花旗銀行 (C) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加花旗 2024 年第四季財報電話會議。

Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations.

今天的電話會議將由花旗投資者關係主管 Jenn Landis 主持。

We ask that you please hold all questions until the completion of the formal remarks at which time you'll be given instructions for the question-and-answer session.

我們要求您保留所有問題，直到正式發言完成，屆時您將收到有關問答環節的指示。

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 fourth quarter 2024 earnings call.

早安，感謝大家參加我們的 2024 年第四季財報電話會議。

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 上下載，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, Jenn and a very good morning to everyone.

謝謝你，Jenn，祝大家早安。

I'm going to start with the macro backdrop and then walk you through our results for the full year.

我將從宏觀背景開始，然後向您介紹我們全年的業績。

I'll share some thoughts on the progress we're making executing our strategy and then conclude with why we have decided to adjust our 2026 return target.

我將分享一些關於我們執行策略所取得進展的想法，然後總結我們決定調整 2026 年回報目標的原因。

We entered 2025 with strategic clarity and good momentum across all our businesses.

進入 2025 年，我們所有業務的策略清晰且勢頭良好。

From the global macro perspective, economies have done a good job tolerating hikes from central banks and inflation has clearly been receding.

從全球宏觀角度來看，各經濟體對央行升息的承受能力較好，通膨明顯在回落。

While policies will certainly impact economic activity whether in the form of tariffs or taxes, 2025 doesn't look that different from '24.

儘管政策肯定會以關稅或稅收的形式影響經濟活動，但 2025 年看起來與 24 世紀並沒有什麼不同。

The US remains at the heart of the macro picture.

美國仍然是宏觀情勢的核心。

Growth is not only being driven by the higher end consumer but also by a strong innovative corporate sector.

成長不僅由高端消費者推動，也由強大的創新企業部門推動。

China's growth has been slower than expected, but there is still the prospect of further stimulus.

中國的成長低於預期，但仍有進一步刺激的前景。

Europe continues to underachieve, and many emerging markets have reemerged as bright spots, a trend which certainly benefits us given our global network and deep presence in countries such as India and throughout the Middle East and ASEAN.

歐洲繼續表現不佳，許多新興市場重新成為亮點，鑑於我們的全球網絡以及在印度等國家以及整個中東和東盟的深入影響力，這一趨勢無疑對我們有利。

[As] I told you, 2024 was a critical year and I'm proud of what we accomplished and how our businesses performed.

[正如]我告訴你的，2024 年是關鍵的一年，我為我們所取得的成就和我們的業務表現感到自豪。

We finished with a very strong fourth quarter which Mark will detail shortly.

我們以非常強勁的第四季度結束了比賽，馬克將很快詳細介紹這一點。

For the full year, our net income was up nearly 40% to $12.7 billion.

全年淨利潤成長近 40%，達到 127 億美元。

We exceeded our full year revenue target with revenues up 5% ex-divestitures.

我們超額完成了全年收入目標，剝離前收入增加了 5%。

Fee revenue was up 17% and we saw a smaller impact from Argentina's currency devaluation.

費用收入成長了 17%，阿根廷貨幣貶值的影響較小。

We delivered expenses within our guidance and improved our efficiency ratio by 340 bps whilst increasing investment in our transformation.

我們在指導範圍內交付了費用，並將效率提高了 340 個基點，同時增加了轉型投資。

Our RoTCE grew over 200 bps albeit from a low level.

我們的 RoTCE 儘管是從較低水準成長了 200 多個基點。

Our five core businesses each generated positive operating leverage for the full year, which we also achieved at the firm level.

我們的五項核心業務均在全年產生了積極的營運槓桿，我們在公司層級也實現了這一目標。

Services was up 9% and had another record year despite the low-rate environment as a result of new mandates and our emphasis on fee growth.

儘管由於新規定和我們對費用增長的重視而導致低利率環境，但服務仍增長了 9%，並再創歷史新高。

We grew share in both TTS and security services.

我們在 TTS 和安全服務方面的份額都有所增長。

Capped by our best fourth quarter in a decade, markets was up 6%.

市場上漲了 6%，這是十年來表現最好的第四季。

The performance of this franchise in a low volatility year shows the benefits of our diversified product mix.

該特許經營權在低波動年份的表現表明了我們多元化產品組合的優勢。

Equities was strong throughout and was up 26% in what was a record year for us.

股市從頭到尾都很強勁，上漲了 26%，這對我們來說是創紀錄的一年。

Banking was up 32% as we gained share across all three investment banking products and we announced an innovative $25 billion private credit partnership with our long-term client, Apollo.

銀行業成長了 32%，因為我們在所有三種投資銀行產品中都獲得了份額，並且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。

Under business leadership, we expect to continue to gain on our competition in 2025 and beyond. 2024 was the turning point for wealth as we sharpened our focus on investment, right size the expense base and improve the client experience.

在業務領導下，我們預計將在 2025 年及以後繼續在競爭中獲勝。 2024 年是財富的轉捩點，我們更加重視投資、合理調整支出基礎並改善客戶體驗。

Revenue was up 7% for the year including fee growth of 18%.

全年營收成長 7%，其中費用成長 18%。

Citigold in Asia were particularly strong and net new investment asset flows grew a very pleasing 40%.

亞洲的 Citigold 表現尤其強勁，淨新投資資產流量成長了 40%，令人欣喜。

We attracted top talent throughout the year in wealth, most recently bringing in Kate Moore as our CIO and Anne McCosker as our Head of Lending.

我們全年吸引了財富領域的頂尖人才，最近聘請凱特摩爾 (Kate Moore) 擔任我們的首席資訊官，安妮麥考斯克 (Anne McCosker) 擔任我們的貸款主管。

This business has tremendous potential with both new and existing clients and we're really leaning into it.

這項業務對於新客戶和現有客戶都具有巨大的潛力，我們非常重視它。

USPB revenues were up 6% driven by borrowing across both card portfolios and by fee growth.

在信用卡組合借款和費用成長的推動下，USPB 收入成長了 6%。

We announced a 10-year extension of our cobranded partnership with American Airlines ensuring that this valuable relationship enters into its fifth decade.

我們宣布與美國航空的聯合品牌合作關係延長 10 年，確保這項寶貴的合作關係進入第 5 個十年。

With the acquisition of the Barclays portfolio, we will become American Airlines exclusive partner in 2026, and we expect to deliver more value for our card holders and high returns for our shareholders as a result.

透過收購巴克萊投資組合，我們將在 2026 年成為美國航空的獨家合作夥伴，我們期望為我們的持卡人帶來更多價值，並為我們的股東帶來高回報。

We grew our tangible book value per share by 4% and ended 2024 with the CET1 ratio of 13.6%, approximately 150 bps above our regulatory capital requirement.

我們的每股有形帳面價值成長了 4%，截至 2024 年，CET1 比率為 13.6%，比我們的監管資本要求高出約 150 個基點。

After repurchasing $1 billion in common shares during the fourth quarter, we returned almost $7 billion in capital to our common shareholders in 2024.

在第四季回購了 10 億美元的普通股後，我們在 2024 年向普通股股東返還了近 70 億美元的資本。

Given how committed we are to returning capital, I am particularly pleased to announce that our Board authorized a $20 billion share repurchase program.

鑑於我們對返還資本的承諾，我特別高興地宣布，我們的董事會批准了一項 200 億美元的股票回購計畫。

You can see the very tangible progress we're making in executing the strategy that we laid out at our Investor Day three years ago.

您可以看到我們在執行三年前投資者日制定的策略方面所取得的非常明顯的進展。

We have materially simplified our firm since then.

從那時起，我們大大簡化了我們的公司。

We exited consumer businesses in nine countries and near completion of wind downs in three and are on track to exit the final two.

我們退出了九個國家的消費業務，其中三個國家的業務已接近完成，並有望退出最後兩個國家。

This includes Banamex, which we legally separated from our institutional business in December.

其中包括 Banamex，我們於 12 月將其從機構業務中合法分離出來。

We're now fully focused on getting ready to IPO with the timing heavily dependent on regulatory approvals and market conditions of course.

我們現在完全專注於為首次公開募股做好準備，當然，時間很大程度上取決於監管部門的批准和市場狀況。

To align our structure with our strategy, we went through a significant simplification of our organization, removing management layers and the regional construct.

為了使我們的結構與策略保持一致，我們對組織進行了重大簡化，取消了管理階層和區域結構。

This has accelerated decision making and made us a better partner to our clients.

這加快了決策速度，使我們成為客戶更好的合作夥伴。

We have strengthened our culture by better aligning compensation with our shareholders' interests, enhancing our score cards to ensure we're delivering for clients.

我們透過更好地將薪酬與股東利益結合起來，增強我們的記分卡以確保我們為客戶提供服務，從而強化了我們的文化。

We attracted top industry talent throughout our organization and that includes new leaders that are marketable for banking, wealth and technology.

我們吸引了整個組織的頂尖產業人才，其中包括適合銀行、財富和科技領域的新領導者。

We have raised the bar on what we demand from each other and what we expect to deliver to our clients.

我們提高了對彼此的要求以及我們期望為客戶提供的服務的標準。

We have continued to innovate to improve the client experience and our efficiency.

我們不斷創新，以改善客戶體驗和效率。

We are now live with Citi Payments Express in 18 countries and have converted 4 million retail bank customers to our simplified banking platform in the US.

我們現已在 18 個國家/地區使用 Citi Payments Express，並已將 400 萬零售銀行客戶轉移到我們在美國的簡化銀行平台。

We accelerated our use of AI, arming 30,000 developers with tools to write code, launched two AI platforms to make 143,000 colleagues more efficient.

我們加快人工智慧的應用，為3萬名開發者提供了編寫程式碼的工具，推出了兩個人工智慧平台，幫助14.3萬名同事提高了工作效率。

The investments we're making to modernize our infrastructure, streamline processes and automate controls are changing how we run the bank.

我們為基礎設施現代化、簡化流程和自動化控製而進行的投資正在改變我們銀行的運作方式。

We consolidated our balance sheet reporting to one unified ledger.

我們將資產負債表報告合併到一個統一的分類帳。

We implemented a cloud-based solution for risk analytics to better value trading assets.

我們實施了基於雲端的風險分析解決方案，以更好地評估交易資產。

We have closed out three longstanding consent orders.

我們已經完成了三項長期存在的同意令。

Our capital, liquidity and reserves are robust.

我們的資本、流動性和儲備充足。

Our focused strategy, simpler structure and targeted client selection have all reduced our risk profile significantly.

我們專注的策略、更簡單的結構和有針對性的客戶選擇都顯著降低了我們的風險狀況。

We have made considerable progress on our transformation.

我們的轉型取得了長足進展。

While there are areas that are more advanced, there are others where we still have a lot more work to do, particularly around data and regulatory reporting as the last summer's regulatory actions reinforced.

雖然有些領域更為先進，但在其他領域我們仍有許多工作要做，特別是隨著去年夏天監管行動的加強，在數據和監管報告方面。

We have reviewed the entire data program and made changes to its governance and structure as well as increase the level of investment.

我們審查了整個數據計劃，對其治理和結構進行了更改，並增加了投資水平。

As CEO, I want this company set up for long term success and to ensure that we have enough capacity to invest for that.

作為首席執行官，我希望這家公司能夠取得長期成功，並確保我們有足夠的能力為此進行投資。

In terms of expense guidance, therefore, most of the sales from the org simplification and stranded costs will be used to fund the additional investments we need to make this year in both transformation and technology.

因此，就費用指導而言，組織簡化和擱淺成本的大部分銷售額將用於資助我們今年在轉型和技術方面需要進行的額外投資。

As a result, we expect our total expenses in 2025 to be slightly below the 2024 level and to deliver another year of positive operating leverage.

因此，我們預計 2025 年的總支出將略低於 2024 年的水平，並實現另一年的正營運槓桿。

We expect our elevated expense level to be temporary and for it to keep coming down beyond 2025.

我們預期費用水準的上升只是暫時的，並會在 2025 年後繼續下降。

However, when we take the required investments into account, we now expect our 2026 RoTCE to be between 10% and 11%.

然而，當我們考慮到所需的投資時，我們現在預計 2026 年的 RoTCE 將在 10% 到 11% 之間。

The 2026 RoTCE is a waypoint.

2026 年 RoTCE 是一個航點。

It is not a destination.

它不是目的地。

Our intention is to continue to improve returns well above that level and we are accountable for doing so.

我們的目的是繼續將回報提高到遠高於該水平，並且我們有責任這樣做。

We are relentless in our determination to run the bank more efficiently, fulfill Citi's potential and meet the expectations of our shareholders.

我們堅定不移地決心更有效地經營銀行、發揮花旗的潛力並滿足股東的期望。

Before I turn it over to Mark, I'd like to acknowledge the catastrophic wildfires in Los Angeles.

在我把它交給馬克之前，我想承認洛杉磯發生的災難性野火。

Many of our clients and several of our colleagues have lost their homes and we will do whatever we can to help them recover from this devastating event.

我們的許多客戶和幾位同事失去了家園，我們將盡一切努力幫助他們從這場毀滅性事件中恢復過來。

They and their loved ones are in all of our thoughts at Citi.

在花旗，我們所有人都關心著他們和他們的親人。

Now, over to Mark.

現在，轉到馬克。

Thanks, Jane and good morning, everyone.

謝謝，簡，大家早安。

I'm going to start with the fourth quarter and full year financial results focusing on year over year comparisons unless I indicate otherwise.

除非我另有說明，我將從第四季和全年財務表現開始，並專注於同比比較。

I'll also focus on our current expectations for 2025 and 2026.

我還將重點討論我們目前對 2025 年和 2026 年的預期。

On slide 7, we show financial results for the full firm which reflect improved performance both in the quarter and the year.

在投影片 7 中，我們展示了整個公司的財務業績，反映了季度和年度業績的改善。

As a reminder, in the fourth quarter of last year, revenues were significantly impacted by Argentina currency devaluation.

提醒一下，去年第四季度，營收受到阿根廷貨幣貶值的嚴重影響。

Adjusted revenues and noninterest revenues for the full firm and services are shown in the appendix of the earnings presentation on slide 36.

整個公司和服務的調整後收入和非利息收入顯示在投影片 36 的收益簡報的附錄中。

This quarter, we reported net income of $2.9 billion, EPS of $1.34 and an RoTCE of 6.1% on $19.6 billion of revenues, generating positive operating leverage for the firm and in each of our businesses.

本季度，我們報告淨利潤為 29 億美元，每股收益為 1.34 美元，營收為 196 億美元，RoTCE 為 6.1%，為公司和我們的每項業務帶來了積極的營運槓桿。

Total revenues were up 12% driven by growth in each of our businesses and a smaller impact of Argentina currency devaluation.

由於我們各項業務的成長以及阿根廷貨幣貶值的影響較小，總收入成長了 12%。

Net interest income excluding markets was roughly flat with growth in USPB and wealth offset by declines in corporate/other and banking.

不包括市場的淨利息收入與USPB和財富的成長大致持平，但被企業/其他和銀行業的下降所抵消。

Noninterest revenues excluding markets was up 40% driven by continued strong fee momentum across services, banking and wealth along with lower partner payments in USPB as well as a smaller impact of Argentina currency devaluation and total markets revenues were up 36%.

由於服務、銀行和財富領域持續強勁的收費勢頭、USPB 合作夥伴付款的減少以及阿根廷貨幣貶值的影響較小，市場總收入增長了 36%，不包括市場的非利息收入增長了 40%。

Expenses were $13.2 billion, down 18% largely driven by the absence of the FDIC special assessment and restructuring charge in the prior year.

費用為 132 億美元，下降 18%，主要是由於上一年沒有 FDIC 特別評估和重組費用。

Excluding the impact of the FDIC special assessment and divestiture related impacts, expenses were down 7% driven by the absence of the restructuring charge in the prior year and savings associated with our organizational simplification, partially offset by higher volume related expenses.

排除 FDIC 特別評估和資產剝離相關影響，由於上一年沒有重組費用以及與我們的組織簡化相關的節省，費用下降了 7%，但部分被數量增加的相關費用所抵消。

Cost of credit was $2.6 billion, largely consisting of cards, net credit losses and ACL build.

信貸成本為 26 億美元，主要由信用卡、淨信用損失和 ACL 建設組成。

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

And on a full year basis, we delivered $12.7 billion of net income with an RoTCE of 7%.

全年淨利為 127 億美元，RoTCE 為 7%。

On slide 8, we show full year revenue trends by business from 2021 to 2024.

在投影片 8 中，我們按業務展示了 2021 年至 2024 年的全年收入趨勢。

This year, we delivered $81.1 billion of revenue, up 5% on an ex-divestiture basis driven by growth in each of our businesses and a smaller impact of Argentina currency devaluation.

今年，我們實現了 811 億美元的收入，在剝離前的基礎上增長了 5%，這得益於我們各項業務的增長以及阿根廷貨幣貶值影響較小的推動。

Services revenues increased 9% to $19.6 billion, benefiting from a smaller impact of Argentina currency devaluation, fee growth and higher deposit volume.

服務收入成長 9%，達到 196 億美元，受益於阿根廷貨幣貶值、費用成長和存款量增加的影響較小。

Markets revenues increased 6% to $19.8 billion primarily driven by growth in equity which had its highest annual revenue in a decade and spread products.

市場收入成長 6%，達到 198 億美元，主要受到股票成長的推動，股票和價差產品的年收入達到十年來最高。

Banking revenues increased 32% to $6.2 billion largely driven by growth in investment banking with fees up 42% as we gained approximately 50 basis points of share on an increased wallet.

銀行收入成長了 32%，達到 62 億美元，這主要是由投資銀行業務的成長推動的，隨著錢包數量的增加，我們獲得了約 50 個基點的份額，費用增加了 42%。

Wealth revenues increased 7% to $7.5 billion primarily driven by a 15% increase in noninterest revenue as we continue to grow client investment assets.

隨著我們不斷增加客戶投資資產，財富收入增加了 7%，達到 75 億美元，這主要是由於非利息收入增加了 15%。

USPB revenues increased 6% to $20.4 billion driven by growth in cards as we continue to see strong customer engagement and an increase in interest-earning balances as well as lower partner payments.

在信用卡業務成長的推動下，USPB 收入成長了 6%，達到 204 億美元，因為我們繼續看到強勁的客戶參與度、利息收入餘額的增加以及合作夥伴付款的減少。

Overall, this year demonstrates another year of performance consistent with our medium-term target of 4% to 5% annual growth and the value of our diversified business model.

整體而言，今年的業績又符合我們 4% 至 5% 年成長率的中期目標以及多元化業務模式的價值。

On slide 9, we show the full year expense trend from 2021 to 2024.

在投影片 9 上，我們展示了 2021 年至 2024 年全年支出趨勢。

Excluding the impact of the FDIC special assessment, our full year expenses were $53.8 billion, in line with our target.

剔除 FDIC 特別評估的影響，我們全年支出為 538 億美元，符合我們的目標。

Expense reduction was driven by savings related to our organizational simplification and stranded cost reduction as well as lower restructuring and repositioning charges.

費用減少是由於我們的組織簡化和擱淺成本削減以及重組和重新定位費用降低所帶來的節省。

Organizational simplification, stranded cost reduction as well as efforts to drive efficiencies across the businesses contributed to a net decline of roughly 10,000 direct staff.

組織簡化、擱置成本削減以及提高整個企業效率的努力導致直接員工淨減少約 10,000 名。

These savings were mostly offset by higher volume related expenses as well as investments in the transformation and other risk and controls and the Civil Money Penalties.

這些節省大部分被較高的相關費用以及轉型投資、其他風險和控制以及民事罰款所抵消。

As you can see at the bottom of the page, we spent $2.9 billion on transformation this year which includes investments in our infrastructure platforms, applications and data.

正如您在頁面底部看到的，我們今年在轉型上花費了 29 億美元，其中包括對基礎設施平台、應用程式和數據的投資。

Transformation investments were up 1% driven by an increase in certain programs including data, largely offset by a reduction in the transformation bonus award.

由於包括數據在內的某些計劃的增加，轉型投資增長了 1%，但在很大程度上被轉型獎金的減少所抵消。

And we spent $11.8 billion on technology, focused on digital innovation, new product development, client experience and other areas such as cyber security.

我們在技術上花費了 118 億美元，專注於數位創新、新產品開發、客戶體驗和網路安全等其他領域。

Turning to slide 10, we provide details on our $2.4 trillion balance sheet which decreased 3% sequentially largely driven by the impact of foreign exchange translation.

轉向幻燈片 10，我們提供了 2.4 兆美元資產負債表的詳細信息，該資產負債表環比下降了 3%，這主要是由於外匯換算的影響。

In the fourth quarter, we deployed some of our excess liquidity into loans while maintaining 116% LCR and $933 billion of available liquidity resources.

第四季度，我們將部分過剩流動性投入貸款，同時維持 116% 的 LCR 和 9,330 億美元的可用流動性資源。

Our $1.3 trillion deposit base remains well diversified across regions, industries, customers and account types.

我們 1.3 兆美元的存款基礎在地區、產業、客戶和帳戶類型方面仍然保持多元化。

We maintain strong capital ending the year with a preliminary 13.6% CET1 capital ratio, approximately 150 basis points above our regulatory capital requirement of 12.1%.

截至年底，我們仍保持強勁的資本，初步 CET1 資本比率為 13.6%，比 12.1% 的監管資本要求高出約 150 個基點。

And for the year, we returned nearly $7 billion in the form of common dividends and repurchases to our shareholders.

今年，我們以普通股利和回購的形式向股東返還了近 70 億美元。

Turning to the businesses on slide 11, we show the results for services for the fourth quarter and full year.

轉向幻燈片 11 上的業務，我們展示了第四季度和全年的服務業結果。

Services revenues were up 15% driven by a smaller impact of Argentina currency devaluation and reflecting continued momentum across security services and TTS, both of which gained share this year.

由於阿根廷貨幣貶值的影響較小，服務收入成長了 15%，反映出安全服務和 TTS 的持續成長勢頭，這兩個領域今年的份額均有所增加。

NIR increased 61% driven by a smaller impact of Argentina currency devaluation as well as continued strength in underlying fee drivers such as US dollar clearing, commercial card spend, cross border transactions and assets under custody and administration.

由於阿根廷貨幣貶值的影響較小以及美元清算、商業卡支出、跨境交易以及託管和管理資產等潛在費用驅動因素的持續走強，NIR 增長了 61%。

NII was roughly flat as the benefit of higher deposit volumes was offset by the impact of lower interest rates in Argentina.

NII 大致持平，因為存款量增加的好處被阿根廷利率降低的影響所抵消。

Expenses increased 1% driven by continued investment in technology and platform modernization, partially offset by productivity savings.

由於對技術和平台現代化的持續投資，費用增加了 1%，但部分被生產力節省所抵消。

Cost of credit was $112 million with a net ACL build of $84 million and net credit losses of $28 million.

信貸成本為 1.12 億美元，其中 ACL 淨建設額為 8,400 萬美元，淨信貸損失為 2,800 萬美元。

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%，主要是由於出口和機構融資以及營運資金貸款的持續需求。

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 $1.9 billion and $6.5 billion for the year and continues to deliver a high RoTCE coming in at 29.9% and 26% for the year.

服務業產生了積極的營運槓桿，全年淨利潤分別為 19 億美元和 65 億美元，並繼續實現全年 29.9% 和 26% 的高 RoTCE。

On slide 12, we show the results for markets for the fourth quarter and full year.

在投影片 12 上，我們展示了第四季和全年的市場結果。

Markets saw its highest fourth quarter revenue in a decade and increased 36% with broad based gains across all products.

Markets 第四季營收創下十年來最高水平，成長 36%，所有產品均廣泛成長。

Fixed income revenues increased 37% driven by rates and currencies which were up 39% and spread products and other fixed income, up 30%, both reflecting increased client activity.

在利率和貨幣成長 39% 以及利差產品和其他固定收益成長 30% 的推動下，固定收益收入成長了 37%，兩者都反映了客戶活動的增加。

Rates and currencies also benefited from a conducive trading environment compared to a challenging prior year quarter.

與去年充滿挑戰的季度相比，利率和貨幣也受益於有利的交易環境。

Spread products and other fixed income was driven by credit and mortgage trading as well as higher securitization volume.

利差產品和其他固定收益是由信貸和抵押貸款交易以及更高的證券化交易量所推動的。

Equities revenues increased 34% driven in part by strong execution of strategic client transactions in cash equities and momentum also continued in prime with balances up approximately 23%.

股票收入成長了 34%，部分原因是現金股票策略客戶交易的強勁執行，而這一勢頭也持續保持在巔峰期，餘額增長了約 23%。

Expenses decreased 8% primarily driven by lower legal expenses and productivity savings.

費用下降 8%，主要是由於法律費用減少和生產力節省。

Cost of credit was $134 million driven by a net ACL build primarily related to spread products.

信貸成本為 1.34 億美元，主要由主要與利差產品相關的 ACL 淨建設推動。

Average loans increased 6% primarily driven by asset backed lending and spread products as well as margin loans and equities.

平均貸款成長 6%，主要受到資產支持貸款和利差產品以及保證金貸款和股票的推動。

Average trading account assets increased 15% largely driven by client demand for US treasuries and foreign government securities.

平均交易帳戶資產增加了 15%，主要是由於客戶對美國國債和外國政府證券的需求。

Markets generated another quarter of positive operating leverage and delivered net income of $1 billion and $4.9 billion for the year and delivered an RoTCE of 7.4% and 9.1% for the year.

市場又創造了一個季度的正營運槓桿，全年淨利潤分別為 10 億美元和 49 億美元，全年 RoTCE 分別為 7.4% 和 9.1%。

On slide 13, we show the results for banking for the fourth quarter and full year.

在投影片 13 中，我們展示了銀行業第四季和全年的業績。

Banking revenues were up 27% largely driven by investment banking with fees up 35% as we saw growth across all products.

銀行收入成長了 27%，主要是由投資銀行業務推動的，隨著我們看到所有產品的成長，費用增加了 35%。

DCM was driven by continued investment grade issuance momentum and increased leveraged finance activity.

DCM 受到持續的投資等級發行勢頭和槓桿融資活動增加的推動。

ECM saw strong issuance activity particularly in follow on and convertible instruments.

ECM 的發行活動強勁，尤其是後續工具和可轉換工具。

In M&A, growth was driven by continued strong client engagement as well as the completion of previously announced acquisitions given the more conducive macro environment.

在併購方面，成長是由持續強勁的客戶參與以及在更有利的宏觀環境下完成先前宣布的收購所推動的。

For the year, we gained share across regions, products and several sectors including healthcare and technology.

今年，我們在各個地區、產品以及包括醫療保健和技術在內的多個領域的份額都獲得了成長。

Corporate lending revenues excluding mark-to-market on loan hedges decreased 24% driven by lower revenue share and volumes partially offset by a smaller impact of Argentina currency devaluation.

不包括以市值計價的貸款對沖的企業貸款收入下降了 24%，原因是收入份額和數量下降，部分被阿根廷貨幣貶值影響較小所抵消。

Expenses decreased 9% primarily driven by benefits of headcount reduction as we right size the workforce and expense base partially offset by higher volume related expenses.

費用下降了 9%，主要是由於我們調整了員工規模和費用基礎，減少了員工數量，但部分被數量增加的相關費用所抵消。

Cost of credit was a benefit of $240 million driven by a net ACL release of $247 million primarily driven by improved macroeconomic conditions.

信貸成本效益為 2.4 億美元，主要由宏觀經濟狀況改善推動的 ACL 淨釋放 2.47 億美元推動。

Banking generated positive operating leverage for the fourth quarter in a row and delivered net income of $356 million and $1.5 billion for the year and delivered an RoTCE of 6.5% and 7% for the year.

銀行業連續第四季產生正營運槓桿，全年淨利分別為 3.56 億美元和 15 億美元，全年 RoTCE 分別為 6.5% 和 7%。

On slide 14, we show the results for wealth for the fourth quarter and full year.

在投影片 14 上，我們展示了第四季和全年的財富結果。

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。

Revenues were up 20% driven by a 22% increase in NIR as we grew investment fees with client investment assets of 18% including net new investment assets of $16 billion. NII

由於我們的投資費用增加，客戶投資資產增加了 18%，其中新投資資產淨額達到 160 億美元，NIR 成長了 22%，營收成長了 20%。國家資訊研究所

increased 20% driven by higher average deposit spreads and volumes.

由於平均存款利差和交易量增加，增加了 20%。

Expenses decreased 3% driven by the continued benefit of headcount reductions as we right size the workforce and expense base.

由於我們調整了勞動力規模和費用基礎，人員減少帶來的持續效益推動費用下降了 3%。

End of period client balances increased 8% driven by higher client investment asset flows and market valuation.

由於客戶投資資產流量和市場估值增加，期末客戶餘額增加了 8%。

Average deposits increased 3% reflecting the transfer of relationships and the associated deposits from USPB partially offset by a shift in deposits to higher yielding investments on Citi's platform.

平均存款增加了 3%，反映出 USPB 關係和相關存款的轉移，但部分被存款轉向花旗平台上收益較高的投資所抵消。

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

隨著我們繼續優化資本使用，平均貸款下降 1%。

Wealth generated a pre-tax margin of 21% and another quarter of positive operating leverage, delivering net income of $334 million and $1 billion for the year and delivered an RoTCE of 10.1% and 7.6% for the year.

Wealth 實現了 21% 的稅前利潤率和另一個季度的正營運槓桿，全年淨利潤分別為 3.34 億美元和 10 億美元，全年 RoTCE 分別為 10.1% 和 7.6%。

On slide 15, we show the results for US personal banking for the fourth quarter and full year.

在投影片 15 上，我們展示了美國個人銀行業務第四季和全年的業績。

US personal banking revenues were up 6% driven by NII growth of 5% and lower partner payments.

在 NII 成長 5% 和合作夥伴付款減少的推動下，美國個人銀行業務收入成長了 6%。

Branded cards revenues increased 7% with interest-earning balance growth of 7% as payment rates continue to normalize and we continue to see spend growth which was up 5%.

隨著支付率持續正常化，品牌卡收入成長 7%，生息餘額成長 7%，我們繼續看到支出成長 5%。

Retail services revenues increased 7% driven by lower partner payments and interest-earning balance growth of 3%.

由於合作夥伴付款減少以及利息收入餘額增加 3%，零售服務收入增加了 7%。

And retail banking revenues were roughly flat as the impact of higher deposit spread was offset by the impact of the transfer of relationships and the associated deposits to our wealth business.

零售銀行業務收入大致持平，因為較高的存款利差的影響被我們財富業務的關係轉移和相關存款的影響所抵消。

Expenses decreased 2% driven by continued productivity savings, partially offset by higher volume related expenses.

由於生產力持續節省，費用下降了 2%，但部分被產量相關費用增加所抵消。

Cost of credit was $2.2 billion largely driven by net credit losses as well as a build primarily for volume growth.

信貸成本為 22 億美元，主要是由淨信貸損失以及主要為銷售成長所造成的。

Average deposits decreased 18% largely driven by the transfer of relationships and the associated deposits to our wealth business.

平均存款下降 18%，主要是由於關係和相關存款轉移到我們的財富業務。

USPB generated another quarter of positive operating leverage and delivered net income of $392 million and $1.4 billion for the year and delivered an RoTCE of 6.2% and 5.5% for the year.

USPB 又一個季度實現了正營運槓桿，全年淨利潤分別為 3.92 億美元和 14 億美元，全年 RoTCE 分別為 6.2% 和 5.5%。

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，我們顯示了所有其他託管基礎上的結果，其中包括公司/其他和遺留特許經營權，但不包括剝離相關項目。

Revenues decreased 34% primarily driven by net investment securities losses as we reposition the portfolio, higher funding costs and closed exits and wind-downs.

收入下降 34%，主要是由於我們重新定位投資組合、融資成本上升以及關閉退出和關閉導致淨投資證券損失。

Expenses decreased 51% primarily driven by the absence of the FDIC special assessment and restructuring charge in the prior year, as well as the reduction from the closed exits and wind-down.

費用下降了 51%，主要是由於前一年沒有 FDIC 特別評估和重組費用，以及關閉退出和清算的減少。

And cost of credit was $397 million with net credit losses of $257 million and a net ACL build of $140 million primarily driven by Mexico.

信貸成本為 3.97 億美元，淨信貸損失為 2.57 億美元，ACL 淨建設額為 1.4 億美元，主要由墨西哥推動。

Turning to slide 18 where I will walk you through our current expectations for 2025.

轉向投影片 18，我將向您介紹我們目前對 2025 年的預期。

As a reminder, what underpins our current expectations is a reflection of a number of scenarios that include different macro and capital market environments.

提醒一下，支撐我們目前預期的是多種情境的反映，包括不同的宏觀和資本市場環境。

And based on what we know today, we expect revenues to be around $83.5 billion to $84.5 billion, a roughly 3% to 4% increase year over year.

根據我們目前所知，我們預計營收約為 835 億至 845 億美元，年增約 3% 至 4%。

We expect a continuation of the NIR ex-markets momentum we saw this year driven by investment banking as we continue to gain share in the areas of strategic focus such as healthcare, technology, as well as leveraged finance and sponsors, assuming a constructive industry wallet well supported by a continued focus on growth in client investment assets and banker productivity, which will drive investment revenue.

我們預計，今年在投資銀行業務的推動下，NIR 場外市場的勢頭將持續下去，因為我們將繼續在醫療保健、技術以及槓桿融資和贊助商等戰略重點領域獲得份額（假設行業錢包具有建設性）持續專注於客戶投資資產和銀行家生產力的成長提供了有力支持，這將推動投資收入。

Services, as we execute the strategy we laid out at our Investor Day in June, expanding our leadership position with large institutions and growing our market share with commercial clients in TTS and in security services, continuing to gain share through investments in our digital and data capabilities while deepening with asset managers and asset owners.

服務，當我們執行我們在6 月投資者日制定的策略時，擴大我們在大型機構中的領導地位，並增加我們在TTS 和安全服務領域商業客戶的市場份額，透過對數位和數據的投資繼續取得份額能力，同時深化與資產管理者和資產所有者的合作。

Turning to slide 19, we expect NII ex-markets to be up modestly this year.

轉向投影片 19，我們預計今年 NII 前市場將小幅上漲。

However, there are several tailwinds and headwinds that I will walk you through.

然而，我將引導您克服一些順風和逆風。

Looking at the left-hand side of the page, we expect most of the increase to come from volume growth and mix primarily driven by higher loan volumes in USPB mainly in cards and deposit volumes in services.

看看頁面的左側，我們預計大部分增長將來自數量增長和混合，這主要是由 USPB 的貸款量增加（主要是銀行卡貸款量和服務存款量）推動的。

We expect a continued benefit from lower yielding investment securities rolling off and being repriced into higher yielding assets such as cash, loans and security.

我們預計，較低收益的投資證券將繼續受益，並重新定價為現金、貸款和證券等較高收益的資產。

Partially offsetting these tailwinds are several headwinds including various scenarios around lower rates both in US and non-US, which we expect to be mostly offset by repricing actions across the franchise as well as the potential impact of card late fee reduction and FX.

部分抵銷這些順風的是一些逆風，包括美國和非美國較低利率的各種情況，我們預計這些逆風將主要被整個特許經營的重新定價行動以及信用卡滯納金減少和外匯的潛在影響所抵消。

Turning to slide 20, we expect expenses to be slightly lower than $53.8 billion for 2025.

轉向投影片 20，我們預計 2025 年的支出將略低於 538 億美元。

Our expectations reflect continued benefits from our organizational simplification, reduction in stranded costs and productivity savings from our prior investments.

我們的期望反映了我們的組織簡化、擱置成本的降低以及先前投資帶來的生產力節省所帶來的持續效益。

However, offsetting most of these benefits are increased investments in the transformation, technology and the businesses as well as higher volume related expenses.

然而，大部分收益被轉型、技術和業務投資的增加以及數量相關費用的增加所抵消。

Embedded in our outlook for the year is roughly $600 million for repositioning which remains elevated as we continue to reduce stranded costs, drive efficiencies across the businesses and as benefits from investments in transformation and technology allow us to eliminate manual processes.

我們對今年的展望中包含約6 億美元的重新定位資金，隨著我們繼續降低擱淺成本、提高整個業務的效率，以及轉型和技術投資的好處使我們能夠消除手動流程，該金額仍然處於較高水平。

As Jane said, we recognize that our expense base remained elevated, and we remain very focused on bringing down our expenses each year while ensuring that we have enough capacity to invest in the company.

正如簡所說，我們認識到我們的費用基礎仍然很高，我們仍然非常注重每年降低費用，同時確保我們有足夠的能力投資公司。

Now turning to slide 21, I'll talk you through our expectations for returns going forward.

現在轉向投影片 21，我將向您介紹我們對未來回報的預期。

As we enter 2025 and think forward to 2026, we continue to have a clear path to improve returns.

當我們進入 2025 年並展望 2026 年時，我們仍然有一條明確的提高回報的道路。

Having gone through another robust planning process and having provided revenue and expense targets for 2025, we want to update you on our 2026 RoTCE target range.

在經歷了另一個穩健的規劃流程並提供了 2025 年的收入和支出目標後，我們希望向您介紹 2026 年 RoTCE 目標範圍的最新情況。

In 2026, we expect continued revenue growth from both NI and NIR with drivers largely consistent with recent performance.

到 2026 年，我們預計 NI 和 NIR 的營收將持續成長，其驅動因素與近期表現基本一致。

We expect expenses to decline from 2025 and are targeting an expense level below $53 billion.

我們預計支出將從 2025 年開始下降，目標支出水準低於 530 億美元。

The reduction in our expense base will come from a decrease in legacy and stranded costs, a more normalized level of severance and an increase in productivity savings from our prior investments.

我們費用基礎的減少將來自於遺留成本和滯留成本的減少、遣散費水準更加正常化以及我們先前投資所節省的生產力的增加。

We will maintain strict discipline on the entire expense base looking for more opportunities to drive further efficiencies as we go into 2026.

進入 2026 年，我們將對整個支出基礎保持嚴格的紀律，尋找更多機會進一步提高效率。

We also remain laser focused on continuing to optimize RWA.

我們也繼續專注於繼續優化 RWA。

But as you know, the future of capital rules and therefore, requirements remain uncertain.

但如您所知，資本規則的未來以及因此的要求仍然不確定。

In light of all of this, we are now targeting an RoTCE in the range of 10% to 11% in 2026.

鑑於所有這些，我們現在的目標是 2026 年 RoTCE 在 10% 至 11% 範圍內。

We're committed to driving positive operating leverage and improving our returns every year for both the firm and the businesses and we will do so in a sustainable way which will set this company up for long term success.

我們致力於推動積極的營運槓桿並每年提高公司和業務的回報，我們將以可持續的方式做到這一點，這將使公司取得長期成功。

With that in mind, as part of the $20 billion share repurchase program, we plan on buying back $1.5 billion of common stock in the first quarter.

考慮到這一點，作為 200 億美元股票回購計畫的一部分，我們計劃在第一季回購 15 億美元的普通股。

As we take a step back, 2024 represents another year of solid progress and a set of proof points towards improving firmwide and business performance as well as continued execution against our transformation.

退一步來說，2024 年代表著又一個紮實進展的一年，也是一系列改善全公司和業務績效以及持續執行轉型的證據。

And as we enter 2025, these priorities remain critical as we continue to make progress on improving our returns.

進入 2025 年，隨著我們在提高回報方面不斷取得進展，這些優先事項仍然至關重要。

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

簡和我將很樂意回答你的問題。

(Operator Instructions)

（操作員說明）

Jim Mitchell, Seaport Global.

吉姆·米切爾，海港全球公司。

Just I think as Jane noted, it seems like a material driver of the reduction in the RoTCE target in '26 is expenses, I think you kind of backed off the lower end of that given higher investments in the transformation, but also talked about it being somewhat temporary.

我認為正如 Jane 指出的那樣，26 年 RoTCE 目標減少的一個重要驅動因素似乎是費用，我認為考慮到轉型方面的投資增加，您有點放棄了較低的目標，但也談到了這一點有點暫時。

So when we think about -- when we appreciate the below $53 billion for '26 but how much more is there to go beyond that in terms of eliminating parallel -- running parallel systems, reduce consultant spend and all that stuff?

因此，當我們思考時——當我們意識到 26 年的支出低於 530 億美元時，但在消除並行方面還有多少可以超越——運行並行系統、減少顧問支出等等？

Is there still that path to a 60% or lower efficiency ratio?

還有通往 60% 或更低效率的途徑嗎？

Well, Happy New Year, Jim.

好吧，新年快樂，吉姆。

And I know you want to talk about the guidance.

我知道你想談談指導。

So let me put it into context here.

因此，讓我將其放在上下文中。

Last year, you've heard me be very clear about our two priorities.

去年，你們已經聽我非常清楚地說明了我們的兩個優先事項。

First one is driving the business performance and the second is executing the transformation.

第一個是推動業務績效，第二個是執行轉型。

And you've seen this quarter, you've seen last quarter, you've seen the full year, our businesses are delivering the progress we wanted them to.

您已經看到了本季、上季、全年，我們的業務正在實現我們希望的進展。

The strategy is working.

該策略正在發揮作用。

We changed the business mix.

我們改變了業務組合。

We're generating more fee-based revenues.

我們正在創造更多的收費收入。

You see that in services with net NIR up 37% this year.

您可以看到，今年服務業的淨 NIR 成長了 37%。

Wealth NIR up 15%, IB fees up 35%, an important part of the mix around the quality of our earnings.

財富 NIR 上漲 15%，IB 費用上漲 35%，這是圍繞我們收入品質的組合的重要組成部分。

We said services is a crown jewel.

我們說服務是皇冠上的寶石。

It's delivered growth, high returns, it's taken share.

它帶來了成長、高回報，並佔領了市場份額。

It's a crown jewel.

這是皇冠上的寶石。

We made a strategic play in wealth, and you've seen us very steadily prove out why we can be a force globally with a clear path to delivering the financial performance that we said we would do.

我們在財富方面進行了戰略佈局，您已經看到我們非常穩定地證明了為什麼我們可以成為全球的一支力量，並且有明確的途徑來實現我們所說的財務業績。

We've consistently delivered on our revenue and expense targets.

我們始終如一地實現了我們的收入和支出目標。

And I see a lot more opportunity and more upside to strengthen our business performance.

我看到了更多的機會和更大的優勢來增強我們的業務績效。

We're very tangibly getting after it.

我們正在切實地追求它。

We're pretty excited by it.

我們對此感到非常興奮。

The second priority, transformation.

第二要務，轉型。

I got to tell you, I'm broadly pleased with the progress we've made in risk, in compliance, in accountability.

我必須告訴你，我對我們在風險、合規性和問責制方面取得的進展感到非常滿意。

Kind of excited by the work we've got going on in controls for the business as well at the moment.

我們目前在業務控制方面所做的工作也讓我們感到興奮。

We've been very transparent, data is an area we have more work to do in.

我們一直都非常透明，數據是我們還有更多工作要做的領域。

We increased our investments last year as you know.

如您所知，我們去年增加了投資。

And then as part of the annual planning process, we took a big step back to reassess our plan.

然後，作為年度規劃流程的一部分，我們退後了一大步，重新評估我們的計劃。

And I decided along with Mark and the management team, we needed to expand the scope and accelerate some of the work to satisfy our regulators expectations.

我與馬克和管理團隊一起決定，我們需要擴大範圍並加快一些工作，以滿足監管機構的期望。

I'm confident that the decision to do that, look, it was the right one.

我相信這樣做的決定是正確的。

It's the right one for our transformation efforts.

這是我們轉型努力的正確選擇。

It's certainly the right one for the firm overall.

對於整個公司來說，這無疑是正確的選擇。

And I could have taken a short-term decision to cut other investments that are important for our long-term investment and competitiveness.

我本來可以做出短期決定，削減對我們的長期投資和競爭力很重要的其他投資。

I'm just not going to do that.

我只是不會那樣做。

You shouldn't want me to do that.

你不應該希望我這麼做。

And as I said in the opening comments, now this '26 target is a waypoint, not the final destination.

正如我在開場評論中所說，現在這個 26 年的目標只是一個路標，而不是最終目的地。

If I can just add.

如果我可以添加的話。

Yeah, please, Mark.

是的，請馬克。

Yeah.

是的。

Thanks.

謝謝。

I want to just -- I just want to address the second part of your question, Jim, in terms of the path to less than 60%.

吉姆，我只想回答你問題的第二部分，通往低於 60% 的道路。

I think Jane framed it out quite nicely in that we're building a franchise that will have continued and sustainable top line revenue momentum.

我認為簡的闡述非常好，因為我們正在建立一個特許經營權，該特許經營權將具有持續且可持續的收入動力。

We are focused on driving out the inefficiencies and stranded cost and legacy franchise expenses from the organization and the benefits from these investments we've made in the transformation will yield a lower cost structure over time as well.

我們致力於消除組織中的低效率、擱淺成本和遺留特許經營費用，隨著時間的推移，我們在轉型中所做的這些投資所帶來的好處也將產生更低的成本結構。

And so the combination of those things will get us to that targeted operating efficiency as we come out of 2026 at less than 60%.

因此，這些因素的結合將使我們達到目標營運效率，到 2026 年我們的營運效率將低於 60%。

So yes, there is still a path, and we are focused on that path.

所以，是的，還有一條路，我們專注於這條路。

And then just maybe pivoting to the buyback, great to see that the $20 billion authorization.

然後可能會轉向回購，很高興看到 200 億美元的授權。

Obviously can't help but ask about beyond 1Q, if we do sort of get this more certainty, maybe no increase in capital requirements, does it -- does that start to help you maybe at least temporarily lower the buffer to take advantage of your trading both tangible book and getting the accretion and accelerating the buyback or how do you think about the rest of the year on the buybacks?

顯然，我們忍不住要問第一季之後的情況，如果我們確實得到了更多的確定性，也許資本要求不會增加，這是否會開始幫助您，也許至少暫時降低緩衝以利用您的優勢？交易有形帳面並獲得增值並加速回購，或者您如何看待今年剩餘時間的回購？

Look, I'm making a couple of comments.

聽著，我正在發表一些評論。

So one, we're very pleased to have announced the buyback program at $20 billion.

因此，我們非常高興宣布 200 億美元的回購計畫。

I think in many ways that is a demonstration if you will of continued confidence in the earnings generation and momentum that we have around that as well as the recognition that we are trading below book and not where we want to be.

我認為，從很多方面來說，這都證明了您對我們的盈利能力和勢頭有持續的信心，並認識到我們的交易價格低於賬面水平，而不是我們想要的水平。

And you've heard both Jane and I speak to the importance of increasing and doing more in the way of buybacks.

你們已經聽過簡和我談到了增加和採取更多回購方式的重要性。

We've increased that to $1.5 billion.

我們已將其增加至 15 億美元。

So I think that supports that same degree of confidence that we have in the momentum.

所以我認為這支持了我們對這一勢頭的同樣程度的信心。

We are constantly looking at every year on an annual basis as we go through our planning process at the management buffer that we have of 100 basis points.

當我們在 100 個基點的管理緩衝中進行規劃流程時，我們會不斷地檢視每一年。

And despite the last couple of quarters at running above the 13.1%, our target is the 13.1%.

儘管過去幾季的成長率高於 13.1%，但我們的目標是 13.1%。

And so as we get -- as we go through the balance of the year, as we get clarity on reg, rules and what have you, you'll see us continue to manage down to that 13.1%.

因此，當我們經歷今年餘下的時間時，當我們明確監管、規則和你擁有的東西時，你會看到我們繼續將這一比例控制在 13.1%。

And obviously the two important characteristics that we keep -- or drivers that we keep in mind is the opportunity to invest more in the business at accretive returns and where we're trading and the need to do more buybacks in order to reflect the underlying value.

顯然，我們保留的兩個重要特徵 - 或者我們牢記的驅動因素是有機會以增值回報和我們進行交易的業務進行更多投資的機會以及進行更多回購以反映潛在價值的需要。

So target's 13.1%.

所以目標是 13.1%。

We continue to look at that management buffer as the regulatory environment evolves and we'll continue to do more in the way of capital actions as that makes sense.

隨著監管環境的發展，我們將繼續專注於管理緩衝，我們將繼續採取更多有意義的資本行動。

John McDonald with Truist Securities.

Truist 證券公司的約翰麥克唐納 (John McDonald)。

Mark, I just wanted to follow up on your answer to Jim right there.

馬克，我只是想跟進你對吉姆的回答。

So when you look at the 10% to 11% RoTCE target for 2026, is that kind of assuming you'll be around the target or like using the 13.1% as the target?

因此，當您考慮 2026 年 10% 至 11% 的 RoTCE 目標時，這是假設您將接近該目標還是喜歡使用 13.1% 作為目標？

And then longer term, do you hope to bring that target down as rules get clarified and the franchise gets simplified?

從長遠來看，隨著規則的澄清和特許經營的簡化，您是否希望降低該目標？

Yeah.

是的。

In fact, yes, the 10% to 11% RoTCE target we've set for '26 does assume that we are running and using a 13.1% CET1 ratio.

事實上，是的，我們為 26 年設定的 10% 至 11% RoTCE 目標確實假設我們正在運行並使用 13.1% CET1 比率。

Obviously, there'll be an SCB that comes out sometime later this year.

顯然，今年稍後將會推出 SCB。

The rules are continuing to evolve and what have you and we'll factor those in as we know more about them.

規則不斷發展，您有什麼，我們會在了解更多後將其考慮在內。

But yes, it does assume the 13.1%, which is our management target if you will for CET1.

但是，是的，它確實假設了 13.1%，如果你願意的話，這是我們的管理目標 CET1。

And then my next question is, could you clarify what you're expecting this year for card net charge offs?

我的下一個問題是，您能否澄清一下您對今年卡淨沖銷的預期？

I understand the quarterly cadence has seasonality, but for the full year, it sounds like you're expecting the charge offs to be in the range of last year's guidance.

我知道季度節奏具有季節性，但對於全年而言，聽起來您預計沖銷將在去年的指導範圍內。

Can you just kind of clarify that?

你能澄清一下嗎？

And then maybe just talk about provision build, which you had a lot of in 2024 and whether that could slow down as the maturation of balances slows down?

然後也許只是談談準備金建設，你們在 2024 年有很多準備金建設，隨著餘額成熟速度的放緩，這是否會放緩？

Sure.

當然。

So in terms of the net credit losses in the forecast that we have, we are expecting that the net credit losses will -- that we'll be at the high end of the range that we've given.

因此，就我們預測中的淨信貸損失而言，我們預計淨信貸損失將處於我們給出的範圍的高端。

So in the case of branded cards, that 3.5% to 4% is the full year range that we've given.

因此，就品牌卡而言，3.5% 至 4% 是我們給出的全年範圍。

In the case of retail services, it's 5.75% to 6.25%.

就零售服務而言，該比例為 5.75% 至 6.25%。

Excuse me.

打擾一下。

And so right now, retail services is at that high end at 6.28% for 2024.

因此，目前零售服務處於 2024 年 6.28% 的高端水準。

We'd expect it to stay at that high end although -- I'm sorry.

我們希望它能保持在高端——我很抱歉。

And then on branded cards, we're at 3.64%.

然後在品牌卡上，我們的比例為 3.64%。

We'd expect it to creep up to about the 4% level over the course of the year.

我們預計全年成長率將攀升至 4% 左右。

But remember, that is a full year NCL rate, and we know that there's seasonality through the quarters.

但請記住，這是全年 NCL 費率，而且我們知道每個季度都有季節性。

And so you'll see movement through the quarters based on that dynamic.

因此，您將看到基於此動態的各季度的變動。

And then just in terms of the provision build, there are a couple of drivers there.

然後就供應構建而言，有幾個驅動因素。

One is obviously volume, and we do expect to see volume growth in USPB.

一是銷量，我們確實預期 USPB 的銷量會成長。

So that will be an important factor in how the CECL calculations are done.

因此，這將是 CECL 計算如何進行的一個重要因素。

And then the second driver is obviously, as you know, we run models, and the models have -- they have a base scenario.

第二個驅動因素顯然是，如你所知，我們運行模型，並且模型有——它們有一個基本場景。

They have a downside and upside scenario depending on the broader macro factors, unemployment, GDP, et cetera, et cetera.

它們有下行和上行的情況，取決於更廣泛的宏觀因素、失業、GDP 等等。

And are waiting towards the likelihood of high or upside or downside scenario.

並正在等待高位或上行或下行情況的可能性。

Those factors become important considerations in the provisioning.

這些因素成為配置中的重要考量。

And so that's kind of how we think about that going into '25.

這就是我們對進入 25 年的看法。

I hope that helps.

我希望這有幫助。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Just a clarification.

只是一個澄清。

So you are guiding for three consecutive years of lower expenses including that $600 million of repositioning this year.

因此，您連續三年指導降低開支，包括今年 6 億美元的重新定位。

So they were down in '24, you're guiding them lower in '25 and you guide them lower in '26 again and you're also guiding for three consecutive years of higher revenues based on what you said.

因此，他們在 24 年下降了，你在 25 年引導他們走低，在 26 年再次引導他們走低，並且根據你所說的，你還引導他們連續三年獲得更高的收入。

I didn't see that in the written materials, but I think I heard you say that, Mark.

我沒有在書面資料中看到這一點，但我想我聽到你這麼說，馬克。

So three years of lower expenses, three years of higher revenues through at least '26.

因此，至少在 26 年前，三年的支出較低，三年的收入較高。

Is that correct?

這是正確的嗎？

Yes, that is correct.

是的，這是正確的。

And then

進而

--

--

And again -- sorry, go ahead.

再說一次——抱歉，請繼續。

No.

不。

You go ahead.

你繼續吧。

No, I mean I think you described it correctly.

不，我的意思是我認為你的描述是正確的。

Like we're seeing continued momentum on the top line, and we're focused on continuing to bring our expenses down just as we did in '24, a tad bit in '25 and then more in '26.

就像我們看到收入持續成長的勢頭一樣，我們專注於繼續降低開支，就像我們在 24 年所做的那樣，在 25 年減少一點，然後在 26 年減少更多。

Then I guess this is for Jane.

那我想這是給簡的。

Well, that beats Haggis on toast if you achieve that.

好吧，如果你能做到這一點，那就比烤麵包上的哈吉斯更好了。

But I'm wondering why that efficiency might not improve even more.

但我想知道為什麼效率可能不會提高更多。

I mean if you have $5 billion of stranded cost and transformation costs in 2024 and some of that goes down, I heard you're investing in tech and transformation and volume and the businesses and there's always a tradeoff between the bottom line results you showed today and the growth you would show in the future.

我的意思是，如果到2024 年你有50 億美元的擱置成本和轉型成本，其中一些會下降，我聽說你正在投資於技術、轉型、數量和業務，並且你今天展示的底線結果之間總是存在著權衡以及你未來會表現出的成長。

And it seems like you're going to get this done, the lower expenses.

看起來你會以較低的費用完成這件事。

Why you're leaning into a little bit of extra growth?

為什麼你傾向於一點額外的成長？

So talk about that trade off and where you're leaning in for growth a little bit more?

那麼請談談這種權衡以及您在哪些方面更傾向於實現成長？

First of all, I'm a little disturbed by your comment about Haggis on toast.

首先，我對你關於吐司哈吉斯的評論感到有點不安。

It's Haggis with mashed potatoes and whiskey just to be clear for everyone.

這是哈吉斯配馬鈴薯泥和威士忌，只是為了讓大家清楚。

It's Robert Burns Night coming up soon.

羅伯特伯恩斯之夜即將到來。

On expenses, Mike and everyone, expenses are a focus, not just for Mark and I, but for the entire management team.

關於費用，麥克和每個人，費用都是一個焦點，不僅對馬克和我來說，而且對整個管理團隊也是如此。

We're making sure that focus and discipline is really getting installed and instilled into the DNA of Citi and you've seen that as you referenced.

我們確保專注和紀律真正融入並灌輸到花旗的 DNA 中，正如您所提到的，您已經看到了這一點。

We've been meeting our expense guidance over the last couple of years.

過去幾年我們一直在滿足我們的費用指導。

We've been driving positive operating efficiency.

我們一直在推動積極的營運效率。

We're all very focused on improving our operating expense base, okay?

我們都非常專注於改善我們的營運費用基礎，好嗎？

Consolidating technology, the simplification work, automation, getting different utilities put in place rather than fragmented around the firm, using AI tools now, allocation strategy, right?

整合技術、簡化工作、自動化、讓不同的公用事業落實到位而不是分散在公司周圍、現在使用人工智慧工具、分配策略，對嗎？

So that core operating expense base is something that we're looking -- really looking at.

因此，核心營運費用基礎是我們正在關注的——真正關注的。

How do we drive to be more efficient, more modern and getting it to the level it should be for the revenues that we generate.

我們如何提高效率、更加現代化，並使其達到我們產生的收入應有的水平。

And we all want transformation to get done quickly and we want it to get done right.

我們都希望轉型能夠快速完成，並且能夠正確完成。

So that is why our expenses are temporarily elevated to make the investments that are needed there.

這就是為什麼我們暫時增加開支以進行那裡所需的投資。

This is not our run rate.

這不是我們的運行率。

And as you say, as CEO, I will not sacrifice the right long-term investments in our growth and competitiveness for short term expediency.

正如您所說，作為首席執行官，我不會為了短期利益而犧牲對我們成長和競爭力的正確長期投資。

This is a waypoint, it's not a destination.

這是一個路徑點，而不是目的地。

And we know what we need to do.

我們知道我們需要做什麼。

We've got our arms around all of this.

我們已經全力支持這一切。

We're just getting on with execution.

我們剛開始執行。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Jane, just to follow up on what you mentioned, as you do execute, we all expect or at least I do that the market will be giving you credit for that execution and meaning multiple should increase.

簡，只是為了跟進您提到的內容，當您執行時，我們都期望或至少我認為市場將為您的執行給予認可，並且意味著倍數應該增加。

So I'm a little bit -- I have a few questions here on the buyback.

所以我有一些關於回購的問題。

Because right now today, as we all know, you're trading below book.

因為眾所周知，今天您的交易價低於帳面價。

It has got to be -- buying back stock has got to be the most accretive use of capital today.

回購股票一定是當今最增值的資本用途。

And why wait on the buyback when you can lean into it today and keep your 2026 guide?

當您今天就可以投入並保留 2026 年指南時，為什麼還要等待回購呢？

I mean the old guide was 11% to 12% RoTCE.

我的意思是舊指南是 11% 到 12% RoTCE。

The new guide 10% to 11%.

新指導價為10%至11%。

I'm kind of confused why you don't pull that lever more aggressively because buying back the stock, the accretion to tangible book, it's got to be the easiest thing to do to help that RoTCE go up when you compare and contrast against all the hard work you've been doing, which will obviously be very important to getting the RoTCE up.

我有點困惑為什麼你不更積極地拉動槓桿，因為回購股票，增加有形賬面，當你與所有股票進行比較和對比時，這一定是幫助 RoTCE 上升的最簡單的事情您一直以來所做的辛勤工作，這顯然對RoTCE 的崛起非常重要。

But why not lean more into that buyback?

但為什麼不更多地投入回購呢？

And can you give us a sense of the timing of that $20 billion?

您能為我們介紹一下這 200 億美元的時機嗎？

Yeah.

是的。

Betsy, I love the passion I've got to say.

貝特西，我喜歡我所說的熱情。

I can hear the determination in your voice.

我能聽出你聲音中的決心。

I think it's the same determination we feel.

我想我們的決心是一樣的。

Look, I -- we're very committed to returning capital to shareholders, period or full stop.

看，我 - 我們非常致力於向股東返還資本，句號或句號。

We've got a $20 billion buyback program as Mark said.

正如馬克所說，我們有一個 200 億美元的回購計畫。

That is reflective of the growing earnings power that we have and our confidence in the path ahead.

這反映了我們不斷增長的獲利能力以及我們對未來道路的信心。

We've been increasing the amount of capital turned over the last few quarters.

過去幾季我們一直在增加資本週轉量。

And we -- I'm also happy to see a more aggressive Basel III scenario firmly off the table.

我也很高興看到更激進的巴塞爾協議 III 方案被堅決排除在外。

We have nonetheless a 13.1% CET ratio that we're -- we put in the plan.

儘管如此，我們仍將 13.1% 的 CET 比率納入計劃。

That can change over time as well, but there's not complete certainty around where the capital requirements are going to go.

這也會隨著時間的推移而改變，但資本要求的走向並不完全確定。

We hope that it will be a holistic one.

我們希望這將是一個整體性的。

That is reflective of the risk profile of the bank.

這反映了銀行的風險狀況。

That's been improving significantly over the last few years.

在過去幾年中，這一情況得到了顯著改善。

So we have some great growth opportunities.

所以我們有一些很好的成長機會。

I look at the different areas, I'm excited by what we see in wealth.

我著眼於不同的領域，我對我們在財富中看到的東西感到興奮。

We've got a great runway with our clients who want to do business with us in banking.

我們為那些想與我們在銀行業開展業務的客戶提供了良好的管道。

We've got some very important investments and an investment agenda that we're putting in to help us continue growing the bank, gaining competitiveness in a responsible way.

我們正在進行一些非常重要的投資和投資議程，以幫助我們繼續發展銀行，以負責任的方式獲得競爭力。

I'll just conclude with exactly your point.

我將準確地表達您的觀點。

The bar is high on those investments.

這些投資的門檻很高。

We don't make them unless we see extremely attractive marginal RoTCE and there's a lot of things we say no to in order to put the $20 billion program in place.

除非我們看到極具吸引力的邊際 RoTCE，並且為了落實 200 億美元的計劃，我們對很多事情說不，否則我們不會製造它們。

In terms of timing, like our peers, we're not committing to a particular time frame from this.

在時間安排方面，與我們的同行一樣，我們不會承諾特定的時間範圍。

But you can see our commitment.

但您可以看到我們的承諾。

You can hear our commitment.

您可以聽到我們的承諾。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

I guess maybe Jane, I want to follow up on a couple of segments.

我想也許是簡，我想跟進幾個部分。

I think you said 2024 turning point for wealth and we've seen very steady progress on the RoTCE in wealth.

我想你說過 2024 年是財富的轉捩點，我們已經看到 RoTCE 的財富取得了非常穩定的進展。

Just talk to us in terms of and this has been in the seat for a year now.

就跟我們談談吧，這個席位已經存在一年了。

You've seen progress.

你已經看到了進步。

What needs to happen?

需要發生什麼？

Just talk to us a little bit about the franchise positioning competitively both in the US and abroad as you think about going head-to-head with some of your global peers.

當您考慮與一些全球同行進行正面交鋒時，請與我們談談特許經營在美國和海外的競爭定位。

And where are the most likely growth opportunities over the next year or two?

未來一兩年最有可能的成長機會在哪裡？

Yes.

是的。

So our vision and my vision is that we become a global leader in wealth management.

所以我們的願景和我的願景是我們成為財富管理領域的全球領導者。

There are not many firms that have the globalized -- globality of Citi.

沒有多少公司能夠像花旗一樣全球化。

And we have all the assets, especially the client relationships all around the world, which were just not tapped for investments in the past.

我們擁有所有資產，尤其是世界各地的客戶關係，這些資產在過去只是沒有被用於投資。

It's a big opportunity.

這是一個很大的機會。

We have $5.3 trillion offers from existing clients.

我們從現有客戶處獲得了 5.3 兆美元的報價。

And I think the fact that I find interesting is 55% of it, it's almost $3 trillion are with affluent clients in our branch network in America, in the US.

我認為我感興趣的事實是其中 55%，近 3 兆美元是我們在美國分行網路中的富裕客戶。

We're also very well positioned to capture new wealth.

我們也處於獲取新財富的有利位置。

Just think about what Citi does in terms of our footprint.

想想花旗在我們的足跡方面做了什麼。

Our capabilities really supports wealth creation from the commercial bank, our investment banking side, markets and obviously service is supporting it too.

我們的能力確實支持商業銀行、我們的投資銀行方面、市場創造財富，顯然服務也在支持它。

These are all great feeders for us to strengthen wealth relationships with our clients.

這些都是我們加強與客戶的財富關係的重要來源。

So we brought in Andy.

所以我們請來了安迪。

Andy greatly sharpened the focus on the investment business.

安迪大大加強了對投資業務的關注。

This is where we see this big upside.

這就是我們看到巨大優勢的地方。

He's been building a differentiated value proposition around wealth creation.

他一直圍繞著財富創造建立差異化的價值主張。

He's been leveraging a lot of the leading capital market capabilities, different relationships we have with PE firms, asset managers around the world to get a great platform in place.

他一直在利用許多領先的資本市場能力以及我們與世界各地的私募股權公司、資產管理公司的不同關係來建立一個偉大的平台。

And importantly, improving our client experience again, particularly around investments, asset allocation and performance, et cetera.

重要的是，再次改善我們的客戶體驗，特別是在投資、資產配置和績效等方面。

What I also have got to love is the surgical approach that he's taking to the expense base and driving productivity, something that we're doing across the firm.

我還必須喜歡的是他對費用基礎和提高生產力採取的外科手術方法，這是我們在整個公司所做的事情。

I'm also excited by the talent he's bringing in.

我也對他引進的人才感到興奮。

The market leaders like Kate Moore and Keith Glenfield in the investment space.

投資領域的市場領導者包括凱特摩爾 (Kate Moore) 和基斯格倫菲爾德 (Keith Glenfield)。

And we've made a lot of investments in training and building this investment culture that we didn't have before.

我們在培訓和建立這種我們以前沒有的投資文化方面進行了大量投資。

So to your point, the proof points are working.

所以就你的觀點而言，證據是有效的。

Q4, revenue up 20%, operating margin at 21%, on its way to 25% to 30%, 10%, RoTCE, on its way to 15% to 20%.

第四季度，營收成長 20%，營業利潤率為 21%，即將升至 25% 至 30%；RoTCE 為 10%，即將升至 15% 至 20%。

These last few quarters, you've just seen us on that march.

最近幾個季度，您剛剛在遊行中看到了我們。

And the number I'm most excited by, net new investment asset inflow of $42 billion, up 40% year over year.

最令我興奮的數字是，新增投資資產淨流入達 420 億美元，年增 40%。

The strategy is working.

該策略正在發揮作用。

We're going to be a leader in wealth and the growth opportunities.

我們將成為財富和成長機會的領導者。

Asia, US, Middle East, all the places where we are with our existing clients and the new wealth generators of the future.

亞洲、美國、中東，所有我們與現有客戶和未來新財富創造者在一起的地方。

And if I can draw a parallel to the banking segment where the RoTCE is about 5% to 6% last few quarters.

如果我可以與銀行業進行類比，過去幾季的 RoTCE 約為 5% 至 6%。

There you brought in Vis Raghavan from JPMorgan.

你們從摩根大通邀請了 Vis Raghavan。

Just give us a sense of could we see a similar trajectory in that business over the next 12 months and where the opportunities are to improve that ROE?

請讓我們了解一下，未來 12 個月我們能否在該業務中看到類似的軌跡，以及改善 ROE 的機會在哪裡？

Yeah.

是的。

I'm -- I think absolutely, a strong performance.

我認為我的表現絕對出色。

The strategy we have in place is delivering nicely.

我們制定的戰略效果很好。

So if you look at the revenues, the investment banking fees, positive operating leverage all through the year and gaining share, all three products, gaining share in all three -- in all of the geographies we're in.

因此，如果你看看全年的收入、投資銀行費用、積極的營運槓桿以及所獲得的份額，所有三種產品的份額都在增加——在我們所在的所有地區。

I'm really excited and happy to see the healthcare and the technology at two areas that we've been investing heavily behind.

我真的很興奮也很高興看到我們一直在大力投資的兩個領域的醫療保健和技術。

And yes, you're also seeing us playing a leading role in some of the key transactions, the biggest transactions last year.

是的，您還看到我們在一些關鍵交易（去年最大的交易）中發揮著主導作用。

Mars, Kellanova, single advisor, a big role in Boeing.

Mars，Kellanova，單一顧問，在波音公司扮演重要角色。

And then just this week, the J&J acquisition of Intra-Cellular.

就在本週，強生公司收購了 Intra-Cellular。

So the deals that matter, this is where you're seeing Citi playing a leading role in.

因此，在重要的交易中，花旗將在其中發揮主導作用。

So in this joint, the mandate, a bit similar to Andy, become a top three investment bank, deliver the full potential of one Citi to our clients.

因此，在這次聯合中，任務有點類似安迪，成為前三名的投資銀行，為我們的客戶提供花旗的全部潛力。

So we've got a lot of upside there.

所以我們有很多優勢。

Instilling some more discipline in capital allocation, client coverage, some of the cross-firm linkages.

在資本配置、客戶覆蓋和一些跨公司聯繫方面灌輸更多紀律。

We're getting a lot more from our people.

我們從員工那裡得到了更多。

We've been bringing in some great new talent.

我們一直在引進一些優秀的新人才。

We've also been cutting some of the unproductive spends.

我們也削減了一些非生產性支出。

So I think what you can see is we're just on a path of systematically growing our wallet.

所以我認為你可以看到我們正走在有系統地增加錢包的道路上。

We will be improving our operating margin, generating higher returns.

我們將提高營業利潤率，產生更高的回報。

It's -- that should be your expectation over the next couple of years of what you'll see from us.

這應該是您對未來幾年從我們身上看到的東西的期望。

And as we head into a great environment in 2025, that should be pretty conducive for a lot of client activity.

當我們在 2025 年進入一個良好的環境時，這應該非常有利於大量客戶活動。

I'm very confident we've got the -- we're well-positioned.

我非常有信心我們已經處於有利位置。

We've got the groundwork done to take advantage of it.

我們已經做好了利用它的基礎工作。

Hey, Ebrahim.

嘿，易卜拉欣。

I thought I heard you say RoTCE of 5%.

我想我聽到你說 RoTCE 為 5%。

It's actually 7% for the full year for banking and on its way to the target that we've set of mid-teens for our banking business.

實際上，銀行業全年的成長率為 7%，並且正在接近我們為銀行業務設定的 15% 左右的目標。

Yeah.

是的。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀。

I hate to ask the umpteen question, the buyback, but clearly the way the stock is reacting today, the buyback is very important to your shareholders.

我討厭問無數的問題，即回購，但很明顯，從股票今天的反應方式來看，回購對股東來說非常重要。

I guess my first question, if I could out of the two questions is it's very clear that you want to return capital to shareholders.

我想我的第一個問題是，如果我能回答這兩個問題的話，很明顯你想將資本回饋給股東。

It's very clear that you have excess capital.

很明顯你有多餘的資本。

It's very clear that your PPNR trajectory is positive.

很明顯，您的 PPNR 軌跡是正面的。

And so what are the specific mile markers that that Citi needs to see in order to increase that pacing from that $1.5 billion a quarter to something that is more suggestive of a pace that would be in line with that $20 billion authorization?

那麼，花旗需要看到哪些具體的里程標記才能將這一步伐從每季 15 億美元提高到更能與 200 億美元授權相符的步伐？

And I think I know that this has been asked of you already, but is it the consent order?

我想我知道已經向您提出了這個問題，但這就是同意令嗎？

Is it the stress test?

是壓力測試嗎？

We have some news over the holidays that were positive for the sector.

假期期間我們有一些對該行業有利的消息。

Like what are those specific mile markers?

例如那些特定的里程標記是什麼？

I mean you're doing it on the PPNR side, right?

我的意思是你是在 PPNR 方面做這件事，對嗎？

Like what do you need to see to have gained even more confidence again, like in leaning to Betsy's word to go all in on the buyback?

例如你需要看到什麼才能再次獲得更多信心，例如相信 Betsy 的話全力回購股票？

Yeah.

是的。

Let me make clear a couple of things.

讓我澄清幾件事。

So one and I've said this already, so I apologize for repeating myself, but one, our target for CET1 is 13.1%, right?

我已經說過了，所以我很抱歉重複自己的話，但是，我們的 CET1 目標是 13.1%，對吧？

And so what are you're going to see over the course of the year is us managing down to that target.

因此，您將在這一年中看到我們正在努力實現這一目標。

That's kind of one point.

這是一點。

The second point I want to be clear that it's not the consent order.

第二點我想澄清的是，這不是同意令。

That's not something that is impacting the capital actions and decisions that we take.

這不會影響我們採取的資本行動和決策。

We obviously forecast out the performance.

我們顯然預測了性能。

As I've said, and Jane has said already, we see very strong continued earnings momentum managing towards a 13.1% CET1 ratio and you'll see the buyback trajectory reflect getting down to that CET1.

正如我和簡已經說過的那樣，我們看到非常強勁的持續獲利勢頭，CET1 比率達到 13.1%，您會看到回購軌跡反映了 CET1 的下降。

The one thing I will mention, and you mentioned already is that we obviously have another CCAR process stress test that we will go through.

我要提到的一件事（您已經提到過）是，我們顯然將進行另一項 CCAR 流程壓力測試。

And none of us can predict kind of what's on the other side of that from an SCB point of view.

我們誰也無法從 SCB 的角度預測另一面會發生什麼事。

But that'll be an important factor as we get through the first half of the year and into the second half of the year in terms of kind of the level of buybacks that we will be taking on a quarter by quarter basis.

但這將是我們度過上半年和下半年的一個重要因素，就我們將按季度進行的回購水準而言。

So I hope that helps.

所以我希望這會有所幫助。

There are no artificial constraints, so to speak, that are in place.

可以說，沒有人為的限制。

This is us planning and forecasting the performance of the franchise, ensuring that we can fuel high returning growth opportunities so that we're building a sustainable franchise, looking at the capital requirements that we have and the management buffer that we put in place and therefore taking that excess capacity and putting it towards buybacks but with an eye towards the regulatory environment that we're in.

這是我們規劃和預測特許經營的績效，確保我們能夠推動高回報的成長機會，以便我們建立可持續的特許經營，考慮我們擁有的資本要求和我們建立的管理緩衝，因此吸收過剩產能並將其用於回購，但要關注我們所處的監管環境。

And what I mean by that are the capital requirements that come out of the annual stress testing process that's run.

我的意思是，年度壓力測試過程中得出的資本要求。

So that's the basics of it as we sit here today.

這就是我們今天坐在這裡的基礎。

And just my second question as we think about 2026.

這是我關於 2026 年的第二個問題。

And again, I don't want to put words in your mouth because clearly, it's very critical in terms of your targets and hitting them.

再說一次，我不想把話放在你嘴裡，因為顯然，這對你的目標和實現目標來說非常關鍵。

So you targeted less than $53 billion.

所以你的目標少於 530 億美元。

Is it fair to assume like Jim was asking that $51 billion to $53 billion is not the target, but it's less than $53 billion.

是否可以像吉姆所要求的那樣假設 510 億至 530 億美元不是目標，但實際上還不到 530 億美元。

But to that end, I mean just taking a step back, I think Jane, you said something very important in that, you want to get to the returns in a sustainable way.

但為此，我的意思是退後一步，我認為簡，你說了一些非常重要的話，你希望以可持續的方式獲得回報。

And clearly, your shareholders are scarred by previous management when the returns went up to double digits and went back tumbling down and wasn't sustainable.

顯然，當回報率上升到兩位數，然後又回落並且不可持續時，你的股東會因為前任管理層而受到傷害。

And should we just really think of this as look, like it takes a while to turn around a money center bank in 2026.

我們是否真的應該將其視為看起來，就像 2026 年貨幣中心銀行需要一段時間才能扭轉局面一樣。

It may have been the target in 2022 but we're going to get there in '27, '28 anyway.

這可能是 2022 年的目標，但無論如何我們都會在 27 年、28 年實現這一目標。

And we're just doing this in a sustainable way and we're not robbing the bank of investments.

我們只是以永續的方式來做這件事，我們並沒有搶奪銀行的投資。

I guess I'm just trying to think about everybody is super focused on what you had said previously and now you have different targets, but is it just really like, look, it just takes longer.

我想我只是想想想每個人都非常專注於你之前所說的內容，現在你有不同的目標，但它真的是這樣嗎，看，只是需要更長的時間。

We'll get there but it just takes longer.

我們會到達那裡，但只是需要更長的時間。

And maybe just an addendum to that, how should we expect Banamex to impact that 10% to 11% RoTCE in terms of the immediate impact after IPO and then after you deploy the excess capital that you get back?

也許只是對此的補充，就 IPO 後以及部署收回的多餘資本後的直接影響而言，我們應該如何期望 Banamex 影響 10％ 至 11％ 的 RoTCE？

Yeah.

是的。

Erika, we chose the words very carefully to say that '26 is a waypoint, it's not the destination.

艾莉卡，我們非常謹慎地選擇了這個詞，說「26 是一個航點，而不是目的地」。

And when I'm looking at it, I'm looking out to '27, '28.

當我看著它時，我正在展望“27”、“28”。

What is the bank that we want to be in terms of our strategy, our performance, our culture, all those different dimensions.

從我們的策略、我們的績效、我們的文化以及所有這些不同的維度來看，我們想要成為什麼樣的銀行。

And we just relentlessly keep going down that path, but we're going to take the right and responsible decisions as we go down it.

我們只是堅持不懈地繼續沿著這條道路走下去，但我們將在走這條路的過程中做出正確和負責任的決定。

So our potential is far more than our medium-term target RoTCE and the potential of the bank and the journey that we're on is to improve our returns beyond there for sure.

因此，我們的潛力遠遠超過我們的中期目標 RoTCE，銀行的潛力和我們正在進行的旅程肯定會提高我們的回報。

And then you asked a question about Banamex.

然後你問了一個關於 Banamex 的問題。

So I don't know.

所以我不知道。

On that front, look, we had a singular focus on the separation of two banks.

在這方面，我們特別關注兩家銀行的分離。

That was an enormous body of work because we had to put up Mexico's eighth largest Bank de novo in a very short period of time.

這是一項艱鉅的工作，因為我們必須在很短的時間內重新建立墨西哥第八大銀行。

It got done December 1.

12月1日就完成了。

That was over 100 regulatory approvals to get that done.

完成這項工作需要 100 多項監管部門的批准。

Now we have turned our full attention to the IPO.

現在我們把全部注意力都轉向了IPO。

We're getting ready to be able to IPO as soon as we can.

我們正在準備盡快進行首次公開發行。

But given market conditions and given regulatory approvals, it's possible this could go into '26 but we're doing everything in our control to be ready as soon as possible.

但考慮到市場狀況和監管部門的批准，這可能會持續到 26 年，但我們正在盡一切努力盡快做好準備。

We are not the right owner of the bank.

我們不是銀行的權利所有者。

We are committed to the simplification of Citi.

我們致力於簡化花旗銀行。

We will follow a responsible process here.

我們將在這裡遵循負責任的流程。

Yeah.

是的。

And just in terms of the impact and the timing that Jane referenced, just keep in mind that the financial impact of exiting Banamex comes in two forms.

就簡提到的影響和時間而言，請記住退出墨西哥銀行的財務影響有兩種形式。

One is the gain or loss on sale and two is the risk weighted asset release.

一是出售損益，二是風險加權資產釋放。

The gain or loss on sale will run through the P&L at deconsolidation.

出售收益或損失將貫穿取消合併時的損益表中。

So that's the point where we've gotten or we've IPO'd more than the 50%.

這就是我們已經獲得或我們已經 IPO 超過 50% 的點。

And the ultimate benefit will be driven by the RWA release when we fully divest our stake.

當我們完全剝離我們的股份時，最終的利益將由 RWA 的釋放所驅動。

And so hopefully, that helps, but it's not until we've deconsolidated that we see that P&L impact and the CTA and other things like that kind of flow through the P&L for Banamex.

希望這會有所幫助，但直到我們分開後，我們才看到損益表的影響、CTA 以及其他諸如此類的內容在 Banamex 的損益表中的流動。

Gerard Cassidy, RBC Capital Markets.

傑拉德·卡西迪，加拿大皇家銀行資本市場部。

Jane, I'll pass on the Haggis, but I'll take you up on the whiskey.

簡，我不會吃羊雜碎，但我會帶你喝威士忌。

I didn't say I was buying just to be clear.

我並不是為了澄清才說我要買的。

Okay, I got it.

好的，我明白了。

Our expense report on this end.

我們的費用報告就此結束。

Anyway, just following up, Mark, on your comments about the IPO with Banamex.

無論如何，馬克，請跟進您對 Banamex 首次公開募股的評論。

Can you guys remind us or refresh our memories on when the IPO process starts, what will you be -- once it goes public, what percentage of ownership do you guys expect to have or -- and second, have you given us any color on whether you expect to report a gain on this transaction or a loss as you just referenced that will go through the P&L?

你們能否提醒我們或讓我們回憶一下 IPO 流程何時開始，你們會是什麼——一旦上市，你們期望擁有多少所有權百分比，或者——第二，你們有沒有給我們任何資訊？本交易的收益或您剛才提到的將透過損益表報告的損失？

Yeah.

是的。

We haven't given you any sense for the exact timing of that.

我們還沒有告訴你具體的時間。

As you know, this is a process.

如您所知，這是一個過程。

And so Jane just spoke to the timing of that process, the first step having been completed on December 1 with the separation.

Jane 只是談到了該過程的時間安排，第一步已於 12 月 1 日分居時完成。

We are now obviously gearing up and readying ourselves for the IPO.

我們現在顯然正在為首次公開募股做好準備。

There will obviously be important filings associated with that given our intent to dual list.

鑑於我們打算雙重上市，顯然會有與此相關的重要文件。

There'll be regulatory approvals that are required kind of as we make headway with potential investors as part of the IPO process.

作為 IPO 流程的一部分，當我們與潛在投資者取得進展時，需要獲得監管部門的批准。

And so there's a series of IPO steps that we will need to take over over the course of the year in order to continue to ready ourselves.

因此，我們需要在今年採取一系列 IPO 措施，以便繼續做好準備。

And there are things that we don't control.

有些事情是我們無法控制的。

Like as Jane mentioned, the regulatory approval process and timing for that as well as the market conditions.

正如簡所提到的，監管審批流程和時間以及市場條件。

And so all of those factors are important and then how the IPO occurs in terms of percentage that is taken on at that first tranche versus follow on tranches are important factors on when we get to deconsolidation.

因此，所有這些因素都很重要，然後，首次公開發行（IPO）在第一批與後續批次中所佔的百分比如何發生，是我們何時進行分拆的重要因素。

And so I haven't given you an exact timing on that, but you can envision kind of 15% tranches that haven't happened over kind of a 12-month, 18-month, 24-month period.

所以我沒有給你一個確切的時間，但你可以想像 15% 的分期在 12 個月、18 個月、24 個月的時間內沒有發生過。

And then obviously reaching a point of deconsolidation at which point that currency translation adjustment starts to flow through the P&L, there's no material impact on capital, but it does flow through the P&L.

然後顯然達到了一個分拆點，此時貨幣換算調整開始流經損益表，對資本沒有重大影響，但它確實流經損益表。

And then ultimately, we exit 100% over the course of time.

最終，隨著時間的推移，我們會 100% 退出。

So I'm sorry, I'm not giving you precise dates and percentages.

所以很抱歉，我沒有給你準確的日期和百分比。

And part of that is because we are obviously on the front end of not only readying ourselves but considering alternative IPO structures and potential investors slash/shareholders as part of that process.

部分原因是我們顯然處於領先地位，不僅要做好準備，還要考慮替代的 IPO 結構和潛在投資者削減/股東作為該過程的一部分。

Well, I appreciate the insights.

嗯，我很欣賞這些見解。

And then as a follow up question and I really don't mean this, what have you done for me lately type question because you guys have made so much progress in what you're doing in your strategic changes here.

然後作為一個後續問題，我真的不是這個意思，你最近為我做了什麼，鍵入問題，因為你們在此處的戰略變革中取得了很大進展。

But can you talk about the US personal banking?

但您能談談美國的個人銀行業務嗎？

Many of your questions today is about the RoTCE consolidated and how you can improve that.

今天你們的許多問題都是關於 RoTCE 的整合以及如何改進它。

And this business has a very low RoTCE as you guys know below your cost of capital.

如你所知，這項業務的 RoTCE 非常低，低於資本成本。

And structurally, when you look at it, if you look at the loans at the end of period, just over $220 billion, your deposits about $90 billion, which quite a bit different than your peers who have much higher ROEs.

從結構上看，如果你看看期末的貸款，略高於 2200 億美元，你的存款約為 900 億美元，這與 ROE 高得多的同行有很大不同。

So how do you approach this business?

那麼你要如何開展這項業務呢？

And again, I know you've been very busy divesting a lot of the businesses that are not important, but it seems to me that this is a giant hurdle that you guys have to approach at some point in the near future.

再說一遍，我知道你們一直在忙於剝離許多不重要的業務，但在我看來，這是你們必須在不久的將來某個時候克服的巨大障礙。

Let me just chat a bit through this.

讓我稍微聊聊這個。

So how did -- what's the path to the high returns in US personal banking?

那麼，美國個人銀行業務獲得高報酬的途徑是什麼？

It's coming from top line revenue growth, improved expense base and also a more normalized credit environment.

它來自收入成長、支出基礎改善以及更正常化的信貸環境。

And that gets us to the mid to high teen returns in the medium term.

這使我們在中期獲得中等到高的青少年回報。

I think we feel very confident and comfortable in that.

我認為我們對此感到非常有信心和舒適。

You're seeing the proof points.

你正在看到證據點。

I talked about banking wealth earlier.

我之前談到了銀行財富。

We've had another good quarter of revenue growth.

我們又迎來了一個好的季度營收成長。

We've had the ninth consecutive quarter of positive operating leverage.

我們已經連續第九個季度實現正營運槓桿。

So I think you should be getting some comfort around that.

所以我認為你應該對此感到一些安慰。

What's going to drive that growth?

什麼將推動這種成長？

Cobrands we just extended with American to be their sole issuer.

我們剛與美國航空合作，成為他們的唯一發行人。

It's going to give exciting benefits to the American Airlines and the Citi cardholders.

它將為美國航空和花旗持卡人帶來令人興奮的好處。

And it will be beneficial for both our growth and our returns.

這對我們的成長和回報都有好處。

And in the proprietary front, we're investing.

在專有方面，我們正在投資。

And there's a lot of investment in innovation to drive growth.

為了推動成長，對創新進行了大量投資。

To refresh the Strata Premier card, we've been enhancing the reward offerings.

為了更新 Strata Premier 卡，我們一直在增強獎勵服務。

You're seeing us often now number one in recognitions and awards and awards around that area.

您現在經常看到我們在該領域的認可和獎項方面排名第一。

Retail services is being forensically focused on improving the partnership, economics and driving top line growth.

零售服務正專注於改善合作夥伴關係、經濟效益和推動營收成長。

And then retail banking, there, we're driving primary checking growth.

然後是零售銀行業務，我們正在推動主要支票業務的成長。

We've put in simplified banking.

我們已經實施了簡化的銀行業務。

So we get a much more streamlined customer proposition.

因此，我們獲得了更簡化的客戶主張。

That's driving more of a relationship-based banking approach as opposed to a transactional one.

這更多地推動了基於關係的銀行業務方法，而不是交易性銀行業務方法。

Importantly, as well that the retail bank's been feeding our wealth business.

重要的是，零售銀行一直在為我們的財富業務提供服務。

I think you heard me earlier talking about that almost $3 trillion of off us investment opportunity that we have from the retail banking customer base.

我想你早些時候聽到我談到我們從零售銀行客戶群獲得的近 3 兆美元的投資機會。

And we transferred $17 billion of deposits from USPB to wealth.

我們將 170 億美元的存款從 USPB 轉入財富。

So you've got to take that -- those dynamics into account.

所以你必須考慮到這些動態。

So I hope you're taking from me.

所以我希望你能從我這裡拿走。

I feel confident in our ability to get to the medium-term targets we set for the business of mid to high teens.

我對我們實現為中高中青少年業務設定的中期目標的能力充滿信心。

I feel comfortable about the growth trajectory that we've got based off the innovations we're putting through and the changes and good expense discipline and a better credit environment.

我對基於我們正在實施的創新、變革、良好的費用紀律和更好的信貸環境所獲得的成長軌跡感到滿意。

So when you look at the mix of our business, I think you'll see us performing nicely here.

因此，當您查看我們的業務組合時，我想您會發現我們在這裡表現良好。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

I just want to follow up on page 9 where you break out the technology and transformation investment spend and sorry if I missed this.

我只想跟進第 9 頁，您詳細列出了技術和轉型投資支出，如果我錯過了這一點，抱歉。

But did you talk about the pace of those two levels in your '25 and '26 expense guidance?

但您是否在 '25 和 '26 支出指南中談論過這兩個級別的步伐？

I know directionally, you said it's going up, but did you give a magnitude?

我知道方向性，你說它在上升，但你給了幅度嗎？

I did not.

我沒有。

Obviously, for both technology and transformation, those are areas that we are going to continue to invest in for all the reasons that we've mentioned.

顯然，對於技術和轉型，出於我們提到的所有原因，我們將繼續投資這些領域。

They obviously contribute to the number in '25 being slightly down from the $53.8 billion.

顯然，他們對 25 年的貢獻數字略低於 538 億美元。

But they also represent, as I mentioned, what we believe is required to kind of get the work done that we need to get done.

但正如我所提到的，它們也代表了我們認為完成我們需要完成的工作所需的條件。

And so those numbers will increase.

因此這些數字將會增加。

There are lots of puts and takes as you know through an annual expense forecast, right, including, as you would expect, we've got volume.

正如您透過年度費用預測所知道的那樣，有很多看跌期權和看跌期權，包括，正如您所期望的，我們有交易量。

We got revenue growth here.

我們在這裡實現了收入成長。

That's going to come with volume growth.

這將隨著銷量的成長而出現。

Volume, incentive comp, there's merit increases that go with that.

數量、激勵補償以及隨之而來的績效成長。

And then we also have a series of productivity actions that are playing through to offset those headwinds, whether it be the additional carryover from the org simplification and full year impact of that or some of the legacy stranded coming down.

然後，我們也採取了一系列生產力行動來抵消這些不利因素，無論是組織簡化帶來的額外影響和全年的影響，還是一些擱淺的遺留問題。

And so there are puts and takes but transformation and technology specifically, we are continuing to invest in in order to achieve what we need to get done here and also ensure the businesses have what they need to drive sustainable growth going forward.

因此，有放有放，但具體來說是轉型和技術，我們將繼續投資，以實現我們需要完成的任務，並確保企業擁有推動永續成長所需的條件。

And I guess like how do you know that the recent increase that you're modeling internally in these areas, how do you know you're spending enough and in the right ways to address your goals in the transformation and also satisfy the regulatory requirements?

我想你怎麼知道你最近在這些領域內部建模的成長，你怎麼知道你以正確的方式花了足夠的錢來實現你的轉型目標並滿足監管要求？

Well, if I jump in, I feel very confident indeed that we know what we need to do, we know what we need to be spending on.

好吧，如果我介入，我確實非常有信心，我們知道我們需要做什麼，我們知道我們需要花什麼。

Through the annual planning process that concluded last month, it was clear that we did need to invest some more.

透過上個月結束的年度規劃流程，很明顯我們確實需要更多投資。

We increased the scope of some of the work on the data front.

我們擴大了數據方面的一些工作範圍。

We brought some other work forward.

我們推進了一些其他工作。

We looked at what we needed to do on the technology front and some of the critical investments.

我們研究了在技術方面需要做什麼以及一些關鍵投資。

So this is pretty forensic and when we're looking at transformation, we're looking at technology.

所以這是非常有道理的，當我們考慮轉型時，我們正在考慮技術。

We know what our target states need to be, and we know what we need to do to get there and the outcomes they need to be delivering.

我們知道我們的目標國家需要是什麼，我們也知道我們需要做什麼才能實現這一目標以及它們需要實現的結果。

So we've got our arms around this.

所以我們已經全力解決這個問題。

And I think you're hearing that confidence from us around we know what we need to do.

我想你聽到了我們周圍的信心，我們知道我們需要做什麼。

We know the investments we need to make, we know what the outcomes and the benefits for shareholders and the regulatory side need to be.

我們知道我們需要進行哪些投資，我們知道股東和監管方需要獲得什麼結果和利益。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

Mark, the NII ex-markets outlook, if I just take the fourth quarter and annualize that, I get to something in the neighborhood of I think around $47.4 billion or $47.5 billion, which is, above the full year '24 level.

馬克，NII 前市場前景，如果我只考慮第四季度並將其按年化，我認為大約為 474 億美元或 475 億美元，這高於 24 年全年的水平。

I'm not sure exactly what up modestly means if that's 1%, 3%, 4%.

我不確定適度上漲究竟意味著什麼，如果是 1%、3%、4%。

But and correct me if I -- if you think I'm wrong, but it seems like maybe there's a little bit of conservatism built in.

但是，如果我——如果你認為我錯了，請糾正我，但似乎可能有一點保守主義的成分。

But can you just -- like if you can just comment on how you think -- how we should think about the quarterly trajectory of NII ex-markets.

但是您能否——就像您可以評論一下您的想法一樣——我們應該如何考慮 NII 前市場的季度軌跡。

So obviously there's day-count issue in 1Q but maybe how do you think through like how we should expect that NII to evolve over the course of the year?

顯然，第一季存在天數問題，但也許您如何思考我們應該如何預期 NII 在一年中的發展？

Yeah.

是的。

I mean why don't I just kind of cut to the chase on it a little bit, Saul, in the sense that up modestly, call it a couple of percentage points, 2 percentage points to 3 percentage points or so, right, in terms of how I think about it.

我的意思是，為什麼我不直接切入正題呢，索爾，從某種意義上說，適度地提高幾個百分點，2個百分點到3個百分點左右，對吧，在就我的想法而言。

And I think I've taken -- I've gone through kind of the tailwinds and headwinds.

我想我已經經歷了一些順風和逆風。

So I won't kind of take you through that again.

所以我不會再帶你經歷這件事了。

But I think the important takeaway should be that we're going to see continued momentum across the franchise driven by loan growth in the branded card side of the business and continued deposit momentum, particularly operating deposits in services.

但我認為重要的結論應該是，我們將看到整個特許經營業務的持續增長勢頭，這是由品牌卡業務方面的貸款增長和持續的存款增長勢頭（特別是服務業的經營性存款）推動的。

And we're going to do everything that we always do around the management of pricing, and we'll get a benefit from how we've been managing our investment portfolio as those things mature.

我們將圍繞定價管理做我們一直以來所做的一切，隨著這些事情的成熟，我們將從我們管理投資組合的方式中受益。

And those -- the combination of those efforts will offset some of the -- more than offset some of the headwinds that you'd expect in a declining rate environment and modestly is call it 2% to 3%.

這些——這些努力的結合將抵消一些——超過你在利率下降環境中預期的一些阻力，適度地稱之為 2% 到 3%。

Fair enough.

很公平。

And then on the expense outlook, getting to below $53 billion in 2026, I know that's consistent with what you've said in the past.

然後就支出前景而言，到 2026 年將達到 530 億美元以下，我知道這與您過去所說的一致。

That does imply a pretty sharp reduction in '26 especially in light of continued revenue growth.

這確實意味著 26 年將大幅減少，尤其是考慮到收入持續成長。

It's pretty material operating leverage.

這是相當重要的營運槓桿。

Just I mean how much benefit do you get from a more normalized severance?

只是我的意思是，您可以從更正常化的遣散費中獲得多少好處？

In other words, how much the severance -- how much are we thinking about severance coming down?

換句話說，遣散費是多少──我們考慮要減少多少遣散費？

What's sort of the impact or the -- how to think about the legacy stranded costs coming down?

影響是什麼？

Just maybe a little bit more meat on the bone in terms of how much these items will benefit '26 versus '25.

與 25 年相比，這些物品對 26 年的好處有多大，也許骨頭上有更多的肉。

Yeah.

是的。

Look, a couple of things.

看，有幾件事。

So if you look, if I -- as I look at our severance costs, which as I mentioned has been running high with $700 million, we're forecasting $600 million in 2025.

因此，如果你看看我們的遣散費，正如我所提到的，遣散費一直高達 7 億美元，我們預計 2025 年將達到 6 億美元。

I think kind of normal through the cycle is probably, call it $300 million or so.

我認為整個週期的正常情況可能是 3 億美元左右。

And so that gives you some sense for that.

這讓你對此有所了解。

I think the other thing is if you look at the other page and again, there were a number of drivers or levers that we intend to pull to bring that down but in the all-other page where you look to the right, we show wind-downs and what's remaining in terms of legacy franchise.

我認為另一件事是，如果你再看一下另一頁，我們打算拉動許多驅動器或槓桿來降低這一點，但在你向右看的所有其他頁面中，我們顯示了風- 下降以及遺留特許經營權的剩餘部分。

And there's if you add those numbers together, $1.9 billion or so of expenses and think about a subset of that being stranded.

如果你把這些數字加在一起，就會有 19 億美元左右的開支，並考慮其中一部分被擱淺。

And we're going to continue to focus on how do we bring down stranded cost over the next couple of years.

我們將繼續關注如何在未來幾年內降低擱淺成本。

So those are two important factors or contributors to the decline from the slightly lower than $53.8 billion to the $53 billion.

因此，這是導致從略低於 538 億美元下降到 530 億美元的兩個重要因素或促成因素。

There are additional productivity saves from prior investments that we've made.

我們先前的投資也節省了額外的生產力。

But those are important factors.

但這些都是重要因素。

And then as we look at the transformation spend, that will continue to or start to pay dividends or help to bring down cost as well.

然後，當我們考慮轉型支出時，這將繼續或開始帶來紅利或有助於降低成本。

So you've got really those four variables that contribute to us bringing that number down.

所以，這四個變數確實有助於我們降低這個數字。

And as Jane has mentioned, we're going to even post '26 continue to bring or drive out more inefficiencies around the organization to fund, require investments for the business growth and all with a continued focus on getting to less than 60% as we exit 2026, less than 60% operating efficiency.

正如 Jane 所提到的，我們甚至會在 26 年後繼續帶來或消除組織中更多的低效率現象，以資助業務成長所需的投資，並繼續專注於將效率降低到 60% 以下。退出，營運效率低於60%。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Just this is your first full year of having the five line of business structure.

今年是您擁有五個業務線結構的第一個完整年度。

So Mark, do you still have the same line of business targets that you had last year?

那麼，馬克，您的業務目標是否仍與去年相同？

And Jane, with all the, it must have been a degree of hell to organize this way, get rid of your two intercompany, holding companies, eliminate five layers of management, expand the span of control.

而簡，總而言之，以這種方式組織起來，擺脫你的兩家公司間、控股公司，消除五層管理，擴大控制範圍，一定是地獄般的程度。

You guys went through a lot last year and I'm just wondering is the worst over in terms of that kind of reorganization internally and the culture and the sentiment.

去年你們經歷了很多事情，我只是想知道就內部重組、文化和情緒而言，最糟糕的情況是什麼。

And how you see that continuing?

您如何看待這種情況的持續？

But first, the concrete question about the target, please.

但首先，請提出有關目標的具體問題。

So I guess I'll start first.

所以我想我會先開始。

So in terms of the targets, look, we set the targets across each of the lines of business.

因此，就目標而言，我們為每個業務線設定了目標。

For the medium term, we've obviously brought down the 2026 to 10% to 11%.

就中期而言，我們顯然已將 2026 年的成長率降低至 10% 至 11%。

And so you'd imagine there's some movement, at least for the 2026 in terms of those targets.

所以你可以想像，至少在 2026 年這些目標方面會有些改變。

Banking will likely be a little bit lower than the mid 15% if I think about 2026 as being that medium term target date.

如果我將 2026 年視為中期目標日期，銀行業可能會略低於 15% 的中間水平。

But over time, I expect that the targets that I've set are the targets that we will achieve.

但隨著時間的推移，我預期我設定的目標就是我們將實現的目標。

And even more because as Jane mentioned, 10% to 11% while that's our 2026 target, it is not our longer-term target as we think about our RoTCE and the strength of these businesses in the aggregate franchise.

更重要的是，正如Jane 所提到的，10% 到11% 雖然這是我們2026 年的目標，但它不是我們的長期目標，因為我們考慮到我們的RoTCE 以及這些業務在整體特許經營中的實力。

So hopefully, it answers your question.

希望它能回答您的問題。

And in terms of org simplification culture, the best is still ahead.

就組織簡化文化而言，最好的仍在前方。

That is for sure.

這是肯定的。

The org went through a lot.

該組織經歷了很多。

I'm really proud of how people responded.

我對人們的反應感到非常自豪。

And I think we're really proud of how each of the lines of business are driving the business performance forward.

我認為我們對每個業務線如何推動業務績效向前發展感到非常自豪。

The bank is simpler.

銀行比較簡單。

There is tremendous transparency for our investors as well as for me.

對於我們的投資者和我來說，都具有極大的透明度。

There's much greater proximity to the businesses now.

現在離企業更近了。

And you can see that the benefits that we're starting to realize from the strategy as we get closer and closer to the RoTCE targets and beyond for each of the businesses.

您可以看到，隨著我們越來越接近 RoTCE 目標並超越每個業務的目標，我們開始從該策略中實現收益。

So I am pleased to have '24 behind us.

所以我很高興 '24 已經過去了。

I'm proud of what we achieved in '24.

我為我們在 24 年所取得的成就感到自豪。

All the focus is on the future onwards.

所有的焦點都集中在未來。

There are no further questions.

沒有其他問題了。

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

現在我將把電話轉給詹·蘭迪斯（Jenn Landis）做總結發言。

Thank you, everyone.

謝謝大家。

Please call us or email us if you have any follow up questions.

如果您有任何後續問題，請致電我們或發送電子郵件給我們。

Have a great afternoon.

祝你有個愉快的下午。

Thank you.

謝謝。

This concludes the Citi's fourth quarter 2024 earnings call.

花旗 2024 年第四季財報電話會議至此結束。

You may now disconnect.

您現在可以斷開連線。