花旗銀行 (C) 2025 Q1 法說會逐字稿

Hello, and welcome to Citi's first-quarter 2025 earnings call. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

您好，歡迎參加花旗 2025 年第一季財報電話會議。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。（操作員指示）另外，提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。蘭迪斯女士，您可以開始。

Thank you, operator. Good morning and thank you all for joining our first-quarter 2025 earnings call. I'm joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings. And with that, I'll turn it over to Jane.

謝謝您，接線生。早安，感謝大家參加我們的 2025 年第一季財報電話會議。今天和我一起出席的還有我們的執行長 Jane Fraser；以及我們的財務長馬克梅森 (Mark Mason)。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，並受不確定性和情況變化的影響。由於多種因素，包括我們的收益資料以及美國證券交易委員會文件中所述的因素，實際結果可能與這些聲明有重大差異。說完這些，我就把麥克風交給簡。

Thank you, Jen, and a very good morning to everyone. First, I'm going to discuss our first-quarter results and then talk about the environment we're operating in and how we are positioning the bank for it. This morning, we reported net income of $4.1 billion and earnings per share of $1.96 with an RoTCE of 9.1%.

謝謝你，Jen，祝大家早安。首先，我將討論我們的第一季業績，然後談談我們的營運環境以及我們如何為銀行定位。今天上午，我們報告淨收入為 41 億美元，每股收益為 1.96 美元，RoTCE 為 9.1%。

Overall, it was a strong quarter, marked by continued momentum in each of our five businesses. We maintained a disciplined approach to our expenses, which declined by 5% year over year. We delivered our third consecutive quarter of positive operating leverage for each of our five lines of business and the fourth consecutive quarter for the firm overall.

總體而言，這是一個強勁的季度，我們的五項業務均繼續保持強勁發展勢頭。我們對開支採取了嚴格的控制方式，開支年減了 5%。我們的五條業務線連續第三季實現正營業槓桿，公司整體也連續第四個季度實現正營業槓桿。

We increase both our return on tangible common equity in each business and our return of capital to our shareholders. And this quarter is a further proof point of how the consistent execution of our strategy is improving our performance.

我們提高每項業務的有形普通股權益回報率和股東資本回報率。本季進一步證明了我們策略的持續執行如何提高我們的業績。

Services recorded its highest first-quarter revenue in a decade. TTS continues to demonstrate momentum in the key underlying drivers across US dollar clearing and cross-border activity. Security services gained share and grew its assets under custody and administration to $26 trillion.

服務業第一季營收創十年來新高。TTS 繼續在美元清算和跨境活動的關鍵潛在驅動因素中展現出強勁勢頭。安全服務的份額不斷擴大，其託管和管理的資產增長至 26 兆美元。

Markets had a good quarter, with revenue up 12%. The three most significant fixed income businesses, rates, spread products, and FX, each contributed to an overall 8% increase over last year. And in a good macro quarter for equities, we were up 23% as we continued with our long-term strategy to augment our high derivative share with a larger prime business.

本季市場表現良好，營收成長了 12%。三大最重要的固定收益業務，即利率、利差產品和外匯，各自貢獻了比去年同期 8% 的整體成長。在股票宏觀表現良好的一個季度，我們的股價上漲了 23%，因為我們繼續執行我們的長期策略，透過擴大主要業務來增加我們的高衍生性商品份額。

Banking was up 12% as we continued to gain share in investment banking across most industry sectors. Most notably, M&A revenue nearly doubled. We're seeing the benefits of our talent investments as you can see by the leading role we've played in some of the year's biggest transactions, such as advising Altair on the Siemens acquisition and on the recently announced intracellular transaction by J&J.

隨著我們在大多數行業領域的投資銀行業務份額不斷增加，銀行業務成長了 12%。最值得注意的是，併購收入幾乎翻了一番。我們正在看到人才投資的回報，正如您在今年一些最大的交易中所發揮的主導作用所見，例如為 Altair 收購西門子提供諮詢，以及為強生公司最近宣布的內部交易提供諮詢。

Turning to wealth, all three businesses contributed to overall growth of 24%, and fee revenue drove non-interest revenue growth of 16%. We remain focused on capturing assets our clients have of us as demonstrated by the roughly 11% organic growth in client investment assets.

轉向財富管理，三項業務共同貢獻了24%的整體成長，其中手續費收入推動了16%的非利息收入成長。我們仍然專注於獲取客戶擁有的資產，客戶投資資產約 11% 的有機成長就證明了這一點。

Andy and his new team are making excellent progress, executing our strategy, with the business delivering record revenue this quarter and improved efficiency and returns. USPB was up 2%, driven mainly by increased loan balances and spending in branded cards. The high credit quality of our cards portfolio reflects the focus we've put on prime consumers. And our portfolio continued to perform in line with our expectations. Overall, USPB's return increased to nearly 13%.

安迪和他的新團隊正在取得優異的進展，執行我們的策略，本季業務收入創歷史新高，效率和回報也有所提高。USPB 上漲 2%，主要受貸款餘額和品牌卡支出增加的推動。我們的信用卡組合的高信用品質反映了我們對優質消費者的關注。我們的投資組合持續表現符合我們的預期。總體而言，USPB 的回報率增至近 13%。

During the quarter, we returned $2.8 billion in capital to our shareholders, including $1.75 billion of buybacks as part of our $20 billion plan, which is about $250 million more than we had originally guided. Now, that's our highest quarterly amount since 2022 and demonstrates our commitment to returning capital. We ended the quarter with a CET1 ratio of 13.4%, and our tangible book value per share cost $90.

在本季度，我們向股東返還了 28 億美元的資本，其中包括 17.5 億美元的回購，這是我們 200 億美元計劃的一部分，比我們最初預期的多出約 2.5 億美元。這是我們自 2022 年以來最高的季度金額，反映了我們對資本回報的承諾。本季末，我們的 CET1 比率為 13.4%，每股有形帳面價值為 90 美元。

Turning to our strategic priorities, our transformation investments continue to modernize our infrastructure, simplify our processes, and reduce manual touch points. During the quarter, we retired legacy applications and automated reconciliations to name but a few accomplishments.

談到我們的策略重點，我們的轉型投資將繼續使我們的基礎設施現代化，簡化我們的流程，並減少人工接觸點。在本季度，我們淘汰了遺留應用程式和自動對帳功能，這只是其中的一些成就。

We're also integrating AI directly into our business operations to improve the client experience. The latest example is Agent Assist, our first generative AI tool for customer service in US personal banking. It is designed to help our team resolve inquiries faster and is now being piloted in credit cards.

我們也將人工智慧直接融入我們的業務營運中，以改善客戶體驗。最新的例子是 Agent Assist，這是我們第一個用於美國個人銀行客戶服務的生成式 AI 工具。它旨在幫助我們的團隊更快地解決查詢，目前正在信用卡中試行。

From quarter to quarter, we are building on our track record of progress, and I am confident in our ability to continue delivering despite the uncertainty of the moment. In terms of the macro environment, I am not going to try to predict the unpredictable.

我們每季都在鞏固和發展已有的進步記錄，儘管目前存在不確定性，但我對我們繼續實現目標的能力充滿信心。就宏觀環境而言，我不會試圖預測不可預測的事情。

While our corporate and consumer clients are resilient and in good financial health, the world is in a wait-and-see mode. And it's facing a more negative macro-outlook than anyone had anticipated at the beginning of the year. And we know that prolonged uncertainty generally hurts confidence.

儘管我們的企業和消費者客戶具有韌性並且財務狀況良好，但世界仍處於觀望狀態。而且，它面臨的宏觀前景比年初任何人預期的都要消極。我們知道，長期的不確定性通常會損害信心。

The changes underway globally will go beyond trade and tariffs. In the US, for example, regulation and tax policy are all likely to look different in a year's time. And these changes will not only have economic impacts, but geopolitical and cultural ones as well.

全球範圍內正在發生的變化將超越貿易和關稅。例如，在美國，監管和稅收政策在一年後都可能有所不同。這些變化不僅會產生經濟影響，還會產生地緣政治和文化影響。

We appreciate the administration taking a fresh look at regulations across all industries to unlock growth. We welcome the changes being discussed in our own industry to place more focus on material financial risks and to make it easier for banks to contribute to economic growth and to improve client service.

我們讚賞政府重新審視各行業的監管規定，以促進成長。我們歡迎我們行業正在討論的變革，以更加關注重大金融風險，並使銀行更容易為經濟成長做出貢獻並改善客戶服務。

When all is said and done, and these long standing trade imbalances and other structural shifts are behind us, the US will still be the world's leading economy and the dollar will remain the reserve currency. The deep knowledge and breadth of capabilities that we have from decades on the ground in so many local markets are real points of distinction when serving our clients, from reconfiguring their supply chains to addressing their hedging and funding approaches to advising on their strategic agendas.

當一切都塵埃落定，這些長期存在的貿易不平衡和其他結構性變化成為過去時，美國仍將是世界領先的經濟體，美元仍將是儲備貨幣。我們數十年來在眾多本地市場積累的深厚知識和廣泛的能力是我們為客戶提供服務的真正優勢，從重新配置他們的供應鏈到解決他們的對沖和融資方法，再到為他們的戰略議程提供建議。

I am very confident that we have built a strategy based on a diversified business mix that will perform in a wide variety of macro scenarios and is differentiating in times like these. With capital strength, plentiful liquidity, and strong reserves, we can navigate through any environment from a position of strength.

我非常有信心，我們已經建立了基於多元化業務組合的策略，該策略將在各種宏觀情景下發揮作用，並在這樣的時期脫穎而出。憑藉著雄厚的資本、充足的流動性和強大的儲備，我們可以在任何環境中保持優勢。

In periods of stress, we have shown that we are a port during the storm for our clients, the global markets and the economy. And this time is no different. We are ready to lean in.

在困難時期，我們已證明我們是客戶、全球市場和經濟在風暴中的避風港。這次也不例外。我們已準備好傾力投入。

As I look forward to the rest of the year, we shall remain disciplined about returning capital and managing our expenses whilst protecting necessary investments in our businesses as well as our transformation. And we shall not allow the uncertainty to distract us from executing our strategy and improving our returns. Now over to Mark, and then we will be happy to take your questions.

展望今年剩餘時間，我們將繼續嚴格執行資本返還和管理費用的規定，同時保護我們在業務和轉型中必要的投資。我們不會讓不確定性分散我們執行策略和提高回報的注意力。現在交給馬克，我們很樂意回答您的問題。

Thanks, Jane, and good morning, everyone. I'm going to start with the firm-wide financial results, focusing on year-over-year comparisons, unless I indicate otherwise and then review the performance of our businesses in greater detail. On slide 6, we show financial results for the full firm. This quarter, we reported net income of $4.1 billion, EPS of $1.96, and an RoTCE of 9.1% on $21.6 billion of revenues, generating positive operating leverage for the firm and in each of our five businesses.

謝謝，簡，大家早安。我將從全公司的財務表現開始，並專注於同比比較，除非我另有說明，然後更詳細地審查我們業務的表現。在第 6 張投影片上，我們展示了整個公司的財務表現。本季度，我們報告的淨收入為 41 億美元，每股收益為 1.96 美元，在 216 億美元的營收中，RoTCE 為 9.1%，為公司以及我們的五項業務各自產生了積極的經營槓桿。

Total revenues were up 3%, driven by growth in each of our businesses, largely offset by a decline in all other. Net interest income, excluding market was up 2%, driven by USPB, wealth, and services, largely offset by declines in all other and banking.

總收入成長 3%，這主要得益於我們各項業務的成長，但很大程度上被其他業務的下滑所抵消。不包括市場的淨利息收入成長 2%，這主要得益於 USPB、財富和服務業務的成長，但很大程度上被所有其他業務和銀行業務的下滑所抵消。

Non-interest revenues, excluding markets, were down 6% as better results in banking and wealth were more than offset by declines in all other USPB and services. And total markets revenues were up 12%. Expenses of $13.4 billion were down 5%. Cost of credit was $2.7 billion, primarily consisting of net credit losses in card as well as a firm-wide net ACL build, reflecting the uncertainty and deterioration in the macroeconomic outlook.

不包括市場在內的非利息收入下降了 6%，因為銀行和財富業務的較好業績被所有其他 USPB 和服務的下降所抵消。總市場收入成長了 12%。支出134億美元，下降5%。信貸成本為 27 億美元，主要包括信用卡淨信貸損失以及全公司淨 ACL 構建，反映了宏觀經濟前景的不確定性和惡化。

Before I move on, I would like to note that certain card transaction processing fees paid primarily to networks were previously presented in operating expenses and are now presented as a contra revenue and noninterest revenue primarily impacting USPB. This change does not impact net income, and prior periods have been aligned.

在繼續之前，我想指出的是，主要支付給網路的某些卡交易處理費用以前計入營運費用，現在則作為主要影響 USPB 的抵銷收入和非利息收入來呈現。這項變更不會影響淨收入，前期已經保持一致。

We provided additional detail in the appendix of the presentation on slide 22. On slide 7, we show the expense trend over the past five quarters. As we've said in the past, we are very focused on bringing down our expense base. At the same time, the transformation remains our number one priority, and we will continue to make the investments needed specifically as it relates to data and regulatory reporting.

我們在第 22 張投影片的簡報附錄中提供了更多詳細資訊。在第 7 張投影片上，我們展示了過去五個季度的支出趨勢。正如我們過去所說的那樣，我們非常注重降低我們的開支基礎。同時，轉型仍然是我們的首要任務，我們將繼續進行與數據和監管報告相關的必要投資。

Having said that, the drivers of our expense reduction going forward remain consistent with those that we have referenced in the past. Savings related to stranded cost reduction, productivity from our prior investments, and our organizational simplification, all of which allow us to self-fund our investments in transformation.

話雖如此，我們未來削減開支的驅動因素與我們過去提到的一致。與擱淺成本削減、先前投資的生產力以及組織簡化相關的節省，所有這些都使我們能夠自行籌措轉型投資資金。

As we look at this quarter, expenses declined by 5%, which included a favorable FX impact. The decline was driven by a smaller FDIC special assessment, absence of a restructuring charge and lower compensation, partially offset by increases in technology and communications, professional fees related to transformation as well as advertising and market. And looking at the rest of the year, we remain on track to meet our full-year expense target.

縱觀本季度，支出下降了 5%，其中包括有利的外匯影響。下降的原因在於聯邦存款保險公司（FDIC）特別評估金額減少、沒有重組費用以及薪酬降低，但技術和通信費用、與轉型以及廣告和市場相關的專業費用的增加部分抵消了這一影響。展望今年剩餘時間，我們仍有望實現全年支出目標。

On slide 8, we show key consumer and corporate credit metrics. As I mentioned, the firm's cost of credit was $2.7 billion, primarily consisting of net credit losses in cards as well as a firm-wide net ACL bill. The ACL build reflects uncertainty and deterioration in the macroeconomic outlook, including a further skew to the downside scenario in our CECL framework.

在第 8 張投影片上，我們展示了關鍵的消費者和企業信貸指標。正如我所提到的，該公司的信貸成本為 27 億美元，主要包括信用卡淨信貸損失以及全公司的淨 ACL 帳單。ACL 的建立反映了宏觀經濟前景的不確定性和惡化，包括我們 CECL 框架中下行情境的進一步傾斜。

Our reserves now incorporate an eight-quarter weighted average unemployment rate of 5.1%, which includes a downside scenario average unemployment rate of 6.7%. Largely offsetting this build was a release related to lower balances in our card portfolios. At the end of the quarter, we had $22.8 billion in total reserves, with a reserve to funded loans ratio of 2.7%.

我們的儲備現在反映了八個季度加權平均失業率為 5.1%，其中包括下行情境下的平均失業率為 6.7%。很大程度上抵消了這一增長的是與我們的信用卡組合餘額較低有關的釋放。截至本季末，我們的總儲備金為 228 億美元，儲備金與貸款比率為 2.7%。

Now turning to consumer credit on the left-hand side of the page. Approximately 85% of our card portfolios are to consumers with FICO scores of 660 or higher. NCL rates increased sequentially in both card portfolios, consistent with historical seasonal patterns, and we continue to see stabilization in delinquency rates across both portfolios.

現在轉向頁面左側的消費信貸。我們的信用卡組合中約有 85% 發給了 FICO 分數為 660 或更高的消費者。兩種信用卡組合的 NCL 率均連續上升，與歷史季節性模式一致，我們繼續看到兩種信用卡組合的拖欠率趨於穩定。

And our reserve to funded loan ratio in our card portfolio is 8.2%. And corporate nonaccrual loans remain low, reflecting the investment-grade nature of our portfolio. Based on the quality and mix of our portfolio, we believe we are well reserved. But as always, we continue to monitor the evolving macroeconomic outlook.

我們的信用卡組合中的準備金與貸款比率為 8.2%。企業非應計貸款仍處於低位，反映了我們投資組合的投資等級性質。根據我們投資組合的品質和組合，我們相信我們已經做好了充足的儲備。但與往常一樣，我們將繼續監測不斷變化的宏觀經濟前景。

Turning to slide 9, where I will speak to sequential variances. Citi's $2.6 trillion balance sheet increased 9% driven by growth in trading-related assets, which is typical given the seasonal increase in market activity. We also built out our cash position as we let investment securities roll off and opportunistically issued long-term debt. Loans increased 1%, driven by services and markets, largely offset by lower balances in cards.

翻到投影片 9，我將討論連續差異。花旗集團 2.6 兆美元的資產負債表在交易相關資產成長的推動下成長了 9%，考慮到市場活動的季節性成長，這是很正常的。我們也透過讓投資證券展期和適時發行長期債務來建立我們的現金部位。貸款成長 1%，主要受服務和市場推動，但很大程度上被信用卡餘額的減少所抵消。

Our $1.3 trillion deposit base remains well diversified across regions, industries, customers, and account types and increased 2%, primarily driven by services. We reported 117% average LCR and maintained $960 billion of available liquidity resources.

我們的 1.3 兆美元存款基礎在地區、行業、客戶和帳戶類型方面保持了良好的多樣化，並且增長了 2%，主要得益於服務。我們報告的平均流動性覆蓋率為 117%，並維持了 9,600 億美元的可用流動性資源。

We ended the quarter with a preliminary 13.4% CET1 capital ratio, down approximately 20 basis points as net income was more than offset by capital distributions, RWA growth, and higher DTA deductions. We continue to feel very good about the strength and quality of our balance sheet, and our robust capital and liquidity position us well to support our clients in a range of economic environments.

本季末，我們的初步 CET1 資本比率為 13.4%，下降了約 20 個基點，因為淨收入被資本分配、RWA 成長和更高的 DTA 扣除額所抵銷。我們繼續對我們的資產負債表的實力和品質感到非常滿意，我們強大的資本和流動性使我們能夠在各種經濟環境中為客戶提供良好的支持。

Turning to the businesses on slide 10. We show the results for services in the first quarter. Services revenues were up 3%, driven by growth in TTS. NII increased 5% driven by higher deposit spreads as well as an increase in deposits and loan balances. NIR declined 4%, driven by the absence of certain episodic fees and security services as well as higher revenue share and the impact of FX across both TTS and security services. That said, we continue to see strength in underlying fee drivers across the business, as you can see on the bottom right-hand side of the page.

轉向幻燈片 10 上的企業。我們展示了第一季的服務業績。受 TTS 成長的推動，服務收入成長了 3%。由於存款利差增加以及存款和貸款餘額增加，NII 增加了 5%。NIR 下降了 4%，原因是缺乏某些連續劇費用和安全服務，以及更高的收入份額和 FX 對 TTS 和安全服務的影響。話雖如此，我們仍然看到整個業務中潛在費用驅動因素的強勁表現，正如您在頁面右下角看到的那樣。

Expenses declined 3%, largely driven by lower deposit insurance costs, severance, and legal expenses. Average loans increased 6% driven by continued demand for export agency finance as well as working capital loans. Average deposits increased 2% as we continue to see growth in operating deposits. Services generated positive operating leverage for the third consecutive quarter and delivered net income of $1.6 billion and continued to deliver a high RoTCE of 26.2%.

支出下降了 3%，主要原因是存款保險成本、遣散費和法律費用下降。由於出口代理融資和營運資金貸款的持續需求，平均貸款增加了 6%。由於經營存款持續成長，平均存款增加了 2%。服務業務連續第三個季度產生正向營運槓桿，實現淨收入 16 億美元，並繼續實現 26.2% 的高 RoTCE。

On slide 11, we show the results for markets in the first quarter. Markets revenues were up 12%, driven by growth across both fixed income and equity. Fixed income revenues increased 8% with rates and currencies up 9%, reflecting increased client activity and monetization. And spread products and other fixed income, up 7%, driven by higher client activity and loan growth.

在投影片 11 上，我們展示了第一季的市場結果。受固定收益和股票成長的推動，市場收入成長了 12%。固定收益收入成長 8%，利率和貨幣上漲 9%，反映出客戶活動和貨幣化的增加。利差產品和其他固定收益產品上漲 7%，這得益於客戶活動增加和貸款成長。

Equities revenues increased 23%, primarily driven by equity derivatives on increased market volatility and higher client activity and momentum in prime services with prime balances up approximately 16%. Expenses increased 2%, driven by higher volume and other revenue-related expenses. Cost of Credit was $201 million, primarily related to spread products, driven by net credit losses and our net ACL build. Average loans increased 7% driven by financing activity in spread products.

股票收入成長了 23%，主要原因是市場波動性增加、客戶活動增加以及主要服務勢頭增強，股票衍生性商品帶動主要餘額增加了約 16%。由於銷量增加和其他與收入相關的支出，支出增加了 2%。信貸成本為 2.01 億美元，主要與利差產品有關，受淨信貸損失和我們的淨 ACL 建構所驅動。受利差產品融資活動的推動，平均貸款增加了 7%。

Markets generated positive operating leverage for the fourth consecutive quarter and delivered net income of $1.8 billion and an RoTCE of 14.3%. On slide 12, we show the results for banking in the first quarter. Banking revenues were up 12%, driven by growth in investment banking as well as the impact of market to market on loan hedges, partially offset by a decline in corporate lending. Investment banking fees increased 14% with growth in M&A partially offset by declines in DCM and ECM.

市場連續第四個季度產生正營業槓桿，實現淨收入 18 億美元，RoTCE 為 14.3%。在投影片 12 上，我們展示了第一季的銀行業務表現。銀行收入成長 12%，這得益於投資銀行業務的成長以及市場對貸款對沖的影響，但被企業貸款的下降部分抵消。投資銀行費用增加了 14%，其中併購業務的成長被 DCM 和 ECM 業務的下降部分抵消。

M&A was up 84% as we gained share overall and across numerous sectors. DCM was down 3% compared to a near record first quarter last year. And ECM was down 26% amid a pullback in the wallet for follow-ons and convertibles.

隨著我們在整體和多個行業的份額不斷增加，併購業務增長了 84%。與去年第一季接近歷史最高水準相比，DCM 下降了 3%。由於後續債券和可轉換債券的購買量減少，ECM 下跌了 26%。

Corporate lending revenues, excluding market to market on loan hedges declined 1% as increases in revenue share were more than offset by the combined impact of lower loan balances and higher recoveries in the prior year. Expenses declined 12%, largely driven by lower compensation as we see the benefit of our prior actions to right size the workforce and expense space.

企業貸款收入（不包括市場對市場的貸款對沖）下降了 1%，因為收入份額的增加被上一年貸款餘額減少和回收率增加的綜合影響所抵消。費用下降了 12%，主要是由於我們看到了先前採取的適當規模的勞動力和費用空間的措施帶來的好處，從而降低了薪酬。

Cost of credit was $214 million consisting of an ACL bill of $180 million driven by changes in the macroeconomic outlook and net credit losses. Banking generated positive operating leverage for the fifth consecutive quarter and delivered net income of $543 million and an RoTCE of 10.7%.

信貸成本為 2.14 億美元，其中包括因宏觀經濟前景變化和淨信貸損失而產生的 1.8 億美元 ACL 帳單。銀行業務連續第五個季度實現正向經營槓桿，實現淨收入 5.43 億美元，營運槓桿率為 10.7%。

On slide 13, we show the results for wealth in the first quarter. Wealth revenues were up 24% with growth across Citigold, the private banks, and Wealth at Work.

在投影片 13 上，我們展示了第一季的財富結果。財富收入成長了 24%，花旗金卡、私人銀行和 Wealth at Work 均實現了成長。

NII increased 30%, driven by higher deposit spread partially offset by lower deposit balance. And NIR increased 16%, primarily driven by growth and investment fee revenues as we grew client investment assets by 16%. This includes net new investment assets of $16.5 billion in the quarter and over $56 billion in the last 12 months, representing approximately 11% organic growth.

NII 成長了 30%，這得益於存款利差的提高，但被存款餘額的降低部分抵消。NIR 成長了 16%，這主要得益於客戶投資資產成長了 16% 帶來的成長和投資費用收入。其中包括本季 165 億美元的淨新投資資產和過去 12 個月超過 560 億美元的淨新投資資產，代表約 11% 的有機成長。

Expenses were roughly flat as the benefits of our prior actions to right size the workforce and expense base as well as lower technology expenses were offset by higher revenue-related expenses and severance. End-of-period client balances increased 7%, driven by higher net new investment asset flows and market valuation.

費用基本上持平，因為我們先前採取的調整勞動力和費用基礎的措施以及降低技術費用的好處被更高的收入相關費用和遣散費所抵消。受淨新投資資產流量和市場估值增加的推動，期末客戶餘額增加了 7%。

Average loans declined 2% as we continue to be strategic in deploying the balance sheet to support growth in client investment assets. Average deposits also declined 2%, driven by a shift in deposits to higher yielding investments on Citi's platform and other operating outflows, largely offset by client transfers from USPB reflecting our ability to support clients as their wealth and investment needs evolve. Wealth had a pre-tax margin of 17% and generated positive operating leverage for the fourth consecutive quarter and delivered net income of $284 million and an RoTCE of 9.4%.

由於我們繼續策略性地部署資產負債表以支持客戶投資資產的成長，平均貸款下降了 2%。平均存款也下降了 2%，因為存款轉向花旗平台上收益更高的投資以及其他經營性資金流出，但這在很大程度上被 USPB 的客戶轉移所抵消，這反映了我們有能力隨著客戶的財富和投資需求的變化而為其提供支持。Wealth 的稅前利潤率為 17%，連續第四季度產生正營業槓桿，實現淨收入 2.84 億美元，RoTCE 為 9.4%。

On slide 14, we show the results for US personal banking in the first quarter. US personal banking revenues were up 2%, driven by growth in branded cards and retail banking, largely offset by a decline in retail service. Branded cards revenues increased 9% with interest-earning balance growth of 8%, and we continue to see spend growth, which was up 3%.

在投影片 14 上，我們展示了第一季美國個人銀行業務的表現。美國個人銀行業務收入成長 2%，主要得益於品牌卡和零售銀行業務的成長，但零售服務的下滑在很大程度上抵消了這一增長。品牌卡收入成長 9%，利息餘額成長 8%，我們持續看到支出成長，成長了 3%。

The retail banking revenues increased 17%, driven by the impact of higher deposit spreads. And in retail services revenues declined 11%, primarily driven by higher partner payment accruals. Expenses were roughly flat due to continued productivity savings offset by higher advertising and marketing as well as legal expenses.

受存款利差上升的影響，零售銀行收入成長了17%。零售服務收入下降了 11%，主要原因是合作夥伴支付應計費用增加。由於持續的生產力節省被更高的廣告和行銷以及法律費用所抵消，因此費用基本上持平。

Cost of credit was $1.8 billion, consisting of net credit losses partially offset by a net ACL release of $172 million. This included a build related to changes in the portfolio composition and macroeconomic outlook, which was more than offset by a release due to lower card balances, largely in retail services.

信貸成本為 18 億美元，其中包括淨信貸損失，部分被 1.72 億美元的淨 ACL 釋放所抵銷。其中包括與投資組合組成和宏觀經濟前景變化相關的成長，但由於信用卡餘額減少（主要是零售服務領域）而導致的成長被抵消。

Notwithstanding this release, our cards reserve to funded loan ratio increased to 8.2% from 7.9% last quarter. Average deposits declined 11%, driven by client transfers to wealth that I just mentioned. USPB generated positive operating leverage for the tenth consecutive quarter and delivered net income of $745 million and an RoTCE of 12.9%.

儘管有此消息，我們的信用卡儲備金與貸款總額比率仍從上一季的 7.9% 上升至 8.2%。平均存款下降了 11%，這是由於我剛才提到的客戶財富轉移所致。USPB 連續第十個季度實現正營業槓桿，實現淨收入 7.45 億美元，RoTCE 為 12.9%。

On slide 15, we show results for all other on a managed basis, which includes corporate/other and legacy franchises and excludes divestiture-related items. Revenues declined 39% with declines across both corporate/other and legacy franchises.

在第 15 張投影片上，我們展示了按管理方式計算的所有其他業績，其中包括企業/其他和傳統特許經營權，但不包括與剝離相關的項目。收入下降了 39%，企業/其他和傳統特許經營權均下降。

Corporate/other was largely driven by lower NII as well as the impact of mark-to-market valuation changes on certain investments on NIR. Legacy franchises was driven by the impact of Mexican peso depreciation, expiration of TSAs in our closed exit markets, and continued reduction from our wind down market.

企業/其他主要是受較低的 NII 以及以市價計價的估值變化對某些投資對 NIR 的影響所致。傳統特許經營權受到墨西哥比索貶值、我們已關閉的退出市場中的 TSA 到期以及我們的逐步退出市場持續減少的影響。

Expenses declined 17%, driven by a smaller FDIC special assessment, absence of a restructuring charge, reduction from exit markets and wind down, and the impact of Mexican peso depreciation. And cost of credit was $359 million largely driven by net credit losses of $256 million driven by consumer loans in Mexico.

支出下降了 17%，原因是 FDIC 特別評估金額減少、沒有重組費用、退出市場和逐步減少以及墨西哥比索貶值的影響。信貸成本為 3.59 億美元，主要是由於墨西哥消費貸款造成的 2.56 億美元淨信貸損失。

On slide 16, I'll briefly touch on our full-year 2025 outlook, which we've adjusted for the impact of the card transaction processing fee presentation change that I mentioned earlier, but is otherwise unchanged. As you know, in January we provided guidance for full-year revenue and expenses as well as card NCLs, and that guidance was informed by a number of scenarios and assumptions.

在第 16 張投影片上，我將簡要介紹我們對 2025 年全年的展望，我們已經根據我之前提到的卡交易處理費用列報變化的影響進行了調整，但其他方面保持不變。如您所知，我們在一月份提供了全年收入和支出以及卡 NCL 的指導，並且該指導基於多種情境和假設。

Based on what we know today and assuming markets remain open and constructive, we still expect to deliver full-year revenues of approximately $83.1 billion to $84.1 billion with net interest income excluding markets up approximately 2% to 3%. And we expect full year expenses to be slightly lower than $53.4 billion.

根據我們目前掌握的情況，並假設市場保持開放和建設性，我們仍預計全年收入約為 831 億美元至 841 億美元，不包括市場因素的淨利息收入將增長約 2% 至 3%。我們預計全年支出將略低於 534 億美元。

Clearly there remains a lot of uncertainty, but we are confident that our diversified business model and resilience strategy can withstand many environments, and we remain well positioned to support our clients.

顯然，仍然存在許多不確定性，但我們相信，我們的多元化商業模式和彈性策略可以承受多種環境，並且我們仍然能夠為客戶提供支援。

So while a lot is changing around us, we remain steadfast and focused on continuing to execute on our transformation and strategy while remaining disciplined with our expenses and capital with an eye towards improving returns over time. And with that, Jane and I would be happy to take your questions.

因此，儘管我們周圍發生了許多變化，但我們仍然堅定不移，專注於繼續執行我們的轉型和策略，同時嚴格控制我們的支出和資本，並專注於隨著時間的推移提高回報。因此，簡和我很樂意回答你們的問題。

(Operator Instructions) Glenn Schorr, Evercore.

（操作員指示） Glenn Schorr，Evercore。

Hi, thanks very much. So I know it's early, but I'm curious if you could help us with a refresher on Treasury and Trade Solutions and services in general. In terms of what opportunities -- there's risk, but also opportunities in helping clients manage through this retariffing and redrawing of economic lines. I think about nationalization and vertical integration is bad things, but a lot of shipping and maybe you can help clients deal with all that shifting. But anything -- any help there would be great.

你好，非常感謝。所以我知道現在還為時過早，但我很好奇您是否可以幫助我們重新認識財政和貿易解決方案以及一般服務。就機會而言，存在風險，但幫助客戶應對重新徵收關稅和重新劃定經濟線也存在機會。我認為國有化和垂直整合是壞事，但對於許多航運來說，也許你可以幫助客戶應對所有這些轉變。但任何幫助都是很好的。

Glenn, I would be delighted to do so. So our diversified business mix is very well positioned for a variety of scenarios. Do you think we've got a very broad suite of products and services. And they are the ones that clients need if they're going to be repositioning for a new order in trade or broader impacts here.

格倫，我很樂意這麼做。因此，我們多元化的業務組合非常適合各種場景。您認為我們擁有非常廣泛的產品和服務嗎？如果客戶要重新定位以適應新的貿易秩序或更廣泛的影響，他們就是所需要的。

And think about what you've seen over the last few years where we played a very central role the Ukraine-Russia war, China, the COVID-related supply chains. We saw a lot of growth, from deepening with clients and acquiring new ones because they need us because we have exactly the expertise and the products and services that multinational institutions need, and we have them in the places that they need it.

想想過去幾年我們所看到的，我們在烏克蘭-俄羅斯戰爭、中國以及與 COVID 相關的供應鏈中發揮了非常重要的作用。我們實現了巨大的成長，透過深化與客戶的合作並獲得新客戶，因為他們需要我們，因為我們擁有跨國機構所需的專業知識、產品和服務，並且我們將它們帶到了他們需要的地方。

Now, the mix of those different -- the revenues, different products and services we have could be different depending on which scenario prevails. And what I have to say at the moment, the level of engagement that we have with our clients all around the world, they're just off the charts, given the unique depth of our presence and the insights we have in all the markets.

現在，這些不同的收入、不同的產品和服務的組合可能會因實際情況而有所不同。目前我要說的是，鑑於我們在所有市場中的獨特深度和洞察力，我們與世界各地客戶的互動水平是無與倫比的。

So if I dig down a bit more, what would the persistence of high tariffs, what would it mean? Well, it would dampen economic activity here in the US and abroad. Cross-border trade flows will change. We'll be in the middle of facilitating that. So we expect to be very busy there along with the hedging and associated financing activity that goes with it because it's not just about TTS. This is about the bundle of different capabilities we bring to bear.

那麼，如果我進一步深入挖掘，高關稅的持續存在意味著什麼？嗯，這會抑制美國國內和國外的經濟活動。跨境貿易流動將會改變。我們將致力於推動這項進程。因此，我們預計那裡會非常忙碌，隨之而來的對沖和相關融資活動也隨之而來，因為這不僅僅與 TTS 有關。這是關於我們所能發揮的不同能力的組合。

And take some comfort. Look at what happened with the Ukraine war, we grew a lot in that time period. Equally, most of our business is very local. Think of what services is, it's payroll, it's supplier management, it's liquidity, it's payables, it's receivables. And we're very deeply embedded into our clients' day-to-day operations in every market they work in as well as across market flows. And that's not going to change. It's not nearly as sensitive to tariffs.

並得到一些安慰。看看烏克蘭戰爭期間發生的事情，我們在那段時間成長了很多。同樣，我們的大部分業務都是本地化的。想想服務是什麼，它是薪資單，它是供應商管理，它是流動性，它是應付款，它是應收款。我們深深融入客戶的日常運營，涵蓋他們所經營的每個市場以及各個市場流程。這一點不會改變。它對關稅並不那麼敏感。

And I would say, I think all of us recognize the environment is very fluid right now. So let me also just say for clarity’s sake, the firm level, our RoTCE targets for 2026 are still 10% to 11%. The drivers behind them are the same, but the revenue mix might be different. We'll certainly know more as things get clearer as to how that plays out.

我想說，我們所有人都認識到當前的環境非常不穩定。因此，為了清楚起見，我還要說一下，在公司層面，我們 2026 年的 RoTCE 目標仍然是 10% 到 11%。它們背後的驅動力是相同的，但收入結構可能不同。隨著事情的進展越來越明朗，我們肯定會了解更多。

I think actually the other thing you mentioned about nationalization, most of our clients have been clients for decades. I mean, a number of them have been clients for over a century. And it would not be British under a statement to say that we are deeply embedded into them. I mean, it is extraordinary how deep we are. We've been on the ground for over a century, and we are viewed as quasi-local in most of these markets.

我認為實際上您提到的有關國有化的另一件事是，我們的大多數客戶已經是幾十年的客戶了。我的意思是，他們中的許多人已經是一個多世紀以來的客戶了。如果說我們深深融入其中，也不符合英國人的觀念。我的意思是，我們的深度令人驚嘆。我們已經在當地經營了一個多世紀，在大多數市場中我們都被視為準本地企業。

Citi is not a bunch of suitcase bankers that fly in. We're not transactional. We're very unique in the footprint. And these factors do make us less vulnerable to the different geopolitical dynamics that are going on.

花旗銀行並不是一群帶著行李箱搭飛機而來的銀行家。我們不是交易性的。我們的足跡非常獨特。這些因素確實使我們不易受到正在發生的不同地緣政治動態的影響。

Jim Mitchell, Seaport Global.

吉姆·米切爾，Seaport Global。

Hey, good morning. Maybe Jane, just following up on that conversation and you talked about leading into as being important storm and leading into it. So I guess in the near term, are you seeing sort of demand already in terms of your balance sheet, whether it's raising liquidity and deposit flow like sort of flight to safety deposit flows and sort of the trading aspect of it from this volatility in April, have you sort of already seen greater demand from clients?

嘿，早安。也許簡，只是在跟進那次談話，你談到了引領進入重要的風暴並引領進入它。因此，我想，在短期內，您是否已經從資產負債表方面看到了某種需求，無論是提高流動性和存款流量，例如逃向安全存款流量，還是從 4 月份的波動中看到的交易方面，您是否已經看到客戶的需求有所增加？

What I'd say about the clients at the moment, you're seeing deals still happening. We've done a number of them, as we've talked about. Even over this last weekend, we were pretty busy. But I would say that most clients are pausing their plans. Now no one is taking best in the market right now.

關於目前客戶的情況，我想說的是，您會看到交易仍在進行中。正如我們討論過的，我們已經做了很多。即使是上週末，我們也相當忙碌。但我想說的是，大多數客戶都暫停了他們的計畫。現在沒有人在市場上佔據領先地位。

We're seeing them prep for more headwinds. So we're seeing some bolstering of already strong balance sheet. Remember, our client base aren't the smaller companies in the mid-market that are going to get more pummeled in this type of environment.

我們看到他們正在為更多的逆風做準備。因此，我們看到原本就強勁的資產負債表又得到了一些增強。請記住，我們的客戶群不是中端市場中的小公司，這些公司在這種環境下不會受到更大的打擊。

So our clients are getting ready. We're seeing some accelerating of imports to stockpile inventories. We are seeing a pausing on significant CapEx, while everyone waits to get clarity on the full agenda. And in that full agenda, remember, there's tax build, there's deregulation actions. These are some positives that will be coming.

所以我們的客戶正在做好準備。我們看到進口量正在加速成長以補充庫存。我們看到重大資本支出暫停，而每個人都在等待明確整個議程。請記住，在整個議程中，有增稅，有放鬆管制的行動。這些是即將出現的一些積極因素。

It's a very big agenda. Clients appreciate it's going to take time. In terms of the trading side, what we're seeing is it is pretty orderly out there. There's a lot of complicated dynamics happening, but it's not being catalyzed by liquidity crisis or other things going on. Let's not fight the war, the lost war.

這是一個非常宏大的議程。客戶明白這需要時間。就交易方面而言，我們看到的是，交易非常有序。有許多複雜的動態正在發生，但它並沒有受到流動性危機或其他正在發生的事情的催化。我們不要打這場戰爭，不要打這場失敗的戰爭。

The issue we're tackling at the moment is something different. And we're seeing clients taking the opportunity to derisk. We are, others are so that if we have more turbulence ahead, everyone is in a stronger position for it. And that is a good thing. But it's early days, Jim. We've got to see how this unfolds

我們目前正在解決的問題有所不同。我們看到客戶正在藉此機會降低風險。我們如此，其他人也如此，這樣，如果我們面臨更多的動盪，每個人都能以更有利的方式應對。這是一件好事。但現在還為時過早，吉姆。我們必須看看事情如何發展

Sure. No, I appreciate that color. And then maybe for Mark, I mean, you highlighted at least on a period-end basis, deposit growth and commercial loan growth looked pretty good on a period-end basis quarter-over-quarter.

當然。不，我很欣賞那個顏色。然後也許對馬克來說，我的意思是，你至少在期末基礎上強調，存款成長和商業貸款成長在期末基礎上環比看起來相當不錯。

So I guess when we think about the NII assumptions, deposit and loan growth looks good, but anything different given the strong start to the NIX market story and seemingly some good momentum in deposit and loan growth. Do you feel good, better, worse on sort of your NII outlook for this year?

因此，我想，當我們考慮 NII 假設時，存款和貸款增長看起來不錯，但考慮到 NIX 市場故事的強勁開局以及存款和貸款增長似乎有一些良好的勢頭，情況會有所不同。您對今年的 NII 前景感覺良好、較好還是較差？

Yeah. Thanks, Jim. Look, I continue to feel good about the NII outlook. There's obviously uncertainty that Jane has referenced, but that 2% to 3% ex markets, we've talked in the past about what the tailwinds and headwinds are.

是的。謝謝，吉姆。瞧，我仍然對 NII 前景感到樂觀。顯然存在 Jane 提到的不確定性，但對於 2% 到 3% 的市場成長率，我們過去曾討論過什麼是順風，什麼是逆風。

And you referenced, we saw some of that play through in the quarter in terms of deposit volumes. We saw a good operating momentum in our services business in TTS in particular. The loan growth we saw not just in average interest-earning balances on the branded card side, but also saw a trade loan growth as well.

正如您所提到的，我們在本季的存款量方面看到了一些這樣的情況。我們看到，TTS 的服務業務尤其呈現出良好的營運動能。我們看到的貸款成長不僅體現在品牌卡方面的平均利息餘額上，也體現在貿易貸款的成長上。

And so those are going to be important tailwinds as I think about the balance of the quarter. You've heard me referenced as well reinvestment from maturing securities in our investment portfolio into higher-yielding assets, including cash. And you can see that on the balance sheet that some of that started to take place as well and helping deposit spreads.

因此，當我考慮本季的平衡時，這些將成為重要的順風。您也聽我提到將投資組合中到期的證券再投資於收益更高的資產，包括現金。您可以在資產負債表上看到，其中一些也開始發生，並有助於存款利差。

And then the team has been very, very engaged as it relates to deposit repricing and managing beta through the current environment. So the combination of those things, along with the removal of the reduction of late fees are really the tailwinds that contribute to that 2% to 3% growth. And then there's some headwinds.

然後，團隊非常積極地參與存款重新定價和通過當前環境管理測試版的工作。因此，這些因素的結合，再加上取消滯納金的減少，才是真正推動 2% 至 3% 成長的順風。然後還有一些阻力。

So lower rates on floating rate assets would be a tailwind. The potential of FX translation, primarily in Mexico would be a tailwind. But net-net, I feel good about the 2% to 3% growth in NII markets.

因此，浮動利率資產的利率降低將帶來利多。外匯翻譯的潛力，主要是在墨西哥，將會是一個順風。但總體而言，我對 NII 市場 2% 至 3% 的成長感到樂觀。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Hi. I just wanted to continue the discussion about -- on the one hand you're reporting the storm. You've been embedded decades, and you're not a bunch of suitcase bankers, so that message landed. On the other hand, I mean you are the bank that facilitates global trade in the middle of a global trade war. And so I think the concern is not just the possibility that revenues will notice a dive, but that credit will implode. Or as I've heard many times, that Citigroup is going to stub its toe, just 100 countries in the mix of it all.

你好。我只是想繼續討論——一方面你正在報導這場風暴。你們已經在這裡生活了幾十年，你們不是一群手提箱銀行家，所以這個訊息傳達得很好。另一方面，我的意思是，你們是在全球貿易戰中促進全球貿易的銀行。因此，我認為令人擔憂的不僅是收入可能會大幅下降，而且信貸可能會崩潰。或者正如我多次聽說的那樣，花旗集團將會在 100 個國家中遭遇失敗。

What else can you say, in addition to what you said, to either reassure investors that the oversight is strong or that you have your arms around the situation the best that you can, again, recognizing that it's a fluid situation. Thank you.

除了您所說的話之外，您還能說什麼呢？要么向投資者保證監管是強有力的，要么您已經盡力控制局勢，再次承認這是一個不穩定的局勢。謝謝。

So you've seen us perform extremely well over the last few years in the face of pretty wrenching changes in the global economy. You've seen it with -- they say the shifts in the supply chains after COVID and then between the geopolitical tensions are going on. You saw it in pretty significant changes that were happening from the Russia and Ukraine war. And you see us exactly as that, we are where the clients come. It's hedging for foreign exchange, interest rates, commodities.

因此，你們已經看到，過去幾年，面對全球經濟的劇烈變化，我們表現得非常出色。你已經看到了——他們說，新冠疫情之後，以及地緣政治緊張局勢之間，供應鏈正在改變。你可以從俄羅斯和烏克蘭戰爭中看到的相當重大的變化。而您看到的我們正是如此，客戶在哪裡，我們就在哪裡。這是對外匯、利率和商品的對沖。

You see it for how they're looking at changing their financing around. And we tend to -- we are the ones that are helping them reconfigure the flows. So from that point of view, we are the active agent in a lot of this mix.

您可以看到他們正在考慮如何改變其融資方式。我們傾向於－我們是幫助他們重新配置流程的人。因此從這個角度來看，我們是這種混合物中的活性劑。

And we are a port in the storm, as I said, Mike, we've got very strong balance sheet, capital and liquidity to deploy. We have the big strategic changes and organization changes behind us. And they put -- they're enabling us to be on the front foot. And this is a firm that is much more agile and able to respond and be much more focused on clients right now. And so I feel good about this.

正如我所說，麥克，我們是風暴中的港灣，我們擁有非常強大的資產負債表、資本和流動性可供部署。我們已經經歷了重大的策略變革和組織變革。他們讓我們處於領先地位。現在，這家公司更加靈活，反應更加迅速，更加專注於客戶。所以我對此感覺很好。

Yeah. The only thing I'd add, I mean, Jane, you're spot on, right. We come in with a strong balance sheet, strong capital, strong liquidity. If you think about your point around credit, Mike, we've said repeatedly, and you can see it in the numbers. we skew towards the higher investment grade, larger multinationals who also come into this with strong balance sheets.

是的。我唯一想補充的是，簡，你說得對，對吧。我們擁有強大的資產負債表、強大的資本和強大的流動性。麥克，如果你思考一下有關信用的觀點，我們已經反覆說過了，你可以從數字中看到這一點。我們傾向於投資等級較高、規模較大且資產負債表強勁的跨國公司。

We've been very disciplined about that risk framework, our risk appetite, both on the corporate side as well as it relates to our consumers. And then what we tend to see in times of stress is a flight to quality as it relates to deposits.

我們對風險框架和風險偏好都非常嚴格，無論是在企業方面或與消費者相關方面。在壓力時期，我們往往會看到人們紛紛湧向與存款相關的優質資產。

And so again, depending on how this evolves, we're well positioned to manage whatever the needs are of our clients, whether that be lending needs or the storing of liquidity. And we're very well reserved to manage whatever credit risk may come with that despite us being skewed towards higher quality names in both of those demographics.

因此，無論事態如何發展，我們都能很好地滿足客戶的任何需求，無論是貸款需求還是流動性儲存。儘管我們在這兩個人口統計中都偏向於高品質的品牌，但我們仍能很好地管理可能帶來的任何信用風險。

Okay. The flip side of this is you did say the drivers are the same. They might be different in magnitude to take you from where you are now. You had over 9% RoTCE in the quarter. You said you're on track to get to 10% to 11% next year.

好的。另一方面，你確實說過驅動程式是相同的。它們可能在規模上有所不同，可以將你從現在的位置帶走。本季您的 RoTCE 超過 9%。您說明年您的成長率預計將達到 10% 至 11%。

Can you put a little meat on the bones kind of verbal waterfall chart, if you would, or maybe some numbers around org simplification traded costs, productivity savings. How do we get from 9% in the first quarter to that magical double-digit return target for next year?

如果可以的話，您能否在瀑布圖上添加一些具體內容，或添加一些有關組織簡化、交易成本和生產力節省的數字。我們如何從第一季的 9% 達到明年神奇的兩位數回報目標？

Again, as we talked about before, it is a combination of continued momentum on the top line. And this is Jane's point around how that mix may evolve, but the 3%-plus that we're expecting this year, and again, in 2026 is an important contribution to that.

再次，正如我們之前所討論的，這是收入持續成長動能的結合。這就是 Jane 關於這種組合將如何演變的觀點，但我們預計今年以及 2026 年的 3% 以上的成長是對此做出的重要貢獻。

You often see in our business where one business may be under pressure, the other one tends to outperform and overcompensate whether it be banking fees and how those evolve, but volatility that may come with that, that uplifts the markets business. So that continued focus on topline performance will be important.

在我們的業務中，你經常會看到，一個業務可能面臨壓力，而另一個業務往往會表現優異並過度補償，無論是銀行費用還是這些費用如何演變，但隨之而來的波動會提升市場業務。因此，持續關注營收表現非常重要。

You've heard me reaffirm the expense target for 2025 in terms of getting down to the 53.4%. We still have a path to getting less than 53% in 2026. That will be important. Obviously, if revenue softens there, we will see expenses come down in tandem with that. A combination of volume-related transaction costs but other levers that we will look to pull in the productivity savings we expect to come from prior investments is an important aspect as well.

你們已經聽到我重申了 2025 年的支出目標，即將該比例降至 53.4%。到 2026 年，我們仍有可能達到 53% 以下。這很重要。顯然，如果那裡的收入下降，我們就會看到支出隨之下降。結合與數量相關的交易成本以及我們期望透過先前投資實現的生產力節約的其他槓桿，也是一個重要方面。

And then we've continued to optimize the use of our balance sheet and the capital that we have. You see that we have brought our CET1 down to 13.4%. We're continuing to return capital. Those become very important aspects to getting to that target.

然後我們繼續優化我們的資產負債表和現有資本的使用。您會發現我們已將 CET1 降至 13.4%。我們將繼續返還資本。這些對於實現該目標來說都成為非常重要的面向。

Now look, it's uncertain and how the world evolves is hard to forecast at this point, right? So could a stressed macro environment create an impact on credit and the build of reserves, absolutely, right? That could happen towards the end of '25.

現在看，它是不確定的，世界將如何發展目前很難預測，對嗎？那麼，緊張的宏觀環境會對信貸和儲備建設產生影響嗎？絕對會，對嗎？這可能在 25 年底發生。

If it does happen in '25 and losses end up showing up in '26, they end up being self-funded, so to speak, by the reserves that would have been established. So we sit here today. And as Jane mentioned, we're seeing nothing that would suggest that we shouldn't be targeting the 10% to 11%. So we remain committed to that 10% to 11%.

如果這種情況在 1925 年確實發生，並且最終在 1926 年出現損失，那麼最終他們將透過已建立的儲備金進行自籌資金。所以今天我們就坐在這裡。正如簡所提到的，我們沒有看到任何跡象表明我們不應該將目標定為 10% 到 11%。因此我們仍然致力於實現 10% 到 11% 的目標。

There's a path with the combination of those levers that I've mentioned. And importantly, this quarter is yet another proof point that our strategy is resilient, that we've got the right team on the ground to execute against it, and that it's showing up in our numbers and it's showing up in our returns.

有一條路徑，其中包含我所提到的那些槓桿的組合。重要的是，本季再次證明我們的策略具有韌性，我們擁有合適的團隊來執行該策略，並且這體現在我們的數據和回報中。

And I'd just remind everyone, we're a very different bank than the one we were a few years ago in terms of our business mix, our risk profile, and all the investments we've made into the business. And I think you can see us managing the bank doing what we say we'll do and please take some confidence in that.

我想提醒大家，就業務組合、風險狀況以及對業務的所有投資而言，我們與幾年前的銀行相比已經有很大不同。我想您可以看到我們管理銀行正在履行我們的承諾，請對此充滿信心。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning. I guess Mark, just wanted to on slide 9 and the capital waterfall. I guess we are all thinking about what buybacks can do in the second half of this year. So if you don't mind, one, the RWA sort of Jack, the 32 basis points, is that normal as we think about what the RWA consumption should look like? Just talk about that in the context of getting to a 13.1% CET1 by the end of the year? And how we can back into the pace of buybacks?

早安.我想馬克只是想在第 9 張投影片上介紹首都瀑布。我想我們都在思考回購在今年下半年能扮演什麼角色。因此，如果您不介意的話，首先，RWA 類型的 Jack，32 個基點，當我們考慮 RWA 消耗應該是什麼樣子時，這是否正常？只是在年底前達到 13.1% CET1 的背景下談論這一點嗎？我們如何才能重新回到回購的步伐？

Yeah. So I'd say a couple of things. So one, last quarter, we announced a $20 billion share repurchase program. And we continue to feel good about that program, as you would expect. And so we increased our buybacks this year, or this quarter, I should say, to the $1.750 billion seeing the strength of the performance that was playing out through the quarter.

是的。所以我想說幾件事。首先，上個季度，我們宣布了一項 200 億美元的股票回購計畫。正如您所期望的，我們繼續對該計劃感到滿意。因此，鑑於本季業績表現強勁，我們今年（或應該說是本季）增加了回購金額，至 17.5 億美元。

And so those are both, I think, indications of our continued commitment to returning capital to the shareholders. We're clear on where we're trading. And we're clear that that is a smart thing to do once we've funded demand from a client point of view across our businesses that's accretive to returns.

因此，我認為，這兩者都表明我們將繼續致力於向股東返還資本。我們清楚自己在哪裡進行交易。我們很清楚，一旦我們從客戶的角度滿足了我們業務中的需求，這就會是一件明智之舉，從而增加回報。

And so the RWA consumption is tied to that demand that we see. We think we've seen good client demand across the platform that's helped to drive the top line momentum that you see in each and every one of our businesses that's helped to drive the improved returns that you see in the quarter in each and every one9 of our businesses.

因此，RWA 消費與我們看到的需求有關。我們認為，我們已經看到整個平台上的良好客戶需求，這有助於推動我們每項業務的營收成長勢頭，這有助於推動我們每一項業務在本季度的回報率提高。

And as we see that demand, again, accretive in returns, we'll be looking to meet that as a first priority. We are targeting the 13.1% by the end of the year. But as you know, we'll get a new stress capital buffer in June on the heels of the DFAST, CCAR work that's just been submitted.

當我們看到這種需求再次帶來回報增加時，我們將把滿足這項需求當作首要任務。我們的目標是到今年年底達到 13.1%。但如您所知，在剛提交的 DFAST、CCAR 工作之後，我們將在 6 月獲得新的壓力資本緩衝。

And we'll have to see what that tells us. That's hard to forecast as you well know. And so based on what that tells us will inform that downward trajectory, but that is what we're focused on. The combination of funding growth that's accretive to returns and returning capital to shareholders in a way that's consistent with that repurchase program.

我們必須看看這能告訴我們什麼。正如你們所知，這很難預測。因此，根據這些訊息，我們可以了解下行軌跡，但這正是我們關注的重點。以符合回購計畫的方式，為增加回報而提供的資金成長和向股東返還資本相結合。

Understood. And I guess you mentioned, I think, in your prepared remarks, the reserves on the card book went up to 8.2%. Remind us, I mean, I think -- and the genesis of both questions is I think there's a fragility to your RoTCE guidance for next year that I think makes investors nervous.

明白了。我想您在準備好的發言中提到過，信用卡儲備金上升到了 8.2%。提醒我們，我的意思是，我認為——這兩個問題的起源是，我認為您對明年的 RoTCE 指導存在脆弱性，我認為這會讓投資者感到緊張。

And I'm just trying to get to the pieces around buybacks? And then in terms of credit, like how -- what's it baking in around the unemployment rate? What would cause you to ratchet up provisioning in the near term? What kind of an empty job market deterioration do we need to see for the credit outlook to deteriorate fast and materially? Thanks.

我只是想了解回購的事情？那麼就信貸而言，例如，失業率受到什麼影響？什麼因素會導致您在短期內加大撥備力道？我們需要看到什麼樣的就業市場惡化才能導致信貸前景快速且實質惡化？謝謝。

Yes. Let me take that in a couple of different pieces. So the first thing I'd say is that as I look at our credit exposure and I look at the consumer, the consumer continues to be resilient and discerning in their spend. And in fact, we did see spend hold up in the quarter, and we saw a spend actually increase in our branded card portfolio up about 3%.

是的。讓我從幾個不同角度來談談這個問題。因此，我想說的第一件事是，當我觀察我們的信貸風險和消費者時，我發現消費者在支出方面仍然具有韌性和辨別力。事實上，我們確實看到本季支出有所維持，而且我們的品牌卡組合支出實際上增加了約 3%。

The consumer has -- we've seen a shift towards essentials and away from travel and entertainment. There's certainly a general performance that's consistent with what we've expected when we look at delinquencies, when we look at the loss rates that played to through the quarter. There are no surprises there as we think about that.

我們看到消費者的消費觀念從旅遊和娛樂轉向必需品。當我們查看拖欠情況、查看整個季度的損失率時，整體表現肯定與我們的預期一致。當我們思考這一點時，並沒有什麼奇怪的。

And April performing in line with that as well.

四月的表現也與此一致。

Thank you. Yes. And April has been consistent with that. As we think about reserves, we ended the quarter at about $23 billion of reserves across the entire business. That's about 2.7% reserve-to-loan ratio. When I look at the drivers of that, as you know, when we establish -- when we do our analysis on a quarterly basis, we have three scenarios that we run, a host of other stress scenarios.

謝謝。是的。四月也一直堅持這一點。當我們考慮儲備金時，本季末我們整個業務的儲備金約為 230 億美元。這大約是2.7%的準備金與貸款比率。當我研究其驅動因素時，正如你所知，當我們建立時——當我們按季度進行分析時，我們會運行三種情景，以及許多其他壓力情景。

But both those that inform the CCAR analysis, there are three scenarios. The base case scenario; there's a downside scenario; and there's an upside scenario. And as we looked at the macroeconomic outlook and the key variables that go into those scenarios, we assumed a deterioration in that macro-outlook. And we increased the probability or the weighting towards the downside scenario in light of what we're seeing in the macro environment.

但無論是 CCAR 分析的結果，都有三種情況。基本情況；存在不利的情況；並且還有好的前景。當我們觀察宏觀經濟前景和影響這些情境的關鍵變數時，我們假設宏觀前景會惡化。根據我們所看到的宏觀環境，我們增加了下行情境的機率或權重。

When you look through to some of the key variables, one of the variables you referenced, unemployment, the average unemployment rate was 5.1% across those three scenarios. The unemployment rate and the downside scenario, the average was 6.7% across those eight quarters. And so we've assumed some pretty meaningful shifts in unemployment, particularly on that downside, in our analysis that informed the increase in our ACL reserves that's referenced in the in the debt. And that increase was offset a bit by the sequential reduction in volumes that is somewhat seasonal.

當你查看一些關鍵變數時，你提到的變數之一就是失業率，這三種情境的平均失業率為 5.1%。失業率和不利情境下，這八個季度的平均值為 6.7%。因此，我們在分析中假設失業率會出現一些相當有意義的變化，特別是在這一不利方面，這導致了債務中提到的 ACL 儲備金的增加。但這一增長被季節性的連續銷售下降所抵消。

So hopefully that helps. I feel -- we feel good about those reserves based on what we know and our current view of the macroeconomic environment. And we'll obviously do that on a quarterly basis as things continue to evolve.

希望這能有所幫助。我認為——根據我們所了解的情況以及我們對宏觀經濟環境的當前看法，我們對這些儲備感到滿意。隨著事態的不斷發展，我們顯然每季都會進行一次這樣的活動。

Thanks for walking through that. Thank you.

感謝您的指導。謝謝。

John McDonald, Truist Securities.

約翰·麥克唐納（John McDonald），Truist Securities。

Thank you. Hi Mark. I wanted to ask you about capital optimization levers that you have to. You've done made some good progress in RWA mitigation. Is there still some room to go there? And then also, could you maybe increase the pace of DTA utilization to reduce the TCE density in a way to help the ROTCE goal?

謝謝。你好，馬克。我想問一下您必須使用的資本優化槓桿。您在 RWA 緩解方面確實取得了一些進展。那裡還有空間嗎？然後，您是否可以加快 DTA 利用率以降低 TCE 密度，從而幫助實現 ROTCE 目標？

Yeah, sure. So look, we're always looking at opportunities to further optimize the use of capital and markets we've talked about last year, a lot about the revenue to RWA as a tool that we've been using there. That's continued to increase that metric and ratio.

是的，當然。所以，我們一直在尋找機會進一步優化我們去年討論過的資本和市場的使用，很多關於 RWA 收入作為我們一直在使用的工具。這將繼續增加該指標和比率。

We continue to look at, are we optimizing balance sheet and getting the broader revenue streams we'd expect from our client base when we do our corporate lending work. And some of that is showing up in how we've now introduced the revenue sharing as a tool to ensure we're capturing broader revenues from clients when we are using balance sheet.

我們繼續關注，在開展企業貸款工作時，我們是否正在優化資產負債表並從客戶群中獲得我們期望的更廣泛的收入來源。其中一些體現在我們現在如何引入收入分享作為一種工具，以確保我們在使用資產負債表時從客戶那裡獲得更廣泛的收入。

So we're constantly working through this and identifying opportunities to ensure we're getting the highest return on that. In fact, if you look at some -- as you look through the material we provided, you'll see that in light of the improvement, we've seen across all of our businesses last year as well as our forecast for growth this year. There, in fact, is a shift in the TCE. And so the allocated TCE has gone down for many of these businesses because they have shown good PPNR growth, good profitability.

因此，我們不斷努力解決這個問題並尋找機會以確保獲得最高的回報。事實上，如果你看一下我們提供的材料，你就會發現，鑑於去年我們所有業務的改善以及我們對今年成長的預測。事實上，傳統文化表現 (TCE) 發生了轉變。因此，許多企業分配的 TCE 有所下降，因為它們表現出了良好的 PPNR 成長和獲利能力。

And so as we stress test it internally, the stress losses with the businesses have, in fact, come down. Now obviously, we're -- we have to adhere to the regulator stress test. And so that shifted from the businesses into corporate other. But it is a positive sign as we think about how the stress capital buffer might evolve and as we exit different parts of the franchise, the underlying segments are already showing that improvement that would suggest lower levels of stress losses.

因此，當我們進行內部壓力測試時，企業的壓力損失實際上已經下降了。現在顯然，我們必須遵守監管機構的壓力測試。因此，業務範圍從企業轉向了其他企業。但這是一個積極的信號，因為我們思考壓力資本緩衝將如何演變，當我們退出特許經營的不同部分時，基礎部分已經顯示出改善，這表明壓力損失水平較低。

And so that's another important point that we diligently manage even if we can't control the impact on the top -- at the top of the house. Your point around DTA, we continue to focus on bringing the DTA down. As you know, that is largely driven by our ability to generate more US income, which we're also very focused on. We did see a pickup this quarter, which is really just a timing difference pickup.

因此，這是另一個重要點，即使我們無法控制對房屋頂部的影響，我們也會努力管理。關於您提到的 DTA，我們將繼續致力於降低 DTA。如您所知，這很大程度上取決於我們創造更多美國收入的能力，這也是我們非常關注的。本季我們確實看到了回升，但這實際上只是時間差異的回升。

It happens in the first quarter of every year. It is tied to deferred compensation and loan loss reserves as timing difference DTA. And as we earn more income through the balance of the year and obviously create income tax liability, it will utilize that increase we saw or offset that increase we saw in the first quarter here. We are targeting bringing that down in '25 and in '26 in order to contribute to optimizing capital.

它發生在每年的第一季。它與遞延補償和貸款損失準備金掛鉤，屬於時間差異DTA。隨著我們透過全年餘額獲得更多收入並顯然產生所得稅負債，它將利用我們看到的成長或抵消我們在第一季看到的成長。我們的目標是在 25 年和 26 年降低這一數字，以優化資本。

Thanks, Mark. I wanted to ask Jane about the Banamex IPO planning. Just an update on where that stands, assuming that market conditions create some risk to the timing. Is it fair to say that there were pros and cons from the shareholder perspective to holding on to that business longer given that it's a profitable entity?

謝謝，馬克。我想向 Jane 詢問 Banamex 的 IPO 計劃。假設市場條件對時機產生一定風險，那麼這只是現狀的更新。考慮到該企業是個獲利實體，從股東角度來說，繼續持有該企業有利有弊，這樣說公平嗎？

Look, first of all, we continue to be on track with the preparation for the IPO, John. I was just down in mixed last week. And the team is fully focused on driving Banamex's business performance. I was very pleased to see improvements and not the underlying drivers of their performance when is down there.

首先，我們將繼續按計劃進行 IPO 的準備工作，約翰。我上週剛陷入困境。該團隊全力致力於推動 Banamex 的業務表現。我很高興看到他們的表​​現有所改善，但問題並不在於其表現的根本驅動因素。

And they're also focused on getting the work done to be able to go public, things like the prepared audited financial statements for filling the various regulatory requirements. As we told them, we want to see the business performance improving and we want to make sure that we are doing everything in our control to be in a position to IPO by the year-end.

他們也專注於完成上市所需的工作，例如準備經審計的財務報表以滿足各種監管要求。正如我們告訴他們的那樣，我們希望看到業務績效的改善，我們希望確保我們盡一切努力在年底前實現 IPO。

And to the second part of your question, we will always look at what we believe to be in the main interest of our shareholders. We believe that the best interest of our shareholders is to be able to IPO this business. We think that is the right thing. It fits with Citi's strategy for all the reasons we've talked about in the past. We're the best owner of the corporate franchise we have there. We are not the best owner of a domestic bank.

對於您問題的第二部分，我們將始終關注我們認為最符合股東利益的事情。我們相信，股東的最大利益就是能夠讓這項業務首次公開發行 (IPO)。我們認為這是正確的事。正如我們過去討論過的所有原因一樣，它符合花旗的戰略。我們是當地最好的企業特許經營權所有者。我們並不是國內銀行的最佳所有者。

So the timing of when the IPO will be driven by market conditions? It will be driven by the timing of regulatory approvals. So that could move that from '25 into '26. And we will always be guided by what we think will maximize value for our shareholders.

那麼 IPO 的具體時間將由市場狀況決定嗎？這將取決於監管部門批准的時間。因此這可能會從 25 年推遲到 26 年。我們將始終以股東價值最大化為指導。

Great. Thanks, Jane.

偉大的。謝謝，簡。

Ken Houston, Autonomous Research.

肯‧休斯頓，自主研究。

Thanks. Good morning. I wanted to follow up on the points you made about the consumer hanging in there through April. And Mark, you mentioned that there could be more uncertainty as we get later. But I believe you're still intact with your charge-off guide for the year.

謝謝。早安.我想跟進一下您關於四月份消費者持幣觀望的觀點。馬克，您提到，隨著時間的推移，可能會出現更多的不確定性。但我相信您今年的沖銷指南仍然完好無損。

I think just noticing Retail Services was, I think, expectedly higher than the high end at [643]. Can you just remind us again how you're expecting the cadence of credit card losses to trajectory for both branded cards and retail services as you go forward? Thanks.

我認為零售服務的價格預期比高端價格高[643]。您能否再次提醒我們，您預期未來品牌卡和零售服務的信用卡損失節奏將如何改變？謝謝。

Sure. Again, we do obviously feel that we are well reserved here. We did expect to see a pickup in the first half of the year before trending down in the back half of the year. And so that's kind of the cadence that we'd expect between now and the year -- and the end of the year. The first half is usually seasonally higher than the back half of the year, and you see that in retail services.

當然。再次，我們確實明顯感覺到我們在這裡得到了很好的保留。我們確實預期今年上半年會回升，下半年則會呈現下降趨勢。這就是我們預期從現在到今年年底的節奏。上半年的季節性特徵通常高於下半年，零售服務業就是一個典型例子。

I would also point out that and you can see it in the deck and the -- I think it's the second page of the appendix but also in the supplement, you are starting to see that delinquency buckets. We show the 90-day-plus delinquency bucket starting to trend down in retail services. That is also an important indicator in terms of how we look at the expected losses, if you will, in the go forward. And so that seasonality as well as that trend is a good sign.

我還要指出的是，您可以在簡報中看到它 - 我認為它是附錄的第二頁，但也在補充資料中，您開始看到拖欠桶。我們發現，零售服務中 90 天以上的拖欠率開始呈現下降趨勢。如果你願意的話，這也是我們如何看待未來預期損失的重要指標。因此，季節性以及趨勢是一個好兆頭。

We've also -- I think one of the pieces (inaudible) and the team have done a good job with is they've been proactive and tightening risk and acquisitions and existing programs in the last couple of years. And I think that also puts us into another reason where we feel in a good position as we head into whatever lies ahead.

我們也——我認為（聽不清楚）團隊做得很好的一點是，他們在過去幾年裡一直積極主動，並收緊風險、收購和現有計劃。我認為這也是我們面對未來時感到處於良好位置的另一個原因。

Very good. And one just a follow-up on NII and your outlook. Did you make any changes to including card fee still in the NII guide? Is that now removed? Does that fill in there?

非常好。這只是對 NII 和您的展望的後續關注。您是否對 NII 指南中的卡費做了任何更改？現在刪除了嗎？那裡填了嗎？

I know there's a lot of puts and takes given the change in the forward curve, if you can help us understand which curve you're using and some of the balancing act there, that would be great. Thank you.

我知道，鑑於遠期曲線的變化，存在著許多看跌期權和看漲期權，如果您能幫助我們了解您正在使用的曲線以及其中的一些平衡行為，那就太好了。謝謝。

Yeah. So look, the late fee impact is for us is important. And we included it in the range that we had given. And we still feel good. We've now removed it, obviously, with the changes that have taken place. But we have not changed our range because there's obviously going to be puts and takes that occur.

是的。所以看，滯納金對我們影響很大。我們將其納入了我們給出的範圍內。我們仍然感覺良好。顯然，隨著變化的發生，我們現在已經將其刪除。但我們並沒有改變我們的範圍，因為顯然會發生看跌和看漲的情況。

It does have an impact on the retail services print that we have in the quarter and more importantly, the year-over-year that you see there of down 11% because as you know, we share profits with those partners. And so that down 11% that we see in the quarter is informed by last year where we had an assumption that the late fee rule was going to come into play and therefore, we had less profit to share with our partners versus this year first quarter where we've assumed it would not come into play and, therefore, have more profits to share with our partners.

它確實對我們本季的零售服務收入產生了影響，更重要的是，您會看到該收入同比下降了 11%，因為如您所知，我們與這些合作夥伴分享利潤。因此，我們在本季度看到的下降 11% 是由於去年我們假設滯納金規則將會生效，因此，我們與合作夥伴分享的利潤較少，而今年第一季我們假設該規則不會生效，因此，我們與合作夥伴分享的利潤較多。

And so important to point that out on retail services, which jumps out in USPB, that it's unlikely that we see that downward percentage in the remaining quarters because it's really a byproduct of what we assumed last year versus this year on late fees.

需要指出的是，對於零售服務而言，這一點在 USPB 中尤為突出，我們不太可能在剩餘的季度中看到這一下降百分比，因為這實際上是我們對去年與今年滯納金假設的副產品。

In terms of the curve and the NII guidance we gave, we assumed two to three cuts. We're now assuming a fourth. But given the timing and that it would be back loaded in the year, it doesn't have a significant impact on the NII guidance that we've given, the 2% to 3% ex markets.

就我們給出的曲線和 NII 指導而言，我們假設削減兩到三次。我們現在假設有第四個。但考慮到時機以及年內會再次加載，它不會對我們給出的 NII 指導（即 2% 至 3% 的市場前值）產生重大影響。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi. Good morning. Two questions. Just first on the buyback, I noticed, you came in at $1.75 billion, is that right this quarter?

你好。早安.兩個問題。首先關於回購，我注意到，本季的回購金額為 17.5 億美元，對嗎？

Yeah.

是的。

And I know you indicated that you're looking to keep pace. And I'm wondering, does that mean at [$1.75 billion] or does that mean keep pace with the increased Q-on-Q, which was turn (inaudible) million. And so that little -- I know you're laughing up. Just trying to understand how you think about that, given, what we discussed last quarter, which is you have so much opportunity here for buyback and the accretion is so powerful, so.

我知道您表示您希望跟上步伐。我想知道，這是否意味著達到 [17.5 億美元] 還是意味著與上一季的成長保持同步，即 (聽不清楚) 百萬。所以那一點點——我知道你在笑。只是想了解您對此的看法，考慮到我們上個季度討論的內容，您在這裡有很多回購機會，而且增值非常強大，所以。

Sure. So look, we're targeting a similar level. As you know, we've been working to bring the CET1 down. We brought it down 20 basis points this quarter. We're still focused on bringing it down to 13.1%.

當然。所以你看，我們的目標是相似的水平。如您所知，我們一直在努力降低 CET1。本季我們將其降低了 20 個基點。我們仍致力於將其降至 13.1%。

There is uncertainty. The uncertainty is multifaceted. And to some extent, you think about the uncertainty with the SCB. We'll hopefully get some clarity on that as we often do in the summer, and that will inform the pace at which we bring that down.

存在不確定性。不確定性是多方面的。在某種程度上，您會考慮 SCB 的不確定性。我們希望能夠像夏天經常做的那樣，對這個問題進行一些澄清，這將決定我們降低這一水平的速度。

And then there's the broader market uncertainty. And we want to obviously be there to support clients and the demand that may come on the heels of that. And so this quarter, like I said, similar level of share repurchases, $20 billion program that we will continue to work through. SCB clarity soon, hopefully, favorable clarity. And we're steadfast focused on it. Jane, I don't know if you want to add anything to that?

然後還有更廣泛的市場不確定性。我們顯然希望為客戶提供支援並滿足隨之而來的需求。因此，正如我所說，本季我們將進行類似水準的股票回購，並繼續執行 200 億美元的計畫。SCB 很快就會澄清，希望是有利的澄清。我們堅定不移地專注於此。簡，我不知道你是否想補充一點？

We like giving shares back in, buying them back and giving capital back to our shareholders. So it's a priority for us and will continue to be.

我們喜歡返還股票、回購股票並將資本返還給我們的股東。所以這是我們的首要任務，並將繼續如此。

Okay. Excellent. And then, Jane, just separately, on slide 2, you identify the main priorities for '25 and '26, many of which we've talked about here this call. I just wanted to understand from your perspective on the transformation, how far along do you feel you are in the modernizing your infrastructure?

好的。出色的。然後，簡，在第 2 張投影片上，你分別指出了 25 年和 26 年的主要優先事項，其中許多我們在這次電話會議上已經討論過了。我只是想從您對轉型的看法來了解，您認為您的基礎設施現代化進展到了什麼程度？

And what kind of time frame do we have to go from here to check the box on that one, if you ever can check the box. And then separately on the commercial banking segment, if you could just give us some insights there, too.

我們需要什麼樣的時間框架才能從現在開始勾選該複選框，如果可以勾選該複選框的話。然後分別針對商業銀行領域，您是否也可以提供我們一些見解？

Okay. There's a lot in there. So as you remember, the transformation is a very large body of work. We're overhauling our infrastructure. We're reducing and modernizing our applications. We're simplifying our processes. And so we're addressing the different root causes of what helped us back thoroughly and once and for all.

好的。裡面有很多東西。所以正如你所記得的，轉型是一項非常龐大的工作。我們正在徹底改造我們的基礎設施。我們正在減少和現代化我們的應用程式。我們正在簡化流程。因此，我們正在解決幫助我們徹底、一勞永逸地恢復的不同根本原因。

And I feel good about the progress we've made. We're seeing more and more of the benefit into how we run the bank. As you know, we fell behind in data, particularly regarding reporting. We've taken action to get that into shape. And we're confident in how that's now progressing.

我對我們所取得的進展感到滿意。我們越來越看到銀行經營方式帶來的好處。如您所知，我們在數據方面落後了，特別是在報告方面。我們已採取行動來實現這一目標。我們對目前的進展充滿信心。

In many parts, the risk management compliance programs. We're already operating at or close to the target state. So our focus is now ensuring we're delivering the risk reductions and the outcomes in a sustainable way.

在許多部分，風險管理遵守計劃。我們的運作已經達到或接近目標狀態。因此，我們現在的重點是確保以可持續的方式降低風險並取得成果。

And I'm excited about the work we've been doing in making sure that our technology and our overall control environment is what we call modern and simple. We're simplifying and standardizing controls across common activities. We've put a lot more preventative and detective controls in place.

我對我們一直在做的工作感到非常興奮，以確保我們的技術和整體控制環境是我們所說的現代和簡單。我們正在簡化和標準化常見活動的控制。我們已採取更多預防和偵查控制措施。

We're upgrading others that weren't effective enough. We're driving automation. We're driving straight-through processing of our end-to-end processes across the bank. And you've heard us talk pretty consistently over the last couple of years about the work to make the technology infrastructure onto consolidating on to single platforms, retiring legacy applications.

我們正在升級那些不夠有效的方法。我們正在推動自動化。我們正在推動整個銀行端到端流程的直通式處理。在過去的幾年裡，您一定聽到我們一直在談論將技術基礎設施整合到單一平台上、淘汰遺留應用程式的工作。

So I'd say where we are as many of the efforts are now impacting how we run the bank better and more efficiently and in a much more controlled way. There's still work to do. And as you say, I'm not sure any bank finishes its modernization because the pace of innovation is there.

所以我想說，我們現在所做的許多努力正在影響我們如何更好、更有效率、更可控地經營銀行。仍有工作要做。正如您所說，我不確定是否有任何銀行能夠完成現代化，因為創新的步伐是存在的。

And we're still innovating and investing in supporting our businesses with new innovations in different areas, talk briefly about AI, a lot of work and services there, USPB and wealth. So there's a lot going on. I think you can tell I'm pretty excited about it. I'm pleased where we're headed and at the pace we're heading.

我們仍在創新和投資，透過不同領域的新創新來支持我們的業務，簡要地談論人工智慧、那裡的大量工作和服務、USPB 和財富。所以有很多事情發生。我想您可以看出我對此非常興奮。我對我們的前進方向和步伐感到滿意。

I forgot to do the commercial bank side. We can come back to it. Sorry, Betsy, I forgot to mention the commercial bank in my enthusiasm or modernization efforts. Look, I think we are positioned to be the go-to bank for commercial clients. So these are ones with cross-border needs.

我忘了做商業銀行那邊的事了。我們可以回過頭來討論這個問題。抱歉，貝琪，我忘了在我的熱情或現代化努力中提到商業銀行。看，我認為我們的定位是成為商業客戶的首選銀行。所以這些都是有跨國需求的。

We've got these unique capabilities that these -- particularly the born digital clients who are then going global very quickly. They can just sit on top of our existing capabilities in services. And we help them go global. Then we help them think about their IPO or M&A or financing opportunities and the banking wallet builds on top of it.

我們擁有這些獨特的能力——特別是針對那些正在迅速走向全球的數位化客戶。它們可以充分利用我們現有的服務能力。我們幫助他們走向全球。然後，我們幫助他們思考首次公開發行 (IPO) 或併購或融資機會，並在此基礎上建立銀行資金。

We've got quite a unique value proposition. I've been very pleased to see the growth we've been seeing in acquiring new companies, who will be the future major players as they grow in the global economies. And this is happening in many of the big bright spots around the world. It's in India. It's in Australia. It's happening in Japan. It's happening through Europe as well as in North America. So a lot of good future growth activities there, good returns.

我們有一個非常獨特的價值主張。我很高興看到我們在收購新公司方面取得的成長，這些新公司將成為未來全球經濟的主要參與者。這種情況正在世界各地的許多大亮點上發生。它在印度。它在澳大利亞。這件事正在日本發生。這種現像不僅發生在北美，也發生在歐洲。因此，那裡有很多良好的未來成長活動，良好的回報。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi, good afternoon. Just a follow-up question here on the buyback pacing. Your message has been pretty clear about the first half versus the second half. That said, with the stock at $65 versus tangible book at $90, I guess, are you just so scared from the volatility of the SCB result that that just must be hurdle before you can accelerate the buyback?

嗨，下午好。這裡只是關於回購節奏的後續問題。您關於上半場和下半場的對比訊息已經表達得非常清楚了。話雖如此，考慮到股價為 65 美元，而有形賬面價值為 90 美元，我想，您是否只是害怕 SCB 結果的波動，以至於在您加速回購之前必須將其作為障礙？

And Mark, perhaps if you could sort of dispel some of the notion that sometimes happens in some of these chats with buy siders about your inability to dividend from the bank sub to the holding company in order to increase your buybacks over the near term. If you could address that, too, that would be great.

馬克，也許您能解釋一下在與買方聊天時有時會出現的一些想法，即您無法從銀行子公司向控股公司派發股息，以便在短期內增加回購。如果您也能解決這個問題，那就太好了。

Yeah, sure. So look, we have accelerated the pace of buybacks. And I think this quarter is a good example where I had guided for $1.500 billion, and we kicked it up to $1.750 billion. And I think you should expect that as we see opportunities to continue to do that, then we're going to do it. And you should expect that given where we are trading relative to book value that we're constantly focused on those opportunities to take it up more than we had planned or more than expected.

是的，當然。所以看，我們已經加快了回購的腳步。我認為本季就是一個很好的例子，我之前預計的銷售額為 15 億美元，但我們將其提高到了 17.5 億美元。我認為你應該期待，當我們看到繼續這樣做的機會時，我們就會這樣做。而您應該預料到，考慮到我們的交易相對於帳面價值的情況，我們會不斷關注那些機會，以獲得比我們計劃或預期更多的收益。

Look, I think we are we have seen a lot of volatility in the SCB. And we're not the only ones. Other players in the industry have as well. I think we're encouraged by the dialogue that we're hearing, but there is still some risk to the SCB coming in different this year versus last year.

看，我認為我們已經看到渣打銀行出現了很多波動。而且我們並不是唯一的。該行業的其他參與者也這麼做了。我認為我們對所聽到的對話感到鼓舞，但今年的渣打銀行表現與去年相比仍然存在一些風險。

And I think I don't think we should lose -- we're not losing sight of that. So we'll get more clarity when the SCB comes. I think that will be important. We obviously are generating good earnings quarter after quarter, which obviously creates the capacity for us to do more here. And I think we've evidenced a willingness to do that.

我認為我們不應該失敗——我們並沒有忽視這一點。因此，當 SCB 到來時，我們會得到更清晰的答案。我認為這很重要。顯然，我們每個季度都在創造良好的收益，這顯然為我們在這裡做更多的事情創造了能力。我認為我們已經表現出了這樣做的意願。

I think the -- in terms of your other question with regard, your question implying whether there are any restrictions, we don't have any restrictions on the buyback. Like we would not we would not have announced a $20 billion buyback program if we didn't think we could execute the program in a reasonable amount of time.

我認為—關於您的另一個問題，您的問題暗示是否有任何限制，我們對回購沒有任何限制。如果我們認為無法在合理的時間內執行該計劃，我們就不會宣布 200 億美元的回購計劃。

And so obviously, we disclosed what we dividend out from the bank, and you can look at that. Over the last three years, we've dividend somewhere in the range of $0 to $5 billion in any given quarter. But again, there are no restrictions imposed by the FRB, which governs the parent on the ability to pay dividends and buy back stock.

顯然，我們披露了從銀行發放的股息，您可以看看。在過去三年中，我們每季的股息都在 0 億美元到 50 億美元之間。但同樣，聯準會並沒有施加任何限制，而是控制母公司支付股利和回購股票的能力。

In addition to that, we have multiple sources of funding, including loans to subsidiaries, which could be remitted as well as debt issuance programs as well as the earnings that are generated that put -- we are well positioned to do to execute on the program that we've described and to continue our desired pace of buybacks.

除此之外，我們還有多種資金來源，包括對子公司的貸款（可以匯回）、債務發行計劃以及產生的收益——我們完全有能力執行我們所描述的計劃，並繼續以我們期望的速度回購。

Got it. And just my second question. Mark, you mentioned the four cuts that's now embedded in your NII outlook, I'm guessing that's for the US. How should we think about how you're thinking of global rates. Obviously, it's a basket of countries and currencies that we have to think about. And if your top exposures are exposed to lower rates, how should we think about deposit spreads in services from here?

知道了。這是我的第二個問題。馬克，你提到了現在嵌入在 NII 展望中的四個削減，我猜這是針對美國的。我們應該如何思考您對全球利率的看法。顯然，我們必須考慮一籃子國家和貨幣。如果您的最大風險敞口面臨較低的利率，那麼我們應該如何看待服務中的存款利差？

I think I'd say -- I guess the easiest way to answer the question is to point to the IRE analysis that we show on a quarterly basis. And there are a lot of -- that's obviously a risk measure. There are a lot of limitations associated with taking it too deeply or taking it too literally.

我想我會說——我想回答這個問題最簡單的方法就是指出我們每季展示的 IRE 分析。還有很多——這顯然是一個風險衡量標準。太過深入或太字面化都會帶來許多限制。

But as you know, it is a view on how lower rates could impact Citi over a 12-month period. It assumes a static balance sheet, no growth, no change in composition or mix or changes in our hedging actions. And it is an instantaneous shock to the entire curve.

但正如您所知，這是一個關於低利率在未來 12 個月內對花旗銀行產生何種影響的觀點。它假設資產負債表處於靜態，沒有成長，沒有組成或組合的變化，也沒有對沖行動的變化。這對整個曲線來說是一個瞬間的衝擊。

With that said, we do break out the impact for US dollar versus non-US dollar. Remember, as you just referenced, there are over 60 currencies, but that asset sensitivity would suggest that with a -- in the fourth quarter with a 100 basis point move across the currencies that the non-US dollar impact would be $1 billion over a 12-month period.

話雖如此，我們確實列出了美元與非美元的影響。請記住，正如您剛才提到的，貨幣種類超過 60 種，但資產敏感性表明，如果第四季度貨幣之間出現 100 個基點的波動，那麼在 12 個月內對非美元的影響將達到 10 億美元。

And so that -- take that with a grain of salt, but that gives you some sense as to the sensitivity to rates, that would assume all of those currencies and rates in those countries moved at the same time across the curve. And we did nothing to actively manage or dynamically manage the balance sheet.

因此，對此持保留態度，但這可以讓您了解對利率的敏感性，這將假設這些國家的所有這些貨幣和利率同時在曲線上移動。我們沒有採取任何措施來積極管理或動態管理資產負債表。

Got it. Thanks.

知道了。謝謝。

Vivek Juneja, JPMorgan.

摩根大通的 Vivek Juneja。

Thanks for taking my question. A couple of them as follow ups to questions that have been asked. First one for you, Mark. The pay and doing buybacks of the dividending from the bank to the holding company that we just asked, how much are you willing to let your double leverage go up? Is there any sort of internal limits that you follow? What would be the implications of that from a funding cost standpoint.

感謝您回答我的問題。其中有幾個是對已提出的問題的後續回答。第一個是給你的，馬克。剛才我們問到銀行對控股公司的分紅的支付和回購，你願意讓你的雙倍槓桿上升到多少？您是否遵循任何內部限制？從融資成本的角度來看，這將會產生什麼影響？

Yeah. Look, we have internal limits. We are -- we have management action triggers internally. We're not anywhere close to those limits or triggers it's not something that I'm worried about as it relates to the buyback program that I have and/or the buybacks that we forecasted over the balance of the year.

是的。看，我們有內部限制。我們——我們內部有管理行動觸發器。我們還遠遠沒有接近這些限製或觸發因素，這不是我擔心的事情，因為它與我的回購計劃和/或我們預測的今年餘下的回購有關。

So Jane, sharing about all the turmoil and reading some new stories about mandates being shifted from US broker dealers to local players. Jane, are you concerned about that? Is that a a shift that's starting outside the US. And for big players like yourselves and others who are widespread globally, does this start to create stronger competitors or move some business away over time?

因此，簡分享了所有的動盪，並閱讀了一些關於授權從美國經紀交易商轉移到當地參與者的新故事。簡，你擔心這個嗎？這是美國以外開始出現的轉變嗎？對於像你們以及其他遍布全球的大公司來說，這是否會開始創造更強大的競爭對手，或者隨著時間的推移搶走一些業務？

No, it doesn't. We haven't seen any shifts of business away from us. And just remember the nature of our business. These are many of these markets around the world we've been in for over a century. We were the first bank in. Sometimes we're the only international banking.

不，不是這樣的。我們尚未發現任何業務轉移的跡象。請記住我們業務的性質。我們已經在世界各地的許多市場中經營了一個多世紀。我們是第一家進入該市場的銀行。有時我們是唯一的國際銀行。

And we truly have a unique footprint that we are everywhere, and we're able to connect everything everywhere. And there are other banks that have this. They have the scale. They don't have the depth of local capabilities. They don't have the risk management skills.

我們確實擁有獨特的足跡，我們無所不在，我們能夠連接任何地方的一切。其他銀行也有這種做法。他們有規模。他們不具備本地能力的深度。他們沒有風險管理技能。

You don't have all of these different elements that the clients need now. And they need in this type of environment where things are shifting around, it's very easy to move your supply chains around on our platform to ship on the mix of different businesses. You're doing different geographies you're in.

您還沒有客戶現在需要的所有這些不同元素。他們需要在這種瞬息萬變的環境中，在我們的平台上輕鬆移動您的供應鏈，以便為不同企業的組合提供運輸服務。您正在不同的地理位置開展工作。

And as I said, a lot of the work we do is very local. And we're at the cutting edge and leading edge in services, both in TTS, custody. In particular, our corporate bank has got very strong, deep relationships. We've got balance sheet strength. So you tend to see flights to quality in these environments. And when you're in the emerging markets, there is only one word for quality, and that's Citi.

正如我所說，我們所做的許多工作都是非常本地化的。我們在 TTS 和託管服務方面處於領先地位。特別是，我們的企業銀行已經建立了非常強大、深厚的關係。我們的資產負債表實力雄厚。因此，在這些環境中，您往往會看到品質的提升。當你身處新興市場時，只有一個詞可以代表質量，那就是花旗。

Okay. Thanks, Jane.

好的。謝謝，簡。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Mark, you touched on in your opening comments about the seasonal increase in trading-related assets. And then the growth was very strong. Was there any types of strategies that you guys employed? Because when you go back in other season periods, first quarter of prior years, we've not seen this kind of growth. So what led to this kind of success of growing your trading assets so well this quarter?

馬克，您在開場白中提到了交易相關資產的季節性增長。隨後成長非常強勁。你們採用了什麼策略嗎？因為當你回顧其他季節，前幾年的第一季度，我們還沒有看到這種成長。那麼，是什麼原因導致貴公司本季交易資產成長如此之好呢？

Yes. Again, it's the growth you've seen across the platform in both, fixed income as well as equities, and so, that equities growth obviously of 23%, strong performance in derivatives in prime and prime balance growth, tied to that, particularly with hedge funds and asset managers as they looked at regional reallocation, strong contribution there. And then, rates and currencies could increase client activity and portfolio trading. And then we saw a lot of good spread product momentum driven by, high higher client activity and and loan growth.

是的。再次，您在整個平台上看到的是固定收益和股票的增長，因此，股票增長顯然達到了 23%，主要衍生品和主要餘額增長表現強勁，與此相關，特別是對沖基金和資產管理公司在研究區域重新分配時，做出了巨大貢獻。然後，利率和貨幣可能會增加客戶活動和投資組合交易。然後，我們看到了許多良好的利差產品勢頭，這得益於較高的客戶活動和貸款成長。

And so, the nature of the activity, the structure of the products and what have you were all contributing factors there. Really strong performance across the across the business. And it obviously shows up in both the assets and the trading assets and the trading liabilities and the funding mechanisms associated with that.

因此，活動的性質、產品的結構等因素都是影響因素。整個業務的表現確實非常強勁。它顯然體現在資產、交易資產、交易負債以及與之相關的融資機制中。

Very good. And then as a quick follow-up, you guys gave us good details about the allocation of equity. I think it was slide 23. I was curious I noticed that you've lowered some -- the total equity doesn't change, of course, but you did lower the allocation of the equity for different lines like wealth and banking. What was the thinking behind lowering it in the first quarter relative to 2024?

非常好。然後作為快速的後續行動，你們向我們提供了有關股權分配的詳細資訊。我認為是第 23 張投影片。我很好奇，我注意到你降低了一些——當然，總股權沒有變化，但你確實降低了財富和銀行等不同領域的股權分配。相對於 2024 年，在第一季降低這一目標的背後有何考慮？

Yeah. So as you probably know, Gerard, we kind of look at this on an annual basis. It's a process that we run and -- we run it at the end of the year with an eye towards how we want to make adjustments in the year that's following.

是的。因此，傑拉德，您可能知道，我們每年都會審查這個問題。這是我們運行的一個過程——我們在年底運行它，並專注於如何在接下來的一年中做出調整。

As we looked at the performance of the business, overall, our five businesses have improved their PPNR and their profitability and therefore, improving their resiliency in stress scenarios and reducing their stress losses.

從業務表現來看，總體而言，我們的五項業務都提高了 PPNR 和盈利能力，從而提高了它們在壓力情境下的彈性並減少了壓力損失。

And so as we thought about that underlying strength that we saw as well as our forecast for what demand would be through 2025, those were important factors in that allocation or that attribution to the businesses for TCE.

因此，當我們思考我們所看到的潛在優勢以及對 2025 年需求的預測時，這些都是分配或歸因於 TCE 業務的重要因素。

So in a way, they're getting the benefit of that improved resiliency even before it shows up in our stressed capital buffer, right? And so each of the businesses -- we talked about markets is a great example. We've been talking about optimizing use of capital revenue to RWA and the improvement. All last year, we talked about that. And you see that showed up in their performance, but also showed up therefore, in the amount of TCE allocation that they have this year.

因此，從某種意義上說，甚至在這種增強的彈性體現在我們緊張的資本緩衝之前，他們就已經從中受益了，對嗎？因此，我們討論的每一個企業市場都是一個很好的例子。我們一直在討論如何優化資本收入對 RWA 的使用以及改進。去年全年我們都在談論這個問題。您會看到，這不僅體現在他們的業績上，也體現在他們今年的 TCE 分配數量上。

So hopefully, that helps. Obviously, regulatory capital hasn't changed at the at the -- in the aggregate, that's comprised of the RWA, GSIB, and stress capital buffers. But over time, we'd expect -- as we've talked about our strategy, we'd expect the exits to obviously continue to come off the balance sheet. And we'd expect our strategy and the resiliency of our PPNR and the steadiness of those earnings to ultimately show up in our stress capital book.

希望這能有所幫助。顯然，監管資本總體上沒有變化，它由 RWA、GSIB 和壓力資本緩衝組成。但隨著時間的推移，我們預計——正如我們討論過的策略，我們預計退出顯然會繼續從資產負債表中消失。我們預期我們的策略、PPNR 的彈性以及這些收益的穩定性最終會反映在我們的壓力資本帳簿中。

Great, appreciate the color as always. Thank you.

太棒了，一如既往地欣賞這種顏色。謝謝。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Hi. Just a follow-up on the expenses came in a bit lower than expected 1Q even ex the accounting change. What's your thought process for the rest of the year? Because I'm getting at is off in 1Q is the high-water mark. So if you trickle down a little bit from here, that would imply costs coming in a bit below what you're expecting. Can you just talk about the trajectory here? Thanks.

你好。即使不考慮會計變更，第一季的支出也比預期略低。您對今年剩餘時間的想法是什麼？因為我了解到第一季的情況是最高水位線。因此，如果從這裡開始稍微減少一點，那就意味著成本會略低於你的預期。你能在這裡簡單講一下軌跡嗎？謝謝。

Sure, so again, I gave, I kind of stuck to the guidance that we had given in January. So expense is $53 billion for the full year. We did come in, at $13.4 billion in the quarter. I kind of went through the puts and takes around that.

當然，我再次強調，我堅持我們在一月給予的指導。因此全年支出為 530 億美元。本季我們的營收確實達到了 134 億美元。我大概經歷過那件事的得失。

I'd expect probably a bit of a tick up in Q2 when I think about the things in front of us and some of the continued investment that we plan to make in transformation and some of the other things underneath that like data and reg reporting.

當我考慮到我們面臨的事情以及我們計劃在轉型方面進行的一些持續投資以及數據和註冊報告等其他事項時，我預計第二季度可能會有所增長。

And then I'd expect it to trend down so that we get to the target of the $53 billion that I referenced for the full year. And so likely see a tick up and then a trend down and landing the full year at the guidance here.

然後我預計它會呈下降趨勢，以便我們達到我提到的全年 530 億美元的目標。因此，可能會出現先上升後下降的趨勢，並最終使全年達到此處的指導水平。

Obviously if you know revenue moves -- I would say obviously if revenue moves in either direction. We'll adjust accordingly. If we have upside to revenue, you'd expect to see some of that variable in transaction cost move in that direction as well. And if we see pressure on revenues, we'll be focused on ensuring that we are, bringing our expenses down as well.

顯然，如果你知道收入變動——我想說，很明顯，如果收入朝任何一個方向變動。我們將做出相應調整。如果我們的收入有上升空間，您會看到交易成本中的一些變數也會朝這個方向發展。如果我們發現收入面臨壓力，我們就會集中精力確保降低支出。

Okay. And just any way to frame how much cost will go up from 1Q to 2Q based on what you're thinking now?

好的。根據您現在的想法，有什麼方法可以估算出從第一季到第二季成本會上漲多少嗎？

No, I'm not giving second quarter guidance kind of beyond what I've factored into the full year at this stage.

不，我給出的第二季指引不會超出我目前對全年的預期。

Okay, fair enough. All right. Thank you.

好吧，夠公平。好的。謝謝。

Thank you.

謝謝。

Saul Martinez, HSBC.

匯豐銀行的索爾·馬丁內斯。

Hi, thanks for taking my questions. Just following up on the expenses, your 2026 target of 10% to 11% RoTCE. I think you're targeting expenses being below $53 billion. Should we, I assume with the accounting change that should recalibrate to being below, call it 535 -- or $52.5 billion? Is that a fair assumption or conclusion from that.

你好，謝謝你回答我的問題。繼續討論費用問題，您 2026 年的目標是 RoTCE 達到 10% 至 11%。我認為您的目標支出是低於 530 億美元。我認為，根據會計準則的變更，我們應該將其重新調整到 535 億美元或 525 億美元以下嗎？這是一個合理的假設或結論嗎？

Sure. $52 6 billion, which is less than $53 billion. But yes, I mean it's a change in line item in terms of that association fee. And sure, I targeted 2026 as less than $53 billion. And with that $400 million sure you can deduct that from the $53 billion.

當然。 526億美元，少於530億美元。但是是的，我的意思是就協會費用而言，這是一個專案變更。當然，我的目標是 2026 年低於 530 億美元。有了這 4 億美元，你肯定可以從 530 億美元中扣除。

Got it. Just wanted to clarify that. And then I guess, secondly, on wealth management. The net new assets are pretty impressive then trend, $16.5 billion, I think, something like 11% of beginning period of client assets over the last couple of quarters. So it seems like Andy is really delivering there.

知道了。只是想澄清這一點。其次我想談財富管理。淨新資產比趨勢成長相當可觀，我認為是 165 億美元，約佔過去幾季客戶資產初期的 11%。看來安迪確實在履行職責。

Just anything in strength across the different products, but anything you want to highlight there as to what's driving that? And any comments just on the durability of that kind of momentum?

不同產品之間是否存在優勢，但您想強調的是推動這項優勢的因素是什麼？對於這種勢頭的持久性您有何評論？

Look, the strategy that Andy has laid out and talked about is working. We've got the franchise very focused around net new investment assets, bringing those in from the $5 trillion of assets that are off us with existing clients as well as new wealth that is being created and new clients that we're bringing to the franchise.

看，安迪制定和談論的策略正在發揮作用。我們的特許經營業務非常注重淨新投資資產，這些資產來自我們現有客戶的 5 兆美元資產，以及正在創造的新財富和我們為特許經營業務帶來的新客戶。

And so I'm very pleased as well with the caliber of the team that he has brought to bear here. We've got real horsepower and firepower in our investment capabilities. And he is also investing to improve client experience, a new relationship with Palantir here as well.

因此，我對他帶領的團隊的水平也非常滿意。我們的投資能力擁有真正的馬力和火力。他還投資改善客戶體驗，並與 Palantir 建立了新的關係。

And it's a team that's on the front foot. And in this environment, around the world, clients are really looking to us for advice because there are not many global wealth managers. They're looking to us for a global perspective, the capabilities we've got on the ground all around the globe and helping put them into a good position amidst the uncertainty. So we are a destination of choice right now. And we're taking full advantage of it. I don't see that changing. This is the strength of Citi, the strategy is working.

這是一支處於領先地位的球隊。在這種環境下，世界各地的客戶都真正地向我們尋求建議，因為全球財富管理機構並不多。他們希望我們擁有全球視野、具備全球實地能力，並能幫助他們在充滿不確定性的環境中佔據有利地位。因此我們現在是首選目的地。我們正在充分利用它。我不認為這種情況會改變。這就是花旗的優勢，這項策略正在發揮作用。

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

沒有其他問題了。現在我將把電話交給 Jenn Landis 做結束語。

Thank you all for joining us. We appreciate all the questions. Have a great afternoon.

感謝大家的參與。我們感謝大家提出的問題。祝您下午愉快。

This concludes the Citi's first-quarter 2025 earnings call. You may now disconnect.

花旗銀行 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。