花旗銀行 (C) 2025 Q2 法說會逐字稿

Hello and welcome to Citi's second-quarter 2025 earnings call. Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations.

您好，歡迎參加花旗 2025 年第二季財報電話會議。今天的電話會議將由花旗投資者關係主管 Jenn Landis 主持。

(Operator Instructions)

（操作員指示）

Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

另外提醒一下，今天的會議正在錄製中。如果您有任何異議，請立即斷開連接。

Ms. Landis, you may begin.

蘭迪斯女士，您可以開始。

Thank you, operator. Good morning and thank you all for joining our second quarter 2025 earnings call. I'm joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.

謝謝您，接線生。早安，感謝大家參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長 Jane Fraser 和財務長 Mark Mason。

I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings.

我想提醒您，今天的簡報可在我們的網站 citigroup.com 上下載，其中可能包含基於管理層當前預期的前瞻性陳述，並受不確定性和情況變化的影響。由於多種因素，包括我們的收益資料以及美國證券交易委員會文件中所述的因素，實際結果可能與這些聲明有重大差異。

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

說完這些，我就把麥克風交給簡。

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

謝謝你，詹，祝大家早安。

This morning, we reported another very good quarter with net income of $4 billion and earnings per share of $1.96 with an RoTCE of 8.7%. Revenues were up 8% and three of our five businesses had record second quarter revenues. We again had positive operating leverage at each business and the group level.

今天上午，我們報告了另一個非常好的季度，淨收入為 40 億美元，每股收益為 1.96 美元，RoTCE 為 8.7%。收入成長了 8%，我們五項業務中有三項在第二季創下了收入記錄。我們在每個業務和集團層面再次獲得了積極的經營槓桿。

We continue to demonstrate that our strong performance is sustainable through different environments. In April, I'd said that we were ready to lean in despite the lack of clarity of the moment, and indeed, we have. We are executing our strategy with discipline and intensity.

我們繼續證明，我們的強勁表現在不同的環境中都是可持續的。今年四月，我曾說過，儘管目前情況尚不明朗，但我們已準備好採取行動，事實上，我們確實這麼做了。我們正在嚴格而有力地執行我們的策略。

We're improving the performance and returns of each of our businesses whilst advancing their strategic positions and share and we are making significant progress on our transformation.

我們正在提高每項業務的業績和回報，同時提升其策略地位和份額，並且我們在轉型方面正在取得重大進展。

Turning to our five businesses. Services continues to show why this high returning business with 23% RoTCE for the quarter is our crown jewel. Revenue is up 8% with robust growth in both loans and deposits. Underlying fee drivers such as cross-border activity and US dollar clearing grew nicely, and we grew our AUC/A to over $28 trillion.

談談我們的五項業務。服務業繼續證明，為什麼這一季 RoTCE 為 23% 的高回報業務是我們的瑰寶。貸款和存款均強勁成長，營收成長 8%。跨境活動和美元清算等底層費用驅動因素成長良好，我們的 AUC/A 成長至 28 兆美元以上。

Markets revenues were up 16%, the best second quarter since 2020. In fixed income, the flows we saw in rates and currencies were particularly strong, backed by climate momentum, including hedging activity, as well as improved monetization.

市場收入成長16%，為2020年以來最好的第二季。在固定收益方面，我們看到利率和貨幣的流動尤其強勁，這受到氣候勢頭（包括對沖活動）以及貨幣化改善的支持。

Equities had the best second quarter ever, as our prime balances hit a record. With sentiment improving significantly as the quarter progressed, banking revenues were up 18%. We continue to be at the center of some of the most significant transactions, including serving as the exclusive advisor to Boeing on the $11 billion sale of Jeppesen and as lead adviser to Nippon Steel on their $15 billion acquisition of US Steel.

由於我們的主要餘額創下紀錄，股票市場經歷了有史以來最好的第二季。隨著本季的進展，市場情緒顯著改善，銀行收入成長了 18%。我們繼續處於一些最重大交易的核心，包括擔任波音公司以 110 億美元出售 Jeppesen 的獨家顧問，以及擔任新日鐵公司以 150 億美元收購美國鋼鐵公司的首席顧問。

Halfway through the year, we have been involved in 7 of the top 10 investment banking fee events. In addition to sustained momentum in M&A, we continue to take share in leveraged finance and with sponsors, a priority area. We also took share in equity capital markets, with convertibles fueling a strong quarter.

今年上半年，我們參與了十大投行費用事件中的七次。除了在併購領域保持持續成長勢頭外，我們還將繼續在槓桿融資和與贊助商的合作中佔據優先地位。我們也在股權資本市場上佔有了一席之地，其中可轉換債券推動了本季的強勁成長。

Wealth delivered a pre-tax margin of 29% as revenues were up 20%, with each line of business growing significantly and non-interest revenue up 17%. Whilst we have had 9% organic growth over the last year in net new investment assets, we did see inflows slow this quarter as clients were cautious amid macro uncertainty.

財富業務的稅前利潤率為 29%，營收成長 20%，其中各項業務均大幅成長，非利息收入成長 17%。儘管去年我們的淨新投資資產實現了 9% 的有機成長，但由於客戶在宏觀不確定性下持謹慎態度，本季的資金流入有所放緩。

We are confident we will see a pick up here as markets have recovered. In USPB, we grew revenues by 6% as we continue to focus on product innovation, digital capabilities, and the customer experience. We saw significant growth in branded cards plus retail services was pressured by lower sales activity at our partners, and we continue to feel good about the quality and the mix of our portfolio as well as our healthy level of reserves.

我們相信，隨著市場復甦，我們將看到這裡的回升。在 USPB，由於我們繼續專注於產品創新、數位能力和客戶體驗，我們的收入成長了 6%。我們看到品牌卡和零售服務的顯著成長受到合作夥伴銷售活動下降的壓力，我們仍然對我們的產品組合的品質和組合以及健康的儲備水平感到滿意。

And retail banking had a very good quarter underpinned by improving deposit spreads. During the quarter, we returned over $3 billion in capital to our common shareholders, which includes $2 billion in share repurchases.

由於存款利差的改善，零售銀行業務本季表現非常好。本季度，我們向普通股股東返還了超過 30 億美元的資本，其中包括 20 億美元的股票回購。

On a year-to-date basis, we repurchase $3.75 billion of shares as part of our $20 billion repurchase plan. We ended the quarter at a common equity Tier 1 capital ratio of 13.5%, 140 bps above our current regulatory requirement.

今年迄今為止，我們已回購了價值 37.5 億美元的股票，這是我們 200 億美元回購計畫的一部分。本季末，我們的普通股一級資本比率為 13.5%，比現行監管要求高出 140 個基點。

We were pleased with the results of our recent stress test. We are well-positioned to continue to increase the return of capital to our shareholders through buybacks, which is a priority for us, as well as an increased dividend of $0.60 per share, beginning in the third quarter.

我們對最近的壓力測試的結果感到滿意。我們已做好準備，透過回購繼續增加對股東的資本回報，這是我們的首要任務，同時從第三季開始增加每股 0.60 美元的股息。

The results of the recent stress test also show how we have de-risked the company by implementing a more focused business model, which includes divesting our international consumer businesses with Poland, our last remaining sale expected to close next year.

最近的壓力測試結果還表明，我們透過實施更專注的商業模式降低了公司的風險，其中包括剝離波蘭的國際消費者業務，我們最後剩下的出售預計將於明年完成。

I am particularly pleased that the momentum across our franchise includes the transformation as well. The investments we have made are improving our risk and control environment. Many of our programs are at or near target state, and we are making good progress in the remaining areas.

我特別高興的是，我們整個特許經營業務的發展勢頭也包括轉型。我們所做的投資正在改善我們的風險和控制環境。我們的許多專案都已達到或接近目標狀態，其餘領域也取得了良好進展。

We continue to focus on streamlining processes and platforms and driving automation to reduce manual touchpoints. We're also increasingly deploying AI tools to support these efforts in areas such as data quality, and we remain on track with our data plan.

我們繼續致力於簡化流程和平台並推動自動化以減少人工接觸點。我們也越來越多地部署人工智慧工具來支援數據品質等領域的努力，並且我們的數據計劃仍在按計劃進行。

And as all of this work progresses, we are confident that our transformation expenses will start to decrease next year but transformation is hardly the only recipient of investment. We continue to make investments that enhance the competitiveness of our businesses.

隨著所有這些工作的進展，我們相信我們的轉型費用明年將開始減少，但轉型並不是唯一的投資對象。我們將繼續進行投資，以增強我們的業務競爭力。

For example, we aim to deliver the benefits of advancements in stablecoin and digital assets to our clients in a safe and sound manner by modernizing our own infrastructure and improving efficiency, transparency, and interoperability for our clients.

例如，我們旨在透過現代化我們自己的基礎設施並提高客戶的效率、透明度和互通性，以安全穩健的方式為我們的客戶提供穩定幣和數位資產進步帶來的好處。

As a leading global bank in this space, we are laser focused on innovations which enable clients to access real-time 24/7 payments, clearing and settlement across borders and across currencies. Citi Token Services, our leading digital asset solution, is now live in four major markets, with more to come, and has processed billions of dollars of transactions since its launch.

作為該領域領先的全球銀行，我們專注於創新，使客戶能夠跨境、跨貨幣進行即時全天候支付、清算和結算。我們領先的數位資產解決方案花旗代幣服務現已在四大主要市場上線，並將在更多市場上線，自推出以來已處理了數十億美元的交易。

In markets, investments in our trading platforms have allowed us to handle record volumes with ease. In wealth, our partnership with iCapital will provide an end to end solution for our alternative investment offerings.

在市場上，我們對交易平台的投資使我們能夠輕鬆處理創紀錄的交易量。在財富方面，我們與 iCapital 的合作將為我們的另類投資產品提供端到端的解決方案。

As you saw with the American Airlines extension and the refreshed Costco Anywhere Visa card, we're investing in our cards portfolio to deliver more value for our cardholders, and later this quarter, we will introduce a new proprietary premium credit card, Citi Strata Elite, to our rewards family of products to expand our offerings for affluent customers.

正如您在美國航空擴展和更新的 Costco Anywhere Visa 卡中看到的那樣，我們正在投資我們的信用卡組合，為我們的持卡人提供更多價值，本季度晚些時候，我們將在我們的獎勵產品系列中推出一張新的專有高級信用卡 Citi Strata Elite，以擴大我們為富裕客戶提供的服務。

In terms of investing in talent, our momentum and value proposition continue to attract great leaders to the firm, as you've seen recently in banking and wealth. Just as importantly, we are giving our talent, the tools and the resources to compete and to win.

在人才投資方面，我們的勢頭和價值主張繼續吸引優秀的領導者加入公司，正如您最近在銀行業和財富領域看到的那樣。同樣重要的是，我們正在提供我們的人才、工具和資源來競爭並取得勝利。

Now let's turn to the environment. Well, it's proven to be more resilient than most of us anticipated, but we aren't dropping our guard as we begin the second half of the year. We expect to see goods prices to start ticking up over the summer as tariffs take effect, and we have seen pauses in CapEx and hiring amongst our client base.

現在讓我們來談談環境。事實證明，它比我們大多數人預期的更有彈性，但在下半年開始時，我們不會放鬆警惕。隨著關稅生效，我們預計商品價格將在夏季開始上漲，並且我們已經看到客戶群的資本支出和招聘暫停。

All of that said, the strength of the US economy, driven by the American entrepreneur and a healthy consumer, has certainly been exceeding expectations of late. As I've been speaking to CEOs, I've yet again been impressed by the adaptability of our private sector, aided by the depth and breadth of the American capital markets.

儘管如此，在美國企業家和健康消費者的推動下，美國經濟的強勁勢頭近期確實超出了預期。當我與執行長們交談時，我再次對我們私部門的適應性印象深刻，這得益於美國資本市場的深度和廣度。

I believe our results over the past year will help you see why we have been so confident in our trajectory. Our people have been performing with excellence in an unpredictable macro environment, and I am so proud of them.

我相信我們過去一年的成果將幫助您了解我們為何對我們的發展軌跡如此有信心。我們的員工在不可預測的宏觀環境中表現優異，我為他們感到驕傲。

The need for what we can uniquely provide for clients remains in very high demand, and we will continue to deliver for them through our One Citi approach through the second half of the year and beyond. Our wealth business is now starting to truly benefit from not only our retail bank but our global network.

我們為客戶提供的獨特服務的需求仍然非常高，我們將在今年下半年及以後繼續透過我們的「一個花旗」方案為他們提供服務。我們的財富業務現在開始真正受益於我們的零售銀行和全球網路。

By aligning client coverage and deploying credit more strategically, we're deepening relationships with asset managers and private market clients across services, markets, banking, and wealth. Importantly, we are gaining share of mind as well as share of wallet.

透過調整客戶覆蓋範圍並更具策略性地部署信貸，我們正在深化與服務、市場、銀行和財富領域的資產管理公司和私人市場客戶的關係。重要的是，我們正在贏得消費者的心智份額和錢包份額。

We will remain relentlessly focused on execution. As I've said, next year's 10% to 11% RoTCE target, it's a waypoint, it's not a destination. The actions we have taken have set up Citi to succeed long term, drive returns above that level, and continue to create value for shareholders.

我們將繼續堅持不懈地專注於執行。正如我所說，明年 10% 至 11% 的 RoTCE 目標只是一個路徑點，而不是一個目的地。我們採取的行動為花旗的長期成功奠定了基礎，推動了高於該水準的回報，並繼續為股東創造價值。

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

說完這些，我將把時間交給馬克，然後我們很樂意回答你們的問題。

Thanks, Jane and good morning, everyone.

謝謝，簡，大家早安。

I'm going to start with the firmwide financial results focusing on year over year comparisons unless I indicate otherwise, and then review the performance of our businesses in greater detail.

我將從公司整體的財務表現開始，並專注於同比比較，除非我另有說明，然後更詳細地審查我們業務的表現。

On slide 6, we show financial results for the full firm. This quarter, we reported net income of $4 billion, EPS of $1.96 and an RoTCE of 8.7% on $21.7 billion of revenue, generating positive operating leverage for the firm and each of our five businesses.

在第 6 張投影片上，我們展示了整個公司的財務表現。本季度，我們報告的淨收入為 40 億美元，每股收益為 1.96 美元，在 217 億美元的營收中，RoTCE 為 8.7%，為公司和我們的五項業務各自產生了積極的經營槓桿。

Total revenues were up 8%, driven by growth in each of our businesses, partially offset by a decline in all others. Net interest income excluding markets, which you can see on the bottom left side of the slide was up 7%, driven by services, USPB and wealth, partially offset by a decline in Corporate Other.

總收入成長 8%，這得益於我們各項業務的成長，但其他所有業務的下滑部分抵消了這一增長。幻燈片左下方顯示的不包括市場的淨利息收入上漲了 7%，這主要得益於服務、USPB 和財富，但被企業其他業務的下降部分抵消。

Non-interest revenues, excluding markets were up 1% as better results in banking and wealth were offset by declines in legacy franchises and USPB. And total markets revenues were up 16%. Expenses of $13.6 billion were up 2%.

不包括市場在內的非利息收入成長了 1%，因為銀行和財富業務的較好業績被傳統特許經營權和 USPB 業務的下滑所抵消。總市場收入成長了 16%。支出為 136 億美元，成長 2%。

Cost of credit was $2.9 billion primarily consisting of net credit losses in US cards as well as a firmwide net ACL build driven by services, banking, and legacy franchises. Looking at the firm on a year-to-date basis, total revenues were up 5%, driven by growth in each of our five businesses, partially offset by a decline in all other, and expenses were down 1% as we generated positive operating leverage for the firm and each of our five businesses and reported an RoTCE of 8.9%.

信貸成本為 29 億美元，主要包括美國信用卡的淨信貸損失以及由服務、銀行和傳統特許經營推動的全公司淨 ACL 建構。從年初至今的情況來看，公司總收入增長了 5%，這得益於我們五項業務的增長，但其他所有業務的下滑部分抵消了這一增長；而支出下降了 1%，因為我們為公司和五項業務分別創造了正的經營槓桿，報告的 RoTCE 為 8.9%。

On slide 7, we showed the expense trend over the past five quarters. The expense increase this quarter was driven by higher compensation and benefits, largely offset by lower tax and deposit insurance costs, as well as the absence of civil money penalties in the prior year.

在第 7 張投影片上，我們展示了過去五個季度的費用趨勢。本季費用的增加是由於薪資和福利的增加，但很大程度上被稅收和存款保險成本的降低以及去年沒有民事罰款所抵消。

The increase in compensation and benefits was driven by higher severance, primarily related to the realignment of our technology workforce, volume and other revenue-related expenses, and investments in transformation and technology with productivity and stranded cost reduction partially offsetting continued growth in the businesses.

薪資和福利的成長是由於遣散費增加，這主要與我們技術人員的重新調整、產量和其他與收入相關的費用以及對轉型和技術的投資有關，生產力和擱淺成本的降低部分抵消了業務的持續成長。

As we've said in the past, we are very focused on bringing down our expense base through reduction of stranded costs and productivity savings, both of which allow us to self fund our additional investments in transformation, technology, and the businesses.

正如我們過去所說的那樣，我們非常注重透過減少擱淺成本和提高生產力來降低我們的支出基礎，這兩者都使我們能夠自行資助在轉型、技術和業務方面的額外投資。

On slide 8, we show key consumer and corporate credit metrics. At the end of the quarter, we had $23.7 billion in total reserves with a reserve-to-funded loan ratio of 2.7%. Approximately, 85% of our card portfolio is to consumers with FICO scores of 660 or higher, and our reserve-to-funded loan ratio in the card portfolio was 8%.

在第 8 張投影片上，我們展示了關鍵的消費者和企業信貸指標。截至本季末，我們的總儲備金為 237 億美元，儲備金與貸款比率為 2.7%。我們的信用卡組合中約有 85% 是發給 FICO 評分為 660 或更高的消費者的，而我們的信用卡組合中的準備金與貸款比率為 8%。

And it's worth noting that we're seeing an improvement in our card credit trend. Looking at the right hand side of the slide, you can see that approximately 80% of our corporate exposure is investment grade, including international exposure, of which approximately 90% is either investment grade or exposure to multinationals and their subsidiary.

值得注意的是，我們的信用卡信用趨勢正在改善。查看投影片的右側，您可以看到我們大約 80% 的公司風險敞口是投資級的，包括國際風險敞口，其中約 90% 是投資級或跨國公司及其子公司的風險敞口。

And on the bottom right side of the slide, you can see that our corporate non-accrual loans increased in the quarter resulting from idiosyncratic downgrade but remain low. We feel good about the high quality nature of our portfolio, which reflect our risk appetite framework and our focus on using the balance sheet in the context of the overall client relationship.

在投影片的右下角，您可以看到，由於特殊降級，我們本季的企業非應計貸款有所增加，但仍處於低位。我們對我們的投資組合的高品質性質感到滿意，這反映了我們的風險偏好框架以及我們在整體客戶關係背景下使用資產負債表的重點。

Turning to capital and balance sheet on slide 9, where I will speak to sequential variances. Our $2.6 trillion balance sheet increased 2% with growth in cash and loans partially offset by lower trading related assets. End of period loans increased 3%, primarily driven by markets and USPB.

轉到投影片 9 上的資本和資產負債表，我將在其中討論連續差異。我們的 2.6 兆美元資產負債表成長了 2%，其中現金和貸款的成長被交易相關資產的減少部分抵銷。期末貸款增加了 3%，主要受市場和 USPB 的推動。

Our $1.4 trillion deposit base remains well diversified and increased 3% driven by services. We reported a 115% average LCR and maintained over $1 trillion of available liquidity resources. We ended the quarter with a preliminary 13.5% CET1 capital ratio, which incorporates a 100 basis point management buffer and is 140 basis points above our current regulatory capital requirement of 12.1%.

我們的 1.4 兆美元存款基礎仍然保持良好多元化，並在服務業的推動下成長了 3%。我們報告的平均流動性覆蓋率為 115%，並維持了超過 1 兆美元的可用流動性資源。本季末，我們的 CET1 資本比率初步為 13.5%，其中包含 100 個基點的管理緩衝，比我們目前的 12.1% 的監管資本要求高出 140 個基點。

As we announced earlier this month, under the current stress capital buffer framework for the standardized approach, we would expect our regulatory capital requirement to decrease from 12.1% to 11.6%, which incorporates the expected reduction in our SCB from 4.1% to 3.6%.

正如我們本月稍早宣布的那樣，在目前標準化方法的壓力資本緩衝框架下，我們預計監管資本要求將從 12.1% 降至 11.6%，其中包括預期的 SCB 從 4.1% 降至 3.6%。

That being said, we await the finalization of the Federal Reserve's proposed rulemaking to reduce variability in the SCB, which includes averaging results from the previous two consecutive years and modifying the annual effective date from October 1 to January 1.

話雖如此，我們仍在等待聯準會最終確定減少社會資本管制委員會波動性的擬議規則，其中包括對前兩年連續結果進行平均，並將年度生效日期從 10 月 1 日修改為 1 月 1 日。

If the averaging were to be implemented as the proposal is written, we expect our SCB to be 3.8%. And as a reminder, we announced an increase to our quarterly common dividend to $0.60 per share following the SCB results effective in the third quarter.

如果按照提案中寫的方式實施平均值，我們預計 SCB 將達到 3.8%。提醒一下，根據第三季的 SCB 業績，我們宣布將季度普通股股息提高至每股 0.60 美元。

Overall, we were pleased to see the improvement in our DFAST results and the corresponding reduction in our SCB for the second consecutive year. Even with these reductions, we remain very focused on efficient utilization of both standardized and advanced RWF.

總體而言，我們很高興看到我們的 DFAST 結果連續第二年有所改善，並且 SCB 也相應減少。即使進行了這些削減，我們仍然非常注重標準化和先進的 RWF 的有效利用。

Turning to the businesses on slide 10. We show the results for services in the second quarter. Revenues were up 8%, driven by growth across both TTS and security services. NII increased 13% driven by an increase in average deposits and loan balances, as well as higher deposit spread partially offset by lower loan spread.

轉向幻燈片 10 上的企業。我們展示了第二季服務業的業績。受 TTS 和安全服務成長的推動，營收成長了 8%。由於平均存款和貸款餘額增加，以及存款利差增加被貸款利差減少部分抵消，NII 增加了 13%。

NIR was down 1% as continued growth in fees was more than offset by higher lending revenue share. We continue to see strong activity and engagement with corporate clients and momentum across most underlying fee drivers, including cross-border transactions, assets under custody and administration, and US dollar clearing with total fee revenue of 6%, which we've included on the bottom left side of the slide.

由於費用的持續成長被貸款收入份額的增加所抵消，NIR 下降了 1%。我們繼續看到企業客戶的強勁活動和參與度，以及大多數基本費用驅動因素的勢頭，包括跨境交易、託管和管理的資產以及美元清算，總費用收入為 6%，我們已將其包含在幻燈片的左下方。

Expenses declined 2% driven by the absence of tax and legal related expenses in the prior year, largely offset by higher compensation and benefits, including severance as well as technology costs. We continue to make investments in our platform and products to win new clients and deepen with existing clients.

由於前一年沒有稅收和法律相關費用，費用下降了 2%，但這在很大程度上被更高的薪資和福利（包括遣散費和技術成本）所抵消。我們將繼續對我們的平台和產品進行投資，以贏得新客戶並加深與現有客戶的聯繫。

Cost of credit was $353 million driven by a net ACL build of $333 million primarily related to transfer risks associated with our clients' activities in Russia. Average loans increased 15%, driven by continued demand for trade loans globally as our clients expand their operations and suppliers.

信貸成本為 3.53 億美元，由 3.33 億美元的淨 ACL 建置所驅動，這主要與我們客戶在俄羅斯的活動相關的轉移風險有關。隨著我們的客戶擴大業務和供應商，全球對貿易貸款的需求持續成長，平均貸款增加了 15%。

Average deposits increased 7% with growth across both international and North America, largely driven by an increase in operating deposits. Services generated positive operating leverage for the fourth consecutive quarter and delivered net income of $1.4 billion with an RoTCE of 23.3% in the quarter and 24.7% year-to-date.

平均存款成長了 7%，國際和北美均有成長，主要得益於營運存款的成長。服務業務連續第四個季度產生正向營運槓桿，實現淨收入 14 億美元，本季 RoTCE 為 23.3%，年初至今為 24.7%。

Turning the markets on slide 11. Revenues were up 16%, driven by growth across both fixed income and equity. Fixed income revenues increased 20%, with rates and currencies up 27%, reflecting increased client activity and monetization across both corporates and financial institutions.

第 11 張投影片介紹了市場狀況。受固定收益和股票成長的推動，營收成長了 16%。固定收益收入成長了 20%，利率和貨幣成長了 27%，反映了企業和金融機構的客戶活動和貨幣化程度的提高。

Spread products and other fixed income was up 3%, driven by higher financing activity and loan growth, partially offset by lower credit trading. Equities revenues were up 6%. Excluding the impact of the Visa B exchange offer in the prior year, equities revenues were up over 35%, with solid growth across all products driven by momentum in Prime Services with record balances up approximately 27%, as well as higher client activity and volumes in cash equity and strong monetization of market activity and derivatives.

利差產品和其他固定收益上漲 3%，這得益於融資活動和貸款成長增加，但信貸交易減少部分抵消了這一增長。股票收入增長了6%。不計上一年 Visa B 交換要約的影響，股票收入增長超過 35%，所有產品均實現穩健增長，這得益於 Prime Services 的強勁增長，其中記錄餘額增長了約 27%，同時客戶活動和現金股票交易量也有所增加，市場活動和衍生品的貨幣化也表現強勁。

Expenses increased 6%, largely driven by higher volume and other revenue related expenses. Costs of credit was $108 million driven by a net ACL build of $100 million due to changes in portfolio composition, including exposure growth.

費用增加了 6%，主要由於銷售增加和其他與收入相關的費用。信貸成本為 1.08 億美元，這是由於投資組合組成變化（包括風險敞口增長）導致淨 ACL 增加 1 億美元所致。

Average loans increased 14% driven by financing activity and spread products. Markets generated positive operating leverage for the fifth consecutive quarter and delivered net income of $1.7 billion with an RoTCE of 13.8% in the quarter and 14% year-to-date.

受融資活動和利差產品的推動，平均貸款增加了 14%。市場連續第五個季度產生正向經營槓桿，淨收入 17 億美元，本季 RoTCE 為 13.8%，年初至今為 14%。

Turning to investment banking on slide 12. Revenues were up 18%, driven by growth in corporate lending and investment banking, partially offset by the impact of mark-to-market on loan hedges. Investment banking fees increased 13% with growth in M&A and ECM partially offset by a decline in DCM.

前往第 12 張投影片上的投資銀行業務。收入成長了 18%，這得益於企業貸款和投資銀行業務的成長，但部分抵消了以市價計價對貸款對沖的影響。投資銀行費用增加了 13%，其中併購和 ECM 的成長部分被 DCM 的下降所抵銷。

M&A was up 52% with gains across a multitude of sectors and with financial sponsors. ECM was up 25% with strengthened convertibles and IPOs as markets stabilized late in the quarter. And while DCM was down 12% as our investment grade volumes decreased versus very strong performance in the prior year, we continued to gain share in leveraged finance.

併購交易成長了 52%，涉及多個行業，並有金融贊助商參與。隨著本季末市場趨於穩定，ECM 上漲了 25%，可轉換債券和 IPO 也隨之走強。儘管由於我們的投資等級交易量與去年非常強勁的表現相比有所下降，DCM 下降了 12%，但我們在槓桿融資中的份額仍在繼續增長。

Corporate lending revenues, excluding mark to market on loan hedges, increased 31%, primarily driven by the impact of higher lending revenue share. Expenses were up 1% as higher volume and other revenue-related expenses and continued business investments were primarily offset by benefits of our prior actions to right-size the workforce and expense base.

企業貸款收入（不包括貸款對沖的市價）增加了 31%，這主要受到貸款收入份額增加的影響。費用上漲了 1%，因為銷售和其他與收入相關的費用以及持續的業務投資主要被我們先前採取的調整勞動力和費用基礎的措施所帶來的好處所抵消。

Costs of credit was $173 million which included a net ACL build of $157 million primarily driven by changes in portfolio composition, including sequential growth in lending. Banking generated positive operating leverage for the sixth consecutive quarter and delivered net income of $463 million with an RoTCE of 9% in the quarter and 9.8% year-to-date.

信貸成本為 1.73 億美元，其中包括 1.57 億美元的淨 ACL 構建，這主要受投資組合構成變化（包括貸款的連續增長）的推動。銀行業務連續六季實現正向經營槓桿，淨收入 4.63 億美元，本季經營槓桿率為 9%，年初至今為 9.8%。

Turning to wealth on slide 13. Revenues were up 20% with growth across Citigold, the Private Bank, and Wealth at Work. NII, which you can see on the bottom left side of the slide, increased 22%, driven by higher deposit spread, partially offset by lower mortgage spread and lower deposit balances.

轉到第 13 張投影片討論財富。隨著花旗金卡、私人銀行和財富工作業務的成長，收入成長了 20%。您可以在幻燈片左下方看到 NII 增長了 22%，這得益於存款利差的提高，但被抵押貸款利差的降低和存款餘額的降低部分抵消。

NIR increased 17%, driven by an $80 million gain on the sale of our alternative fund platform to iCapital, as well as higher investment fee revenue as we grew client investment assets by 17%. Expenses were up 1% as higher volume and other revenue-related expenses, episodic items, and severance were primarily offset by benefits from continued actions to right-size the expense base and lower deposit insurance costs.

NIR 成長了 17%，這得益於我們將另類基金平台出售給 iCapital 獲得的 8,000 萬美元收益，以及客戶投資資產成長 17% 帶來的投資費收入增加。費用上漲了 1%，因為交易量和其他與收入相關的費用、偶發項目和遣散費的增加主要被持續採取行動調整費用基礎和降低存款保險成本所帶來的收益所抵消。

End of period client balances continued to grow up 9%. Average loans declined 1% as we continue to be strategic in deploying the balance sheet to support growth in client investment assets. Average deposits declined 3% driven by taxes and other operating outflows, as well as a shift from deposits to higher yielding investments on our platform, partially offset by client transfers from USPB, reflecting our ability to support clients as their wealth and investment needs evolve.

期末客戶餘額持續成長9%。由於我們繼續策略性地部署資產負債表以支持客戶投資資產的成長，平均貸款下降了 1%。平均存款下降了 3%，原因是稅收和其他經營性資金流出，以及我們平台上從存款轉向收益更高的投資，但部分被 USPB 的客戶轉賬所抵消，這反映了我們隨著客戶的財富和投資需求的變化而為其提供支持的能力。

Wealth had a pre-tax margin of 29%, generated positive operating leverage for the fifth consecutive quarter, and delivered net income of $494 million with an RoTCE of 16.1% in the quarter and 12.8% year-to-date.

Wealth 的稅前利潤率為 29%，連續第五個季度產生正的經營槓桿，並實現淨收入 4.94 億美元，本季 RoTCE 為 16.1%，年初至今為 12.8%。

Turning to US personal banking on slide 14. Revenues were up 6%, driven by growth in branded cards and retail banking, partially offset by a decline in retail services. Branded cards revenues increased 11%, driven by net interest margin expansion and growth in interest earning balances which were up 7%.

前往第 14 張投影片上的美國個人銀行業務。營收成長 6%，主要得益於品牌卡和零售銀行業務的成長，但零售服務的下滑部分抵銷了這一成長。品牌卡收入成長 11%，受淨利差擴大和利息收入餘額成長 7% 的推動。

We continue to see growth in spend volume, which was up 4%. Retail banking revenues increased 16%, driven by the impact of higher deposit spread and retail services revenues declined 5%, largely driven by higher partner payments due to lower net credit losses.

我們繼續看到支出額的成長，成長了 4%。零售銀行收入成長 16%，受存款利差上升的影響；零售服務收入下降 5%，主要由於淨信貸損失減少導致合作夥伴支付增加。

Expenses were up 1%. Cost of credit was $1.9 billion driven by net credit losses in cards. Average deposits declined 3% as net new deposits were more than offset by client transfers to wealth that I mentioned earlier. USPB generated positive operating leverage for the 11th consecutive quarter and delivered net income of $649 million with an RoTCE of 11.1% in the quarter and 12% year-to-date.

支出上漲了1%。信貸成本為 19 億美元，主要由信用卡淨信用損失造成。平均存款下降了 3%，因為淨新存款被我之前提到的客戶財富轉移所抵消。USPB 連續第 11 季實現正營業槓桿，實現淨收入 6.49 億美元，本季 RoTCE 為 11.1%，年初至今為 12%。

Turning to slide 15 where we show results for all other on a managed basis, which includes corporate other and legacy franchises and excludes divestiture-related items. Revenues declined 14% with declines across both corporate other and legacy franchise.

翻到第 15 張投影片，我們展示了按管理方式計算的所有其他業績，其中包括公司其他業務和傳統特許經營權，但不包括與剝離相關的項目。由於企業其他業務和傳統特許經營業務收入均下降，因此收入下降了 14%。

The decline in corporate other was driven by lower NII resulting from actions that we've taken over the past few quarters to reduce the asset sensitivity of the firm in a declining rate environment. Legacy franchises was driven by the impact of the Mexican peso depreciation, expiration of TSAs in our closed exit markets, and continued reduction from our wind-down markets, largely offset by underlying growth in Banamex.

企業其他業務的下降是由於 NII 下降所致，而 NII 的下降是我們在過去幾季採取的措施，旨在降低公司在利率下降環境下的資產敏感度。墨西哥比索貶值、已關閉的退出市場中的 TSA 到期以及逐步減少的市場持續減少，推動了傳統特許經營權的增長，但這在很大程度上被 Banamex 的潛在增長所抵消。

Expenses increased 8% with growth in corporate other, which included higher severance, largely offset by lower expenses in legacy franchise. And cost of credit was $374 million largely consisting of net credit losses of $256 million driven by consumer loans in Banamex.

由於企業其他費用的成長（包括遣散費增加），費用增加了 8%，但這在很大程度上被傳統特許經營費用的降低所抵消。信貸成本為 3.74 億美元，其中大部分是 Banamex 消費貸款造成的 2.56 億美元淨信貸損失。

Turning to the full year 2025 outlook on slide 16. Given the strong performance in the first half of the year, we now expect to be at the higher end of our full year revenue range around $84 billion with net interest income excluding markets up closer to 4%.

轉向第 16 張幻燈片上的 2025 年全年展望。鑑於上半年的強勁表現，我們現在預計全年收入將達到 840 億美元的較高水平，不包括市場因素的淨利息收入將接近 4%。

As it relates to expenses, as a reminder, both the level of revenue and the mix of revenue inform and impact our expense base, which we expect to be around $53.4 billion this year. However, if revenues were to come in above $84 billion, we would expect expenses to come in higher as well, commensurate with the increase in revenue.

至於費用，需要提醒的是，收入水平和收入組合都會影響我們的費用基礎，我們預計今年的費用基礎約為 534 億美元。然而，如果收入超過 840 億美元，我們預計支出也會增加，與收入的增加相稱。

And as a reminder, currency fluctuations may impact both revenue and expenses in the balance of the year, but tend to be roughly neutral to earnings. In terms of credit, given the improvement that we've seen in both delinquency and net credit loss rates in both cards portfolios, we expect net credit losses to be within the range of 3.5% to 4% for branded cards and 5.75% to 6.25% for retail services.

需要提醒的是，貨幣波動可能會影響全年的收入和支出，但對收益的影響大致是中性的。在信貸方面，鑑於我們看到兩種信用卡組合的拖欠率和淨信貸損失率都有所改善，我們預計品牌卡的淨信貸損失將在 3.5% 至 4% 之間，零售服務卡的淨信貸損失將在 5.75% 至 6.25% 之間。

And the ACL will continue to be a function of the macroeconomic environment and business volume.

ACL 將繼續受宏觀經濟環境和業務量的影響。

Now turning to capital. We remain committed to repurchasing shares each quarter under our $20 billion share repurchase program and expect to buy back at least $4 billion this quarter. That said, going forward, you should not expect us to provide precise buyback guidance on a quarterly basis.

現在轉向資本。我們仍然致力於根據我們 200 億美元的股票回購計劃每季回購股票，並預計本季至少回購 40 億美元。話雖如此，展望未來，您不應期望我們按季度提供精確的回購指導。

As we take a step back, the performance in the quarter and so far this year represents significant progress towards our goal of improved firmwide and business performance. We are proud of what we've accomplished, and we are well on our way to delivering the full power of our franchise.

回顧過去，本季以及今年迄今的業績表明，我們朝著提高全公司和業務業績的目標邁出了重大一步。我們為我們所取得的成就感到自豪，並且我們正在充分發揮我們特許經營權的全部力量。

We remain steadfast and focused on executing on our transformation, achieving our RoTCE target of 10% to 11% next year, and further improving returns over time.

我們堅定不移地專注於實施轉型，實現明年 10% 至 11% 的 RoTCE 目標，並隨著時間的推移進一步提高回報。

And with that, Jane and I would be happy to take your questions.

因此，簡和我很樂意回答你們的問題。

(Operator Instructions)

（操作員指示）

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

So Jane, you've talked about next year's 10% to 11% RoTCE target as a waypoint. You've said that a few times now. So I know you're not going to give any hard targets for '27, but can you give us a sense of what you think the long-term return profile could look like roughly and what you see as the key drivers to higher returns beyond '26?

簡，您談到了明年 10% 至 11% 的 RoTCE 目標作為一個航點。你已經說過幾次了。所以我知道您不會為 27 年設定任何硬性目標，但您能否讓我們大致了解一下您認為的長期回報狀況，以及您認為 26 年後實現更高回報的關鍵驅動因素是什麼？

Yeah. I would be delighted to do so. And you're right, I'm not going to be giving a target at this juncture. I feel very confident about our path forward. I think you can see this quarter, the firm is firing on all cylinders, and we have the confidence of the right strategy.

是的。我非常樂意這麼做。你說得對，我現在不會設定目標。我對我們的前進道路充滿信心。我想您可以看到本季公司正在全力以赴，我們對正確的策略充滿信心。

We're uniquely positioned to support our cross-border clients, and Mark and I both feel very pleased about how it's all coming together, both within and across the five businesses. We've got this simpler yet diversified business model.

我們擁有獨特的優勢來支持我們的跨國客戶，馬克和我都對五大業務內部和跨五大業務的協同進展感到非常高興。我們擁有這種更簡單但多樣化的商業模式。

We're in a strong financial position, feel very good about the leadership team, and we've got those hard and strategic decisions behind us, so we can be on the front foot. So I feel confident first of all about the target for the next year, but as I've said, the 10% to 11% target, it's this waypoint, it's not the destination.

我們的財務狀況良好，對領導團隊非常滿意，我們已經做出了那些艱難的策略決策，因此我們能夠處於領先地位。因此，我首先對明年的目標充滿信心，但正如我所說，10% 到 11% 的目標只是一個航點，而不是終點。

And we're managing the firm for the longer term with a good trajectory, and there are three drivers of higher long term returns, revenues, expenses, and capital. Mark, I'll take revenues as I'll hand to you on the expense and capital front.

我們正在以良好的軌跡對公司進行長期管理，而實現更高長期回報的驅動力有三：收入、支出和資本。馬克，我會把收入當作支出和資本的收入交給你。

So on the revenue growth, you've seen us grow very steadily over the past few years in a, let's call them a variety of different macro environments. This quarter is a strong continuation of that. As I'm looking forward, banking, we've talked about continued share growth. I think we're very pleased with the M&A front, the pipeline's excellent, and the associated revenues around greater activity on the episodic front, I think the linkage between banking and markets there is particularly pleasing.

因此，就收入成長而言，您會看到我們在過去幾年中在各種不同的宏觀環境中實現了非常穩定的成長。本季是這一趨勢的強勁延續。正如我所展望的，銀行業務方面，我們已經討論了持續的份額成長。我認為我們對併購方面的情況非常滿意，管道非常出色，並且圍繞偶發事件方面更大活動的相關收入也非常令人滿意，我認為銀行業和市場之間的聯繫尤其令人高興。

With services, we will just continue growing with new clients and with existing clients. We pointed to a very strong new client wins this quarter, a lot of new supplies we've been bringing on, but also the new product innovations.

透過服務，我們將繼續與新客戶和現有客戶共同成長。我們指出，本季我們贏得了非常強勁的新客戶，帶來了許多新供應，同時也帶來了新的產品創新。

I'm sure we'll talk about digital assets at some point on this call. And so I feel very good about the crown jewel continuing to deliver. In wealth, we've got great investments, a runway and just huge upside. You can tell the excitement from Andy and the team, from our existing clients, the famous $5 trillion, as well as the opportunity with the new wealth creators, and we're very much that private bank for the progress makers in the world.

我相信我們會在這次通話的某個時候討論數位資產。因此，我對皇冠上的寶石繼續發揮作用感到非常高興。在財富方面，我們擁有大量投資、發展空間和龐大的上升空間。你可以從安迪和團隊、從我們現有的客戶、著名的 5 兆美元以及新財富創造者的機會中感受到興奮，我們是世界進步者的私人銀行。

In markets, great quarter, but equities, I think the piece I like here is that we've now got that second leg to the strength that we have in derivatives, which is in Prime. That platform is scaled. We're continuing to invest in it. It's got very high return, marginal return that comes with the growth.

在市場上，這是一個很棒的季度，但就股票而言，我認為我喜歡的一點是，我們現在有了在衍生品方面的優勢的第二條腿，也就是 Prime 方面。該平台已擴大規模。我們將繼續對此進行投資。它有非常高的回報，伴隨成長而來的邊際回報。

So expect to see us continue there. And volatility is going to, I suspect, be a feature, not a bug, of the new world order, and we will benefit from that. And again in markets, the private market space as capital market evolves is an area our financing business is done very well-positioned again, strong connectivity with banking here, and for us to continue to grow, take share and help participating in, not to mention FX options.

所以希望我們能繼續下去。我認為，波動性將成為新世界秩序的特徵，而不是缺陷，我們將從中受益。再次在市場中，隨著資本市場的發展，私人市場空間是我們融資業務再次佔據非常有利地位的領域，與這裡的銀行有著緊密的聯繫，這使我們能夠繼續發展，佔據份額並幫助參與，更不用說外匯期權了。

And then finally, US personal banking. And we've got a wonderful relationship with American Airlines. We've got a very exciting '26 lined up, and you've seen us with new product innovations this year, with the Strata Elite coming out later on in the quarter. Retail banking, again really hitting its stride now and feeding both the wealth but also the broader NAM franchise.

最後是美國個人銀行業務。我們與美國航空公司保持著良好的關係。我們已經準備好迎接令人興奮的 26 款產品，您已經看到我們今年推出的新產品創新，其中 Strata Elite 將於本季稍後推出。零售銀行業務現在再次真正步入正軌，不僅為財富成長提供了動力，也為更廣泛的 NAM 特許經營業務提供了動力。

I feel good on the revenue side, but Mark, let me pass to you.

我對收入方面感覺良好，但是馬克，讓我把這個交給你。

So key point obviously revenue momentum. Another key point is continued expense discipline. And I think you've seen that through the first half and obviously, the targets we've set for 2025. But that continues in 2026 and beyond.

因此關鍵點顯然是收入動能。另一個關鍵點是繼續嚴格控制開支。我想你們已經在上半年看到了這一點，顯然，我們也設定了 2025 年的目標。但這種情況在 2026 年及以後仍會持續。

The drivers there are likely to be continued reduction in severance. We talked about 2025 having a sizable severance estimate in our forecast. The transformation expenses, which are going up in '25, will trend down over time.

那裡的司機的遣散費可能會繼續減少。我們在預測中提到了 2025 年會有相當可觀的遣散費估計。轉型費用在 25 年有所上升，但隨著時間的推移將呈下降趨勢。

The stranded costs, which have been coming down. We've brought stranded costs down by about $3 billion. There's still $1.2 billion left. That'll trend down over the next couple of years. And then continued productivity, some of which will be enabled by AI that Jane mentioned earlier.

擱淺成本一直在下降。我們已將擱淺成本減少了約 30 億美元。還剩下12億美元。未來幾年，這一趨勢將呈下降趨勢。然後是持續的生產力，其中一些將由 Jane 之前提到的人工智慧實現。

So those are a number of the drivers that we think will contribute to the continued expense discipline, and I use discipline intentionally because in order to capture that revenue momentum that we've seen in the first half and that Jane outlined as drivers of the forward look, it's going to require continued investment.

因此，我們認為這些因素將有助於持續控制費用，我特意使用「控制」一詞，因為為了抓住我們在上半年看到的收入勢頭以及 Jane 所概述的未來驅動因素，我們需要持續的投資。

And so part of our responsibility is going to be driving efficiencies while making investments that allow for us to play for the longer term returns and better serve our clients. So revenue momentum, expense discipline, and then finally, capital and continuing to be efficient about how we use our risk weighted assets and capital and you heard me mention earlier us increasing our buybacks to $4 billion, at least $4 billion in the quarter, and we'll continue to be good stewards of our capital as we manage through '26 and beyond.

因此，我們的部分職責是提高效率，同時進行投資，以便我們獲得長期回報並更好地服務我們的客戶。因此，收入動能、費用紀律，最後是資本，並繼續有效地使用我們的風險加權資產和資本，你聽到我之前提到我們將回購金額增加到 40 億美元，本季度至少 40 億美元，我們將繼續做好資本的管理，直到 26 年及以後。

Well, that's a very fulsome response. I appreciate it.

嗯，這是一個非常全面的回答。我很感激。

You didn't have another question, Jim, did you?

吉姆，你沒有其他問題吧？

Well, I did have one little follow-up on the revenue forecast for this year, the guidance. I appreciate going to the higher end, but I guess if I look at first half, $43.3 billion to get to $84 billion, you're dropping $2.5 billion in the back half.

嗯，我確實對今年的收入預測和指導做了一點跟進。我很欣賞達到更高的水平，但我想如果我看一下上半年，從 433 億美元到 840 億美元，下半年就會損失 25 億美元。

I think last year, you kind of fell half that. So is there something we should be thinking about? Is it just being cautious? There is seasonality, I know, and markets. Just trying to think through why the big step that down in the second half given the momentum.

我認為去年你的跌幅大概是這個數字的一半。那我們應該思考一些事情嗎？難道只是小心謹慎嗎？我知道，存在季節性和市場。只是想想為什麼在如此強勁的勢頭下，下半場會大幅下滑。

Sure. I'll keep it brief. Look, I think we did have a very strong first half. There was obviously a great deal of uncertainty and volatility that we managed through and helped our clients manage through. The second half does seasonally tend to be softer than the first half.

當然。我會長話短說。看，我認為我們的上半場表現確實非常強勁。顯然，我們克服了很大的不確定性和波動性，並幫助我們的客戶克服了這些不確定性和波動性。從季節性來看，下半年確實趨向於比上半年疲軟。

We're certainly estimating that as we think about the $84 billion in the high end of that range that we've moved you to, that would include a markets second half that is down, generally consistent with what we've seen historically versus the first half.

我們當然估計，當我們考慮到我們已經為您調到的這個範圍的高端 840 億美元時，這將包括市場下半年的下滑，與我們歷史上看到的上半年相比，情況基本一致。

Obviously, if there's increased volatility and repositioning that investor clients want to take on the heels of that, we'll see how that plays out, but that's an important factor that's playing through in the $84 billion. And then on the NII ex-markets part, we do expect to see continued loan growth and operating deposit growth play through in a rate environment that is probably with fewer cuts than we expected originally, but the short of it is that we have factored in some normal seasonality in the second half juxtaposed against the first that's driving us to the high end of the range.

顯然，如果波動性增加，而投資者客戶希望隨之重新定位，我們將拭目以待，但這是影響 840 億美元的重要因素。然後，在 NII 市場部分，我們確實預計在降息幅度可能低於我們最初預期的利率環境下，貸款和經營存款將繼續增長，但簡而言之，我們已經將下半年的一些正常季節性因素考慮在內，與上半年相比，這推動我們達到該範圍的高端。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

My first question is on capital. Mark, I appreciate that you're moving away from the quarterly buyback guide. I'm wondering, two questions. One, is [13.1%] still the right level in terms of the year-end target as we think about regulatory, reform and SCB relief?

我的第一個問題是關於資本的。馬克，我很感激你不再使用季度回購指南。我想知道兩個問題。首先，當我們考慮監管、改革和 SCB 救濟時，[13.1%] 是否仍然是年底目標的正確水準？

And additionally, you're operating in a 140 basis point buffer. As we think about a regulatory reform construct, that's supposed to reduce volatility in the capital minimum. When do you think is the right time to readdress that buffer?

此外，您還在 140 個基點的緩衝下進行操作。當我們考慮監管改革結構時，這應該會降低最低資本的波動性。您認為什麼時候是重新定址該緩衝區的正確時間？

Sure. So look, in terms of the target for the end of the year, I think it's important, as I said in the prepared remarks to acknowledge that one, we've seen our SCB come down in the most recent DFAST results for now a second year in a row.

當然。因此，就年底的目標而言，我認為重要的是，正如我在準備好的發言中所說的那樣，我們已經看到我們的 SCB 在最近的 DFAST 結果中連續第二年下降。

With that said, there's still some uncertainty as to what the SCB will ultimately be, the reduction will be, depending on whether it's an average of the last two years or not as well as the timing for it. So whether that will be the normal or historical October 1 date, or whether that will move to January 1, and both of those factors impact the answer to your question in terms of whether there's -- whether the [13.1%] is still the year end target or whether it's something different from that.

話雖如此，但對於 SCB 最終將達到什麼水平仍然存在一些不確定性，減少的幅度取決於它是否是過去兩年的平均值以及減少的時間。因此，這是否會是正常的或歷史性的 10 月 1 日，或者是否會移至 1 月 1 日，這兩個因素都會影響您問題的答案，即 [13.1%] 是否仍然是年底目標，或者是否與此有所不同。

And so until we get clarity on that, we are continuing down the path of returning as much capital as we originally had planned for when I set that target and as we get clarity, we will adjust accordingly, but I think importantly, what you see is us pulling forward buybacks as much as we can as early as we can while obviously being responsible about it and taking advantage of the fact that we're still trading below book value and it makes sense to do that.

因此，在我們明確這一點之前，我們將繼續按照我設定的目標返還盡可能多的資本，當我們明確這一點後，我們會進行相應調整，但我認為重要的是，你會看到我們儘早盡可能多地提前回購，同時顯然對此負責，並利用我們仍然低於賬面價值交易的事實，這樣做是有意義的。

So that's how I think about the 13.1%. What I will say is regardless of the outcome of averaging or the start of the new SCB level, it does afford us more flexibility in the way of how much capital we have to buy back or redeploy and we'll continue to kind of assess that.

這就是我對 13.1% 的看法。我想說的是，無論平均結果如何或新的 SCB 水平如何開始，它確實為我們回購或重新部署多少資本提供了更大的靈活性，我們將繼續對此進行評估。

In terms of the management buffer, we look at that on a regular basis. As I've told you in the past, it's an internal management buffer. It's sized in part with how we think about volatility in RWA and AOCI, as well as variability in the SCB.

就管理緩衝而言，我們會定期進行審查。正如我過去告訴你的，這是一個內部管理緩衝區。它的規模部分取決於我們如何看待 RWA 和 AOCI 的波動性以及 SCB 的變化性。

We're pleased with the direction and tone that we're hearing from DC in terms of looking at capital in a more holistic way. And as we continue to get clarity on that, we'll continue to assess how much of a management buffer is required.

我們很高興聽到 DC 以更全面的方式看待資本所給出的方向和基調。隨著我們對此問題的進一步了解，我們將繼續評估需要多少管理緩衝。

In the meantime, we're still running it at the 100 basis points.

同時，我們仍以 100 個基點運行。

And my second question is I know how important it is to work on lifting that 2020 OCC consent order. And I'm wondering, as we think about some of the costs associated with transformation, is there a way to size, if the consent -- when the consent order is lifted, what expenses that could be freed up to reallocate to the rest of the company?

我的第二個問題是，我知道努力解除 2020 年 OCC 同意令的重要性。我想知道，當我們考慮與轉型相關的一些成本時，是否有辦法確定規模，如果同意——當同意令解除時，可以釋放哪些費用以重新分配給公司的其他部門？

Now I know you've talked about this with investors in the past and you had another peer that had talked about freeing up expenses as consent orders were resolved and I'm wondering if you could give us a little bit more clarity here.

現在我知道您過去曾與投資者討論過這個問題，並且您的另一位同行也曾談到在同意令得到解決後釋放費用，我想知道您是否可以在這裡給我們更清晰的解釋。

Well, first, I'd say, as Jane said in her prepared remarks, we're pleased with the progress that we're making around the transformation work, and there are a number of aspects of that that are at their target state, which is a -- which I think is a very positive sign.

嗯，首先，我想說，正如簡在準備好的發言中所說，我們對轉型工作所取得的進展感到滿意，其中許多方面都已達到目標狀態，我認為這是一個非常積極的信號。

I think I've said before that we've spent -- last year, we spent about $3 billion investing in the transformation work and that I expected that we'd have a meaningful increase in that spend in 2025. We are seeing that increase, but I do expect that as we go into 2026 and beyond and as programs are completed and validated and proven to be sustainable and vetted by the regulators that we will start to see that spend come down in '26 and beyond and we'll also start to see some of the benefits from those investments help to reduce our underlying operating cost.

我想我之前說過，去年我們在轉型工作上投資了大約 30 億美元，我預計到 2025 年我們的支出將有顯著增加。我們看到這種增長，但我確實預計，隨著我們進入 2026 年及以後，隨著計劃的完成和驗證，並證明是可持續的，並經過監管機構的審查，我們將開始看到支出在 2026 年及以後下降，我們也將開始看到這些投資帶來的一些好處有助於降低我們的基本運營成本。

And the final point I'd make is that we're not just looking at these investment dollars without teasing out opportunities to extract efficiencies from them. And what I mean by that is when we talk about applying AI tools to the work that we do on a day to day basis, that includes the work that we have to do in executing against our transformation and remediating the consent order concerns.

我要說的最後一點是，我們不能只專注在這些投資資金，而不去尋找從中獲取效率的機會。我的意思是，當我們談論將人工智慧工具應用到我們日常的工作中時，這包括我們在執行轉型和補救同意令問題方面必須做的工作。

And so there too, our efficiencies and how we go about doing that again, all of which will help to drive down cost in '26 and beyond.

因此，我們的效率以及我們如何再次做到這一點，所有這些都將有助於降低 26 年及以後的成本。

I'd just reemphasize you don't need to wait for a consent order to be lifted to bring the expense down. You get the work done. You go into sustainability. You hand the work over to the regulators. And then they make a determination.

我只是想再次強調，您不需要等待同意令的解除來降低費用。你把工作完成了。你進入永續發展領域。你把工作交給監理機關。然後他們做出決定。

So don't just think this only happens when orders are lifted.

所以不要以為只有在解除禁令時才會發生這種情況。

(Operator Instructions)

（操作員指示）

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

I guess I just wanted to follow up, Mark, on the capital question. Just talk to us as we think about it and appreciate what you just said, but when we think about the binding constraints from standardized to advanced, how we should think about it and are there actions we saw an SRT that I think executed in June.

馬克，我想我只是想跟進一下資本問題。當我們思考這個問題時，請與我們交談，我們很欣賞您剛才所說的，但是當我們思考從標準化到高級的約束條件時，我們應該如何思考這個問題，以及我們是否看到了我認為在 6 月份執行的 SRT 的行動。

Just what are the avenues to optimize the capital stack so that advanced doesn't become a binding constraint for Citi? Any perspective would be helpful there.

那麼，有什麼途徑可以優化資本結構，使先進技術不成為花旗的束縛呢？任何觀點都會有幫助。

Yeah. I think the first thing I'd say is that today, our standardized CET1 is our binding constraint. The second thing I'd point to is that you've seen us be very disciplined over the past couple of years at managing our risk weighted assets on a standardized basis, and optimizing the use of them, particularly in areas like markets, to ensure that we're getting the best return for the deployment of those risk weighted assets.

是的。我想說的第一件事是，今天，我們的標準化 CET1 是我們的限制。我想指出的第二件事是，過去幾年來，我們已經非常嚴格地以標準化的方式管理我們的風險加權資產，並優化它們的使用，特別是在市場等領域，以確保我們從這些風險加權資產的部署中獲得最佳回報。

And that is also true for how we think about advanced as the gap between the two narrows. We're equally focused on how do we ensure that we're using risk weighted assets on both a standardized and advanced basis as efficiently as we can.

隨著兩者之間的差距縮小，我們對先進的看法也改變了。我們同樣關注如何確保盡可能有效率地在標準化和進階基礎上使用風險加權資產。

And so we're mindful of how tight they're running. Standardized is still the binding constraint. But as we look at the businesses and the activities that we do, we're making sure that we drive for that greater efficiency, from those two metrics.

因此，我們注意到他們的運作情況有多緊張。標準化依然是約束性因素。但當我們審視我們所做的業務和活動時，我們確保從這兩個指標來提高效率。

Look, there are multiple reasons why there's a difference between standardized and advanced RWA. They have to do with how each framework treats certain credit portfolios, whether it be consumer or wholesale. Standardized tends to be more punitive to the mortgage book, advances more punitive to international wholesale exposures, and so we're mindful of those things as we drive towards kind of the efficient use.

看起來，標準化 RWA 和高級 RWA 之間存在差異的原因有很多。它們與每個框架如何處理某些信貸組合有關，無論是消費者信貸還是批發信貸。標準化往往對抵押貸款帳簿的懲罰性更強，對國際批發風險的懲罰性更強，因此，我們在努力實現高效利用時會注意這些事情。

But we're also mindful that the regulatory landscape continues to evolve and who knows advanced under Basel III is supposed to be down a path of retirement. We want to be thoughtful about how we manage the two metrics so that we are compromising the strategy for a metric that may be temporary.

但我們也注意到，監管環境不斷發展，誰知道巴塞爾協議 III 下的先進技術是否即將淘汰。我們要認真考慮如何管理這兩個指標，以便我們能夠針對可能只是暫時的指標來調整策略。

Again, pleased with the tone in DC in terms of looking at things holistically and looking forward to some speedy advancement as it relates to the outcome of their reviews.

再次，我對 DC 從整體上看待事物的語氣感到滿意，並期待他們的審查結果能夠迅速取得進展。

And I guess I think Jane alluded to this. On stablecoins, there is a lot of focus on how stablecoins could be used for treasury management, global liquidity management. If we could double click on that in terms of how you're already using these internally, and do you view disruption risk to services revenues tied to increase adoption of stablecoins?

我想簡暗示了這一點。關於穩定幣，人們關注的重點是如何將穩定幣用於資金管理、全球流動性管理。如果我們可以雙擊您如何在內部使用這些，您是否認為增加穩定幣的採用會導致服務收入中斷的風險？

Yeah. Look, digital assets are the next evolution in the broader digitization of payments, financing and liquidity. I view it just as we're seeing a change with fintech a few years ago. Ultimately, what we care about is what our clients want and how do we meet that need.

是的。看起來，數位資產是支付、融資和流動性更廣泛的數位化的下一個發展階段。我認為這就像幾年前我們看到的金融科技的變化一樣。最終，我們關心的是客戶想要什麼以及我們如何滿足這種需求。

What our client wants is multi-assets, multi-bank, cross-border, always on solutions, providing a safe and sound manner with as many of the complexities sold for them. That's like a compliance, accounting, reporting, et cetera.

我們的客戶想要的是多資產、多銀行、跨境、始終在線的解決方案，以安全穩健的方式為他們解決盡可能多的複雜問題。這就像合規、會計、報告等等。

And that's what we do. We're the global leaders enabling clients to move money across border, and digital asset solutions complement our existing product suite. So we're well advanced in developing our digital asset capabilities.

這就是我們所做的。我們是幫助客戶實現跨境資金轉移的全球領導者，數位資產解決方案補充了我們現有的產品套件。因此，我們在開發數位資產能力方面已經取得了很大的進展。

You've heard me talk a lot about Citi Token Services, and a slew of other innovations. What they do is they let us modernize our own business where needed, and they grew -- they grow new revenue streams for us and also allow us to acquire new clients.

你們已經聽我談論了很多關於花旗代幣服務以及一系列其他創新的事情。他們所做的就是讓我們在需要的地方實現業務現代化，並且他們發展壯大——他們為我們開闢了新的收入來源，也讓我們獲得了新的客戶。

So when I look at the stablecoin side, so four main areas that we're exploring reserve management for stablecoins, the on and off grants from cash and coin, backwards and forwards. We are looking at the issuance of a Citi stablecoin, but probably most importantly is the tokenized deposit space where we're very active, and then also providing custodial solutions for crypto assets.

因此，當我看穩定幣方面時，我們正在探索穩定幣儲備管理的四個主要領域，即現金和硬幣的連續贈款。我們正在考慮發行花旗穩定幣，但最重要的可能是我們非常活躍的代幣化存款領域，然後也為加密資產提供託管解決方案。

So this is a good opportunity for us.

所以這對我們來說是一個很好的機會。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Just one specific question on the transformation costs. What were they for the second quarter? I'm just trying to get a run rate and where those go to.

關於轉型成本，我只想問一個具體問題。第二季的情況如何？我只是想了解運行率以及它們的去向。

Yeah. I didn't -- I haven't broken them out here for the second quarter, Mike. What I will say is what I said already, which was we had $3 billion last year. We're increasing that meaningfully in the year, and we obviously saw some of that increase play through the first and second quarter and expect to see a bit more of it in the third and fourth before trending down in '26.

是的。我沒有——我還沒有在這裡列出第二季度的數據，麥克。我要說的是我已經說過的，那就是去年我們有 30 億美元。我們在今年大幅增加了這一數字，我們顯然在第一季和第二季看到了一些成長，並且預計在第三季和第四季會看到更多成長，然後在 26 年呈下降趨勢。

And the stranded cost, you said you have just $1.2 billion left of those?

至於擱淺成本，您說只剩下 12 億美元了？

Yeah. The proxy is if you look at the all other page in the bottom right hand side, it gives you a little bit of a proxy for that. The second quarter expenses look at closed door signed markets about $100 million, the wind down sale and other is about $200 million. Call it $300 million a quarter that we have that we're continuing to push and drive out of the place.

是的。如果您查看右下角的所有其他頁面，代理就會為您提供一點代理。在第二季的支出中，閉門簽約市場支出約 1 億美元，清盤銷售和其他支出約 2 億美元。我們每季有 3 億美元的收入，我們正在繼續努力將其從市場上推出。

It's probably a little bit once a Banamex of Mexico deal is signed, but the good proxy is about $300 million that we're still working to drive out.

一旦與墨西哥國家銀行 (Banamex) 簽署協議，可能會有一點收益，但好的指標是 3 億美元左右，我們仍在努力爭取。

And then separately, maybe this is for Jane. I guess what I'm thinking, not the consent order, but when the amended portion of the amended consent order comes off, and I know you can't answer that directly, but what is it you're trying to show to regulators to help show them that the amended portion of the consent order no longer needs to be there?

另外，也許這是給簡的。我猜我在想什麼，不是同意令，而是修改後的同意令的修改部分何時失效，我知道你不能直接回答這個問題，但你想向監管機構展示什麼，以幫助他們表明同意令的修改部分不再需要存在？

I mean when you look at the the substance, the org simplification is done. The exits are mostly done. The modernization, you've made progress in the two decades and stuff didn't happen. The management restructuring done. The five lines of business, and you said the data plans on track, whereas I guess it wasn't necessarily on track before.

我的意思是，當你查看實質內容時，組織簡化就已經完成了。大部分退出工作已經完成。在現代化方面，你們在二十年裡取得了進步，但什麼事情也沒有發生。管理重組已完成。五條業務線，您說數據計劃進展順利，但我想之前不一定會順利。

So what does it take to get that amended portion taken off or what are you trying to show regulators?

那麼，要怎麼樣才能刪除修改後的部分，或是你想向監管機構展示什麼？

Well, I would say that we're focused on making sure that we can close the consent orders, not just the amended portion. The amended portions is a, what it says, it's a resource review plan to make sure that we've got the resources that are required to for the progress that we're making and for the completion of the work.

嗯，我想說的是，我們的重點是確保我們能夠結束同意令，而不僅僅是修改後的部分。修訂後的部分是一份資源審查計劃，旨在確保我們擁有取得進展和完成工作所需的資源。

And I would just take the opportunity, Mike, just to reinforce that I feel very good about the progress we've made in our trajectory. We are now at or mostly at Citi's target states for the majority of the programs. And you can see that in the scorecard we laid out the important areas like end to end risk management, lifecycle, compliance risk management.

麥克，我只是想藉此機會強調一下，我對我們的發展軌跡所取得的進展感到非常滿意。目前，我們的大多數專案都已達到或基本上達到花旗的目標狀態。您可以看到，我們在記分卡中列出了端到端風險管理、生命週期、合規風險管理等重要領域。

You've got the new forecasting engine for the reso requirements. Once you're in the target state, you then have to ensure the programs run sustainably. They deliver the desired reduction. That takes a bit of time before we then hand them over to the regulatory review process.

您已經獲得了用於解決需求的新預測引擎。一旦達到目標狀態，您就必須確保程式可持續運作。它們實現了所期望的減少。我們將它們移交給監管審查程序之前需要一些時間。

And on data, we're early in the remediation work following the step back we took last year, but I'm very pleased with the progress. This year, we're seeing good momentum and I'm very excited about the work we're doing enhancing the controls, driving a lot of automation and AI is definitely starting to help us remediate it.

從數據上看，繼去年採取的措施之後，我們的補救工作才剛開始，但我對進展感到非常滿意。今年，我們看到了良好的勢頭，我對我們所做的工作感到非常興奮，增強了控制，推動了大量的自動化，人工智慧肯定開始幫助我們補救它。

And so essentially, they'll want to see each of the different programs in target states delivering what they're meant to be delivering and then they would then move to their closure process. But we're pleased with the risk reduction. We're pleased with where we're headed.

因此，從本質上講，他們希望看到目標州的各個不同項目都能實現其預期目標，然後他們才會進入結束過程。但我們對風險的降低感到滿意。我們對我們的前進方向感到滿意。

It's all going the right way.

一切都在朝著好的方向發展。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Just one question on Banamex. Mark, I think you mentioned just now when Banamex is signed. Maybe we could get an update as to where things stand there.

關於 Banamex 只有一個問題。馬克，我想你剛才提到了 Banamex 簽約的時間。也許我們可以了解那裡的最新情況。

Jane, you want to?

簡，你想嗎？

Yeah. Look, there's nothing new to update you on. We continue to be on track with the preparation for the IPO. The team is focused on finalizing the audited financial statements for later this quarter. You can imagine there's a lot of regulatory filings to be done.

是的。你看，沒有什麼新消息可以告訴你。我們繼續按計劃進行 IPO 的準備工作。該團隊正致力於完成本季稍後的審計財務報表。你可以想像有很多監管文件需要完成。

Our goal is to do everything in our control to be in a position to IPO by the year end, but obviously, the timing there depends on market conditions and regulatory approvals, which could well take us into '26 as I talked about.

我們的目標是盡一切努力在年底前實現 IPO，但顯然，具體時間取決於市場狀況和監管部門的批准，正如我所說的，這很可能會讓我們進入 26 年。

And the other very important piece, we're focused on improving Banamex's business performance, and I'm pleased that we're capturing share. We're outpacing growth in the market. The consumer business is growing at double digits.

另一個非常重要的一點是，我們專注於提高 Banamex 的業務績效，我很高興我們正在獲得市場份額。我們的成長速度超過了市場的成長速度。消費者業務正以兩位數的速度成長。

So all of this is headed in a good way, but there's nothing to update you on there. It's we're focused on what we told you we would do.

所以所有這一切都朝著好的方向發展，但沒有什麼可以更新的。我們專注於我們告訴你們要做的事情。

And is there a bogy with regard to like what a market is open means with regards to --

關於市場開放意味著什麼，是否存在一個障礙--

I mean no different to any other IPO. So no bogey there.

我的意思是與任何其他 IPO 沒有什麼不同。因此那裡沒有柏忌。

We obviously have a valuable asset and maximize shareholder value as we think about exiting it, but there's no specific bogy to it.

我們顯然擁有寶貴的資產，並且在考慮退出時最大化股東價值，但這並沒有特定的目標。

Well, we'll do this at the right time.

好吧，我們會在適當的時候這樣做。

John McDonald, Truist.

約翰·麥克唐納，Truist。

I wanted to ask about credit cards. You noted some nice improvement in the credit quality trends in cards and a better outlook for second half losses. Could you drill down a little bit, Mark, and what you saw in terms of delinquencies and roll rates in the second quarter and whether that improvement you're talking about, is that driven by macro factors or some seasoning factors in your portfolio?

我想問一下有關信用卡的問題。您注意到信用卡的信用品質趨勢有了很好的改善，並且下半年虧損的前景也更好了。馬克，您能否深入探討一下，您看到的第二季度拖欠率和展期率如何，以及您所說的改善是由宏觀因素還是投資組合中的一些成熟因素推動的？

Yeah, sure. Look, I think when you look at the performance, in the quarter, we're very pleased first of all with USPB performance in aggregate, very pleased with branded cards. You see good purchase or spend volume kick up there.

是的，當然。看，我認為當你看本季的表現時，我們首先對 USPB 的整體表現感到非常滿意，並對品牌卡也非常滿意。您會看到那裡的購買量或消費量大幅增加。

Importantly, you're seeing average interest-earning balance growth there as well. Payment rates are kind of in line with expectations, as are the loss rates that you can see kind of fleshed out a little bit more on page 21 of the deck.

重要的是，您還會看到平均利息收入餘額的成長。支付率與預期相符，損失率也是如此，您可以在第 21 頁上更詳細地了解損失率。

And in fact, you see those kind of loss rates kind of ticking down a little bit quarter to quarter. And you see the 90 days past due that we show ticking down as well. And what I'd highlight is that is largely consistent with kind of pre-COVID seasonality in terms of that delinquency behavior and so that gives us some confidence on where losses are likely to trend, all things being equal.

事實上，你會看到這些損失率逐季度都在略有下降。您會看到，我們也顯示逾期 90 天的時間正在減少。我想強調的是，就拖欠行為而言，這與新冠疫情之前的季節性基本一致，因此，在其他條件相同的情況下，這讓我們對損失的趨勢有了一些信心。

When we look at kind of the nature of the spend, it's in line with kind of where we would expect. We are seeing continued increase in spend, but it tends to be towards the more affluent customers and you know we skew towards the higher FICO score.

當我們觀察支出的性質時，它符合我們的預期。我們看到支出持續增加，但往往是針對較富裕的客戶，而且你知道我們傾向於更高的 FICO 分數。

It's in essentials. There is some in dining and entertainment lesson in travel and so a discerning consumer, I think in good health given the uncertainty in the current environment, we are watching things in addition to delinquencies and NCLs.

這是必需品。在餐飲和娛樂方面，在旅行方面有一些教訓，因此，我認為，作為一個有眼光的消費者，考慮到當前環境的不確定性，我們在健康方面做得很好，除了拖欠和不良貸款之外，我們還在關注其他事情。

We're looking at, obviously the impact of current tariffs, the path of interest rates, consumer spending, and how that's devolving labor markets, et cetera. But net-net is kind of what I alluded to earlier, which is good trends in some of these key indicators giving us confidence on the NCL guidance range.

我們正在關注當前關稅的影響、利率走勢、消費者支出以及勞動市場的變化等等。但淨值就像我之前提到的那樣，一些關鍵指標呈現良好趨勢，讓我們對 NCL 指導範圍充滿信心。

And just a follow up on expenses. I appreciate the earlier comments on the cost trends and opportunities. As you look into next year, Mark, are you still thinking about that kind of sub $52.6 billion as a goal for next year? And is that also a level we should view as a waypoint with further opportunities?

這只是對費用的跟進。我很欣賞之前關於成本趨勢和機會的評論。馬克，展望明年，您是否仍考慮將 526 億美元以下作為明年的目標？我們是否也應該將其視為一個蘊藏更多機會的航點？

Yeah. Look, I still think of that as the target for next year, as I said before. I would take a step back for a second and just I'm focused -- we're focused on the 10% to 11% and then improving our returns beyond that, right?

是的。聽著，正如我之前所說，我仍然認為這是明年的目標。我會退一步思考，只是集中精力——我們專注於 10% 到 11% 的目標，然後將我們的回報提高到更高的水平，對嗎？

And the expenses are obviously a key component to that, but I highlight that because what you see in the half and in the quarter is very strong momentum on the top line. When Jane talked about '26 and beyond, she talked about continued momentum on that top line.

顯然，費用是其中的關鍵因素，但我強調這一點是因為您在上半年和本季看到的是營業收入的強勁成長勢頭。當簡談到 26 年及以後時，她談到了營收的持續成長動能。

And I would just highlight that we're not going to miss an opportunity for that to be sustainable by not investing in the franchise, right? So as we get into 2026, if there are opportunities for us to be investing to drive more sustainable growth on the top line, capture more synergies across these businesses, we're going to be doing that.

我想強調的是，我們不會因為不投資特許經營權而錯過永續發展的機會，對嗎？因此，當我們進入 2026 年時，如果我們有機會進行投資以推動更永續的收入成長，並在這些業務之間獲得更多的協同效應，我們就會這樣做。

And we're doing that, by the way, in 2025 too and funding a lot of it out of the productivity savings that we're able to generate. But you're seeing that in talent. We're bringing in wealth. Talent, we're bringing in banking. Those investments are what has allowed for us to really drive this 8% you saw in the quarter and the 5% you see year-to-date.

順便說一句，我們也將在 2025 年這樣做，並將利用我們能夠產生的生產力儲蓄來提供大量資金。但你在人才身上看到了這一點。我們正在帶來財富。人才，我們正在引進銀行業。這些投資使我們能夠真正推動本季實現 8% 的成長，並實現年初至今 5% 的成長。

So long-winded way of saying yes, that's the target as I think about 2026, but I'm really trying to make sure we get good momentum out of our returns, and that, as Jane says, is something that continues to improve even as we come out of '26.

所以，長話短說，是的，這是我對 2026 年的目標，但我真的想確保我們從回報中獲得良好的勢頭，正如簡所說，即使我們走出 26 年，情況也會繼續改善。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

It's a good segue to a question I had on the progress you made in investment banking and markets. The couple of things I heard over the last couple of quarters, but definitely today are, big growth and prime broker services, investments in leveraged finance, progress and converts. All that is good use of balance sheet, but they do use balance sheet. I'm cool with that.

這很好地引出了我關於您在投資銀行和市場方面取得的進展的問題。過去幾季我聽過一些事情，但今天肯定是，大成長和主要經紀服務、槓桿融資投資、進步和轉換。所有這些都是對資產負債表的良好利用，但他們確實使用資產負債表。我對此很滿意。

So I guess I'm more asking on the go-forward basis. Are there key hires that go along with that and client wins that we don't get details on? And then is there an opportunity to add good return on RWA balance sheet commitment further because I think there was some pulling back over the last couple of years as you needed to, and now I hear that being let out and I feel like sometimes that might be, I don't want to call it easy but easier to drive some share gains by letting out a little bit more rope.

所以我想我更多的是在詢問前進的方向。是否有與此相關的關鍵聘用和客戶贏得情況，但我們尚未獲得詳細資訊？那麼是否有機會進一步增加 RWA 資產負債表承諾的良好回報，因為我認為過去幾年中出現了一些必要的回撤，現在我聽說這種情況被放開了，我覺得有時候可能會這樣，我不想稱之為容易，但通過放開一點繩索更容易推動一些份額增長。

So I was just looking to get color on that.

所以我只是想給它上色。

Look, we believe there is very good opportunity to add in a number of areas, what good returning RWA and further balance sheet commitments. And I won't go through the answer I gave on the first question because I was running through a lot of different areas because there's a multitude of it.

看起來，我們相信在多個領域都有很好的機會進行補充，這有利於回報 RWA 和進一步的資產負債表承諾。我不會詳細討論我對第一個問題的回答，因為我已經涉及了很多不同的領域，因為涉及的領域有很多。

But we're being, I think this has put real discipline into how we look at allocating balance sheet. All of our business heads get together and they decide collectively, for example, on the deployment of the corporate loan book and where if we're leaning in on lending, making sure we get the full share of wallet, not just hitting return target from it, and that's been an area that's got good discipline.

但我認為這對我們看待資產負債表分配的方式進行了真正的規範。我們所有的業務主管都會聚在一起，共同做出決定，例如，企業貸款帳簿的部署，如果我們傾向於貸款，就要確保我們獲得全部的資金份額，而不僅僅是達到回報目標，這是一個紀律嚴明的領域。

Prime's got a lot of upside and a lot more way to go in terms of adding the volumes onto the platform that we've got that's scaled. And then I look in the private capital space in the financing business, another area with high marginal returns, some of the mortgage book, not a huge growth area for us, but another one that's got good opportunity.

在將交易量添加到我們現有的可擴展平台方面，Prime 具有很大的優勢，但還有很長的路要走。然後，我研究了融資業務中的私人資本領域，這是另一個具有高邊際回報率的領域，部分抵押貸款對我們來說不是一個巨大的成長領域，但卻是另一個擁有良好機會的領域。

And then we've got to love our proprietary card business. And so there's a multitude of different places that we see that we expect to be deploying capital with high returns whilst continuing the discipline we've got, which is also taking capital away from some of the areas that have been either at low returns or that are commoditizing.

然後我們必須熱愛我們的專有卡業務。因此，我們看到許多不同的地方都希望部署高回報的資本，同時繼續遵守我們的紀律，這也將把資本從一些低迴報或商品化的領域中抽走。

I'm very proud of the team. They've done an excellent job on that, and we'll continue doing more of the same.

我為這個團隊感到非常自豪。他們在這方面做得非常出色，我們將繼續做更多相同的事情。

One more follow up. Within services, you talked about lower loan spreads, but in general, I think everybody's got a lot more capital than the thanks to earnings and dereg. And so just more of a broad question across all the businesses, what are you expecting in terms of loan yields with all this excess capital and what I would call limited demand still?

再跟進一下。在服務業中，您談到了較低的貸款利差，但總的來說，我認為由於盈利和放鬆管制，每個人的資本都比預期的多得多。所以這是一個針對所有企業的更廣泛的問題，在存在如此多過剩資本以及我所說的仍然有限的需求的情況下，您對貸款收益率有何預期？

Yeah. Look, we are seeing continued loan growth across the portfolio. So we've seen it, as you mentioned, in services, in trade loans, and those are really on the heels of our clients looking at different trading corridors and wanting to bring on additional suppliers in preparation for what could be on the other side of trade policy.

是的。你看，我們看到整個投資組合的貸款持續成長。正如您所說，我們在服務業、貿易貸款方面都看到了這一點，而這些實際上都是因為我們的客戶正在研究不同的貿易走廊，並希望引入更多的供應商，為貿易政策的另一面做好準備。

So that was good loan growth in the quarter. I would say at good yields, although there is some spread compression there. The USPB card portfolio had good loan growth again with average interest earning balances. That's contributing to improved returns.

因此本季的貸款成長表現良好。我想說的是，收益率不錯，儘管存在一些利差壓縮。USPB 信用卡組合再次實現了良好的貸款成長，且利息收入餘額平均。這有助於提高回報。

And so feel good about that. Our markets business, particularly in spreads, we expect to see continued growth, particularly in private credit and that's largely driven by asset-backed financing and a bit of commercial real estate.

所以對此感到高興。我們預計我們的市場業務（尤其是利差業務）將持續成長，尤其是私人信貸業務，這主要受到資產支援融資和少量商業房地產的推動。

And so we're seeing it, the growth, we expect to see and/or seeing it kind of across many of those segments. As rates continue to -- as rates come down, that'll obviously impact the funding cost of those assets, but we feel good about the yields that we're getting on them.

因此，我們看到了這種成長，我們期望看到和/或在許多領域看到這種成長。隨著利率持續下降，這顯然會影響這些資產的融資成本，但我們對這些資產的收益率感到滿意。

As you know, we are kind of looking at the investments that we have in corporate, and as those mature, we're redeploying those into higher yielding assets whether they be loans or frankly even you get a better yield on some of the investments in cash. And so those are a number of the drivers that we have in place that are contributing to NIM improvement as we manage through the environment that we're in.

如你所知，我們正在審視我們在公司中的投資，隨著這些投資的成熟，我們將把它們重新部署到收益更高的資產中，無論是貸款，還是坦率地說，你甚至可以從一些現金投資中獲得更好的收益。因此，這些都是我們現有的一些驅動因素，它們在我們管理所處環境的過程中，有助於 NIM 的改進。

Ken Houston, Autonomous Research.

肯‧休斯頓，自主研究。

First question just Mark, you talked about the good trends on the credit losses side, and you talked about, at the last conference having a few hundred million to build, and that ended up being $600 million plus. Given that you're one of the best reserve banks already, was that just more of a catch up related to the kind of post April 2 and but because you had mentioned before that like cost of credit could be one of the things that could inhibit a path to TAM, so I just want to understand like how caught up are we now and how are you thinking about that as we look ahead.

第一個問題是馬克，您談到了信貸損失方面的良好趨勢，並且您在上次會議上談到了要建立幾億美元，而最終達到了 6 億多美元。鑑於您已經是最好的儲備銀行之一，這是否只是與 4 月 2 日之後的情況有關的追趕，但因為您之前提到過，信貸成本可能是阻礙 TAM 發展的因素之一，所以我只是想了解我們現在的追趕程度如何，以及在我們展望未來時您是如何看待這個問題的。

Sure. So look, I'd break it down in a couple of ways. So one, I do feel very good about our reserve levels, $23.7 billion. 2.7% reserve to loan ratio. When we look at the cost of credit in the quarter, we're looking at --we have $2.9 billion that we booked in the quarter total cost of credit.

當然。所以，我可以用幾種方式來解釋它。首先，我對我們的儲備水準感到非常滿意，237 億美元，儲備貸款比率為 2.7%。當我們查看本季的信貸成本時，我們看到——本季我們記入的信貸總成本為 29 億美元。

When you break that down, the NCLs is the largest part of that, and the NCLs were about $2.2 billion in the quarter. That's largely related to the cards portfolios that we have, but those loss rates, as I mentioned, are inside of the range, which is a good thing.

如果細分的話，NCL 是其中最大的部分，本季的 NCL 約為 22 億美元。這在很大程度上與我們擁有的卡片組合有關，但正如我所提到的，這些損失率都在範圍內，這是一件好事。

And then we have an ACL build. That's about $600 million. And so none of the builds, none of the net build in the quarter is associated with the cards or consumer portfolio. The $600 million can be broken down into two buckets, largely.

然後我們進行 ACL 建置。這大約是6億美元。因此，本季的所有建設、所有淨建設都與信用卡或消費者組合無關。這 6 億美元大致可以分成兩個部分。

One is the transfer risk in Russia. And so think about this as being we still have reduced operations in Russia. We still have dividends that come in that we have on behalf of our clients. We're unable to pay those dividends out given US law.

一是俄羅斯的轉移風險。因此，請考慮一下我們在俄羅斯的業務仍在減少。我們仍然有代表客戶獲得的股利。根據美國法律，我們無法支付這些股息。

And as such, we have to hold a reserve around those dividends that we have on behalf of our clients as our role as custodian. And so about half of what we built in the quarter was associated with -- largely associated with having to establish the reserve for the unremittable dividends that we have there.

因此，身為託管人，我們必須代表客戶保留股利儲備金。因此，我們在本季建立的約一半的資金都與建立不可返還股息的儲備有關。

The other half is tied to the corporate portfolio changes. And so there, you can see both in markets where we had an increase in loans and financing and securitization as well as in banking where we saw a quarter over quarter increase in volume as well as some idiosyncratic names in both were the drivers of the other portion of the ACL build.

另一半則與公司投資組合變化有關。因此，您可以看到，無論是在貸款、融資和證券化增加的市場中，還是在銀行業中，我們都看到交易量逐季增加，而且這兩個行業中的一些特殊名稱都是 ACL 建設另一部分的驅動因素。

So consumer ACL, flat build largely on the corporate side related to those two drivers, but take a step back, continue to feel very good about health of the consumer at this stage, reserve levels that we have, and about the quality of our corporate book that we also have in the aggregate reserve levels.

因此，消費者 ACL 的平穩構建主要與這兩個驅動因素相關的企業方面有關，但退一步來看，我們繼續對現階段消費者的健康狀況、我們擁有的儲備水平以及我們在總體儲備水平上的企業賬簿質量感到非常滿意。

Just a second question. Just in the TTS business, we talked about like Citi sitting in the middle of all the activity, a smaller line, but the fees and treasury trade were a little softer. I'm just wondering like just now that we know more about things that we're seeing around the world, like any changes to just client engagement, potentially for the better, if not for the worst, and just how it feels in terms of like global activity that flows through that business.

我還有第二個問題。僅在 TTS 業務中，我們談到花旗銀行處於所有活動的中心，雖然業務規模較小，但費用和國庫交易略微疲軟。我只是想知道，就像現在一樣，我們是否對世界各地看到的事情有了更多的了解，例如客戶參與度的任何變化，可能會變得更好，甚至變得更糟，以及從流經該業務的全球活動來看，感覺如何。

Yeah. It's -- we've been very proactively helping clients navigate the macro and the geopolitical uncertainty, and that's what's been driving the strong growth this quarter. Cross-border transaction value up 9% year over year.

是的。我們一直積極主動地幫助客戶應對宏觀和地緣政治的不確定性，這也是本季強勁成長的動力。跨國交易額較去年同期成長9%。

The US dollar clearing volume's up 6%, and the only area that had been a little softer on that front was the commercial cards just being flat year over year, and that was due to lower government spend and a little bit of the macro uncertainty.

美元清算量增加了 6%，唯一略微疲軟的領域是商業卡，與去年同期持平，這是由於政府支出減少以及宏觀不確定性所致。

So on the fee front, I think we're feeling pretty good about this one. And if I look at, for example, the demand for trade loans, we onboarded almost 2,000 new suppliers this past quarter. We grew new wins by 24% year over year as corporates have been building up inventory to limit unforeseen disruptions.

因此，就費用方面而言，我認為我們對此感覺相當良好。例如，如果我看一下貿易貸款的需求，我們上個季度就吸收了近 2,000 家新供應商。由於企業一直在增加庫存以限制不可預見的中斷，我們的新勝利同比增長了 24%。

And we've also been very active in the different digital asset innovations I was talking about earlier. So it's been busy and the operating deposit growth, so I don't want to sniff at that either because that drove some strong deposit levels.

我們也非常積極參與我之前談到的各種數位資產創新。因此，業務一直很繁忙，經營存款也在成長，所以我也不想對此嗤之以鼻，因為這推動了一些強勁的存款水準。

Average deposits are up 7% year over year as climate are building up cash buffers and keeping more working capital on hand. So kind of firing as they say on all cylinders here as well as elsewhere given the environment.

由於氣候因素正在累積現金緩衝並保留更多營運資金，平均存款年增 7%。正如他們所說，考慮到當時的環境，這裡和其他地方都會全力以赴。

Mark, anything you'd add?

馬克，您還有什麼要補充的嗎？

The only thing I'd add, Ken, I appreciate the comment in terms of or the question I should say, but if you look at page 10, one of the things I try to highlight is that the non-interest revenue includes the revenue sharing that occurs and so the total fee revenue which we break out on the left hand side was actually up 6%.

我唯一想補充的是，肯，我很感謝你對這個問題的評論，但如果你看一下第 10 頁，我想強調的一點是，非利息收入包括發生的收入分成，因此我們在左側列出的總費用收入實際上增長了 6%。

And I know services is obviously both TTS and security services, but I can tell you that that up 6% includes a fee momentum on the TTS side as well as security services. So don't be misled by the down 1% here or even what's in the supplement.

我知道服務顯然包括 TTS 和安全服務，但我可以告訴你，6% 的成長包括 TTS 方面的費用動量以及安全服務。因此，不要被這裡的 1% 下降甚至補充劑中的內容誤導。

The underlying fee growth is aligned with the strength we're seeing in those key performance indicators that Jane mentioned earlier.

基礎費用的成長與我們在 Jane 之前提到的關鍵績效指標中看到的強勁情況相一致。

Christopher McGratty, Keefe, Bruyette & Woods.

克里斯多福·麥格拉蒂、基夫、布魯耶特和伍茲。

Just going back to the buyback comment for a minute, if I could, the at least $4 billion. How would you attribute that? Is that more Citi specific given the momentum you're pressing on the call today, or really greater clarity on the regulatory environment?

我再回到回購評論一分鐘，如果可以的話，至少是 40 億美元。您認為這是什麼原因？鑑於您在今天的電話會議上所強調的勢頭，這是否更具體針對花旗，還是對監管環境有更清晰的認識？

Well, look, I mean I am very -- I feel very good about the performance that we have as a firm in the quarter in the half. You can see just how much net income we generate in the quarter on slide 9 on the left hand side. I feel good about the prospect for continuing to generate earnings momentum in the balance of the year and that gives us confidence around the buyback levels that we have both in the third quarter that I referenced but also in the $20 billion share repurchase program that we talked about earlier in the year.

嗯，看，我的意思是我非常——我對我們公司在本季和上半年的表現感到非常滿意。您可以在左側幻燈片 9 上看到我們本季產生的淨收入。我對在今年剩餘時間繼續創造盈利勢頭的前景感到樂觀，這讓我們對我提到的第三季度的回購水平以及我們今年早些時候談到的 200 億美元股票回購計劃充滿信心。

And so our performance is certainly a factor and an important factor in our confidence on the buybacks. Now obviously, the direction and tone, as I've said a couple of times on what we're hearing around a holistic view and look at capital is important for us and important for the industry.

因此，我們的業績無疑是我們對回購信心的因素，也是重要因素。顯然，正如我多次提到的那樣，我們所聽到的關於整體觀點和資本看法的方向和基調對我們和行業都很重要。

And as I mentioned earlier, the direction that the SCB is going does give -- will likely afford us some flexibility, but this is the right path for us in terms of as many buybacks or as much in buybacks as we can do early in the year given where we're trading and where we feel very good about doing that.

正如我之前提到的，渣打銀行的發展方向確實給了我們一些靈活性，但就我們目前的交易狀況以及我們對此感到非常滿意的情況下，在年初進行盡可能多的回購或回購而言，這對我們來說是正確的道路。

I second that.

我同意。

And then my follow up, the 10% to 11% return on equity for next year. Presumably, that had some degree of deregulatory benefit in there. Is what we know today versus maybe six months ago, does that give you, I guess, greater confidence that either the level or the timing might be sooner or better than initial expectations?

然後我的後續問題是，明年的股本回報率將達到 10% 到 11%。據推測，這在一定程度上具有放鬆管制的好處。與六個月前相比，我們今天所了解的情況是否能讓您更有信心，相信水平或時機可能比最初的預期更早或更好？

The timing for?

時機是？

Just the level of ROE or the timing to get to the 10% to 11%.

只是 ROE 的水平或達到 10% 至 11% 的時機。

No. Look, I think you've heard us talk about the 10% to 11% for some time now, and that really has been rooted in what we knew then, frankly in terms of the strength of the franchise and recognizing that there was uncertainty around how capital levels would evolve.

不。聽著，我想你已經聽我們談論 10% 到 11% 有一段時間了，這確實植根於我們當時所知道的情況，坦率地說，就特許經營權的實力而言，並認識到資本水平如何演變存在不確定性。

And so I can't -- I don't think that the takeaway is that the 10% to 11% is supported by known changes in the capital regime. I think it is like I said more aligned with where we -- the strength we see in the underlying franchise.

所以我不能——我不認為 10% 到 11% 的利率是由已知的資本製度變化所支持的。我認為，就像我說的，這與我們所看到的特許經營權的優勢更加一致。

Gerard Cassidy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Gerard Cassidy。

Jane, you talked about the trends in NNIA in wealth management and the organic growth over the last 12 months, the high single digits. It was weakness in the second quarter, market conditions, as you pointed out. Did you see it toward the end of the quarter as the markets came back?

簡，您談到了 NNIA 在財富管理方面的趨勢以及過去 12 個月的自然成長，即高個位數的成長。正如您所指出的，第二季的市場狀況疲軟。隨著市場復甦，您是否在本季結束時看到了這一點？

Were there different flow characteristics, let's say in the month of June versus April, and I know July is only two weeks old, but any color on it in the first couple of weeks?

是否存在不同的流量特徵，比如說 6 月份和 4 月份，我知道 7 月份才剛過去兩週，但是前幾周有什麼變化嗎？

Yeah. We saw positive momentum in May and June as clients became more proactive, and that, underlay the comment I made as the markets have been recovering and some of the initial surprise that everything that was happening, clients settled down.

是的。隨著客戶變得更加積極主動，我們在五月和六月看到了積極的勢頭，這也印證了我所說的市場正在復蘇以及最初發生的一切令人驚訝的是客戶已經安定下來。

I think they're still being conservative. There's still a sense of let's wait and see, but we'll be poised to support them when they're ready to be active.

我認為他們仍然比較保守。我們仍然有一種觀望的態度，但當他們準備好採取行動時，我們會隨時準備好支持他們。

And Mark, maybe you can remind us, when you guys allocate your capital, the tangible common equity by segment, you break it out for us. I think it was slide 23. Markets is at $50.4 billion versus $54 billion a year ago. Can you share with us again why it was -- why you guys have been able to lower that allocation?

馬克，也許你可以提醒我們，當你們分配資本時，有形普通股按部分劃分，你們會把它分解給我們。我認為是第 23 張投影片。市場規模目前為 504 億美元，去年同期為 540 億美元。您能否再次與我們分享為什麼—為什麼你們能夠降低這項分配？

Yeah. Again, this is on the heels of some very good work in markets in terms of optimizing use of risk weighted assets and generating higher revenue for use of balance sheet. And that obviously contributed to more steady solid performance in both earnings as well as returns that we've seen.

是的。再次，這是在市場在優化風險加權資產的使用和為資產負債表的使用創造更高的收入方面所做的一些非常好的工作之後。這顯然有助於我們看到收益和回報更加穩健的表現。

And as we look at this once a year in terms of how we disclose it, there was certainly an opportunity there to -- in light of their contribution to stress losses to bring down what we allocated to the market's business. I would highlight that if you look across that page, I think it's page 19 in the deck, you actually see that most of the businesses had a reduction in allocated TCE on the heels of improved performance that we saw coming out of '24.

當我們每年審視如何揭露這個問題時，肯定有機會——考慮到它們對壓力損失的貢獻，減少我們分配給市場業務的資金。我想強調的是，如果你看一下那一頁，我想它是第 19 頁，你實際上會看到，隨著 24 年業績的改善，大多數企業的分配 TCE 都有所減少。

And so that's the approach that we take. Obviously, the ideal scenario is that we are bringing down the capital requirements in aggregate at the firm level through returning that to shareholders or ensuring that we're earning higher returns on it, but the businesses have been performing well and it has shown up in their allocated TCE while supporting continued growth that they expect in 2025.

這就是我們採取的方法。顯然，理想的情況是，我們透過將資本返還給股東或確保我們獲得更高的回報，在公司層面上降低整體資本要求，但企業一直表現良好，並且已在其分配的 TCE 中得到體現，同時支持他們預期在 2025 年實現持續成長。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Just wanted to ask on expenses back half of the year. The full year guide implies cost coming down. Obviously, you had quite high severance this quarter. So I just want to get a sense of what you're assuming for kind of severance the rest of the year and I think you said some of the kind of transformation costs are going up. Any other puts and takes to flag?

只是想詢問一下上半年的費用。全年指南暗示成本將會下降。顯然，本季你的遣散費相當高。所以我只是想了解一下您對今年剩餘時間遣散費的預期，我認為您說過某些轉型成本將會上升。還有其他需要標記的事項嗎？

Yeah. I think I'd -- in terms of your question on stranded costs, I think I'd given guidance that we had roughly $600 million or so in our forecast for the full year of 2025. When I look at where we are through the second quarter, we're probably at $500 million of that $600 million. So you can envision in the second half a meaningful reduction in the amount of severance that we're assuming in the balance of the year.

是的。關於您提出的擱淺成本問題，我想我已經給出指導，即我們對 2025 年全年的預測約為 6 億美元。當我回顧第二季的情況時，我們發現我們的收入可能已經達到了 6 億美元中的 5 億美元。因此，你可以預見，下半年遣散費金額將大幅減少，而我們預計今年的遣散費金額將會減少。

And then as you would imagine that that severance was -- is in place for employees that are leaving. And so we would also see the benefit from reduction in compensation associated with that start to play in the back of the year as well.

然後，正如您所想的，遣散費是為離職員工提供的。因此，我們也將看到，與此相關的薪酬減少帶來的好處也將在年底開始發揮作用。

And then obviously, I mentioned earlier stranded cost, productivity, those are all other drivers that contribute to the downward trend. Obviously, revenue to the extent that this year over year revenue growth, we'd expect it to be volume and revenue related expenses associated with that and any transformation or other hiring that we do would be the offset.

顯然，我之前提到擱淺成本、生產力，這些都是其他導致下降趨勢的因素。顯然，就今年收入同比增長而言，我們預計收入將與銷售和與此相關的收入相關費用以及我們進行的任何轉型或其他招聘相抵消。

But the downward trajectory, those are the drivers that get us to the full year estimate that we've been talking about a $53.4 billion.

但下降趨勢是推動我們實現全年預期的 534 億美元的因素。

And then just a severance, I think you'd had a placeholder for a few hundred million next year, but are you kind of getting after it a little bit, sooner than you thought, and it might be lost or still have a placeholder for a few hundred million next year as of now?

然後只是一筆遣散費，我想你已經為明年預留了數億美元的資金，但你是否比你想像的要早一點地去爭取它，它可能會丟失，或者現在仍然為明年預留了數億美元的資金？

Yeah. I'm not changing my guidance on next year at this point, but we feel good about the path we're on for the balance of '25 and feel good about that 10% to 11% as we go into next year, and we'll deal with kind of where there's opportunity to do something different as we kind of get into next year.

是的。我目前不會改變對明年的預期，但我們對 25 年餘下時間的發展方向感到滿意，對明年 10% 到 11% 的增長也感到滿意，我們會抓住機會，在進入明年時做一些不同的事情。

Steven Alexopoulos, TD Cowen.

史蒂文·亞歷克斯普洛斯（Steven Alexopoulos），TD Cowen。

This is actually for Jane. Jane, I want to go back to your response to Ebrahim's earlier question. Stablecoins were a good opportunity for Citi. I don't know if you recall NBC yesterday, but Circle CEO was on. He made the comment that no one sends an email cross border, right?

這其實是給簡的。簡，我想回到你對易卜拉欣之前問題的回答。穩定幣對花旗來說是一個很好的機會。我不知道您是否記得昨天的 NBC，但 Circle CEO 正在播出。他評論說沒有人會跨國發送電子郵件，對嗎？

It implies that the stablecoin companies are coming after cross border. The questions are how much of the total company's revenue is cross border and do you have an appetite to proactively disrupt yourself in a way to get ahead of these new entrants coming into the business?

這意味著穩定幣公司正在進軍跨國領域。問題是，公司總收入中有多少來自跨境，以及您是否願意主動打破常規，領先進入該行業的新進業者？

I can't wait to answer this question. So if you keep in mind right now, stablecoin, about 88% of all stablecoin transactions are used to settle crypto trades. It's only 6%, which is payments. And in a traditional offering, if you are moving from cash to stablecoin and back to cash, right now, you're incurring as much as a 7% transaction cost.

我迫不及待地想回答這個問題。因此，如果你現在記住穩定幣，大約 88% 的穩定幣交易都用於結算加密貨幣交易。只有 6% 是付款。在傳統發行中，如果您從現金轉換為穩定幣，然後再轉換為現金，現在您需要承擔高達 7% 的交易成本。

I mean that's just -- that's prohibitive. So this is where Citi Token Services is so exciting because it enables a client to move from physical fiat to the digital and back again without incurring that transaction cost. So a client can move cash across their regional and global hubs, say, from New York to Hong Kong and or the UK and back again on us instantaneously, 24/7 cross border.

我的意思是，這只是——這是禁止的。這就是花旗代幣服務如此令人興奮的地方，因為它使客戶能夠從實體法定貨幣轉換為數位貨幣，然後再轉回來，而無需承擔交易成本。因此，客戶可以將現金在其區域和全球樞紐之間轉移，例如從紐約轉移到香港或英國，然後再轉回給我們，全天候跨境服務。

And it -- we also absorb all of the complexities that you'd have to do if you're working with stablecoin and moving back to fiat, such as the accounting, the AML, et cetera, et cetera. So truly, as I've mentioned, we've been already moving billions in transaction volume in this year on Citi Token Services, but ours is the superior offering here, particularly for our corporate clients.

而且，我們還會吸收您在使用穩定幣並轉回法定貨幣時必須處理的所有複雜問題，例如會計、反洗錢等等。正如我所提到的，今年我們在花旗代幣服務上的交易量已經達到數十億美元，但我們提供的服務更為優質，特別是對於我們的企業客戶而言。

And if anything, what's holding us back at the moment is it's our clients' readiness to operate in this world because we're ready. We're doing it and we're going to keep on innovating. We're just going to keep building these capabilities out into the payments, financing, liquidity and other spaces. So and we'll do it in a safe and sound manner because trust is also important.

如果有什麼阻礙我們前進的話，那就是我們的客戶是否準備好在這個世界上開展業務，因為我們已經準備好了。我們正在這樣做，並且我們將繼續創新。我們將繼續在支付、融資、流動性和其他領域拓展這些能力。所以我們會以安全穩健的方式去做這件事，因為信任也很重要。

For my follow up, so I fully get the value of the token to your clients, and I asked Jamie this question this morning on the JPMorgan call. But when I think about the advantage you have, you have the last mile relationship, so you're in the pole position right now.

為了跟進，我完全了解代幣對您的客戶的價值，今天早上我在摩根大通電話中向傑米詢問了這個問題。但當我想到你們的優勢時，你們擁有最後一英里的關係，所以你們現在處於領先地位。

But we think about the value of what the Circle payment network does, over time, they need to build a network. You already have one. They need to build one, but they'll connect everybody that uses different banks and if you got together with Bank of America and JPMorgan and others, you could very quickly create a network that could almost be impenetrable by these newer entrants.

但我們考慮到Circle支付網路的價值，隨著時間的推移，他們需要建立一個網路。您已經有一個了。他們需要建立一個，但他們會將所有使用不同銀行的人連接起來，如果你與美國銀行、摩根大通和其他銀行聯合起來，你很快就會創建一個幾乎讓這些新進入者無法滲透的網路。

And what -- this is the perplexing thing to me like what is holding the banks up today from joining together the same way you did from Zelle and you'll block off these new entrants entirely because to me, that's what needs to happen for all the benefits you talked about to stay in your ecosystem.

對我來說，這是一個令人困惑的事情，是什麼阻礙了今天的銀行像 Zelle 那樣聯合起來，你們將完全阻止這些新進入者，因為對我來說，這就是你們所說的所有好處留在你們的生態系統中所需要的。

So this is one of the reasons we really welcome the administration's willingness to allow banks to participate in the digital asset space more easily. This is where the Genius Act, it is also something that we're enthusiastic about, particularly because it gives a level playing field as well.

因此，這就是我們非常歡迎政府願意允許銀行更容易參與數位資產領域的原因之一。這就是《天才法案》，也是我們熱衷的事情，特別是因為它也提供了一個公平的競爭環境。

Up until now, it has been hard for us to participate in a level playing field as you talked about, and I go back to, I think your point, but also the point I made earlier. What do clients want? They want multi-asset, multi-bank, cross-border, always on solutions in payments, financing, and liquidity. We shall do that and we shall do that in a safe and sound manner.

到目前為止，我們仍然很難參與您談到的公平競爭環境中，我想回到您的觀點，但也回到我之前提出的觀點。客戶想要什麼？他們想要多元資產、多銀行、跨境、始終可用的支付、融資和流動性解決方案。我們會這樣做，而且會以安全、穩健的方式這樣做。

And there'll be areas we'll cooperate with other banks, but to do what I just said, we don't need another bank. We're the global leader in this, and we'll absorb all of those complexities of compliance, reporting, accounting, AML for the client. To your point, I think we have the Killer App here.

我們會在某些領域與其他銀行合作，但要實現我剛才所說的目標，我們不需要其他銀行。我們是該領域的全球領導者，我們將為客戶解決合規、報告、會計、反洗錢等所有複雜問題。對於你的觀點，我認為我們這裡有殺手級應用。

Saul Martinez, HSBC.

匯豐銀行的索爾·馬丁內斯。

Just one question for me. Wanted to ask about USPB. Good momentum there. The 11% RoTCE is the direction of travel is positive there, but it's still pretty low given the mix of businesses that you're in, largely cards. You would think that the RoTCE should be higher.

我只有一個問題。想詢問有關 USPB 的問題。那裡的勢頭良好。11% 的 RoTCE 是旅行的方向，那裡是積極的，但考慮到你所從事的業務組合（主要是卡片），這個數字仍然相當低。您可能會認為 RoTCE 應該更高。

And can you just remind me what your goal is there? How quickly you can get there and what is still an impediment to you delivering that kind of return? Is it -- do you still have -- do you have transformation costs in there?

你能提醒我你的目標是什麼嗎？您多快能達到這個目標？還有什麼障礙阻礙您實現這樣的回報？您是否還有──其中有轉型成本？

Is the retail banking business a drag? What's sort of making you underearn still in this business?

零售銀行業務是否是拖累因素？是什麼原因導致您在這個行業中仍然收入不足？

Yeah. So our goal is mid teens, then high teens on the RoTCE target for this business and we are very committed to both the cards business as well as the retail bank. I'll talk a little bit about the retail bank quickly in a minute as well, but we have a path to higher returns from revenue in terms of also improving expenses, as you say.

是的。因此，我們的目標是將該業務的 RoTCE 目標提高到十幾歲到十幾歲，並且我們非常致力於信用卡業務和零售銀行業務。我稍後也會快速談論零售銀行，但正如您所說，我們可以透過改善支出來提高收入回報。

We have elevated expenses because of the transformation. And we've also got the path on capital there. So I'm feeling -- I feel very good about the strategy in cards. We're a prime credit led card issue. We've got a very diverse portfolio, sizable proprietary portfolio that we're growing, and we've got some real marquee slate of partner clients.

由於轉型，我們的開支增加了。我們在那裡也找到了資本之路。所以我感覺——我對卡片策略感覺非常好。我們是一家主要的信用卡發行商。我們擁有非常多樣化的投資組合、規模可觀的專有投資組合（而且還在不斷增長），並且我們擁有一些真正重要的合作夥伴客戶。

We will continue growing our revenue by expanding and refreshing the product suite. You've just seen what we've announced. We've also invested a lot in the digital capabilities, incentivizing cardholders to do more, and we've had 11 quarters now I think. It is a positive operating leverage.

我們將透過擴展和更新產品套件來繼續增加收入。您剛剛看到了我們宣布的內容。我們還在數位化功能方面投入了大量資金，激勵持卡人做更多的事情，我想現在已經有 11 個季度了。這是一個正的經營槓桿。

I think you're going to see us keep delivering about that in an improved credit environment we hope and that's what we're seeing going forward. The other area is we're investing a lot in AI. And that is going to deliver efficiency as well as service benefits.

我想你會看到我們在改善的信貸環境中繼續實現這一目標，這也是我們所希望的，而這正是我們未來所看到的。另一個領域是我們在人工智慧方面投入了大量資金。這將帶來效率和服務效益。

I'm pretty excited about what we see there. And I don't want to forget the retail bank strategy because it is the front door to Citi in the states. While we've only got 650 branches, our six core markets have a third of the household, high net worth households in the states. It makes the retail bank a very important feeder for wealth.

我對我們在那裡看到的一切感到非常興奮。我不想忘記零售銀行策略，因為它是花旗在美國的大門。雖然我們只有 650 家分行，但我們的六個核心市場擁有全美三分之一的家庭，即高淨值家庭。這使得零售銀行成為財富非常重要的供給者。

We have the highest deposits per branch as well and so this is not just a low cost funding option for us, but I'm really positive to have seen the good growth on the retail bank there. So I think you just see a steadily moving forward towards that target and next year, we've got the benefit of the Barclays portfolio coming on board as well.

我們每個分行的存款額也是最高的，因此這對我們來說不僅是一種低成本的融資選擇，而且我很高興看到那裡的零售銀行實現了良好的成長。因此，我認為你會看到我們正穩步朝著這個目標前進，明年，我們也將受益於巴克萊投資組合的加入。

So I'm, I think you can tell, nicely confident about the path we're on, the direction of travel and meeting those returns.

所以我想你可以看出，我對我們所走的道路、前進的方向以及實現的回報充滿信心。

There are no further questions at this time.

目前沒有其他問題。

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

我將把電話轉給詹恩·蘭迪斯 (Jenn Landis) 做結束語。

Thank you, everyone for joining us. Please reach out if you have any follow up questions.

謝謝大家的參與。如果您有任何後續問題，請與我們聯絡。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

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

花旗 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。