花旗銀行 (C) 2024 Q3 法說會逐字稿

Hello, and welcome to Citi's third-quarter 2024 earnings call.

您好，歡迎參加花旗 2024 年第三季財報電話會議。

This call will be hosted by Jenn Landis, Head, Citi Investor Relations.

本次電話會議將由花旗投資者關係主管 Jenn Landis 主持。

(Operator Instructions)

（操作員說明）

Also, as a reminder, this conference is being recorded today.

另外，提醒一下，今天正在錄製這場會議。

If you have any objections, please disconnect at this time.

如果您有任何異議，請此時斷開連接。

Ms. Landis, you may begin.

蘭迪斯女士，您可以開始了。

Thank you, operator.

謝謝你，接線生。

Good morning, and thank you, all, for joining our third-quarter 2024 earnings call.

早安，感謝大家參加我們的 2024 年第三季財報電話會議。

I am joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.

今天我們的執行長簡·弗雷澤 (Jane Fraser) 也加入了我的行列。以及我們的財務長馬克梅森。

I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances.

我想提醒您，今天的簡報可在我們的網站 citigroup.com 下載，其中可能包含基於管理層當前預期的前瞻性陳述，並可能受到不確定性和情況變化的影響。

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.

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

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

有了這個，我會把它交給簡。

Thank you, Jen, and a very good morning to everyone.

謝謝你，Jen，祝大家早安。

Well, we certainly live in interesting times.

嗯，我們確實生活在一個有趣的時代。

And well, I usually start off calls with our views on the global macro environment, we're particularly proud of our progress this quarter.

嗯，我通常會以我們對全球宏觀環境的看法開始通話，我們對本季的進展感到特別自豪。

And so I shall stop there.

所以我就到此為止。

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.

事實上，在關鍵的一年，本季包含多個證據，證明我們正在朝著正確的方向前進，而我們的策略正在取得具體成果。

We saw revenue growth and positive operating leverage for the firm and across all five businesses.

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.

隨著降息週期的開始，我們的業務表現良好，收費收入出現兩位數成長，反映出我們的收入組合日益多樣化。

We continue to have share gains in services and banking.

我們在服務業和銀行業的份額持續成長。

In wealth, we saw a sizable increase in client investments and flows.

在財富方面，我們看到客戶投資和流量大幅增加。

We brought expenses down whilst continuing to invest in our transformation and businesses.

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 combined them with our own teams in banking and wealth.

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。

So while we are not yet where we want to be, the impact of the changes we're making is clearly evident in our momentum and our improving performance.

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, now our growth is not slower than last year.

說到宏觀，現在我們的成長並不比去年慢。

Global economic performance continues to be surprisingly resilient.

全球經濟表現仍然出乎意料地具有彈性。

Whatever you want to call the US landing, the sentiment around it is more optimistic supported by the recent positive payrolls report.

無論你如何稱呼美國登陸，近期積極的非農就業報告支撐著圍繞它的情緒更加樂觀。

And we see a healthy yet more discerning US consumer and the US corporate sector on its front foot.

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處於領先地位。

Manufacturing weakness is restraining a modest rebound in Europe, which continues to struggle with more structural challenges around its competitiveness as highlighted by Draghi's report.

製造業疲軟正在限制歐洲的溫和反彈，正如德拉吉的報告所強調的那樣，歐洲繼續面臨著圍繞其競爭力的更多結構性挑戰。

And in China, consumer sentiment in the property market remains a concern as markets awaits details on the expected fiscal stimulus.

在中國，隨著市場等待預期財政刺激措施的細節，房地產市場的消費者信心仍然令人擔憂。

India, ASEAN, Japan, Middle East, Mexico, and Brazil are all notable bright spots globally.

印度、東協、日本、中東、墨西哥和巴西都是全球引人注目的亮點。

Today, we reported net income of $3.2 billion and earnings per share of $1.51 with an RoTCE of 7%.

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.

剝離前的整體收入成長了 3%，我們的每項核心業務都實現了成長和積極的營運槓桿。

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.

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%。

Turning to the five businesses. services delivered a record quarter with revenues up by 8%.

轉向五項業務。服務交付創紀錄的季度營收成長 8%。

Fee growth, the best indicator, of underlying momentum was significant.

作為潛在動力的最佳指標，費用成長非常顯著。

And this, combined with loan and deposit volume growth, drove this quarter's excellent performance.

再加上貸款和存款量的成長，推動了本季的優異表現。

Treasury and trade solutions was up 4% year over year, reflecting good underlying momentum in the core drivers.

資金和貿易解決方案年增 4%，反映出核心驅動力的良好潛在勢頭。

And security services was up 24%, reflecting the benefits of new mandates and an increase in assets under custody.

安全服務成長了 24%，反映出新任務和託管資產增加的好處。

Both TTS and security services achieved over 10% wallet share in our target market through the first half of the year.

截至今年上半年，TTS 和安全服務在我們的目標市場中都取得了超過 10% 的錢包份額。

Last week, we announced that we are the first global bank to complete integration of our cross-border services with MasterCard Move.

上週，我們宣布成為第一家完成跨境服務與 MasterCard Move 整合的全球銀行。

Now, this will ultimately enable near-instant secure payments to the vast MasterCard debit network, starting with 14 market with more to come early next year.

現在，這最終將實現對龐大的萬事達借記卡網路近乎即時的安全支付，從 14 個市場開始，明年初將有更多市場推出。

And this is another great example of our continued investment in market-leading innovations.

這是我們持續投資市場領先創新的另一個很好的例子。

In market, revenues were up slightly on the back of bit better-than-expected September.

市場方面，由於 9 月略好於預期，收入略有上升。

Equities was up 32% with robust performance across all products.

股票上漲 32%，所有產品均表現強勁。

Our continued strong performance in equities validate both our strategy and execution to grow prime and cash.

我們在股票領域持續強勁的表現驗證了我們成長優質資金和現金的策略和執行力。

Fixed income, however, was down 6%.

然而，固定收益卻下降了 6%。

Our rates and currencies business didn't match last year's standout performance.

我們的利率和貨幣業務未能達到去年的出色表現。

It was a particularly pleasing quarter in banking.

這是銀行業特別令人愉快的一個季度。

Despite the muted IPO market, investment banking fees are up 44%.

儘管 IPO 市場低迷，投資銀行費用仍上漲 44%。

That's driven by investment-grade debt issuance as our clients pulled forward activity ahead of the US election.

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 positive as Boards pursue strategic transaction such as $36 billion Mars acquisition of Kellanova where we are the sole advisor and the lead financier.

隨著董事會尋求策略交易，例如瑪氏以 360 億美元收購 Kellanova，我們是該交易的唯一顧問和首席融資方，企業情緒仍然樂觀。

Our strategy in banking continues to gain momentum.

我們的銀行業策略持續獲得動力。

We are steadily growing our share in fee target sectors such as health care and tech with a healthy pipeline ahead.

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。

And a significant upside of our franchise continues to attract the top talent to Citi.

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.

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的情況下尋找新交易。

This 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.

這種合作關係為我們的客戶提供了另一種債務融資解決方案，它使我們能夠以與目前銀團債務市場相同的深度和專業知識參與私人信貸。

We are also starting to see the positive impact of the significant changes we've implemented in our wealth franchise with revenues up 9%.

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%。

It's a notable example of the traction that I referenced earlier.

這是我之前提到的牽引力的一個顯著例子。

As Andy and the team intensify the focus on our investments business, we grew client investment assets by 24%.

隨著 Andy 和團隊加強對投資業務的關注，我們的客戶投資資產成長了 24%。

And we were particularly pleased with the performance in Asia and in Citigold.

我們對亞洲和 Citigold 的表現特別滿意。

I continue to be excited by the opportunities and the sheer potential of our franchise.

我仍然對我們特許經營的機會和巨大潛力感到興奮。

During the quarter, we signed an agreement to exit trust administration and fiduciary services as we continue to sharpen the focus of our wealth business.

本季度，我們簽署了退出信託管理和信託服務的協議，繼續加強財富業務的重點。

We have more to do to reach our medium-term margin and return targets, but this quarter is a good indicator that we are on the way there.

要實現中期利潤率和回報目標，我們還有很多工作要做，但本季是一個很好的指標，表明我們正在實現這一目標。

US personal banking revenues were up 3%.

美國個人銀行業務收入成長 3%。

We grew branded cards revenues by 8% with account acquisitions, spend, and payment rate, all driving higher-interest earning balances.

由於帳戶獲取、支出和支付率，我們的品牌卡收入增加了 8%，所有這些都推動了更高的利息收入餘額。

Lower discretionary spending is impacting our retail services portfolio.

可自由支配支出的減少正在影響我們的零售服務組合。

However, we continue to see lower payment rates contributing to interest earning balances.

然而，我們繼續看到較低的支付率有助於賺取利息餘額。

In retail banking, we're growing our mortgage portfolio as the rate environment shifts as well as growing overall loan.

在零售銀行業務中，隨著利率環境的變化以及整體貸款的成長，我們正在擴大抵押貸款組合。

The US consumer dynamics remain remarkably consistent with prior quarters.

美國消費者動態與前幾季保持顯著一致。

Our customers are healthy but more discerning in their spend with signs of stress isolated to the lower FICOs.

我們的客戶身體健康，但在消費方面更加挑剔，FICO 較低，因此存在壓力跡象。

We've maintained strong credit discipline and our card portfolios continue to perform very much in line with our expectations.

我們一直保持嚴格的信用紀律，我們的信用卡組合的表現繼續非常符合我們的預期。

In terms of capital, while uncertainty about the Basel III endgame prevails, our capital position remains very robust.

就資本而言，儘管巴塞爾協議III最終結果存在不確定性，但我們的資本狀況仍然非常強勁。

And we ended the quarter with the CET1 ratio of 13.7%.

本季結束時，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.

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。

We will continue due to repurchase stock as we evaluate the right level on a quarterly basis.

我們將繼續回購股票，因為我們每季都會評估正確的水平。

As you know, our transformation is our number one priority.

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.

本季度，我們完成了另一項長期同意令，該同意令與我們反洗錢系統的有效性有關。

We have increased our investments in areas where we have not made sufficient progress such as data quality management.

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。

I and the management team remain steadfast and determined to get this transformation right and to get this done to continue to improve performance in each business and the firm overall.

我和管理團隊堅定不移，決心正確實施這項轉型，並持續提高每項業務和公司整體的績效。

We are committed to meeting our revenue and expense targets for the year as well as our return target for the medium term.

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。

I am very proud of our senior leadership and the entire organization as we demonstrate the potential of our unique global franchise.

我為我們的高級領導層和整個組織感到非常自豪，因為我們展示了我們獨特的全球特許經營權的潛力。

It is a privilege to lead this firm.

領導這家公司是我的榮幸。

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

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.

謝謝，簡，大家早安。

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.

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，然後再花更多時間討論業務。

On slide 5, we show financial results for the full firm.

在投影片 5 上，我們展示了整個公司的財務表現。

For the quarter, we reported net income of approximately $3.2 billion, EPS of $1.51, and an RoTCE of 7% on $20.3 billion of revenue.

本季度，我們報告淨利潤約為 32 億美元，每股收益為 1.51 美元，RoTCE 為 7%，收入為 203 億美元。

Total revenues were up 1% on a reported basis.

據報告，總收入增加了 1%。

Excluding divestiture-related impacts, revenues were up 3%, driven by growth across each of our businesses.

排除資產剝離相關的影響，在我們各項業務成長的推動下，營收成長了 3%。

As you can see on the bottom-left side of the page, net interest income, excluding markets, was down 1% year over year, largely due to lower interest rates in Argentina.

如頁面左下角所示，淨利息收入（不包括市場）年減 1%，這主要是由於阿根廷利率較低。

And non-interest revenue, excluding markets, was up 9% as we continued to see strong the momentum across services, banking, and wealth.

由於我們繼續看到服務、銀行和財富領域的強勁勢頭，不包括市場的非利息收入成長了 9%。

Year-to-date revenues were up 1% on a reported basis and are up 3% excluding divestiture-related impact.

根據報告，今年迄今的收入成長了 1%，不包括資產剝離相關的影響則增加了 3%。

Expenses were $13.3 billion, down 2%, largely driven by savings associated with our organizational simplification and stranded cost reductions, partially offset by volume related expenses and continued investments in the transformation and other risk and control initiatives.

費用為 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帶來的節省，部分被與數量相關的費用以及對轉型和其他風險和控制舉措的持續投資所抵消。

Year to date, expenses were up 1%, primarily driven by the FDIC special assessment and civil money penalties.

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。

Cost of credit was $2.7 billion, largely driven by net credit losses in card as well as ACL builds across the businesses, primarily for portfolio growth and mix.

信貸成本為 27 億美元，主要是由卡片的淨信貸損失以及跨業務的 ACL 建構（主要是為了投資組合成長和組合）造成的。

At the end of the quarter, we had over $22 billion in total reserves with a reserved-to-funded loan ratio of approximately 2.7%.

截至本季末，我們的準備金總額超過 220 億美元，準備金與融資貸款的比率約為 2.7%。

And year to date, excluding the divestiture-related impact, we generated positive off operating leverage for the firm and reported an RoTCE of 7.2%.

今年迄今為止，排除與資產剝離相關的影響，我們為公司帶來了積極的營運槓桿，報告的 RoTCE 為 7.2%。

On slide 6, we show the expense trend over the past five quarters.

在投影片 6 上，我們顯示了過去五個季度的費用趨勢。

This quarter, we reported expenses of $13.3 billion, down 2% and 1% sequentially.

本季度，我們報告支出為 133 億美元，比上一季下降 2% 和 1%。

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.

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。

Although a lot more work remains, we have started to see benefits from our prior investments play through.

儘管還有很多工作要做，但我們已經開始看到先前投資的效益正在發揮作用。

We've continued to simplify our technology infrastructure, retiring over 450 applications year to date and now over 1,250 since our 2022 Investor Day.

我們繼續簡化我們的技術基礎設施，今年迄今已淘汰了 450 多個應用程序，自 2022 年投資者日以來，現在已淘汰了 1,250 多個應用程式。

We've upgraded 100% of our over 2,300 ATMs in North America and Asia-Pacific to next-gen software for better customer security and monitoring.

我們已將北美和亞太地區 2,300 多台 ATM 機 100% 升級為下一代軟體，以實現更好的客戶安全和監控。

And we've streamlined our cloud onboarding process, reducing time to onboard applications to the public cloud from over seven week to two week.

我們還簡化了雲端載入流程，將應用程式載入到公有雲的時間從七週多縮短到兩週。

Each of these initiatives will result in both improvement of our operating efficiency and our safety and soundness.

每項措施都將提高我們的營運效率以及安全性和穩健性。

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 FDIC special assessment and civil money penalty.

就我們的全年支出而言，我們繼續預期我們將處於指導範圍的較高端，即 535 億美元至 538 億美元，不包括 FDIC 特別評估和民事罰款。

And as we've said before, we, of course, will continue to look for opportunities to absorb the civil money penalty.

正如我們之前所說，我們當然將繼續尋找機會來吸收民事罰款。

On slide 7, we show net interest income, loans, and deposits where I'll speak to sequential variance.

在幻燈片 7 上，我們顯示了淨利息收入、貸款和存款，我將在其中討論連續方差。

In the third quarter, net interest income declined 1%.

第三季淨利息收入下降1%。

Excluding markets, net interest income was up 4%, largely driven by volume growth in USPB as well as higher deposit spreads in services and wealth.

不包括市場在內，淨利息收入成長了 4%，這主要是受到 USPB 交易量成長以及服務和財富領域存款利差上升的推動。

NIM declined by 8 basis points, driven by a decline in markets due to seasonally higher dividends in the second quarter.

由於第二季股利季節性上升導致市場下滑，淨利差下降 8 個基點。

,

,

Average loans were up 1% driven by growth in services in USPB partially offset by modest declines in banking and legacy franchise.

USPB 服務成長推動平均貸款成長 1%，但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.

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。

And as you think about guidance for NII ex-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.

當你考慮到第四季度NII除市場的指引時，隨著短期利率繼續下降，我們預期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銷。

Further offsetting that will be a continued benefit from securities being reinvested at higher yields.

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。

And as a reminder, we expect an ongoing NII headwind as legacy franchises, loans, and deposits continue to come down.

提醒一下，隨著傳統特許經營權、貸款和存款繼續下降，我們預計國家資訊基礎設施將持續面臨阻力。

So taking all of this into account, we expect NII ex-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，我們預計第四季度的NII前市場將大致持平，全年將略有下降，優於我們先前的預期。

On slide 8, we show key consumer and corporate credit metrics, which reflect our disciplined risk appetite framework.

在投影片 8 中，我們展示了關鍵的消費者和企業信用指標，這些指標反映了我們嚴格的風險偏好框架。

Across our cards portfolio, approximately 85% of our loans are to consumers with FICO scores of 660 or higher.

在我們的信用卡組合中，大約 85% 的貸款面向 FICO 評分為 660 或更高的消費者。

Based on what we see, the US consumer continues to remain healthy and resilient.

根據我們的觀察，美國消費者繼續保持健康和彈性。

Spend in payment rates continue to normalize and underlying credit performance remained broadly in line with our expectations.

支付率支出持續正常化，基本信貸表現仍基本符合我們的預期。

NCLs increased year over year as card loan vintages that were originated over the last few years continue to mature at the same time.

由於過去幾年產生的卡片貸款年份同時不斷到期，非信用貸款逐年增加。

Sequentially, NCLs declined while delinquencies increased, both in line with historical third-quarter seasonality.

隨後，非信用貸款下降，而拖欠率增加，兩者都符合第三季的歷史季節性。

Absent this seasonality, we continue to see stabilization in early-stage delinquencies.

如果沒有這種季節性，我們將繼續看到早期拖欠情況趨於穩定。

We remain well reserved with the reserve-to-funded loan ratio of approximately 8.2% for our US card portfolio.

我們對美國信用卡組合的準備金與融資貸款比率維持在約 8.2% 左右。

Our corporate portfolio is largely investment grade and corporate non-accrual loans remained low at 31 basis points.

我們的企業投資組合主要為投資等級，企業非應計貸款仍維持在 31 個基點的低點。

As such, we feel very comfortable with the over $22 billion of total reserves that we have in the current environment.

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.

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，這些詳細信息反映了我們的風險偏好、戰略和商業模式。

Our $1.3 trillion deposit base is well diversified across region, industries, customers, and account price. $840 billion are corporate spanning 90 currency and are crucial to how our clients fund their daily operations around the world.

我們 1.3 兆美元的存款基礎在不同地區、產業、客戶和帳戶價格方面實現了高度多元化。 8,400 億美元是跨越 90 種貨幣的公司，對於我們的客戶如何為他們在全球的日常營運提供資金至關重要。

So majority of our remaining deposits, about $400 billion, are well-diversified across the private bank, Citigold, retail, and wealth at work offerings.

因此，我們剩餘的大部分存款（約 4,000 億美元）都在私人銀行、花旗銀行、零售和工作財富產品中實現了多元化。

And of our total deposits, roughly 70% are US dollar denominated with the remainder spanning over 60 currency.

在我們的總存款中，大約 70% 是以美元計價的，其餘的則以 60 多種貨幣計價。

Our asset mix also reflects our strong risk appetite framework.

我們的資產組合也反映了我們強大的風險偏好架構。

Our $689 billion loan portfolio is well diversified across consumer and corporate loans.

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。

In the quarter, deposit growth outpaced loan growth, resulting in higher cash balances, which contributed to available liquidity resources of approximately $960 billion.

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。

We continue to feel very good about the strength of our balance sheet and the quality of our assets and liability, which position us well to serve our clients and execute on our growth strategy.

我們對資產負債表的實力以及資產和負債的品質仍然感到非常滿意，這使我們能夠很好地服務客戶並執行我們的成長策略。

On slide 10, we show the sequential CET1 walk to provide more detail on the drivers this quarter.

在幻燈片 10 上，我們展示了連續的 CET1 步行，以提供有關本季度驅動程式的更多詳細資訊。

First, we generated $3 billion of net income to common shareholders, which added 27 basis points.

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.

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。

Third, we generated 12 basis points from unrealized AFS gain.

第三，我們從未實現的 AFS 收益中產生了 12 個基點。

And finally, the remaining 9 basis point reduction was driven by an increase in RWA as we continue to invest in accretive growth opportunities.

最後，隨著我們繼續投資於增值成長機會，剩餘的 9 個基點下降是由 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%.

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%。

As a reminder, effective October 1, our new CET1 capital ratio requirement is 12.1%, and we still plan on holding 100 basis point management buffer on top of that for now.

提醒一下，自 10 月 1 日起，我們新的 CET1 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。

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.

當我們考慮未來幾季時，我們在管理資本水準時將繼續考慮一些事情，包括客戶需求以及宏觀和巴塞爾協議 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.

轉向幻燈片 11 上的業務。

In 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.

在服務方面，收入成長了 8%，反映出安全服務和 TTS 的持續成長勢頭，這兩項服務在今年上半年繼續擴大份額。

Net interest income was roughly flat as the benefit of higher deposit volume was largely offset by a decline in interest rates in Argentina.

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.

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。

Non-interest revenue increased 33%, driven by a smaller impact from currency. devaluation in Argentina as well as continued strength in underlying fee drivers and TTS and security services.

由於貨幣影響較小，非利息收入增加了 33%。阿根廷貨幣貶值以及基礎費用驅動因素、TTS 和安全服務的持續強勁。

Excluding the impact of the Argentine peso devaluation, NII increased 11% driven by growth in cross-border transactions, USD clearing volumes, and commercial card volume.

剔除阿根廷比索貶值的影響，受跨境交易、美元清算量和商業卡交易量增長的推動，NII 增長了 11%。

Expenses increased 3%, primarily driven by investments in technology, other risk and controls, and product innovation, including the expansion of the CitiDirect Commercial Banking platform into additional markets.

費用增加了 3%，主要是由於對技術、其他風險和控制以及產品創新的投資，包括將 CitiDirect Commercial Banking 平台擴展到其他市場。

Cost of credit was $127 million, primarily driven by a build related to unremittable corporate dividends being held on behalf of clients.

信貸成本為 1.27 億美元，主要是由代表客戶持有的不可匯出的公司股息相關的成長所推動的。

Average loans increased 5%, primarily driven by continued demand for export and agency finance as well as working capital loans.

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。

Average deposits increased 4% as we continue to see growth in operating deposits.

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，本季為 26.4%，年初至今為 24.7%。

On slide 12, we show the results for markets for the third quarter.

在投影片 12 上，我們展示了第三季的市場結果。

Markets revenues were up 1%, driven by growth in equities, partially offset by a decline in fixed income.

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。

Equities revenues increased 32%, driven by momentum in prime with balances up approximately 22%, growth in derivatives, and higher cash volume.

受餘額成長約 22%、衍生性商品成長和現金量增加的推動，股票收入成長 32%。

Fixed income revenues decreased 6%, driven by rates in currencies, which was down 10%, partially offset by spread products and other fixed income, which was up 5%.

受貨幣利率下降 10% 的影響，固定收益收入下降 6%，部分被利差產品和其他固定收益成長 5% 所抵銷。

While rates in currencies declined from last year, which was the strongest third quarter in the previous 10 years, we did see good momentum in FX from increased corporate client activity.

儘管貨幣匯率較去年有所下降，這是過去十年來最強勁的第三季度，但我們確實看到企業客戶活動增加帶來的外匯良好勢頭。

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.

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。

Expenses increased 1%, primarily due to higher volume related expense.

費用增加了 1%，主要是由於與數量相關的費用增加。

Cost of credit was $141 million, driven by an ACL build primarily related to portfolio mix and spread product.

信貸成本為 1.41 億美元，主要由與投資組合組合和利差產品相關的 ACL 建構推動。

Average loans increased 10%, largely driven by asset-backed lending in spread product as well as margin loans in equity.

平均貸款成長 10%，主要受到利差產品中的資產支持貸款以及股票保證金貸款的推動。

Average trading account assets increased 18%, largely driven by client demand for US treasuries, foreign government securities, and mortgage-backed securities.

平均交易帳戶資產增加了 18%，這主要是由客戶對美國國債、外國政府證券和抵押貸款支持證券的需求所推動的。

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.

市場又一個季度實現了正營運槓桿，淨利潤約為 11 億美元，本季 RoTCE 為 7.9%，年初至今為 9.7%。

On slide 13, we show the results were banking for the third quarter.

在投影片 13 上，我們展示了第三季的銀行業績。

Banking revenues were up 16%, largely driven by growth in investment banking.

銀行收入成長 16%，主要由投資銀行業務的成長推動。

Investment banking revenues were up 31% and fees were up 44%, with increases across debt capital market, advisory, and equity capital market.

投資銀行業務收入成長 31%，費用成長 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.

ECM 受益於持續強勁的投資級發行。

Advisory benefited from strong announced deal volume earlier this year.

諮詢受益於今年稍早公佈的強勁交易量。

And in ECM, we saw a stronger follow-on activity, which was offset by fewer IPOs of mid-market volatility in August.

在 ECM 方面，我們看到了更強勁的後續活動，但被 8 月份中期市場波動的 IPO 數量減少所抵消。

Both the year to date and in the quarter, we've driven wallet share gains, including in the healthcare and technology sectors where we've been investing.

今年迄今和本季度，我們都推動了錢包份額的成長，包括我們一直投資的醫療保健和技術領域。

Corporate lending revenues, excluding mark-to-market on loan hedges, increased 5%, primarily driven by a smaller impact from currency devaluation in Argentina.

企業貸款收入（不包括以市值計價的貸款對沖）增加了 5%，主要是由於阿根廷貨幣貶值的影響較小。

Expenses decreased 9%, primarily driven by benefits of headcount reduction as we continue to rightsize the workforce and expense base.

費用下降了 9%，主要是因為我們繼續調整勞動力和費用基礎，從而減少了員工人數。

Cost of credit was $177 million, driven by an ACL build, primarily for portfolio mix changes.

信貸成本為 1.77 億美元，由 ACL 建設推動，主要用於投資組合組合的變化。

Average loans decreased 1% as we maintained strict discipline around return.

由於我們對回報保持嚴格的紀律，平均貸款下降了 1%。

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.

銀行業連續第三季產生正營運槓桿，淨利達 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 for wealth for the third quarter.

在投影片 14 上，我們展示了第三季的財富結果。

As you can see from our performance this quarter, we're making good progress against our strategy and expect that momentum to continue.

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。

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%.

營收成長了 9%，主要是由於 NIR 成長 15%，我們在客戶投資資產成長 24% 的勢頭下增加了投資費收入。

NII increased 6% driven by higher deposit volumes and spreads.

由於存款量和利差增加，NII 增加了 6%。

Expenses decreased 4%, driven by the continued benefit of headcount reductions as we rightsize the workforce and expense base.

費用下降了 4%，這是由於我們調整了勞動力和費用基礎，從而持續減少了員工人數。

Cost of credit was $33 million, largely driven by net credit losses of $27 million. End-of-period

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。期末

client balances increased 14%, driven by higher client investment assets and deposits, both in North America and internationally.

受北美和國際客戶投資資產和存款增加的推動，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's platform.

平均存款成長 4%，反映出關係和相關存款從 USPB 的轉移，部分被存款轉向花旗平台上收益較高的投資所抵銷。

Average loans decreased 1% as we continued to optimize capital usage.

我們持續優化資金運用，平均貸款下降 1%。

Wealth 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.

Wealth 又一個季度實現了正營運槓桿，淨利潤達 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.

在投影片 15 上，我們展示了美國個人銀行業務第三季的業績。

US personal banking revenues were up 3%, driven by NII growth of 2% and lower partner payments.

在 NII 成長 2% 和合作夥伴付款減少的推動下，美國個人銀行業務收入成長 3%。

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%.

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 balance.

由於利息收入餘額增速放緩，零售服務收入下降 1%。

Retail banking revenues decreased 8%, driven by the transfer of relationships and the associated deposits to our wealth business.

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%。

Expenses decreased 1%, driven by continuous productivity focus, partially offset by higher volume-related expense.

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。

Cost of credit was $1.9 billion, largely driven by net credit losses and a modest build for volume growth.

信貸成本為 19 億美元，主要是由淨信貸損失和銷售適度成長所推動的。

We continue to expect branded cards to be in the 3.5% to 4% NCR range for the full year.

我們繼續預計全年品牌卡的 NCR 範圍將在 3.5% 至 4% 之間。

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 high interest rates as well as lower sales activity at our partners.

在零售服務方面，受持續通膨和高利率以及合作夥伴銷售活動減少的影響，我們預計全年成長率將維持在 5.75% 至 6.25% 區間的高端附近。

Average deposits decreased 23%, largely driven by the transfer of relationships and the associated deposits through our wealth business.

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 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.

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.

正如我們之前所說，USPB 部門為公司創造了許多價值。

We knew 2024 would be a tough year as we lap the credit costs but we have a path to higher returns.

我們知道 2024 年將是艱難的一年，因為我們將承受信貸成本，但我們有一條通往更高回報的道路。

We will continue to drive revenue growth through product innovation while improving the operating efficiency of the business.

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.

在投影片 16 上，我們顯示了託管基礎上所有其他項目的結果，其中包括公司其他項目和遺留特許經營權，但不包括與資產剝離相關的項目。

Revenues decreased 18%, primarily driven by close exits and winddown as well as margin compression or mortgage securities that have extended.

收入下降 18%，主要是由於退出和縮減以及保證金壓縮或抵押貸款證券延期所致。

Expenses were down 5% as a reduction from closed exits and wind-downs, was partially offset by a legal reserve.

費用下降了 5%，原因是關閉退出和關閉帶來的減少被法定準備金部分抵消。

And cost of credit was $289 million, largely driven by net credit losses and an ACL build in Mexico.

信貸成本為 2.89 億美元，主要是由淨信貸損失和墨西哥 ACL 建設造成的。

Slide 17 shows our full-year 2024 outlook and medium-term guidance.

幻燈片 17 顯示了我們的 2024 年全年展望和中期指引。

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.

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.

正如我所提到的，我們現在預計全年 NII 前市場將略有下降。

And 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.

年初至今的支出為 404 億美元，不包括 FDIC 特別評估和民事罰款，我們繼續預計該支出將處於全年指導範圍的高端。

As we take a step back, the third quarter represents another quarter of solid progress and a set of proof points towards improving firm-wide and business performance.

退一步來說，第三季度代表著另一個堅實進展的季度，以及一系列改善公司範圍和業務績效的證據。

We remain focused on continuing to improve our performance and executing on our transformation.

我們仍然專注於繼續提高我們的績效並執行我們的轉型。

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.

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。

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

簡和我將很樂意回答您的問題。

(Operator Instructions) Glenn Schorr, Evercore.

（操作員說明）Glenn Schorr，Evercore。

Hi.

你好。

Thanks very much.

非常感謝。

Good guidance.

很好的指導。

Appreciate it.

欣賞它。

I'm curious on the card losses in retail financial services.

我對零售金融服務中的卡片遺失感到好奇。

If you could talk to -- like the 2024 exit rate seems like it will be higher than the full-year guide at 6.25%.

如果你能談談——2024 年的退出率似乎將高於全年指引值 6.25%。

Maybe you could talk to this trajectory there and then the huge reserves that you have built in.

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。

And then if you could tell us about the portfolios so we can keep expectations in the right spot.

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。

Thanks.

謝謝。

Sure.

當然。

Why don't I take that?

我為什麼不接受這個呢？

Good morning, Glenn.

早安，格倫。

So a couple of things.

有幾件事。

So one, I think that on retail services, obviously, a couple of things kind of play out.

因此，我認為在零售服務領域，顯然有一些事情會發生。

So one, you're seeing kind of spend volumes trend down a bit.

因此，您會看到支出量略有下降。

You are seeing payment rates come down as well.

您會看到付款率也在下降。

That obviously is fueling the average interest earning balanced growth that we're seeing.

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're also seeing with the spend volume come down as a denominator effect that plays through which pushes up, obviously, the loss rates that we're seeing.

然後，您還會看到支出量下降作為分母效應，顯然，這會推高我們所看到的損失率。

That still in the quarter is in line with our guidance.

本季的情況仍符合我們的指導。

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.

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。

But the higher in the fourth quarter again depends on what traffic is like and what the holiday spending season looks like through the end of the year.

但第四季的較高水準再次取決於客流量以及年底假期消費季節的情況。

I would say, we -- the reserve levels we have are very healthy as it relates to this portfolio.

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。

I think in the back of the deck, we show the reserve-to-loan ratio at about [11.7%] or so.

我認為在後面，我們顯示的準備金與貸款比率約為[11.7%]左右。

So well reserved reserve for the retail services portfolio in light of the environment that we're that we're in.

鑑於我們所處的環境，為零售服務組合預留了充足的儲備。

Similarly, we are seeing the stabilization from a delinquency point of view across both portfolios play through.

同樣，我們從拖欠問題的角度來看，兩個投資組合都在發揮穩定作用。

And so net-net, we are obviously actively managing this.

因此，我們顯然正在積極管理這個問題。

The retail partner activity is a critical component of it, and that will drive fourth-quarter activity or levels.

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水平。

But we do feel as if we'll end up on the higher end of the range here.

但我們確實覺得我們最終會達到這個範圍的高端。

Okay.

好的。

Thanks for all that, Mark.

謝謝你所做的一切，馬克。

Just one quickie on your partnership with Apollo, very interesting, in line with a lot of other things we've seen.

只是簡單介紹一下您與 Apollo 的合作關係，非常有趣，與我們所看到的許多其他事情一致。

I'm curious on why -- how you thought about going with one specific partner versus a group.

我很好奇為什麼——你是如何考慮與一個特定的合作夥伴而不是一群人合作的。

And then more importantly, are there other parts of the franchise that could benefit from with stronger ties to private markets -- I'm thinking specifically in the asset-backed world?

更重要的是，特許經營權的其他部分是否可以從與私人市場更緊密的聯繫中受益——我特別在考慮資產支持的世界？

Appreciate it.

欣賞它。

Thank you.

謝謝。

So we we're delighted to have partnered with Apollo because what this does is it's uniting our comprehensive banking reach and expertise together.

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。

And it's enabling us to offer our clients more innovative and tailored financing solutions.

它使我們能夠為客戶提供更具創新性和客製化的融資解決方案。

There will be some other partners involved in this as well.

也會有一些其他合作夥伴參與其中。

Mubadala is another participant in this.

穆巴達拉是另一位參與者。

And when we look at this, it's very, very beneficial for our clients and we're always looking at how we can best serve our clients give them the most options.

當我們看到這一點時，這對我們的客戶非常非常有利，我們一直在研究如何最好地為客戶提供服務，為他們提供最多的選擇。

And this platform enhances corporate and sponsor clients access to the private lending capital pool at real scale.

該平台增強了企業和贊助商客戶真正大規模接觸民間借貸資金池的機會。

I mean $25 billion is a very sizable partnership here.

我的意思是，250 億美元在這裡是一個非常龐大的合作關係。

And it provides funding certainty in strategic transactions.

它也為策略交易提供了資金確定性。

It's exclusive for LBOs non-investment grade in the US.

它是美國非投資等級槓桿收購獨有的。

The US is obviously the bulk of the private credit market.

美國顯然是私人信貸市場的主體。

So to be globally, it would be great to see that market developing in Europe.

因此，對於全球而言，很高興看到歐洲市場的發展。

And it wouldn't surprise me to see us doing more partnerships and other pieces going forward.

看到我們未來開展更多合作關係和其他工作，我不會感到驚訝。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Good morning.

早安.

I guess maybe, Mark, for you like looking at slide 7 on NII and maybe we can break it down into markets and ex-markets.

我想也許，馬克，因為你喜歡看 NII 上的幻燈片 7，也許我們可以將其分為市場和前市場。

In the ex-markets NII $11.96 billion this quarter.

本季場外市場 NII 為 119.6 億美元。

Based on what you said, the back book repricing deposit flex, is it safe to conclude that the ex-markets NII bottomed in 2Q '24?

根據您所說的後帳重新定價存款彈性，是否可以得出結論，前市場 NII 在 2024 年第二季觸底？

And I noticed the securities yield actually went lower seven weeks quarter over quarter.

我注意到證券收益率實際上逐季下降了七週。

So was there something one-off that impacted the yields this quarter relative to the expectations you outlined earlier?

那麼，相對於您先前概述的預期，是否存在一次性因素影響了本季的收益率？

Yeah.

是的。

So when you look at slide 7, you got a couple of things playing through.

因此，當您查看投影片 7 時，您會看到一些內容。

So your point around the low number, the low print $11.46 billion 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，您的觀點是，第二季度的低數字為114.6 億美元，這實際上是相對於第一季度的外匯換算、一些季節性較低的信用卡餘額以及阿根廷從第一季度到第二季度的較低利息支付的組合。

The third quarter, as I mentioned earlier, is really a byproduct of volumes on the lending side and spreads -- deposit spreads and services in wealth.

正如我之前提到的，第三季實際上是貸款規模和利差（存款利差和財富服務）的副產品。

And I think that I've already given the guide for the fourth quarter where that is likely to be flat.

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 this NII line.

但我認為重要的是提醒大家這條 NII 線所面臨的逆風和順風。

And from a tailwind point of view, I would expect to see continued volume from loans, in USPB in particular, but also services and -- and we're talking ex-market, so services.

從順風的角度來看，我預計貸款量將持續成長，特別是在 USPB，而且還有服務業——我們談論的是市場外的服務業。

I'd also expect to see continued benefit from the reinvestment of securities at higher yields.

我還預計，以更高的收益率進行證券再投資將繼續帶來好處。

And then we're actively managing beta as it relates to with our clients.

然後我們正在積極管理與客戶相關的測試版。

And if you think about what we saw in the uptick of rates, we're actively managing that on the downtick as it as it relates to our institutional clients.

如果你想想我們在利率上升中看到的情況，我們正在積極管理利率下降，因為這與我們的機構客戶有關。

I think the other point here is let's not forget that our interest rate sensitivity skews more towards non-US.

我認為這裡的另一點是我們不要忘記我們的利率敏感性更多地偏向非美國。

And so a lot of what we think about and talk about tends to be how US rates move and the beta is around that.

因此，我們思考和談論的許多內容往往是美國利率如何變動，而貝塔值就是圍繞著這一點。

We're still going to have a bit of beta catchup outside of the US.

在美國以外的地區，我們仍將進行一些測試追趕。

And so that's one of the headwinds there as well as the legacy franchise exits.

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。

So you've got this long winded way of saying I do expect flat into the fourth quarter.

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。

I'm not going to give guidance for 2025.

我不會給 2025 年的指導。

But what I will say is to keep the growth momentum to get to our medium-term targets, that's 4% to 5% of CAGR.

但我要說的是保持成長勢頭以實現我們的中期目標，即複合年增長率 4% 到 5%。

And that's going to be a combination of NII and NIR.

這將是 NII 和 NIR 的組合。

But skewing NIR, and I want to point that out because the third-quarter and the year-to-date numbers that you see in our performance shows very strong fee NIR growth across each of these five businesses.

但扭曲 NIR，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，這五項業務中每一項的費用 NIR 增長都非常強勁。

And I don't want to lose sight of that as you all really try to get a handle on how we get to that medium term.

我不想忽視這一點，因為你們都在努力了解我們如何實現中期目標。

We're evidencing that shift towards more fee revenue as we speak, so I'll stop there.

正如我們所說，我們正在證明這種向更多費用收入的轉變，所以我就到此為止。

But I think that's important.

但我認為這很重要。

Hopefully, I've answered your question around the NII forecast here.

希望我已經在這裡回答了您關於 NII 預測的問題。

That’s helpful and agreed on the fee momentum.

這很有幫助，並且就費用動能達成了一致。

Just one quick on the wealth segment.

簡單介紹一下財富領域。

We've seen considerable progress here to date in terms of going from zero ROE to about 8.5% RoTCE significant operating leverage.

到目前為止，我們已經看到在從零 ROE 到約 8.5% RoTCE 顯著營運槓桿方面取得了相當大的進展。

I think I heard Jane said that momentum should continue.

我想我聽到簡說過這種勢頭應該繼續下去。

Is it fair to assume that RoTCE 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?

當我們思考花旗的淨資產收益率如何在我們實現目標時繼續改善時，假設 RoTCE 仍然存在——就像財富仍然是一個積極的故事一樣，是否公平？

Any color on the wealth side would be helpful.

財富方面的任何顏色都會有幫助。

Thank you.

謝謝。

Yes.

是的。

I agree with you.

我同意你的看法。

I think we're all very pleased to see the progress.

我想我們都很高興看到進展。

On the strategy we laid out at Investor Day, the wealth target we have in the medium term is 15% to 20% and with that 25% to 30% operating margin.

根據我們在投資者日制定的策略，我們的中期財富目標是 15% 到 20%，營業利益率為 25% 到 30%。

And we're making steady progress there.

我們正在那裡取得穩步進展。

I think the first piece was putting the pieces of the global wealth organization together.

我認為第一部分是將全球財富組織的各個部分整合在一起。

And now we're focused on positioning for growth and reshaping the business to deliver the returns that we all expect.

現在，我們專注於成長定位和重塑業務，以實現我們所有人期望的回報。

A very important part of that shifting our mix by growing investment.

透過增加投資來改變我們的結構是一個非常重要的部分。

We had 24% growth in client investment assets this quarter.

本季我們的客戶投資資產成長了 24%。

I would call that a good start to realizing the potential that we have here, and at the same time, Andy continues to right-size our expense base and drive productivity.

我認為這是實現我們潛力的良好開端，同時，安迪繼續調整我們的支出基礎並提高生產力。

Our advisor productivity increased over 50% in Citigold North America.

我們的顧問工作效率在 Citigold North America 提高了 50% 以上。

So a number of different areas that he's focused on so that we can continue to grow the investment space, including some important new talent that we've been bringing in that I'm sure you've noticed.

他專注於許多不同的領域，以便我們能夠繼續擴大投資空間，包括我們一直引進的一些重要的新人才，我相信您已經注意到了。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi.

你好。

What assurance can you give that Citi can both meet its '26 expense guide the $51 billion to $53 billion.

您能保證花旗能夠滿足 26 年 510 億至 530 億美元的支出指南嗎？

And I know the year-to-date run rate implies $54 billion.

我知道今年迄今為止的運行率意味著 540 億美元。

So getting from that $54 billion run rate down to the $51 billion to $53 billion by 2026 and meet its regulatory targets.

因此，到 2026 年，將運行速度從 540 億美元降至 510 億至 530 億美元，並實現監管目標。

In other words, assurance that Citi can both walk and chew gum at the same time, I guess I'd highlight as you know, on October 2, Senator Warren asked the OCC to impose growth restrictions because Citi is quote too big to manage.

換句話說，保證花旗可以同時走路和嚼口香糖，我想我想強調一下，如你所知，10 月 2 日，沃倫參議員要求 OCC 實施增長限制，因為花旗的報價太大而無法管理。

Now, I would assume you don't agree with that.

現在，我假設你不同意這一點。

But still the question that a lot of people have is, what assurances can you give that an asset cap won't happen at Citigroup?

但很多人還是有個問題：你能保證花旗集團不會有資產上限嗎？

Thanks.

謝謝。

Thanks Mike.

謝謝邁克。

So why don't I start with your expense question?

那我為什麼不從你的費用問題開始呢？

And then I'm sure Jane will chime in on some of the other parts of your question.

然後我相信簡會插話你問題的其他部分。

So look, we, we put out medium term targets of $51 billion to $53 billion in 2026, revenue dependent of course.

所以看，我們設定了 2026 年 510 億至 530 億美元的中期目標，當然這取決於收入。

And that's with the consistent with the target we gave of less than 60% efficiency ratio.

這與我們給出的低於 60% 的效率目標是一致的。

And we've got a target this year as you know, on the high end of $53.8 billion.

如您所知，我們今年的目標是 538 億美元。

And so we've got to get from $53.8 billion down to $51 billion to $53 billion by 2026.

因此，到 2026 年，我們必須從 538 億美元減少到 510 億美元至 530 億美元。

I'm not giving guidance for '25, but you can expect that, that would probably likely glide down to that number.

我不會給出 25 年的指導，但你可以預期，這可能會下滑到這個數字。

What's driving the reduction?

是什麼推動了減少？

So we've talked before about $1.5billion in savings largely related to the restructuring and driving down headcount reduction associated with that.

因此，我們之前討論過約 15 億美元的節省，很大程度上與重組和減少與之相關的員工人數有關。

We talked about another $500 million to a $1 billion related to expense reductions from eliminating stranded cost as we continue to exit.

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。

We're out of nine of these consumer countries already and we talk about starting to see efficiencies and benefits from the investments and the transformation and technology towards the end of 2026.

我們已經走出了其中的九個消費國，我們談到到 2026 年底開始看到投資、轉型和技術帶來的效率和效益。

And those are the three drivers that are important for us to continue to realize between now and 2026.

從現在到 2026 年，這三個驅動因素對我們來說非常重要，需要繼續實現。

Will there be headwinds?

會有逆風嗎？

Yes, there will be the transformation is a multiyear process.

是的，轉變將會是一個多年的過程。

We're also investing in risk and controls and regulatory spend to support improving our operations.

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。

Of course, there'll be headwinds, but there will also be things that we shift away from.

當然，會有阻力，但也會有一些我們需要改變的事情。

There'll be tailwinds associated with it.

將會有與之相關的順風。

Jane mentioned some of the productivity efforts that both Andy as well as Biz are pushing on.

Jane 提到了 Andy 和 Biz 正在推動的一些生產力提升工作。

You look across these businesses and you see positive operating leverage across the board.

縱觀這些業務，您會發現全面的積極營運槓桿。

So that means that Andy Morton as well as Gonzalo are too looking at their cost structures at expenses that they can take out or productivity that they might improve.

因此，這意味著安迪·莫頓和貢薩洛也在考慮他們的成本結構，即他們可以支出的費用或他們可能提高的生產力。

And so there will be additional costs that we have to incur.

因此，我們將不得不承擔額外的費用。

We incurred additional costs this year, but there will 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的成本，但我們也將繼續努力節省額外的生產力，以確保實現這些目標。

And Mike, let me pick up on part of the second part of the question in terms of the progress on the transformation.

麥克，讓我談談問題第二部分有關轉型進展的部分內容。

As you know, as Mark's talking about the transformation reverses historic underinvestment in Citi's infrastructure, it enhances our risk and control environment and it's a strategic overhaul as we've talked about that goes well beyond the consent order to simplify and to strengthen Citi to the benefit of all of the stakeholders, we have.

如你所知，正如馬克所談論的轉型扭轉了花旗基礎設施歷史上投資不足的局面，它增強了我們的風險和控制環境，而且這是一次戰略性改革，正如我們所討論的那樣，這遠遠遠超出了簡化和加強花旗的同意令的範圍。

We are already a very different Citi today.

今天我們已經是一個非常不同的花旗了。

We've made enormous change over the past three years, dramatically simpler business model, significant org change.

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，組織結構發生了重大變化。

So we align our structure to that model.

因此，我們將我們的結構與該模型保持一致。

So we now have a flatter organization with greater accountability.

因此，我們現在有一個更扁平化、責任更大的組織。

And as Mark talked about through the investments in our transformation, we're focused on simplifying our operational model, modernizing our infrastructure, risk, and controls, and all of that reduces risk as we go.

正如馬克在我們的轉型投資中所談到的那樣，我們專注於簡化我們的營運模式，實現我們的基礎設施、風險和控制的現代化，所有這些都可以降低我們的風險。

We're well on the way in executing the transformation plans.

我們正在順利執行轉型計劃。

We've made meaningful progress as was acknowledged publicly by one of our regulators and it's a wide range book of work.

正如我們的一位監管機構公開承認的那樣，我們已經取得了有意義的進展，這是一本廣泛的工作手冊。

We've made significant strides in areas such as risk management, compliance, and accountability and that's well beyond the big bodies of work about consolidating our platforms.

我們在風險管理、合規性和問責制等領域取得了重大進展，這遠遠超出了整合我們平台的大型工作範圍。

So we had 1,250 retired since 2022, as Mark mentioned.

正如馬克所提到的，自 2022 年以來，我們有 1,250 人退休。

Other areas of progress enhance our stress testing capabilities.

其他領域的進展增強了我們的壓力測試能力。

They're faster, more frequent, more precise assessments.

它們的評估更快、更頻繁、更精確。

We put in place new target operating models for wholesale credit risk, enterprise risk, price risk firm wide, a huge body of work reducing risk and high risk processes, such as payments and markets through systemic preventative controls.

我們針對批發信用風險、企業風險、公司範圍內的價格風險建立了新的目標營運模式，並透過系統性預防性控制進行了大量降低風險和高風險流程的工作，例如支付和市場。

We've been implementing the Zing platform.

我們一直在實施 Zing 平台。

This is the strategic cloud solution for market risk analytics, values trades on demand and at scale.

這是用於市場風險分析、按需大規模價值交易的策略雲端解決方案。

And we've embedded risk and controls into our performance management framework and tied that to compensation for the full firm.

我們已將風險和控制嵌入到我們的績效管理框架中，並將其與整個公司的薪酬掛鉤。

So these are just giving you a flavor of these big body of work that we are executing and getting done,

這些只是讓您了解我們正在執行和完成的大量工作，

[that's risk].

[這就是風險]。

I was very pleased that we closed the FRB AML/BSA consent order, particularly given heightened risk and scrutiny in this area.

我很高興我們關閉了 FRB AML/BSA 同意令，特別是考慮到該領域的風險和審查更加嚴格。

That is the third consent order we've closed since '21 and we've been very transparent, where there are areas in which our execution is delayed against our original timelines.

這是我們自 21 年以來關閉的第三份同意令，我們一直非常透明，在某些領域我們的執行比原來的時間表有所延遲。

As is the case with our data work, we take a step back, determine what we need to change in those areas and get back on track and make relevant tech and people investments.

與我們的數據工作一樣，我們後退一步，確定我們需要在這些領域進行哪些改變，然後回到正軌並進行相關的技術和人員投資。

So I feel very confident about the strategy we've laid out for the firm, the deliberate path we're on, the huge progress we've already made, and that we will continue making with determination and with clarity going forward.

因此，我對我們為公司製定的策略、我們正在走的深思熟慮的道路、我們已經取得的巨大進展充滿信心，並且我們將繼續堅定、明確地前進。

So just one follow up when -- and you do have the amended consent order that's not new anymore.

因此，只要進行一次跟進，您確實擁有了修改後的同意令，這不再是新的了。

But is this a problem with your dealing with clients or is this an issue with giving the regulators the information that they need?

但這是您與客戶打交道的問題還是向監管機構提供他們需要的資訊的問題？

And just again, you don't -- just to confirm, you don't have an asset cap now, is it fair to assume that you don't expect an asset cap anytime soon or could you have an asset cap and we don't even know about that?

再說一遍，您沒有 - 只是為了確認，您現在沒有資產上限，假設您不希望很快出現資產上限是否公平，或者您是否可以有資產上限，而我們沒有連這個都不知道嗎？

Thanks.

謝謝。

We don't have any problems dealing with our clients.

我們與客戶打交道沒有任何問題。

Quite the opposite, we're a source of strength for our clients in terms of the provision of their payments businesses, their trading businesses, their consumer credit businesses all across the board.

恰恰相反，我們是客戶的力量源泉，為他們提供全面的支付業務、貿易業務、消費信貸業務。

So I would say quite the opposite, we are a source of tremendous strength for them.

所以我想說的恰恰相反，我們是他們巨大力量的來源。

And you see that in the results of this quarter, which were very pleasing across the board in every single one of our businesses.

你可以從本季的業績中看到這一點，我們每項業務的整體業績都非常令人滿意。

And we are working closely with our regulators.

我們正在與監管機構密切合作。

We incorporate their feedback as well as our own lessons learned if we fall behind in an element of the consent orders, but do understand the breadth of the consent order work, as I laid out and the meaningful progress we're making across multiple areas.

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，但確實了解同意令工作的廣度，正如我所闡述的那樣，以及我們在多個領域取得的有意義的進展。

And when we fall behind in an area, we increase the investments needed and look at any lessons learned in the approach and address it.

當我們在某個領域落後時，我們會增加所需的投資，並研究從該方法中學到的經驗並解決它。

So I feel very comfortable.

所以我覺得很舒服。

So again, we we're not talking about issues as it relates to client information, client data, client reporting.

再說一遍，我們不是在討論與客戶資訊、客戶數據、客戶報告相關的問題。

We're not talking about information as it relates to financials.

我們不是在談論與財務相關的資訊。

We're talking about regulatory reporting, right?

我們正在談論監管報告，對吧？

And regular report reporting, as I've mentioned in prior calls, we're a global firm.

定期報告，正如我在之前的電話中提到的，我們是一家全球性公司。

We've got over 11,000 regulatory reports and we're talking about ensuring that the data that we capture at trade entry is the data that's required to ultimately show up on these various regulatory reports in the way that we need it ensuring that we've got the proper controls on that front end.

我們有超過 11,000 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上所需的數據，以確保我們已經在前端得到了適當的控制。

So we don't have to do a lot of the reconciliation and manage -- and manual adjustments to that data in order to get it how we need it 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.

因此，我們不必對這些數據進行大量的核對和管理以及手動調整，以便在報告中獲得我們需要的數據，並確保我們圍繞該流程擁有標準化的規則和控制，以便我們可以盡可能高效地做到這一點。

But 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.

但這主要是為了確保我們透過從所需的基礎資料入手來改善我們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.

嘿，早安。

Mark consensus expectations, and it is just another expense question in a different way, but consensus has you not hitting your revenue growth targets?

標記共識預期，這只是另一個不同方式的支出問題，但共識是你沒有達到你的營收成長目標嗎？

And you certainly free to disagree, and I think fine, but they also have your expenses at the high end of your $51 billion to $53 billion range in '26.

你當然可以自由地提出不同意見，我認為這很好，但他們也讓你的開支在 26 年的 510 億至 530 億美元範圍內處於高端。

I guess, does that make sense or do you feel confident that if revenues do sort of disappoint your targets that you could come in at the, you should or can come in at the lower end of that range to help get to your RoTCE target?

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可能達到的目標感到失望，您應該或可以在該範圍的下限進入，以幫助實現您的 RoTCE 目標？

So let's take it in pieces.

那麼讓我們把它分成幾個部分。

So I think the first thing is that I think 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.

因此，我認為第一件事是，我認為簡和我在過去幾年中一直非常一致地嘗試對全年業績提供指導，並且我們基本上已經實際交付了該指導。

If you look at the topline growth since Investor Day, it's largely consistent with what we talked about in the medium term.

如果你看看自投資者日以來的營收成長，你會發現它與我們在中期討論的情況基本一致。

If you look at the expense guidance that we've given largely consistent with that, including this year, 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 billion] that we've done year-to-date and you think about what we have to deliver in order to hit that target, that is achievable, particularly when you remember that we had a large Argentina devaluation last year, that fee momentum required in the fourth quarter is very achievable.

如果你看看我們給出的支出指導與此基本一致，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，你看看我們的 [606 億美元]今年迄今為止我們已經完成了工作，您會想到我們必須提供什麼才能實現該目標，這是可以實現的，特別是當您記得去年阿根廷貨幣大幅貶值時，第四季度所需的費用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 of year period and the guidance that we gave there.

我們相信，考慮到年外時期以及我們在那裡給出的指導，我們顯然將在 2024 年達到該範圍的高端。

Look, you all want proof points before you actually believe that we can deliver on that medium-term target.

聽著，在你們真正相信我們能夠實現中期目標之前，你們都需要證據。

I'm pointing you to proof points.

我正在向你指出證據點。

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 revenue momentum that's required in the medium term.

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收入動力。

The fee revenue is a very good indicator.

費用收入是一個非常好的指標。

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.

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。

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.

我還希望您會看到，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。

The drivers of which I mentioned earlier.

我之前提到的驅動程式。

Yes, if revenues come in short of the target that we've set for ourselves, you would naturally expect for the volume and transaction related expenses and compensation expenses to come down in a commensurate way with that revenue decline.

是的，如果收入低於我們為自己設定的目標，您自然會期望與收入下降相應的交易量和交易相關費用以及補償費用也會下降。

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 that operating efficiency target that we've set for ourselves.

您也可能希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營運效率目標。

No, that's great color.

不，那是很棒的顏色。

I appreciate it.

我很感激。

And maybe just as a follow up on the capital question, I guess one thing that's been a bit of a headwind over the last year has been sort of growth in the DTA deductions.

也許作為資本問題的後續行動，我想去年有點不利的一件事是避免雙重課稅扣除額的成長。

Do we start to see that become a tailwind again?

我們是否開始看到這再次成為順風？

How do we think about that accreting back into capital over the next couple of years?

我們如何看待未來幾年資本的增加？

Yeah, look, the main driver of our DTA utilization will be driving higher income in the US, that's going to be the major driver.

是的，看，我們利用 DTA 的主要驅動力將是美國收入的增加，這將是主要驅動力。

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.

當我們思考時——當你思考簡為我們的業務描述的每一項策略時，你會經常聽到在美國獲勝的重要性。

You'll hear it as it relates to banking and the activity that we saw.

您會聽到它，因為它與銀行業和我們看到的活動有關。

The strong performance we saw this quarter in business world.

本季我們在商業領域看到了強勁的表現。

You hear it as it relates to the wealth, business and the importance of us growing investments particularly in North America.

你聽到這個詞是因為它與財富、商業以及我們不斷增加投資（尤其是在北美）的重要性有關。

You see it in USPB, which is largely a US focused business that DTA utilization is about us increasing net income or higher net income in the US.

你可以在 USPB 中看到這一點，該公司主要是一家專注於美國的企業，DTA 的利用是為了增加我們在美國的淨收入或更高的淨收入。

And as we work to execute on our client driven strategy, we're looking for opportunities to do that.

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。

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.

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。

First one is for you, Jane.

第一個是給你的，簡。

You know, as I speak with longer term investors, they often offer, you know, the commentary that clearly the path from the 7% RoTCE this quarter to the 11% to 12% is hopefully will be bridged and to be able to initiate a position before that progress is made, you know, they really sort of want to see more capital optimization.

你知道，當我與長期投資者交談時，他們經常提出這樣的評論：顯然，從本季度 7% 的 RoTCE 到 11% 到 12% 的路徑有望彌合，並能夠啟動在取得進展之前，他們確實希望看到更多的資本優化。

And this question is not really the same question I ask you about buybacks every quarter, but really maybe a progress update on Banamex.

這個問題與我每季問你的關於回購的問題並不相同，但實際上可能是 Banamex 的進度更新。

So there was chatter in the market about Banamex needed to have four quarters of separate financials before being IPOed.

因此，市場上有傳言稱，Banamex 在 IPO 之前需要有四個季度的獨立財務數據。

And I'm wondering if you could give a specific progress on how that's going.

我想知道您能否提供具體進展。

And mark, you know, maybe remind us on what Banamex's contribution is as we think about unlocking that excess capital versus taking it out of the P&L.

馬克，你知道，也許會提醒我們，當我們考慮釋放多餘資本而不是將其從損益表中剔除時，Banamex 的貢獻是什麼。

Yeah, I'd be delighted to Erika and I would also just before I jump into Banamex's point to a laser focus on capital optimization, it's been a mantra for a long time in our markets business, in banking, and a discipline that we've driven throughout the organization.

是的，我很高興埃里卡（Erika），就在我進入Banamex 的觀點之前，我也很高興，即高度關注資本優化，長期以來，這一直是我們市場業務、銀行業的口頭禪，也是我們的紀律。

And I would say there isn't anyone at Citi that is not keenly aware of the focus around optimizing our capital returning to shareholders, particularly given where we're trading and making sure that we drive to returns.

我想說，花旗沒有人不敏銳地意識到優化我們向股東的資本回報的重點，特別是考慮到我們的交易地點並確保我們推動回報。

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.

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。

This has been an enormous body of work because we are creating effectively de novo, Mexico's eighth largest bank.

這是一項艱鉅的工作，因為我們正在有效地從頭開始創建墨西哥第八大銀行。

We've just now got the core regulatory authorizations that we need to proceed with separation.

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 final stages and are working with our clients to prepare them for this switchover later on in Q4.

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，正在與客戶合作，為第四季度稍後的轉換做好準備。

Once the separation is complete, we will turn our full attention to the IPO itself.

一旦分離完成，我們將把全部注意力轉向IPO本身。

And the successful execution of the IPO is the highest priority for our Head of International, Ernesto Torres Cantú, to run Banamex and our incoming Banamex Executive Chairman who starts this quarter, Nacho Deschamps.

成功執行 IPO 是我們負責營運 Banamex 的國際主管 Ernesto Torres Cantó 和將於本季度上任的 Banamex 執行主席 Nacho Deschamps 的首要任務。

We plan to be ready to IPO at the end of 2025 based on the factors that we can control, but I think as Mark and I have always said the timing is going to be driven by market conditions to ensure we maximize the shareholder value and we're making the necessary investments to continue growing share.

我們計劃根據我們可以控制的因素在 2025 年底準備 IPO，但我認為，正如馬克和我一直所說，時機將由市場條件決定，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。

And I was very pleased that Banamex outpaced the average market revenue growth year-to-date, good expense discipline being maintained despite the complex separation process and the environment.

我很高興Banamex今年迄今為止的收入成長超過了平均市場收入成長，儘管分離流程和環境複雜，但仍保持了良好的費用紀律。

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

所以我對我們目前的處境感到滿意，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.

關於你問題的第二部分，有幾件事。

So one, we've been seeing good growth in our Mexico consumer business.

其一，我們的墨西哥消費者業務取得了良好的成長。

We've also been investing in it appropriately, so to make sure that we protect the strength of that franchise as we prepare it for separation and ultimately for the IPO.

我們也一直在對其進行適當的投資，以確保我們在為分離和最終首次公開募股做好準備時保護該特許經營權的實力。

Erika if I understood your question, right, if you turn to page 16 of the deck in the bottom righthand side, we show the P&L for Mexico consumer for '22 and '23.

艾莉卡，如果我理解你的問題，對吧，如果你翻到右下角的第 16 頁，我們會顯示墨西哥消費者 '22 和 '23 的損益表。

And so you can see the contribution from a revenue and expense point of view.

因此，您可以從收入和支出的角度看到貢獻。

It's about $1.5 billion in 2023.

到 2023 年，這一數字約為 15 億美元。

And we probably, I think it's about $4 billion or so of TCE that we have associated with this business.

我認為我們與這項業務相關的 TCE 價值可能約為 40 億美元左右。

So that gives you some sense for the contribution, but it continues to perform quite well as we manage it through this process.

因此，這讓您對貢獻有所了解，但在我們透過此流程對其進行管理時，它仍然表現良好。

Perfect.

完美的。

Thank you.

謝謝。

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 [PPNR] strength and better expectations for net interest income in the fourth quarter.

作為一個後續問題，我相信看到一個季度的股票反應會讓您感到沮喪，因為您擁有[PPNR]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 for you, Mark.

所以也許我會這樣為你提出這個問題，馬克。

As we think about the gyrations in interest rate expectations globally, maybe remind us sort of, you know, is it fair to assume that Citi is asset sensitive internationally and neutrally positioned domestically, how should we think about late fees?

當我們思考全球利率預期的波動時，也許會提醒我們，你知道，假設花旗在國際上是資產敏感的，在國內是中性的，我們該如何考慮滯納金？

I know you told us that late fees, going to $8 for a part of your initial guide for the year.

我知道您告訴我們，您今年初始指南的一部分的滯納金將達到 8 美元。

And additionally, I think perhaps because capital markets is so strong across the board across all of your peers, maybe that's not why you're getting quote credit for your strength this quarter.

此外，我認為也許是因為資本市場在所有同業中都如此強勁，也許這不是您本季的實力獲得報價的原因。

So as we look into '25 and having NIR be that bigger contribution to your revenue CAGR, maybe walk us through, what are the other sort of core fee strengths that we should look forward to other than [FIC] and banking remaining strong and coming back, that could bring into that path to '26?

因此，當我們展望25 年並讓NIR 對您的收入複合年增長率做出更大貢獻時，也許可以帶我們了解一下，除了[FIC] 和銀行業保持強勁和即將到來之外，我們應該期待的其他核心費用優勢是什麼回來，這可能會帶入通往'26的道路嗎？

Okay.

好的。

There's a lot there, but thank you for the question.

有很多東西，但謝謝你的提問。

I would like to see the stock reacting much more favorably because this really has been a strong quarter for us.

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, NII when you look through it, we've in fact, taken our NII guidance up just a tad bit as we referenced that the full year would be slightly down versus modestly down with the fourth quarter that's flat to the third quarter.

事實上，正如您所提到的，當您仔細查看 NII 時，我們實際上已經將 NII 指導略微上調了一點，因為我們提到全年將略有下降，而第四季度則略有下降與第三季持平。

And so that is an important takeaway.

所以這是一個重要的結論。

I mentioned the headwinds and tailwinds earlier and we shouldn't lose sight of those.

我之前提到過逆風和順風，我們不應該忽視這些。

We will get a lift from reinvesting, the securities as those mature, we will continue to see volume growth and those are important drivers of tailwind activity for us.

我們將從再投資中獲得提振，隨著證券的成熟，我們將繼續看到交易量成長，這些對我們來說是順風活動的重要驅動力。

You rightfully mentioned our interest rate exposure analysis that we do on a quarterly basis that reflects the asset sensitivity of our business.

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。

And last quarter, it was about $1.6 billion or so of a negative assuming 100 basis point decline across the curve, assuming a static balance sheet and cross currencies.

上個季度，假設資產負債表和交叉貨幣保持靜態，假設整個曲線下降 100 個基點，則負值約為 16 億美元左右。

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.

當你再次審視資產敏感性時，你正確地指出，如果我們看到這種平行變化，我們在 NII 下降幅度方面會偏向非美國。

And in fact, it's as much as $1.3 billion or so of that $1.6 billion is non-US dollar related across 60 currencies.

事實上，這 16 億美元中大約有 13 億美元與 60 種貨幣的非美元有關。

And so you have to see all of that move in tandem for that drag and the US dollar drag is about $300 million assuming 100 basis point shift.

因此，你必須看到所有這些措施的協同效應，假設移動 100 個基點，對美元的拖累約為 3 億美元。

And that's been coming down.

而且這種情況一直在下降。

If you look back over the quarters, we've been thoughtfully managing that down and that's down to about a $300 million number.

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。

I would expect when we print the third quarter queue, it'll be down a bit more.

我預計當我們列印第三季的隊列時，它會減少一點。

And so again, we are as asset sensitive, but it does skew outside of the US.

同樣，我們對資產同樣敏感，但它確實偏向美國以外的地區。

And thank you for asking the question because I think it's important to remind our investors and analysts of that dynamic, which in many ways may be different from that of other institutions.

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。

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.

就滯納金而言，我們確實說過，我們將滯納金納入了我們給出的前景的假設中。

I'll 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.

我要說的是顯而易見的埃里卡，那就是我們顯然希望人們按時付款，我們會盡一切努力幫助並確保他們這樣做。

With that said, we don't have a definitive timeline on late fees nor are we overly reliant on late fees to drive revenue for our firm.

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。

And so it looks like that decisioning will likely kind of fall closer to sometime in 2025.

因此，這一決定可能會在 2025 年左右的某個時候做出。

And so there is a small adjustment in the last quarter of our revenue forecast, but it's inside of the guidance that we gave and doesn't materially change that in any way.

因此，我們對最後一個季度的收入預測進行了小幅調整，但它在我們給出的指導範圍內，並且不會以任何方式產生實質改變。

And then the last part of your question I think was around NIR and the fee revenue.

我認為你問題的最後一部分是關於 NIR 和費用收入的。

And as I mentioned earlier, I'm not going to give guidance for 2025.

正如我之前提到的，我不會給出 2025 年的指導。

But I think your question was around, where are we likely to see continued momentum as it relates to fee revenue growth?

但我認為你的問題是，我們可能會在哪裡看到與費用收入成長相關的持續動力？

And I'd start with services which, where fees were up some 33% year over year.

我先從服務費用開始，這些服務的費用比去年同期上漲了約 33%。

And yes, we should adjust for the Argentine peso devaluation.

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 non-interest revenue growth.

但即使對此進行調整，非利息收入年增率仍為兩位數，即 11%。

And when you look at those drivers, they've been consistently strong, cross-border transaction value up 8%, US dollar clearing volume up 7%, commercial card spend up 8%.

當你觀察這些驅動因素時，你會發現它們一直都很強勁，跨境交易額增長了 8%，美元清算量增長了 7%，商務卡支出增長了 8%。

In the supplement, you'll see that it's mid to high single digit year-to-date growth across those KPIs as well.

在補充文件中，您會看到這些 KPI 的年初至今也實現了中等到高個位數的成長。

We expect that that will continue with our corporate clients and as we bring on new commercial clients as well.

我們希望我們的企業客戶和新的商業客戶能夠繼續保持這種勢頭。

I'll turn you to if you look at banking we talked about already.

如果你看看我們已經討論過的銀行業，我會轉向你。

So I won't kind of lean into that too much, but except to highlight a really strong quarter in banking, in investment banking fees, in particular, the rebound that we've been talking about.

因此，我不會過多地關注這一點，但除了強調銀行業特別是投資銀行費用的強勁季度，特別是我們一直在談論的反彈。

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 all of those things are going to play to continued fee momentum as we go into 2025.

但重要的是，我們在反彈中佔據了份額，這些重要的合作夥伴關係使我們和贊助商開始重新回歸市場，我們在人才和行業方面的投資，我們需要加強所有這些事情正在發生進入2025 年，發揮持續的收費動能。

Wealth, again, really strong performance this quarter with revenues up 9%.

Wealth 再次在本季表現強勁，營收成長了 9%。

But look at the client investment assets up 24%.

但看看客戶投資資產成長了24%。

The client balance is up 14 percent that's driving fee momentum.

客戶餘額增加了 14%，推動了費用成長。

And it's a keen area of focus for Andy and that that team that he's pulled together.

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, you know, the $5 trillion or so of assets that our clients hold away from us and we're better positioning ourselves to capture that.

這對我們來說是一個真正的機會，因為我們的客戶持有約 5 兆美元的資產，而我們正在更好地定位自己以抓住這一機會。

And then finally, you can see kind of continued momentum on USPB, but it's across the board is what I'm saying, Erika, in terms of that fee momentum and it is important.

最後，你可以看到 USPB 的持續勢頭，但就費用勢頭而言，埃里卡，這是全面的，這很重要。

It's an important aspect as we think about getting to those medium term targets and that 4% to 5% revenue,

當我們考慮實現這些中期目標以及 4% 到 5% 的收入時，這是一個重要的方面，

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Hi, Mark and Jane.

嗨，馬克和簡。

Mark, you touched on in your prepared comments about growing the US personal banking RoTCE to higher levels.

馬克，您在準備好的評論中談到了將美國個人銀行業務 RoTCE 提高到更高水平。

And you mentioned two items, one innovative products and the normalization of credit costs.

您提到了兩個問題，一是創新產品，二是信貸成本正常化。

Can you elaborate on those two items that will be contributing to the driver aside from the efficiency improvement that you also touched on.

除了您提到的效率提高之外，您能否詳細說明這兩項對駕駛員有貢獻的內容。

Yeah, sure.

是的，當然。

So obviously USPB is a combination of the cards businesses that we have in the retail banking business and that cards portfolio has both branded as well as retail services as part of it.

顯然，USPB 是我們零售銀行業務中的卡片業務的組合，卡片產品組合既包含品牌服務，也包含零售服務。

And even within branded, we have proprietary cards where we frankly have been looking to how we can come up with new innovative products.

即使在品牌內部，我們也擁有專有卡，坦白說，我們一直在尋找如何推出新的創新產品。

So an example of product innovation is the recent refresh that we did of our Strata Premier card, which was designed to drive acquisition and engagement with a new rewards offering.

因此，產品創新的一個例子是我們最近對 Strata Premier 卡的更新，該卡旨在推動新獎勵產品的獲取和參與。

And with that acquisitions are up some 7% both quarter over quarter and year over year for branded cards.

品牌卡的收購量較上月及年比均成長約 7%。

So that's an example of product innovation.

這是產品創新的一個例子。

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.

另一個是我們幾個季度前還在 Costco 推出了 Flex Pay，因此你可以看到分期貸款的良好增長，增長了 15% 左右。

And so that type of product creation is important to acquisitions.

因此，這種類型的產品創造對於收購來說非常重要。

It's important to ensuring the card stays top of wallet and important to kind of driving some of that topline performance.

確保卡片保持在錢包的首位非常重要，並且對於推動某些頂級性能也很重要。

And then the other thing that I mentioned, you're right was around cost of credit and that really is the continued normalization of cost of credit.

然後我提到的另一件事，你是對的，是關於信貸成本的，這實際上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 has to play through and for us to kind of see a more normal level of credit and that will be important to the returns.

我現在已經多次提到多個年份同時成熟的想法，這必須發揮作用，讓我們看到更正常的信貸水平，這對回報很重要。

And again, we are starting to see stabilization in both the cost of credit line, but also in delinquencies.

同樣，我們開始看到信貸額度成本和拖欠率都趨於穩定。

And that's a good indicator for us.

這對我們來說是一個很好的指標。

Very good.

非常好。

And just following up on credit in the banking division, you guys mentioned, the cost of credit was I think [$177 million] due to ACL build of $141 million and it was due to a mix change in the mix in the portfolio.

在跟進銀行部門的信貸時，你們提到，我認為信貸成本為 [1.77 億美元]，這是由於 ACL 建設了 1.41 億美元，這是由於投資組合中的組合發生了變化。

Can you share with us what that mix change was that drove this provision?

您能否與我們分享一下推動這項規定的混合變化是什麼？

You know, there's nothing, it's a mix of kind of different asset classes and clients that we've lent against.

你知道，沒有什麼，它是我們借出的不同資產類別和客戶的混合體。

There's nothing material or significant in that number.

這個數字沒有任何實質或重要意義。

When you look at the non-accrual loans, that ratio is still 31 basis points.

當你查看非應計貸款時，該比率仍然是 31 個基點。

So it's a mix change of our exposures, but nothing material there.

所以這是我們風險敞口的混合變化，但沒有什麼實質內容。

Yeah, and we continue to see a very healthy corporate sector really across the world.

是的，我們繼續看到世界各地的企業部門非常健康。

Vivek Juneja, J.P. Morgan.

維韋克·朱尼賈 (Vivek Juneja)，摩根大通。

Hi two questions, Jane and Mark.

你好，有兩個問題，珍和馬克。

One is on expenses and the other is on your response to the asset cap question before.

一是關於費用，二是關於您之前對資產上限問題的回答。

So first one expenses for an easier one you had earlier in the year, you had said you expect about $700 million to $1 billion of severance charges in the $53.5 billion to $53.8 billion.

因此，今年稍早您曾說過，您預計在 535 億至 538 億美元的遣散費中預計將有 7 億至 10 億美元的遣散費，這是第一個費用。

Did you have any in the third quarter expected in the fourth?

您對第三季第四季的預期有嗎？

And do you expect to be done with those this year or it needs to continue to next year too?

您希望今年完成這些工作還是需要繼續到明年？

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.

是的，所以這個數字是重組費用和遣散費或重新定位費用的組合，我們明顯地分解了重組，這樣你就可以看到這些。

And this restructuring component was largely driven by the org simplification that will be done this year.

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。

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.

我們將正常的遣散費或重新安置費用視為 BAU 的正常流程，您預計這種情況會發生在任何一年，並且肯定會成為 25 和 26 年後的一部分。

We did have some this quarter.

本季我們確實有一些。

I would expect that we will have some next quarter, but I don't see us being outside or by any stretch the range that I gave.

我預計下個季度我們會有一些，但我不認為我們會超出或超出我給出的範圍。

And again, the range was for the combination of both.

再說一次，範圍是兩者的組合。

Okay.

好的。

Thanks on that.

謝謝你。

And shifting to the asset cap question, Jane and Mark.

簡和馬克，轉向資產上限問題。

We didn't hear a clear answer on A, do you have an asset cap?

對於A，我們沒有聽到明確的答案，你們有資產上限嗎？

And B, even if you don't, what is the effective implication or impact of what the regulators have said?

B，即使你不這樣做，監管機構所說的話的有效含義或影響是什麼？

So, let me be crystal clear, we do not have an asset cap and there are no additional measures other than what was announced in July in place and not expecting any.

因此，讓我說得很清楚，我們沒有資產上限，除了 7 月宣布的措施之外，沒有其他措施，預計不會有任何措施。

And the implications of what we're doing is as I've laid out, we've increased investments in the areas where we were behind, particularly in the data related to our regulatory processes and regulatory reporting.

正如我所闡述的，我們正在做的事情的影響是，我們增加了對落後領域的投資，特別是與我們的監管流程和監管報告相關的數據。

We're increasing the investment behind it and we continue to make progress -- material progress on the orders in place including closing the BSA/AML order this quarter.

我們正在增加其背後的投資，並繼續取得進展——已落實的訂單取得了實質進展，包括本季度完成 BSA/AML 訂單。

The third order closed since '21.

第三個訂單自 21 年以來已結束。

And you don't expect anything meaningful, Jane that would impact business like there was this new story about (inaudible) some license that you didn't get approved by the regulator, anything more meaningful like that, that might be occurring that maybe

簡，你不會期望任何有意義的事情會影響業務，就像有一個關於（聽不清楚）你沒有獲得監管機構批准的某些許可證的新故事，任何更有意義的事情，可能會發生

--

--

Absolutely -- let me be crystal clear, absolutely nothing.

絕對是——讓我說得很清楚，絕對沒有。

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.

大家好，有幾個澄清問題，我想首先是關於 Banamex。

Are you on track to still IPO at the fourth quarter of next year or does it just get pushed out by a quarter with the legal separation taking a little bit longer?

你們是否仍有望在明年第四季進行首次公開募股，或者只是因為法律分離需要更長的時間而將其推遲一個季度？

Look, I think as I mentioned in response to Erika's question, we plan to be ready to IPO at the end of '25.

看，我想正如我在回答 Erika 問題時提到的，我們計劃在 25 年底準備 IPO。

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.

根據我們可以控制的因素，時機將取決於我們如何最大化股東價值，這將是市場條件。

So that's where we stand.

這就是我們的立場。

Okay.

好的。

So I think that means it's [five unit '25], you're talking about 1Q '26, but that was kind of my clarification question on that.

所以我認為這意味著它是[25 年的五個單元]，你談論的是 26 年第 1 季度，但這是我對此的澄清問題。

I thought you needed four quarters after you legally separated it to pursue IPO.

我認為在合法分離後你需要四個季度才能進行首次公開發行。

We believe as we stand at the moment, we would be ready to IPO at the end of '25.

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。

It's much more a focus on what the market conditions at that point will be.

更重要的是關注當時的市場狀況。

And Mark and I are very, very much focused on the shareholder value and maximizing that rushing over one quarter versus another quarter.

馬克和我非常非常關注股東價值，並最大化一個季度與另一個季度的競爭。

And there's no hard rule on.

且沒有硬性規定。

Sorry, go ahead.

抱歉，請繼續。

Yes, there isn't a hard rule on, you have to have got four quarters after you have separated.

是的，沒有硬性規定，分居後必須有四個季度。

I see.

我懂了。

Okay, that's super helpful.

好的，這非常有幫助。

We just haven't had that many of these.

我們只是還沒有那麼多這樣的東西。

So that's helpful.

所以這很有幫助。

And then just separately, I think in the prepared remarks, you guys mentioned a modest provision within services for some of the unremitted corporate dividends.

然後，我認為在準備好的發言中，你們提到了在服務中為一些未匯出的公司股息提供的適度準備金。

And I just want to clarify that and what country is that?

我只是想澄清一下，那是哪個國家？

And I guess I thought there wasn't really much, liability to you guys from that.

我想我認為你們並沒有太多的責任。

So any clarification on that, I know it's a small amount, but it would be helpful.

因此，對此進行任何澄清，我知道數量很少，但會有所幫助。

Thank you.

謝謝。

Sure.

當然。

It's a small amount.

這是一個小金額。

And if you look in the back of the deck, we have a page on Russia exposure, it's related to that.

如果你看一下平台的後面，我們有一個關於俄羅斯曝光的頁面，它與此相關。

Okay.

好的。

But still feel like there's not risk to you guys from all those kind of trap dividends.

但仍然覺得所有這些陷阱股息對你們來說並沒有風險。

And I guess why take a small reserve if there's legally no risk to you guys?

我想如果法律上對你們來說沒有風險，為什麼要保留少量儲備呢？

Well, it's the way we treat the exposure there.

嗯，這就是我們對待那裡的暴露的方式。

We're following kind of the guidelines on how we need to treat exposures in the country that we aren't able to distribute to clients, but we actually have to, to hold on their behalf.

我們正在遵循有關如何處理該國風險敞口的指導方針，我們無法將這些指導方針分發給客戶，但我們實際上必須這樣做，以代表他們持有。

And so we have to book a reserve associated with that.

所以我們必須預訂與之相關的儲備。

And so we do that, we obviously show on the page what the exposure is in the event of a loss of control.

因此，我們這樣做了，我們在頁面上明顯地顯示了失去控制時的暴露程度。

And you can see how that ultimately nets out, but we're following the appropriate guidelines for what's required to, for reserves of that nature.

您可以看到最終的結果如何，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.

嘿，謝謝你回答我的問題。

I have one for Mark.

我有一份給馬克。

So you mentioned that services NII is a tailwind as rates decline.

所以你提到，隨著利率下降，服務業NII 是一個順風車。

Can you just unpack how that happens?

你能解釋一下這是怎麼發生的嗎？

Is there any benefit from swap roll off or a floating swap that we should be thinking about that's embedded in that statement?

我們應該考慮該聲明中包含的掉期滾存或浮動掉期是否有任何好處？

There are a couple of things to keep in mind on the services business.

關於服務業務，有幾點需要牢記。

So one is obviously this is a client business, it's not just a deposit taking business.

因此，顯然這是一項客戶業務，而不僅僅是吸收存款業務。

And so how we think about pricing to those clients becomes really important.

因此，我們如何考慮向這些客戶定價變得非常重要。

You've got the US and non-US dynamic that's playing through where, you know, for institutional clients, we've largely been holding to the higher beta that we saw as rates have ticked up again with the relationship in mind and we have some offsetting pressure outside of the US as those betas catch up.

美國和非美國的動態正在發揮作用，您知道，對於機構客戶來說，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，我們有隨著貝塔測試的趕上，美國以外的一些壓力會被抵銷。

But I think importantly, you also heard me mention the reinvestment into securities at higher yields and that reinvestment or those higher yields ultimately play out through the businesses.

但我認為重要的是，你也聽到我提到以更高的收益率再投資於證券，而再投資或更高的收益率最終會透過企業發揮作用。

And so that will show up as part of kind of NII as we think about services, but the other businesses as well.

因此，當我們考慮服務時，這將作為國家資訊基礎設施的一部分出現，其他業務也是如此。

And so those are important components of the NII story for services.

因此，這些都是 NII 服務故事的重要組成部分。

I think when you look at the in-quarter performance and NII is down 5% you know, a big part of that is driven by the Argentina lower -- or rates movement in the quarter versus last year.

我認為，當您查看季度表現時，NII 下降了 5%，您知道，其中很大一部分是由阿根廷本季與去年相比較低或利率變動推動的。

So lower rates were earning in Argentina playing through that line, particularly in this quarter.

因此，阿根廷的利率較低，特別是在本季。

If you adjust it for that on the NII line, it would be flat to slightly a little bit better.

如果你在 NII 線上調整它，它會持平甚至稍微好一點。

So that's really what it is.

事實就是如此。

It's kind of management of client relationships as well as the higher earnings on reinvested securities contributing to that as well as a volume from operating account growth that we expect.

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.

嘿夥計們。

A couple of quick questions.

幾個簡單的問題。

First, just to follow up on Banamex, you know, Jane, as you know, there are concerns about judicial reform in Mexico and the implications for rule of law and Mexican asset prices have suffered as a result.

首先，我想跟進墨西哥銀行的情況，簡，正如您所知，人們對墨西哥的司法改革感到擔憂，這對法治和墨西哥資產價格的影響因此受到影響。

I think the largest Mexican bank trades that something in the neighborhood of 7 times earnings.

我認為墨西哥最大的銀行的交易本益比約為 7 倍。

If market conditions don't improve and Mexican asset prices remain depressed and these concerns persist, then what?

如果市場狀況沒有改善且墨西哥資產價格仍然低迷並且這些擔憂持續存在，那麼怎麼辦？

I mean, do you just wait until market conditions improve or how do you think about this process in the context of what seems to be a deteriorating macro backdrop for Mexico?

我的意思是，您是否只是等待市場狀況改善，或者在墨西哥宏觀背景似乎惡化的背景下，您如何看待這個過程？

Yeah, we've got to wait and see what the market conditions will be.

是的，我們必須等待，看看市場狀況如何。

But the North Star for me and for Mark is crystal clear.

但對我和馬克來說，北極星是非常清晰的。

It is optimizing and maximizing our shareholder value.

它正在優化和最大化我們的股東價值。

So if the conditions are not appropriate at that time, then we will wait until they are.

所以如果當時條件不合適，我們就等到條件合適了再說。

In the meantime, the business is performing well, it's accretive to our returns.

同時，業務表現良好，增加了我們的回報。

It's not a drag here in any shape or form.

這不是任何形狀或形式的拖累。

So there's no need to rush for a suboptimal result here.

因此，無需急於獲得次優結果。

But we will IPO and we will exit Banamex.

但我們將進行首次公開發行並退出Banamex。

But we won't do that in a reckless manner.

但我們不會魯莽地這麼做。

We will be disciplined about it as you would expect us to be, and as I think we're demonstrating that we are on multiple different dimensions.

我們將像你們所期望的那樣遵守紀律，正如我認為我們正在證明我們處於多個不同的維度。

Okay, fair enough.

好吧，很公平。

And then I guess a follow up on the US personal banking, the improvement and you know, the normalization of cost of credit is it seems to be a big component of that.

然後我想美國個人銀行業務的後續進展，你知道，信貸成本的正常化似乎是其中一個重要的部分。

But Mark, can you just remind us, where you are in terms of cost of credit versus what you would think a more normalized level it is for branded cards and in retail services, I guess how much of a tailwind is a more normalized credit environment entail in terms of credit costs?

但是馬克，您能否提醒我們，就品牌卡和零售服務而言，您的信貸成本與您認為的更正常化的水平相比，我猜想更正常化的信貸環境有多大的推動力涉及信貸成本嗎？

You know, again, I don't want to get into 2025 at this stage.

你知道，我不想在這個階段進入 2025 年。

I mean, I assure you we will give more color and commentary on that as we get into the fourth quarter earnings in January.

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。

What I will say again, as you think about these businesses, we do see continued top line -- we do expect continued top line momentum.

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。

You know, we've had eight consecutive quarters of positive operating leverage in USPB, 49% this quarter.

您知道，我們 USPB 已連續八個季度實現正營運槓桿，本季為 49%。

So we're managing the expense base well.

因此，我們很好地管理了費用基礎。

We think there's more upside to the top line.

我們認為營收還有更多上升空間。

We're very focused on growth across the portfolios.

我們非常關注整個投資組合的成長。

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 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 [cecil] purposes, but also ultimately in delinquencies and NCLs.

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通貨膨脹開始下降，利率下降，這對消費者來說應該更好，並且應該開始發揮作用我們為[cecil]目的而運行的宏觀經濟情景中，但最終也包括拖欠和NCL 中。

And we're starting to see that improvement in delinquencies in its stabilization already somewhat.

我們開始看到拖欠率在穩定方面已經有所改善。

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.

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 are limited in how much you can say about regulators, but just to be clear because a lot of email traffic going back.

您好，感謝您對我之前提出的資產上限問題的澄清，我知道您對監管機構的看法有限，但需要澄清一下，因為大量電子郵件流量會回來。

You did say there is no asset cap and you don't expect one and you don't expect other additional actions at this time.

您確實說過沒有資產上限，而且您不期望有資產上限，而且您目前也不期望採取其他額外行動。

Correct.

正確的。

Okay.

好的。

Thank you for clarifying that.

感謝您澄清這一點。

And I guess, look, I have great respect.

我想，看，我非常尊重。

I'm an ex regulator, Paul Volcker with my hero, and I respect regulators.

我是一名前監管者，保羅·沃爾克和我的英雄一樣，我尊重監管者。

And nobody wants to see you cut corners to get to your $51 billion to $53 billion of expenses.

沒有人願意看到你走捷徑來達到 510 億至 530 億美元的開銷。

But I'm just wondering and you have consolidated systems, apps, layers, bureaucracy, and you're divesting lots of activities.

但我只是想知道，你已經整合了系統、應用程式、層級、官僚機構，而且你正在剝離很多活動。

So it's just even the amended consent order was surprising because you have taken so many efforts and if you should have had an amended consent order or other actions, they probably should have been placed

所以，即使是修改後的同意令也令人驚訝，因為你已經付出瞭如此多的努力，如果你應該有修改後的同意令或其他行動，它們可能應該被放置

[15, 10, or literally 20 years ago].

[15 年、10 年，或實際上是 20 年前]。

And so that's just confusing on the outside.

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?

話雖如此，這是花更多錢的問題還是更明智地完成這些任務的問題？

In other words, we put more gas in the tank, the car is not going faster.

換句話說，我們在油箱裡加了更多的油，汽車並沒有跑得更快。

So is it a matter of resources or just being more intelligent in terms of resolving some of these regulatory issues?

那麼，這是資源問題還是只是在解決其中一些監管問題方面更明智？

So let me break it down to a couple of pieces.

讓我把它分成幾個部分。

So I start off just remind everyone the consent orders are very, very broad.

因此，我先提醒大家，同意令的範圍非常非常廣泛。

And the action that was taken was because we were behind in a narrow area, which is the data, particularly regarding our regulatory reporting where we're behind as the main area of focus.

採取的行動是因為我們在一個狹窄的領域落後，那就是數據，特別是在我們作為主要關注領域落後的監管報告方面。

We moved swiftly to address it.

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 were falling behind on this.

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。

And overall, I'm pleased with our progress.

總的來說，我對我們的進展感到滿意。

And as you say, Mike, I listed a number of areas of progress and trying to make it as tangible as we can give what we can and can't say as this is supervisory.

正如你所說，麥克，我列出了一些進展領域，並試圖使其盡可能具體化，因為我們可以提供我們可以說和不能說的東西，因為這是監督。

I'm pleased that our businesses continue to improve their performance while the transformation is going on.

我很高興我們的企業在轉型過程中持續提升績效。

They're the two priorities we have this year.

這是我們今年的兩個優先事項。

So I think effectively, yes, we can walk and chew gum at the same time and the huge benefit of all of the simplification on the business, on the organization, the other efforts is making it easier for us to execute and be very focused.

所以我認為，是的，我們可以一邊走路一邊嚼口香糖，所有簡化對業務、組織和其他努力的巨大好處是讓我們更容易執行並更加專注。

And well, maybe Mark I'd pass it over to you.

好吧，馬克，也許我會把它交給你。

I think your question is helpful in the sense that you said, is it kind of a rethink on our approach or is it the need to spend more money?

我認為你的問題是有幫助的，就像你所說的那樣，這是對我們方法的重新思考還是需要花更多的錢？

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.

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。

So this is -- and we are going to make -- we have made some changes to our approach.

因此，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 frontend business, from the functions that are most relevant.

這些變化關係到我們在解決已識別的資料問題後如何解決，確保前端業務和最相關的功能的參與。

And that there's consideration for what's required on reg reporting in order for us to get that process streamlined and correct.

並且考慮了監管報告的要求，以便我們簡化和正確地處理該流程。

And so there are aspects of this that require a change in our approach and we've been taking that change and making that change rather, and we'll make more changes accordingly as we've taken that step back.

因此，這方面的某些方面需要改變我們的方法，我們一直在採取這種改變，並且在我們退後一步時，我們將相應地做出更多改變。

And then there are aspects of it that require at a minimum review of what is causing either the delay or us not moving at the pace that we'd like to or that we'd like to move it that our regulators would like.

然後，它的某些方面需要至少審查是什麼導致了延誤或我們沒有按照我們希望的速度前進，或者我們希望按照監管機構的要求進行行動。

And that is in fact what the resource review plan was that was in the amended consent order.

事實上，這就是修訂後的同意令中的資源審查計畫。

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.

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 regular review of what is on track in the way of our milestones and deliverables where we see things that are being delayed or going red.

因此，我們流程的一部分實際上是定期審查我們的里程碑和可交付成果的進展情況，發現哪些事情被推遲或變紅。

What is the underlying root cause for a why?

為什麼的根本原因是什麼？

Is it a resource issue where we need to put more dollars in people or technology to it?

這是一個資源問題，我們需要在人力或技術上投入更多資金嗎？

Is it a process issue where we need to reconsider our approach?

這是一個流程問題，我們需要重新考慮我們的方法嗎？

And on the other side of that root cause, taking action to fix it.

另一方面，針對根本原因，採取行動解決它。

And so your question is spot on, the answer is that in many instances, it will be a little bit of both.

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。

But importantly, our processes include that type of analysis and assessment, so that we can get after the execution on this in an effective way.

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。

I hope that helps.

我希望這有幫助。

And all of this drives productivity and other benefits for our shareholders as well as making sure that we're strengthening Citi from the 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 my last follow-up, to the extent that you see a disconnect between your performance and the stock price, that would seem to create more of an opportunity to buy the stock at $64 when tangible book value is $90.

然後是我的最後一次跟進，如果你看到你的業績與股價之間存在脫節，那麼當有形賬面價值為 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 chairs and the desks and the the silverware in the executive dining room to go ahead and then buy back stock, whatever you can.

所以我希望——我以前用過這個類比，但希望你能賣掉行政餐廳裡的椅子、桌子和銀器，然後繼續回購股票，盡你所能。

Yeah, it's clearly given where we are trading.

是的，它清楚地給出了我們的交易地點。

It is -- we're very focused around the opportunities to buy back stock and mindful of the importance of it.

我們非常關注回購股票的機會，並意識到它的重要性。

And equally, yes, we are proud of the performance of the franchise this quarter.

同樣，是的，我們對本季特許經營的表現感到自豪。

It was a very strong quarter and an important set of proof points for our investors that we are on a deliberate path.

這是一個非常強勁的季度，向我們的投資者證明我們正走在一條深思熟慮的道路上。

We're making the progress that we need to and actually pretty excited about the path ahead of us and the potential that we see.

我們正在取得我們需要的進展，並且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.

沒有其他問題了。

I now turn the call over to Jenn Landis for closing remarks.

我現在將電話轉給詹·蘭迪斯 (Jenn Landis) 致閉幕詞。

Thank you, everyone, for joining the call.

謝謝大家加入通話。

Please follow up with IR if you have any additional questions.

如果您還有任何其他問題，請聯絡 IR。

Thank you.

謝謝。

This concludes Citi's third-quarter 2024 earnings call.

花旗 2024 年第三季財報電話會議至此結束。

You may now disconnect.

您現在可以斷開連線。