元，對其今年以外的情況很敏感。

Thank you for asking the question because I think is important to remind our investors and analysts of that dynamic, which in many ways may be different from that of other institutions. In terms of the late fees, we did say that we were including late fees in our assumptions in our outlook that we've given the state, the obvious Erika, which is that we want people to obviously pay on time and we do everything that we can to assist and ensure that they do that.

感謝您提出這個問題，因為我認為提醒我們的投資者和分析師這種動態很重要，這種動態在許多方面可能與其他機構不同。 就滯納金而言，我們確實說過，我們在我們給國家的展望中的假設中包含了滯納金，明顯的埃里卡，我們希望人們顯然按時付款，我們所做的一切都是我們可以協助並確保他們做到這一點。

With that said, we don't have a definitive time line on on late fees, nor are we overly reliant on late fees to drive revenue for our firm and so on, it looks like that decisioning will likely kind of fall closer to some time in 2025 .

話雖如此，我們沒有關於滯納金的明確時間表，也沒有過度依賴滯納金來增加我們公司的收入等等，看起來這個決定可能會在接近某個時間的時候做出。

And so there is a small adjustment in the last quarter, some of our revenue forecast by its inside of the guidance that we gave and and doesn't materially change that in any way. And then the last part of your question, I think was around them and I are in the fee revenue.

因此，上個季度有一個小調整，我們的一些收入預測是在我們給出的指導範圍內的，並且不會以任何方式實質改變。 然後你問題的最後一部分，我認為是圍繞著他們的，我是在收費收入中。

And as I mentioned earlier, I'm not going to give guidance for 2025. But I think your question was around where are we likely to see continued momentum as it relates to fee revenue growth? And I'd start with services, which were fees were up some 33% year over year. And yes, we should adjust for the Argentine peso devaluation.

正如我之前提到的，我不會給出 2025 年的指導。 我先從服務開始，服務費用年增約 33%。 是的，我們應該針對阿根廷比索貶值進行調整。

But even if you adjust for that, it's double digit, 11% year over year. Our noninterest revenue growth. And when you look at those drivers, they've been consistently strong cross-border transaction value of 8% USD, clearing volume, up 7%.

但即使你對此進行調整，它也是兩位數，年增 11%。 我們的非利息收入成長。 當你觀察這些驅動因素時，你會發現它們的跨國交易價值一直強勁，達到 8%，清算量成長 7%。

Commercial card space and up 8% in the in the supplement, you'll see that it's mid to high single digits year to date growth across those KPIs as well. We expect that that will continue with our corporate clients and as we bring on new commercial clients as well. I'll turn you to look at banking we talked about already.

商業卡空間以及補充中的 8% 增長，您會發現年初至今這些 KPI 也實現了中高個位數的增長。 我們希望我們的企業客戶和新的商業客戶都能繼續保持這種勢頭。 我會讓你看看我們已經討論過的銀行業。

So I won't kind of lean into that too much. But except to highlight a really strong quarter in banking and investment banking fees, in particular, the rebound that we've been talking about, but importantly, us capturing share in that rebound. And these important partnerships that position us well as sponsors start to lean back into the market. The investments that we've been making in talent and sectors we need to strengthen.

所以我不會太依賴這個。 但除了強調銀行和投資銀行費用的一個非常強勁的季度，特別是我們一直在談論的反彈，但重要的是，我們在反彈中佔據了份額。 這些為我們提供良好贊助商地位的重要合作關係開始重新回歸市場。 我們需要加強對人才和產業的投資。

All of those things are going to play to continue to see momentum as we go into 2025 wells, again, really strong performance this quarter with revenues up 9%, but look at the client investment assets up 24%, but client balances up 14%. That's driving fee momentum. And it's a keen area of focus for Andy and that that team that he's pulled together.

當我們進入 2025 年油井時，所有這些因素都將繼續發揮作用，繼續看到勢頭，本季度的業績非常強勁，收入增長 9%，但看看客戶投資資產增長 24%，但客戶餘額增長 14% 。 這就是推動收費的動力。 對於安迪和他組成的團隊來說，這是一個非常關注的領域。

And it's a real opportunity for us given the $5 trillion or so of assets that our clients hold away from us, and we're better positioning ourselves to capture that. And then finally, you can you can see kind of continue momentum on on US on USPB, but it's across the board is what I'm saying, Erika, in terms of that fee momentum and it is important, it's important that is an important aspect as we think about getting to those medium term targets in at 4% to 5% revenue.

鑑於我們的客戶向我們持有約 5 兆美元的資產，這對我們來說是一個真正的機會，我們正在更好地定位自己以抓住這一機會。 最後，你可以在 USPB 上看到美國的持續勢頭，但我想說的是，Erika，就費用勢頭而言，這很重要，很重要，這是一個重要的因素我們考慮實現4% 至5%收入的中期目標。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Mark, you touched on in your prepared comments about growing the US personal banking, our (inaudible) to higher levels, and you mentioned two items, one innovative products and normalization of credit costs. Can you elaborate on those two items that will be contributing to the driver side from the efficiency improvement also touched on?

馬克，您在準備好的評論中談到了將美國個人銀行業務（我們的（聽不清））發展到更高水平，您提到了兩項，一項是創新產品和信貸成本正常化。 您能否詳細說明一下這兩項對駕駛者方面也提到的提高效率的貢獻？

Sure. So I mean, it's obviously USPB. is a combination of the cards business is that we have in the retail banking business and that card portfolio has both branded as well as retail services as part of it. And even within branded, we have proprietary cards where we rank where we frankly have been looking to to how we can come up with new innovative products. one example of product innovation is the recent refresh that we did our strata premier heart, which was designed to drive acquisition and engagement with a new rewards offering.

當然。 所以我的意思是，這顯然是 USPB。是卡片業務的組合，是我們零售銀行業務的一部分，卡片產品組合既包含品牌服務，也包含零售服務。 即使在品牌內部，我們也有專有卡，坦白說，我們一直在尋求如何推出新的創新產品。 產品創新的一個例子是我們最近對我們的核心層進行了更新，旨在透過新的獎勵產品來推動獲取和參與。

And with that, acquisitions are up from 7%, both quarter-over-quarter and year-over-year year for branded cards. So that's an example of a product innovation. Another one is we also launched Flex Pay at Costco a few quarters ago, and you can see good installment loan growth as a consequence of that up some 15% or so.

因此，品牌卡的收購量較上月及年比均從 7% 上升。 這是產品創新的一個例子。 另一個原因是我們幾個季度前還在 Costco 推出了 Flex Pay，您可以看到分期貸款的良好增長，增幅約為 15% 左右。

And so those two acquisitions, it's important to ensure in the card stays top of wallet and important to kind of driving some of that top line performance. And then the other thing that I mentioned you're right, was around on was around cost of credit. And that really is the continued normalization of cost of credit.

因此，這兩項收購對於確保信用卡保持最重要的地位非常重要，並且對於推動部分頂線業績也很重要。 然後我提到你是對的另一件事是信貸成本。 這確實是信貸成本的持續正常化。

I mentioned a couple of times now the idea that multiple vintages are maturing at the same time, and that's kind of that has to play through and and us to come for us to kind of see a more normal level of credit, and that will be important to the returns. And again, we are starting to see stabilization in both the the cost of credit line, but also in delinquencies. And that's a good, a good indicator for us.

我現在多次提到多個年份同時成熟的想法，這必須發揮作用，我們才能看到更正常的信用水平，這將是對回報很重要。 同樣，我們開始看到信貸額度成本和拖欠率都趨於穩定。 這對我們來說是一個很好的指標。

Just following up on credits in the Banking division, you guys mentioned the cost of credit was at the governance of $7 million due to a sale build one $41 million and it was due to mix change in mix in the portfolio. And can you share with us what would the mix change was drew this provision?

就在銀行部門的信貸方面，你們提到信貸成本為 700 萬美元，這是由於出售了 4,100 萬美元，而且是由於投資組合中的組合變化。 您能否與我們分享一下該條款將帶來哪些組合變化？

No, there's nothing. It's a mix of kind of different asset classes and clients that we've lent against. There's nothing material or significant in that number. When you look at the non-accrual loans, you know, that ratio still 31 basis points. So it's a mix change of our exposures, but nothing material there.

不，什麼都沒有。 這是我們借出的不同資產類別和客戶的混合。 這個數字沒有任何實質或重要意義。 當你查看非應計貸款時，你知道，該比率仍然是 31 個基點。 所以這是我們風險敞口的混合變化，但沒有什麼實質內容。

And we continue to see a very healthy corporate sector really across the world.

我們繼續看到世界各地的企業部門都非常健康。

Vivek Juneja, JPMorgan.

維韋克·朱尼賈 (Vivek Juneja)，摩根大通。

Hi, two questions for Jane and Mark. one is on expenses and the other is on your response to the asset cap question before. So first one expenses for an easier one. You had a early on there. You said you expect about $700 million to $1 billion of severance charges in the $53.5 billion to $53.8 billion. Do you have any in the third quarter, especially in the fourth? And do you expect to be done with those this year or any to continue into next year, too?

你好，有兩個問題想問簡和馬克。 一是關於費用，二是關於您之前對資產上限問題的回答。 所以第一個費用是為了更容易的。 你在那裡很早。 您說您預計 535 億至 538 億美元中的遣散費約為 7 億至 10 億美元。 第三季度，特別是第四季有什麼嗎？ 您預計這些工作會在今年完成，還是會持續到明年？

Yeah. So that number was a combination of restructuring charges and severance charges or repositioning charges. And we break out obviously restructuring so that you can see those. And this restructuring component was largely driven by the org simplification that will be done this year. The other, the normal severance or repositioning charges that we take as a normal course of BAU, you'd expect that to occur in any year and it certainly will be part of 25 and 26 going forward.

是的。 因此，這個數字是重組費用和遣散費或重新定位費用的組合。 我們進行了明顯的重組，以便您可以看到這些。 這項重組部分很大程度上是由今年將進行的組織簡化所推動的。 另一種是正常的遣散費或重新安置費用，我們將其視為 BAU 的正常流程，您可以預期這種情況會在任何一年發生，而且肯定會成為未來 25 和 26 年的一部分。

We did have some this quarter. I would expect that we will have some are next quarter, but I don't see us being outside or by any stretch of the range that I gave. And again, the range was for the combination of both.

本季我們確實有一些。 我預計下個季度我們會出現一些情況，但我認為我們不會超出我給出的範圍。 再說一次，範圍是兩者的組合。

Okay. Thanks for that. And shifting to the asset cap question, Jane and Mark, it behaved we didn't hear a clear answer on. Do you have an asset cap and be even if you don't, what is the effective application or impact of what the regulators have said?

好的。 謝謝你。轉向資產上限問題，簡和馬克，我們沒有聽到明確的答案。 您是否有資產上限，即使沒有，監管機構所說的話的有效應用或影響是什麼？

So let me be crystal clear. We do not have a asset cap and there are no additional measures other than what was announced in July and in place and not expecting any. And so the implication of what we're doing as well as I've laid out, and we've increased investments in the areas where we were behind, particularly in the data related to our regulatory processes of regulatory reporting on. We're increasing investment behind that. And we continue to make progress on material progress on the orders in place, including closing the BSA AML or debt. This quarter, the Fed or debt closed (technical difficulty).

所以讓我說得一清二楚。 我們沒有資產上限，除了 7 月宣布和實施的措施之外，沒有其他措施，預計不會有任何措施。 因此，我們正在做的事情以及我所闡述的含義，我們增加了對落後領域的投資，特別是與我們的監管報告監管流程相關的數據。 我們正在增加這背後的投資。 我們繼續在已落實的訂單方面取得實質進展，包括結束 BSA 反洗錢或債務。本季度，聯準會或關閉債務（技術難度）。

And you don't expect any meaningful change that would impact business like there. Was this new still worrying about that sign us up some license that they didn't get approved by the regulator? Anything more meaningful way that that might be occurring that may be?

而且您預計不會有任何有意義的變化會影響那裡的業務。 這個新人還在擔心給我們簽了一些沒有得到監管機構批准的許可證嗎？ 有什麼更有意義的方式可能發生這種情況嗎？

Let me be crystal clear. Absolutely, really nothing.

讓我說得一清二楚。 絕對，真的沒什麼。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

Hi. Just a couple of clarification questions. I guess first on Banamex, are you on track to sell IPO for fourth quarter next year, or is it just get pushed out by a quarter with a legal separation of taking a little bit longer?

你好。 只是幾個澄清問題。 我想先關於Banamex，你們是否有望在明年第四季度出售IPO，或者只是被推遲一個季度，因為法律上的分離需要更長的時間？

Look, I think as I mentioned in response to that Erika's question, we plan to be ready to IPO at the end of '25 based on the factors we can control, the timing is going to get driven by how we maximize shareholder value, and that will be market conditions. So that's where we stand.

看，我認為正如我在回答 Erika 的問題時提到的那樣，我們計劃根據我們可以控制的因素在 25 年底準備 IPO，時機將取決於我們如何最大化股東價值，以及這將是市場條件。這就是我們的立場。

Okay. I think I move that by the end of '25 and talk about 1Q '26. But it does provide clarification question a lot. I thought you need four quarters after the meeting separate the (inaudible).

好的。我想我會在 25 年底前將其移至 26 年第一季。但它確實提供了許多澄清問題。 我認為會議結束後你需要四個季度的時間來分開（聽不清楚）。

We believe as we stand at the moment, we would be ready to IPO at the end of '25. It's much more focus on what the market conditions at that point will be. And Mark and I are very, very much focused on the shareholder value and maximizing that on over and rushing over one quarter versus another quarter. There isn't a hard rule on you have to have got four full quarters of the you have for our inventory after you have separated.

我們相信，就我們目前的情況而言，我們將準備在 25 年底上市。 人們更關注當時的市場狀況。馬克和我非常非常關注股東價值，並在一個季度與另一個季度之間快速實現股東價值最大化。沒有硬性規定，在您分居後，您必須保留我們庫存的四個完整季度。

Okay. That's super helpful. We just haven't had that many of the so that health. And then just separately, I think it was prepared remarks. You guys mentioned a modest provision within services for some of the unlimited, our corporate dividends. And I just wanted to clarify that and what countries to resolve them. I guess I thought there wasn't really much liability to you guys from somewhat of a clarification on that. And there was a small amount, but that must be helpful.

好的。 這非常有幫助。 我們只是沒有那麼多這樣的健康。 然後單獨地，我認為這是準備好的評論。 你們提到了我們在服務中為一些無限的公司股息提供了適度的規定。 我只是想澄清這一點以及哪些國家需要解決這些問題。 我想我認為對這一點的澄清對你們來說並沒有太大的責任。 雖然數量雖少，但肯定是有幫助的。

Thank you. So sure, it's a small amount and if you will, in the back of the deck, we have a page on Russia exposure. It's related to that.

謝謝。 所以當然，這是一個很小的數額，如果你願意的話，在平台的後面，我們有一個關於俄羅斯風險敞口的頁面。 與此有關。

Okay. But still feel like there's not a risk to you guys from all those current track dividends. And I guess why take a small reserve if those were in there?

好的。但仍然覺得目前所有的賽道紅利對你們來說並沒有風險。 我想如果裡面有這些東西為什麼要保留一點呢？

Well, it's the way we treat the exposure there. And we're following kind of the guidelines on how we need to treat exposure, as you know, in the country that we aren't able to distribute to clients, but we actually have to to hold on their behalf. And so we have to book a reserve associated with that. And so we do that. We obviously show on the page what the exposure is in the event of a loss of control on and you can kind of see how that ultimately net sales of both. But we're following the appropriate guidelines for what's required to for reserves of that nature.

嗯，這就是我們對待那裡的暴露的方式。 如您所知，我們正在遵循有關如何處理風險暴露的指導方針，在我們無法分發給客戶的國家，但我們實際上必須代表他們持有。 所以我們必須預訂與之相關的儲備。 所以我們就這麼做了。 我們在頁面上清楚地顯示了失去控制時的暴露情況，您可以看到兩者的最終淨銷售額如何。 但我們正在遵循針對此類性質的儲備所需的適當指導方針。

Ryan Kenny, Morgan Stanley.

瑞恩‧肯尼，摩根士丹利。

Hey, thanks for taking my question. I have one for Mark. So you mentioned that services and have a tailwind as rates decline. Can you just unpack how that happens? Is there any benefit from swap roll off for a floating swaps or we should be thinking about that's embedded in that statement?

嘿，謝謝你回答我的問題。 我有一份給馬克。 所以你提到，隨著利率下降，服務業也有順風車。 你能解釋一下這是怎麼發生的嗎？ 浮動掉期的掉期滾存是否有任何好處，或者我們應該考慮該聲明中包含的內容？

So that there are a couple of things started to keep in mind on the services business. So one is obviously, this is a client businesses, not just a deposit-taking business. And so how we think about pricing to those of those clients becomes really important. You've got the US and non-US dynamic that's playing out through were for institutional clients. We've largely been holding to the higher betas that we saw as rates have ticked up again with the relationship in mind.

因此，關於服務業務，有幾件事需要牢記在心。 所以很明顯，這是一項客戶業務，而不僅僅是吸收存款業務。 因此，我們如何考慮向這些客戶定價變得非常重要。 美國和非美國的動態正在透過機構客戶發揮作用。 我們基本上一直堅持較高的貝塔值，因為考慮到這種關係，利率再次上升。

And we have some some offsetting pressure outside of the US as those betas kind of catch up. But I think importantly, you also heard me mention on reinvestment into securities at higher yields and that reinvestment or those higher yield ultimately play out through the businesses. And so that will show up as part of kind of NI as we think about services. But the other businesses as well.

隨著這些測試版的趕上，我們在美國以外也面臨一些抵銷壓力。 但我認為重要的是，您也聽到我提到以更高的收益率再投資於證券，並且再投資或更高的收益率最終會透過企業發揮作用。 因此，當我們考慮服務時，這將作為 NI 的一部分出現。 但其他業務也是如此。

And so those are important components of the NI story for services. I think when you look at the end quarter performance and NI is down 5%. A big part of that is driven by the Argentina on a high lower rates movement in the quarter versus last year. So lower rates were earning in Argentina are playing through that, that line, particularly in this quarter. If you adjusted for that on the NII line, it would be a flat to slightly a little bit better. So that's really what it is. It's kind of management of client relationships as well as the higher earnings on reinvested securities contributing to that as well as our volume from operating account growth that we expect.

因此，這些都是 NI 服務故事的重要組成部分。 我認為當你查看季度末的表現時，NI 下降了 5%。 其中很大一部分原因是阿根廷本季利率較去年大幅下降。 因此，阿根廷的較低利率正在影響這條線，特別是在本季。 如果你在 NII 線上進行調整，它會持平甚至稍微好一點。 事實就是如此。 這是對客戶關係的管理以及再投資證券的更高收益以及我們預期的營業帳戶增長量的貢獻。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

Hey, guys. A couple of quick questions. First, just a follow up on Banamex. Again, as you know, there are there concerns about judicial reform in Mexico and the implications for rule of law and Mexican asset growth who've suffered as a result of the largest mix inventories, something in the naval seven times earnings, working conditions don't improve on multinational prices remain depressed. The mix between the first one was formulated beautiful way to market conditions improve? Or how do you think about gross profits in the context of what seems to be deteriorating macro backdrop for life?

嘿，夥計們。 幾個簡單的問題。 首先，追蹤 Banamex 。 同樣，如您所知，人們對墨西哥的司法改革以及對法治和墨西哥資產增長的影​​響感到擔憂，這些人因最大的混合庫存而遭受損失，海軍的收入是收入的七倍，工作條件不跨國公司的價格依然低迷，沒有改善。 第一個之間的組合是否被制定了漂亮的方式來改善市場狀況？ 或者，在生活的宏觀背景似乎不斷惡化的背景下，您如何看待毛利？

We've got to wait and see what the market conditions will be. But I know start after me and the market is crystal clear it it is that it is optimizing and maximizing our shareholder value. And so if they can additions are not appropriate at that time.

我們必須等待，看看市場狀況會如何。 但我知道在我之後開始，市場非常清楚，它正在優化和最大化我們的股東價值。 因此，如果可以的話，當時的補充是不合適的。

And then we will wait until they are in the meantime that the business is performing well. It's accretive to our returns on a it's not a drag here in any shape or form. So there is no there's no need to rush for a suboptimal result here, but we will IPO and we and we will exit our Panamax. And but we won't do that in a and a reckless manner. And we will be that we'll be disciplined about it as you'd expect us to be. And as as I think we're demonstrating that we are on multiple different dimensions.

然後我們會等到他們的業務表現良好為止。 它會增加我們的回報，但不會以任何形式拖累我們。 因此，沒有必要在這裡急於獲得次優的結果，但我們將進行首次公開募股，我們將退出我們的巴拿馬型船。 但我們不會魯莽地這麼做。 我們將嚴格遵守紀律，正如您所期望的那樣。 我認為我們正在證明我們處於多個不同的維度。

Okay. Fair enough. And then I guess a follow up on all the US Personal Banking time, Roxy improvement and we will be a normalization of the credit is very big component of that. The market condition minus on where what where you were in terms of of constant credit versus what you would think a more normalized level is for branded cards and retail services. I guess, how much more and how much of a tailwind a more normalized credit environment entail in terms of on credit costs?

好的。 很公平。 然後我想，美國個人銀行業務的後續行動、Roxy 的改進以及我們將實現信貸正常化是其中非常重要的組成部分。 市場狀況減去您在持續信用方面的情況與您認為品牌卡和零售服務的更正常化水平的情況。 我想，就信用成本而言，更正常化的信貸環境會帶來多少順風車？

You know, again, I don't want to get into 2025 at this stage. I mean, I assure you we will give more color and commentary that on that as we get into the fourth quarter earnings in January. From what I what I will say again, as you think about these businesses, as we do see continued top line, we do expect continued top line momentum. We've had eight consecutive quarters of positive operating leverage in USPB 49% this quarter.

你知道，我不想在這個階段進入 2025 年。 我的意思是，我向你們保證，當我們進入一月份的第四季財報時，我們將對此提供更多的色彩和評論。 我要再說一遍，當你想到這些業務時，我們確實看到了持續的營收，我們確實預計持續的營收勢頭。 本季度，USPB 的營運槓桿率已連續八個季度達到 49%。

So we're managing the expense base well, we think there's more upside to the top line. We're really focused on growth across the portfolios. And I do think that cost of credit again, if for no other reason, but the compounding effect of those vintages maturing as well as cash kind of inflation starting to come off rates trickling down, that should be better for the consumer and should start to play out in both the macroeconomic scenarios that we run for SEC purposes, but also ultimately in delinquencies and NCLs.

因此，我們很好地管理了費用基礎，我們認為收入還有更多的上升空間。 我們真正關注的是整個投資組合的成長。 我確實認為，如果沒有其他原因，信貸成本再次上升，但這些年份成熟的複合效應以及現金類型的通貨膨脹開始從利率下降中下降，這對消費者來說應該更好，並且應該開始在我們為SEC 目的運作的宏觀經濟情景中都會發揮作用，但最終也會在拖欠和NCL 中發揮作用。

And we're starting to see that improvement in delinquencies, and it's stabilization already somewhat. So I don't want to get into guidance, but that's kind of how I think about the drivers or contributors to improve returns over the medium term.

我們開始看到拖欠率有所改善，而且已經有所穩定。 因此，我不想提供指導，但這就是我對提高中期回報的驅動因素或貢獻者的看法。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi, thanks for the clarification. On the asset cap question that I asked earlier, and I know you're you are limited in how much you can say about regulators, but just be clear because a lot of e-mail traffic going back, you did say there is no asset cap and you don't expect one and you don't have any other additional actions at this time. Okay. Thank rather clarifying that.

您好，感謝您的澄清。 關於我之前提出的資產上限問題，我知道您對監管機構的看法有限，但要明確一點，因為大量電子郵件流量會返回，您確實說過沒有資產上限，並且您不希望出現這樣的情況，並且此時您沒有任何其他附加操作。 好的。 感謝澄清這一點。

And I guess, but I have great respect for the next regulator, Paul Bulcke with my hero on and respect regulators, nobody wants to see you cut corners to get to your $51 billion to $53 billion of expenses. But I'm just wondering, and you have consolidated systems to apps layers of bureaucracy and you're divesting lots of activities. So I was just even the amended consent order was surprising because you have taken to many efforts. And if you I should have had an amend and extend order or other actions they probably should have in place. one five can literally 20 years ago. And so that's just confusing on the outside.

我想，但我非常尊重下一任監管者保羅·薄克（Paul Bulcke）和我的英雄，並尊重監管者，沒有人希望看到你走捷徑來達到 510 億至 530 億美元的開支。 但我只是想知道，您已將系統整合到官僚機構的應用程式層，並且正在剝離大量活動。 所以我甚至對修改後的同意令感到驚訝，因為你們付出了很多努力。 如果你的話，我應該修改並延長命令或其他他們可能應該採取的行動。 20 年前，一五可以。 所以這在外面令人困惑。

So with that said, is this a matter of spending more money or about doing these tasks, more intelligently and others and put more gas, but at the cars not going faster? So is it amount of resources or testing more intelligent in terms of resolving some these regulatory issues?

話雖如此，這是一個花更多錢的問題，還是更聰明地完成這些任務以及其他任務並加更多汽油的問題，但汽車速度不快？ 那麼，在解決這些監管問題方面，需要更多的資源還是更聰明的測試呢？

So let let me break it down to a couple of pieces. I start off just remind me remind everyone, the consent orders are very, very broad and SaaS. The action was taken was because we're behind in a narrow down our regulatory reporting on where we're behind us and is the main area of focus, and we moved swiftly to address it.

讓我把它分成幾個部分。 我先提醒大家，同意令非常非常廣泛，而且是 SaaS。 採取這項行動是因為我們在縮小監管報告範圍方面落後於我們落後的領域，這是我們關注的主要領域，我們迅速採取行動解決這個問題。

We're very transparent about it from early on in the year that we have a falling behind on this. And overall, and I'm pleased with our progress. And as you say, Mike, I listed a number of areas of progress and trying to make it as tangible as we can, given what what we can and can't say at this as supervisory.

從今年年初開始，我們就非常透明地表明我們在這方面落後了。 總的來說，我對我們的進展感到滿意。 正如你所說，麥克，我列出了一些進展領域，並試圖根據我們在監督方面可以說和不能說的話，盡可能使其具體化。

And I'm pleased that our businesses continue to improve that performance while the transformation is going on there, two priorities we have STSFI think effectively, yes, we can walk and chew gum at the same time and the huge benefit of all of this simplification on the business on the organization. The other efforts is making it easier for us to execute and be very focused and I will maybe Mark pass it over to you.

我很高興我們的業務在轉型過程中繼續提高績效，STSFI 有效地考慮了兩個優先事項，是的，我們可以同時走路和嚼口香糖，以及所有這些簡化的巨大好處關於業務，關於組織。其他的努力是讓我們更容易執行並且非常專注，我也許馬克會把它交給你。

I think from your questions, helpful. In the sense that you said, you know, is it is it kind of rethink our approach or is it the need to spend more money? And one of the things that we've done, Mike is take a step back and look at how we've been approaching data, for example. So this is and we are going to make we have made some changes to our approach.

我認為從你的問題來看，很有幫助。 從你所說的意義上來說，你知道，是需要重新思考我們的方法還是需要花更多的錢？ 例如，我們所做的事情之一就是退後一步，看看我們是如何處理資料的。 所以這就是我們將對我們的方法做出一些改變。

And those changes relate to how we get after resolving data issues that are identified, ensuring that there's engagement from the front end business from the functions that are most relevant. And that is consideration for what's required on rig reporting in order for us to get that process streamlined and correct.

這些變化與我們在解決已識別的數據問題後如何解決有關，確保前端業務從最相關的功能中參與其中。 這就是對鑽機報告要求的考慮，以便我們簡化和正確的流程。

And there are aspects of this that require a change in our approach, and we've been taking that change in making that change rather, and we'll make more changes accordingly as we've taken that step back. And then the other hand, there are aspects of it that require at a minimum review of what is causing either the delay we'd like to ask, but we'd like to move that our regulators would like.

在某些方面，我們需要改變我們的方法，我們一直在做出改變，而當我們退後一步時，我們將相應地做出更多改變。 另一方面，它的某些方面需要至少對造成延遲的原因進行審查，我們想詢問，但我們希望按照監管機構的要求採取行動。

And that is in fact, what the resource review plan was that it was in the amended consent order. It was basically a statement saying that you need to ensure that you have sufficient resources and that they're allocated towards achieving the timely and sustainable compliance.

事實上，資源審查計劃是在修訂後的同意令中。 這基本上是一份聲明，表示您需要確保擁有足夠的資源，並將這些資源分配用於實現及時和可持續的合規性。

And so part of our process is in fact that taking a buy a regular review of what is on track and the way of our milestones and deliverables where we see things that are being delayed or going read, what is the underlying root cause for why is it a resource issue where we need to put more dollars in people technology to it? Is it a process issue where we need to reconsider our approach and on the other side of that root cause taking action to fix it.

因此，我們流程的一部分實際上是定期審查正在按計劃進行的內容以及我們的里程碑和可交付成果的方式，其中我們看到正在延遲或正在閱讀的內容，其根本原因是什麼這是一個資源問題，我們需要在人員技術上投入更多資金嗎？ 這是一個流程問題嗎？

And so your question is spot on the answer is that in many instances it will be a little bit of both. But importantly, our processes include that type of analysis and assessment and so that we can get after the execution on this in an effective way. I hope that helps.

所以你的問題是正確的，答案是，在很多情況下，兩者都會有一點。 但重要的是，我們的流程包括這種類型的分析和評估，以便我們能夠以有效的方式追蹤執行情況。 我希望這有幫助。

And all of this drive productivity and other benefits for our shareholders as well as making sure that we are strengthening Citi from a regulatory perspective.

所有這些都提高了股東的生產力和其他利益，並確保我們從監管角度加強花旗。

And then last follow-up, to the extent that you see a disconnect between your performance in the stock price, that would seem to create more of an opportunity to buy the stock at $64 when tangible book value is $90.

最後的後續行動，如果你發現股價表現之間存在脫節，那麼當有形帳面價值為 90 美元時，這似乎創造了更多以 64 美元購買股票的機會。

And so I hope that I've used this analogy before, but hopefully you're selling the asset, the chairs and the depth and the silverware and the executive dining room to go ahead and buy back stock. And what are you now?

所以我希望我以前用過這個類比，但希望你出售資產、椅子、深度、銀器和行政餐廳，然後繼續回購股票。 而你現在又是什麼？

Yes. I mean, it's clearly given where we are trading side. We're very focused around the open and Mike was called and said, we are on and off, and we're making the progress that we need to actually pretty excited about the path ahead of us and the potential that we see.

是的。 我的意思是，它清楚地給出了我們的交易方。 我們非常專注於開放，麥克被打電話說，我們正在斷斷續續，我們正在取得我們需要的進展，實際上對我們前面的道路和我們看到的潛力感到非常興奮。

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

沒有其他問題了。 我現在將電話轉給珍‧蘭迪斯 (Jen Landis) 致閉幕詞。

Thank you, everyone, for joining the call. Please follow up with IR for if you have any additional questions.

謝謝大家加入通話。 如果您有任何其他問題，請聯絡 IR。

Thank you. This concludes today's third quarter 2024 earnings call. You may now disconnect.

謝謝。 今天的 2024 年第三季財報電話會議到此結束。 您現在可以斷開連線。