花旗銀行 (C) 2026 Q2 法說會逐字稿

Hello, and welcome to Citi's second-quarter 2026 earnings call. Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations. (Operator Instructions)

各位好，歡迎參加花旗2026年第二季財報電話會議。今天的會議將由花旗投資人關係主管 Jenn Landis 主持。（接線員指示）

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

另外提醒各位，本次會議今天將進行錄音。如有任何異議，請此刻中斷連線。Landis 女士，您可以開始。

Thank you, operator. Good morning, and thank you all for joining our second-quarter 2026 earnings call. I'm joined today by our Chair and Chief Executive Officer; Jane Fraser; and our Chief Financial Officer, Gonzalo Luchetti.

謝謝，接線員。各位早安，感謝大家參加我們2026年第二季財報電話會議。今天與我一同出席的有本行董事長暨執行長 Jane Fraser，以及財務長 Gonzalo Luchetti。

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.

提醒各位，今天的簡報可於我們的網站 citigroup.com 下載，內容可能包含前瞻性陳述，係基於管理階層目前的預期，並可能因不確定性及情勢變化而調整。由於多項因素（包括我們財報資料以及向美國證券交易委員會（SEC）申報文件中所述者），實際結果可能與上述陳述存在重大差異。

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

接下來我把時間交給 Jane。

Thank you, Jenn, and good morning to everyone. Our momentum continued and the second quarter capped a very good first half of the year. This morning, we reported net income of $5.8 billion for the second quarter with an EPS of $3.15 and an RoTCE of 13%. This was Citi's best quarterly revenue in a decade, which we delivered with over 9% positive operating leverage. Once again, we saw double-digit revenue growth for the firm and in four of our five businesses.

謝謝你，Jenn，也向各位道早安。我們的動能持續，第二季為上半年畫下非常亮眼的句點。今天早上，我們公布第二季淨利為58億美元，每股盈餘（EPS）為3.15美元，有形普通股權益報酬率（RoTCE）為13%。這是花旗十年來最佳的單季營收表現，且我們在此基礎上實現超過9%的正向營運槓桿。我們再次看到全行以及五大業務中的四項業務皆呈現雙位數營收成長。

We improved our RoTCE for the firm by 430 basis points and had significant improvement in the returns of every single business. The combination of our investments, disciplined execution and focus on clients is delivering improved returns and more durable results. Let me take you through our five businesses.

全行RoTCE提升了430個基點，各項業務的報酬也都顯著改善。我們的投資、紀律性的執行，以及對客戶的專注相結合，正帶來更佳的報酬與更具韌性的成果。接下來我將帶各位快速回顧我們的五大業務。

Services delivered its highest ever quarterly revenue and a return of over 30%. Clients continue to lean on our global network more and more. We saw a 13% increase in cross-border transactions and a 19% increase in deposits. Our assets under custody and administration were up over 20% as we onboarded funds and deepened existing relationships. This is the power of our network. And it's a franchise that is very hard to replicate.

服務（Services）創下歷史最高單季營收，報酬率超過30%。客戶愈來愈倚重我們的全球網路。我們看到跨境交易增加13%，存款增加19%。在我們承保與管理的資產（assets under custody and administration）方面，因我們導入新基金並深化既有關係，年增超過20%。這就是我們網路的力量。而這樣的特許經營優勢非常難以複製。

Markets revenues were up 17% and crossed $7 billion again, as sentiment stay positive throughout the quarter. Equities was up over 40%, with prime balances up nearly 60%. Underneath fixed 7% growth, FX and spread products continued to shine and yet another example of our global network doing exactly what it is built to do for clients. This offset rates lower performance.

市場（Markets）營收成長17%，再次突破70億美元，因為整個季度市場情緒維持正向。股票（Equities）業務成長超過40%，其中主經紀（prime）餘額成長近60%。在固定收益（Fixed Income）7%成長的帶動下，外匯（FX）與利差產品持續表現亮眼，這再次證明我們的全球網路正如其設計初衷般為客戶發揮作用。這也抵銷了利率產品表現較弱的影響。

Banking revenues climbed 34%, led by a sharp increase in financing activity amidst an overall strong wallet. Investment Banking was up 44% as we gained share in equity capital markets. We played a role in the majority of the top equity and debt issuances in the quarter, including lead roles on the high-profile IPOs, such as SpaceX and Cerebras. As we enter the second half, the pipeline looks healthy, and we are continuing to invest in talent to fill the gaps in our coverage to gain share, including in M&A.

銀行（Banking）營收攀升34%，主要由融資活動在整體錢包份額（wallet）強勁的環境下大幅增加所帶動。投資銀行（Investment Banking）成長44%，我們在股權資本市場（ECM）市占提升。本季多數大型股權與債務發行案我們皆有參與，包括在多個備受矚目的IPO中擔任主辦角色，例如 SpaceX 與 Cerebras。進入下半年，案源管線看起來健康，我們也持續投資人才以補足覆蓋缺口、提升市占，包括在併購（M&A）領域。

Wealth revenues increased for the ninth straight quarter, up 13% with growth across all three businesses, while returns improved to over 14%. Client investment assets were up 14% and net new investment assets have reached $30 billion so far this year. Almost two-thirds of that NNIA growth came from deepening relationships with our existing clients and referrals from the retail bank to Citigold were up 23%.

財富管理（Wealth）營收連續第九季成長，本季年增13%，三大業務均有成長，同時報酬率提升至14%以上。客戶投資資產年增14%，今年迄今淨新增投資資產（NNIA）已達300億美元。其中近三分之二的NNIA成長來自深化既有客戶關係，而從零售銀行轉介至 Citigold 的案件數成長23%。

So you are now starting to see the tangible benefits of integrating our retail branches into wealth. In U.S. Consumer Cards, investments in our products and partners, which shows up in both revenues and expenses impacted our operating leverage this quarter. But it's these investments, such as our acquisition of the AA Barclays portfolio in April that will drive future growth in our general purpose portfolio. Furthermore, our resilient customer base kept fueling underlying drivers.

因此，各位現在開始看到我們將零售分行整合進財富管理所帶來的具體效益。在美國消費者信用卡（U.S. Consumer Cards）方面，我們對產品與合作夥伴的投資同時反映在營收與費用上，並在本季影響了我們的營運槓桿。但正是這些投資——例如我們在4月收購 AA Barclays 投資組合——將推動我們一般用途（general purpose）投資組合的未來成長。此外，我們具韌性的客戶基礎也持續推動基本面動能。

Loan growth higher spend and better credit performance than expected. This resulted in the RoTCE increasing to 22%. During the quarter, we completed the sale of our consumer business in Poland. We also closed on the sale of an additional 22.6% equity stake of Banamex and we remain on track to close on an additional 1.4% this summer, which will bring the total amount to 49%.

放款成長、支出增加，以及優於預期的信用表現。因此RoTCE提升至22%。本季我們完成出售波蘭的消費金融業務。我們也完成出售 Banamex 額外22.6%的股權，並仍按計畫於今年夏天完成再出售1.4%，屆時累計出售比例將達49%。

Simplifying Citi through these international consumer divestitures along with higher PPNR and lower stress losses contributed directly to our strongest showing in the Fed stress test last month, and we plan to increase our dividend by 12%. We launched $30 billion common stock repurchase commitment by buying back $4 billion during the quarter.

透過這些國際消費金融撤資來簡化花旗，加上更高的稅前、提存前淨收益（PPNR）與更低的壓力損失（stress losses），直接促成我們在上月聯準會壓力測試中創下最強表現；我們計畫將股利提高12%。我們啟動300億美元普通股回購承諾，本季已回購40億美元。

Our CET1 ratio stood at 12.8% and remains about 120 basis points above our current regulatory minimum. We continued to make progress in our transformation with a large body of work passing internal audit validation. As much of the transformation work winds down, we are not only taking down expenses, but we're applying what we learned about large-scale implementation to integrate AI into our businesses and functions wherever it makes sense.

我們的普通股第一類資本比率（CET1）為12.8%，仍約高於目前監管最低要求120個基點。我們在轉型方面持續取得進展，大量工作已通過內部稽核驗證。隨著多數轉型工作逐步收尾，我們不僅在降低費用，也將大型導入的經驗應用於把AI整合到各項業務與職能中，只要合理可行就會推進。

Nearly 9 of 10 of our people are using our AI tools. That's not only driving productivity and client experience but also growth, helping us bring products to market significantly faster as we're doing with payment Express in services and with our Citi Wealth Advisor Insights platform.

我們將近十分之九的同仁都在使用我們的AI工具。這不僅提升生產力與客戶體驗，也帶動成長，協助我們顯著加快產品上市速度，例如服務業務中的 Payment Express，以及我們的 Citi Wealth Advisor Insights 平台。

On the macro front, the conflict in the Middle East has weighed a bit on global growth, whilst giving inflation a second wind. In the U.S., growth is roughly where it was a year ago and the labor market remains stable. But it's a nuanced story because that growth is not lifting all boats. The extraordinary investment in AI and its supporting cost of semiconductors, data centers and related infrastructure is providing a tailwind in the U.S. and parts of Asia, while a more vulnerable Europe, faces yet another competitive headwind.

在總體環境方面，中東衝突對全球成長造成些許壓力，同時也讓通膨再度升溫。在美國，成長大致與一年前相當，勞動市場仍然穩定。但這是一個更細緻的故事，因為這樣的成長並未讓所有人都受惠。AI的超常規投資，以及其所需的半導體、資料中心與相關基礎設施成本，正在為美國與亞洲部分地區提供順風；而相對更脆弱的歐洲則面臨另一波競爭逆風。

Above all these dynamics, we see real resiliency in our corporate clients who bring strong balance sheets and a proven adeptness of managing the complex environment. You've heard me say many times that Citi's success won't follow a straight line that the rigor and consistency with which we have executed the strategy we first laid out for you in 2022 and reinforce at our Investor Day in May, has put Citi back in the game. And our people deserve enormous credit for getting us to this position.

在上述各種動態之上，我們看到企業客戶展現真正的韌性：他們資產負債表強健，且已證明能熟練地管理複雜環境。各位多次聽我說過，花旗的成功不會是一條直線；我們自2022年首次向各位提出、並在5月投資人日再次強化的策略，憑藉嚴謹且一致的執行，已讓花旗重回賽局。我們的同仁讓我們走到今天這個位置，值得極大的肯定。

We have elevated Citi into a new growth mode. Our returns are improving, and the conversation around this firm has changed.

我們已將花旗提升至新的成長模式。我們的報酬正在改善，市場對本公司的討論也已改變。

We continue to do the things we said we would do such as investing in the businesses, whilst we take down our transformation and stranded costs. Despite the usual seasonality in the second half of the year, we feel very good about our ability to hit our 2026 return target. And then to reach the targets we shared with you in May. And to be clear, if conditions stay constructive, we intend to take advantage of that.

我們持續落實我們承諾要做的事，例如投資各項業務，同時降低轉型成本與閒置成本（stranded costs）。儘管下半年通常存在季節性因素，我們對達成2026年報酬目標的能力仍感到非常有信心。並進一步達成我們在5月與各位分享的目標。清楚說明一下，若外部條件持續有利，我們打算把握機會。

We'll lean in with additional investments and other actions to create value for our shareholders over the medium term. A stronger environment isn't just upside to report. It's an opportunity we will put to work.

我們將透過追加投資及其他行動，在中期為股東創造價值。更強勁的環境不僅僅是可報告的上行因素。這是一個我們將加以運用的機會。

And finally, as you are all aware, this is Jenn Landis' final earnings call before she becomes our Chief Financial Officer for markets. Jenn came to Citi almost five years ago, just after I became CEO. Over that time, she has reestablished trust and credibility with the investor community and rebuilt our Investor Relations team, which is now recognized as one of the best on the Street.

最後，如各位所知，這是 Jenn Landis 在出任我們市場業務財務長之前的最後一次財報電話會議。Jenn 在我就任執行長不久後、約五年前加入花旗。在這段期間，她重新建立了投資人社群對我們的信任與公信力，並重建了我們的投資人關係團隊；該團隊如今被公認為華爾街最優秀的團隊之一。

You can see her fingerprints on our disclosures, our financial communications and events such as our recent Investor Day. She has worked tirelessly to make sure you understand where we are going and how we will get there. So Jenn, thank you very much indeed.

你們可以在我們的揭露內容、財務溝通，以及近期投資人日等活動中看到她的印記。她不懈努力，確保各位了解我們要前往的方向，以及我們將如何到達。所以 Jenn，真的非常感謝你。

Before I turn it over to Gonzalo, I would like to thank FIFA for scheduling Argentina's semifinal match in Atlanta for tomorrow and not for today. I shudder to think what Joyce Gonzalo would have made in that situation.

在我把時間交給 Gonzalo 之前，我想感謝 FIFA 把阿根廷的準決賽安排在明天於亞特蘭大舉行，而不是今天。我光是想到 Joyce Gonzalo 在那種情況下會做出什麼決定，就不寒而慄。

Gonzalo, over to you, and then we will be delighted, as always, to take your questions.

Gonzalo，交給你了；接著我們也將一如既往，很高興回答各位的提問。

Thank you, Jane, and good morning, everyone. First, I can neither confirm nor deny what decision I would have made in that situation. And second, I would like to echo James sentiment regarding Jenn's final earnings call as Head of Investor Relations. Jenn has been a great partner to me to Jane and to the broader leadership team.

謝謝你，Jane，各位早安。首先，對於在那種情況下我會做出什麼決定，我既不確認也不否認。其次，我也想呼應 James 對 Jenn 作為投資人關係主管最後一次財報電話會議的感言。Jenn 一直是我、Jane 以及更廣泛領導團隊的重要夥伴。

Since taking over Investor Relations in 2021, she has built strong relationships across the investor and analyst community and help ensure that Citi strategy is communicated with clarity, credibility and consistency. And we look forward to seeing her continue to make an impact in her new role. On behalf of the entire management team, thank you, Jenn, for your leadership, your counsel and your many contributions.

自 2021 年接掌投資人關係以來，她在投資人與分析師社群中建立了穩固的關係，並協助確保花旗的策略能以清晰、可信且一致的方式傳達。我們也期待她在新職務上持續發揮影響力。我代表整個管理團隊，感謝你，Jenn，謝謝你的領導、建言以及眾多貢獻。

I'm also very pleased to have Marco Pillage stepping into the role of Head of Strategy, M&A and Investor Relations. Margo comes to this role after five years as Jane's Chief of Staff and brings deep knowledge of our strategy, priorities and organization after more than two decades at the firm. I look forward to working with Margo in her new role, and I know she will do a tremendous job.

我也非常高興由 Marco Pillage 接任策略、併購與投資人關係主管一職。Margo 在擔任 Jane 的幕僚長五年後接下此職，並在本行服務逾二十年，對我們的策略、優先事項與組織有深厚的了解。我期待在她的新職務上與 Margo 合作，也相信她會做得非常出色。

Now getting to the quarter, I'll start with a firm-wide financial results, focusing on year-on-year comparisons, unless I indicate otherwise, then review the performance of our businesses in greater detail. On slide 4, we show financial results for the full firm, which demonstrate the progress we've made and the momentum of our strategy.

接著談本季表現，我將先從全行財務結果開始，除非另有說明，將以年對年比較為主，之後再更詳細檢視各項業務的表現。在第 4 頁投影片，我們呈現全行的財務結果，顯示我們已取得的進展以及策略的動能。

This quarter, we reported net income of $5.8 billion, EPS of $3.15 and an RoTCE of 13% on $24.8 billion of revenues, generating positive operating leverage. Total revenues were up 14% with growth driven by each of our businesses and legacy franchises, including the impact of FX translation, partially offset by a decline in corporate other.

本季我們淨利為 58 億美元，每股盈餘（EPS）為 3.15 美元，在 248 億美元營收下，RoTCE 為 13%，並產生正向營運槓桿。總營收年增 14%，成長動能來自各項業務與既有特許經營（legacy franchises），包含外匯換算影響；但部分被企業其他（corporate other）下滑所抵銷。

Net interest income, excluding markets, which you can see on the bottom left side of the slide, was up 6%, driven by growth across all businesses and legacy franchises, partially offset by a decline in corporate other. Noninterest revenues, excluding markets, were up 39%, driven by growth in all other, banking, services and wealth, partially offset by a decline in U.S. Consumer Cards.

不含市場業務的淨利息收入（你們可在投影片左下方看到）年增 6%，主要由各項業務與既有特許經營的成長帶動，但部分被企業其他下滑所抵銷。不含市場業務的非利息收入年增 39%，由其他（all other）、銀行、服務與財富管理的成長帶動，但部分被美國消費者信用卡（U.S. Consumer Cards）下滑所抵銷。

Excluding all other as well as markets, noninterest revenues were up 18%, and total market revenues were up 17%. Expenses of $14.2 billion were up 5% with an efficiency ratio of below 58%, which I'll provide details on shortly.

若再排除其他（all other）以及市場業務，非利息收入年增 18%，而市場業務總營收年增 17%。費用為 142 億美元，年增 5%，效率比率低於 58%；我稍後會提供更多細節。

And cost of credit was $2.5 billion, primarily consisting of net credit losses in U.S. Consumer Cards as well as a firm-wide net ACL build of $118 million. Looking at the firm on a year-to-date basis, we generated positive operating leverage with total revenues up 14%, driven by growth across all businesses and legacy franchises, including the impact of FX translation, partially offset by a decline in corporate other and expenses, which have also been impacted by FX translation, up 6% as we reported an RoTCE of 13.1%.

信貸成本為 25 億美元，主要由美國消費者信用卡的淨信用損失構成，並包含全行淨 ACL（貸款損失準備）增加 1.18 億美元。以年初至今來看，我們在全行層面產生正向營運槓桿：總營收年增 14%，由各項業務與既有特許經營的成長帶動，包含外匯換算影響；但部分被企業其他下滑所抵銷；費用亦受外匯換算影響年增 6%；我們的 RoTCE 為 13.1%。

On slide 5, we show the expense and efficiency trend over the past five quarters. As I just mentioned, expenses increased 5%, primarily driven by our continued investments in the front office as well as higher volume and revenue-related expenses. This increase is reflected in compensation and transactional and product servicing costs. And we also saw an impact from FX translation across our expense base.

在第 5 頁投影片，我們展示過去五個季度的費用與效率趨勢。如我剛才提到，費用增加 5%，主要由我們持續在前台（front office）的投資，以及更高的業務量與與營收相關的費用所帶動。這項增加反映在薪酬，以及交易與產品服務成本上。此外，我們的費用基礎也受到外匯換算影響。

The benefits of our past investments and productivity efforts have allowed us to gain efficiencies across our expense base and reduce our headcount to 219,000 with over $800 million of severance incurred year to date.

過去投資與生產力提升措施的效益，使我們得以在費用基礎上取得效率，並將員工人數降至 219,000 人；年初至今已認列超過 8 億美元的資遣費。

We continue to invest in areas such as technology, including AI, and we would expect an increase in productivity saves over time. And it is worth noting that this expense increase was against 14% revenue growth, resulting in an improvement in our operating efficiency of over 500 basis points.

我們持續在科技等領域投資，包括 AI，並預期隨時間推進，生產力節省將增加。值得注意的是，這 5% 的費用增幅是在 14% 的營收成長背景下發生，使我們的營運效率改善超過 500 個基點。

On slide 6, we show U.S. cards and corporate credit metrics. As I mentioned, the firm's cost of credit was $2.5 billion, primarily consisting of net credit losses in U.S. Consumer Cards as well as a firm-wide net ACL build. Our reserves incorporate an eight-quarter weighted average unemployment rate of 5.3%, which includes a downside scenario average unemployment rate of nearly 7%.

在第 6 頁投影片，我們展示美國信用卡與企業信貸指標。如我所提，公司的信貸成本為 25 億美元，主要由美國消費者信用卡的淨信用損失構成，並包含全行淨 ACL 增加。我們的準備金假設納入八個季度加權平均失業率 5.3%，其中包含下行情境平均失業率接近 7%。

At the end of the quarter, we had over $22 billion in total reserves with a reserve to funded loans ratio of 2.5%. We continue to maintain a high credit quality card portfolio with approximately 86% of balances extended to consumers with FICO scores of 660 or higher and a reserve to funding loan ratio in our U.S. cards portfolio of 7.6%.

截至本季末，我們的總準備金超過 220 億美元，準備金對已撥款貸款比率為 2.5%。我們持續維持高信用品質的信用卡投資組合，約 86% 的餘額提供給 FICO 分數 660 分或以上的消費者；且我們美國信用卡投資組合的準備金對已撥款貸款比率為 7.6%。

Looking at the right-hand side of the slide, you can see that our corporate exposure is 79% investment grade and in the quarter, corporate non-accruing loans as well as corporate net credit losses remain low. We are confident in the high-quality nature of our portfolios, which reflect our robust risk appetite framework rigorous client selection and our focus on using the balance sheet in the context of the overall client relationship.

從投影片右側可見，我們的企業曝險中 79% 為投資等級；本季企業不計息（non-accruing）貸款以及企業淨信用損失仍維持在低檔。我們對投資組合的高品質特性充滿信心，這反映了我們健全的風險偏好框架、嚴謹的客戶篩選，以及我們在整體客戶關係脈絡下運用資產負債表的聚焦策略。

Turning to capital and the balance sheet on slide 7, where I will speak to sequential variances. Our total assets of $2.9 trillion increased 4%, driven by growth in trading-related assets. Net end-of-period loans increased 4%, primarily driven by growth in markets and U.S. cards.

接著看第 7 頁投影片的資本與資產負債表，我將說明與前一季相比的變動。我們總資產 2.9 兆美元增加 4%，主要由交易相關資產成長帶動。期末淨放款增加 4%，主要由市場業務與美國信用卡成長所帶動。

Our $1.5 trillion deposit base remains well diversified and increased 3% driven by growth in services as we continue to deepen with clients with a focus on high-quality operating deposits. We maintained a 114% average LCR and over $1 trillion of available liquidity resources.

我們 1.5 兆美元的存款基礎仍相當多元，並年增 3%，主要由服務業務成長帶動；我們持續深化客戶關係，並聚焦於高品質的營運性存款。我們維持 114% 的平均 LCR（流動性覆蓋率），以及超過 1 兆美元的可用流動性資源。

In the second quarter, we continued to deploy capital to support client-driven growth while at the same time, prioritizing the return of capital to common shareholders, as evidenced by the $4 billion in buybacks. We ended the quarter at 12.8% CET1 ratio under the binding standardized approach, approximately 120 basis points above the 11.6% regulatory capital requirement as we continue to target a CET1 ratio around 12.6% under the existing rules and requirements.

第二季，我們持續配置資本以支持客戶驅動的成長，同時也優先將資本回饋給普通股股東，這可從 40 億美元的庫藏股回購看出。在具約束力的標準法（binding standardized approach）下，我們季末 CET1 比率為 12.8%，約高於 11.6% 的監管資本要求 120 個基點；在現行規則與要求下，我們仍以 CET1 比率約 12.6% 為目標。

While our LCV remains at 3.6% as we announced in June, we were pleased to see the continued improvement in our DFAST results and the corresponding implied SUV of 3.3%, which marks a reduction for the third consecutive year, demonstrating the execution of our strategy and improved business performance, which has resulted in growth in PPNR and greater resilience in stress.

雖然我們的 LCV 仍維持在 3.6%（如我們於 6 月所宣布），但我們很高興看到 DFAST 結果持續改善，以及相對應推算的 SUV 為 3.3%，這已連續第三年下降，展現我們策略的落實與業務表現的提升，並帶動 PPNR 成長，使我們在壓力情境下更具韌性。

And as a reminder, we plan to increase our quarterly common stock dividend by 12% beginning in the third quarter, subject to quarterly board approval.

另外提醒一下，在董事會按季核准的前提下，我們計畫自第三季起將季度普通股股利提高 12%。

Turning to the businesses on slide 8. We show the results for services in the second quarter. Revenues were up 18%, driven by growth across both TTS and Securities Services, reflecting the benefits of our continued investments in the business. NII increased 18%, primarily driven by higher average deposit balances.

接著看第 8 張投影片的各項業務。我們呈現服務業務第二季的結果。營收成長 18%，主要由 TTS 與證券服務雙雙成長所帶動，反映我們持續投資該業務所帶來的效益。淨利息收入（NII）成長 18%，主要受平均存款餘額提高所驅動。

NIR increased 16% as we continue to see strong activity and engagement with both corporate and commercial clients and across key high-growth segments, including e-commerce and fintech, driving momentum across underlying drivers with cross-border transaction value up 13% and assets under custody and administration up 22%, which includes the impact of market valuations as well as new assets onboarded.

淨利息以外收入（NIR）成長 16%，因我們持續看到企業與商業客戶在活動與互動上表現強勁，且在電商與金融科技等關鍵高成長領域亦然，帶動各項基礎驅動因素的動能；跨境交易金額成長 13%，託管與管理資產（AUC/A）成長 22%，其中包含市場估值變動的影響以及新導入資產。

Expenses increased 5%, driven by higher volume-related expenses as well as higher performance and other compensation expenses. Average loans increased 10%, primarily driven by export agency finance and working capital loans.

費用增加 5%，主要由較高的與交易量相關費用，以及較高的績效與其他薪酬費用所帶動。平均放款增加 10%，主要由出口信貸機構融資與營運資金貸款所驅動。

Average deposits increased 19% with growth across both North America and international, largely driven by an increase in operating deposits as we continue to deepen relationships with existing clients and onboard new clients. Services generated positive operating leverage and delivered net income of $2.6 billion with an RoTCE of 30.9% in the quarter and 29% year to date.

平均存款增加 19%，北美與國際市場皆有成長，主要由營運性存款增加所帶動，因我們持續深化與既有客戶的關係並導入新客戶。服務業務產生正向營運槓桿，並於本季交出 26 億美元淨利，RoTCE 為 30.9%；年初至今 RoTCE 為 29%。

Turning to markets on slide 9. Revenues were up 17%, driven by growth across both equities and fixed income with strong momentum across client segments, including corporates, asset managers, hedge funds and banks. Fixed income revenues were up 7%, driven by growth in spread products and other fixed income as well as rates and currencies.

接著看第 9 張投影片的市場業務。營收成長 17%，主要由股票與固定收益雙雙成長所帶動，且在企業、資產管理機構、避險基金與銀行等客群皆展現強勁動能。固定收益營收成長 7%，主要由利差產品與其他固定收益的成長，以及利率與外匯業務所帶動。

Spread Products and other fixed income was up 25%, driven by growth across both financing and credit trading and spread products as well as growth in commodities and rates and currencies was up 1%, with growth in currencies on higher volumes, reflecting strong client engagement, primarily offset by lower revenues in rates.

利差產品與其他固定收益成長 25%，主要由融資與信用交易、利差產品的成長所帶動，同時商品亦有成長；利率與外匯成長 1%，其中外匯因交易量增加而成長，反映客戶高度參與，但主要被利率業務收入較低所抵銷。

Equities revenues were up 45% driven by continued momentum in derivatives and Prime Services as we grew prime balances by nearly 60%, with growth across both new and existing clients as well as higher market valuations. Expenses increased 8%, driven by higher performance-related compensation and volume-related expenses.

股票業務營收成長 45%，主要受衍生性商品與主經紀服務（Prime Services）動能延續所帶動；我們的主經紀餘額成長近 60%，來自新舊客戶的成長以及較高的市場估值。費用增加 8%，主要由較高的績效相關薪酬與與交易量相關費用所帶動。

Average loans increased 29%, primarily driven by financing activity in spread products. Markets generated positive operating leverage and delivered net income of $2.4 billion with an RoTCE of 17% in the quarter and 17.8% year to date.

平均放款增加 29%，主要由利差產品的融資活動所驅動。市場業務產生正向營運槓桿，並於本季交出 24 億美元淨利，RoTCE 為 17%；年初至今 RoTCE 為 17.8%。

Turning to banking on slide 10. Revenues were up 34%, driven by growth in investment banking, partially offset by a decline in corporate lending, excluding mark-to-market on loan hedges. Investment banking revenues increased 44%, reflecting a strong wallet driven by growth in DCM and ECM, partially offset by a decline in M&A.

接著看第 10 張投影片的銀行業務。營收成長 34%，主要由投資銀行業務成長所帶動，但部分被企業放款下滑所抵銷（不含放款避險的按市價評價）。投資銀行營收成長 44%，反映我們在 DCM 與 ECM 成長帶動下取得強勁的錢包份額（wallet），但部分被併購（M&A）下滑所抵銷。

DCM was up 65%, resulting in our second best quarter ever with growth across leveraged finance and investment grade. ECM was up 92% amid very strong market conditions with growth across all products led by strength in IPOs and follow-ons where we participated in 8 of the top 10 ECM deals of the quarter.

債務資本市場（DCM）成長 65%，使本季成為我們史上第二佳季度，槓桿融資與投資級皆有成長。股權資本市場（ECM）在非常強勁的市場環境下成長 92%，各產品皆成長，並由 IPO 與增發（follow-on）表現領先；本季前十大 ECM 交易中，我們參與了其中 8 件。

And while M&A was down 4%, we maintained a healthy pipeline and continue to have meaningful strategic dialogue with our clients. Corporate lending revenues, excluding mark-to-market on loan hedges, declined 4%. Expenses increased 7%, driven by higher performance-related compensation and investments as well as higher volume-related expenses.

儘管併購（M&A）下滑 4%，我們仍維持健康的案源管線，並持續與客戶進行具實質意義的策略性對話。企業放款營收（不含放款避險的按市價評價）下滑 4%。費用增加 7%，主要由較高的績效相關薪酬與投資，以及較高的與交易量相關費用所帶動。

Cost of credit was $242 million, consisting of net credit losses of $138 million and a net ACL build of $104 million. Net credit losses were driven by loan sales, which we had previously reserved for. And the net ACL build was driven by exposure growth largely offset by reserve releases covering losses on the loan sales.

信用成本為 2.42 億美元，其中包含 1.38 億美元淨信用損失，以及 1.04 億美元淨 ACL（備抵信用損失）增加。淨信用損失主要由放款出售所致，而該部分我們先前已提列準備。淨 ACL 增加則由曝險成長所驅動，但大致被因放款出售損失而釋出的準備所抵銷。

Average loans increased 5% as growth in loans associated with investment banking activity more than offset the decline in corporate lending balances. Banking generated positive operating leverage and delivered net income of $350 million with an RoTCE of 18% in the quarter and 16.9% year to date.

平均放款增加 5%，因與投資銀行活動相關的放款成長，超過企業放款餘額下滑的影響。銀行業務產生正向營運槓桿，並於本季交出 3.5 億美元淨利，RoTCE 為 18%；年初至今 RoTCE 為 16.9%。

Turning to Wealth on slide 11. Revenues were up 13%, driven by growth across all businesses with 17% growth in Citigold and the retail bank, 5% in the private bank and 3% in wealth and work. NII, which you can see on the bottom left side of the slide, increased 18%, driven by higher deposit spreads and average balances, partially offset by lower mortgage spreads.

接著看第 11 張投影片的財富管理業務。營收成長 13%，各項業務皆成長，其中 Citigold 與零售銀行成長 17%、私人銀行成長 5%、wealth and work 成長 3%。如投影片左下角所示，淨利息收入（NII）成長 18%，主要由存款利差與平均餘額提高所帶動，但部分被房貸利差下降所抵銷。

NIR was up 4% and as we continue to see growth in investment fee revenues, which were up 20%, primarily offset by the absence of the approximate $80 million gain on sale of our alternatives fund platform, which occurred in the second quarter last year and the loss of fee revenue from the sale of the trust business in 2025.

淨利息以外收入（NIR）成長 4%；我們持續看到投資手續費收入成長（成長 20%），但主要被兩項因素抵銷：去年第二季出售我們另類基金平台所帶來約 8,000 萬美元的一次性收益不再出現，以及 2025 年出售信託業務後所流失的手續費收入。

Net new investment asset flows were $15.7 billion in the quarter, contributing to over $56 billion in the last 12 months, representing 9% organic growth. Overall, client investment assets were up 14%, which also includes the impact of market valuations and was partially offset by the sale of trust business assets.

本季淨新增投資資產流入為 157 億美元，使過去 12 個月累計超過 560 億美元，代表 9% 的有機成長。整體而言，客戶投資資產成長 14%，其中亦包含市場估值變動的影響，但部分被出售信託業務資產所抵銷。

Expenses increased 3% driven by higher technology costs and higher performance-related compensation. Average loans were up 5% as we continue to grow securities-based lending and deploy balance sheet to support clients and drive client investment asset growth.

費用增加 3%，主要由較高的科技成本與較高的績效相關薪酬所帶動。平均放款成長 5%，因我們持續擴大以證券為擔保的放款，並運用資產負債表支持客戶、推動客戶投資資產成長。

Average deposits were up 4%, primarily driven by growth in the private bank. Wealth had a pretax margin of 23%, generated positive operating leverage and delivered net income of $583 million with an RoTCE of 14.4% in the quarter and 12.6% year to date.

平均存款成長 4%，主要由私人銀行成長所帶動。財富管理業務稅前利潤率為 23%，產生正向營運槓桿，並於本季交出 5.83 億美元淨利，RoTCE 為 14.4%；年初至今 RoTCE 為 12.6%。

Turning to U.S. Consumer Cards on slide 12. As Jane mentioned, this quarter, we completed the acquisition of the additional American Airlines co-branded card portfolio, and our results reflect the impact of the over $6 billion in loans for more than 2 million accounts onboarding in April. In the quarter, revenues were up 1%, driven by growth in NII, primarily offset by a decline in NIR. NII was up 5%, driven by higher interest-earning balances.

接著看第 12 張投影片的美國消費者信用卡業務。如 Jane 所提，本季我們完成收購額外的美國航空聯名卡（co-branded）卡組合；我們的結果反映 4 月導入超過 200 萬個帳戶、逾 60 億美元放款的影響。本季營收成長 1%，由淨利息收入（NII）成長所帶動，但主要被淨利息以外收入（NIR）下滑所抵銷。淨利息收入（NII）成長 5%，主要由較高的生息餘額所驅動。

NIR was down 47%, driven by higher accruals for partner payments and new account acquisition costs, reflecting increased investments, partially offset by higher annual fees and net interchange. Including the additional American Airlines portfolio acquisition and momentum across underlying drivers, we saw general purpose cards acquisitions up 135%, spend volume up 12% and average loans up 8% partially offset by declines in private label cards.

淨利息以外收入（NIR）下滑 47%，主要因合作夥伴付款的應計增加以及新帳戶獲取成本上升，反映投資增加；但部分被較高的年費與淨交換手續費（net interchange）所抵銷。納入額外的美國航空卡組合收購以及各項基礎驅動因素的動能，我們看到一般用途卡的新戶獲取量成長 135%、刷卡消費金額成長 12%、平均放款成長 8%，但部分被自有品牌卡（private label cards）的下滑所抵銷。

Expenses increased 10%, driven by higher severance, customer engagement costs legal expenses and increased marketing as we invest to drive future acquisitions and continued customer engagement. Cost of credit was $1.6 billion, consisting of $1.9 billion of net credit losses and a net ACL release of $232 million, driven by improved portfolio quality, including seasonal changes, largely offset by higher volume and changes in macroeconomic variables.

費用增加10%，主要受較高的資遣費、客戶互動成本、法律費用，以及我們為推動未來獲客與持續客戶互動而加大行銷投入所帶動。信貸成本為16億美元，由19億美元的淨信貸損失及2.32億美元的淨ACL（備抵呆帳）回轉所構成；該回轉主要受投資組合品質改善（包括季節性變化）所驅動，但在很大程度上被較高的業務量與總體經濟變數變動所抵銷。

U.S. Consumer Cards delivered net income of $852 million with an RoTCE of 22% in the quarter and 20.6% year to date. While we expect RoTCE to remain around our through-the-cycle target for the business, in some of the next few quarters, we do expect expense growth to outpace revenue growth as we invest in the business to drive engagement and acquisitions with some of those investments reflected as contra revenue and others as expenses.

美國消費者信用卡（U.S. Consumer Cards）本季淨利為8.52億美元，季度RoTCE為22%，年初至今為20.6%。雖然我們預期RoTCE將維持在該業務穿越景氣循環的目標水準附近，但在接下來幾個季度中，隨著我們投資於業務以推動互動與獲客，我們確實預期費用成長將超過營收成長；其中部分投資將以抵減營收（contra revenue）的形式反映，另一些則會以費用呈現。

Turning to slide 13. We show results for all other on a managed basis, which includes corporate other and legacy franchises and excludes divestiture-related items. Revenues were up 1%, driven by growth in legacy franchises, offset by a decline in corporate other.

接著看第13頁投影片。我們以管理口徑（managed basis）呈現「其他全部」的結果，包含公司其他（corporate other）與既有特許經營（legacy franchises），並排除與剝離相關的項目。營收成長1%，主要由既有特許經營的成長帶動，但部分被公司其他的下滑所抵銷。

Growth in legacy franchisees was driven by Mexico Consumer, which includes momentum in underlying business drivers and the impact of Mexican peso appreciation, partially offset by the impact of continued reduction from our exit and wind-down markets.

既有特許經營的成長主要由墨西哥消費金融（Mexico Consumer）帶動，包含基礎業務驅動因素的動能以及墨西哥披索升值的影響；但部分被我們退出與收尾市場持續縮減所帶來的影響所抵銷。

The decline in corporate other was driven by lower NII, which included actions taken, such as those to reduce Citi's asset sensitivity due to a lower interest rate environment, largely offset by higher NIR, reflecting episodic activity.

公司其他的下滑主要由淨利息收入（NII）較低所致，其中包含已採取的措施，例如在較低利率環境下，為降低花旗資產對利率的敏感度而採取的行動；但在很大程度上被較高的淨利息以外收入（NIR）所抵銷，後者反映了偶發性活動。

Expenses were down 3%, driven by a decline in legacy franchises as lower expenses related to exits and wind downs were primarily offset by the impact of Mexican peso appreciation as well as a decline in corporate other, which included lower transformation expenses and severance charges.

費用下降3%，主要由既有特許經營的下降所帶動；與退出與收尾相關的費用降低大致被墨西哥披索升值的影響所抵銷；此外，公司其他亦下降，其中包含較低的轉型費用與資遣費。

As a reminder, we will continue to look for opportunities to drive structural efficiencies, including severance to improve productivity and actions to improve our funding profile. Cost of credit was $438 million, primarily consisting of net credit losses of $366 million driven by loans in Mexico. And we've reduced the total DTAs deducted from CET1 capital held in corporate other by over $500 million year to date.

提醒一下，我們將持續尋找推動結構性效率的機會，包括透過資遣以提升生產力，以及採取行動改善我們的資金來源結構。信貸成本為4.38億美元，主要由3.66億美元的淨信貸損失構成，該損失主要由墨西哥的放款所驅動。此外，年初至今我們已將公司其他中自CET1資本扣除的遞延所得稅資產（DTA）總額降低超過5億美元。

To close, we've included our full year 2026 outlook on slide 14. We've made significant progress in terms of improving returns on the back of our investments, generating a year-to-date RoTCE of 13.1%.

最後，我們在第14頁投影片中納入了2026年全年展望。在投資帶動下，我們在提升報酬方面已取得顯著進展，年初至今RoTCE達13.1%。

Having said that, we continue to target an RoTCE of 10% to 11% for the full year, supported by NII ex-markets growth of approximately 5% to 6% and continued NIR ex-markets growth driven by momentum in services, banking and wealth, partially offset by USCC. We expect the USCC NIR to remain in line with the second quarter's absolute level in the third and fourth quarters of this year.

儘管如此，我們仍以全年RoTCE 10%至11%為目標；該目標由約5%至6%的（不含Markets）NII成長，以及由服務、銀行與財富業務動能所帶動的（不含Markets）NIR持續成長所支撐，但部分被美國消費者信用卡（USCC）所抵銷。我們預期USCC的NIR在今年第三與第四季將維持在與第二季相當的絕對水準。

In Markets, we historically have seen revenues decline approximately 20% between the first and second half of the year. And given the strong performance year to date, the magnitude of that decline could be greater this year.

在Markets方面，歷史上我們通常看到營收在上半年與下半年之間約下滑20%。鑑於年初至今表現強勁，今年下滑幅度可能更大。

And as we've said before, we expect our full year efficiency ratio to be around 60% as we ramp up investments across the businesses in the second half and incur additional severance as we target future efficiencies. As it relates to credit, we continue to expect a total U.S. credit card NCL rate between 4% and 4.5%, while the ACL will continue to be a function of the macroeconomic environment and business volumes.

此外，如同我們先前所說，隨著我們在下半年加速各業務的投資，並因鎖定未來效率而產生額外資遣費，我們預期全年效率比率約為60%。就信貸而言，我們仍預期美國信用卡全年淨沖銷（NCL）率介於4%至4.5%，而ACL將持續取決於總體經濟環境與業務量。

And we remain well positioned to return capital to shareholders under our $30 billion share repurchase program. As we take a step back, the results in the second quarter and first half of this year represents significant progress towards our goal of improved firm-wide and business performance.

我們也仍具備良好條件，依據300億美元庫藏股回購計畫向股東返還資本。回頭看，今年第二季與上半年結果代表我們朝向提升全行與各業務表現的目標已取得重大進展。

We remain steadfast and focused on executing our transformation and confident in delivering our RoTCE target of 10% to 11% this year with a clear path to delivering higher sustainable returns going forward as we laid out at Investor Day.

我們仍堅定且專注於推動轉型，並有信心在今年達成10%至11%的RoTCE目標；同時，正如我們在投資人日所闡述的，我們也有清晰路徑在未來帶來更高且可持續的報酬。

With that, Jenn and I would be glad to take your questions.

接下來，Jenn和我很樂意回答各位的問題。

(Operator Instructions) Glenn Schorr, Evercore ISI.

(接線員指示) Glenn Schorr，Evercore ISI。

Thank you. So I'm a huge fan of investing back in the business during great times, and I heard your message loud and clear, and we see your guidance. But people are trying to parse through the not-oping of the of the RTC target this year, how much -- I don't know if you can quantify in numbers, that's what I'm asking, is how much of it is conservatism and not knowing what's ahead in the second half versus investments you've already made versus investments you're going to make in the second half?

謝謝。所以我非常支持在景氣好的時候把資金再投入業務，我很清楚聽到你們的訊息，也看到你們的指引。但大家正試著解讀今年RoTCE目標未上修的原因，有多少——我不知道你們能否用數字量化，這也是我想問的——其中有多少是出於保守、對下半年前景不確定；有多少是你們已經做出的投資；又有多少是你們打算在下半年要做的投資？

I'm just trying to get through the parsing of it.

我只是想把這些因素拆解清楚。

Glenn. Well, I have to say, with a good first half under our belt, we've shifted our focus from the '26 waypoint to the near-term and medium-term targets and the investments behind them.

Glenn。嗯，我得說，在上半年有了不錯的成績之後，我們已把重點從2026年的中繼目標轉向短期與中期目標，以及支撐這些目標的投資。

As you say, we've operated in a good environment so far this year. I think the whole industry has benefited from revenue growth and benign credit. What I think I'm most proud of is that we've generated real alpha, its outperformance that we created is not just a rising tide.

如你所說，今年迄今我們處在不錯的環境。我認為整個產業都受惠於營收成長與溫和的信貸環境。我最引以為傲的是，我們創造了真正的alpha；我們的超額表現不是僅僅因為水漲船高。

And you've seen us pay back with consistent expense and capital discipline whilst investing. Now as you say, how strong the second half turns out largely depends on the macro and the market backdrop. And that's true for everybody. we are deliberately investing for long-term growth and for improved returns. And a couple of weeks or a few weeks ago, we laid these out in the investment plan in detail at Investor Day.

而你也看到我們在投資的同時，仍以一致的費用與資本紀律回饋。如你所說，下半年有多強很大程度取決於總體經濟與市場背景。這對所有人都一樣。我們是有意識地為長期成長與提升報酬而投資。而在幾週前，我們已在投資人日把這些投資計畫的細節完整說明。

And you see we just have a lot of opportunities here. And we're funding these investments whilst holding our efficiency ratio for the year around 60%. And there's real discipline be underneath that number. So to be clear, if conditions stay constructive, we intend to take full advantage of that. We will lean in bringing forward investments and other actions that will create value for our shareholders over the medium term.

你可以看到我們在這裡有很多機會。我們在為這些投資提供資金的同時，仍把全年效率比率維持在約60%。而在這個數字背後有非常嚴格的紀律。所以講清楚一點，如果環境持續有利，我們打算充分把握。我們會加大力度，提前推進投資與其他行動，在中期為股東創造價值。

And as I said in my opening, a stronger environment isn't just upside to report, it's an opportunity that we're going to put to work. So I'm very comfortable with our 10% to 11% number.

而正如我在開場所說，更強的環境不只是可報告的上行空間，它也是我們要加以運用的機會。因此，我對我們10%至11%的目標數字非常有信心。

Is the cost -- I'm good at math, 13 for half and 10% to 11% would mean significantly lower in the second half. I'm just trying to get at is -- is that conservatism based on, like you said, 20% seasonality and more this year because the first half was so good. So should we -- I just want to get our collective mindset in the right spot? Is the second half possibly a single digit to 10% return with no additional investment?

成本——我數學還不錯，上半年13%，全年10%到11%意味著下半年會顯著更低。我想了解的是——這是否是基於保守假設，例如你提到的約20%的季節性，而且今年因上半年太好而可能更大。所以我們是否——我只是想讓我們大家的心態調整到正確的位置？在不增加額外投資的情況下，下半年是否可能是個位數到10%的報酬？

Thank you, Glenn. I'll take this one. Even though I may disappoint you not giving you the precise math on every month in the forthcoming couple of quarters. But I think it's a fair question. And just to emphasize a couple of things that I think Jane just mentioned, number one, and you alluded to them, too.

謝謝你，Glenn。這題我來回答。即使我可能會讓你失望，因為我不會把接下來幾個季度每個月的精確數學都算給你看。但我認為這是個合理的問題。我想再強調幾點，我認為Jane剛剛也提到過，第一點，而且你也提到了。

Number one is there's a pocket of uncertainty that we want to make sure that we navigate and we're able to land, and we've spoken about this in the past, even for our near term and medium-term targets, and we want to be able to deliver under a variety of environments.

第一點是，我們面臨一個不確定性的區塊，我們希望確保能夠妥善因應並順利達成目標；我們過去也談過這點，即使是針對我們的短期與中期目標，我們也希望能在各種不同環境下都能交出成果。

Secondly, the seasonality that you just mentioned and I alluded to in my remarks, especially as it relates to markets, not only, right, because other businesses also have pockets of seasonality, but markets is the more pronounced one.

第二點是你剛提到、我在發言中也有提及的季節性因素，尤其是與市場業務相關的部分；當然不只如此，其他業務也有一些季節性，但市場業務的季節性更為明顯。

And the third one is what Jane just spoke about, which is making sure that we have the flexibility to take advantage of those opportunities if the markets are constructive. And that could come in a couple of flavors. It could come -- we've spoken about the investment themes at Investor Day a couple of months ago across each of the five businesses.

第三點是 Jane 剛才提到的，也就是確保我們具備彈性：如果市場環境有利，我們就能把握那些機會。而這可能有幾種形式。可能是——我們在幾個月前的投資人日已談過，橫跨五大業務的投資主題。

So we will consider leaning into those and accelerating more of those. We will also look at -- you will remember that I spoke about sources of structural efficiency to fund our growth over the next couple of years, we may look at accelerating some of the structural efficiency actions and in that case, take more severance in the second half.

因此我們會考慮加大投入並加速推進其中一些項目。我們也會檢視——你會記得我提過，未來幾年我們將透過結構性效率的來源來支應成長；我們可能會考慮加速部分結構性效率措施，而在那種情況下，下半年可能會承擔更多資遣費用。

As you can see, so far to date, we're already at $800 million for half of the year. We're already basically at the level that we were a year ago.

如你所見，截至目前為止，我們上半年已經達到 8 億美元。我們基本上已經來到去年同期的水準。

So if we see opportunities, we may do a bit more than we originally envisioned. And then the third piece, as Jane was mentioning actions as well, is we will also look not only at structural efficiency opportunities, but it could also be structural funding opportunities. If we see any opportunities to take actions to improve our funding profile over the long run, we will do those.

所以如果我們看到機會，可能會比原先設想的多做一些。接著第三個部分，正如 Jane 也提到行動方案一樣，我們不僅會看結構性效率的機會，也可能是結構性資金（funding）機會。如果我們看到任何能在長期改善資金結構的機會，我們就會採取行動。

You saw us do a little bit of that in the second quarter where we tendered for $1.2 billion of debt. And so we'll look at those opportunities to Jane's point, not to maximize the waypoint, but to actually look at the durability of the returns going forward.

你們在第二季也看到我們做了一點這類動作，我們針對 12 億美元的債務進行了要約收購（tender）。因此我們會依 Jane 的觀點去尋找這些機會，不是為了把某個中途目標（waypoint）做到最好，而是要著眼於未來報酬的持續性。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行。

I think, Gonzalo, you're going to be the Messi of CFOs, I think we need to understand a little bit more about your prior answer. And I think what you're saying is you'll use kind of the excess earnings above what you had expected to front load or accelerate structural changes that will improve your future funding efficiency and growth.

我想，Gonzalo，你會成為 CFO 界的梅西；我想我們需要更理解你剛才的回答。我認為你在說的是，你會把超出原先預期的額外獲利，用來提前投入或加速結構性變革，以提升未來的資金效率與成長。

But the problem is, again, 13% return in the first half of the year, that would imply 9% the second half of the year, efficiency, 57% in the first half of the year. To get to 60%, that would imply maybe 63%. So I think I think what the stock market saying right now, I think what we're hearing is that you're guiding for a much worse second half of the year than the first half, and that may or may not be your intention.

但問題是，上半年 13% 的報酬率，意味著下半年可能只有 9%；上半年效率比（efficiency）是 57%，要達到 60%，可能意味著下半年要到 63%。要達到 60%，那可能意味著 63%。所以我認為股市現在的解讀、以及我們聽到的，是你們在指引下半年會比上半年差很多，而這可能也可能不是你們的本意。

So if you could simply clarify what you really are saying about the expenses and what areas would you like to kind of accelerate spending on when it comes to revenue growth?

所以你能否簡單釐清一下，你們對費用到底在說什麼？以及在營收成長方面，你們希望在哪些領域加速投入支出？

Mike, let me just jump in here. What we're saying is we're focused on the near-term and the medium-term targets, not on the way point. I think that I can't imagine this investor that doesn't want us to make sure that we are taking full advantage of the market conditions, particularly if they're good in the second half to be able to make the investments and take actions that will drive growth for the next number of years.

Mike，我先插一句。我們的意思是，我們聚焦在短期與中期目標，而不是那個中途目標（way point）。我很難想像有投資人不希望我們在市場條件允許時——尤其是如果下半年市場狀況良好——能充分把握，進行投資並採取行動，來推動未來數年的成長。

And that's where -- and that's the message that The Street should be taking from this, but Gonzalo, over to you.

這就是——而這也應該是華爾街（The Street）從中得到的訊息；不過 Gonzalo，交給你。

I think that's 100% in sync with what we're saying, right? We're not saying, Mike, that we're expecting a worse second half, there is seasonality to it, right? If you look at the historicals, you will be able to see it.

我認為這與我們所說的完全一致，對吧？Mike，我們並不是在說我們預期下半年會更差；確實存在季節性，對吧？如果你看歷史數據，你會看得到。

And that plays through not only on the revenues that I highlighted in my remarks as it relates to markets, you'll see that playing through generally in returns and operating efficiency over a reasonable period of time in the past.

而這不僅會反映在我在發言中提到、與市場業務相關的營收上；在過去一段合理期間內，你也會看到它通常反映在報酬與營運效率上。

But what we're looking forward to is to Jane's point, making sure that we put the opportunity to work where we see a chance in order to really solidify that path to near-term and medium-term returns, which is the ultimate goal, right?

但我們展望未來要做的是，呼應 Jane 的觀點，確保在我們看到機會時能把握並加以運用，以真正鞏固通往短期與中期報酬的路徑——這才是最終目標，對吧？

It's really driving the durability and the improvement that we want to know that we want to drive in order to close the gap with our peers. As we said, we intend to do.

這是為了提升並強化我們希望推動的報酬持續性與改善幅度，以縮小與同業之間的差距。正如我們所說，我們打算這麼做。

Yes. We're playing the long game.

是的。我們是在打長期戰。

And a separate question related to your remediation efforts. Last quarter, you said you were 90% plus done and do you expect it to be 100% on sometime in the near term, I think you said that at Investor Day, are you at 93%, 99%. When do you think you get to 100% and you turn it over to the regulators to make their decision?

另外一個問題，關於你們的補救（remediation）工作。上季你們說已完成 90% 以上，並且你們是否預期在不久的將來達到 100%——我記得你們在投資人日有這麼說；你們現在是 93%、99%？你們認為何時能到 100%，並把它交由監管機關做出決定？

I'm not going to get -- I'm not going to get into the game of whether we're at 95%, 96%, 97%. We are largely now operating at the Citi target state. The important piece I mentioned in my opening remarks, is a large amount of our work on the consent order, successfully passed through audit validation this past quarter, and therefore, can get handed over to our regulators.

我不打算玩「我們是 95%、96%、97%」這種數字遊戲。我們目前在很大程度上已經是以花旗（Citi）的目標狀態（target state）在運作。我在開場發言提到的重點是：我們在同意令（consent order）上的大量工作，在本季已成功通過稽核驗證（audit validation），因此可以交付給監管機關。

And as you know, we've still got remaining work that relates to enhancing data governance, particularly for regulatory reporting, and we continue to make steady progress on it. In terms of the timing of the removal of the consent orders, that is fully at the discretion of our regulators, both in terms of reviewing the work that we've done, as we hand it over and then going through their closure process and that takes time. But I do reemphasize for our investors.

如你所知，我們仍有剩餘工作，與強化資料治理（data governance）相關，特別是針對監管申報（regulatory reporting），我們也持續穩步推進。至於同意令解除的時間點，完全取決於監管機關的裁量，包括他們在我們交付後對已完成工作的審查，以及其結案流程；這需要時間。但我也要再次強調給投資人。

Whenever we complete each body of work, we begin taking down the remediation expenses, and you can see that in our expense line. It's creating the capacity to further invest in the businesses. That's the additional $5 billion of investments that we talked about in May, and we don't need to wait for the orders to close to do this, that is happening already.

每當我們完成一個工作模組，我們就開始下調補救相關費用，你們也能在我們的費用線上看到。這正在創造更多產能，讓我們能進一步投資於各項業務。這就是我們在 5 月談到的額外 50 億美元投資；我們不需要等到同意令正式結案才做，這件事已經在發生。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

I have a question on the NII side, on the ex-markets basis. Strong start also here in the first half of the year where you're already above the 5% to 6% in the first half and deposit growth continues the pace, obviously, as you discussed, especially in services.

我有一個關於淨利息收入（NII）的問題，針對排除市場業務（ex-markets）的口徑。今年上半年這裡也有強勁開局，你們上半年已經高於 5% 到 6% 的水準，而且存款成長也持續保持速度，顯然如你們所討論的，尤其是在服務（services）業務。

I want to understand also do you have any conservatism in terms of that outlook in terms of why you may not be able to do better than that 5% to 6% on the core NII ex-markets given the trends that we're already seeing so far?

我也想了解，在目前已看到的趨勢下，為什麼你們在核心 NII（排除市場業務）上，可能無法做得比 5% 到 6% 更好？你們的展望裡是否包含任何保守性假設？

Thank you very much, Ken, for the question. I think we can see in -- through NII ex markets, I think, is a good window into: number one, our strategy working; number two, I think the operating rigor and yes, we continue to be constructive on our progress forward, and we're comfortable with the guidance that we provided would be the short answer.

非常感謝你，Ken，提出這個問題。我認為，從排除市場業務的 NII 來看，是一個很好的觀察窗口：第一，我們的策略正在奏效；第二，我認為營運紀律也在發揮作用；而且是的，我們對後續進展仍持建設性看法，我們也對所提供的指引感到有把握——簡短回答就是如此。

But just to unpack that for a bit, so just to recap the guidance for everyone, the guidance on NII ex-markets for the year is 5% to 6% revenue growth, that's anchored by mid-single-digit growth in the underlying drivers.

不過為了再拆解說明一下，先替大家重申一下指引：今年NII（不含市場業務）的指引是營收成長5%到6%，其基礎來自於相關基本驅動因素的中個位數成長。

In the second quarter, our NII ex-market growth was 6%. So it's within the range of the guidance that we provided for the second quarter. And that's in line with seeing deposits growing at about 12% on average.

第二季，我們的NII（不含市場業務）成長為6%。因此落在我們對第二季所提供指引的區間內。這也與我們觀察到存款平均約成長12%一致。

As you mentioned, services really good momentum and 19%, wealth, 4%, most of it coming from the private bank and loans growing in that mid-single-digit range at around 6% for the quarter year on year supported by services, cards and wealth. And so when we step back and we look at the picture of NII ex-markets, we're comfortable with our guidance.

如你提到的，服務業務動能非常好、成長19%；財富管理成長4%，多數來自私人銀行；放款在本季年增約6%，維持在中個位數區間，並由服務、信用卡與財富管理所支撐。因此當我們退一步看NII（不含市場業務）的整體圖像時，我們對指引感到有信心。

I think (inaudible) alluded to this in our Investor Day as it relates to not expecting that deposit growth that we've seen on 19% will not normalize over a period of time. And so we expect that normalization to play through, but we're pleased with the trajectory that we're seeing.

我想（聽不清）在我們的投資人日也提到，關於我們看到的19%存款成長，不會在一段時間內就此常態化。因此我們預期會出現正常化的過程，但我們對目前看到的走勢感到滿意。

Of course, Services had a very strong quarter. We reached $1 trillion in deposits for the first time ever. The good news about that, I think, is that those deposits are coming from operating deposits. We're not chasing low-value deposits. The team has been very disciplined on pricing, and that's what you see in the NII pop up there.

當然，服務業務本季表現非常強勁。我們的存款首次突破1兆美元。我認為好消息是，這些存款來自營運性存款。我們並沒有去追逐低價值存款。團隊在定價上非常自律，這也反映在NII的跳升上。

Okay. And then just one follow-up. You mentioned on potentially some additional severance in the second half. Can you remind us just the severance you took your quarter to date in the first half? And then what -- maybe you can help us with the type of magnitude of severance that you might book in the second, so we can kind of understand also some of that future like you said, to get future efficiencies, right?

好的。接著再追問一題。你提到下半年可能會有一些額外的資遣費。能否提醒我們，上半年截至目前你們在本季/年初至今已認列的資遣費是多少？另外，你是否能協助我們了解下半年可能會認列的資遣費量級，讓我們也能理解你所說、為了取得未來效率所做的安排？

Is it -- help us understand like how bulky that might be in terms of being run rate?

也請協助我們理解，若以常態化（run rate）來看，這部分可能會有多「大塊」？

Yes. No, thank you. Well, we may not provide exact guidance on what we expect from the second half of severance. Let me recap a little bit what we had said and the position that we're in now. So the first quarter was about $500 million.

是的。不，謝謝。我們可能不會就下半年預期的資遣費提供精確指引。我先回顧一下我們之前說過的內容，以及我們目前所處的位置。第一季大約是5億美元。

The second quarter just now is another $300 million for an $800 million year to date. You're kind of seeing the acceleration of those actions play through in the head count you see there on slide 5. And then to recap last year, it was about $800 million also. When we gave guidance for the year, we expect it to be at around that same level or slightly below from a prior year.

剛結束的第二季又是3億美元，因此年初至今合計8億美元。你可以在第5頁投影片看到的人數變化中，看到這些行動加速落地的效果。再回顧去年，也大約是8億美元。當我們給出全年指引時，我們預期大致會在與去年相同的水準，或略低於去年。

Obviously, sitting here now and to the point that Jane and I were making, we will still be open-minded about the second half if we see opportunities. If I anchor it back to what we said a couple of months ago at Investor Day, remember, what I said about structural efficiencies to help fund those investments that we want to make over the near term are anchor on three legs, right?

顯然，以我們現在所處的時間點，以及Jane和我剛才提到的重點，如果下半年我們看到機會，我們仍會保持開放態度。如果把它拉回到幾個月前投資人日我們所說的，請記得，我提到為了支應我們近期想做的投資、所推動的結構性效率，主要建立在三個支柱上，對吧？

Leg number one is stranded cost, and you're seeing those already come down from the $1.3 billion a year ago. to about a run rate of $800 million if you look at our second-quarter numbers for $200 million that you can annualize. We talked about transformation costs, and Jane just mentioned that as we reach completion of the programs. We're taking action on the portion of the transformation cost that is temporary. That sits in corporate other.

第一個支柱是閒置成本（stranded cost），你已經看到它從一年前每年13億美元，降到若以第二季數字來看約8億美元的常態化水準（第二季約2億美元，可年化）。我們也談到轉型成本，而Jane剛才也提到，隨著各項計畫接近完成。我們正在針對轉型成本中屬於暫時性的部分採取行動。那部分列在公司其他（corporate other）。

I had mentioned that at our Investor Day. You remember, the peak was $3.3 billion of that total expense. About half of those siting corporate other which are the ones that are temporary in nature, not the ones that are structural in nature, and we're starting to see those come down.

我在投資人日也提過。你們記得，當時總費用中的高峰是33億美元。其中約一半列在公司其他（corporate other），那是屬於暫時性、而非結構性的部分，而我們開始看到這些費用下降。

And then the third leg of that structural efficiency push is the productivity opportunities that we see from technology and AI automation. And I spoke about how we have more than 100-plus processes that we're mapping end-to-end, where we see opportunities for further automation.

第三個支柱則是我們從科技與AI自動化中看到的生產力機會。我也談到，我們正在把100多個流程做端到端的流程盤點（mapping），從中看到進一步自動化的機會。

We look at this every week and our COO; and Jim Ryan, our Head of Technology, and we're very purposely trying to make progress on that. So as we see opportunities and if we see opportunities, this is what I was referring to.

我們每週都會檢視這件事，與我們的營運長（COO）以及技術主管Jim Ryan一起，而且我們非常有意識地推動進展。因此當我們看到機會、如果我們看到機會，這就是我所指的內容。

I'm trying to connect with us here in the second half to accelerate some of those productivity opportunities. We may take more severance in the second half, but we're not providing a specific number now.

我想把這與我們下半年可能採取的作法連結起來，以加速其中一些生產力機會。我們下半年可能會認列更多資遣費，但目前不提供具體數字。

And on North Star with all of this is pulling forward higher sustainable returns.

而這一切的北極星目標（North Star）是把更高、且可持續的報酬提前實現。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess, Gonzalo, just to follow up, I think -- on this, I think, I mean the stock is down 5%. I think to Mike's question earlier about the back half being worse than the first half. I understand that's not what the message was. The message was if the revenue environment is stronger, you're going to take advantage of that by investing.

我想，Gonzalo，接著追問一下——我認為，嗯，股價下跌了5%。回到Mike先前的問題，關於下半年會比上半年更差。我理解那不是你們要傳達的訊息。你們的訊息是：如果營收環境更強，你們會透過投資來把握機會。

But maybe as we look through in terms of the momentum you had in the first half, yet there's some seasonality as we look into the -- into the third quarter and later in the year. But is there an obvious reason? Like are you -- is the point here that if the revenue backdrop is strong, we could still maybe replicate the strength more or less that we've seen in the first half?

但或許從上半年你們展現的動能來看，往第三季以及今年稍晚確實會有一些季節性因素。那是否有一個明顯原因？重點是否在於：如果營收背景強勁，我們仍可能大致複製上半年所看到的強勢表現？

Or are you expect -- should we be expecting a step shift due to two reasons: one, seasonality; and second, the pull forward in the investments that you've talked about multiple times this call.

還是你們預期——我們是否應該預期會出現一個「台階式」變化，原因有二：第一，季節性；第二，你們在本次電話會中多次提到的投資提前（pull forward）？

Ebrahim, thanks very much. Maybe let me start by not reiterating, but emphasizing a couple of points. The first one is we are pleased to see, and we are not expecting to stop, just to be clear, the commercial intensity that we're driving our execution rigor and focus the already good results we're seeing from past investments. That's -- we're not planning on that to stop.

Ebrahim，非常感謝。也許我先不重複，而是強調幾點。第一點是，我們很高興看到，而且我想說清楚，我們並不預期會停止：我們正在推動的商業動能（commercial intensity）、執行的嚴謹度與專注度，以及我們從過去投資所看到的既有良好成果。也就是說——我們沒有打算讓它停下來。

And of course, if the environment is constructive, we expect to see continued momentum, right? I spoke for a minute just now about NII. We have good momentum in our services business, where we're seeing good engagement and higher win rates with new mandates deepening relationships with existing clients and some of the investments that we made in our platform paying off. We had a very good quarter in markets, as you can see.

當然，如果環境具建設性，我們預期會看到動能延續，對吧？我剛才花了一點時間談NII。我們的服務業務動能良好，看到更好的客戶互動、更高的新委任案（mandates）得標率、與既有客戶關係的深化，以及我們在平台上的一些投資開始見效。如你所見，我們的市場業務本季也非常好。

We're making investments in talent, in technology. The market is constructive. It's good to see the business model working in a diversified way so that not every cylinder needs to be firing right completely in order to have very good results as we just did. Banking, some of the investors we're making, the momentum, the intensity, that business driving in the business playing through.

我們正在人才與科技上投資。市場環境具建設性。很高興看到這個商業模式以多元化方式運作，因此不需要每一個引擎缸都完全點火，仍能像我們剛才一樣交出非常好的成果。銀行業務方面，我們所做的一些投資、動能與強度，也正在推動業務表現逐步反映出來。

You're seeing the improvement on wealth, right, in terms of the returns being driven there, both in NII and NIA, growing at 9%. Our deposits growing, our NII growing. Many of those things have an element of sustainability in them as well.

你們看到財富端的改善了，對吧？就回報的帶動而言，無論是 NII 還是 NIA，都成長了 9%。我們的存款在成長，我們的 NII 也在成長。其中許多事項也具備一定的可持續性。

And cards, I mentioned a little bit of the dynamics because we are trying to invest in the business. you can look at the drivers, right, even for the last few quarters, not just the ones this quarter to have the element of Barclays and American Airlines portfolio coming in, and they're healthy because we're investing in the business, and we know that's a high return in business. All those things, we expect to continue to play through in the second half.

至於信用卡，我稍微提到一些動態，因為我們正嘗試投資這項業務。你可以看驅動因素，對吧？甚至看過去幾個季度，不只是本季度；其中包含 Barclays 與美國航空（American Airlines）投資組合的導入，而且它們表現健康，因為我們在投資這項業務，而我們知道這是一門高回報的業務。這些因素，我們預期在下半年會持續發酵。

And the only thing we're saying is that we want to make sure that we are accounting for uncertainty. We're accounting for seasonality and we have the flexibility to position the firm even better for the future to come.

而我們唯一要說的是，我們希望確保已把不確定性納入考量。我們也把季節性納入考量，並保有彈性，讓公司能為未來更好地定位。

Got it. And maybe just, Gonzalo, I think you talked about the USCC in the back half around revenue versus expenses. If you don't mind, double-clicking on that in terms of the trend we should expect in the back half? And just over a more longer period of time, what you expect on the revenue versus expense trajectories there?

了解。另外也許想請教一下，Gonzalo，我想你談到下半年 USCC 在收入相對於費用方面的情況。如果你不介意，能否就下半年我們應該預期的趨勢再深入說明一下？以及更長期來看，你對那邊收入與費用走勢的預期是什麼？

Yes. No, thank you for the question. So I think when you look at cards, there's a couple of things that stand out to me and you can see them in the second quarter, so you're going to actually anchor them on the numbers we have seen. The first thing is we spoke about how the through-the-cycle return target for our cars business is low 20s. So the first principle for us is the returns discipline, right?

好的。謝謝你的提問。我認為當你看信用卡業務時，有幾點特別突出，而且你可以在第二季看到，所以我們會以已看到的數字作為錨點。第一點是，我們談到我們信用卡業務的穿越景氣循環（through-the-cycle）回報目標在 20% 出頭。所以對我們而言，第一個原則是回報紀律，對吧？

And you can see that we are -- while we're investing, and I'll talk about that more in a second, we are keeping that high focus on returns and the rigor and this is true across our proprietary book, but also every single one of our partner relationships. And you've seen us, as Pam mentioned in our Investor Day, relationships that don't pass our return target. So that discipline to me is super important.

你可以看到我們——即使在投資（我稍後會再多談），我們仍然高度聚焦回報與嚴謹性；這不僅適用於我們自營資產組合（proprietary book），也適用於我們每一個合作夥伴關係。而且你也看到我們——如 Pam 在投資人日所提到——對於未達到我們回報目標的合作關係所採取的行動。所以在我看來，這種紀律非常重要。

Even in a quarter where we can -- you can see our investment level, you still can see a 22% return there high for our firm. The second piece is we spoke about our strategy. And our strategy has two components, two big elements that we spoke about. One of them was the shift towards general purpose credit cards. That's been driven by the customer behavior.

即便在一個你可以——你能看到我們投資水準的季度，你仍然可以看到 22% 的回報，對我們公司而言屬於高水準。第二點是我們談到我們的策略。而我們的策略有兩個組成部分、兩個我們談到的主要要素。其中之一是轉向一般用途（general purpose）的信用卡。這是由客戶行為所驅動的。

You see it in the drivers. If you look at the bottom right side of the (inaudible) page, which is page 12, you can see the bifurcation of the drivers, and that -- those are the customers telling us how their behavior is driving the business.

你可以在驅動因素中看到。如果你看（聽不清）那一頁的右下角，也就是第 12 頁，你可以看到驅動因素的分化，而那——那些是客戶在告訴我們，他們的行為如何在驅動這項業務。

And you can see that already in our numbers, right? At the end of last year, 82% of our book was a purpose cards. This quarter, we are at 84%. So over time, you're going to continue to see us increase that purely because one is going to grow faster than the other.

而你已經可以在我們的數字中看到，對吧？去年年底，我們的資產組合中有 82% 是一般用途卡。本季度我們達到 84%。因此隨著時間推進，你會持續看到我們提高這個比重，純粹是因為其中一類的成長速度會快於另一類。

And the second leg is we said we're going to make investments, right? And now you're seeing that play through this quarter. And as I mentioned in my earlier remarks, you can expect that over the next few quarters, there's going to be a few quarters where the expense growth will be greater than the revenue. than the revenue growth. And you should know that we are comfortable with that because, number one, we're keeping the return focus very sharp.

第二個支柱是我們說過我們會進行投資，對吧？而現在你看到這在本季度開始反映出來。如我先前所說，你可以預期在接下來幾個季度，會有幾個季度費用成長會高於收入成長。你也應該知道我們對此感到安心，因為第一，我們仍然非常聚焦回報。

And number two, we know that these investments pay off. So this is a deliberate choice to invest in a high return in business while keeping that return focus in the forefront.

第二，我們知道這些投資會帶來回報。因此，這是我們在維持回報聚焦於首位的同時，刻意選擇投資於一門高回報的業務。

And then last piece I'll mention on investments, some of what you're seeing -- remember, as a reminder, the investments in the car business, they play both in terms of expenses, but they also have a contra revenue component because a lot of the acquisition activity place as a contract revenue, right? And so -- what you're seeing us do is you're seeing us invest in acquisitions.

最後我想提到投資的另一點：你所看到的一部分——提醒一下，信用卡業務的投資同時會反映在費用端，但也會有一個抵減收入（contra revenue）的組成，因為很多獲客活動會以抵減收入的方式入帳，對吧？因此——你看到我們正在做的是投資於獲客。

You're seeing us invest in our product capabilities into our client experience, into the loyalty and engagement, which is something that is key so that we can be top of wallet as well as in our partnerships as we did with the Barclays portfolio as well.

你看到我們投資於產品能力、客戶體驗、忠誠度與互動（engagement），這些都是關鍵，讓我們能成為客戶錢包中的首選（top of wallet），同時也強化我們的合作夥伴關係，例如我們對 Barclays 投資組合所做的也是如此。

And so those key pieces are critical. You are seeing as co-brand airport lounges with American Airlines into the U.S., you can already see in a few airports. So you're seeing us lean forward in a business that is high return.

因此，這些關鍵要素至關重要。你也看到我們與美國航空在美國共同品牌（co-brand）的機場貴賓室，你已經可以在幾個機場看到。所以你看到我們在一門高回報的業務上更積極投入。

John McDonald, Truist.

John McDonald，Truist。

Gonzalo, could you remind us in terms of the capital target, you mentioned 12.6 for now at Investor Day, you noted 13.1 by 2028 to accommodate higher G-SIB. But broader, what could lead that to be better along the way between potential rule changes, structural improvement for Citi and maybe your own lowering of your own discretionary buffer. Can you just give us some thoughts on the capital path, please?

Gonzalo，關於資本目標，你能否提醒我們一下：你提到目前投資人日是 12.6，而你也提到到 2028 年為了因應更高的 G-SIB 會到 13.1。但更廣泛地說，在這段期間，哪些因素可能讓資本路徑變得更好？例如潛在的規則變更、花旗的結構性改善，或是你們自行下調你們的自主緩衝（discretionary buffer）。能否請你談談資本路徑的想法？謝謝。

Thanks very much, John, for the question. So yes, just to recap where we are in this quarter, we're at 12.8% CET1, that's 120 basis points above our regulatory requirement of 11.6%, as you mentioned.

非常感謝你的問題，John。是的，先回顧一下本季度我們的狀況：我們的 CET1 比率是 12.8%，如你所提，較我們 11.6% 的監管要求高出 120 個基點。

And then maybe playing -- and thank you also for reminding everyone about the 13.1 because of course, we embedded as far as capital assumptions for our return targets in the near and medium term, equates to the reality and the regulatory regime that we are operating under today, right? We don't -- we didn't bake in any assumptions about what would look like potentially.

另外也——也謝謝你提醒大家 13.1；當然，我們在近期與中期回報目標所內嵌的資本假設，是對應我們今天所處的現實與監管制度，對吧？我們沒有——我們並未把任何對潛在情況會如何的假設納入。

So I think you hit on a couple of those areas already, but let me piece them out a little bit. So of course, we're waiting for the finalization of the rules as it relates to Basel III to G-SIB and in particular, the SUV.

我想你已經點到其中幾個面向了，但我再把它們拆開說明一下。當然，我們正在等待與巴塞爾 III、G-SIB 相關規則的最終定案，特別是 SUV。

As I mentioned in the past, Basel III and G-SIB provide us in our early analysis with a moderate net positive position and that emanates from -- on the positive side, the G-SIB coefficient playing through as well as some of the RWA weights in retail and corporate, and that is partially mitigated by the operating risk and the market risk factors that I think a lot of people are familiar with at this point. And so that could be one element that plays through.

如我過去提到，根據我們初步分析，巴塞爾 III 與 G-SIB 對我們而言整體是溫和的淨正面影響；正面部分來自 G-SIB 係數的反映，以及零售與企業端部分 RWA 權重的變化；而這部分會被作業風險與市場風險因子所部分抵銷，我想目前很多人都已熟悉這些因素。因此，這可能是其中一個會發揮作用的要素。

The second piece is the stress capital buffer. And the stars capital buffer, there's a couple of vectors there, right? One of them is, of course, the final rules, and we think there should be opportunities for us to benefit from that when they become final, but importantly, and more within our control and hopefully, the DFAS results even if they don't take hold really for this year.

第二個部分是壓力資本緩衝（stress capital buffer）。而壓力資本緩衝有幾個向量，對吧？其中之一當然是最終規則；我們認為一旦最終定案，我們應有機會從中受益；但更重要的是、也更在我們掌控之內的是，希望 DFAS 的結果即使今年未必真正生效。

And we will see on the back of the new rules in October '27, the real changes, hopefully, as a signal you can take away, and that's how we saw it, the 30 basis point improvement, the third year in a row of improvement of that SUV that came for us down from the 4.3% to the 3.6% that we're under right now and the (inaudible) results that just came out, take it down to another 30 basis points to 3.3%.

而且我們將在 2027 年 10 月新規上路後，看到真正的變化；希望這能作為你可以帶走的訊號，而這也是我們的觀察：那個 SUV（壓力資本緩衝）已連續第三年改善 30 個基點，從 4.3% 降到我們目前的 3.6%；而剛出爐的（聽不清）結果，會再把它降低 30 個基點至 3.3%。

That tells you that how the strategy is working, right? And we talked about this at Investor Day. Strategy working in terms of we have exited the international consumer franchises, number one. Number two, our PPNR position, continue to sequentially improve year after year. And so our loss absorption capacity improves.

這告訴你策略是如何奏效的，對吧？我們在投資人日也談過這點。策略奏效在於：第一，我們已退出國際消費金融特許經營業務。第二，我們的 PPNR 部位持續逐季、逐年改善。因此，我們的損失吸收能力也在提升。

So even in the absence of any model enhancements that come out from the rules, you can see our strategy at work already also being a tailwind, and we hope that, that -- those two factors will pay through an important role.

所以即使規則沒有推出任何模型強化，你也已經可以看到我們的策略正在發揮作用，同時也成為順風；我們希望——這兩個因素將在其中扮演重要角色。

And then to your last point on the buffer, I think, of course, we will wait until all three sets of rules are solidified to evaluate our position for now. We're comfortable we are, and we're managing to around that target of 100 basis points that we mentioned before.

至於你最後提到的緩衝，我想當然我們會等三套規則都定案後，再評估我們目前的部位。就目前而言我們感到安心，並且我們是以先前提到的 100 個基點目標附近來進行管理。

Okay. And then maybe a follow-up on that is on the DTA utilization. Could you give some more color on what drove the nice step down in DTA this quarter. And just a reminder of the path that you're hoping to see over the next two years for that to come down from, I think, ending this year at $13 billion going down to $7 billion.

好的。那接著可能追問一下 DTA 的使用。你能否多補充一些本季 DTA 顯著下降的驅動因素？另外也請提醒一下你們希望未來兩年它的下降路徑：我記得今年年底大約是 130 億美元，之後降到 70 億美元。

Yes. Thanks very much for the question. And we know that DTA is an area where we have to demonstrate the performance because the last couple of years, we have not consumed as much. But hopefully, you're starting to see a couple of dots there on the page. So just to recap briefly, our starting position at the end of last year was $13.9 billion of the disallowed portion of the DTA.

是的。非常感謝這個問題。我們知道 DTA 是我們必須用表現來證明的一個領域，因為過去幾年我們消耗得沒有那麼多。但希望你開始在頁面上看到一些線索。簡單回顧一下：去年年底我們的起始狀況是 DTA 不可計入部分為 139 億美元。

Our position right now is $13.4 billion. So year to date, we have consumed about $500 million of that. As a reminder, there's carryback support that builds up in Q1 and then starts to wear off during the year. So you have an element of that playing through. And then our U.S. profitability that we disclosed last year was about $4 billion.

我們目前的水位是 134 億美元。所以今年迄今我們已消耗約 5 億美元。提醒一下：可回溯抵減（carryback）的支持會在第一季累積，然後在年度中逐步消退。因此其中有一部分因素在發揮作用。另外，我們去年揭露的美國獲利能力約為 40 億美元。

This year, we expect to make good progress in that. And you heard from all my colleagues, the business heads talk about it at Investor Day. And you're seeing it play through in the second quarter, right? When you look at the deposit growth in services, the 19%, a good portion of that growth came from North America. When you're seeing the strong quarters in markets and banking, a good portion of activity in both of those businesses comes from the U.S.

今年我們預期在這方面會有不錯的進展。你也在投資人日聽到我所有同事、各業務主管談到這點。而你也在第二季看到它反映出來，對吧？當你看服務業務存款成長 19%，其中相當一部分成長來自北美。當你看到市場與銀行業務表現強勁的季度，這兩項業務的活動有相當一部分也來自美國。

The improvement in returns from wealth, right? Wealth coming from 7.7% to 10.8% to now 14.4 RoTCE. A good portion of that activity comes from the improvements in the affluent business in the retail bank and across the franchise that is North America centric. And then finally, of course, the returns in cards, which are also improving year on year.

財富管理報酬的改善也是如此，對吧？財富管理的 RoTCE 從 7.7% 提升到 10.8%，現在到 14.4%。其中相當一部分活動來自零售銀行的富裕客群業務改善，以及整個以北美為核心的特許經營版圖的改善。最後，當然還有信用卡業務的報酬，也在逐年改善。

So all of those areas and the focus and I've spoken about before, how Jane has made sure that we are all held accountable in our scorecards for this. will, hopefully, over time, demonstrate to you through the numbers, how that comes through.

所以所有這些領域，以及我之前談過的重點——Jane 確保我們在計分卡上都要為此負責——希望隨著時間推進，能透過數字向你證明這些成果如何落地。

As I always say internally, and I repeat it externally, you need two dots to draw a line. So we're pleased to see the first dot here in the second quarter and we look forward to continuing to demonstrate progress in this space.

我在內部常說，對外也同樣重申：要畫出一條線，你需要兩個點。因此我們很高興在第二季看到第一個點，也期待在這個領域持續展現進展。

And sorry, a final reminder, I guided earlier in the year that the full year target was $800 million of burn down of DTA. And so we've done $500 million of the $800 million year to date.

另外抱歉，最後再提醒一下：我在年初曾指引全年 DTA 目標是消耗（burn down）8 億美元。因此今年迄今我們已完成 8 億美元中的 5 億美元。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

So for the elevated investment spend in the back half of the year, can you help us with any specifics there in terms of these specifically investments you were planning to make in 2027 that you now have the opportunity to do in the back half of the year? And I guess, how quickly do you expect to see the returns of this higher investment spend. Does that give you the ability to get to the medium-term targets maybe sooner than before?

關於下半年較高的投資支出，你能否提供一些更具體的內容：原本計畫在 2027 年進行、但現在有機會在下半年提前做的投資，具體是哪些？另外，你預期這些較高投資支出的回報會多快顯現？這是否讓你們有能力比之前更早達到中期目標？

So at Investor Day, we laid out the specific investments that we're making in quite a lot of detail. So we'll be looking at what are the opportunities to pull some of those forward. as we talked about, and it would be pretty well across the board. There's nothing specifically. I also do want to emphasize.

在投資人日，我們已相當詳細地列出了我們正在進行的具體投資。因此我們會評估有哪些機會可以把其中一些提前，正如我們所談到的，而且大致會是全面性的。沒有特別針對某一項。我也確實想強調。

These are -- we are not looking at anything inorganic. I think I've been very clear about that at Investor Day and in the last couple of earnings calls, when we're talking investments, these are purely organic. But Manan, just to assume we're looking at a number of the different investments we talked about, where we can pull them forward and as Gonzalo alluded, if there's any severance and other pieces as we accelerate productivity gains, we'll do so too.

這些——我們不會考慮任何非有機（inorganic）的作法。我在投資人日以及最近幾次財報電話會議中都非常清楚地說過：當我們談投資時，這些完全是有機投資。不過 Manan，就假設我們正在檢視我們談到的多項不同投資，看看哪些可以提前；同時如 Gonzalo 所提到的，如果在加速生產力提升時會有任何資遣費等其他項目，我們也會一併推進。

Got it. And maybe if we can talk about pipelines in investment banking, a clearly very strong performance here. I think you noted that M&A pipelines are strong. But if you could talk about in general, how you're seeing revenue opportunities across that business as we look out into the next year or so.

了解。另外如果可以談談投資銀行的案源（pipeline），這裡顯然表現非常強勁。我想你提到併購（M&A）案源很強。但若從整體來看，展望未來一年左右，你如何看待該業務的營收機會？

Look, the level of activity is very strong. The pipeline is very healthy. And we're also in a financial market as we looking for reasons to buy. I think the central CEO question right now across sectors is do we invest for growth now? Or are we preserving optionality.

你看，活動水準非常強。案源非常健康。而且我們也處在一個金融市場環境中，大家都在尋找買進的理由。我認為目前跨產業 CEO 的核心問題是：我們現在要為成長而投資嗎？還是要保留選擇權。

And AI is dominating a lot of the conversations. So tech, data center, energy, defense CapEx is accelerating. Companies are accessing the public equity and bond markets alongside bank debt in size, SK Hynix. For example, last week is another testament to that an offering by the way that we led. And wherever there's a bottleneck in that whole energy power compute mentor memory ecosystem.

而 AI 主導了許多對話。因此科技、資料中心、能源、國防的資本支出（CapEx）正在加速。企業正以相當規模同時進入公開股權與債券市場，並搭配銀行貸款融資，例如 SK 海力士。例如，上週又是一個例證——順帶一提，那筆發行是由我們主導。而在整個能源—電力—運算—（聽不清）—記憶體的生態系中，只要哪裡出現瓶頸。

We're seeing a lot of activity. So we have to see -- we'll probably have the summer lull as everyone takes a bit of a break. We'll have midterms coming up, and the wildcard really is geopolitics. But we're certainly entering the second half with a good pipeline.

我們就看到大量活動。所以我們還得觀察——夏季可能會有一段淡季，因為大家會稍微休息一下。接著會有期中選舉，而真正的不確定因素是地緣政治。但我們確實是帶著良好的案源進入下半年。

Jim Mitchell, Seaport Global.

Jim Mitchell，Seaport Global。

Maybe just a follow-up on capital. As you noted, the stress test, you saw about 30 bps of improvements based on similar rules for last year. Seems like model enhancements are likely to lower the volatility in the SCB going forward and likely improve it and profitability is getting better have more certainty on the other regulations.

也許只是就資本再追問一下。如你所提到的，壓力測試方面，你看到依照與去年類似的規則，大約改善了30個基點。看起來模型的強化很可能會在未來降低SCB的波動性，並可能改善它；而獲利能力也在變好，對其他監管規定也更有把握。

Is there a time when you start to question a 100 basis point buffer, I guess, is my question? And can you run a thinner buffer and use that excess capital while your stock is still in the low tangible book multiple still kind of in the low 1%, 1.5% range?

我想問的是，你們什麼時候會開始質疑100個基點的緩衝是否必要？在你們的股票仍以偏低的有形帳面價值倍數交易、仍大概在低1%、1.5%區間時，是否可以用更薄的緩衝，並運用那多出的資本？

Yes. Let me reemphasize what Gonzalo said earlier. We're not looking at changing the buffer right now. There's quite a lot of uncertainty in certainly the geopolitical and other environment.

是的。我再強調一次Gonzalo先前說的。我們目前不打算調整緩衝。在地緣政治及其他環境方面仍存在相當多的不確定性。

So we're not looking at changing it, but we are looking forward to the continued strengthening of our PPNR continued lower stress losses and also getting the models to be an accurate reflection of our business.

所以我們不打算改變它，但我們期待PPNR持續走強、壓力損失持續下降，同時也讓模型能夠準確反映我們的業務。

We think they overstate risk in a number of areas, treatment of our DTA is a sizable example, double counting of operational market risk is also another area that has a sizable impact. So the biggest upside is going to come from what we hope we will see, which is the new models coming out that are an accurate reflection of the actual risk, and that will have the biggest impact on SCB, but until they are issued, we won't know.

我們認為它們在多個面向高估了風險，例如對我們DTA的處理就是一個很大的例子；作業風險與市場風險的重複計算也是另一個影響很大的領域。因此，最大的上行空間將來自於我們希望看到的新模型出爐，能準確反映實際風險；這將對SCB產生最大的影響，但在它們發布之前，我們不會知道。

And obviously, we hope G-SIB will be addressed better than it has been in the initial proposal.

而且顯然，我們也希望G-SIB能被處理得比初步提案更好。

Okay. Fair enough. Just in cards and consumer, delinquency is down despite sort of years, I guess, that many have had around rising inflation and the impact on the consumer. So what are you seeing in consumer credit and consumer behavior? And does it look like these favorable trends are continuing?

好的。合理。再問一下信用卡與消費者方面：儘管過去幾年很多人都在談通膨上升及其對消費者的影響，但逾期率卻在下降。那你們在消費者信用與消費者行為上看到了什麼？而這些有利趨勢看起來會持續嗎？

Yes. Thank you. So I think a couple of thoughts there. First, we're seeing a stable spread environment. The U.S. consumer is showing up as -- and I know I sound like a broken record from a few quarters, but the U.S. consumer has been resilient, right? And you can see that the spend.

是的。謝謝。我想有幾點看法。第一，我們看到利差環境穩定。美國消費者呈現出——我知道我聽起來像過去幾季的跳針，但美國消費者一直很有韌性，對吧？你也可以從支出看得出來。

Even if you take out our spend the part of the Barclays American Airlines book this quarter, you still see 6% to 7%, 7% and ex the gas inflation in the quarter. You're hearing around 6%. That's very healthy as it relates to the spend and in line or on the higher end versus the last few quarters.

即使你把我們本季Barclays American Airlines組合的那部分支出排除，你仍會看到6%到7%、7%的成長；若再排除本季的汽油通膨影響，你聽到的大約是6%。就支出而言這非常健康，且與過去幾季相比持平或位於較高端。

Then when you look at the delinquencies and the net credit losses, you can see that across the portfolios, right, both delinquency and credit losses are down year on year. So across kind of the four key metrics.

接著看逾期與淨信用損失，你可以看到在各個投資組合中，對吧，逾期率與信用損失都較去年同期下降。也就是在四個關鍵指標上都是如此。

And when we look at our leading indicators of collections and the usual pockets that you look at when you're trying to seek for stress, you're really seeing an environment that is stable. As Jane mentioned in her remarks, credit has been in line or better than our expectations. That's also why when we guided the range for this year, the 4% to 4.5%.

而當我們看催收的領先指標，以及你在尋找壓力時通常會關注的那些區塊時，你其實看到的是一個穩定的環境。如Jane在發言中提到的，信用表現符合或優於我們的預期。這也是為什麼我們對今年給出的指引區間是4%到4.5%。

We anchored it on. If you actually -- I know we used to look at the business with a slightly different lens. But if you do the math, this is a lower range than the one we've had in the past, and that's a reflection of we're seeing the environment.

我們是以此作為基準。如果你真的——我知道我們過去看這項業務的角度略有不同。但如果你算一下，這個區間比我們過去的區間更低，這反映了我們所看到的環境。

And as you know, because of the write-off rules, which are 180 and 120, depending on the (inaudible) alone, we have a pretty decent sense as to what the rest of the year paints, and we see that a bit of stability. Again, subject to the watch outs, right? And you mentioned some of them, right?

而且如你所知，由於核銷規則（分別是180天與120天，取決於（聽不清）本身），我們對今年剩餘時間的走勢有相當不錯的掌握，我們看到一些穩定性。再次強調，仍取決於需要留意的事項，對吧？而你也提到其中一些，對吧？

They watch out on inflation and what happens with that, which I know we had a better read just now. What's the relationship between that inflation and the wages, right, the savings rate impact on that for clients and ultimately, the unemployment, which has been relatively in equilibrium for the last few weeks.

需要留意通膨以及其後續走勢；我知道我們現在對此有更好的掌握。通膨與薪資之間的關係，對吧？儲蓄率對客戶的影響，以及最終的失業率；過去幾週失業率相對處於均衡狀態。

And so we're constantly looking at that. But so far, it's a constructive environment.

因此我們持續密切觀察。但到目前為止，這是一個具建設性的環境。

Erika Najarian, UBS.

Erika Najarian，UBS。

Just one follow up. It was actually a part of Manan's question. We're hearing you loud and clear in terms of the second half investment spend. I guess the question I wanted to reask is Jane, you're not focused on the way point, your focus in the near term, which is 11% to 13% RoTCE in '27, '28 and 14% to 15% medium term, sort of pulling forward the investment agenda, will that enable you to not just hit those RoTCE those return targets but potentially be sort of in the better half of that range.

再追問一點。其實這也是Manan問題的一部分。關於下半年投資支出，你們的意思我們聽得很清楚。我想重新問的是：Jane，你不是聚焦在中間路徑點，你近端的重點是2027、2028年11%到13%的RoTCE，以及中期14%到15%；把投資議程提前推進，是否能讓你們不只是達成那些RoTCE/報酬目標，還可能落在區間較佳的一半？

And additionally, does the consent order getting lifted free up additional expenses that you can reinvest back into the franchise?

另外，同意令（consent order）解除後，是否能釋放出額外費用，讓你們再投入到特許經營（franchise）中？

Erica, Look, the outperformance -- possible outperformance that we've been seeing and the benefit, it allows us the optionality to invest or pull forward where that makes sense. We didn't see accretive opportunities would, of course, let it play through the bottom line and to the return side.

Erica，你看，我們目前看到的可能超預期表現與其帶來的效益，讓我們有選擇權在合理之處進行投資或把計畫提前。如果我們沒有看到具增值性的機會，當然就會讓它反映在損益表與報酬端。

But I think the message you should be taking away loud and clear is we're seeing opportunities to invest will be driving higher sustainable returns, and we're going to take advantage of that opportunity. Don't read anything more into it. And in terms of the consent order, the timing of the lifting is in the hands of the regulators, not in ours.

但我認為你應該非常清楚地帶走的訊息是：我們看到投資機會，這些將推動更高且可持續的報酬，我們會把握這個機會。不要過度解讀。至於同意令，解除的時間點掌握在監管機構手上，不在我們手上。

The timing of taking expenses down is in ours. And we have begun to do so as we finish the different bodies of work. We take those expenses down, and those are helping us fund further investments into the businesses. So that is all going -- ticking along nicely.

降低費用的時間點則在我們手上。而且隨著我們完成不同的工作項目，我們已經開始這麼做。我們把那些費用降下來，而這也在幫助我們為進一步對各業務的投資提供資金。所以整體進展都——運作得很順利。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

So you had strong growth in deposits this quarter and good to see the cost of interest-bearing deposits stable at 2.71%. How should we think about deposit cost going forward?

你們本季存款成長強勁，也很高興看到計息存款成本穩定在2.71%。我們應該如何看待未來的存款成本？

Thanks very much, David, and good afternoon to you. I think when -- let me piece that out maybe between the two large businesses that are driving our deposit base, right? So we have services where I was mentioning a little bit earlier. We were able to drive 19% growth year on year on average deposits and reaching over 1 trillion milestone there. And I mentioned it a little bit briefly, but a good portion of those are operating deposits.

非常感謝你，David，也祝你下午好。我想——讓我把它拆開，或許從推動我們存款基礎的兩大業務來看，對吧？我們有服務業務（Services），我稍早提到一些。我們平均存款年增19%，並達到超過1兆的里程碑。我也簡短提過，其中相當一部分是營運性存款。

And so when you think about pricing and rates and also what to expect going forward, at least as based on what we're seeing as of now is, yes, we have seen with an environment that's pointing to a bit higher for longer. We have seen some catch-up pricing.

因此，當你思考定價與利率，以及未來可能的走勢時，至少就我們目前所看到的情況而言，是的，我們確實看到在一個指向「利率略高且維持更久」的環境下。我們也看到一些補漲式的定價。

But as I mentioned earlier, the betas are well within our expectations, right? So they are in line with what we thought they would be. And the team has been familiar and the team have been very disciplined on pricing.

但如我先前提到的，存款貝塔值（beta）完全在我們的預期範圍內，對吧？所以它們與我們原先的判斷一致。而團隊對此很熟悉，也在定價上非常自律。

So what is pleasing for me to see and what gives me comfort is that we're not chasing low-value deposit volume and that these share gains come from really driving those operating deposits across both international and North America.

因此，讓我感到欣慰、也讓我更安心的是，我們並沒有去追逐低價值的存款量，而這些市占提升，是真正來自於在國際與北美兩個市場同步推動那些營運性存款（operating deposits）。

Now when you look at the spread in addition to the pricing dynamics, the more we grow North America, just because it's a more competitive market, not because you're giving away price in relationship to international, you may see some mix factor playing a role there. But other than that, I think generally working well in line with expectations, a little bit of catch-up.

現在，當你在定價動態之外再看利差（spread），我們在北美成長得越多，因為那是一個競爭更激烈的市場——並不是因為相較於國際市場你在價格上讓利——你可能會看到組合因素（mix factor）在其中發揮一些作用。但除此之外，我認為整體上都運作得符合預期，並且有一點補漲。

The team is all over the pricing, and we're comfortable that our competitive advantage, which is really driving those operating deposits across our payment network really plays through. On the well side, similarly, Andy, very thoughtful about pricing there.

團隊對定價掌握得非常到位，我們也有信心，我們的競爭優勢——也就是透過我們的支付網路推動那些營運性存款——確實能夠發揮作用。在財富管理（wealth）方面也類似，Andy 在那邊的定價同樣非常審慎。

And the only highlight I would mention in terms of customer behavior that we have to monitor for as it relates to how rates evolve especially if they go up is how much of those clients are seeking yield. And you do see pockets of customers seeking yield.

而就客戶行為而言，我唯一想特別點出的、且我們需要持續監控的，是隨著利率變化——尤其是如果利率上升——有多少客戶會去追求收益率（seeking yield）。你確實會看到部分客戶在追求收益率。

Sometimes you may see more synthetic beta in terms of mix shifting into time deposits. So we have a couple of pockets of that. But as you can see from the NII, pretty robust and generally spreads expanding in our business in wealth.

有時你可能會看到在組合轉向定期存款（time deposits）時，出現更多「合成貝塔」（synthetic beta）。所以我們確實有幾個區塊出現這種情況。但如你從淨利息收入（NII）所見，相當強勁，而且我們財富業務的利差整體上是在擴大。

So comfortable with the position that we're in and what we're seeing there. And very important that we will keep that discipline very thoughtfully.

因此，我們對目前的部位以及所看到的情況感到放心。而且非常重要的是，我們會以非常審慎的方式持續維持這種紀律。

Great. And then shifting over to the services business. Very strong growth and momentum this quarter at 18% year-over-year revenue growth. Can you frame this level of growth relative to your medium-term outlook from the Investor Day of low to mid-single digit. What might lead you to see slower growth towards that guide from Investor Day?

很好。接著轉到服務（services）業務。本季成長與動能非常強勁，營收年增 18%。你能否將這個成長水準，與投資人日（Investor Day）所提出的中期展望——低到中個位數成長——做個對照？什麼因素可能會讓你看到成長放緩、回到投資人日指引的水準？

Well, thanks for the question. It's a good question, David. And I think some version of that is, I think Shahmir alluded to at Investor Day as well. I think there's a couple of factors that probably play a role into how we think about it over the longer range. And one of the primary ones is the normalization of that deposit growth, right?

嗯，謝謝你的問題。這是個好問題，David。我想在投資人日，Shahmir 也有提到某種版本的這個議題。我認為有幾個因素，可能會影響我們對較長期區間的看法。其中一個主要因素，是存款成長的正常化（normalization），對吧？

If you look at the deposit growth between 2022 and 2025, the annualized growth rate there was about 3%. So we're hitting and we're very pleased with the momentum, the commercial intensity and the investments playing through, we're seeing a growth spurt for the last several quarters right?

如果你看 2022 到 2025 年的存款成長，年化成長率大約是 3%。所以我們目前達到這樣的表現、且對這股動能非常滿意；商業動能（commercial intensity）與投資正在發揮效果，過去幾季我們確實看到一波成長加速，對吧？

That puts us in the position in Q2 at the 19%. Now we do expect some normalization, right? As Shahmir mentioned a little bit earlier, we are not expecting that we will grow at 4 times to 5 times money supply over a long period of time.

這讓我們在第二季達到 19%。但我們確實預期會有一些正常化，對吧？如 Shahmir 稍早提到的，我們不預期在很長一段時間內，存款能以貨幣供給（money supply）的 4 到 5 倍速度成長。

But at the same time, we continue to make investments, and we're pleased with the momentum that we're seeing in the drivers that underpin that NII. On the NIR front, where this quarter, services delivered 16% and you're seeing there a combination of the cross-border transactions, right, and how customers are thinking about their supply chains and global commerce playing through.

但同時，我們仍持續投資，也對支撐淨利息收入（NII）的各項驅動因素所展現的動能感到滿意。在淨利息以外收入（NIR）方面，本季服務業務貢獻了 16%，你看到的是跨境交易的組合，以及客戶如何思考其供應鏈與全球商務所帶來的效應。

And at the same time, the work that we're doing on security services and how we're driving that and that obviously has an element of deposits, but has an element of AUCs and AUAs. And there, you have a combination.

同時，我們在證券服務（security services）上的工作，以及我們如何推動該業務；那裡當然有存款的元素，但也有託管資產（AUC）與管理資產（AUA）的元素。而在那裡，你會看到多種因素的組合。

You have alpha, of course, because we have pretty good win rates on new mandates and deepening relationship with existing clients. Some of those are public. And we -- and there's also a pocket of data with market valuations as well.

當然，你有超額成長（alpha），因為我們在新委任案（new mandates）上的得標率相當不錯，也在深化與既有客戶的關係。其中一些是公開的。而且我們——同時也有一部分資料與市場估值（market valuations）相關。

So as you think through the near term and remember, right, the one reminder for the near term and the medium term is that I mentioned this a couple of months ago Investor Days, we have planned for our returns and our targets to be delivered under a range of different environments, right?

因此，當你思考短期走勢並記得——對吧——對短期與中期的一個提醒是：我在幾個月前的投資人日提過，我們的報酬與目標，是在多種不同環境下都能交付而規劃的，對吧？

And one of the things that we are thoughtful about we're not assuming, right, just because we're sitting at a high part of the mountain with the sun shining and the wind on our backs, given how constructive the environment has been across the industry.

而我們審慎看待的一點是：我們不會假設——對吧——僅因為我們現在正處於高點、陽光普照、順風而行，且整個產業環境相當建設性，

We're not assuming that, that will perpetuate over the next few years. So we're looking at being thoughtful about for a range of outcomes, we will still be able to deliver the returns and the growth that we promised. But if you ask me, are there scenarios where you could do better? Yes, there are. But it's also partially market dependent.

就假設這樣的情況會在未來幾年持續。所以我們會以一系列可能結果為前提，審慎規劃，確保仍能交付我們承諾的報酬與成長。但如果你問我，有沒有情境可以做得更好？是的，有。但這也部分取決於市場。

Vivek Juneja, JPMorgan.

JPMorgan 的 Vivek Juneja。

Just a clarification. Gonzalo, you mentioned something about -- when you were talking about expenses that historically, revenue markets have all stand in the second half versus first half. Given all the comments you're hearing from up back to pipelines being very strong, which could therefore drive probably markets hold up better than expected. Is this less seasonal (inaudible).

我想澄清一下。Gonzalo，你在談費用時提到，歷史上，市場（markets）營收在下半年相較上半年會下降。考量到你們以及其他人都提到案源（pipelines）非常強勁，這可能會使市場表現比預期更能撐住。這是否比較不具季節性(聽不清)。

Vivek, you're breaking up a bit. Can you repeat the question?

Vivek，你的聲音有點斷斷續續。你可以再重複一次問題嗎？

Okay. Sorry. Yes. Gonzalo mentioned that historically, you've seen market revenues declined 20% versus the first half. Given the comments you're hearing from you as well as others about pipelines and market conditions are looking very good.

好的。抱歉。是的。Gonzalo 提到，歷史上你們看到市場營收相較上半年會下降 20%。考量到你們以及其他人對案源與市場狀況的評論都顯示非常好。

Can -- is that historical decline less likely to occur. Is it the path is that the (inaudible) increase that one has seen in the markets business in the second half versus first half as (inaudible) may that be lesser given what's going on in the overall market to environment profitability as a market.

那——這種歷史性的下滑是否比較不可能發生？是否可能是路徑上（inaudible）增加——也就是你在市場業務下半年相較上半年所看到的（inaudible）——在整體市場環境、作為市場獲利性的背景下，是否會比較小？

Well, thank you, Vivek. The conversation was breaking up quite a bit, but I think I got a good portion of it. So let me have a go and you tell me if I answered the question or I didn't, if that's okay with you, because it was breaking up quite a bit.

嗯，謝謝你，Vivek。剛剛通話確實斷得很厲害，但我想我抓到其中大部分。所以我先嘗試回答，你再告訴我有沒有回答到你的問題，這樣可以嗎？因為剛剛真的斷得很嚴重。

I think you answered -- just to recap, I think you answered your question on our view on the second half for markets, and you were anchoring on my remarks around how historically, we see a 20% decline or thereabouts between the second half and the first half.

我想你問的是——我先重述一下——你問的是我們對市場業務下半年的看法，而你是以我先前提到的觀察為基礎：歷史上，我們看到下半年相較上半年大約會下滑 20% 左右。

And I thought -- one part of your question was because you're seeing across the industry and the client momentum being strong, would that be less of a decline this year, right, versus what I said in my remarks, if I got that right.

我原本想的是——你問題的一部分是因為你看到整個產業以及客戶動能都很強，那麼今年的下滑幅度會不會比較小，對吧？相較於我在發言中提到的情況，如果我理解正確的話。

Yes. That's the (inaudible).

是的。那就是（聽不清）。

No, no worries. So it's first of all, it's very hard to take a position, especially in the markets business because you know that from experience that this can swing in a relatively short period of time to a negative position for the industry as a whole. And so it's hard to look forward to 6 months or 5.5 months and say with certainty, it's going to land on one way or the other.

不，不用擔心。所以首先，要表態其實很難，尤其是在市場業務上，因為你也知道，憑經驗這種情況可能在相對短的時間內就轉為對整個產業不利。因此，很難往前看6個月或5個半月，並有把握地說一定會落在某一種結果。

The historical analysis tells us that 20% that I shared before. If you could take 1 point of view, it could be, right, as I highlighted in my remarks, that first half has been very strong, right? So if that doesn't repeat, apples-to-apples, if the second half just putting seasonality to the side.

歷史分析告訴我們，就是我先前分享的那個20%。如果你採取一種觀點，可能是——正如我在發言中強調的——上半年非常強勁，對吧？所以如果下半年無法重現，按可比口徑來看，先把季節性因素放一邊。

If the environment is not as constructive in the second half as in the first half, you would expect a decline once you layer on the seasonality on top of it, that could be worse than the 20% half-on-half. Now you could also take a different view and say, hey, if this continues to be this constructed, right, where clients are very active in the equity space, and we continue to see good momentum in spreads and currencies as we saw this quarter, and we see those pockets remain robust.

如果下半年的環境不像上半年那麼有利，那麼在再疊加季節性之後，你會預期出現下滑，而這個下滑可能會比上半年對下半年的20%還要更差。當然你也可以採取另一種看法：如果這種有利態勢持續，也就是客戶在股票領域非常活躍，而我們在利差與外匯方面也延續本季看到的良好動能，且這些區塊仍然強勁。

Would you be better than the 20%. It's not an impossibility either, right? So I'm not going to sit here and tell you that that's not possible. The historical first half was really strong. You would need to have an equally constructive set of external parameters in order to justify narrowing that seasonal decline, I guess, is what I would say, if that makes sense.

那麼表現可能會優於20%。這也不是不可能，對吧？所以我不會坐在這裡告訴你那不可能。歷史上上半年確實非常強。你需要同樣有利的一組外部參數，才能合理化縮小那個季節性下滑幅度——我想我會這麼說，如果這樣講得通的話。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Jane, can you -- and Gonzalo, can you share with us -- when you think of Citigroup has a unique lens as a U.S. domiciled bank on the global view. In your services business, in particular, is obviously very engaged globally and had a very, very strong quarter.

Jane，你能不能——還有Gonzalo，你們能不能跟我們分享——當你們想到花旗作為一家美國註冊銀行，對全球局勢有一個獨特視角。你們的服務（Services）業務尤其是高度全球化參與，而且本季表現非常、非常強勁。

Can you share with us how are the companies being able to produce such strength in view of the geopolitical situation being fairly intense or elevated. Is it because they've learned lessons from the pandemic and they're just better managed and more conservative. What's your guys' take on the health of that global corporate customer?

你們能否分享一下，在地緣政治局勢相當緊張或升溫的情況下，企業如何仍能展現如此強勁的表現？是因為他們從疫情中學到教訓，因此管理更好、也更保守嗎？你們怎麼看這些全球企業客戶的健康狀況？

Yes. I do believe that the global corporate client base that we serve has been the source of resiliency as well as growth. They have extremely strong balance sheets and they have diversified revenue streams, so they are able to balance out tariffs and the various shocks that have come through.

是的。我確實認為，我們所服務的全球企業客戶群一直是韌性以及成長的來源。他們的資產負債表非常強健，且收入來源多元化，因此能夠消化關稅以及各種接踵而來的衝擊。

And everyone just learned how to be very adept at supply chain sort of repositioning and adjustments and to energy shocks and other elements coming through. And so they're just very adept at getting their business models to adapt swiftly to whatever it's thrown it.

而且大家都學會了如何非常靈活地進行供應鏈的重新配置與調整，並因應能源衝擊及其他因素。因此，他們非常擅長讓其商業模式迅速適應所面臨的任何變化。

And we see that pretty consistently around the world. If you're a European company, you've got very low growth in Europe. They're focused on the U.S. and on Asia for growth. in the states of roads are leading here.

我們在全球各地都相當一致地看到這一點。如果你是一家歐洲公司，歐洲的成長非常低迷。他們把成長重心放在美國與亞洲。in the states of roads are leading here.

So companies are getting a lot of growth from the multiple innovations that are occurring in the states and the continued resiliency of the U.S. consumer and China is driving a lot of its strength from the export intensity and Chinese companies growing rapidly abroad. And finally, the AI-driven electronics up cycle is a genuine tailwind for many parts of Asia.

因此，企業從美國正在發生的多項創新，以及美國消費者持續的韌性中獲得大量成長；而中國的強勁很大一部分來自出口強度，以及中國企業在海外快速成長。最後，由AI驅動的電子產品上行週期，對亞洲許多地區而言確實是一股順風。

So there's a lot of different dynamics here that are really benefiting sort of unique client base that Citi serves and coming through in their growth as well as in their balance sheet strength.

所以這裡有許多不同的動態，確實正在讓花旗所服務的這個相對獨特的客戶群受益，並反映在他們的成長以及資產負債表的強度上。

And just tying into that, Jane, Obviously, many of us on the call understand the environment in the U.S. and the supportive regulatory environment when it comes to M&A and this administration seems to be supportive of M&A. Do you see that in other parts of the world, governments being as supportive of facilitating business growth and allowing consolidation?

另外延伸這點，Jane，顯然我們當中很多人都了解美國的環境，以及在併購（M&A）方面相對支持的監管環境，而本屆政府似乎也支持併購。你是否也在世界其他地區看到政府同樣支持促進企業成長並允許整併？

In a word, no. Europe is almost the opposite. They're not allowing the emergence of emerging market champions. You're seeing much more national consolidation at best in Europe, which is a shame. We need Europe to be strong these days.

一句話，不是。歐洲幾乎是相反。他們不允許新興市場冠軍企業的出現。你最多只會在歐洲看到更多的國內整併，這很可惜。這些日子我們需要歐洲更強。

And in Asia, you're seeing some, but the U.S. is unique and the American entrepreneurs innovation, the breadth and depth of the funding markets here and the investor base as well as how much American companies are on the front foot in AI and transformation, and that is also driving some of the boldness we see. It's a good environment.

而在亞洲，你會看到一些，但美國是獨特的：美國企業家的創新精神、這裡資金市場的廣度與深度、投資人基礎，以及美國企業在AI與轉型方面走在最前面，這也推動了我們看到的一些大膽作為。這是一個不錯的環境。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

You guys have successfully exited about half of Banamex and I think you said further exit to be after this year. Just wondering what the latest thoughts are on the timing and why not maybe sooner or just given the positive macro backdrop and successful exit of half?

你們已成功退出了約一半的Banamex，我想你們也說過進一步退出會在今年之後。我想了解一下，對於時點的最新想法是什麼？為什麼不考慮更早一些——尤其是在宏觀背景正面、且已成功退出一半的情況下？

Yes. Thanks for the question, Matt. We don't expect any additional sales in 2026, and that's intentional. It gives us a new investor group. The runway to drive value creation.

是的。謝謝你的問題，Matt。我們預期2026年不會有任何額外出售，這是刻意安排的。這讓我們有一個新的投資人群體。也有時間跑道去推動價值創造。

And we're already seeing some of that performance kicked in Gonzalo alluded it to it in legacy franchise. Mexico has been improving in its performance. We expect to deconsolidate our ownership in early '27 followed by an IPO as and when market conditions allow and further sell-downs.

而我們已經看到部分績效開始顯現，Gonzalo在傳統（legacy）特許經營業務上也提到這點。墨西哥的表現正在改善。我們預期在27年初對我們的持股進行去合併（deconsolidate），之後視市場狀況允許進行IPO，並進一步減持。

Okay. And just remind us in terms of how much capital might still be freed up? Obviously, it's a little bit dependent on the valuation you also have capital against the business. So maybe just give us a rough estimate on kind of current valuation, how much capital will be freed up to offset the earnings give up.

好的。另外提醒我們一下，還可能釋放出多少資本？顯然這在某種程度上取決於估值，你們也對該業務配置了資本。所以能否給我們一個大致估算：以目前估值來看，將釋放多少資本，用以抵消放棄的獲利？

Yes. And just before we get there, I do remind you, when we do deconsolidate, we'll take a big CTA hit, that is capital neutral. So I don't -- I think that very much bears repeating for the beginning of '27. But Gonzalo, over to you.

是的。在談到那之前，我要提醒你，當我們去合併時，會有一筆很大的CTA（累計換算調整）損失，但在資本上是中性的。所以我認為這點非常值得在27年初再三強調。不過Gonzalo，交給你。

Yes. Thank you. Now the short answer on the capital piece is around $5 billion, and the RWA tied up there is about almost $40 billion, a little bit over $40 billion of RWA.

是的。謝謝。就資本部分的簡短答案，大約是50億美元；而那裡占用的風險加權資產（RWA）大約接近400億美元，略高於400億美元的RWA。

Saul Martinez, HSBC.

Saul Martinez，匯豐。

Just one question. But I wanted to hover on the investment theme as it relates to the cards business. You've invested there quite a bit. You rolled out the Strata card. You bought the Barclays portfolio.

只有一個問題。我想聚焦在與信用卡業務相關的投資主題上。你們在那方面投入了不少。你們推出了Strata卡。你們收購了巴克萊的投資組合。

And -- but when I look at your business versus your best-in-class peers, Capital One, Amex, they're spending, I think, around $6 billion in marketing, Chase in sort of that mid-single-digit billion in marketing. And I know there's some -- probably some differences in terms of reporting and accounting classification.

而且——但當我把你們的業務與同業中最優秀的競爭者相比，例如 Capital One、Amex，他們在行銷上的支出我認為大約是 60 億美元；Chase 的行銷支出大概也在數十億美元、約中個位數十億的水準。我知道在揭露方式與會計分類上可能也存在一些差異。

But is it an acknowledgment that maybe you need to be more aggressive on promotions, marketing campaigns, benefits? And just how should we think about the magnitude of the incremental investment in the second half that you talked about, Gonzalo. You mentioned expenses exceeding revenues, but that was already the case in this quarter, I think.

但這是否意味著你們也承認，可能需要在促銷、行銷活動、福利（權益）方面更積極一些？另外，Gonzalo，你提到下半年會有額外投資；我們應該如何看待你所說的下半年增量投資的規模？你提到費用會超過收入，但我認為這一季其實就已經是這樣了。

So just -- is there any way to sort of think about the size of the headwind going forward or the size of the investment going forward.

所以——有沒有任何方式可以讓我們大致理解，未來的逆風規模或未來投資規模大概會是多大？

Yes. Let me kick that one off. Yes, in a short word that we are going to be increasing our marketing spend. And that's scenario Pam laid out at Investor Day. We're making investments across supply wheels, so it is investing in our products.

是的。我先來回答這題。簡單說，是的，我們將會提高行銷支出。這也是 Pam 在投資人日所提出的情境。我們正在供給端的各個「飛輪」上進行投資，也就是投資在我們的產品上。

marketing for customer acquisitions. It's also in our partnerships. It's in our lifestyle platform. It's also importantly in AI to drive scale economics as well. And all of this will translate into measurable growth but you can expect us to be increasing marketing spend to drive that customer acquisition for the long term.

也包括用於客戶獲取的行銷。也包括我們的合作夥伴關係。也包括我們的生活風格平台。同樣重要的是，也會投資在 AI 上，以推動規模經濟。這些都會轉化為可衡量的成長；但你可以預期，我們會提高行銷支出，以推動長期的客戶獲取。

These things don't pay off quickly. And I also want to clarify the positive -- when you talked about the operating leverage, that's only in cards. It's not for the rest of the businesses.

這些事情不會很快見效。我也想澄清一下你提到的正面因素——你談到的營運槓桿，只適用於信用卡業務。不適用於其他業務。

So I don't think I have much to add. I think Jane was very clear. We're not, at this point, we're not providing guidance specifically on the level of investment in each of the businesses including cards. But as you know, and Jane just mentioned, this is a business that is built over several years. It is what you highlight in terms of competitors really spending a lot.

所以我想我沒有太多補充。我認為 Jane 已經講得很清楚。目前我們不會針對各項業務（包括信用卡）各自的投資水準提供具體指引。但如你所知、也如 Jane 剛提到的，這是一個需要多年打造的業務。而你指出的競爭對手確實投入了大量支出。

It's a highly competitive space because, obviously, it's a space that allows you to access good returns. We are pleased to be number three or number four player depending on what metric you look at on an outstanding basis, we're number three.

這是一個競爭非常激烈的領域，因為很明顯，這個領域能帶來不錯的報酬。我們很高興在未償餘額等指標上，依你看的衡量方式不同，我們是第三或第四大；以未償口徑來看，我們是第三。

And so our focus, as we spoke about at Investor Day is to really drive that growth and make share gains over the near and medium term. And so we're focused on that. You can see -- you can see us playing a combination of the portfolio acquisition with Barclays and American Airlines.

因此，我們的重點——正如我們在投資人日所談——是要真正推動成長，並在短期與中期提升市占。所以我們正聚焦於此。你可以看到——你可以看到我們同時運用投資組合收購，例如與 Barclays 以及 American Airlines 的交易。

But also, even if you take that out, you're going to see us -- you can see us -- and you alluded to the Strata portion of that, and there's a lot more behind that, as James just alluded to on the loyalty front and so on. So we're focused on high returning business and we know it will take some time.

但同時，即使把那部分拿掉，你也會看到我們——你也提到了其中的 Strata 部分，而在那背後還有更多內容，正如 James 剛提到的忠誠度等面向。因此我們聚焦於高報酬的業務，也知道這需要一些時間。

Chris McGratty, KBW.

Chris McGratty，KBW。

Just on the Wealth business on slide 11. The improvement in the pretax margins year on year is notable as is the NNA growth. Maybe a comment or 2 on what's changing. I know you're investing here heavily. Any shares on recent wins would be great.

關於第 11 頁投影片的財富管理業務。稅前利潤率年對年的改善很顯著，NNA（淨新增資產）成長也很突出。能否談一兩點目前有哪些變化？我知道你們在這裡投入很多。如果能分享近期贏得的案子（wins）就更好了。

Yes. Look, I think it's not a lot of difference from what Andy laid out at the Investor Day. They're doing a very good job steadily translating growth into returns. So with revenues up 13% year on year. That's more like 16% normalized with those one-timers.

是的。你看，我認為這與 Andy 在投資人日所說的差不多。他們做得很好，穩健地把成長轉化為報酬。因此收入年對年成長 13%。若把那些一次性因素調整掉，常態化大約是 16%。

You're then seeing this translating into the higher returns. We've got a clear path to the 15% to 20%. And we've got a number of different drivers beneath that, be it the integration of the retail bank with wealth, helping us drive more of the customer conversion from deposits to also having wealth activity as well as what we're seeing from capturing wealth creation globally from our global network and the relationships we've got.

接著你會看到這轉化為更高的報酬。我們有一條清晰的路徑可達到 15% 到 20%。其下有多個驅動因素，包括把零售銀行與財富管理整合，幫助我們推動更多客戶從存款轉換到也參與財富管理活動；以及我們透過全球網絡與既有關係，捕捉全球財富創造所帶來的機會。

So it's kind of firing on all cylinders as we steadily march to improving the returns and margin of the business.

所以可以說是多引擎同時發力，我們正穩步提升該業務的報酬率與利潤率。

Thank you.

謝謝。

Kunpeng Ma, China Securities.

馬昆鵬（Kunpeng Ma），中國證券。

This is (inaudible) with China Securities. I have a follow-up on the services business for the very strong GTS net interest income growth. I believe besides the deposit volume growth, there must be some tailwinds from the higher for longer rate environment, right? So you look forward if there is no -- it is not higher for longer for the rates. How can we forecast the mix of the TTS revenue growth in the future?

我是中國證券的（聽不清）。我想追問服務業務中，GTS 淨利息收入非常強勁的成長。我相信除了存款量成長之外，較長時間維持高利率的環境也一定帶來一些順風，對吧？那麼往前看，如果利率不再是「更高且更久」，我們該如何預測未來 TTS 收入成長的組合（mix）？

And also, can we have more detailed breakdowns geographically of the performance of the services business beyond the U.S. ex U.S. scope because best in China, I can see the very strong demand directly and personally for years. But this market are also very competitive, a lot of competitors here.

另外，能否在美國與非美國（U.S. / ex-U.S.）之外，提供更細的服務業務地理區域拆分？因為以中國為例，我多年來能直接且親身感受到非常強勁的需求。但這個市場也非常競爭，競爭對手很多。

So it will be super helpful if you can have some color on how it keeps growing your market share here.

所以如果你們能分享一些你們如何在這裡持續提升市占的看法，會非常有幫助。

Yes. Look, we're not going to give a breakdown geographically for the business, but it's very say that this is clearly with the growth you're seeing in a business that's firing not only on all cylinders but also in all geographies. And what we -- if you look at the institutional market share gain, we're up 120 basis points year over year. I'd also point to client wins. Client wins are up 36% year over year.

是的。你看，我們不會按地理區域提供該業務的拆分，但可以很明確地說，從你看到的成長來看，這個業務不僅是全面發力，也是在所有地區全面發力。如果你看機構端的市占提升，我們年對年上升了 120 個基點。我也想指出客戶贏單。客戶贏單年對年增加 36%。

We've been focusing on increasing share with asset managers. That is up 50% and we've been increasing our share with fintechs. We've had growth of 20% there. And a lot of the growth beyond the movements in rates has come from the innovation that we've been making in the product suite. And our clients choose Citi because we lead with innovation.

我們一直聚焦於提高在資產管理人（asset managers）中的市占；那部分上升了 50%。我們也在提高在金融科技（fintechs）客群中的市占。那裡我們成長了 20%。而除了利率變動之外，許多成長來自於我們在產品組合上的創新。客戶選擇 Citi，是因為我們以創新領先。

And as we lean into disruption, AI, blockchain, digital commerce, they are all opportunities for us to lead. They're not threats to us. And so AI is opening up many new vectors of growth and also competitive edge.

當我們擁抱顛覆、AI、區塊鏈、數位商務時，這些對我們都是領先的機會，而不是威脅。因此，AI 正在開啟許多新的成長向量，也帶來競爭優勢。

So in terms of -- as you're thinking about this business going forward, I think you can be feeling a lot of confidence about our continued momentum in fees, our continued momentum in volumes and then the rates curve will be what the rates curve is.

所以，當你思考這項業務的未來時，我認為你可以對我們費用收入的持續動能、量（volumes）的持續動能抱持相當信心；至於利率曲線會如何，就讓利率曲線自行演變。

Mike Mayo, Wells Fargo.

Mike Mayo，Wells Fargo。

Let me try again on the investment question. And the real question is, is this accelerated second half investment spend for defense? Or is it for offense. And the bigger context is, look, you spent the entire decade on restructuring. You're almost done except for reg data with modernization and part of Mexico out of the 14 country exit and org simplification is done.

我再試一次問投資的問題。真正的問題是：下半年加速的投資支出，是為了防守？還是為了進攻？更大的背景是，你們整整十年都在做重整。除了監管資料（reg data）的現代化，以及 14 個退出國家中的墨西哥部分之外，你們幾乎都完成了；組織簡化也已完成。

You did all this restructuring, and it sounds like, is this like another sort of restructuring? Are you repairing some lost market share? Are you doing more with legacy systems? Is it defense? Or is this offense where you're spending more for AI and stablecoin and trying to gain even more share in payments or something. But if you can give some context, this is the debate of the day.

你們做了這些重整，聽起來這是不是又是另一種重整？你們是在修復流失的市占率嗎？你們是在既有系統上做更多事情嗎？這是防守嗎？還是這是進攻，也就是你們在 AI 和穩定幣上投入更多，並試圖在支付或其他領域取得更多市占？但如果你能提供一些背景，這就是今天大家在辯論的議題。

It is 100% on the offense. I was really clear in my opening remarks. This is a firm on the front foot. We laid out at Investor Day a very clear path for us to drive our returns further forward in each business. We have done so in the first half and some.

這百分之百是進攻。我在開場致詞中講得非常清楚。這是一家積極主動的公司。我們在投資人日為我們在各項業務中進一步推動回報，提出了一條非常清晰的路徑。我們在上半年已經做到了，而且不只如此。

We've laid out a clear path of what are the investments and detailed them as to what it is we're going to be investing behind to continue to drive the growth for the near term and the medium term. I will reiterate again. Those are all organic. I'm excited about what lies ahead for this firm. This is a firm that is much easier to manage.

我們已清楚說明投資方向是什麼，並且詳細列出我們將投入資源以在短期與中期持續推動成長。我再重申一次。這些全部都是內生成長。我對這家公司未來的發展感到振奮。這是一家更容易管理的公司。

It is much easier to run. Mike, I can't tell you that it's impossible that we will exceed the 11%. We're just not going to box ourselves into that that we see opportunity to take actions on the events, which are accretive to shareholders and support our path to our medium-term targets. That is an easy decision for us. And this is a firm that is growing nicely, as you can see.

營運起來也更容易。Mike，我不能告訴你我們不可能超過 11%。我們只是不會把自己框死在那個數字上；我們看到機會時會採取行動，而這些行動能為股東帶來增益，並支持我們達成中期目標的路徑。對我們來說，這是個容易的決定。而且如你所見，這家公司正在穩健成長。

We're proud of what we're doing, and we are just going to keep going. The momentum is behind us, but we're going to take advantage of opportunities to bring investments forward and not just manage to a short-term numbers, we're playing the long game here.

我們為自己正在做的事情感到自豪，而且我們會繼續前進。動能在我們這邊，但我們會把握機會提前推動投資，而不只是為了短期數字而管理；我們是在打長期戰。

Gerard Cassidy, RBC.

RBC 的 Gerard Cassidy。

Gonzalo, just a real technical question on the second half incremental investment expense, can you ballpark what might be tied to severance expenses in that number? Is it half, one-third, one-fourth?

Gonzalo，我有個很技術性的問題，關於下半年新增投資費用的增量，你能否大概估算其中有多少可能與資遣費用相關？是一半、三分之一，還是四分之一？

Thanks, Gerard. No, we're not giving guidance on the severance for the second half. What I can tell you is I'm just going back to the first principles, right? Sharp focus on returns, right, as you heard from Jane, not only in the Waypoint but also in the near term and medium term. Secondly, as I mentioned last quarter, very tight discipline on expenses on a tactical basis.

謝謝你，Gerard。不，我們不會就下半年的資遣費用提供指引。我能告訴你的是，我回到第一原則，對吧？對回報的高度聚焦，對吧，正如你從 Jane 那裡聽到的，不僅是在 Waypoint，也包括短期與中期。第二，如我上季提到的，在戰術層面對費用有非常嚴格的紀律。

So you can expect us to be -- continue to be very disciplined on expense management. And the third piece is leaning into the structural efficiencies, right? And so as I mentioned a little bit earlier, only if we see opportunities for that acceleration when we look at those 100-plus processes that we're looking to further automate on an end-to-end basis, if we see opportunities for that, we may lean into that. But at this point, we're not providing guidance on that.

所以你可以預期我們會——持續在費用管理上保持非常嚴謹的紀律。第三個部分是著力於結構性效率提升，對吧？因此如我稍早提到的，只有當我們在檢視那 100 多個、我們希望進一步端到端自動化的流程時，若看到有加速的機會，我們可能會加大力道。但就目前而言，我們不會就此提供指引。

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

沒有其他問題了。我將把電話會議交給 Jenn Landis 作結語。

Thank you. And before we conclude, I would like to thank Jane, Mark, Gonzalo, Ed and the entire Investor Relations team, especially Tom Rogers for their trust partnership and support during my time leading Investor Relations. It has been a truly a privilege to represent Citi and work with such a dedicated teams across the firm. And I thoroughly enjoyed the insightful conversations with our investors and analysts over the past five years.

謝謝。在我們結束之前，我想感謝 Jane、Mark、Gonzalo、Ed 以及整個投資人關係團隊，特別是 Tom Rogers，在我領導投資人關係期間給予我的信任、合作夥伴關係與支持。能代表花旗，並與公司內如此投入的團隊合作，真的是一種榮幸。過去五年我也非常享受與投資人及分析師之間富有洞見的交流。

I'm delighted to welcome Margo as she takes on her new role, and I know the team will benefit greatly from her leadership and perspective. Thank you again for your partnership and support. And I'm sure you'll have lots of questions, so we look forward to talking to you this afternoon. Thank you.

我很高興歡迎 Margo 接任她的新職務，我也知道團隊將從她的領導力與觀點中獲益良多。再次感謝你們的合作與支持。我相信你們一定有很多問題，所以我們期待今天下午再與各位交流。謝謝。

This concludes the Citi first (sic - second) quarter 2026 earnings call. You may now disconnect.

以上為花旗 2026 年第一（原文誤稱——第二）季財報電話會議的結束。您現在可以掛線。