花旗銀行 (C) 2025 Q4 法說會逐字稿

Hello, and welcome to Citi's Fourth Quarter 2025 Earnings Call. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session.

大家好，歡迎參加花旗集團2025年第四季財報電話會議。今天的電話會議將由花旗集團投資者關係主管 Jen Landis 主持。（操作人員須知）請各位在正式致詞結束後再提出問題，屆時我們將給予問答環節的說明。

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.

另外提醒大家，本次會議今天將進行錄影。如有任何異議，請立即斷開連接。蘭迪斯女士，你可以開始了。

Thank you, operator. Good morning, and thank you all for joining our fourth 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.

謝謝接線生。早安，感謝各位參加我們2025年第四季財報電話會議。今天與我一同出席的有我們的執行長簡·弗雷澤和財務長馬克·梅森。我想提醒各位，今天的簡報可在我們的網站 citigroup.com 下載，其中可能包含前瞻性陳述，這些陳述基於管理層目前的預期，但會受到不確定性和情況變化的影響。

Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings. And with that, I'll turn it over to Jane.

由於多種因素，包括我們在獲利資料和提交給美國證券交易委員會的文件中描述的因素，實際結果可能與這些聲明有重大差異。那麼，接下來就交給簡了。

Thank you, Jen, and good morning to everyone. This morning, we reported another strong quarter to close out what was a very good year of progress indeed. We got a tremendous amount accomplished in 2025, and I am proud of our team.

謝謝你，珍，大家早安。今天上午，我們公佈了另一個強勁的季度業績，為這的確是非常成功的一年畫上了圓滿的句號。我們在2025年取得了巨大的成就，我為我們的團隊感到驕傲。

That said, and we've always been clear about this, we are on a multiyear journey, and we remain focused on executing our strategy and transformation. And I'm excited to update you on our progress in greater detail and to outline the next phase of our journey at our Investor Day on May 7.

也就是說，我們一直都明確表示，這是一項多年計劃，我們將繼續專注於執行我們的策略和轉型。我很高興能在 5 月 7 日的投資者日上更詳細地向大家報告我們的進展，並概述我們下一階段的計劃。

In terms of the quarter, excluding the impact of a notable item, our adjusted EPS was $1.81, and our adjusted ROTCE was 7.7%. For the full year, our returns improved to 8.8%, a 180 basis point improvement after adjusting for Banamex and Russia, and adjusted net income surpassed $16 billion.

就本季而言，剔除一項重大專案的影響，我們調整後的每股盈餘為 1.81 美元，調整後的每股盈餘回報率為 7.7%。全年來看，我們的回報率提高到 8.8%，扣除 Banamex 和俄羅斯的影響後提高了 180 個基點，調整後的淨收入超過 160 億美元。

With adjusted revenues up 7%, we delivered positive operating leverage in every one of our five businesses as well as the firm overall for the second straight year. Each business had record revenues and improved their returns by between 250 and 800 basis points.

調整後的營收成長了 7%，我們連續第二年實現了五大業務部門以及整個公司的正向經營槓桿效應。每家企業都創下了收入紀錄，收益率提高了 250 到 800 個基點。

Services continued to deliver with revenues up 8% and an ROTCE of over 28% for the year. Fee revenue grew by 6% and cross-border transaction value by 10% as we deepen client relationships and support them across our global network. Securities Services assets under custody and administration grew 24% as a result of existing client growth and the onboarding of new client assets.

服務業務持續成長，全年營收成長 8%，ROTCE（每股盈餘回報率）超過 28%。隨著我們不斷加深與客戶的關係，並透過我們的全球網絡為他們提供支持，手續費收入增長了 6%，跨境交易額增長了 10%。由於現有客戶的成長和新客戶資產的加入，證券服務託管和管理的資產增加了 24%。

We continue to innovate to provide our clients with always-on cross-border multi-bank solutions. In 2025, we integrated Citi Token Services with 24/7 U.S. dollar clearing, launched in Hong Kong and Dublin and added euro as a transaction currency. We also expanded our industry-leading Citi Payments Express to 22 markets, and it processed 40% of TTS' payments during the fourth quarter.

我們不斷創新，為客戶提供全天候的跨境多銀行解決方案。2025年，我們將花旗代幣服務與全天候美元清算服務整合，並在香港和都柏林推出，同時增加了歐元作為交易貨幣。我們還將業界領先的 Citi Payments Express 擴展到了 22 個市場，並在第四季度處理了 TTS 40% 的支付。

In October, we began the journey to a unified custody infrastructure and enabling near real-time asset servicing by launching single event processing. All the investments we have made translated to growth and robust market share gains. Markets delivered record revenues, even surpassing our 2020 performance, combined with better capital efficiency, RoTCE increased to 11.6%.

10 月，我們啟動了單事件處理，開啟了建置統一託管基礎設施和實現近乎即時資產服務的旅程。我們所有的投資都轉化為成長和強勁的市場份額提升。市場帶來了創紀錄的收入，甚至超過了我們 2020 年的業績，再加上更好的資本效率，RoTCE 成長至 11.6%。

Fixed income was up 10% despite a challenging year for us in commodities. Equities revenues of $5.7 billion was also a record with an over 50% increase in prime balances as that business continues to gain share. Banking had a record year including the best quarter and year for M&A revenues in City's history as we gain share in our target sectors as well as in leverage finance and with sponsors, resulting in an 11.3% RoTCE.

儘管大宗商品市場今年面臨挑戰，但固定收益產品仍上漲了 10%。股票業務收入達到 57 億美元，創歷史新高，優質資產餘額成長超過 50%，該業務的市佔率持續成長。銀行業務創下歷史新高，併購收入也創下城市銀行歷史上最佳季度和年度業績，我們在目標行業、槓桿融資和與發起人合作方面均獲得了市場份額，最終實現了 11.3% 的 RoTCE。

Citi had a role in 15 out of the 25 largest investment banking transactions of the year and advised Boeing, Pfizer, Nippon Steel, Mars, Johnson & Johnson, Blackstone and TPG. This all drove a 30-basis-point year-over-year increase in our investment banking wallet share. Overall, revenues were up 32%, whilst keeping expenses flat, showing the discipline we are applying to this business.

花旗銀行參與了當年 25 筆最大投資銀行交易中的 15 筆，並為波音、輝瑞、日本製鐵、瑪氏、強生、黑石集團和 TPG 等公司提供諮詢服務。這一切推動了我們投資銀行業務份額年增 30 個基點。總體而言，收入成長了 32%，而支出保持不變，這表明我們對這項業務採取了嚴格的紀律。

Wealth delivered another year of strong performance in 2025, including 14% revenue growth, 8% organic NNIA growth and an RoTCE of over 12%. It's a direct result of the strategy we've executed over the past two years, attracting and retaining industry-leading talent and driving better operating efficiency that's allowed us to invest in key growth areas, and that includes notable partnerships with industry leaders such as BlackRock that have enhanced our open architecture platform and are elevating the client experience.

2025 年，財富管理業務又取得了強勁的業績，包括 14% 的收入成長、8% 的有機 NNIA 成長以及超過 12% 的 RoTCE。這是過去兩年我們執行策略的直接結果，我們吸引並留住了行業領先的人才，提高了營運效率，使我們能夠投資於關鍵成長領域，其中包括與貝萊德等行業領導者建立的顯著合作夥伴關係，這些合作夥伴關係增強了我們的開放式架構平台，並提升了客戶體驗。

The integration of the retail bank into wealth makes it easier to deepen share with existing clients and unifies our U.S. deposit franchise. USPB's returns more than doubled for the year, reaching mid-teens driven by continued product innovation, solid customer engagement and our high-quality card portfolio.

將零售銀行整合到財富管理業務中，可以更容易地加深與現有客戶的聯繫，並統一我們在美國的存款業務。USPB 的年收益翻了一番多，達到 15% 以上，這得益於持續的產品創新、穩固的客戶互動以及我們高品質的信用卡產品組合。

Branded Cards revenue grew 8%, driven by robust engagement from customers in spend, borrowing and new account acquisitions across our proprietary offerings and our American Airlines and Cosco partnerships.

品牌卡收入成長了 8%，這得益於客戶在我們自有產品以及與美國航空和中遠集團的合作中，在消費、借貸和新帳戶獲取方面的強勁參與。

While retail services showed some revenue softness, the business's returns remain solid. In terms of capital, we repurchased over $13 billion in common shares during the year, including $4.5 billion in the fourth quarter as part of our $20 billion plan.

儘管零售服務收入已疲軟，但該業務的回報依然穩健。在資本方面，我們今年回購了超過 130 億美元的普通股，其中包括第四季度回購的 45 億美元，這是我們 200 億美元計畫的一部分。

Increasing our dividend resulted in a total capital return of over $17.5 billion, the most since the pandemic. We ended the year with a CET1 ratio of 13.2%. And which is 160 basis points above our regulatory capital requirement. So we have ample capital to support our growth, and we will continue to return excess capital to our shareholders.

提高股息使我們的總資本回報超過 175 億美元，這是疫情爆發以來最高的回報。我們年底的CET1比率為13.2%。這比我們的監理資本要求高出 160 個基點。因此，我們擁有充足的資金來支持我們的成長，我們將繼續把多餘的資金回饋給股東。

We've reached some significant milestones in terms of our simplification as we near the end of our international divestitures. We signed an agreement to sell our consumer business in Poland, and we are receiving final approvals to sell our remaining operations in Russia.

隨著我們國際資產剝離接近尾聲，我們在簡化流程方面已經取得了一些重要的里程碑。我們已簽署協議出售我們在波蘭的消費者業務，並且正在獲得出售我們在俄羅斯剩餘業務的最終批准。

And just three months after announcing it, we closed the sale of a 25% stake of Banamex to one of Mexico's most prominent investors. We have made significant progress in terms of our transformation. Over 80% of our programs are now at or nearly at our target state.

宣布這一消息僅僅三個月後，我們就完成了將 Banamex 25% 的股份出售給墨西哥最傑出的投資者之一的交易。我們在轉型方面取得了顯著進展。超過 80% 的項目目前已達到或接近目標狀態。

And while there is more work to do, I'm very pleased with how far we've come, as evidenced by the OCC to remove all of Article 17 of the consent order in December. When combined with how we're deploying AI, this bank is being truly transformed in terms of its operational capabilities, its controls, and its tech infrastructure compared to five years ago.

雖然還有更多工作要做，但我對我們的進展感到非常滿意，OCC 在 12 月撤銷了同意令第 17 條的全部內容就證明了這一點。結合我們部署人工智慧的方式，與五年前相比，這家銀行在營運能力、控制和技術基礎設施方面正在發生真正的變革。

But we're also building AI into the processes that move money, manage risk and serve clients. Colleagues in 84 countries have now interacted with our proprietary tools over 21 million times, and we continue to see adoption increase. It's now above 70%.

但我們也正在將人工智慧融入資金流動、風險管理和客戶服務等流程中。來自 84 個國家的同事已經與我們的專有工具互動超過 2,100 萬次，而且我們看到採用率還在不斷提高。現在已超過70%。

With much of our transformation behind us, we are shifting our focus to how we can use AI tools and automation to further innovate, reengineer and simplify our processes beyond risk and controls to improve client experience whilst reducing expenses.

隨著我們大部分轉型工作的完成，我們將重點轉移到如何利用人工智慧工具和自動化技術，在風險和控制之外，進一步創新、重新設計和簡化我們的流程，以改善客戶體驗並降低成本。

We have started with just over 50 of the largest and most complex processes in the firm, ranging from KYC to loan underwriting. And we're moving with speed to systematically implement modern and efficient solutions. Turning to the macro. The global economy has powered through many shocks over the past few years, creating optimism and confidence that economic growth is poised to continue.

我們從公司中規模最大、最複雜的 50 多個流程入手，涵蓋了從 KYC 到貸款承銷等各個方面。我們正在加快步伐，系統性地實施現代化、高效的解決方案。接下來是巨集。過去幾年，全球經濟經歷了多次衝擊，這讓人對經濟成長的持續前景充滿信心和自信。

With inflation now at normal levels globally, almost every central bank is becoming more accommodating. And while the labor market in the U.S. has softened, capital investment remains strong, especially in tech. And it's the combination of that CapEx, the health of the consumer, the tax bill benefit from anticipated rate cuts, that should be enough to sustain growth.

鑑於目前全球通膨已恢復正常水平，幾乎所有中央銀行都在採取更寬鬆的貨幣政策。儘管美國勞動市場有所疲軟，但資本投資依然強勁，尤其是在科技領域。資本支出、消費者健康狀況、預期降息帶來的稅收優惠等因素的綜合作用，應該足以維持經濟成長。

China is relying on exports to grow and compensate for slower domestic consumer demand, and Europe has taken some steps to accelerate its [ anemic ] growth, and we're hopeful but Germany can create a meaningful stimulus. We have shown that our strategy can deliver results in different environments.

中國依靠出口來成長，以彌補國內消費需求放緩，歐洲也採取了一些措施來加速其疲軟的成長，我們對此抱持希望，但德國可以創造有意義的刺激措施。我們已經證明，我們的策略在不同的環境下都能取得成效。

Our corporate clients are in great financial shape and, as you know, are predominantly investment grade in terms of credit quality. We are very well positioned to continue to help them navigate (technical difficulty) whether through our balance sheet or expertise developed from being on the ground in almost 100 countries. So, we enter 2026 with visible momentum across the firm.

我們的企業客戶財務狀況良好，而且，如您所知，他們的信用品質大多達到投資等級。我們完全有能力繼續幫助他們應對（技術難題），無論是透過我們的資產負債表，還是透過我們在近 100 個國家/地區累積的專業知識。因此，我們帶著公司整體明顯的成長動能進入了 2026 年。

You see it quarter after quarter in the business performance, the improvement in our risk and control environment, the investments in innovation, our ability to attract top talent and the pace of capital return. As I told our people boarded town hall in December, this was the year we changed the conversation around Citi. We are now decidedly on the front foot.

從業務表現、風險和控制環境的改善、創新投資、吸引頂尖人才的能力以及資本回報速度等方面，每個季度都能看到這一點。正如我在 12 月市政廳會議上告訴大家的那樣，今年我們改變了人們對花旗銀行的看法。我們現在明顯地佔據了主動權。

But we aren't taking any victory laps. We are intensely focused on completing our transformation and maintaining our trajectory to deliver the 10% to 11% RoTCE we have spoken to you about as well as another year of positive operating leverage. Those are our top priorities for this year.

但我們不會慶祝勝利。我們正全力以赴完成轉型，並保持既定目標，以實現我們之前與您談論的 10% 至 11% 的 RoTCE，以及​​再一年的積極經營槓桿。這些都是我們今年的首要任務。

And we are really looking forward to hosting you for Investor Day, where we will lay out how we will take our strategy forward and our path through improving our returns in a sustainable manner. As you'll see, we are just getting started in capturing the upside in front of us.

我們非常期待在投資者日當天接待各位，屆時我們將闡述我們將如何推進我們的策略，以及如何以可持續的方式提高我們的回報。正如你所看到的，我們才剛開始把握眼前的機會。

Now before I turn over to Mark, I want to say a few things about him. As you know, this is Mark's last as a CFO, and he has done a fantastic job for us as I know you would all agree. He helped guide the bank through the pandemic, provided continuity during my transition to CEO, and has driven a significant part of the remediation work for the consent orders.

在把麥克風交給馬克之前，我想先說幾句關於他的事。如你所知，這是馬克擔任財務長的最後一年，他為我們做出了卓越的貢獻，我相信你們都會同意這一點。他幫助銀行度過了疫情難關，在我過渡到執行長期間提供了業務連續性，並推動了同意令補救工作的大部分進展。

Through it all, he has been a level source of strength and wisdom. There are a few people responsible for where Citi stands today, especially in terms of its financial performance as Mark. And I wanted to take a moment to thank him, but all he has done for our firm. Gonzalo has big shoes to fill indeed.

一路走來，他始終是力量和智慧的泉源。花旗集團如今的地位，尤其是其財務業績，要歸功於少數幾個人，例如馬克。我想藉此機會感謝他，感謝他為我們公司所做的一切。岡薩洛確實面臨巨大的挑戰。

And with that, I will turn it over to Mark, and then we will both be happy to take your questions.

接下來，我將把發言權交給馬克，我們兩個都很樂意回答大家的問題。

Thanks, Jane, and good morning, everyone. I'm going to start with the firm-wide fourth quarter and full year financial results, focusing on year-over-year comparisons, unless I indicate otherwise, then review the performance of our businesses in greater detail, and close with our current expectations for 2026.

謝謝簡，大家早安。我將首先介紹公司整體第四季和全年的財務業績，重點是同比比較，除非另有說明，然後更詳細地回顧我們各項業務的業績，最後介紹我們對 2026 年的當前預期。

On Slide 7, we show financial results for the full firm. This quarter, we reported net income of $2.5 billion, EPS of $1.19 and an RoTCE of 5.1% or $19.9 billion of revenues, generating positive operating leverage for the majority of our five businesses.

第 7 張投影片展示了整個公司的財務表現。本季度，我們報告淨收入為 25 億美元，每股收益為 1.19 美元，總權益回報率為 5.1%，收入為 199 億美元，為我們五大業務中的大多數業務帶來了積極的經營槓桿效應。

On an adjusted basis, which excludes the notable item consisting of the impact of the held-for-sale accounting treatment of Citi's remaining operations in Russia, we reported net income of $3.6 billion, EPS of $1.81 and an RoTCE of 7.7%. Total revenues were up 2%, driven by growth in Banking, Services, USPB and Wealth, primarily offset by a decline in all other.

經調整後（不包括花旗集團在俄羅斯剩餘業務的持有待售會計處理的影響這一顯著項目），我們報告淨收入為 36 億美元，每股收益為 1.81 美元，總股東權益回報率為 7.7%。總收入成長 2%，主要得益於銀行、服務、USPB 和財富管理業務的成長，但其他所有業務的下降基本上抵消了這一增長。

Adjusted for the Russia notable item, revenues were up 8%. Net interest income, excluding markets, which you can see on the bottom left side of the slide, was also up 8%, driven by Services, USPB, legacy franchises, Wealth and Banking, partially offset by a decline in Corporate/Other. Noninterest revenues, excluding Markets, were down 17%.

剔除俄羅斯重大項目的影響，收入成長了 8%。（如幻燈片左下角所示）不包括市場收入的淨利息收入也增加了 8%，這主要得益於服務業、美國私人銀行、傳統特許經營業務、財富管理和銀行業務的增長，但部分被公司/其他業務的下降所抵消。不包括市場收入在內的非利息收入下降了 17%。

However, adjusted for the Russia notable item, noninterest revenues, excluding Markets, were up 23%, driven by better results in Banking and all Other, partially offset by declines in Services, USPB and Wealth. And total Markets revenues were down 1%. Expenses of $13.8 billion were up 6%, driven by increases in compensation and benefits, tax charges, legal expenses as well as technology, partially offset by productivity savings and lower deposit insurance expenses.

然而，若剔除俄羅斯的重大項目，非利息收入（不包括市場）成長了 23%，這主要得益於銀行業和其他所有業務的良好業績，但部分被服務業、美國公共事業委員會和財富管理業務的下滑所抵消。市場總收入下降了1%。支出達 138 億美元，成長 6%，主要原因是薪資福利、稅收、法律費用以及技術方面的成長，部分被生產力提高帶來的節省和存款保險費用的降低所抵消。

Cost of credit was $2.2 billion, primarily consisting of net credit losses in U.S. cards. And for the full year, we generated positive operating leverage for the firm in each of our five businesses with $14.3 billion of net income, up 13%, with an RoTCE of 7.7% on a reported basis.

信貸成本為 22 億美元，主要包括美國信用卡的淨信用損失。全年來看，我們在五大業務領域均實現了正向經營槓桿，淨收入達 143 億美元，成長 13%，以報告基準計算的 RoTCE 為 7.7%。

And adjusted for the Russia notable item this quarter as well as the goodwill impairment related to Banamex in the third quarter, we delivered $16.1 billion of net income, up 27% versus the prior year with an RoTCE of 8.8%. On Slide 8, we show the full year revenue trend by business from 2021 to 2025.

經調整本季俄羅斯重大項目以及第三季與 Banamex 相關的商譽減損後，我們實現了 161 億美元的淨收入，比上年增長 27%，RoTCE 為 8.8%。第 8 張投影片展示了 2021 年至 2025 年各業務的全年收入趨勢。

This year, we reported revenue of $85.2 billion, adjusted for the Russian notable item, and excluding divestiture-related impacts, revenues of $86.6 billion were up 7%, our strongest growth in over a decade. With each of our businesses achieving record revenues, 2025 demonstrates another year of our investments in the franchise, driving solid top line growth.

今年，我們公佈的收入為 852 億美元，扣除俄羅斯重大項目的影響後，收入為 866 億美元，增長了 7%，這是我們十多年來最強勁的增長。2025 年，我們旗下各業務均創下營收紀錄，這標誌著我們對特許經營權的投資又持續了一年，推動了營收的穩定成長。

And it's worth noting that since 2021, we have generated a compound annual revenue growth rate of 4% on a reported basis, 5% adjusted for the Russia notable item this year and excluding divestiture-related impacts, and 6% excluding legacy franchises, which has declined by over $2 billion over that period. On Slide 9, we show the full year expense trend from 2021 to 2025.

值得注意的是，自 2021 年以來，我們按報告基準計算的複合年收入增長率為 4%，經今年俄羅斯重大項目調整後為 5%，不計剝離相關影響，不計傳統特許經營權（該期間下降了超過 20 億美元），增長率為 6%。在第 9 張投影片中，我們展示了 2021 年至 2025 年的全年支出趨勢。

This year, we reported expenses of $55.1 billion. Excluding the Banamex goodwill impairment in the third quarter, expenses were $54.4 billion. The increase in reported expenses was driven by higher compensation and benefits, the Banamex goodwill impairment, technology and communication and transactional and product servicing expenses, partially offset by lower deposit insurance expenses and restructuring charges.

今年，我們報告的支出為 551 億美元。若不計入第三季 Banamex 商譽減損，支出為 544 億美元。報告費用的增加主要由更高的薪酬和福利、Banamex商譽減損、技術和通訊以及交易和產品服務費用所致，部分被較低的存款保險費用和重組費用所抵銷。

As you can see on the bottom right side of the slide, the increase in compensation and benefits was driven by performance-related compensation, higher severance, which totaled approximately $800 million for the year and investments in technology, with productivity and stranded cost reduction partially offsetting continued investments in the businesses.

正如您在幻燈片右下角所看到的，薪酬和福利的增長是由績效獎金、更高的遣散費（全年總額約為 8 億美元）以及技術投資推動的，而生產力提高和擱淺成本削減則部分抵消了對業務的持續投資。

And as you can see on the bottom left side of the slide, we have been reducing headcount, and we expect that trend to continue. As we take a step back and look at the trajectory of our expense base, over the past five years, we've invested significantly in the transformation and technology to modernize our infrastructure, simplify and automate our processes and enhance and streamline our data.

正如您在幻燈片左下角看到的，我們一直在減少員工人數，我們預計這種趨勢還會繼續。當我們回顧過去五年來的費用基礎發展軌跡時，我們會發現，我們在轉型和技術方面投入了大量資金，以實現基礎設施現代化、簡化和自動化流程以及增強和簡化數據。

At the same time, we've incurred restructuring and severance charges to simplify our organizational structure, and invested in the businesses to drive top line revenue growth in a disciplined way. We continue to see the benefits of these investments play through this year with continued productivity saves as well as revenue growth, both contributing to an improvement in our firm-wide efficiency ratio to 63% on an adjusted basis. On Slide 10, we show consumer and corporate credit metrics.

同時，我們支付了重組和遣散費以簡化組織結構，並對業務進行了投資，以有條不紊地推動營收成長。今年我們繼續看到這些投資帶來的益處，生產力持續提高，收入也持續成長，這兩方面都促使我們公司的整體效率比率經調整後提高到 63%。第 10 張投影片展示了消費者和企業信用指標。

As I mentioned, the firm's cost of credit was $2.2 billion, primarily consisting of net credit losses in U.S. cards. Our reserves continue to incorporate an eighth quarter weighted average unemployment rate of 5.2%, which includes a downside scenario average unemployment rate of nearly 7%. At the end of the quarter, we had over $21 billion in total reserves, with a reserve to funded loan ratio of 2.6%.

正如我之前提到的，該公司的信貸成本為 22 億美元，主要包括美國信用卡的淨信貸損失。我們的儲備金繼續包含第八季加權平均失業率為 5.2%，其中包括接近 7% 的下行情境平均失業率。截至季末，我們的總儲備金超過 210 億美元，儲備金與已撥付貸款比率為 2.6%。

We continue to maintain a high credit quality card portfolio with approximately 85% to consumers with FICO scores of 660 or higher and a reserve to funded loan ratio in our card portfolio of 7.7%. And it's worth noting that across our U.S. cards portfolios, delinquency and NCL rates continue to perform in line with our expectations.

我們繼續維持高信用品質的信用卡組合，其中約 85% 的信用卡面向 FICO 信用評分達到 660 分或以上的消費者，信用卡組合的儲備金與已發放貸款比率為 7.7%。值得注意的是，在我們所有的美國信用卡產品組合中，拖欠率和不良信用額度繼續符合我們的預期。

Looking at the right-hand side of the slide, you can see that our corporate exposure is primarily investment grade. And in the quarter, corporate nonaccrual loans as well as corporate net credit losses remained low. We feel good about the high-quality nature of our portfolios, which reflect our risk appetite framework and our focus on using the balance sheet in the context of the overall client relationship.

從投影片的右邊可以看出，我們的企業投資主要為投資等級。本季度，企業非應計貸款以及企業淨信貸損失均維持在較低水準。我們對投資組合的高品質感到滿意，這反映了我們的風險偏好框架以及我們專注於在整體客戶關係中使用資產負債表的做法。

Turning to capital and the balance sheet on Slide 11, where I will speak to sequential variances. Our $2.7 trillion balance sheet increased 1%, driven by growth in loans, partially offset by a decline in investments. Net end-of-period loans increased 3%, driven by growth in USPB and Markets.

接下來，我將在第 11 張投影片上討論資本和資產負債表，其中我將談到連續差異。我們的資產負債表規模為 2.7 兆美元，成長了 1%，主要得益於貸款成長，但部分被投資下降所抵銷。期末淨貸款成長 3%，主要得益於 USPB 和 Markets 的成長。

Our $1.4 trillion deposit base remains well diversified and increased 1%, driven by growth in Services, partially offset by a decline in Corporate other. We reported 115% average LCR and maintained over $1 trillion of available liquidity resources. We ended the quarter with a preliminary 13.2% standardized CET1 capital ratio, approximately 160 basis points above our 11.6% regulatory capital requirement, which reflects a 3.6% stress capital buffer.

我們1.4兆美元的存款基礎仍然保持著良好的多元化，成長了1%，這主要得益於服務業的成長，但部分被其他企業業務的下降所抵消。我們報告的平均流動性覆蓋率達到 115%，並維持了超過 1 兆美元的可用流動性資源。本季末，我們初步的標準化 CET1 資本適足率為 13.2%，比我們 11.6% 的監理資本要求高出約 160 個基點，這反映了 3.6% 的壓力資本緩衝。

As we've said in the past, we remain very focused on the efficient utilization of both standardized and advanced RWA while providing the businesses with the capital needed to pursue accretive returns. And we will continue to prioritize returning capital to shareholders through buybacks as evidenced by the $4.5 billion of buybacks in the fourth quarter, and over $13 billion for the year against our $20 billion buyback program.

正如我們過去所說，我們仍然非常注重有效利用標準化和先進的RWA，同時為企業提供追求增值回報所需的資金。我們將繼續優先透過股票回購向股東返還資本，正如第四季度45億美元的股票回購以及全年超過130億美元的回購額所證明的那樣，而我們的股票回購計劃總額為200億美元。

Turning to the businesses on Slide 12. We show the results for Services in the fourth quarter and full year. Reported revenues were up 15% and 8% adjusted for the Russia notable item, driven by growth across both TTS and security services. NII increased 18%, primarily driven by higher average deposit balances and deposit spreads.

接下來請看第 12 張投影片上的企業。我們展示了第四季度和全年的服務業務表現。報告顯示，營收成長了 15%，剔除俄羅斯重大項目的影響後成長了 8%，這主要得益於 TTS 和安全服務業務的成長。淨利息收入增加了 18%，主要原因是平均存款餘額和存款利差增加。

NIR increased 10% on a reported basis and declined 11% adjusted for the Russian notable item as higher lending revenue share outpaced total fee growth of 13%, which you can see on the bottom left side of the slide. We continue to see strong activity and engagement with corporate and commercial clients and momentum across underlying fee drivers.

按報告數據計算，淨利率增長了 10%，但剔除俄羅斯重大項目後下降了 11%，原因是貸款收入份額的增長超過了 13% 的總費用增長，您可以在幻燈片的左下角看到這一點。我們持續看到與企業和商業客戶的強勁互動和積極參與，以及各項基礎費用驅動因素的良好勢頭。

Cross-border transaction value increased 14%. U.S. dollar clearing volume increased 3% and assets under custody and administration increased 24%, which includes the impact of market valuation as we continue to deepen with existing clients and onboard new clients and assets.

跨境交易金額成長14%。美元清算量成長了 3%，託管和管理資產成長了 24%，其中包括市場估值的影響，因為我們將繼續深化與現有客戶的合作，並引入新的客戶和資產。

Expenses increased 9%, primarily driven by higher technology expenses, compensation and benefits as well as volume-related expenses. Average loans increased 10%, driven by continued demand for trade loans, in particular, export agency finance and working capital loans.

支出增加了 9%，主要原因是技術支出、薪資福利以及與銷售相關的支出增加。受貿易貸款（尤其是出口代理融資和營運資金貸款）持續需求的推動，平均貸款額增加了 10%。

Average deposits increased 11% with growth across both international and North America, largely driven by an increase in operating deposits. Services delivered net income of $2.2 billion, with an RoTCE of 36.1% in the quarter and 28.6% for the full year.

平均存款成長了 11%，國際和北美地區均實現成長，這主要得益於營運存款的增加。服務業務實現淨收入 22 億美元，季 RoTCE 為 36.1%，全年 RoTCE 為 28.6%。

Turning to Markets on Slide 13. Revenues were down 1% against the best fourth quarter in a decade last year. Fixed income revenues were down 1%, with rates and currencies flat and spread products and other fixed income down 1%. Equities revenues were also down 1% as growth in prime services with balances up more than 50%, which includes the impact of market valuation as well as derivatives was more than offset by a decline in cash against a strong prior year quarter.

第 13 頁，我們將討論市場。與去年同期創下十年來最佳業績的第四季相比，營收下降了1%。固定收益收入下降 1%，其中利率和貨幣收益持平，利差產品和其他固定收益下降 1%。股票收入也下降了 1%，儘管主要服務餘額增長超過 50%（包括市場估值和衍生性商品的影響），但現金較上年同期強勁增長有所下降，抵消了這一增長。

Expenses increased 14%, primarily driven by higher legal expenses, compensation and benefits, technology and volume-related expenses. Cost of credit was a benefit of $104 million, primarily consisting of a net ACL release resulting from a refinement of loss assumptions for certain portfolios in spread products. Average loans increased 25%, primarily driven by financing activity in spread products.

支出增加了 14%，主要原因是法律費用、薪資福利、技術費用和業務量相關費用增加。信貸成本為 1.04 億美元，主要包括因利差產品中某些投資組合的損失假設改善而導致的淨 ACL 釋放。平均貸款額成長了 25%，主要受利差產品的融資活動推動。

Markets delivered net income of $783 million with an RoTCE of 6.2% in the quarter and 11.6% for the full year. Turning to Banking on Slide 14. Revenues were up 78%, driven by growth in corporate lending and investment banking.

市場部門本季實現淨收入 7.83 億美元，RoTCE 為 6.2%，全年為 11.6%。請參閱第 14 頁投影片，以了解銀行業務。受企業貸款和投資銀行業務成長的推動，營收成長了 78%。

Investment banking fees increased 35%. M&A was up 84%, reflecting a record quarter that closed a record year with momentum across several sectors and continued share gain. ECM was up 19%, driven by investment-grade and leveraged finance debt, partially offset by lower participation in loans.

投資銀行手續費上漲了35%。併購交易成長了 84%，反映出一個創紀錄的季度，為創紀錄的一年畫上了圓滿的句號，多個行業都保持著強勁的成長勢頭，市場份額也持續上升。ECM上漲19%，主要受投資等級和槓桿融資債務的推動，但部分被貸款參與率下降所抵銷。

And while ECM was down 16%, driven by lower participation in follow-on, this was partially offset by a continuation of the IPO market recovery supported by favorable market conditions. Corporate lending revenues, excluding mark-to-market on loan hedges, increased significantly, driven by an increase in lending revenue share.

儘管受後續認購參與度降低的影響，ECM 下跌了 16%，但有利的市場環境支撐了 IPO 市場的持續復甦，部分抵消了影響。不包括貸款對沖的市值計價，企業貸款收入大幅成長，主要得益於貸款收入份額的增加。

Expenses increased 10%, driven by higher compensation and benefits, which includes recent investments we've made in the business. Cost of credit was $176 million, which included a net ACL build, driven by changes in portfolio composition, including credit quality and exposure growth. Banking generated positive operating leverage for the eighth consecutive quarter and delivered net income of $685 million with an RoTCE of 13.2% in the quarter and 11.3% for the full year.

支出增加了 10%，主要原因是薪資和福利增加，其中包括我們最近對業務的投資。信貸成本為 1.76 億美元，其中包括淨 ACL 增加，這是由於投資組合構成變化（包括信貸品質和風險敞口成長）所致。銀行業務連續第八個季度實現正向經營槓桿，淨收入達 6.85 億美元，季 RoTCE 為 13.2%，全年 RoTCE 為 11.3%。

Turning to Wealth on Slide 15. Revenues were up 7%, driven by growth in Citigold and the Private Bank, partially offset by a decline in wealth at work. NII, which you can see on the bottom left side of the slide, increased 12%, driven by higher deposit spreads and average balances, partially offset by lower mortgage spreads. NIR decreased 1%.

第 15 頁，我們將討論財富問題。營收成長 7%，主要得益於 Citigold 和私人銀行的成長，但部分被工作財富的下降所抵銷。您可以在幻燈片左下角看到，淨利息收入 (NII) 增加了 12%，這主要得益於存款利差和平均餘額的增加，但部分被抵押貸款利差的降低所抵消。近紅外光譜下降了1%。

Net new investment asset flows slowed to $7.2 billion in the quarter, consistent with typical seasonality, and we continue to see growth in client investment assets, which were up 14%, including the impact of market valuations with net new investment assets for the full year representing approximately 8% organic growth.

本季淨新增投資資產流入放緩至 72 億美元，符合典型的季節性規律，我們繼續看到客戶投資資產成長，成長了 14%，其中包括市場估值的影響，全年淨新增投資資產約佔 8% 的有機成長率。

Expenses increased 6%, primarily driven by investments in technology and volume and other revenue-related expenses. End-of-period client balances continued to grow, up 9%. Average loans were up 1% as we continue to grow security-based lending and deploy balance sheet to support clients with a focus on shareholder returns.

支出成長了 6%，主要原因是技術和銷售方面的投資以及其他與收入相關的支出。期末客戶餘額持續成長，成長了 9%。平均貸款額成長了 1%，我們繼續擴大以證券為基礎的貸款業務，並利用資產負債表為客戶提供支持，並專注於股東回報。

Average deposits were also up 1% as client transfers from USPB as well as net new deposits, were primarily offset by operating outflows and a shift from deposits to higher-yielding investments on Citi's platform. Wealth had a pretax margin of 21%, generated positive operating leverage for the seventh consecutive quarter and delivered net income of $338 million, with an RoTCE of 10.9% in the quarter and 12.1% for the full year.

平均存款也成長了 1%，因為客戶從 USPB 轉入的資金以及淨新增存款主要被營運資金流出以及從存款轉向花旗平台上收益更高的投資所抵消。財富管理業務稅前利潤率為 21%，連續第七個季度實現正經營槓桿，淨收入達 3.38 億美元，季度 RoTCE 為 10.9%，全年 RoTCE 為 12.1%。

Turning to U.S. Personal Banking on Slide 16. Revenues were up 3%, driven by growth in branded cards and retail banking, partially offset by a decline in retail services. Branded cards revenues increased 5%, driven by higher loan spreads, interest-earning balances, which were up 4% and gross interchange fees, largely offset by higher rewards costs as customer engagement remained robust with acquisitions up 20% and spend volume up 5%.

請參閱第 16 頁投影片，了解美國個人銀行業務。營收成長 3%，主要得益於品牌信用卡和零售銀行業務的成長，但零售服務業務的下滑部分抵銷了這一成長。品牌卡收入成長 5%，主要得益於貸款利差、利息收入餘額（成長 4%）和總交換費的增加，但大部分被更高的獎勵成本所抵消，因為客戶參與度依然強勁，獲客量增長 20%，消費額增長 5%。

Retail services revenues were down 7%, primarily driven by lower interest-earning balances and lower loan spreads. While growth has been impacted by foot traffic and sales at some of our partners, we continue to see strong returns across the retail services portfolio. And retail banking revenues increased 21%, driven by the impact of higher deposit spreads.

零售服務收入下降了 7%，主要原因是利息收入餘額減少和貸款利差降低。儘管部分合作夥伴的客流量和銷售額對成長造成了影響，但我們仍然看到零售服務組合的強勁回報。受存款利差擴大的影響，零售銀行業務收入成長了 21%。

Expenses increased 2%, driven by higher transactional and marketing expenses to support acquisitions and customer engagement, partially offset by a reduction in other expenses. Cost of credit was $1.7 billion, driven by net credit losses in cards. For the full year, net credit losses in each of our cards portfolios were at or below the low end of our guided ranges, with branded cards at 3.6% and retail services at 5.73%.

支出增加了 2%，主要原因是為支援客戶獲取和客戶互動而增加的交易和行銷支出，部分被其他支出的減少所抵消。信貸成本為 17 億美元，主要原因是信用卡淨損失。全年來看，我們各項信用卡組合的淨信用損失均達到或低於我們預期範圍的下限，其中品牌卡為 3.6%，零售服務為 5.73%。

Average deposits increased 2% as net new deposits were primarily offset by the client transfers to wealth that I mentioned earlier. USPB generated positive operating leverage for the 13th consecutive quarter and delivered net income of $845 million with an RoTCE of 14.3% in the quarter and 13.2% for the full year.

平均存款增加了 2%，因為新增淨存款主要被我前面提到的客戶財富轉移所抵銷。USPB連續第13季實現了正的營運槓桿，淨收入達8.45億美元，本季RoTCE為14.3%，全年為13.2%。

Turning to Slide 17. We show results for all Other on a managed basis, which includes Corporate/Other and legacy franchises and excludes divestiture-related items. Revenues declined across legacy franchises and Corporate/Other. The decline in legacy franchises was driven by the impact of the Russia notable item as well as the continued reduction of revenue from our exit and wind down markets, partially offset by growth in Mexico.

翻到第17張幻燈片。我們按管理方式顯示所有其他類別的結果，其中包括公司/其他和遺留特許經營權，但不包括與剝離相關的項目。傳統特許經營業務和公司/其他業務的收入均有所下降。傳統特許經營業務的下滑是由於俄羅斯重大項目的影響，以及我們退出和逐步關閉市場的收入持續減少所致，而墨西哥的成長部分抵消了這一影響。

The decline in Corporate/Other was driven by lower NII due to a lower benefit from cash and securities reinvestment, driven by actions taken over the last few quarters to reduce Citi's asset sensitivity in a declining interest rate environment. Expenses were down 6% with a decline in legacy franchises, partially offset by growth in Corporate other.

企業/其他業務的下降是由於現金和證券再投資收益減少，導致淨利息收入下降，而現金和證券再投資收益減少是由於過去幾季採取的措施，以降低花旗在利率下降環境下的資產敏感性。支出下降了 6%，其中傳統特許經營業務有所下降，但部分被公司其他業務的成長所抵消。

And cost of credit was $449 million primarily consisting of net credit losses of $341 million, driven by consumer loans in Mexico. Turning to our current expectations for 2026, starting with net interest income, excluding markets on Slide 19.

信貸成本為 4.49 億美元，主要包括 3.41 億美元的淨信貸損失，這主要是由於墨西哥的消費貸款造成的。接下來，我們來看看對 2026 年的預期，首先是淨利息收入，不包括第 19 頁幻燈片中的市場部分。

Following solid growth of nearly 6% in 2025, we expect NII ex Markets to be up between 5% and 6% in 2026. As you can see on 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 cards and wealth and deposit volumes in services and wealth.

繼 2025 年實現近 6% 的穩健成長之後，我們預計 2026 年除市場外的淨利息收入將成長 5% 至 6%。正如您在頁面左側所看到的，我們預計大部分成長將來自交易量和交易結構的成長，主要由信用卡和財富管理貸款量的成長以及服務和財富管理存款量的成長所驅動。

And we expect a continued benefit from our investment portfolio, including fixed rate securities and derivatives rolling into higher-yielding instruments, partially offset by declining U.S. and non-U.S. short-end rates. Overall, we expect the drivers of NII ex markets growth in 2026 to be consistent with those in 2025.

我們預期投資組合將持續帶來收益，包括固定利率證券和衍生性商品轉為收益較高的工具，但部分收益將被美國和非美國短期利率的下降所抵銷。總體而言，我們預計 2026 年 NII（不包括市場）成長的驅動因素將與 2025 年的驅動因素保持一致。

Turning to Slide 20. We show our outlook for operating efficiency and the drivers of our expense base in 2026. In terms of expenses, we will continue to invest in our businesses to support continued top line revenue growth and expect higher volume and other revenue-related expenses with capacity generated from productivity savings, from our prior investment, reduction of transformation expenses, continued reduction in stranded cost as well as a lower level of severance versus 2025.

翻到第20張投影片。我們展示了 2026 年營運效率展望以及支出基礎的驅動因素。在支出方面，我們將繼續投資於我們的業務，以支持持續的營收成長，並預計隨著生產力提高帶來的收益、先前的投資、轉型費用的減少、擱淺成本的持續減少以及與 2025 年相比更低的遣散費水平，銷售和其他與收入相關的支出將會增加。

We expect our disciplined expense management combined with top line revenue momentum will drive another year of positive operating leverage as we target an efficiency ratio of around 60% for the full year. On Slide 21, we show a summary of our expectations for 2026.

我們預計，嚴格的費用管理加上營收成長勢頭，將推動公司在新的一年裡繼續保持積極的經營槓桿作用，我們的目標是全年效率比率達到 60% 左右。在第 21 張投影片中，我們總結了我們對 2026 年的預期。

In addition to our outlook for NII ex markets and efficiency ratio, we expect continued fee momentum across the businesses to drive growth in NIR ex markets. In terms of credit, we expect card NCLs to remain within the ranges that we gave for 2025. We will continue to provide the businesses with the capital needed to pursue accretive returns while we optimize our standardized and advanced RWA and capital usage.

除了我們對 NII ex 市場和效率比率的展望之外，我們預計各業務的持續收費動能將推動 NIR ex 市場的成長。就信貸而言，我們預計信用卡淨信用額度將保持在我們為 2025 年給出的範圍內。我們將繼續為企業提供追求增值回報所需的資金，同時優化我們的標準化和先進的風險加權資產和資本使用。

And we will, of course, continue to buy back shares against our $20 billion buyback program. Now, before we take your questions, I want to say a few words as this is my last earnings call as the CFO of Citi. I've been with Citi for nearly 25 years, and I've been the CFO for the last seven.

當然，我們將繼續以200億美元的股票回購計畫回購股票。現在，在回答你們的問題之前，我想先說幾句，因為這是我作為花旗集團財務長的最後一次財報電話會議。我在花旗銀行工作了近 25 年，擔任財務長已有 7 年。

During my career here, I've seen Citi go through many different evolutions and faced some very challenging times. And I have shown up every day for the last 25 years wearing my one Citi Jersey, surrounded by colleagues who have the same mindset.

在我任職期間，我見證了花旗銀行經歷的許多不同變革，也面臨過一些非常具有挑戰性的時期。在過去的 25 年裡，我每天都穿著我的那件花旗球衣上班，身邊都是和我一樣想法的同事。

I've always believed that what sets Citi apart is the heart and determination that it takes to drive real change and deliver for all of our stakeholders: our clients, employees, regulators and of course, our shareholders and analysts. As I said in our 2022 Investor Day, it was a lot to do and there were no quick fixes, but we had a clear strategy to set the company up, to have a higher-quality earnings mix and higher sustainable returns.

我一直認為，花旗集團的獨特之處在於，它擁有推動真正變革並為所有利益相關者（包括我們的客戶、員工、監管機構，當然還有我們的股東和分析師）帶來價值的決心和毅力。正如我在 2022 年投資者日上所說，有很多事情要做，也沒有快速的解決辦法，但我們有一個明確的策略來建立公司，實現更高品質的收益組合和更高的可持續回報。

And to achieve these financial goals, we were going to do three things: first, invest in our businesses to grow our revenue; second, become more efficient by investing in the transformation and technology and simplifying our operating model; and third, manage our capital to drive improved returns.

為了實現這些財務目標，我們將做三件事：第一，投資我們的業務以增加收入；第二，透過投資轉型和技術以及簡化我們的營運模式來提高效率；第三，管理我們的資本以獲得更高的回報。

And while there is still a lot more work to be done, as I sit here today, I could not be prouder of the progress that we've made as a firm in terms of executing on our transformation and improving the performance of our firm and each of our five businesses.

雖然還有很多工作要做，但今天我坐在這裡，對公司在轉型執行和提升公司及旗下五大業務部門的業績方面所取得的進展感到無比自豪。

Since Jane took over, she has built a truly impressive team and one that I have been incredibly proud to be part of. I want to thank Jane, my colleagues and all 226,000 employees for the privilege of serving as your CFO over the last seven years. It has been the most exciting and rewarding time of my career and it has been an honor to be part of one of Citi's most significant chapters.

自從簡接手以來，她建立了一支非常優秀的團隊，我為自己能成為其中的一員而感到無比自豪。我要感謝 Jane、我的同事以及全體 226,000 名員工，感謝你們讓我有幸在過去七年中擔任你們的財務長。這是我職涯中最令人興奮、最有成就感的一段時期，能夠參與花旗集團最重要的篇章之一，我深感榮幸。

Looking ahead, I remain fully committed to supporting Jane, Gonzalo, and the broader leadership team as the firm continues its path towards achieving its RoTCE target of 10% to 11% this year and delivering higher returns over time.

展望未來，我將繼續全力支持 Jane、Gonzalo 和更廣泛的領導團隊，助力公司繼續朝著今年 10% 至 11% 的 RoTCE 目標邁進，並隨著時間的推移實現更高的回報。

So, I am leaving the role not at the peak for Citi, but on the upswing, with nothing but upside from here. And with that, Jane and I would be happy to take your questions.

因此，我離開花旗集團的時候，雖然不是在巔峰時期，而是在上升期，未來只有一片光明。那麼，我和簡很樂意回答你們的問題。

(Operator Instructions)

（操作說明）

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi. Thank you, and Mark, you're the best. You deserve to sit on the beach for a little while.

你好。謝謝你，馬克，你最棒了。你值得在沙灘上坐一會兒。

Thank you, Glenn. Good to not yet.

謝謝你，格倫。最好現在還沒到那一步。

Not yet. Not yet, but exhale at some point. Okay. I have a question in markets. And I feel like market is one of the big pieces of the puzzle to get to improved returns. So it could be just one quarter, but I see the flattish revenues in the quarter you talked about tough year-on-year comp.

還沒有。還沒到時候，但總有一天會鬆一口氣的。好的。我有一個關於市場的問題。我覺得市場是實現更高報酬的關鍵因素之一。所以這可能只是一個季度的情況，但我看到你提到的那個季度營收持平，年比比較艱難。

Let's more focus on the interesting PB balances up around 50%, allocated capital about the same trading assets are up like 23%. Loans are up a bunch. It's -- I'm curious on how those things are growing while allocated capital is the same and yet the RoTCE in the quarter is like -- so there's just a couple of things that make my head scratch a little bit, so I just need a little help there. Thanks.

讓我們更關注有趣的PB餘額成長了約50%，分配的資本也成長了約23%，交易資產成長了約23%。貸款大幅增加。我很好奇，在分配資本不變的情況下，這些項目是如何增長的，而本季度的 RoTCE 卻是這樣——所以，有幾件事讓我有點摸不著頭腦，所以我需要一些幫助。謝謝。

Yeah. Look, I'd point to a couple of things. So first of all, you can see the top line revenue for the full year up 11% for Markets. So very strong performance. The fourth quarter was very strong last year, so it was a tough year-over-year comp.

是的。我指出幾點。首先，您可以看到 Markets 全年營收成長了 11%。表現非常出色。去年第四季表現非常強勁，因此與去年同期相比比較困難。

But we're seeing particular momentum over the course of the year in parts of the franchise, like spread products where we've been doing more around financing and lending activity, and that is a very optimal use of RWA. It's very high returning, low RWA for us.

但我們看到，今年以來，該業務的某些部分，例如利差產品，發展勢頭尤為強勁，我們在融資和貸款活動方面投入了更多精力，這是 RWA 的最佳用途。對我們來說，它的報酬率非常高，風險加權資產（RWA）很低。

Similarly, that momentum in equities is supported by prime with equities up 13% for the full year. And a lot of the action that we see in 2025 is on the heels of having spent a lot of time optimizing RWA in the prior years and ensuring that we're deploying it where we get the highest return for it.

同樣，優質股票也支撐了股市的上漲勢頭，今年以來股票價格上漲了 13%。我們在 2025 年看到的許多行動，都是建立在過去幾年中花費大量時間優化 RWA 並確保將其部署到能夠獲得最高回報的地方的基礎之上的。

And so we come into the year with lower levels of capital. We set that once for the year. We've allocated more GSIB capacity towards the business and allocated more higher returning use of the balance sheet towards lending activity, and those things have contributed to the higher RoTCE that we see here for all of '25. So, a combination of optimization of balance sheet and deploying balance sheet in higher-returning areas of the franchise.

因此，我們進入新的一年時，資本水準較低。我們每年只設定一次。我們將更多全球系統重要性銀行（GSIB）的融資能力分配給業務部門，並將更多高回報的資產負債表用途分配給貸款活動，這些因素促成了我們在 2025 年全年看到的更高的總資本回報率（RoTCE）。因此，需要將資產負債表的優化和將資產負債表部署到特許經營中回報更高的領域相結合。

Okay. All helpful and good perspective. And then this is a small one. But on the expense and efficiency, Slide 20, and correct me if I'm wrong, I thought the last look was efficiency ratio below 60%, and now it's -- we're targeting around 60%. It's -- in the grand scheme of the city story, I don't think it's a big deal.

好的。都很有幫助，也很有見地。這是一個小的。但關於成本和效率，第 20 頁投影片，如果我沒記錯的話，上次的效率比低於 60%，而現在是——我們的目標是 60% 左右。從城市發展的整體格局來看，我認為這不算什麼大事。

I'm just curious if it changed meant to change, or am I reading that wrong?

我只是好奇「改變」這個字的意思是否真的要改變，還是我理解錯了？

No. You're really right, Glenn. I think -- look, I think the -- it's a couple of things. Your last point is well taken as well. In the grand scheme of Citi, like what are we talking about. But let me make the bigger point, which is, in '26, as you know, we are focused on ensuring we deliver on the 10% to 11% return, right?

不。格倫，你說的完全正確。我認為——你看，我認為——這其中包含兩方面因素。您的最後一點也很有道理。從花旗集團的整體規劃來看，我們到底在討論什麼？但我想強調更重要的一點，正如你們所知，在 2026 年，我們的重點是確保實現 10% 到 11% 的回報，對吧？

That means top line momentum, good expense discipline. But in that expense discipline is both creating capacity through greater productivity, bringing down our transformation costs, et cetera, and investing in the business, all right? And that investing in the business point is a really important one because Jane has said a number of times now that 2026 is just a way point.

這意味著營收成長動能良好，費用控制得當。但這種成本控制既包括透過提高生產力來創造產能，降低轉型成本等等，也包括對業務進行投資，對嗎？而對企業進行投資這一點非常重要，因為簡已經多次表示，2026 年只是一個過渡階段。

And in order for us to ensure we're delivering greater returns in '27, '28, et cetera, we have to continue to invest in the franchise. And so what you highlighted as a less than 60%, moving to an around 60% is giving us the flexibility to ensure that where we see the opportunities to invest beyond '26 that we're taking advantage of those.

為了確保我們在 2027 年、2028 年及以後獲得更大的回報，我們必須繼續投資於特許經營權。因此，您強調的不到 60% 的情況，提高到 60% 左右，使我們有更大的靈活性，確保在我們看到 2026 年以後的投資機會時，我們能夠抓住這些機會。

Does that make sense?

這樣說得通嗎？

Yeah. It makes sense, and I appreciate it. Yeah, thanks. Yeah.

是的。這很有道理，我很感激。嗯，謝謝。是的。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi, Jane. If you could elaborate on the new data point that over 80% of your progress with transformation is at the target state or near the target state? What remains, and out of what remains, how much of that relates to safety and soundness? Thank you.

你好，簡。您能否詳細說明這個新數據點，即超過 80% 的轉型進展都已達到目標狀態或接近目標狀態？剩下的部分有多少？在剩下的部分中，又有多少是與安全性和可靠性有關？謝謝。

Yeah. Thanks Mike. Well, while we have some more work to do. Let me just say, I do feel really good about where we are. As you remember, the orders mainly revolved around four areas, so compliance, risk, controls and data. And we are operating at almost at our target space. These are the Citi defined ones for compliance, risk and controls.

是的。謝謝你，麥克。嗯，我們還有一些工作要做。我想說的是，我對我們目前的狀況感到非常滿意。如你所記得，這些命令主要圍繞著四個面向展開，即合規、風險、控制和資料。我們目前的營運規模幾乎達到了目標規模。這些都是花旗銀行為合規、風險和控制所定義的標準。

And in data, we've significantly accelerated progress over the past year. And some of that's really been helped by AI as well. And we're seeing this translate quickly into both outcomes, and that's including the detailed accuracy of our most critical regulatory reports and in the modernization of our underlying data. So we're focused on completing the work.

在數據方面，我們在過去一年中取得了顯著的進展。人工智慧也確實在其中發揮了重要作用。我們看到，這正迅速轉化為兩種結果，包括我們最關鍵的監管報告的詳細準確性以及我們基礎數據的現代化。所以我們現在專注於完成這項工作。

And we have a finely tuned execution machine that's delivering on time and at the appropriate quality. And I am highly confident in our ability to get the remaining work done. And I think we all took it as a positive sign that our regulators are also seeing demonstrable improvement in Citi's safety and soundness, and that's publicly evidenced by the OCC's termination of the July '24 amendment.

我們擁有一套運作良好的執行機制，能夠準時交付符合品質要求的產品。我對我們完成剩餘工作的能力充滿信心。我認為，監管機構也看到了花旗集團安全穩健性的明顯改善，這是一個積極的信號，而美國貨幣監理署 (OCC) 終止 2024 年 7 月的修正案也公開證明了這一點。

Ultimately, the timing is up to the regulators. I'm getting the work completed, it's just the beginning of the end as it was, and we need to get comfortable that the work is delivered is desired outcomes, it needs to get validated by our independent audit function and then the regulators go through their assessment and closure process. That will take time.

最終，時機由監管機構決定。我正在努力完成這項工作，這只是結束的開始，我們需要確保工作成果符合預期，需要經過我們獨立的審計部門的驗證，然後監管機構將進行評估和結案程序。那需要時間。

But from the shareholders’ perspective, we are beginning to see the benefits of the investments we've made in our transformation. We are becoming more efficient, as you can see, on the back of many of these investments, we're far better controlled. And as we complete each body of work, we're beginning to bring our expenses down.

但從股東利益的角度來看，我們開始看到我們在轉型過程中所做投資的好處。正如你所看到的，由於這些投資，我們的效率越來越高，控制也做得更好了。隨著我們完成每一項工作，我們的開支也開始下降。

And to Mark's point earlier, that creates capacity for additional investments. It creates capacity for higher returns in 2026 and beyond. And I would also say it frees up some more management mind share for growth and innovation.

正如馬克之前所說，這為進一步投資創造了條件。它為2026年及以後獲得更高回報創造了條件。而且我認為這還能騰出更多管理階層的精力用於成長和創新。

And correct me if I'm wrong, I think you're at the end stage for risk and compliance, but now you're saying it controls, you're mostly there?

如果我理解有誤請指正，我認為你們在風險和合規方面已經到了最後階段，但現在你們又說已經控製到位了，那是不是就基本完成了？

Yes.

是的。

So that's new. So we really left its regulatory data, which -- and again, correct me. And to me, that sounds like regulatory box checking the sort of thing regulators have talked about, they're deemphasizing. So, if you've addressed the substance and what remains has nothing to do with regulatory box. Anything to do with safety and soundness or customers or anything like that?

這是新情況。所以我們實際上留下了它的監管數據，——再次請糾正我。在我看來，這聽起來像是監管機構為了應付監管程序而走過場，而監管機構之前一直在談論這類事情，現在卻不再重視了。所以，如果你已經解決了實質問題，剩下的就跟監管框無關了。任何與安全、穩健性、客戶或其他類似方面有關的事情嗎？

I don't know why the regulators would still have the consent order on after six years. So I guess, are you the bottlenecks in the process and you just have to kind of validate what you've done in internal audit and then turn it over to the regulators? If that's the case, how long does it take you to validate your internal progress?

我不明白為什麼監管機構在六年後仍然保留同意令。所以我想，你們是不是流程中的瓶頸，只需要在內部稽核中驗證你們所做的工作，然後將其提交給監管機構？如果情況屬實，你需要多長時間來驗證你的內部進展？

Yeah. I wouldn't go quite as far as you've jumped to. We still do have some work to do. And we're very focused around it, and we're making good, accelerated progress with it. But yes, we have to get the work done, validate it and then hand it over to the regulators and the process we talked about. So all of those things have to happen, and I'm confident that we'll get there in good shape.

是的。我不會像你走得那麼遠。我們還有一些工作要做。我們非常重視這項工作，並且正在取得良好、快速的進展。是的，我們必須完成這項工作，驗證其有效性，然後按照我們之前討論的流程將其移交給監管機構。所以所有這些事情都必須發生，但我相信我們能夠順利實現目標。

And one little attempt when you hand it over to the regulators? Are we talking months, years? what are you thinking?

而當你把事情交給監管機構時，哪怕只是做一次小小的嘗試？我們說的是幾個月，還是幾年？你在想什麼？

That's up to them. They have to answer that one. That very much lives in their hands.

那取決於他們。他們必須回答這個問題。這很大程度上取決於他們自己。

Got it. Thank you.

知道了。謝謝。

Thank you, Mike.

謝謝你，麥克。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Good morning. I guess maybe two questions. One, Jane, just following up beyond the regulatory piece, what would you say? I think one of the concerns investors have is city was behind the curve in terms of franchise investments. You've done a tremendous job over the last five years where -- how would you respond to that there is a gap between city and best-in-class peers?

早安.我想也許可以問兩個問題。簡，除了監管方面，你還有什麼要補充的嗎？我認為投資者擔心的問題之一是，該市在特許經營投資方面落後於其他地區。過去五年裡，你做得非常出色──但你如何看待本市與一流城市之間存在差距這一問題？

When we think about investment banking, capital markets, et cetera, how would you size that gap? And what is needed and how long to narrow that gap or if, in fact, eliminate that?

當我們想到投資銀行、資本市場等等時，你會如何衡量這個落差？那麼，需要採取哪些措施？需要多長時間才能縮小這一差距，或最終消除這一差距？

So you're right. Over the past five years, not only have we been investing in technology and the transformation, but also in innovations that're making sure that we are positioned to drive our growth and our returns and our competitive position. In terms of service are the leading firm in a number one position.

你說得對。過去五年，我們不僅在技術和轉型方面進行了投資，而且還進行了創新，以確保我們能夠推動成長、提高回報並增強競爭力。就服務而言，該公司是行業領先者，位居第一。

We've been building out digital asset capabilities, doing expanding product innovations, as you've heard us talk about Payments Express, real-time liquidity and other always on digital solutions. And we're investing in scaling our security services platform and broadening capabilities there, and you saw the huge growth in the assets under custody and management this year that we've achieved as a result.

我們一直在建立數位資產能力，並不斷拓展產品創新，就像您聽到我們談論的 Payments Express、即時流動性和其他全天候數位解決方案一樣。我們正在投資擴大安全服務平台的規模並拓展其能力，因此，您也看到了我們今年託管和管理的資產規模的巨大增長。

So service is in a very strong position. Markets where we've been investing as we continue filling product capability gaps, we're improving capacity, we're reducing latency, increasing resiliency to support the 11% growth that you saw this year and in particular areas like Prime, which had huge growth of 50%.

因此，服務業處於非常有利的地位。我們一直在投資的市場，不斷填補產品能力的差距，提高產能，降低延遲，增強彈性，以支持今年11%的成長，尤其是在Prime等成長高達50%的領域。

But we're always looking at where are the new capabilities that can get added on in FX and equities, spread products, rates across the board. Now in Banking, you saw our talent investments driving share gains. So we saw sponsors, an area of focus, up 180 bps, lets say up 100, M&A, up 90 bps.

但我們一直在關注外匯、股票、價差產品、利率等各個方面可以增加哪些新功能。現在在銀行業，你們已經看到我們的人才投資推動了市場份額的成長。所以我們看到贊助商（一個重點領域）上漲了 180 個基點，比如說上漲了 100 個基點，併購上漲了 90 個基點。

And we're going to continue to bring in top talent to fill remaining gaps that we have notably in North America. Wealth retooling key areas of investment product platform with the open architecture is the key operating principle. So you've seen us retool the research product.

我們將繼續引進頂尖人才，填補目前存在的空缺，尤其是在北美地區。利用開放式架構對投資產品平台的關鍵領域進行財富重組是其關鍵營運原則。所以你們已經看到我們對研究產品進行了重新設計。

We've been investing in deploying new AI-powered capabilities to drive continued momentum in client investment assets and investment fee revenues. And then finally, in cards, we're driving engagement and growth with new innovative products, our commerce platform launches and refreshing -- various refreshing of different offerings so that we can complement the suite of proprietary cards.

我們一直在投資部署新的人工智慧驅動功能，以推動客戶投資資產和投資費用收入的持續成長。最後，在卡片業務方面，我們透過推出創新產品、更新和升級我們的商務平台來推動參與度和成長——對不同的產品進行各種更新，以便完善我們專有的卡片套件。

We can broaden out our marquee partner relationships. So all of this investment is making us feel that we're in a very good place to compete. Our goals, as we talked about, is to be the leading player, top three or top one in all of the businesses that we're engaged in. It's very important for us that we invest for the long term and not just looking at this on a year-by-year basis. So that's the mindset we have if that helps you.

我們可以拓展與重要合作夥伴的關係。因此，所有這些投資都讓我們感覺到我們處於非常有利的競爭地位。正如我們之前討論過的，我們的目標是在我們涉足的所有業務領域中成為領先者、前三名或第一名。對我們來說，進行長期投資非常重要，而不只是著眼於每年的收益。這就是我們的思路，希望這對您有幫助。

And you can see we're making progress.

你可以看到我們正在取得進展。

No, that's helpful. And maybe, Mark, one for you. Appreciate you're moving away from a revenue guidance but maybe help us fill in the blanks a little bit around when we think about fee growth maybe there's about 6% ex markets when we look at 2025.

不，這很有幫助。或許，馬克，還有一本是給你的。感謝您不再提供收入指引，但或許可以幫我們稍微補充一下關於費用增長方面的信息，例如，如果我們展望 2025 年，預計（不包括市場）費用增長約為 6%。

Just how we should think about fee revenue growth embedded in your expectations around that 60% efficiency ratio? And any color on markets NII of atleast what the puts and takes should be in terms of delta versus the $10 billion-ish that we saw in 2025? Thanks.

我們該如何看待您預期中60%效率比率所包含的費用收入成長？對於市場淨利息收入（NII），至少對於看跌期權和看漲期權的delta值，與我們在2025年看到的約100億美元相比，應該如何變化，是否有任何明確的信息？謝謝。

Yeah, sure. So first thing is we did have good fee growth this year. We'd expect that to continue as we think about 2026. Now keep in mind, the 2026 banking wallet was north of $100 billion. And so we expect a constructive wallet. We'll see what that looks like, but we also expect continued share gains against that constructive wallet. We've got a rich pipeline as we go into the beginning of the year.

當然可以。首先，我們今年的費用成長情況良好。我們預計這種情況在展望 2026 年時還會持續下去。請記住，到 2026 年，銀行業資產總額將超過 1,000 億美元。因此，我們期待一個建設性的錢包。我們拭目以待，但我們也預計，在現有良好市場環境下，市佔率將持續成長。進入年初，我們擁有豐富的專案儲備。

And as Jane mentioned, we've been investing in key parts of the franchise that will continue to pay dividends for us in '26 and beyond. So that will be a positive contributor to fees as we think about 2026. Similarly, we're expecting continued momentum on the investment revenue side of -- well, as well as on deposit, but in investment revenues specifically as it relates to your feed point.

正如簡所提到的，我們一直在投資特許經營的關鍵部分，這些部分將在 2026 年及以後繼續為我們帶來回報。因此，當我們展望 2026 年時，這將對費用產生積極影響。同樣，我們預期投資收入方面將繼續保持成長動能——當然，存款方面也是如此，但具體而言，是指與您的資金來源相關的投資收入。

We saw a good growth in client assets up about 14%, good growth in NII, up about 8%, and that momentum is expected to continue in 2016 as well. So that will be a contributor to fees. And then you've seen throughout the year good KPIs in our Services business and in both security services as well as in TTS with U.S. dollar clearing volumes and cross-border transaction value, but also on the securities side with growth in asset under custody and assets under administration.

我們看到客戶資產成長了約 14%，淨利息收入成長了約 8%，預計這一勢頭將在 2016 年繼續保持。所以這將成為費用的一部分。然後，您在過去一年中看到了我們服務業務以及安全服務和TTS業務的良好KPI，包括美元清算量和跨境交易額，以及證券業務的託管資產和管理資產成長。

And we'd expect that momentum to continue, particularly with some of the big wins we've seen on security services side in North America, in particular. So the combination of those things, I think, will be positive contributors to NIR as we think about 2026. I've been pretty consistent in stressing the importance of thinking of the markets business from a total revenue perspective.

我們預計這種勢頭將會持續下去，尤其是在北美安全服務領域取得的一些重大勝利。因此，我認為，這些因素結合起來，將對我們展望 2026 年的近紅外光譜技術發展做出積極貢獻。我一直以來都非常強調要從總收入的角度來思考市場業務的重要性。

And I would stick to that point. With that said, I think that one way to think about markets is probably relatively flat year-over-year. Subject to what the wallet is, revenues should be somewhat flat year-over-year. But again, off of strong momentum that we've seen in 2025.

我會堅持這個觀點。綜上所述，我認為看待市場的一種方式可能是將其視為同比相對穩定。取決於消費者的錢包狀況，收入應該會與去年同期基本持平。但再次強調，這得益於我們在 2025 年看到的強勁勢頭。

And obviously, mix will matter there. What I will point out is that we have seen meaningful growth in the spread products and financing side of the business. And that obviously does show up in part through NII inside of markets. And so hopefully, that gives you some sense, but again, feel good about the NII ex markets outlook. 5% to 6%, that will be both volume and mix.

顯然，混合物的成分會很重要。我想指出的是，我們在利差產品和融資業務方面都取得了顯著成長。而這顯然部分體現在市場內部的淨利息收入。希望以上資訊能讓您有所了解，但再次強調，請對剔除市場因素後的淨利息收入前景保持樂觀。預計將成長5%至6%，這既包括成交量成長，也包括產品組合成長。

And on the volume side, I'd expect to see loan growth in cards and wealth probably in the mid-single digits in terms of loans and deposit growth in Services and Wealth probably in the mid-single digits in the way of volume there as well.

就交易量而言，我預期信用卡和財富管理貸款的成長可能在個位數中段，服務和財富管理存款的成長也可能在個位數中段。

That's great color. Thank you, Mark, and all the best and with the next adventure. Bye.

顏色真好看。謝謝你，馬克，祝你一切順利，也祝你下次冒險之旅一切順利。再見。

Thank you. Thank you so much.

謝謝。太感謝了。

Betsy Graseck, Morgan Stanley.

摩根士丹利的貝齊·格拉塞克。

Hi, good morning.

您好，早安。

Hi, good morning, Betsy.

你好，早安，貝齊。

So Mark, I had a question for you on the NII outlook. Coming into this print, I think you were looking for a slowdown in NII growth from 2025 levels of 5.5%, but you actually increased the NII outlook to 5% to 6%. And I know you mentioned also that you took some actions to reduce asset sensitivity. So maybe we could wrap this all up into what drove that better NII outlook?

馬克，我有個關於NII前景的問題想問你。在本次報告中，我認為你們預期 NII 成長將從 2025 年的 5.5% 放緩，但實際上你們將 NII 預期上調至 5% 至 6%。我知道您也提到您採取了一些措施來降低資產敏感性。那麼，我們或許可以將所有這些因素歸納為是什麼因素促成了更好的淨利息收入前景呢？

Yeah. Look, it was -- the NII guidance that we gave last year, we came in a lot better than that in 2025, and that was in part due to the higher loan volumes that we saw, the higher deposit volumes that we saw throughout the year. And in fact, that is what is informing the 5% to 6% ex Market NII guidance that I've given for 2026. We'd expect the loan volume to continue.

是的。你看，我們去年給出的淨利息收入預期，在 2025 年比預期好得多，部分原因是我們在全年看到了更高的貸款量和更高的存款量。事實上，這正是我給出的 2026 年 5% 至 6% 的除市場淨利息收入預期的原因。我們預計貸款規模將繼續保持成長動能。

And as I mentioned -- I'll correct what I said earlier, I expect loan volumes to probably be up mid-single digits for total ex Markets loans. And that will be, again, the combination of growth that we see in cards. We saw good volume growth in cards this year, particularly on the branded side. We had good purchase sale activity, up 5% in the quarter.

正如我之前提到的——我更正一下我之前的說法，我預計除市場貸款外，貸款總額可能會增長個位數中段。而這，也將再次成為我們在紙牌領域看到的成長模式。今年信用卡銷售成長良好，尤其是品牌信用卡銷售。本季採購銷售活動表現良好，成長了 5%。

All signs of that, we should see that continue, and good loan growth on the Wealth side, particularly in security-based lending type activity, which is tied to some of the investment momentum. And then really impressive growth in deposits, average deposits for TTs for the year were up 6% and good operating deposit growth.

種種跡象表明，這種情況將會持續，財富管理方面的貸款將保持良好增長，尤其是在證券抵押貸款方面，這與一些投資勢頭密切相關。此外，存款成長也非常顯著，全年TT的平均存款成長了6%，營運存款成長良好。

They are a nice healthy balance between North America as well as internationally. And so the long winded way to say, Betsy, of saying the momentum that we've seen in cards in loans, we expect to continue into 2026, and that's a big driver, big factor in the NII momentum we're showing on the page.

他們在北美和國際市場之間保持著良好的平衡。所以，Betsy，長話短說，我們預計信用卡貸款業務的成長勢頭將持續到 2026 年，這是我們頁面上顯示的 NII 成長勢頭的一個重要驅動因素。

And then as you mentioned, we've been -- I've been mentioning it pretty consistently quarter-over-quarter. The way we've been managing the investment portfolio that we have is such that we have, in this case, in '26, about 30% of those securities maturing.

正如您所提到的，我們——我每個季度都在反复提到這一點。我們管理現有投資組合的方式是，在這種情況下，到 2026 年，大約有 30% 的證券到期。

They're maturing at lower rates than we're able to redeploy them at including in loans and cash and securities and other instruments. And so that's going to give us a bit of a lift as well. So it's the combination of those things that give me confidence around the 5% to 6%.

它們的到期速度低於我們能夠重新部署它們的速度，包括用於貸款、現金、證券和其他工具。所以這也會帶給我們一些提振。所以正是這些因素的綜合作用，讓我對 5% 到 6% 的可能性充滿信心。

Okay. Great. And then just on the actions to reduce asset sensitivity, does that play into this at all? Or what actions did you take?

好的。偉大的。那麼，降低資產敏感度的措施是否與此有關呢？或者你採取了哪些行動？

We took some -- you can look at our IRE analysis. And if you look at it pretty -- it's been pretty consistent in that we've been managing the portfolio in a very dynamic way. If you look at it as of the third quarter, our U.S. dollar IRE for a 100-basis-point drop is $300 million, right?

我們做了一些——您可以查看我們的IRE分析。仔細觀察就會發現──我們一直以來都以非常動態的方式管理投資組合，這一點相當一致。如果以第三季為基準，美元兌愛爾蘭匯率下跌 100 個基點，愛爾蘭匯率就會下跌 3 億美元，對吧？

And so we've taken a number of actions as it relates to the nature of securities that we hold and exiting those in some instances to make sure that we're reducing the asset sensitivity given that we know that rates are likely to go down.

因此，我們針對所持證券的性質採取了一系列措施，並在某些情況下退出這些證券，以確保降低資產敏感性，因為我們知道利率可能會下降。

And so most of that sensitivity is in the non-U.S. dollar part of the portfolio, which, as you know, represents more than 65 currencies or so. So it's active management of the balance sheet, things you'd expect that we would that we would be doing in order to manage the direction of things that we expect.

因此，大部分的敏感度都體現在投資組合中非美元部分，如您所知，這部分投資組合包含超過 65 種貨幣。所以，這是對資產負債表的積極管理，是我們為了掌控我們預期的發展方向而應該採取的措施。

Awesome. Okay. Thank you so much, Mark, and congratulations for me as well and enjoy your 2026 into 20,207.

驚人的。好的。非常感謝你，馬克，也恭喜你，祝你從 2026 年到 20207 年一切順利。

Thank you so much, Betsy.

非常感謝你，貝齊。

James Mitchell, Seaport Global.

James Mitchell，Seaport Global。

Hey. Good morning. .

嘿。早安.。

Good morning, Jim.

早安，吉姆。

And Mark, I think everyone appreciates your efforts over the years. So good -- definitely good luck with your new -- next chapter.

馬克，我想大家都很感激你這些年來的努力。太好了——祝你在人生的新篇章中一切順利。

Thank you, Jim. I appreciate that.

謝謝你，吉姆。我很感激。

Yeah, you're welcome. Just maybe on the capital return side, you're 160 bps above your minimum CET1. I guess, number one, are you still targeting a buffer around 100 bps? And if so, how quickly are you looking to get there? Just trying to get a sense of the pace of buybacks from here over the next few quarters and the year?

不客氣。或許在資本回報方面，你比最低 CET1 利率高出 160 個基點。首先，你們的目標緩衝區大小還是維持在 100 bps 左右嗎？如果是這樣，你希望多久能到達目的地？我只是想了解未來幾季和今年的股票回購速度會如何？

Yes. No, thanks for the question. We are, as you say, about 160 basis points above. We are still targeting a 100 basis point management buffer. And as -- what that would obviously equate to is us getting closer to 12.6%, as I think I said in my prepared remarks, we're over the course of the next number of quarters, we'll be working our way down towards kind of a 12.6%, which would represent that 100 basis points.

是的。不，謝謝你的提問。正如你所說，我們比預期高出約 160 個基點。我們仍將管理緩衝目標設定為100個基點。而這顯然意味著我們將接近 12.6%，正如我在準備好的發言稿中所說，在接下來的幾個季度裡，我們將逐步下降到 12.6%，相當於 100 個基點。

We're not giving guidance on buybacks quarter-to-quarter, as you know. But as you look at what we've done in the year at $13 billion or so, I think you can expect that we would look to do more in 2026 in the way of buybacks.

如您所知，我們不會對每季的股票回購計畫給予指導意見。但考慮到我們今年已經投入了大約 130 億美元進行股票回購，我認為可以預見，我們在 2026 年會加大回購力度。

Okay. That's helpful. And just maybe on just the deposit growth in Services. It has been very strong. It sounds like you're pretty confident in the outlook there. Can you maybe kind of just dive into a little bit more on the drivers, and why you think that should be sustainable going forward?

好的。那很有幫助。或許光是服務業存款成長就足以說明問題。它一直非常強大。聽起來你對那裡的前景相當有信心。您能否更深入地探討一下驅動因素，以及您認為為何這種模式能持續發展？

Sure. And look, I think the team has done a really, really good job in TTS, in security services at first ensuring that our clients appreciate that what we bring to bear is more than just deposit taking in the breadth of our offering, particularly around multinational clients.

當然。而且，我認為團隊在TTS（安全服務）方面做得非常出色，首先確保我們的客戶認識到，我們提供的服務不僅僅是接受存款，我們的服務範圍很廣，尤其是在跨國客戶方面。

The second thing that I'd say is there has been a focus on as we work with those clients around the world and they look at new markets to enter, that we are right there by their side, ensuring that we can help them move and manage their cash and liquidity needs in an effective way.

我想說的第二點是，我們一直專注於與世界各地的客戶合作，當他們尋求進入新市場時，我們會始終陪伴在他們身邊，確保我們能夠有效地幫助他們轉移和管理現金及流動性需求。

And that focus and continued dialogue has manifested itself as in growth in operating deposits for our business, particularly this year. The third thing I'd mention is that there's still, I think, a significant opportunity as it relates to commercial and middle market clients.

這種專注和持續對話已經體現在我們業務的營運存款成長上，尤其是今年的成長。第三點我想提的是，我認為在商業和中端市場客戶方面仍然存在著很大的機會。

And the team is very focused on with a -- I think, a growing front end on how we capture more share with that client base. So the combination of doing more with our existing multinational, bringing on new clients and targeting what is a relatively nascent segment for us gives me confidence, not just in '26, but in beyond '26 and our ability to have some continued momentum here.

團隊非常專注於——我認為——不斷增長的前端，即我們如何從客戶群中獲得更多份額。因此，透過加強與現有跨國公司的合作、拓展新客戶以及瞄準我們相對新興的細分市場，我不僅對 2026 年充滿信心，而且對 2026 年以後以及我們能夠繼續保持發展勢頭也充滿信心。

Erika Najaian, UBS.

瑞銀集團的 Erika Najaian。

Thank you for taking my question. I didn't plan to ask this question, but this literally just hit the Bloomberg. Bill just unveiled credit cards cap at 10%, and will maintain those rates for a year and it will be applicable only to new purchases.

感謝您回答我的問題。我本來沒打算問這個問題，但這事兒才剛出現在彭博社的新聞裡。比爾剛剛宣布將信用卡利率上限設定為 10%，並將維持這一利率一年，而且該利率僅適用於新消費。

Obviously, a tiny player, but I'm just wondering, obviously, we all know the main reasons why this shouldn't be capped in perpetuity, including really curtailing credit to those that need it the most. But is this going to be the end game, you think, Jane, in terms of these demands and sort of the push for affordability? I know this is all new, but --

顯然，這只是一個小角色，但我只是想知道，顯然，我們都知道不應該永久限制信貸的主要原因，包括真正限制那些最需要信貸的人獲得信貸。但簡，你認為就這些要求和推動降低成本而言，這會是最終結果嗎？我知道這一切對你來說都是全新的，但是--

Yeah. Happy to take that, Erika, and let's start with we have brought the presence focused on affordability. Everyone agrees that for many Americans are pressing concerns and escalating costs that require immediate attention.

是的。樂意接受這個提議，Erika，首先我們要強調的是，我們已經將重點放在了價格實惠上。大家都一致認為，對許多美國人來說，緊迫的問題和不斷上漲的成本需要立即解決。

And we're always interested in collaborating with the administration to put in place more effective solutions that are going to foster the expansion of accessible and affordable credit to those who need it most. And today, we provide our card customers with lower cost products, think of the no-fee simplicity card or our balance of transfer offers.

我們一直都有興趣與政府合作，制定更有效的解決方案，以促進向最需要的人擴大可獲得且負擔得起的信貸。如今，我們為持卡客戶提供成本較低的產品，例如免年費的簡易卡或我們的餘額轉帳優惠。

And I'd also note, we were the only big bank to eliminate overdraft fees, amongst other measures. And we're very proud of our role as the leading financier of affordable housing in the country for the past 15 years when you look at the bigger picture.

我還想指出，我們是唯一一家取消透支費用的大型銀行，此外我們還採取了其他一些措施。從更宏觀的角度來看，我們為過去 15 年來作為全國經濟適用房領域領先的融資方而感到非常自豪。

Well, to your point, a rate cap is not something that we can support. And I think the reception from the Hill also seemed less enthusiastic from what we could tell. And just to be clear, the impact to us and other banks would just be dwarfed by the severe impact on access to credit and on consumer spending across the country.

嗯，你說得對，我們不支持利率上限。而且，據我們觀察，國會山莊的反應似乎也不太熱情。需要明確的是，對我們和其他銀行的影響與全國範圍內信貸取得和消費者支出受到的嚴重影響相比，簡直微不足道。

These things just don't work out as intended. And think back when the Carter administration put credit controls in place to reduce costs, the impact was so severe they were very swiftly rescinded within two months. And I think it's helpful to have a few pieces of data.

事情的發展並沒有如預期進行。回想卡特政府為了降低成本而實施信貸管制時，其影響非常嚴重，以至於在兩個月內就被迅速取消了。我認為掌握一些數據是有幫助的。

For context, U.S. consumers spend $6 trillion on their credit cards every year, and outstanding U.S. credit card balances are over $1.2 trillion. They grow about $80 billion a year and there's over $4 trillion in untapped capacity at risk. So if you make these products unprofitable, that spending will be drastically reduced, and that's British understatement.

作為參考，美國消費者每年透過信用卡消費 6 兆美元，而美國信用卡未償餘額超過 1.2 兆美元。它們每年增長約 800 億美元，還有超過 4 兆美元的未開發產能面臨風險。所以，如果這些產品無利可圖，那麼相關支出就會大幅減少，這還是英國人比較保守的說法。

And we've seen this in other countries have experience when they've tried this and also the studies in the U.S. have shown a vast majority of consumers and businesses will lose access to credit cards. They be forced to pursue more predatory alternatives. And you'd only be left with the wealthy having access to credit cards and nobody wants that.

我們已經看到其他國家嘗試過這種方法，並且累積了經驗。美國的研究表明，絕大多數消費者和企業將失去使用信用卡的資格。他們將被迫採取更具掠奪性的手段。最終只會剩下富人才能使用信用卡，而沒有人希望看到這種情況。

We'd also see some of the domino effects (inaudible) through retail, travel, hospitality sectors, much broader impact on GDP. So as I said, what we want to do is engage on how we can expand credit rather than restrict it to those who need it. And that's our goal.

我們也會看到零售、旅遊、旅館業等產業出現一些骨牌效應（聽不清楚），對 GDP 產生更廣泛的影響。正如我所說，我們想要做的是探討如何擴大信貸範圍，而不是將其限制在那些需要信貸的人身上。這就是我們的目標。

Very clear. Thank you, Jane. And my real question, and I'm going to try to smoosh it into one. You talked about the progress in the consent order amendment getting lifted. And Jane, you talked earlier about as you hit your end state -- target end state expenses come off. As we think about the entirety of the consent order lifting, is it a gradual expense savings?

非常清楚。謝謝你，簡。我真正的問題是，我盡量把它簡化成一個問題。你談到了解除同意令修正案的進度。簡，你之前說過，當你達到最終狀態時──目標最終狀態的支出就會減少。當我們考慮解除所有同意令時，這是否會逐步節省開支？

Or is there sort of a giant chunk that could be reinvested? And the sort of follow-up question is just on EB's question on market NII. Mark, I know that your market NII is probably less volatile than that of your peers. And I know you want us to think of markets more broadly.

或者說，是否有一大筆資金可以再投資？而後續問題正是針對 EB 關於市場 NII 的問題。馬克，我知道你的市場淨利息收入波動性可能比你的同行小。我知道您希望我們更廣泛地思考市場問題。

But I'm just wondering, as we sort of square your markets -- sorry, your NII ex Markets guide with consensus, is it prudent to, as a placeholder, put in what you earned in 2025 into 2026 in terms of markets NII, but perhaps with upward bias?

但我只是想知道，當我們把你的市場淨收益（抱歉，是你的市場淨收益指南）與共識進行某種程度的調整時，作為佔位符，將你在 2025 年獲得的收益代入 2026 年的市場淨收益，但可能略有上調，是否明智？

Yeah. You snuck in a few different parts in there, Erika. Let me just quickly touch on what does it mean for our -- what does it mean as we get different bodies of work, I think different from some others we begin to see the benefits of the investment we've made, and we begin -- and we become more efficient on the back of the investments.

是的。艾莉卡，你偷偷地在裡面加了一些不同的部分。讓我簡單地談談這對我們意味著什麼——隨著我們完成不同的工作，我認為與其他一些人不同的是，我們開始看到我們所做投資的好處，並且我們開始——並且我們因為這些投資而變得更有效率。

But as we complete each body of work, we begin to bring the expenses down related to that. And that's what creates the additional investment capacity and will help us drive returns. So it's not as if it's a cliff at the end of the consent order. You're beginning to see us doing this as we get work completed, bringing that expense down and then redeploying that either to the bottom line and as well as to the investments that we need for growth.

但是，隨著我們完成每一項工作，與此相關的費用就會開始下降。而這正是創造額外投資能力並幫助我們提高回報的因素。所以，同意令的結尾並不是懸崖。隨著工作的完成，您開始看到我們這樣做，降低成本，然後將節省的資金重新投入到利潤以及我們發展所需的投資中。

And maybe just before I turn to Mark, just in terms of long-term return trajectory because I think it's -- we haven't talked as much about it, and we're looking forward to doing so at Investor Day. But when we're looking at our longer-term performance it's really going to be three drivers of the power returns: the revenue growth, the expense efficiencies and our RWA and capital efficiency.

在我轉向馬克之前，我想先談談長期回報軌跡，因為我認為——我們還沒有過多地談論這個問題，我們期待在投資者日上進行討論。但從長遠來看，真正推動績效成長的因素有三：收入成長、成本效率以及我們的RWA和資本效率。

On the revenue side, you've seen us, and we're very proud of this. You've really seen us steadily grow revenues over the past few years. 2025 is the condition of -- continuation of that, and that will continue going forward.

在營收方面，你們已經看到了，我們為此感到非常自豪。過去幾年，你們確實看到了我們收入的穩定成長。 2025 年的前提是──這種成長勢頭能夠延續下去，未來也將繼續維持下去。

Services will grow with new and existing clients, including the opportunity Mark just talked about with commercial clients as well as further product innovation that opens up whole new revenue streams as we've seen in e-commerce.

服務將隨著新舊客戶的成長而發展，包括馬克剛才提到的與商業客戶合作的機會，以及進一步的產品創新，這將開啟全新的收入來源，正如我們在電子商務領域看到的那樣。

Markets continue to grow in prime, where you've seen very high growth from us the second leg to our derivative capability as well as high-return opportunities in financing and securitization that's now over 70% of our spread product business.

優質市場持續成長，我們衍生性商品業務的第二部分也實現了非常高的成長，同時融資和證券化領域的高回報機會也已占到我們利差產品業務的 70% 以上。

And you -- and we'll continue filling in some of the areas that we've got with different client bases and others to continue driving growth. And I would note we now have $4 billion -- $5 billion businesses, or over $5 billion in markets as opposed to the $4 billion ones we've talked about.

我們將持續拓展客戶群，填補現有領域的空白，並持續推動成長。我還要指出，我們現在擁有 40 億至 50 億美元的企業，或者說市場規模超過 50 億美元的企業，而不是我們之前討論的 40 億美元的企業。

Banking, you saw the proof of the pudding this quarter, gaining a fuller share of our clients' wallet and just systematically building out the areas we've had gaps and driving our productivity. Wealth is about scaling up investment penetration with existing and new clients and also the value that we can see from the integration with U.S. retail. Cards continue growing proprietary products and platform innovations.

銀行業務方面，本季度你們已經看到了成果，我們獲得了客戶錢包中更大的份額，並且系統地彌補了我們存在的不足，提高了我們的生產力。財富管理旨在提高現有客戶和新客戶的投資滲透率，以及我們從與美國零售業的整合中獲得的價值。卡片業務持續發展，不斷推出專有產品和平台創新。

We have the American Airlines renewal we're really excited about for next year and all the different expansion of the offering there, and our momentum in co-brand offerings, as Mark referred to in his introductory remarks, and then a lot of synergies between the businesses.

我們對明年與美國航空的續約感到非常興奮，也對屆時產品的各種擴展感到興奮，正如馬克在開場白中提到的，我們在聯名產品方面也取得了進展，此外，各業務之間還有很多協同效應。

Mark talked about where the expense efficiencies will come from in the second leg that benefits the investments in our transformation and the technology that we've been doing as well as the increased productivity, the stranded cost removal, et cetera. He's run through where you'll continue to see the expense efficiencies coming through. whilst we also make the long-term investments.

馬克談到了第二階段的成本效率將來自哪裡，這將有利於我們對轉型和技術的投資，以及生產力的提高、擱淺成本的消除等等。他已經詳細說明了哪些方面會持續降低成本，同時我們也會進行長期投資。

And then I'm very proud of our business leaders. I've been really unrelenting in the optimization of resources in RWA and capital, and we're hoping to see some reductions in our capital requirements as we saw with the SCB results going forward.

然後，我為我們的企業領導者感到非常自豪。我一直不遺餘力地優化 RWA 和資本方面的資源，我們希望能夠像 SCB 的表現一樣，在未來降低我們的資本需求。

So there's a lot of potential the continued revenue growth, the durable return improvement in the years ahead, and you'll obviously get a lot more detail at Investor Day. But I think it's important to put this in the context of the long term where we're headed rather than just the nitty-gritty of the short-term pieces here.

因此，未來幾年收入持續成長、回報持續改善的潛力很大，當然，在投資者日上您會獲得更多細節。但我認為，重要的是要從長遠角度來看待這個問題，而不是只專注於眼前的短期細節。

Erika, if you're not excited about Investor Day after that, I don't know what will excite you --

艾麗卡，如果你在那之後對投資者日都不感到興奮，那我真不知道什麼才能讓你興奮了。--

I need to pick up my outfit right now.

我現在得去拿我的衣服。

That's right. That's right. All five of these businesses are humming. So we're pretty excited. To your question on markets, here's how I think about it, Erika. So what I said earlier was that total revenues, you can assume that markets revenues will be flat in 26%. I think that's pretty consistent with what consensus has right now.

這是正確的。這是正確的。這五家企業都運作良好。所以我們非常興奮。關於你提出的市場問題，我是這麼想的，Erika。所以我之前說過，總收入，你可以假設市場收入將維持 26% 不變。我認為這與目前的共識相當一致。

If you wanted to try and parse it within that flat, I think your instincts are probably right that NII, I would forecast to be up within a total revenues of flat if for no other reason, as Jane mentioned and I mentioned earlier, the more work we're doing in financing and securitizations are likely to lead to higher NIIs in market as we think about '26.

如果你想嘗試在這個平坦的範圍內進行分析，我認為你的直覺可能是對的，即淨利息收入（NII）可能會在總收入保持平穩的情況下上升，即使沒有其他原因，正如簡提到的，我也在前面提到過，我們在融資和證券化方面所做的工作越多，隨著我們考慮2026年，市場上的淨利息收入（NII）可能會越高。

And I appreciate your starting point in the question, which was that our Markets revenues tend to be more steady. And I think that is true in a byproduct of our model, our client coverage and our business mix. So -- but thank you. See you at investor Day.

我很欣賞您在問題中提出的觀點，即我們的市場收入往往更加穩定。我認為這確實是我們商業模式、客戶覆蓋範圍和業務組合的必然結果。所以——不過還是謝謝你。投資者日見。

Yes, and good luck in your for your next adventure and hopefully you don't spend too much time at the beach before we see you at another leadership role at another financial.

是的，祝你下一段旅程一切順利，希望你在下次擔任其他金融機構的領導職務之前，不要在海灘上待太久。

Oh. You're going to see -- you're going to see him as his best today. That's for sure.

哦，你會看到——你今天會看到他最好的狀態。那當然。

Thank you. Bye bye.

謝謝。再見。

John McDonald, Truist.

John McDonald，Truist。

Hi. Yeah. Thanks. Just to follow up on the last thing and maybe just summarize it on the efficiency journey. Fair to say that both you have plenty of expense flex to deliver the efficiency improvement to [ 60 ] this year. And also that the [ 60 ] is a way point itself. It's not the destination for efficiency ratios of both of those fair?

你好。是的。謝謝。我來補充一下上一點，並簡單總結一下提高效率的歷程。可以肯定地說，你們今年有足夠的支出彈性來實現效率提升 [ 60 ]。此外，[60] 本身也是一個航點。這不就是兩者效率比率的最終目標嗎？

Yeah. Look, the way I think about it, yes, we have Flex is the bottom line. So if revenues come in, come in softer. We will dial back expenses accordingly, importantly to make sure we get to 10% to 11%, right? So I don't want to lose sight of that point, John, I'm not avoiding your question. The answer is yes in terms of flex point. But we're focused on ensuring we deliver the returns of the 10% to 11%.

是的。你看，我的想法是，是的，我們有 Flex，這是關鍵。所以，如果收入到來，也是比較溫和的。我們將相應地削減開支，重要的是確保削減幅度達到 10% 到 11%，對嗎？所以，約翰，我不想忽略這一點，我並沒有迴避你的問題。就彈性點而言，答案是肯定的。但我們專注於確保實現 10% 到 11% 的回報率。

In terms of the long-term operating efficiency, I'll leave that for Investor Day to talk about. And again, the reason I'm saying that is because we want to invest. We need to invest in this franchise, right? The earlier question that was asked in terms of closing the gap versus peers, this is not -- these are not businesses that you can invest once and be done with. They continue to evolve.

至於長期營運效率方面，我會在投資人日再談。我再次強調這一點的原因是，我們想要投資。我們需要投資這家特許經營店，對吧？之前有人問過如何縮小與同業的差距，但這不是──這些企業不是那種可以投資一次就萬事大吉的公司。它們仍在不斷進化。

They require continued investment in working of them. And so I don't want to sit here with you today and tell you that operating efficiency goes to some number that's significantly lower without giving you the full context of how we think about the next couple of years, and that's what Investor Day is about. But, jane, I don't know if you want to add anything?

它們需要持續投入才能正常運作。因此，我今天不想坐在這裡告訴你們營運效率會下降到某個顯著更低的數字，而不向你們全面說明我們對未來幾年的看法，而這正是投資者日的意義所在。但是，簡，我不知道你是否還有什麼要補充的呢？

And I think you're also hearing confidence from us on our ability to do both AI has been an additional benefit Matt talked a little bit about what we're doing with our over 50 processes in the prepared remarks, that will be driving new sources of efficiency that three, four years ago, we didn't -- we couldn't have imagined.

而我認為你們也能感受到我們對自身能力的信心。人工智慧帶來的額外好處是，馬特在準備好的演講稿中談到了我們正在進行的 50 多個流程，這些流程將推動新的效率來源，而這在三、四年前是我們無法想像的。

And we see that ability then to bring the efficiency down and drive our returns up and grow the franchise going forward. and you're hearing the confidence from us to be able to do that and frankly, like.

我們看到了這種能力，它能夠降低效率，提高回報，並推動特許經營業務的未來發展。你們也能感受到我們對實現這目標的信心，坦白說，就像…

Thank you. That's fair. And then one quick follow-up. Mark, could you give a little more color on the outlook for the card NCLs? The range is the same as last year, but the mid- -- upper end of the range implies a little bit higher losses than the actual 2025 loss rates, particularly on retail services.

謝謝。這很合理。然後還有一個簡短的後續問題。馬克，你能否再詳細談談信用卡NCL的前景？該範圍與去年相同，但範圍的中高端意味著損失會比 2025 年的實際損失率略高，尤其是在零售服務方面。

Are you just allowing for some macro uncertainty by keeping the ranges? Or is there anything in the delinquency roll rates that you're seeing?

你們是透過設定區間來應對一些宏觀層面的不確定性？或者，您在逾期貸款率方面發現了什麼？

Yeah. Look, there's -- to answer your question with the latter part of it. As we look at delinquencies, we're not seeing anything unexpected in either of the portfolios. And even when we cut it by different FICO scores and income brackets and the like. And so are there things out there that could have an impact over the course of the next year?

是的。你看，關於你問題的後半部分，我有個答案。從違約情況來看，這兩個投資組合都沒有任何意外情況。即使我們按不同的 FICO 信用評分、收入等級等劃分，結果仍然如此。那麼，未來一年有哪些事情可能會產生影響呢？

Sure. Does the range give us some cover around some of those things from an NCL point of view? It does, which is why we're sticking to the range. But there's nothing that I see right now.

當然。從NCL的角度來看，這個範圍能否提供我們一些因應這些問題的保障？確實如此，所以我們才堅持使用這個範圍。但我現在什麼也沒看到。

Got it. Okay. Great. Thank you.

知道了。好的。偉大的。謝謝。

Ken Cassidy, RBC -- Ken Houston, Autonomous Research.

Ken Cassidy，RBC－Ken Houston，Autonomous Research。

Thanks, just one.

謝謝，就一個。

Just one for me. I know we're going long here. Mark, the services deposits last year were just really strong. And I'm just wondering if you could tie that into just the broader macro economy and rates -- and are you continuing to still expect that, that part of the business can still generate that level of deposit growth?

我只留一個。我知道我們要走很長一段路。馬克，去年的服務業存款表現非常強勁。我想知道您能否將此與更廣泛的宏觀經濟和利率聯繫起來——您是否仍然預期該業務的這一部分還能產生如此水平的存款成長？

Thanks. Yeah, sure. So for deposits, total deposits for the firm next year, we're expecting mid-single digits. As I look at Services for 2025, as you said, we were up about 7%. A big part of that TTS was up about 6% year-over-year, and security services were up about 12%.

謝謝。當然可以。因此，對於存款，我們預計該公司明年的總存款額將達到個位數中段。正如你所說，展望 2025 年的服務業，我們預期成長約 7%。其中，TTS 業務年增約 6%，安保服務業務較去年同期成長約 12%。

I do expect to see continued strength there despite -- as I think about growth from, as I mentioned earlier, more with the large multinationals, more with some of our commercial middle market clients, I think a particular emphasis in growth in North America is what I would expect.

儘管我之前提到過，考慮到成長主要來自大型跨國公司和一些中型商業客戶，但我仍然預期北美市場將持續保持強勁勢頭。

We've been very thoughtful around pricing obviously, as rates have declined. And remember, we've got good loan growth. And so we want these deposits to come in. It's a lower cost of funding for us, and we see opportunities to deploy it at good margins and help drive our returns.

顯然，由於利率下降，我們在定價方面一直非常謹慎。別忘了，我們的貸款成長情況良好。所以我們希望這些存款能夠到帳。這對我們來說意味著更低的融資成本，我們看到了以良好利潤率部署它並幫助提高我們回報的機會。

And so this has been about ensuring that we're managing these clients with a client relationship mindset, which includes the deposits but also all the other things we bring to bear for them. Thank you.

因此，我們一直致力於確保以客戶關係的心態來管理這些客戶，這不僅包括存款，還包括我們為他們提供的所有其他服務。謝謝。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Thank you. Hi, Mark. I'm Jane.

謝謝。嗨，馬克。我是簡。

Hey Mark, you're leaving big shoes to fill, so good luck in your future endeavors.

嘿，馬克，你留下的空缺很大，祝你未來一切順利。

Thank you so much, Gerard.

非常感謝你，傑拉德。

Jane, you guys have done a good job moving the ball down the field in divesting our presence in Mexico, you talked about it today. Can you share with us where we are in terms of -- I know market conditions will play a factor once you get all the regulatory approvals to do the IPO.

簡，你們在推進撤出我們在墨西哥的業務方面做得很好，你今天也談到了這一點。您能否和我們分享我們目前的進展——我知道一旦您獲得所有監管部門的批准進行IPO，市場狀況將會產生影響。

Can you share with us where we are on the regulatory part? And then second, will you guys give us the announcement that all the regulatory approvals are in, and now it's just market conditions. You've got the green light and you're going to wait until you think it's right?

能和我們分享一下我們在監管方面的進展嗎？其次，你們能否宣布所有監管部門的批准都已到位，現在只剩下市場狀況了？你已經獲得許可，卻還要等到你認為時機成熟才行動？

Right. Okay. Well, look, first of all, we had a great outcome for all parties involved with the accelerated closing of the sale of the 25% stake to Fernando Chico Pardo. And the [ next in President ] and how government have been publicly and privately very supportive of both our path forward and of Fernando as the anchor investor.

正確的。好的。首先，對於所有相關方來說，加速完成向費爾南多·奇科·帕爾多出售 25% 股份的交易，都是一個非常好的結果。以及[下一任總統]，還有政府如何公開和私下地非常支持我們前進的道路以及費爾南多作為主要投資者。

And I think we saw that with the record closing of that same day. Normally, it would take 9 to 12 months to do. So we're very pleased with that. We are focused on the next step in the exit process, and we're actively looking at selling some additional smaller stakes as we lead up to an IPO.

我認為我們從當天創紀錄的收盤價中就看到了這一點。通常情況下，這需要9到12個月的時間才能完成。我們對此非常滿意。我們專注於退出流程的下一步，在IPO之前，我們正在積極考慮出售一些額外較小的股份。

And as we've said, and you referred to, the actual timing and structure of what we do is all going to be guided by several factors that includes market conditions with the ultimate goal of maximizing value for shareholders.

正如我們所說，也正如您所提到的，我們實際開展工作的時機和結構都將受到多種因素的指導，包括市場狀況，最終目標是為股東創造最大價值。

But that 25% stake that we've just closed is a much bigger opening position than it would be if we had IPO-ed. And so I think the next step is going to be some smaller stakes, and we'll keep going from there.

但我們剛完成的這 25% 的股權收購，比我們進行 IPO 時的初始持股規模大得多。所以我認為下一步應該是小規模的嘗試，然後我們再繼續前進。

Very good. And then just a real quick follow-up. Mark, you talked about markets, you talked about equities, the strong comparison to a year ago, how prime balances were up nicely this quarter. But in the cash equities business, what was the weakness there? I know you identified it, but what was it inside cash equities?

非常好。然後還有一個簡短的後續問題。馬克，你談到了市場，談到了股票，談到了與去年同期相比強勁的成長，以及本季優質餘額的良好成長。但是，在現金股票業務方面，弱點是什麼呢？我知道你已經找到原因，但現金股票裡到底是什麼呢？

Again, I think it was more of a year-over-year comparison. We had a really strong fourth quarter in equities last year, and that was a big driver.

我覺得這更像是與前一年相比的情況。去年第四季股市表現非常強勁，這是一個重要的驅動因素。

Yeah. We had a very big -- we had a couple of very big alpha trades. And so if you strip that out, it looks much more in line with what you would expect.

是的。我們進行了幾筆非常大的——我們做了幾筆非常大的超額收益交易。因此，如果去掉那部分，它看起來就更符合預期了。

Okay, thank you.

好的，謝謝。

The problem if you have a great fourth quarter, it comes back and bites you.

如果你在第四節表現出色，問題在於它最終會反過來傷害你。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

I just have one, and I all show you some love as well. Mark, to the best of luck, and we will miss you on these calls.

我只有一個，我也想表達我對你們的愛。馬克，祝你好運，我們會想念你接聽這些電話的。

Thank you, Saul.

謝謝你，索爾。

The wealth business, net interest, NIR was down 1%. I know that that was that reflected the sale of a trust business. But of leverage was minimal. The EBIT margin was pretty much the same as last year. And net new assets still good, but a little bit softer.

財富管理業務淨利息收入下降了 1%。我知道那反映的是一家信託業務的出售。但槓桿作用微乎其微。息稅前利潤率與去年基本持平。淨新增資產依然良好，但略有放緩。

I'm just curious how you're thinking about the progress there. your level of confidence that you're on track to continue to drive higher op leverage. And if you could just remind us what the with the end goal was for -- for EBIT margin, I should say, and over what time frame do you expect to get there?

我只是好奇你如何看待那方面的進展。你對能否持續提高營運槓桿率有多大信心？如果您能提醒我們最終目標是什麼——我指的是 EBIT 利潤率，以及您預計在多長時間內實現該目標，那就太好了？

Yeah. Let me kick off and I'll pass it back to Mark. Look, we had a good quarter in Wealth. It was capped off a year of real continued, and our revenues are up 14%, the RoTCE is over 12%. We grew client investment assets 14% on the back of 8% organic growth.

是的。我先開球，然後把球傳給馬克。你看，我們財富管理部門本季業績不錯。這是持續成長的一年的完美句點，我們的收入成長了 14%，RoTCE 超過 12%。在 8% 的自然成長基礎上，我們的客戶投資資產成長了 14%。

So a lot to like here. What's the strategy and the direction that Andy is taking this, right? It's to be the lead investment adviser for our clients has been a lot of our focus been attracting, retaining industry-leading talent, strengthening the CIO research product with Kate Moore doing a fabulous job there.

所以這裡有很多值得喜歡的地方。安迪的策略和方向是什麼？成為客戶的首席投資顧問一直是我們的重點，我們一直致力於吸引和留住業界領先的人才，加強首席投資長的研究產品，凱特摩爾在這方面做得非常出色。

A lot of retooling of key components of the investment product platform and some impressive partnerships they're really going to differentiate us with industry leaders like BlackRick, iCapital, Palantir, which means we're going to have a -- we have a really superb open architecture platform, and a far better client experience.

投資產品平台的關鍵組件進行了大量重新調整，並建立了一些令人印象深刻的合作夥伴關係，這將使我們與 BlackRick、iCapital、Palantir 等行業領導者真正區分開來，這意味著我們將擁有一個非常出色的開放式架構平台，以及更好的客戶體驗。

And all of this is helping us drive and accelerate growth in investment fee revenues over the next few years, that the famous $5 trillion of us opportunity, the $3 trillion of that is with clients in our U.S. retail and city gold business, which is why the integration of the retail bank makes so much sense. But with care, there's still more work to be done. There's room to grow profitability and revenues from here.

所有這些都有助於我們在未來幾年推動和加速投資費用收入的成長，著名的 5 兆美元機會中，有 3 兆美元來自我們美國零售和城市黃金業務的客戶，這就是為什麼零售銀行的整合如此有意義。但即便如此，仍有許多工作要做。這裡還有提升獲利能力和收入的空間。

And Andy is going to lay out the path at Investor Day. So you have a clear set of KPIs and the different elements that are needed to continue to drive that growth forward. But we remain committed and we see the path to improving the returns of the overall business to above 20% in the long run.

安迪將在投資者日闡述其發展方向。因此，您已經制定了一套清晰的關鍵績效指標 (KPI)，以及持續推動成長所需的各種要素。但我們依然致力於此，並且我們看到了從長遠來看將整體業務回報率提高到 20% 以上的途徑。

Mark, what else would you add?

馬克，你還有什麼要補充的嗎？

The only thing I would add, Jane, is we are seeing good momentum and feel very good about the momentum we're seeing on the investment side and frankly, the opportunity with the wealth of our clients that sit in our retail banking footprint is still a significant opportunity for us that is largely not yet tapped. Your question around margins.

簡，我唯一要補充的是，我們看到了良好的發展勢頭，對投資方面的發展勢頭感到非常樂觀。坦白說，我們零售銀行業務覆蓋範圍內的客戶財富對我們來說仍然是一個巨大的機遇，而這個機會在很大程度上尚未被開發。你的問題是關於利潤率的。

The medium-term EBIT margin that we set for the business was about 20%. So when you look at 2025, we're there. The longer term is 25% to 30%. And so we still have some headway to make. And as Jane mentioned at Investor Day, we'll be mapping out how we intend to get there.

我們為此業務設定的中期 EBIT 利潤率約為 20%。所以展望2025年，我們已經實現了。長期來看，這一比例為 25% 至 30%。因此，我們還有一些工作要做。正如簡在投資者日上提到的那樣，我們將製定實現目標的計劃。

Got it. That's helpful. Thanks so much.

知道了。那很有幫助。非常感謝。

Chris McGrady, KBW.

克里斯麥克格雷迪，KBW。

Chris, we're leaving the best till last.

克里斯，我們把最好的留到最後。

No pressure. Thanks, Jane. Related to Investor Day, I'm interested when the management team is getting together in the room and discussing the communication of the new targets, does the level of profitability or the timing to what you get there, carry more weight. I ask because the market seemingly wants a little bit higher and sooner, but I'm also sensitive to the bar you set and growing into the targets? Thank you.

沒有壓力。謝謝你，簡。關於投資人日，我感興趣的是，當管理團隊聚在一起討論新目標的溝通時，獲利水準還是實現目標的時機，哪個更重要。我這麼問是因為市場似乎希望價格上漲得更快一些，但我同時也非常在意你們設定的目標以及實現這些目標的過程。謝謝。

Yeah. I would, I would say both are important, right? I mean, look, clearly, 10% to 11% is not sufficient. It shows demonstrative progress since the last Investor Day, but we're clear minded that when we're creating value, we're doing so with returns that are well above our cost of equity. And so being able to grow the return level is critically important.

是的。我認為兩者都很重要，對吧？我的意思是，很明顯，10%到11%是不夠的。這表明自上次投資者日以來取得了顯著進展，但我們清楚地認識到，當我們創造價值時，我們的回報遠高於我們的股權成本。因此，提高回報率至關重要。

And if you know anything about Jane, you know the sense of urgency and kind of making things happen quickly. So without committing in any way, I would say both are factors as we think about the forward look for the firm. But Jane, why don't know --

如果你了解簡，你就會知道她做事有緊迫感，喜歡迅速把事情辦成。因此，在不作任何承諾的情況下，我認為兩者都是我們考慮公司未來發展方向的因素。但是簡，為什麼你不知道呢？--

Yeah. I mean we want to have our cake in we're not generate what can I say.

是的。我的意思是，我們想魚與熊掌兼得，但我們無法創造什麼，我還能說什麼呢。

Thank you.

謝謝。

Thank you very much indeed.

非常感謝。

If there are no further questions, I will turn the couple over to Jen Landis for closing remarks.

如果沒有其他問題，我會把發言權交給 Jen Landis，請她作總結發言。

Thank you for joining the call. But before we wrap up, I just wanted to briefly echo what Mark shared earlier about Citi and thank him for his leadership as the CFO of Citi. His focus on transparency, performance and long-term value creation has set a very high standard for city.

感謝您參加通話。但在我們結束之前，我只想簡單地重申馬克之前分享的關於花旗集團的內容，並感謝他作為花旗集團首席財務官的領導。他對透明度、績效和長期價值創造的重視，為這座城市樹立了非常高的標準。

And I personally want to thank Mark for his mentorship and guidance over the years. So thank you. And thank you all for joining, and I'm sure I will talk to you this afternoon.

我個人也想感謝馬克多年來的指導和幫助。所以，謝謝你。感謝各位的參與，我相信今天下午我會和大家交流。

This concludes the City fourth quarter 2025 earnings call. You may now disconnect.

本次市府2025年第四季財報電話會議到此結束。您現在可以斷開連線了。