花旗銀行 (C) 2026 Q3 法說會逐字稿

Hello and welcome to Citi's third-quarter 2026 earnings call. Today's call will be hosted by Margo Pilic, Head of Citi Strategy, M&A, and Investor Relations. (Operator Instructions) Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

各位好，歡迎參加花旗集團 2026 年第三季財報電話會議。今天的會議將由花旗策略、併購與投資人關係主管 Margo Pilic 主持。(接線員指示) 另外提醒各位，本次會議將於今日錄音。如有任何異議，請於此時中斷連線。

Ms. Pilic, you may begin.

Pilic 女士，您可以開始了。

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

謝謝，接線員。各位早安，感謝各位參加我們 2026 年第三季財報電話會議。今天與我一同出席的有本公司董事長暨執行長 Jane Fraser，以及財務長 Gonzalo Lucchetti。

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

我想提醒各位，今天的簡報可於我們的網站 citigroup.com 下載，其中可能包含前瞻性陳述；這些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有所變動。由於多項因素，實際結果可能與上述陳述存在重大差異，包括我們財報資料以及向美國證券交易委員會（SEC）申報文件中所述之因素。

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

接下來，我把時間交給 Jane。

Thank you, Margo, and good morning to everyone. This morning, we reported net income of $5.2 billion for the third quarter with an EPS of $2.85, and an ROTCE of 11.5%. Our returns improved meaningfully in Services, Banking, Wealth, and US Consumer Cards. The firm's ROTCE grew by 180 basis points over last year, and our net income was up 17%. With revenues up 8% year over year, we delivered our best third-quarter revenue in a decade, and we saw revenue growth in four out of our five businesses.

謝謝你，Margo，各位早安。今天上午，我們公布第三季淨利為 52 億美元，每股盈餘（EPS）為 2.85 美元，有形普通股權益報酬率（ROTCE）為 11.5%。我們在服務（Services）、銀行（Banking）、財富管理（Wealth）以及美國消費者信用卡（US Consumer Cards）的報酬表現均有顯著改善。本公司的 ROTCE 較去年提升 180 個基點，淨利成長 17%。在營收年增 8% 的帶動下，我們繳出十年來最佳的第三季營收表現，且五大業務中有四項實現營收成長。

As previously shared, we pulled some of our planned investments in severance into this quarter. We remain very intentional around our expenses and our investments in talent and technology. Even with this pull forward, we delivered positive operating leverage, holding expense growth to 3% excluding last year's notable item. Our overall performance continues to demonstrate the disciplined and consistent execution of our strategy.

如先前所分享，我們將原先規劃的部分資遣費投資提前至本季認列。我們在費用控管以及對人才與科技的投資上，仍然非常審慎且有明確策略。即便有這項提前認列，我們仍實現正向營運槓桿；若排除去年的一次性重大項目，費用成長控制在 3%。整體表現持續展現我們以紀律且一致的方式執行策略。

Now let's go through our five businesses. This was another standout quarter in Services, with revenues up 15%. Growth was broad-based across every driver, from deposits to commercial card spend. And we saw continued momentum in trade loans and cross-border activity across the network. We continue to lead through innovation, bringing new real-time capabilities to our clients with the launch of Citi Token Services in the UAE and Japan, and the introduction of Custody+.

接下來我們逐一說明五大業務。服務業務本季再度表現亮眼，營收成長 15%。成長動能來自各項驅動因素的全面擴散，從存款到商務卡消費皆有貢獻。我們也看到貿易融資與跨境活動在整體網路中持續加速。我們持續以創新領先：在阿聯與日本推出 Citi Token Services，並導入 Custody+，為客戶帶來新的即時處理能力。

Assets under custody and administration grew by 16%, and we are laser-focused on winning and onboarding further new mandates. In Markets, revenues were up 6%. Equities revenues were up 14%, driven by our performance in prime and in Asia, where we have been investing to gain share. FICC was up 4%. Rates was pressured by the trading environment, but we saw good growth in FX and spread products, both stable revenue streams.

託管與行政管理資產規模成長 16%，我們高度聚焦於爭取並導入更多新的委任案。在市場（Markets）業務方面，營收成長 6%。股票（Equities）營收成長 14%，主要受惠於我們在主經紀（prime）以及亞洲市場的表現；我們一直在該區域投資以提升市占。固定收益、外匯與商品（FICC）成長 4%。利率（Rates）受交易環境影響承壓，但我們在外匯（FX）與利差產品（spread products）方面看到良好成長，兩者皆為穩定的營收來源。

In Banking, revenues were up 6%. We performed particularly well in ECM, where we played meaningful roles in the six largest transactions of the quarter, including leading SK Hynix, the largest ever IPO of an Asian-based issuer. And in Leveraged Finance, we led SoftBank's $11 billion high-yield offering, the largest ever of its kind.

在銀行（Banking）業務方面，營收成長 6%。我們在股票資本市場（ECM）表現尤其出色；本季規模最大的六筆交易中，我們在其中扮演關鍵角色，包括主導 SK 海力士交易，這是亞洲發行人史上最大規模的 IPO。在槓桿融資（Leveraged Finance）方面，我們主導軟銀（SoftBank）110 億美元高收益債發行，為同類交易史上最大規模。

I am proud of these wins and how our client relationships and bankers, including the new talent we have attracted, allowed us to land these mandates. As you have seen this quarter, we are continuing to invest responsibly in high-quality talent to build on our strengths and fill identified gaps in our franchise.

我為這些成果感到自豪；我們的客戶關係與銀行團隊（包括我們新延攬的人才）使我們得以拿下這些委任案。如各位本季所見，我們持續以負責任的方式投資高品質人才，在既有優勢上再加強，並補足我們在特許經營版圖中已辨識的缺口。

Wealth's performance continues to steadily improve, with growth across all three businesses. ROTCE was over 14%, significantly higher than last year. We brought in $38 billion in net new investment assets this quarter, up over 100% from a year ago. We continue to launch new offerings such as Premium Boost to deepen client relationships and are seeing strong uptake of our Wealth offering by our retail bank clients.

財富管理（Wealth）的表現持續穩步改善，三大業務皆呈現成長。ROTCE 超過 14%，顯著高於去年。本季我們新增淨投資資產 380 億美元，較一年前成長逾 100%。我們持續推出如 Premium Boost 等新產品以深化客戶關係，並看到零售銀行客戶對我們財富管理方案的採用度強勁提升。

In US Consumer Cards, revenues were flat as a result of higher partner payments. At the same time, our general-purpose portfolio drove 6% growth in total average loans. We are increasing investment in this business, both through our deep relationships with key partners and differentiated rewards for our customers, as you saw with the acquisition of Kard. With returns of over 21% in the quarter, this is already a very attractive business, and the benefits of our investments will continue to scale over time.

在美國消費者信用卡（US Consumer Cards）方面，由於合作夥伴支付增加，營收持平。同時，我們的一般用途（general-purpose）產品組合帶動總平均放款成長 6%。我們正加大對此業務的投資，包含透過與關鍵合作夥伴的深厚關係，以及為客戶提供差異化回饋；正如各位所見，我們收購了 Kard。該業務本季報酬率超過 21%，已是非常具吸引力的業務，而我們投資所帶來的效益將隨時間持續擴大。

In legacy franchises, we closed on the sale of a 1.4% equity stake of Banamex, bringing the total amount divested so far to 49%. We're now busy preparing for Banamex's deconsolidation from Citi next year. The IPO would happen after that when market conditions allow and when the usual regulatory requirements are met. At that point, our international consumer divestitures will be nearly complete.

在既有（legacy）特許經營業務方面，我們完成出售 Banamex 1.4% 的股權，使迄今已處分的總比例達到 49%。我們目前正積極準備 Banamex 於明年自花旗集團合併報表中除列（deconsolidation）。待市場條件允許且符合一般監管要求後，才會進行 IPO。屆時，我們的國際消費金融撤出計畫將幾近完成。

Turning to capital, we returned over $4 billion to our shareholders this quarter, including $3 billion in share buybacks. We have also utilized about $900 million of our disallowed DTAs so far this year, slightly above the path we discussed at Investor Day in May. Our tangible book value per share rose 6% to $101.59. And our CET1 ratio stood at 12.8% and remains about 120 basis points above our current regulatory minimum.

談到資本方面，本季我們回饋股東超過 40 億美元，其中包含 30 億美元的庫藏股回購。此外，今年迄今我們已動用約 9 億美元先前不被允許（disallowed）的遞延所得稅資產（DTA），略高於我們在 5 月投資人日所討論的進度路徑。我們每股有形帳面價值上升 6% 至 101.59 美元。我們的普通股權益第一類資本比率（CET1）為 12.8%，仍較目前監管最低要求高出約 120 個基點。

Now, I know that the opportunities and risks that AI presents are on everyone's mind. Our transformation has modernized our core technology platform, giving us the foundation we need to implement AI firm-wide. As I've said before, we're approaching AI through four lenses, how it can help us grow, how we can deploy it to operate more efficiently, how we can teach our people to use these new capabilities, and how we can strengthen our defenses given the enhanced threat environment we and our clients face.

接下來，我知道 AI 所帶來的機會與風險是大家關注的焦點。我們的轉型已使核心科技平台現代化，為我們在全公司推動 AI 奠定所需基礎。如我先前所說，我們從四個面向看待 AI：它如何協助我們成長、我們如何運用它提升營運效率、我們如何教導同仁使用這些新能力，以及在我們與客戶面臨更嚴峻威脅環境之下，我們如何強化防禦能力。

I've talked frequently in the past about what we're doing on the first three, and we're excited about the top-line benefits and the efficiencies we're delivering and the many opportunities to do more for our clients. But let me spend a minute on the fourth lens. Our cyber defense strategy is about being on the front foot, about moving fast and retaining trust. We don't wait for risks to happen. We're constantly preparing and improving our defenses. We're in the business of managing risk every day, and this is no different.

過去我經常談到前三個面向的作法；我們對於帶來的營收端效益與效率提升，以及為客戶創造更多價值的眾多機會感到振奮。但我想花一點時間談談第四個面向。我們的資安防禦策略在於主動出擊、快速行動並維持信任。我們不會等風險發生才反應。我們持續準備並強化防禦。我們每天都在做風險管理，而這件事並無不同。

We've been hardening our systems and running challenging and disruptive scenarios to stress test our defenses and our responses. We then modify our playbooks based on what we've learned so we're ready before an event occurs, not after. We're focused on our resilience and working with our peers and regulators on reducing systemic risk, even as we deploy AI to improve the performance of our firm.

我們一直在強化系統韌性，並進行具挑戰性且具破壞性的情境演練，以壓力測試我們的防禦能力與應對措施。接著，我們會根據所學調整作戰手冊（playbooks），確保在事件發生之前就已準備就緒，而不是事後才補救。我們聚焦於自身韌性，並與同業及監管機關合作以降低系統性風險，同時也運用 AI 來提升本公司的整體表現。

Finally, on the macro environment, conditions did soften a bit during the third quarter. And while various headwinds, most recently higher energy prices and tighter monetary policies have been challenging, the global economy has held up remarkably well. In the US, whilst much has been made of the AI boom, the consumer is still driving much of the growth, the labor market is stable, and companies remain active. Our near-term economic outlook remains positive.

最後，就宏觀環境而言，第三季的情況確實略有緩和。儘管各種逆風——最近包括能源價格上升與貨幣政策收緊——帶來挑戰，全球經濟仍展現出令人驚訝的韌性。在美國，雖然外界高度關注 AI 熱潮，但消費者仍是推動多數成長的主力，勞動市場穩定，企業活動依然活躍。我們對短期經濟展望仍維持正向。

China is seeing similar benefits from AI but without the consumer spend needed for balanced growth, and so their economy leans heavily on exports. And Europe remains structurally challenged. That backdrop is exactly why clients are leaning on our network. They're engaged and they are healthy, as you will see from our credit numbers. They're open to strategic opportunities whilst being keenly aware that there could be more disruptions ahead.

中國也正從 AI 中看到類似的效益，但缺乏實現均衡成長所需的消費支出，因此其經濟高度倚賴出口。而歐洲仍面臨結構性挑戰。正是這樣的背景，讓客戶更加倚重我們的網絡。他們積極投入且財務狀況健康，從我們的信貸數據中你們將可看到。他們對策略性機會持開放態度，同時也清楚意識到未來可能還會有更多干擾。

Our focus is on delivering our network and providing the intellectual firepower to help them compete more effectively, raise capital, or manage their supply chains. They know we will be at their side no matter what environment they face. This quarter was another proof point of our consistent execution and delivery in the face of a dynamic environment.

我們的重點在於交付我們的網絡，並提供智力火力，協助他們更有效地競爭、籌集資本或管理供應鏈。他們知道，無論面對何種環境，我們都會在他們身旁。本季再次證明，在多變的環境下，我們仍能持續一致地執行並交付成果。

In terms of the journey ahead, as you know, we expect to exceed this year's ROTCE target of 10% to 11%, even as we pull forward the investments to support our near-term target of 11% to 13%. But these are simply the next waypoints on our path to reach 14% to 15% in a sustainable manner, which we will do.

就未來的旅程而言，如各位所知，即使我們提前投入以支持我們 11% 至 13% 的短期目標，我們仍預期今年的 ROTCE 將超越 10% 至 11% 的目標。但這些只是我們邁向以可持續方式達成 14% 至 15% 的路徑上的下一個里程碑，而我們將會做到。

With that, let me turn it to Gonzalo, and then we would both be delighted to take your questions.

接下來，我把時間交給 Gonzalo，之後我們兩位都很樂意回答各位的提問。

Thank you, Jane, and good morning, everyone. I'm going to start with the firmwide financial results, focusing on year-over-year comparisons unless I indicate otherwise, and then review the performance of our businesses in greater detail. On slide 4, we show financial results for the full firm, which demonstrate the progress we've made and the momentum of our strategy.

謝謝你，Jane，各位早安。我將先從全公司的財務結果談起，除非我另有說明，否則將以年對年比較為主，接著再更詳細回顧各業務的表現。在第 4 頁投影片，我們展示全公司的財務結果，顯示我們所取得的進展以及策略的動能。

This quarter, we reported net income of $5.2 billion. EPS of $2.85, and ROTCE of 11.5% on $23.8 billion of revenues generating positive operating leverage. Total revenues were up 8%, driven by growth in Services, Wealth, Markets, and Banking, partially offset by a decline in all other.

本季我們公布淨利為 52 億美元。每股盈餘（EPS）為 2.85 美元，在 238 億美元營收下，ROTCE 為 11.5%，並帶來正向的營運槓桿。總營收年增 8%，主要由服務、財富管理、市場與銀行業務成長所帶動，部分被其他所有業務下滑所抵銷。

Net interest income excluding Markets, which you can see on the bottom left side of the slide, was up 7% driven by growth in Services, Wealth, and US Consumer Cards, partially offset by declines in All Other and Banking. Non-interest revenues, excluding Markets, were up 12% driven by growth in All Other, Services, Banking, and Wealth, partially offset by a decline in US Consumer Cards.

不含市場業務的淨利息收入（NII）（如投影片左下角所示）年增 7%，主要由服務、財富管理與美國消費者信用卡成長帶動，部分被其他所有業務與銀行業務下滑所抵銷。不含市場業務的非利息收入（NIR）年增 12%，主要由其他所有業務、服務、銀行與財富管理成長帶動，部分被美國消費者信用卡下滑所抵銷。

And total Markets revenues were up 6%. Expenses of $14 billion were down 2% on a reported basis, with an efficiency ratio of 58.5%. Excluding the impact of the $726 million Banamex goodwill impairment notable item from the third quarter of last year, expenses were up 3%. And cost of credit was $2.6 billion, which included a firmwide net reserve bill of $369 million. Looking at the firm on a year-to-date basis, we generated positive operating leverage and an ROTCE of 12.6%.

而市場業務總營收年增 6%。費用為 140 億美元，按申報口徑年減 2%，效率比率為 58.5%。若排除去年第三季 7.26 億美元 Banamex 商譽減損這一重大項目的影響，費用年增 3%。信貸成本為 26 億美元，其中包含全公司淨提列準備金 3.69 億美元。以年初至今來看，我們實現正向營運槓桿，ROTCE 為 12.6%。

On slide 5, we show the expense and efficiency trend over the past five quarters. As I just mentioned, excluding the impact of the notable item last year, expenses were up 3%, primarily driven by higher transactional and product servicing, deposit insurance costs, and compensation and benefits. Partially offset by lower professional services expenses.

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，若排除去年重大項目的影響，費用年增 3%，主要由較高的交易與產品服務成本、存款保險成本，以及薪酬與福利所帶動。部分被較低的專業服務費用所抵銷。

On a year-to-date basis, we have recognized over $1 billion of severance, largely across functions, technology, and operations as we continue to drive structural efficiencies and bring down transformation expenses and stranded costs to create capacity for business growth.

以年初至今來看，我們已認列超過 10 億美元的資遣費，主要分布於各職能、科技與營運部門；我們持續推動結構性效率，並降低轉型費用與閒置成本，以為業務成長創造產能。

On slide 6, we show US cards and corporate credit metrics. At the end of the quarter, we had over $22 billion in total reserves with a reserve-to-funded loan ratio of 2.5%. 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。截至季末，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%，其中包含下行情境下接近 7% 的平均失業率。

We maintained a high-quality credit card portfolio with approximately 86% of balances extended to consumers with FICO scores of 660 or higher and a reserve-to-funded loan ratio in our US cards portfolio of 7.7%. And we continue to see strong consumer credit performance as both net credit loss and delinquency rates in our overall cards portfolio declined year over year.

我們維持高品質的信用卡投資組合，約 86% 的餘額授信給 FICO 分數 660 或以上的消費者；我們美國信用卡投資組合的準備金對已撥款貸款比率為 7.7%。此外，我們持續看到強勁的消費者信貸表現，因為我們整體信用卡投資組合的淨信貸損失率與逾期率皆較去年同期下降。

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-accrual loans as well as corporate net credit losses remained low. We are confident in the high-quality nature of our portfolios, which reflect our robust risk appetite framework and rigorous client selection.

看投影片右側，你可以看到我們的企業曝險中有 79% 為投資等級。本季企業不計息貸款以及企業淨信貸損失仍維持在低位。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與嚴謹的客戶篩選。

Turning to capital, liquidity, and the balance sheet on slide 7, where I will speak to sequential balances. Our total assets of $2.9 trillion increased 2% driven by growth in trading related assets and loans. Net end of period loans increased 3% driven by growth in Markets and Banking. Our $1.5 trillion deposit base remains well diversified and increased 1% primarily driven by growth in Services. We reported a 114% average LCR and over $1 trillion of available liquidity resources.

接著看第 7 頁投影片的資本、流動性與資產負債表，我將說明環比變動。我們總資產 2.9 兆美元增加 2%，主要由交易相關資產與貸款成長所帶動。期末淨貸款增加 3%，主要由市場與銀行業務成長所帶動。我們 1.5 兆美元的存款基礎仍高度多元化，並增加 1%，主要由服務業務成長所帶動。我們申報平均 LCR 為 114%，可用流動性資源超過 1 兆美元。

In the third quarter, we continued to deploy capital to support accretive client activity, while at the same time prioritizing the return of capital to common shareholders as evidenced by the $3 billion in buybacks and the 12% increase in our quarterly common stock dividend. 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.

第三季，我們持續投入資本以支持具增益的客戶活動，同時也優先將資本回饋普通股股東，具體表現在 30 億美元的庫藏股回購，以及季度普通股股利上調 12%。在具約束力的標準法下，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。

Turning to the businesses on slide 8, we showed the results for Services in the third quarter. Revenues were up 15% driven by growth across both TTS and Securities Services, reflecting the benefits of our continued investments in the business. NII increased 17% driven by higher average deposit balances and deposit spreads. NIR increased 12% driven by growth in fees as we continue to see strong activity and engagement with both corporate and commercial clients, driving momentum across underlying KPIs.

接著看第 8 頁投影片的各業務表現，我們展示服務業務在第三季的結果。營收年增 15%，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）年增 17%，主要由較高的平均存款餘額與存款利差所帶動。非利息收入（NIR）年增 12%，主要由費用成長所帶動；我們持續看到企業與商業客戶的強勁活動與參與度，推動各項底層 KPI 的動能。

Expenses increased 10%, primarily driven by higher severance as well as volume and revenue-related expenses. Average loans increased 14%, largely driven by working capital loans and export agency finance. Average deposits increased 16%, primarily driven by growth in the US. Services generated positive operating leverage, net income of $2.6 billion, and an ROTCE of 31.2% in the quarter and 29.7% year to date.

費用年增 10%，主要由較高的資遣費，以及與交易量與營收相關的費用所帶動。平均貸款年增 14%，主要由營運資金貸款與出口信貸機構融資所帶動。平均存款年增 16%，主要由美國地區成長所帶動。服務業務本季實現正向營運槓桿，淨利為 26 億美元，ROTCE 本季為 31.2%，年初至今為 29.7%。

Turning to Markets on slide 9, revenues were up 6%, driven by growth across both equities and fixed income. Fixed income revenues were up 4% with spread products and other fixed income up 13% driven by an increase in spread products financing revenues. And rates and currencies was flat with growth in currencies on higher volumes offset by lower revenues in rates. Equities revenues were up 14% driven by continued momentum in prime services as balances grew by over 40%, partially offset by a decline in derivatives revenues.

接著看第 9 頁投影片的市場業務，營收年增 6%，主要由股票與固定收益雙雙成長所帶動。固定收益營收年增 4%，其中利差產品及其他固定收益年增 13%，主要由利差產品融資收入增加所帶動。利率與外匯則持平：外匯在較高交易量下成長，但被利率業務收入下降所抵銷。股票營收年增 14%，主要由主經紀業務持續動能所帶動，因餘額成長超過 40%；但部分被衍生品收入下滑所抵銷。

Expenses increased 7%, driven by higher transactional expenses and compensation. Average loans increased 30%, primarily driven by spread products as we execute against our Investor Day strategy to drive more stable financing revenues. Markets delivered net income of $1.7 billion and ROTCE of 12.3% in the quarter and 15.9% year to date.

費用增加7%，主要受交易相關費用與薪酬上升所帶動。平均貸款增加30%，主要由利差型產品帶動，因我們依照投資者日策略執行，以推動更穩定的融資收入。Markets 本季淨利為17億美元，ROTCE為12.3%；年初至今ROTCE為15.9%。

Turning to Banking on Slide 10, revenues were up 6%, driven by growth in investment banking and gains on loan hedges, partially offset by a decline in corporate lending. Investment banking revenues increased 9%, driven by 77% growth in ECM, partially offset by declines of 4% and 3% in advisory and DCM, respectively. Corporate lending revenues excluding gains on loan hedges declined 16%. Driven by lower loan spreads, partially offset by higher average loan balances and commitments.

接著看第10頁的 Banking，營收成長6%，主要由投資銀行業務成長與貸款避險收益帶動，部分被企業放款下滑所抵銷。投資銀行營收增加9%，主要由ECM成長77%帶動，部分被顧問業務與DCM分別下滑4%與3%所抵銷。剔除貸款避險收益後的企業放款營收下滑16%。主要因貸款利差下降，部分被較高的平均貸款餘額與承諾額度所抵銷。

Expenses increased 8% driven by higher compensation and continued investments in the business. Cost of credit was $23 million, consisting of $43 million in net credit losses and a net reserve release of $20 million. Banking delivered net income of $378 million, an ROTC of 19.2% in the quarter and 17.7% year to date.

費用增加8%，主要由薪酬上升及持續對業務投資所致。信用成本為2,300萬美元，包括4,300萬美元的淨信用損失，以及2,000萬美元的淨備抵回沖。Banking 本季淨利為3.78億美元，ROTC為19.2%；年初至今為17.7%。

Turning to Wealth on Slide 11, revenues were up 15% driven by growth across all businesses. NII, which you can see on the bottom left side of the slide, increased 20%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. NIR was up 5%, largely driven by higher investment fee revenue.

接著看第11頁的 Wealth，營收成長15%，由各項業務全面成長帶動。如投影片左下所示，NII增加20%，主要由存款利差與平均存款餘額上升帶動，部分被房貸利差下降所抵銷。NIR上升5%，主要由投資費用收入增加所帶動。

Client investment assets were up 15%, primarily driven by net new investment asset flows, which were $38 billion in the quarter, contributing to over $75 billion in the last 12 months, representing 11% organic growth. Expenses increased 3% driven by higher compensation. Cost of credit was $102 million, consisting of $70 million of net credit losses and a net reserve bill of $32 million. Average loans were up 4% as we continue to grow securities-based lending and mortgages.

客戶投資資產增加15%，主要由淨新增投資資產流入帶動；本季淨流入為380億美元，使過去12個月累計超過750億美元，代表11%的有機成長。費用增加3%，主要由薪酬上升所致。信用成本為1.02億美元，包括7,000萬美元的淨信用損失，以及3,200萬美元的淨備抵提列。平均貸款增加4%，因我們持續擴張以證券為擔保的放款與房貸。

Average deposits were up 3%, driven by growth in the private bank, partially offset by a modest decline in Citigold and retail banking. Wealth had a pre-tax margin of 22%, generated positive operating leverage, net income of $585 million and a ROTCE of 14.3% in the quarter and 13.2% year to date.

平均存款增加3%，主要由私人銀行成長帶動，部分被Citigold與零售銀行小幅下滑所抵銷。Wealth 稅前利潤率為22%，產生正向營運槓桿，本季淨利為5.85億美元，ROTCE為14.3%；年初至今為13.2%。

Turning to US Consumer Cards on slide 12. As a reminder, our year-over-year results continue to reflect the impact from the acquisition of the (inaudible), American Airlines co-branded card portfolio on board in April. In the quarter, revenues were flat, with growth in NII offset by a decline in NIR. NII was up 6%, driven by higher interest earning balances. NIR was down 62%, driven by higher accruals from partner payments as well as rewards costs, reflecting our investments for growth, partially offset by higher interchange and annual fees.

接著看第12頁的美國消費者信用卡（US Consumer Cards）。提醒一下，我們的年對年結果仍持續反映4月併購（聽不清）之美國航空聯名卡組合所帶來的影響。本季營收持平，NII成長被NIR下滑所抵銷。NII增加6%，主要由生息資產餘額上升帶動。NIR下滑62%，主要因合作夥伴付款相關應計增加以及回饋成本上升，反映我們為成長所做的投資；部分被更高的交換手續費與年費所抵銷。

Consistent with the strategy we laid out at Investor Day, we saw growth in general purpose cards with spend volume up 13% and average loans up 9%, both partially offset by declines in private label cards. Expenses increased 2%, driven by higher transactional expenses as well as advertising and marketing as we invest to drive future acquisitions and continued customer engagement, largely offset by lower compensation.

與我們在投資者日所闡述的策略一致，我們看到一般用途信用卡成長，刷卡金額增加13%、平均貸款增加9%，但部分被自有品牌卡（private label cards）下滑所抵銷。費用增加2%，主要由交易相關費用以及廣告與行銷支出上升所致，因我們投資以推動未來獲客與持續客戶互動；上述增加大致被薪酬下降所抵銷。

Cost of credit was $1.9 billion. Consisting of $1.7 billion of net credit losses and a net reserve bill of $208 million, primarily driven by changes in the macroeconomic outlook. US Consumer Cars delivered net income of $851 million and ROTCE of 21.8% in the quarter and 21% year to date.

信用成本為19億美元。包括17億美元的淨信用損失，以及2.08億美元的淨備抵提列，主要由宏觀經濟展望變化所驅動。美國消費者信用卡本季淨利為8.51億美元，ROTCE為21.8%；年初至今為21%。

As I mentioned last quarter, while we expect ROTCE to remain around our through the cycle target for the business. In certain quarters, we do expect expense growth to outpace revenue growth as we invest in the business to drive engagement and acquisitions with some of these investments reflected as contra revenues and others as expenses.

如我上季提到的，雖然我們預期ROTCE將維持在該業務的穿越景氣循環目標附近。但在某些季度，隨著我們投資於業務以提升互動與獲客，我們確實預期費用成長會超過營收成長；其中部分投資會反映為收入抵減（contra revenues），其餘則反映為費用。

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 impacts, notably the $726 million Banamex goodwill impairment in the third quarter last year. Revenues were down 3%, driven by declines in legacy franchises and corporate other.

接著看第13頁，我們以管理口徑呈現 All Other 的結果，包含 corporate other 與 legacy franchises，並排除與剝離相關的影響，特別是去年第三季7.26億美元的 Banamex 商譽減損。營收下滑3%，主要由 legacy franchises 與 corporate other 下滑所致。

Expenses were down 14%, driven by lower transformation expenses in corporate other, as well as lower expenses from our exits and wind downs, which declined to a run rate of approximately $100 million in the quarter, partially offset by the impact of Mexican peso appreciation. Cost of credit was $532 million, consisting of net credit losses of $433 million, driven by consumer loans in Mexico and a net reserve bill of $99 million.

費用下滑14%，主要由 corporate other 的轉型費用降低，以及我們退出與收尾（exits and wind downs）相關費用下降所帶動；本季其年化運行率降至約1億美元，部分被墨西哥披索升值的影響所抵銷。信用成本為5.32億美元，包括4.33億美元的淨信用損失（主要由墨西哥消費者貸款所驅動）以及9,900萬美元的淨備抵提列。

And we've reduced the total firm-wide DTAs deducted from CET1 capital by approximately $900 million year to date as US profitability continues to improve. Additionally, in the appendix of the presentation on slide 20, we have provided an overview of financial impacts related to the Banamex divestiture. There are three points that I would like to highlight.

隨著美國獲利能力持續改善，年初至今我們已將全公司層級自CET1資本扣除的遞延所得稅資產（DTA）總額降低約9億美元。此外，在簡報附錄第20頁，我們提供了與 Banamex 剝離相關之財務影響概覽。我想強調三點。

First, upon our full exit from Banamex, we expect the cumulative net capital impact to reflect the release of CET1 capital associated with the Banamex RWA, removal of certain CET1 deductions, and the cumulative gains or losses over the divestiture horizon. Second, as we have shared previously. As part of the deconsolidation process, we expect to recognize an approximate $9 billion CTA-related loss through the P&L in early 2027. And third, we expect the impacts related to the deconsolidation process to be slightly accretive to our CET1 capital ratio.

第一，在我們完全退出 Banamex 後，我們預期累計淨資本影響將反映：釋放與 Banamex 風險加權資產（RWA）相關的CET1資本、移除部分CET1扣除項，以及在剝離期間累計的收益或損失。第二，如我們先前分享。作為去合併（deconsolidation）流程的一部分，我們預期將於2027年初透過損益表認列約90億美元與CTA相關的損失。第三，我們預期去合併流程相關影響對我們的CET1資本比率將略具增益（slightly accretive）。

To close, we've included our full-year 2026 outlook on slide 14. We expect to deliver an ROTCE above 11% for the full year, supported by NII ex-Markets growth in the mid- to high-6% range and continued NIR ex-Markets growth driven by fee momentum in Services, Bankin, and Wealth, partially offset by USCC. And in Markets, we expect a typical seasonal decline in the fourth quarter around the same magnitude as last year, which was 20% or possibly a bit more given the strong performance so far this year.

最後，我們在第14頁納入了2026全年展望。我們預期全年ROTCE將高於11%，主要由剔除Markets後的NII以6%中段至高段的區間成長所支撐，且剔除Markets後的NIR在Services、Banking與Wealth費用動能帶動下持續成長，部分被USCC所抵銷。在Markets方面，我們預期第四季將出現典型的季節性下滑，幅度大致與去年相同（約20%），或因今年迄今表現強勁而可能略高一些。

Given this outlook for revenue combined with our continued focus on expense discipline, we expect our full-year efficiency ratio to be below 60%. As it relates to credit, based on the strong performance we have seen so far this year and our expectations for the fourth quarter, we now expect a full year total US credit cards NCL rate of around 4%, the low end of the range we provided previously, while the ACL will continue to be a function of the macroeconomic environment and business volumes.

在此營收展望下，結合我們持續聚焦費用紀律，我們預期全年效率比率將低於60%。就信用而言，基於今年迄今的強勁表現以及我們對第四季的預期，我們現在預期全年美國信用卡總NCL率約為4%，位於我們先前提供區間的低端；而ACL仍將取決於宏觀經濟環境與業務量。

And we will continue to provide the businesses with capital to pursue accretive growth opportunities while returning capital to shareholders. We remain confident in the strategy we laid out at Investor Day and in our ability to deliver on all of our commitments. As we take a step back, the results in the third quarter and year-to-date this year represent significant progress towards our goal of improved firm-wide and business performance. Our strategy is working and we have a clear path to delivering higher sustainable returns.

我們將持續為各業務提供資本，以追求具增益性的成長機會，同時回饋資本給股東。我們對投資者日所提出的策略以及履行所有承諾的能力仍具信心。回顧而言，今年第三季與年初至今的結果，代表我們朝向提升全公司與各業務表現的目標已取得顯著進展。我們的策略正在奏效，且我們有清晰路徑以實現更高且可持續的報酬。

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

那麼，Jane 和我很樂意回答各位的提問。

(Operator Instructions) John McDonald, Truist.

(接線員指示) John McDonald，Truist。

I was hoping to kick off, you could put your strong year-to-date results on ROTCE into context. Obviously, you've got the 12.6% ROTCE for the year and 11.5% this quarter. It implies a little bit of deceleration in the fourth quarter if you do something ending up at 11% or 12% for the year. So understanding there's lots of factors around seasonality and how much spending you pull forward. Could you speak a little bit to the near-term expectations and trajectory for ROTCE for the fourth quarter and then as you look out for the next two years?

我想先請教一下，您能否把今年迄今在 ROTCE 上的強勁表現放到一個脈絡中來看。很明顯，您今年的 ROTCE 為 12.6%，本季為 11.5%。如果全年最終落在 11% 或 12%，這意味著第四季可能會有些放緩。我理解其中有很多因素，包括季節性以及您把多少支出提前。能否談談對第四季 ROTCE 的短期預期與走勢，以及展望未來兩年時的看法？

All right. Good morning, John. Thanks very much for the question. It's a great question, and I think maybe a couple of thoughts to step in there. The first is our number one priority is driving sustainable return improvement. That's very clear. The second piece that you can see from our results throughout this year is that our strategy is working.

好的。早安，John。非常感謝你的提問。這是個很好的問題，我想可以從幾點來切入。第一，我們的首要優先事項是推動可持續的回報改善。這一點非常明確。第二，從我們今年一路以來的業績表現，你可以看到我們的策略正在奏效。

You're seeing the compounding effect of client intensity and execution milestone after execution milestone in a constructive backdrop, but that execution is clearly there. The next piece I would mention is we have lifted our guidance now, again, from the high end of the 10% to 11% or a bit better than 11% to above 11%. That hopefully gives you a sense of the confidence that we have and the discipline that we have going into the end of the year.

你看到的是在有利的大環境下，客戶黏著度提升與一個又一個執行里程碑所帶來的複利效應，而這些執行力確實到位。接下來我想提的是，我們已再次上調指引，從原先 10% 到 11% 區間的高端、或略高於 11%，上調到高於 11%。希望這能讓你感受到我們在年底前的信心與紀律。

Now to your point, and I think you alluded to this in your question already, there is a natural seasonality. I just mentioned that in my remarks as it relates to Markets. There are other elements beyond Markets too. And so when you think about the Markets component alone, last year was about 20% decline quarter on quarter between Q3 and Q4. This year, as I mentioned a few minutes ago, could be a bit worse on the basis of how strong the year has been so far and the dynamism in the market right now.

回到你提到的重點，我想你在問題中也已經提及，確實存在自然的季節性。我剛才在談到 Markets（市場業務）時也提到這點。除了 Markets 之外，還有其他因素。因此，單就 Markets 這一塊來看，去年第三季到第四季的季度環比下滑約 20%。今年如我幾分鐘前所說，基於今年迄今表現非常強勁以及目前市場的活躍度，情況可能會更差一些。

So when you flow the math similar for ROTCE, even if you look historically over the last couple of years and you adjust for the typical notable items that may be there from time to time, you do land at a high-single digits rate. And so that more or less sets you up for the above 11% that we're looking at. But you can see the confidence coming through in how we've been raising the estimates over the last 30 days a couple of times over.

所以當你用類似的方式把數學推導到 ROTCE 上，即便你回看過去幾年、並調整掉不時出現的典型重大項目，你大致會落在高個位數的水準。因此，這或多或少就為我們所預期的「高於 11%」奠定了基礎。不過你也能看到我們的信心，體現在過去 30 天內我們已經多次上調預估。

As you look forward into 2027, I think undeniably we have business momentum. You can see that on our revenue growth, right, 7% a year ago, ex notable items. First half of the year, about 14%. This quarter, about 8%. You look at the drivers, you can see the client momentum driving that revenue growth. So we feel very good about that. We haven't moved an inch from our Investor Day commitments.

展望到 2027 年，我認為毫無疑問我們具備業務動能。你可以從營收成長看出來：一年前（剔除重大項目）約 7%。今年上半年約 14%。本季約 8%。再看驅動因素，你會看到客戶動能正在推動這些營收成長。因此我們對此感覺非常好。我們對投資人日（Investor Day）的承諾沒有絲毫改變。

The near-term targets for returns, just as a reminder for everyone, are 11% to 13% into the '27 and '28 time period. So we're comfortable with that. And we also tested those for a range of environments. So we're not expecting the sun always to be shining, the wind in our backs, and us walking downhill. We have tested that for a range of outcomes. Thank you.

至於回報的短期目標，提醒大家一下，是在 2027 與 2028 年這段期間達到 11% 到 13%。所以我們對此感到有把握。而且我們也在不同環境情境下對這些目標做過壓力測試。我們並不假設永遠風和日麗、順風順水、一路下坡。我們已針對各種可能結果做過測試。謝謝。

Thanks, Gonzalo. Appreciate that. And maybe just as a follow up, a question on capital. How are you thinking about the glide path to the capital target you laid out in Investor Day and how do rates factor into that in terms of rates and what it means for buybacks?

謝謝你，Gonzalo。很感謝你的說明。另外作為追問，想請教資本方面。你如何看待朝投資人日所提出的資本目標前進的「滑行路徑」（glide path）？利率在其中如何影響，特別是利率對回購意味著什麼？

Thank you for the follow up. Maybe just to baseline everyone again. Today we're at our CET1 of 12.8%, which is about 120 basis points above our regulatory minimum. As per Investor Day, the regulatory minimum that we talked about, and you were alluding on your question to the glide path, we have talked about how we are now at 11.6% as a regulatory minimum, and our assumption is that we go into 12.1% as a regulatory minimum starting in January of 2028.

謝謝你的追問。我先再次為大家建立基準。目前我們的 CET1 比率為 12.8%，約高於監管最低要求 120 個基點。依照投資人日我們所談到的監管最低要求（你在問題中提到的滑行路徑），我們說過目前監管最低要求為 11.6%，而我們的假設是自 2028 年 1 月起，監管最低要求將上升至 12.1%。

At Investor Day, we gave a directional target of 13.1%. So that gives you a sense of the direction of travel. We continue to be comfortable with that direction of travel. So that, I think, is the key piece. The second piece is, and going into the buybacks component of your question too, I would say a couple of things. First, maybe restating our framework. Our framework is we hold capital for resilience and flexibility, and we deploy it for returns and to distribute it to shareholders.

在投資人日，我們給出的方向性目標是 13.1%。這讓你了解我們前進的方向。我們仍然對這個前進方向感到有把握。所以我認為這是關鍵點。第二點，也連結到你問題中關於回購的部分，我想說幾件事。首先，重申我們的資本配置框架。我們持有資本是為了韌性與彈性，而運用資本是為了提升回報並分配給股東。

That's kind of the staircase that we talked about on Investor Day, and that's hopefully you're seeing us apply that every single one of the quarters this year, right. When you look at this quarter as one example, I feel good about how we were able to deploy our balance sheet to fuel the revenue growth that you're seeing, the improving returns year on year that you're seeing, and at the same time return $4 billion of capital to shareholders, three of which in buybacks, while still holding an appropriate cushion above the reg requirements to be able to navigate the environment.

這就是我們在投資人日談到的「階梯」概念，希望你也看到我們今年每一季都在運用這個框架。以本季為例，我對我們能夠運用資產負債表來支撐你所看到的營收成長、以及你所看到的年對年回報改善，同時又能向股東返還 40 億美元資本（其中 30 億美元為回購），並且仍維持高於監管要求的適當緩衝以因應環境變化，感到很滿意。

And by the way, along the way absorbing some OCI shifts that happened due to rates in the quarter. So I feel good about that ability to balance that equation. We did that in the preceding quarters as well, maybe with a bit less OCI action, but that hopefully gives you a sense of business has momentum. We do have a balanced framework in place, and we try to find the appropriate balance there, always starting with being a source of resilience. Thank you.

而且順帶一提，在這個過程中我們也吸收了本季因利率變動所造成的一些 OCI 變動。所以我對我們能夠平衡這個方程式的能力感到很有信心。前幾季我們也做到了，可能只是 OCI 的波動較小一些；但希望這能讓你感受到，我們的業務確實有動能。我們確實有一套平衡的框架，並努力在其中找到適當的平衡點，而一切都以成為韌性的來源為起點。謝謝。

(Operator Instructions) Mike Mayo, Wells Fargo.

(接線員指示) Mike Mayo，Wells Fargo。

Hey, Gonzalo. On the second-quarter earnings call, you talked about pulling forward investment spending, the $5 billion over three years to now, I guess, $500 million this year. How much of that has been spent in the third quarter? Why did you pull it forward? What are you spending it on? And does that mean after this year it's $4.5 billion of investment spending or will you increase the total?

嗨，Gonzalo。在第二季財報電話會議上，你談到把投資支出提前，也就是三年 50 億美元，現在我猜是今年 5 億美元。其中有多少已在第三季花掉？你為什麼要提前？這筆錢主要花在什麼上？另外，這是否意味著今年之後投資支出會是 45 億美元，還是你會提高總額？

Good morning, Mike. Thanks very much for the question. Maybe let me spend a second on how we think about expenses and how we think about efficiency. Again, returns, number one, sustainable return improvement. But when we think about how we approach expenses, hopefully you can see a very sharp expense discipline. That's not an initiative. That's how we operate the business every day and for every dollar.

早安，Mike。非常感謝你的提問。我先花點時間談談我們如何看待費用，以及如何看待效率。再次強調，回報是第一要務，也就是可持續的回報改善。但當我們思考如何管理費用時，希望你能看到我們非常嚴格的費用紀律。這不是一個專案或倡議。這是我們每天經營業務的方式，對每一塊錢都是如此。

And we talked about Investor Day, that in order to unlock the client-driven growth that we are aspiring to, we needed to deploy incremental investments over three years of about $5 billion, which you just alluded to. And we also said that we're going to fund these investments the hard way, via relentless structural efficiency focus, right? We talk about stranded costs, about transformation costs, and about the structural efficiency.

我們在投資人日也談到，為了釋放我們所追求、以客戶驅動的成長，我們需要在三年內投入約50億美元的增量投資，正如你剛才提到的。我們也說過，我們將以更艱難的方式為這些投資提供資金，也就是透過對結構性效率的持續、毫不鬆懈的聚焦，對吧？我們談到擱置成本、轉型成本，以及結構性效率。

So that hopefully gives you a sense for how we think about expense management. So the pull forward that we talked about, maybe to answer one piece of the question quickly, is 100% inside the $5 billion, right? The $500 million or so that I spoke recently about being part of that pull forward in the second half of the year, that's fully embedded inside the $5 billion. We have not moved anything related to our Investor Day expectations.

希望這能讓你了解我們如何看待費用管理。至於我們提到的「提前拉動」（pull forward），也許先快速回答問題的一部分：它100%都包含在那50億美元之內，對吧？我最近提到的、作為今年下半年這次提前拉動一部分的大約5億美元，已完全內嵌在這50億美元之中。我們沒有調整任何與投資人日預期相關的內容。

And then to your other sub-question around how much of that landed into this quarter, you can think of it as about half of it landed in this quarter. You can see about $200 million of severance in the quarter. So that's a good portion of it. And then there's a few investments extra around technology, around marketing, around client experience that we also supported.

至於你另一個子問題，關於其中有多少落在本季，你可以把它想成大約有一半落在本季。你可以看到本季約2億美元的遣散費。所以那是其中相當大的一部分。另外，我們也額外支持了一些在科技、行銷以及客戶體驗方面的投資。

Again, that severance is directly linked to one of those three, the biggest of the three legs of our self-funding investments, which are the structural efficiency focus with the processes that Jane has alluded to in the past, the 100-plus end-to-end processes that we have looked at. We review those every week, and those are part of the unlocking through automation and AI the efficiencies that we're looking to deploy. Thank you.

再次強調，這些遣散費與我們自籌資金投資三大支柱之一直接相關，而且是三者中最大的一支：聚焦結構性效率，透過Jane過去提到的流程，也就是我們檢視過的100多個端到端流程。我們每週都會檢視這些流程，而這些也是我們希望透過自動化與AI來釋放並落地的效率的一部分。謝謝。

And then one follow up. Like you said, you're not always planning for the sun to always be shining and the wind at your back. But the return for the fourth quarter, if you back into it, looks really lousy for you to get to 11%. When you say the sun might not always be shining and the wind's not at your back, you did say markets won't be as strong. I get it.

接著再追問一個。如你所說，你們不會總是假設陽光普照、順風順水。但如果倒推第四季的回報，看起來要達到11%對你們而言真的很糟。當你說陽光不一定總是普照、風也不一定在背後時，你確實也說市場不會那麼強。我理解。

But are you assuming something might go terribly wrong in the fourth quarter or are you just giving the usual caution and caveat?

但你們是假設第四季可能會出現非常糟糕的狀況，還是只是照例提出一般性的提醒與保留？

Let me go with the latter on that. Thank you, Mike. Yeah, so, we're guiding to above 11%, which is again, an improvement from the a bit over 11% that we talked about 30 days ago. And of course, there's a range. We could do better, but it's hard to predict early in the quarter, especially how some of the activity will play out in the market mostly. So it's really anchored on that. And yes, abundance of caution. Thank you.

我選後者。謝謝你，Mike。是的，我們的指引是高於11%，這同樣是相較於30天前我們談到的略高於11%有所改善。當然，這裡有一個區間。我們可能做得更好，但在季度初期很難預測，尤其是市場中部分活動最終會如何發展。所以主要是以此為錨。是的，我們採取高度審慎的態度。謝謝。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Thank you for taking my question. I wanted to double-click on John's question on capital. I guess this is a bit of a compound question for my first question, and I apologize. The way you responded to John's question is that you can continue to deploy capital into growth as well as keep up this pace of buybacks. I just wanted to make sure we heard that correctly because, AOCI aside, I think a lot of your investors, the buyback pacing is important.

謝謝讓我提問。我想更深入追問John關於資本的問題。我想我的第一個問題有點複合式，先致歉。你們對John問題的回應是，你們可以持續把資本投入成長，同時也能維持目前這樣的回購節奏。我只是想確認我們是否聽得正確，因為撇開AOCI不談，我認為對你們許多投資人而言，回購節奏很重要。

And so I guess, just wanted to confirm that you can continue this pace of buyback at around these levels, even with higher rates. And in terms of the glide path to a CET1 minimum of 12.1% by January 1, 2028, is your understanding that Basel III endgame revisions and G-SIB revisions would be mostly prospective and you won't get any sort of retrospective or retroactive adjustments that could help you in terms of forward G-SIB surcharge increases?

所以我想確認的是，即使利率更高，你們仍能在大致這些水準上持續這樣的回購速度。另外，關於到2028年1月1日將CET1最低要求提高到12.1%的資本「滑行路徑」（glide path），你們的理解是否是《巴塞爾III終局》（Basel III endgame）修訂與G-SIB修訂大多會是前瞻適用（prospective），而不會有任何追溯或溯及既往的調整，來在未來G-SIB附加資本（surcharge）上升方面對你們有所幫助？

Maybe if I jump in just in terms of the big picture here. You've heard us talking about a lot of upside potential. We've got a lot of different opportunities which are high returning to be investing in. So as Gonzalo said, once we're comfortable around the resiliency of our capital base, which we feel very good about, we see a lot of opportunities to deploy capital into high-returning opportunities that will drive the growth and scale that underpins the presentation we gave at Investor Day and laid out that in a lot of detail.

也許我先從大方向補充一下。你們聽到我們談到很多上行潛力。我們有許多不同的投資機會，而且回報都很高。因此如Gonzalo所說，一旦我們對資本基礎的韌性（resiliency）感到放心——我們確實非常有信心——我們看到很多機會可以把資本部署到高回報的機會上，進而推動成長與規模，而這些正是我們在投資人日所做簡報的基礎，並且在那裡做了非常詳細的說明。

And we know buybacks are important. We know return of capital is important to our shareholders. We make that judgment as to what the right balance is. But I think all of our investors will want us to make sure that we are investing behind these long-term, high-return growth opportunities that will drive the performance and competitiveness of the bank. Gonzalo, over to you for the nitty-gritty.

我們也知道回購很重要。我們知道資本回饋對股東很重要。我們會判斷什麼才是適當的平衡。但我想我們所有投資人都希望我們確保在這些長期、高回報的成長機會上加大投資，這將推動銀行的表現與競爭力。Gonzalo，細節部分交給你。

Thank you, Jane, and thank you, Erika. Good morning. Thank you for the question.

謝謝你，Jane，也謝謝你，Erika。早安。謝謝你的提問。

So I think maybe a couple of thoughts on maybe to start on buybacks and then pull back up into the path on capital. Just as a reminder, what we said for this year, let me start in the here and now and then maybe without giving you the decimal precision going forward, I can describe the shape of how we think about it. In the here and now, we just completed with this quarter of about $3 billion of repurchases. Year to date, $13.3 billion.

我想先就回購談幾點，然後再拉回到資本路徑。先提醒一下，我們今年說過的內容：我先從當下談起，然後在不提供小數點精確度的前提下，描述我們對未來的思考輪廓。就當下而言，我們在本季完成了約30億美元的回購。年初至今為133億美元。

Last year was $13 billion, and we had said earlier that we expected this year to do more than last year, which we just achieved in the third quarter. So we are, in that sense, doing what we said we are going to do. When you think about the framework going forward, I think you highlighted what I was talking about a little bit earlier, that we plotted at Investor Day, that glide path for capital for us. Let me talk in maybe regulatory minimum terms, going from 11.6% to 12.1%.

去年是130億美元，而我們先前說過預期今年會高於去年，我們在第三季就已達成。所以從這個意義上說，我們正在做我們說過要做的事。談到未來的框架，我想你點出了我稍早提到、我們在投資人日所描繪的資本滑行路徑。我先用監管最低要求的角度來談，也就是從11.6%到12.1%。

That's on the back, of course, of having enabled the business, the balance sheet, to support the high levels of activity that we've seen over the last couple of years and have you seen us grow various businesses, not only the Markets business, but also Banking and Services and some of our franchises. And so that is directly linked to that. It was expected. That is why we discussed it at Investor Day.

這當然是建立在我們已讓業務與資產負債表具備能力，以支撐過去幾年我們看到的高水準活動之上；你們也看到我們推動多項業務成長，不僅是市場（Markets）業務，還包括銀行（Banking）與服務（Services）以及我們的一些特許經營業務（franchises）。因此這與上述情況直接相關。這是預期之內。這也是我們在投資人日討論它的原因。

To your point, it's a bit unknown exactly how all the rules when we are done, which we should see more of those over the next several months, and then we will have full visibility with models and market shock scenarios and so on. Really, we will know probably around next year the full impact that that may have on that glide path.

如你所說，目前還不完全清楚等所有規則定案後會是什麼樣子；未來幾個月我們應該會看到更多內容，之後我們也會透過模型、市場衝擊情境等取得完整能見度。實際上，我們可能要到明年左右才會知道這對那條滑行路徑可能造成的完整影響。

As of now, we are operating on the basis of what we know, which are current rules. On the basis of those current rules, that glide path goes from 11.6% to 12.1%, which obviously means we will need to build that capital trajectory, again, absent some changes from the rules. And then what you see in the future is what you have seen year to date.

截至目前，我們是以已知資訊為基礎在運作，也就是現行規則。在現行規則下，那條滑行路徑是從11.6%到12.1%，這顯然意味著我們需要建立那樣的資本軌跡——同樣是在規則沒有變動的前提下。而你在未來看到的，會是你年初至今所看到的情況。

We managed that very balanced framework of holding capital for resilience and flexibility first, and then deploying it as you've seen us do this quarter and even in the prior quarters, supporting very strong activity or pursuing returns that are accretive and supporting our clients as well as distributing to shareholders. You can see how much of a priority it is on the basis of the progress we've made even in the last couple of quarters against our $30 billion program that we announced at Investor Day. Thank you.

我們成功建立了一個非常均衡的框架：首先持有資本以確保韌性與彈性，接著再如同你們在本季、甚至前幾季所看到的那樣加以部署——支持非常強勁的業務活動、或追求具增益性的回報、支持我們的客戶，同時也向股東進行分配。你們可以從我們在過去幾季、針對我們在投資人日宣布的300億美元計畫所取得的進展，看出這件事的優先順序有多高。謝謝。

Thank you. And just as a quick follow up here on the Markets commentary. Just to put a framework around it, you mentioned that you continue to deploy balance sheet and high returning opportunities. One of your peers that is typically quite conservative had talked about deploying capital and not having that much seasonality in the fourth quarter because of all the activity levels.

謝謝。另外就市場（Markets）的評論做個簡短追問。為了建立一個分析框架，你提到你們持續動用資產負債表，投入高回報機會。你們一位通常相當保守的同業曾談到在第四季部署資本，且因活動水準很高，第四季並沒有那麼明顯的季節性。

In terms of your comment of Markets down 20% quarter over quarter, that underpins sort of the implied high single digits ROTCE. Is that conservatism in terms of the typical seasonality, or is that more of a comment on mix in terms of you guys are still building out the equities business to a more optimized size? Just trying to unpack the Markets commentary for the fourth quarter.

就你提到市場業務季對季下滑20%而言，這支撐了隱含的高個位數ROTCE。這是基於典型季節性的保守看法，還是更多是在談組合（mix）——也就是你們仍在把股票業務（equities business）建置到更優化的規模？只是想更深入拆解你們對第四季市場業務的評論。

Erika, I think you're reading too much into it. This is just the normal seasonality that we have seen over many years between a strong third quarter and the typical fourth quarter. It's no more than that. Don't read too much into it.

Erika，我覺得你解讀得太多了。這只是我們多年來在強勁的第三季與典型的第四季之間所看到的正常季節性。僅此而已。不要過度解讀。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Thank you. Sorry about that. So a follow up on the equity side. Your prime balances are up over 40%, your revenues are up 14%. Still a pretty good gap versus the biggest peers. So maybe let's talk about where you're investing and what your aspirations are for the equities business because there's a pretty big upside if you continue to strengthen the franchise there. Thanks.

謝謝。抱歉剛剛那樣。那我在股票（equity）這邊追問一下。你們的prime balances成長超過40%，營收成長14%。相較於最大的同業，差距仍然相當明顯。所以或許談談你們正在投資的方向，以及你們對股票業務的企圖心，因為如果你們持續強化那裡的特許經營（franchise），上行空間很大。謝謝。

Yeah, look, as Andy said at Investor Day, we were late to invest in equities. And what we are systematically doing is scaling our equities business primarily by committing the resources to grow the prime balances, making the necessary investments in technology. And we see a lot of room to gain share ahead in prime. We're doing so with very diligent client selection and risk management.

是的，你看，正如Andy在投資人日所說，我們在股票業務的投資起步較晚。我們正在系統性地擴大股票業務規模，主要是透過投入資源來成長prime balances，並進行必要的科技投資。我們看到在prime領域仍有很大的市占提升空間。我們會在非常嚴謹的客戶篩選與風險管理下推進。

But the client appetite for Citi is clearly there. Clients, I meet with them all over the world, they keep telling me they want an alternative in this market, and they want that to be Citi because they know and trust us, particularly from the fixed income side over history. That gives us an easier path for expansion and our growth in equities and continued momentum there. So you'll see us steadily investing in execution. I think we feel confident in our ability to continue growing there.

但客戶對花旗（Citi）的需求顯然存在。我在全球各地與客戶會面時，他們不斷告訴我，他們希望在這個市場有一個替代選項，而他們希望那個選項是花旗，因為他們了解並信任我們，特別是我們在固定收益領域長期以來的表現。這讓我們更容易擴張，並推動股票業務的成長與持續動能。所以你們會看到我們穩步投資於執行力。我想我們對持續在那裡成長的能力很有信心。

Okay. And maybe a similar but different follow-up on the wealth side. You had some very strong net new money flows. You had good 15% investment asset growth, but I think that the Wealth fees were only up 5%. I don't know if that's a mix, get them in the door, mix them up, provide more advice, but just curious if you can provide a little color behind those trends. Thanks.

好的。那在財富管理（wealth）方面也做一個類似但不同的追問。你們的淨新增資金流入（net new money flows）非常強勁。投資資產成長15%也不錯，但我記得財富管理費用（Wealth fees）只成長了5%。我不確定這是否是組合因素——先把客戶帶進來、再提升組合、提供更多建議——但想請你們就這些趨勢補充一些說明。謝謝。

I will answer your question directly and as asked, then I will give you maybe the broader perspective on Wealth.

我會直接依你提問的方式回答，然後再給你一些可能更宏觀的財富管理觀點。

But very quickly, that's only the result of a couple of strategic decisions that we took a year ago that were lapping. So that is what is dampening that growth rate on the 5%. One that gets lapped, you are going to see a closer matching between some of the drivers and the revenue. That is kind of the simplest version, I think. Thank you for the question.

但很快地說，這只是我們一年前做出的幾項策略決策在今年形成的同比基期效應（lapping）的結果。所以這就是為什麼那個5%的成長率被壓抑。等這個基期效應過去後，你會看到某些驅動因素與營收之間更接近的匹配。我想這是最簡單的說法。謝謝你的問題。

And I think the broader piece there, we are pleased with what we are seeing in terms of momentum from our Wealth business, right? Revenue growing 15% with good expense discipline at 3%. We are accumulating several quarters of very positive operating leverage, and that is what is driving the improvement on returns, right? Returns for the business were about 7.6% a year ago, then 10.8% in the first quarter.

我想更宏觀的一點是，我們對財富管理業務目前看到的動能感到滿意，對吧？營收成長15%，同時費用控管良好，費用僅成長3%。我們已累積好幾季非常正向的營運槓桿（operating leverage），這正是推動回報改善的原因，對吧？該業務的回報一年前約為7.6%，第一季則是10.8%。

Now, this quarter and last quarter, they were a bit above 14%. So that gives us confidence that soon we will be able to get into the 15% to 20% near term target window that we spoke about at Investor Day. But yeah, the business has good momentum, good NNIA quarter, and overall, we are seeing good traction. Thank you.

而本季與上季都略高於14%。因此我們有信心，很快就能進入我們在投資人日所提到的短期目標區間：15%到20%。不過，是的，這項業務動能良好，本季淨新增投資資產（NNIA）表現也不錯，整體而言我們看到良好的進展。謝謝。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，Morgan Stanley。

So I just want to clarify the comment on the capital side. The 13.1% capital target for next year, that excludes finalization of the capital rules. Once we get finalization and maybe as you go through the stress test and you see the results of that, revisiting that 13.1% is still on the table?

我想釐清一下你們在資本方面的說法。明年的13.1%資本目標，是不包含資本規則最終定案的影響。等到規則定案，並且你們可能也完成壓力測試、看到結果之後，重新檢視13.1%仍然是可能的選項嗎？

Thank you, Manan. Good morning, and thank you for the question. To the first part of your question, yes, the 13.1%, which anchors to a minimum reg requirement of 12.1% into January of 2028, anchors to current rules. So it does not include anything related to any of the rules that are in play that some of which have been released and others haven't. But obviously, to your point, we need to see what the first run of the new set of SCB happens, and then as well as the Basel III and the G-SIB components as well.

謝謝你，Manan。早安，也謝謝你的問題。就你問題的第一部分，是的，13.1%是以2028年1月時最低監管要求12.1%為錨定，而這是以現行規則為基礎。因此它不包含任何與目前仍在推進中的規則相關的影響，其中有些已發布、有些尚未發布。但如你所說，我們顯然需要看看新一套SCB的第一次跑出來會是什麼結果，另外也要看Basel III以及G-SIB的組成項目。

So that build up between the 11.6% minimum now to the 12.1% that I was just describing, incorporates exactly and only the current rules. And the second thing I'll mention as it relates to capital, which is also not baked in, and is the part that, number one, we control, number two, I feel better about. And you can kind of see that even though it's still with old models in the release results from this year, right?

所以，從目前最低要求11.6%提高到我剛描述的12.1%之間的累積（build up），完全且僅反映現行規則。第二點我想提到的是，與資本相關、同樣沒有納入的部分：第一，我們可以控制；第二，我對此更有把握。而你們其實也能從今年公布的結果中看出一些端倪，雖然那仍是用舊模型，對吧？

You can see our SCB from the peak of 4.3% coming down over a few years into 3.6%, which is the current level, and then the latest run, which obviously doesn't count, at 3.3%. But directionally, it gives you, hopefully, the reaffirmation of the signal of what I was talking at the very beginning of the call, which is that the strategy is working. And the strategy working means we have simplified the bank quite a bit, right?

你們可以看到，我們的SCB從高點4.3%在幾年內下降到3.6%（目前水準），而最新一次跑出來的結果（顯然不算數）是3.3%。但就方向性而言，希望這能再次確認我在電話會議一開始所談到的訊號，也就是策略正在奏效。而策略奏效意味著我們已大幅簡化這家銀行，對吧？

We have increased the level of accountability.You can see the progress on returns and the proof points quarter after quarter. As you think about that, the PPNR increases, stabilizes, and the loss absorption capacity improves. And all of that is a lot more within our control, and that's what we expect over time to also flow through. Again, not considered in. Thank you.

我們提高了問責程度。你們可以逐季看到回報改善的進展與證據。在此基礎上，PPNR提升並趨於穩定，損失吸收能力也改善。而這些都更在我們可控範圍之內，我們也預期隨時間推進，這些因素會反映出來。再次強調，這些尚未被納入。謝謝。

Okay, perfect. And then just pivoting over to rates and rate sensitivity. With short-end rates moving higher in both the US and internationally, how should we think about the rate sensitivity of the business? Given the strong Services business that you guys have and the strong deposit growth there, I'm sure that drives a lot of the rate sensitivity. If you can just talk about that and how we should think about it over the next year or so.

好的，完美。接著把話題轉到利率與利率敏感度。在美國及國際上短端利率都在走高的情況下，我們應該如何看待貴公司業務的利率敏感度？鑑於你們強勁的服務（Services）業務以及那裡強勁的存款成長，我相信這在很大程度上推動了利率敏感度。如果可以的話，請談談這點，以及我們在未來一年左右應該如何看待。

Yeah, thank you. Very good question. I think maybe a couple of thoughts. The first one, let me talk for a second about the here and now, and then the going forward. In the here and now, you just saw us upgrade our guidance again of going NII ex Markets to mid to high [sixes] versus the original beginning of the year, 5% to 6%. What we said a few weeks ago that we were going to be high end of that spectrum.

是的，謝謝。非常好的問題。我想也許有幾點想法。第一點，我先談一下當下的情況，然後再談未來走向。就當下而言，你剛看到我們再次上調指引：市場業務以外的淨利息收入（NII ex Markets）預期提升至中到高個位數百分比（mid to high [sixes]），相較於年初原先的5%到6%。我們幾週前也說過，我們會落在該區間的高端。

And that gives you a sense for, again, the confidence that we have. The second piece is, as a reminder, the vast majority of the business for us is driven by client volumes. So it really is up to us having success in deepening relationships and also attracting new clients across the range of our franchise. And you saw NII ex-Markets at about 7% this quarter. You're seeing deposit growth of 11% and loans ex Markets growth of 7%. Good momentum really across the franchise there.

這也再次讓你感受到我們的信心。第二點提醒一下，我們絕大多數業務是由客戶量（client volumes）所驅動。所以關鍵在於我們能否成功深化既有關係，同時在我們整個特許經營版圖（franchise）的各個面向吸引新客戶。你也看到本季市場業務以外的淨利息收入（NII ex-Markets）約為7%。你看到存款成長11%，以及市場業務以外的放款成長7%。整個特許經營版圖的動能都相當不錯。

And when you think about a higher for longer environment, that should be for us net positive given aggregate asset sensitivity positioning that we have. Even if, of course, you have to, in the short term, absorb the OCIs, we just did. When you think about that asset sensitivity, maybe to give you a bit more color there, and hopefully not a lot more than what you bargained for, is overall that asset sensitivity you can see in our disclosures is non-USD from the structural position that we have across the world from our Services franchise.

而當你思考「高利率維持更久」（higher for longer）的環境時，考量到我們整體資產敏感度（aggregate asset sensitivity）的部位配置，對我們而言應該是淨正面。當然，即便短期內你必須吸收其他綜合損益（OCI），我們剛剛也確實承受了。談到這個資產敏感度，為了讓你更有感、也希望不會超出你原本想聽的範圍：整體而言，你在我們揭露資料中看到的資產敏感度，主要來自非美元（non-USD）的結構性部位，這些部位分布在全球各地，源自我們的服務（Services）特許經營。

And so we feel we're very well-positioned there to take advantage of the global rate hikes, many of which have already happened between February and now across the world. And then you will see also we're relatively neutral on a USD basis, at least within 12 months, because given the short duration of our portfolio, we actually do turn asset sensitive in year two and relatively quickly as those reinvestments come in.

因此，我們認為自己在這方面的定位非常好，能夠把握全球升息的機會；其中許多升息其實已經在2月到現在這段期間於全球各地發生。另外你也會看到，就美元（USD）而言，我們相對偏中性，至少在12個月內是如此；但由於我們投資組合久期較短，到了第二年，隨著再投資進來，我們其實會轉為資產敏感，而且轉變相對快速。

So net-net, all of that should put us in something that is constructive as it relates to higher for longer rates. Of course, some businesses, and you alluded to this, Services would be a large beneficiary in this particular picture. And the reason for that, even if there are, as always, some puts and takes, you have to think about the volumes and how those will play out. There will be competition for deposits. Money supply may tighten.

所以總體而言，這些因素都讓我們在「高利率維持更久」的利率環境下處於較為建設性的狀態。當然，有些業務——你也提到了——在這個情境下，服務（Services）會是主要受益者。原因在於，即便一如往常會有一些利弊權衡（puts and takes），你仍必須思考量的面向，以及這些量將如何演變。存款競爭會存在。貨幣供給可能會收緊。

And so far what we have seen is the betas are performing in line with our expectations. The team in Services, this is true also in our team in Wealth, very focused on quality and not on giving away pricing. And so that discipline pricing and discipline quality focus, even if I look at Q3 as a proof point for me, is our deposit growth in Services was faster for operating deposits than it was for the overall deposits. So that gives you a sense of how much focus Shahmir and the team have on the quality of what we are engaging with clients. Thank you.

截至目前我們看到的是，存款貝塔（betas）的表現符合我們的預期。服務（Services）團隊——我們財富管理（Wealth）團隊也是如此——非常專注於品質，而不是用讓利的方式去放棄定價。因此，這種在定價上的紀律與對品質的紀律聚焦，即便我把第三季（Q3）當作一個驗證點：我們在服務（Services）的存款成長中，營運性存款（operating deposits）的增速快於整體存款。這讓你感受到Shahmir和團隊在與客戶互動時，對我們所經營之資金品質有多麼重視。謝謝。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行（Bank of America）。

Hey, good morning. Can you hear me?

嗨，早安。你們聽得到我嗎？

Yes, we can.

是的，聽得到。

Okay. Hey, Jane. I guess the first question, just -- apologies if I missed something on the capital, on the back and forth. I think, Gonzalo, you mentioned if nothing changes on capital, the requirements obviously go up by 50 basis points. Is the point there that if the Fed finalizes rules before the end of the year, then you have better flexibility, then if they don't, like that's how we should think about it?

好的。嗨，Jane。我第一個問題——如果我在資本（capital）這段來回討論中漏聽了什麼，先說聲抱歉。我想，Gonzalo，你提到如果資本方面沒有任何改變，要求顯然會上升50個基點。你的意思是：如果聯準會在年底前定案規則，那你們就有更好的彈性；如果沒有定案，我們就應該用那樣的方式來理解嗎？

Good morning, Ebrahim. Not exactly. The way I think about it is the glide path anchors to current rules. That's on the back of our decisions also to support business growth, and that's what we're looking at. Of course, the piece on capital to your point around the rules, it's an unknown at this point, right? So we have to see the totality of the rules come through, some of which have been published, others have not yet.

早安，Ebrahim。不完全是。我的看法是：我們的「逐步調整路徑」（glide path）是以現行規則為錨定基準。這也基於我們支持業務成長的決策，而這正是我們正在關注的。當然，至於你提到的資本規則部分，目前仍是未知數，對吧？所以我們必須等整套規則完整出爐；其中有些已經發布，另一些尚未。

And even post-publishing, I think we will need to see how the models are running through the first run, because remember, it's going to be a brand-new set of components there, and not only new models, but also how market shocks are managed and handled and the scenario piece. We have to see that come through, and probably by, I think towards the middle of the year, we're going to have perfect clarity of exactly what the glide path will look like, and obviously we'll keep you updated along the way.

而且即便發布之後，我認為我們也需要看模型在第一次跑出結果時的表現，因為請記得，那將是一套全新的組成要素；不只是新模型，還包括市場衝擊（market shocks）如何被管理與處理，以及情境（scenario）相關的部分。我們必須等這些都走完流程；我想大概到年中左右，我們才會對逐步調整路徑的樣貌有完全清楚的掌握，當然我們也會在過程中持續向各位更新。

No, I wasn't implying that we'll have perfect clear vision by the end of the year, because I don't think that we will. I think we'll have some more information. But I do think that there's going to be some unknowns still, especially on the numerical front, which ultimately is what you and us want to have. Thank you.

不，我並不是在暗示我們到年底就會有完全清晰的視野，因為我不認為會。我認為我們會多一些資訊。但我也確實認為仍會有一些未知數，特別是在數字層面；而最終那正是你們和我們都想掌握的部分。謝謝。

Understood. All right. So I guess, and then somewhere in there for us to take away, there might be some volatility or tempering in the pace of buybacks, understood. And then next, just the other question on Services, we're tracking about whatever, 29%, 30% ROTCE. Jim, you talked about the strength in the business. I'm just trying to understand what brings that business from close to 30% to the mid-20s target that you'll add.

了解。好。所以我想，我們可以帶走的結論是：回購（buybacks）的節奏可能會有一些波動或放緩，了解。接著，另一個關於服務（Services）業務的問題：我們看到ROTCE大約在29%、30%。Jim，你談到該業務的強勁表現。我只是想理解，什麼因素會讓這個接近30%的業務，回到你們所提出的「中段20%」（mid-20s）的目標？

Is it just that the incremental growth will be so dilutive? Assuming rates don't do anything, like why should that go from 30% to let's say 25%?

是因為增量成長會非常稀釋（dilutive）嗎？假設利率沒有任何變化，為什麼它會從30%降到例如25%？

That's the target we have is a through the cycle target. But I think we feel very good about our Services business because we see, think of it as a cumulative business, with really four pillars of further growth at high returns. Deepening with existing clients, acquiring new clients, commercial banking alike, capturing share in some of these high growth verticals, particularly the fintech space, as well as investing in next generation platforms and solutions.

我們的目標是「穿越景氣循環」（through the cycle）的目標。但我想我們對服務（Services）業務感到非常良好，因為我們看到——把它視為一個累積型（cumulative）的業務——有四大支柱能以高報酬推動進一步成長：深化既有客戶關係、取得新客戶（也包括商業銀行客群）、在一些高成長垂直領域中提升市占，特別是金融科技（fintech）領域，以及投資下一代平台與解決方案。

And that is giving us a model that is pretty almost impossible to replicate. It is a true moat between the unrivaled global footprint, comprehensive market leading solutions, the extensive client base with ever-growing global needs, and then the indisputable scale, which is enabling us to invest significantly in the platforms in the innovation agenda. It's about $2 billion of investments a year.

而這正在給我們一個幾乎難以複製的商業模式。這是一道真正的護城河：無可匹敵的全球佈局、全面且市場領先的解決方案、擁有不斷擴張全球需求的龐大客戶基礎，以及無可爭辯的規模優勢，使我們能在平台與創新議程上進行大幅投資。每年大約是20億美元的投資。

And then you add on AI into this, which is driving further process improvements, which is developing innovative solutions for us, and also improving the client experience. So all these different elements are really translating into our ability to win new mandates, up about 40% year over year in our win rate, with minimal client attrition, sustainable revenue growth, high profitability through the cycle.

接著你再把 AI 加進來，這會進一步推動流程改善，為我們開發創新解決方案，同時也提升客戶體驗。因此，所有這些不同的要素，確實都轉化為我們贏得新委任案的能力——我們的勝率年增約 40%，客戶流失極低，營收成長可持續，且在景氣循環中維持高獲利能力。

So, to my mind, this is a wonderful business in which we are the undisputed leader in, and it will continue to go from strength to strength because we're on the front foot in it.

所以在我看來，這是一門非常出色的業務，我們在其中是無可爭議的領導者；而且因為我們在這方面採取主動、走在前面，它將會持續愈來愈強。

[Ken Houston], Autonomous.

[Ken Houston]，Autonomous。

Just one follow up on the Services side. Gonzalo, in a higher rate environment, the deposit growth has continued to be really strong, even sequentially. Do you anticipate any changes to how your clients use the balance sheet, given all the points that have already been made about just the ongoing strength and development of the platform? And within that, how much more room do you have in terms of the securities repricing, and can NII continue to outgrow deposit growth as it has been because you still have some more room there? How much more room do you still have there? Thank you.

我在服務（Services）這邊再追問一個問題。Gonzalo，在利率較高的環境下，存款成長仍然非常強勁，甚至按季也很強。鑑於先前提到的平台持續強勁與發展，你是否預期客戶使用資產負債表的方式會有任何改變？另外，在此之中，就證券重定價而言你們還有多少空間？以及淨利息收入（NII）是否仍能像過去一樣持續跑贏存款成長，因為你們似乎還有一些空間？你們那邊到底還剩多少空間？謝謝。

Thank you very much, Ken, for the question. Let me start first maybe on the NII ex-Markets deposit equation. We are -- Our NII ex-Markets this quarter was about 7% year on year vis-a-vis deposits growing at 11% and loans growing at 7%. So we're not seeing that effect of NII outgrowing the drivers at the aggregate level for the firm.

非常感謝你，Ken，謝謝你的問題。我先從「不含市場（Markets）的 NII」與存款之間的關係談起。我們——本季不含市場的 NII 年增約 7%，相較之下存款成長 11%，放款成長 7%。所以在公司整體層面，我們沒有看到 NII 跑贏驅動因素的那種效果。

That's also true in our Services business. If you look at the NII for the business -- well, the NII for the business is more or less in sync actually, I guess, for Services in particular. But that also depends on some of the interplay across the firm with Services.

在我們的服務業務也是如此。如果你看該業務的 NII——嗯，該業務的 NII 基本上其實是同步的，我想就服務而言尤其如此。但這也取決於服務與公司其他部分之間的一些相互作用。

What I would say to your question, which I think is a great question on the sustainability of growth, and we spoke about this at Investor Day and since then, one time or two, is we do expect over time for the level of growth that you're seeing, that 16% year-on-year deposit growth, to normalize a bit. We're not saying that we are going to be able to grow into eternity at 4 times money supply levels.

針對你的問題——我認為這是個很好的問題，關於成長的可持續性——我們在投資人日以及之後一兩次也談過：我們確實預期，隨著時間推移，你現在看到的那種成長水準，也就是年增 16% 的存款成長，會稍微正常化一些。我們並不是說我們能永遠以貨幣供給增速的 4 倍一直成長下去。

At the same time, what you just heard from Jane, we are very confident in the moat that we have, how embedded we are with clients. We are deploying $2 billion per year of technology investments on both propelling the core capabilities and investing in the core, but also innovating.

同時，正如你剛剛從 Jane 那裡聽到的，我們對自身的護城河、以及我們與客戶之間的深度嵌入程度非常有信心。我們每年投入 20 億美元的科技投資，一方面推動核心能力、投資核心，同時也進行創新。

If you look back the last 90 days, we would have made four or five different announcements that give you a sense that there's a lot of tech investment and capability there. And to Jane's point, the client momentum. We feel good about that NII trajectory, recognizing that, remember, this is through the cycle business. And we spoke about this at Investor Day too. The business for the nine years between 2016 and 2025.

如果你回顧過去 90 天，我們大概發布了四到五項不同的公告，讓你感受到我們在科技投資與能力建設上投入很大。而且如同 Jane 所說，客戶動能也很強。我們對 NII 的走勢感覺良好，同時也要認知到——請記得——這是一門穿越景氣循環的業務。我們在投資人日也談過這點。這項業務在 2016 到 2025 之間的九年期間。

And remember, those years had zero rates, they had medium rates, and they had high rates, and all the different flavors. And even within that, we were able to grow the business at about 8% CAGR in revenue terms, at about 6% CAGR in deposit terms. So that kind of tells you that we've pressure tested this business through different environment and weather patterns.

而且請記得，那些年份包含零利率、中等利率以及高利率，各種不同情境。即便如此，我們仍能讓該業務的營收以約 8% 的年複合成長率（CAGR）成長，存款以約 6% 的 CAGR 成長。因此，這某種程度告訴你，我們已在不同環境與景氣「天候」下對這項業務做過壓力測試。

And so that's why even though you may see moderation on the level of growth on deposits and have those normalized, as we said before, we are confident in the trajectory that we have there. Thank you.

所以這也是為什麼，即使你可能會看到存款成長的幅度放緩並回歸正常化——如同我們之前所說——我們仍對其走勢充滿信心。謝謝。

Got it. One just follow up on the earlier cost point. If you're $500 million in the second half, it's kind of pretty level between 3Q and 4Q, including the severance that you spent in the 3Q and maybe some more in the fourth. What do we need to think about in terms of jump-off points? I know we're not going to get into 2027 guidance now, but I think there's an important debate about does that run rate, do we still have the benefits of transformation and stranded coming down?

了解。我再就先前的成本點追問一下。如果下半年是 5 億美元，那麼 3Q 和 4Q 之間看起來相當持平，包含你們在 3Q 支出的資遣費，可能 4Q 還會有一些。那我們在「起跳點」（jump-off points）方面需要怎麼思考？我知道你們現在不會提供 2027 年的指引，但我認為有個重要的討論是：這個運行水準（run rate）下，我們是否仍能享有轉型效益，以及擱置成本（stranded）是否仍在下降？

Can you kind of maybe just try to put that in a box for us about how we exit this year and how we start next? Thanks.

你能否大致幫我們把它框起來：我們今年年底如何收官、明年年初如何起步？謝謝。

I think you should feel good about how we exit this year. I think we're demonstrating a lot of discipline in the expense side. We're taking down the stranded cost. You see the run rate now at the sort of $100 million a quarter level. You see the benefits of the transformation costs coming down. And you see us investing in the structural efficiencies, particularly leveraging AI and automation in a very material, tangible way to continue to drive improvements in the operating efficiency going forward.

我認為你應該對我們今年的收官狀況感到放心。我認為我們在費用端展現了高度紀律。我們正在降低擱置成本（stranded cost）。你現在看到的運行水準大約是每季 1 億美元左右。你也看到轉型成本下降所帶來的效益。同時你也看到我們在結構性效率上持續投資，特別是以非常實質、可量化的方式運用 AI 與自動化，持續推動未來營運效率的改善。

We're making investments both to grow the top line as well as to drive efficiency in the firm going forward. So I would say you should feel good about the jump-off point and the discipline that we're continuing to demonstrate.

我們同時在投資：一方面推動營收成長（top line），另一方面也提升公司未來的效率。所以我會說，你應該對這個起跳點以及我們持續展現的紀律感到放心。

Scott Siefers, TD Cowen.

Scott Siefers，TD Cowen。

I wanted to ask another rate-based question, this time just on the effect on customers. It feels like everyone's customers, yours included, have been just kind of remarkably resilient in the face of rising rates. Maybe just sort of some updated thoughts on at what point you would see higher rates affecting customer behavior more visibly.

我想再問一個與利率相關的問題，這次是關於對客戶的影響。感覺大家的客戶——包括你們的——在利率上升面前都表現得相當有韌性。想請你更新一下看法：大概在什麼時點，你會看到更高利率更明顯地影響客戶行為？

Thank you, Scott, for the question. So maybe let me go perhaps around our businesses a bit on the rate impact on customers that you're pointing to. Maybe starting with consumer. Again, these so far have been moderate increases. But I guess to your point, you're probably looking forward and thinking, what about the accumulation of higher rates if the curve plays out as currently predicted with three hikes. Right. Okay.

謝謝你，Scott，謝謝你的問題。那我或許就你提到的「利率對客戶的影響」，在我們各項業務之間稍微帶一下。先從消費金融開始。同樣地，到目前為止這些都算是溫和的升幅。但我想依你所說，你可能是在往前看，思考如果殖利率曲線如目前預測那樣出現三次升息，那麼更高利率的累積效應會如何。對。好。

Yeah, no, that makes sense. That's a fair question. I think as you see cumulative effects over time, you may start to see on the marginal segment. As a reminder for us on the consumer end, as an example, 86% of our portfolio is Prime Plus.

是的，這很合理。這是個公平的問題。我認為當你看到時間拉長後的累積效應，可能會開始在邊際客群上看到一些變化。提醒一下，就我們的消費端而言，舉例來說，我們的投資組合中有 86% 是 Prime Plus。

In addition, our strategy, because as we talked about at Investor Day, we're shifting as our clients and the market is taking us there to general purpose cards. You're seeing that in the drivers. That already tells you that mix will also be driving towards improvement in the NCL. So what you're seeing in our NCLs is both a combination of the resilience playing through, but also our risk appetite framework and our strategy working.

此外，我們的策略——正如我們在投資人日所談到的——是隨著客戶與市場的走向，我們正轉向一般用途卡（general purpose cards）。你在驅動因素中也看得到這點。這也已經告訴你，組合（mix）也會推動淨沖銷率（NCL）的改善。因此，你在我們的 NCL 看到的，是韌性所帶來的表現，加上我們的風險偏好框架與策略正在發揮作用的綜合結果。

So, you're right. I think that at some stage, probably not with a single rate hike, but if you accumulate something that is over several quarters and something that moves quite a bit higher, some of the marginal segments probably below the FICO band, they're going to feel a bit of pressure in terms of the debt payments. Maybe on the corporate end, Jane?

所以，你說得對。我認為在某個階段，可能不是單次升息就會發生，但如果累積到跨越好幾季、而且上升幅度相當明顯，一些邊際客群——可能在 FICO 分數帶以下的族群——在債務償付方面可能會感受到一些壓力。公司端方面，Jane？

Yeah. Look, on the corporate side, I think we're starting to see some of the impact. So while spreads are remaining tight in investment grade, refinancing activity should stay elevated. I think what we're seeing is the higher rate environment may impact the tenor, however.

是的。你看，在企業端，我認為我們開始看到一些影響。因此，雖然投資級利差仍然偏緊，再融資活動應該會維持在較高水準。我認為我們看到的是，較高利率環境可能會影響期限結構，不過。

But where the change may be felt more in some of the customer behavior is you've got an upcoming three-year maturity wall, and that is going to occur in a much different rate spread and liquidity environment. It could bring more high-yield issuers to the market, but it could also indicate some areas of potential stress. The behavior shift we've seen this quarter is syndicated debt and loan issuance moderated in favor of loans and revolvers because of the flexibility that they provide as rates move.

但變化可能更會在某些客戶行為上被感受到的是，你們面臨未來三年的到期高峰（maturity wall），而且那將發生在一個利差與流動性環境都大不相同的情況下。這可能會讓更多高收益發行人進入市場，但也可能顯示某些潛在壓力的領域。我們本季看到的行為轉變是：聯貸債務與貸款發行有所降溫，轉而偏向貸款與循環信貸（revolvers），因為在利率變動時它們提供了更大的彈性。

Then, of course, you turn to the broad AI ecosystem.I don't think that higher rates is going to trump the imperative to invest there. We're not seeing a slowdown in investment in the broader AI ecosystem behavior there. There's simply not enough compute. Energy remains a bottleneck requiring more investment. That's globally, not just in the US.

然後，當然，你會把視角轉向更廣泛的 AI 生態系。我不認為較高利率會壓過在那裡投資的迫切性。我們沒有看到在更廣泛 AI 生態系的投資行為出現放緩。算力根本不夠。能源仍然是瓶頸，需要更多投資。這是全球性的，不只是美國。

So obviously, we keep an eye on sentiment and the other dynamics that are happening there, but we're not anticipating a lot of shift in behavior. I would say, though, we do have the luxury at Citi that we have a very investment-grade, heavy client base on the institutional and a prime heavy on the consumer front. We have a high-quality client base. Let's leave it at that.

所以很明顯地，我們會持續關注市場情緒以及其他正在發生的動態，但我們不預期行為會有很大的轉變。不過我會說，在花旗我們有一個優勢：在機構端，我們的客戶基礎以投資級為主；在消費端，我們的客群則以優質客群為主。我們有高品質的客戶基礎。就先說到這裡。

Perfect. Thank you very much. I appreciate all that color.

太好了。非常感謝。我很感謝你提供的所有補充說明。

Chris McGratty, KBW.

Chris McGratty，KBW。

If we think about capital allocation into the lending business into '27. Given the right discussion, is there any change in where you see the best returns either by product or geography? If we think about capital allocation into the lending business into 2027, given the rate discussion, is there any change in where you see the best returns, either by product or geography?

如果我們思考到 2027 年，將資本配置到放款業務。在利率相關討論的背景下，你們對於最佳報酬的判斷，無論是按產品或按地區，是否有任何改變？如果我們思考到 2027 年，將資本配置到放款業務，在利率討論的背景下，你們對於最佳報酬的判斷，無論是按產品或按地區，是否有任何改變？

I think probably a bit early to say as you think about 2027, right? Because we, as everybody else, we have to go through our planning cycles and stare at what also was this quarter and the level of activity. The market is pretty dynamic, and Jane was just alluding to a few of the elements there with what's happening with rates. What are the reverberations? Will it impact?

我認為談到 2027 年可能還稍早，對吧？因為我們和其他人一樣，必須走完規劃週期，並仔細檢視本季的情況與活動水準。市場相當動態，而 Jane 剛才也提到其中幾個與利率變動相關的要素。會有哪些連鎖反應？會不會造成影響？

And some of the questions around the maturity wall that Jane was talking about and any supply competition. Does it impact for some projects, especially maybe outside of the AI and tech turbo boost? What if any impact does it have in other industries on some of the marginal projects? I think we have to see a bit how the fourth quarter plays out and how the rate environment also lands to have a clear picture as to into 2027.

以及 Jane 提到的到期高峰（maturity wall）相關問題，還有任何供給端競爭。這是否會影響某些專案，特別是可能在 AI 與科技加速推進之外的領域？在其他產業中，對一些邊際專案會有什麼影響（如果有的話）？我認為我們需要再觀察第四季的發展，以及利率環境最終落點，才能對 2027 年有更清晰的圖像。

What I also just remind everyone is when we're looking at capital allocation to lending, we don't think of it just as a product. There's tremendous cross-sell off our platform. This is one of the disciplines that Vis has really driven into the business and the team is how do we think of it within that lens? What I would say is we are very attentive at the moment, given it is quite a dynamic environment. Underwriting with a lot of discipline. We have a very diversified, not a concentrated, portfolio.

我也想提醒大家的是，當我們看放款的資本配置時，我們不會只把它當作單一產品來看。我們的平台能帶來非常可觀的交叉銷售。這是 Vis 真正推動並灌輸到業務與團隊的一項紀律：我們如何用這個視角來思考？我會說，鑑於目前環境相當動態，我們非常謹慎。以高度紀律進行承作（underwriting）。我們的投資組合非常分散，並非集中。

We've got rigorous limits that we're putting in place. We stress test, so if the cycles disappoint, we're in a good position around it, and we lend to companies with durable cash flows and collateral. I think we feel very good about where we're sitting right now and our ability to support clients in the growth cycle, but also to be that port in a storm if things do turn a different direction at some point.

我們也設下嚴格的限額。我們會做壓力測試，因此即使景氣循環不如預期，我們也能處於有利位置；而且我們放款給具有持續性現金流與擔保品的公司。我認為我們對目前所處的位置，以及在成長循環中支持客戶的能力感到非常有信心；同時，如果未來某個時點情勢轉向，我們也能成為風暴中的避風港。

Thank you very much.

非常感謝。

Matt O'Connor, Deutsche Bank.

Matt O'Connor，德意志銀行。

Wanted to ask on credit card, you've obviously been leaning in on the general purpose, and seeing good spend volume growth, good growth in loans. The cost of that is kind of contra revenue. How far along are you in kind of the drag of those initiatives as we think about the revenues?

想請教信用卡方面，你們顯然一直在加碼一般用途卡（general purpose），也看到不錯的消費金額成長、貸款成長。其成本某種程度上屬於抵減收入（contra revenue）。就收入的角度來看，這些措施帶來的拖累目前進行到什麼程度了？

Right. Thank you. Thanks very much, Matt, for the question. I think, maybe just to anchor for, let me start with the technical and then I'll give you the broader piece. You're correct. I think we talked about how in the NIR front there will be, especially some of the contra revenue plays through.

好的。謝謝。Matt，非常感謝你的問題。我想先用技術面的方式作為定位（anchor），然後再談更宏觀的部分。你說得沒錯。我想我們談過，在非利息收入（NIR）方面，會有一些抵減收入的項目反映出來，尤其如此。

In this particular quarter, you can see the rewards piece playing through as well as remember, we have in place some profit-sharing agreements with some of our partners. So the fact that losses are performing quite well, that some of that gets shared. Still accretive for us because we don't share 100%, but that is what has a little bit of an impact on the revenue.

在本季，你也可以看到獎勵（rewards）部分的影響；同時也請記得，我們與部分合作夥伴有利潤分成協議。因此，當損失表現相當良好時，其中一部分會被分出去。對我們仍是增益（accretive），因為我們並不是 100% 分出去，但這確實對收入有一些影響。

But to your point, when you look at the drivers and what we said about our strategy, which is the pivot towards general purpose card, and you're seeing those drivers healthy. If you look back the last two or three years, those same drivers we've been growing. If you think about a cards business, always the three engines that one thinks about is spend, borrow, and acquire.

但如你所說，當你看驅動因素以及我們對策略的說法，也就是轉向一般用途卡，你會看到這些驅動因素仍然健康。如果你回看過去兩到三年，這些相同的驅動因素我們一直在成長。如果你想信用卡業務，通常會想到三個引擎：消費（spend）、借款（borrow）與獲客（acquire）。

On all three, we've been growing at about a 5% to 6% annual rate for the last three years compounded. That's what's driving the NII. That's what gives us confidence. What I also like about it is this is a scale franchise, and we are operating at around our through the cycle targets. So whilst we are investing, and to Jane's earlier point, we're not losing the discipline on returns and on expenses as we go along. Thank you.

在這三項上，過去三年我們的年複合成長率大約是 5% 到 6%。這就是推動淨利息收入（NII）的因素，也讓我們有信心。我也喜歡的一點是，這是一個規模型特許經營（scale franchise），而我們的營運大致符合我們的跨景氣循環目標。因此，儘管我們在投資，但呼應 Jane 先前的觀點，我們在推進的同時並沒有放鬆對報酬與費用的紀律。謝謝。

And then on the private label side, it is obviously a much smaller piece of the overall business, and that has kind of been grinding down. Just remind us if there are opportunities to move some of those balances to the general purpose portfolio over time, or if there are other kind of strategic options with that business over time. Thank you.

另外在自有品牌（private label）方面，顯然它在整體業務中占比小得多，而且一直在逐步下滑。請再提醒我們：是否有機會隨時間把其中一些餘額轉到一般用途卡的投組？或者就這項業務長期而言，是否還有其他策略選項？謝謝。

Yeah. I think what we have been seeing is this shift to more of the co-brand proposition. A fair number of the partners we have been in or are in discussions about pivoting to more of a co-brand, which is in line with much of the consumer behavior. So that is one of our areas of focus there. You're right

是的。我認為我們看到的是，正在轉向更多聯名卡（co-brand）的主張。我們有相當多的合作夥伴正在或已在討論轉向更多聯名卡，這也符合許多消費者行為的趨勢。所以那是我們在這方面的重點之一。你說得對。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

I wanted to ask about the investment banking pipeline. How should we think about the pipeline for the fourth quarter?

我想請教投資銀行業務的案源（pipeline）。我們應該如何看待第四季的案源情況？

Look, I think you should feel pretty good about the pipeline. It's a solid pipeline, to say the least. The US is the center of the action for both advisory and capital markets. We're seeing a bit of pickup in Europe and Asia, but a lot of this is about the US. In terms of the pipeline, equity markets is more follow-on driven. The IPO market continues to be a bit more selective, so certainly an option for issuers with durable earnings.

你看，我認為你應該對目前的案源管線感到相當有信心。至少可以說，這是一條很扎實的管線。美國是顧問業務與資本市場兩者的核心戰場。我們看到歐洲與亞洲有些回溫，但很大一部分仍然是圍繞美國。在管線方面，股票資本市場更多是由後續增發（follow-on）所驅動。IPO 市場仍然相對更為挑選，因此對於具備可持續獲利能力的發行人而言，當然仍是一個選項。

The DCM pipeline is strong, but it's supported by clients acting before rates move higher and stay there for longer. I mentioned that we're expecting refinancing activity to stay elevated, particularly in investment grade, because the spreads are pretty tight there. As we look further out, you've got this three-year maturity wall occurring. The overall sentiment for deal-making is constructive. We're seeing continued CapEx, elevated strategic dialogues.

債務資本市場（DCM）的管線很強，但主要是因為客戶在利率上行並且在高位維持更久之前先行採取行動所支撐。我提到過，我們預期再融資活動將維持在較高水準，特別是在投資級，因為那裡的利差相當緊。再往後看，你會看到出現這個為期三年的到期高峰（maturity wall）。整體對交易活動的情緒是建設性的。我們看到資本支出（CapEx）持續、策略性對話維持在高檔。

Yeah, I would say we expect to see an above-average wallet, even if it pulls a bit back from the 2026 near record levels for the rest of the year. The bit that's quieter has been sponsors. They've continued to sit on aged assets that are just slower to monetize. But we see continued engagement with them for M&A and IPOs. As long as macro is stable, we don't see that changing.

是的，我會說我們預期今年剩餘時間的錢包份額（wallet）將高於平均水準，即便相較於 2026 年接近紀錄的高位可能會略有回落。相對比較安靜的部分是贊助商（sponsors）。他們仍持有一些存放已久、變現速度較慢的資產。但我們仍看到他們在併購（M&A）與 IPO 方面持續互動。只要總體環境穩定，我們不認為這會改變。

Thanks for that. And then I also wanted to ask about the AI infrastructure build out. In what ways is Citi participating in or not in the financing of this build out and talk about the appetite Citi has for it?

謝謝你的說明。接著我也想問一下 AI 基礎設施建置。花旗在這項建置的融資上有哪些參與或未參與之處？也請談談花旗對此的承作意願（appetite）？

Yes. The tech and the related AI activity has been very busy for us. If you look at it, we were in equity capital markets. We're involved in the lead roles on SK Hynix and Intel in equity capital markets this quarter. Same in DCM. We're on 17 of the top 25 investment-grade deals, including the lead left in the largest-ever high-yield bond issue that was for SoftBank. So we have been very active in the AI space, really across the board, financing, advisory, and helping advise clients on how they can be growing.

是的。科技以及相關的 AI 活動對我們來說一直非常忙碌。如果你看，我們在股票資本市場（ECM）方面。本季我們在股票資本市場中，於 SK 海力士（SK Hynix）與英特爾（Intel）的案子上擔任主辦角色。在 DCM 也是一樣。我們參與了前 25 大投資級交易中的 17 宗，其中包括軟銀（SoftBank）史上最大高收益債券發行案的主承銷（lead left）。因此我們在 AI 領域確實非常活躍，幾乎是全方位，包括融資、顧問，以及協助客戶規劃如何成長。

Kunpeng Ma, China Securities.

馬鯤鵬，中國證券。

I have a question on the Services business. It's a very good time for global transaction banking, but I'm wondering if we could have some color from the client side. I mean, what kind of client activities and client demands supporting this kind of very good, strong performance, and also how about the sustainability of that kind of typical client demands? Thank you.

我有一個關於服務（Services）業務的問題。現在對全球交易銀行（global transaction banking）來說是非常好的時機，但我想知道能否從客戶端的角度提供一些補充說明。也就是說，哪些類型的客戶活動與客戶需求支撐了這種非常亮眼、強勁的表現？另外，這類典型客戶需求的可持續性如何？謝謝。

Well, if you think about what do our clients need, they're looking at liquidity, payment, custody, solutions across the board and across the world. They're looking for increasingly always-on, real-time, interoperable, efficient, and secure solutions for their cash management, for their custody, and all of their liquidity and payment needs. So it's a little bit of they want to have their cake, eat it without putting on the calories.

嗯，如果你想想我們的客戶需要什麼，他們在尋求流動性、支付、託管，以及全球範圍內的整體解決方案。他們越來越希望在現金管理、託管，以及所有流動性與支付需求上，獲得隨時在線（always-on）、即時（real-time）、可互通（interoperable）、高效率且安全的解決方案。所以有點像是他們想魚與熊掌兼得，而且還不想增加熱量。

And we're in a position to provide that comprehensive market-leading set of solutions to those clients holistic needs. We're seeing the client base growing a lot as we get new high-growth verticals coming in, particularly in the fintech space and some of the digital asset players. But also we've seen it in e-commerce. As the world gets more fragmented, ironically, we're seeing a lot more activity, clients moving money differently around the world.

而我們有能力為這些客戶的整體需求提供一套全面、具市場領先地位的解決方案。隨著新的高成長垂直領域加入，我們看到客戶基礎成長很快，特別是在金融科技（fintech）以及部分數位資產業者。但我們也在電子商務看到同樣情況。隨著世界變得更碎片化，諷刺的是，我們反而看到更多活動——客戶以不同方式在全球調度資金。

We're seeing clients connecting the Middle East to Asia in a way that didn't happen five years ago, or Latin America to Asia. That had not been a major corridor that's been growing, in addition to all the usual ones that we see. The client base is really ripe for a platform like Citi's, and that's where we're seeing very little client attrition. We're seeing a lot of growth and deepening with existing clients, but we're also excited to see a lot of new client acquisition coming through as well.

我們看到客戶把中東與亞洲連結起來，這在五年前並不常見；或是拉丁美洲與亞洲之間的連結。那過去並不是一條主要且成長中的走廊，此外還有我們一向看到的那些傳統走廊。客戶基礎對像花旗這樣的平台而言非常契合，因此我們看到客戶流失非常少。我們看到與既有客戶的業務量成長與關係深化，同時也很高興看到大量新客戶的取得也在持續發生。

Thank you. Very helpful. May I have a quick follow-up on the digital assets you just mentioned about -- those guys are very active, like stablecoins, like other ways, and other kind of digital assets. I'm wondering if you can share some color with us about the contribution of such kind of digitalization or chain of such kind of activities. Yeah.

謝謝。非常有幫助。我可以就你剛提到的數位資產快速追問一下嗎——那些業者非常活躍，例如穩定幣（stablecoins）、其他方式，以及其他類型的數位資產。我想知道你是否能和我們分享一些這類數位化或這類活動鏈條對業績貢獻的補充說明。是的。

Yeah. So I think the area that we've been seeing, it goes back to what is the client need? Now, ideally, they want an efficient, secure way to move their money around as much in an instant and always-on mode. That really does look at a connection between the fiat world and the stablecoin. That's the interoperability point being important and the choice that we give our clients.

好的。所以我認為我們看到的重點領域，還是回到客戶需要什麼？理想情況下，他們希望以高效率且安全的方式，在即時與隨時在線的模式下調度資金。這確實會牽涉到法幣世界與穩定幣之間的連結。這就是互通性（interoperability）這個點的重要性，以及我們提供給客戶的選擇。

Our idea is let's give the clients a choice between all the different platforms and capabilities, and then they can choose which is the best for their particular need. There's not a one-size-fits-all here. As I've said before, the Citi Token Services and the tokenization in deposits is probably the area we've been most excited about because it's so easy for a client to move money from one account within Citi to another, taking advantage of our blockchain.

我們的想法是：讓客戶在各種不同平台與能力之間有選擇，然後他們可以選擇最符合其特定需求的方案。這裡沒有一體適用（one-size-fits-all）的解法。如我之前所說，Citi Token Services 以及存款代幣化（tokenization in deposits）可能是我們最感到興奮的領域，因為客戶可以非常容易地在花旗內部不同帳戶之間移轉資金，並利用我們的區塊鏈。

This is a capability now operating in seven markets around the world. It also connects into our 24/7 clearing capabilities. That means it's not only instant, always on between Citi accounts, but connects into 300 banks who are our peers around the world. That's a fabulous proposition for a client. What we'd see less on stablecoin, honestly, I think that's the nature of our client base.

這項能力目前已在全球七個市場運行。它也與我們的 24/7 清算能力相連結。這表示它不僅能在花旗帳戶之間做到即時、隨時在線，還能連結到全球 300 家與我們同業的銀行。對客戶而言，這是一個非常有吸引力的主張。坦白說，我們在穩定幣方面看到的相對較少，我想這也反映了我們客戶基礎的特性。

Stablecoin is a bit more clunky. There's more complexity in compliance, accounting, and tax for moving money around the world with it, whereas tokenization provides them the least hassle and easiest way to do it. That's why we've been seeing more growth there. Obviously in custody, with digital asset custody and our platform going live later this year, this will be an area that we will be a one-stop shop in custody, and that will include for coin.

穩定幣相對比較笨重。用它在全球移轉資金，在合規、會計與稅務上更為複雜；相較之下，代幣化能讓客戶以最少的麻煩、最簡單的方式完成。這也是為什麼我們看到那一塊成長更快。當然在託管方面，隨著數位資產託管以及我們的平台在今年稍晚上線，這將會是一個我們能提供一站式託管服務的領域，其中也會包含加密幣（coin）。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行（Wells Fargo）。

I'd like to return back to the implication of AI on Citigroup. Is Citi an AI victim or beneficiary, and the victim is the AI scare trade, that your deposits will flow out of Citigroup due to more advanced cash sorting? Maybe you can address that part of the question with how much you spend on cybersecurity, what you spend to protect customers' privacy and identity.

我想回到 AI 對花旗集團的影響。花旗是 AI 的受害者還是受益者？所謂受害者，是指市場對 AI 的恐慌交易（AI scare trade），也就是因為更先進的現金分流/資金排序（cash sorting），你的存款會從花旗流出。也許你可以就這部分回答一下：你們在資安（cybersecurity）上花多少錢、以及你們投入多少資源來保護客戶的隱私與身分。

On the other side of that is how you can deploy AI for additional efficiencies. I saw you move to the top 10, moved up a lot of places in the most recent AI survey. If you could just describe what you have done on an enterprise level or how you are getting benefits out of AI. Thank you.

另一方面則是你們如何部署 AI 以帶來額外效率。我看到你們在最新的 AI 調查中進入前 10 名，名次也上升了很多。如果可以的話，請描述一下你們在企業層級做了哪些事情，或是你們如何從 AI 中獲得效益。謝謝。

Okay. I was offended that we were merely in the top 10. I think you have grossly understated where we should be, Mike, but I am sure we will talk about that later. We are deploying AI at scale with measurable results. Let me talk about the benefits first, then I will talk a bit about the cybersecurity side.

好的。我對於我們只是名列前十感到不滿。我認為你嚴重低估了我們應該處於的位置，Mike，但我相信我們稍後會再談這件事。我們正在以可衡量的成果大規模部署 AI。我先談談效益，接著再簡要談一下資安面。

I think we have talked about, one, we are supporting our clients on the build-out and the transformation of their businesses. So we are capturing a significant share of the activity of our clients as that ecosystem is mobilizing capital at pace.

我想我們已經談過，第一，我們正在支持客戶進行其業務的建置與轉型。因此，隨著該生態系以快速節奏動員資本，我們正在掌握客戶活動中相當可觀的份額。

The second is our own adoption of AI, and that is both earning and saving us money. We are tangibly improving productivity and efficiency through the bank. Let me give you a couple of examples. AI is accelerating our product development life cycle, so we are launching new products at lower cost and at faster speed.

第二是我們自身對 AI 的採用，這同時在為我們賺錢並替我們省錢。我們正在全行切實提升生產力與效率。我舉幾個例子。AI 正在加速我們的產品開發生命週期，因此我們能以更低成本、更快速度推出新產品。

We are typically seeing about 30% to 40% increase in the speed with which we are launching products. Another example, 14,000 of our engineers use our main agentic coding tool, Devin. That makes it much more efficient for us to do the work in-house. So we have been insourcing work. We have reduced our tech vendor spend by 30% year over year as a consequence, and that has still got a long way to run.

我們通常看到產品推出速度提升約 30% 到 40%。另一個例子是，我們有 14,000 名工程師使用我們主要的代理式（agentic）程式碼撰寫工具 Devin。這讓我們在內部完成工作更有效率。因此我們一直在把工作內製化。因此我們的科技供應商支出年減 30%，而且這還有很大的下降空間。

Then probably the big one, around 100 of our most manual processes have or are being re-engineered end to end, leveraging AI and automation. This is a firm-wide systematic program. It is a very important pillar of the structural efficiencies that will further improve our operating efficiency in the near term.

接著可能是最大的一項：我們約有 100 個最仰賴人工的流程已經或正在進行端到端的再工程，運用 AI 與自動化。這是一個全公司系統性的計畫。這是結構性效率的重要支柱，將在短期內進一步提升我們的營運效率。

This year alone, we are seeing the financial benefits from AI and automation significantly outweigh the investments we have made year-to-date, and that will only accelerate in coming years because having made the investment, the benefits just will recur year after year, and we will keep improving on them. Then we are also using AI to generate revenue and improve the client experience.

僅今年，我們看到 AI 與自動化帶來的財務效益已顯著超過我們截至目前的投資，而且未來幾年只會加速，因為一旦完成投資，效益就會年復一年地重複出現，而我們也會持續加以改善。此外，我們也在使用 AI 來創造營收並改善客戶體驗。

Earlier days still on the revenue generation, but like in Services, our AI tools for our client service agents are live in 82 countries. Response times have improved for our clients by 21%. Client satisfaction scores are better. You have heard us talk about Citi Sky in pilot now in our Wealth franchise. So AI is happening all across our firm, and it is helping us earn, and it is helping us save money.

在營收創造方面仍屬較早期階段，但例如在 Services，我們提供給客戶服務專員的 AI 工具已在 82 個國家上線。客戶回應時間改善了 21%。客戶滿意度分數也更好。你們也聽過我們提到 Citi Sky 目前正在我們的財富管理業務進行試點。因此，AI 正在我們全公司各處落地，既幫助我們賺錢，也幫助我們省錢。

In terms of making us safer, we continue to invest in leading-edge capabilities to bolster our cyber defenses, and we're deploying AI responsibly. On the cyber front, look, AI is tremendously exciting, but AI does put powerful tools in the hands of bad actors. If we're going to innovate at speed, we have to manage risk at speed and retain trust.

就讓我們更安全而言，我們持續投資於領先的能力以強化我們的網路防禦，並且負責任地部署 AI。在資安方面，坦白說，AI 非常令人振奮，但 AI 也把強大的工具交到不法分子手中。如果我們要以高速創新，就必須以高速管理風險並維持信任。

I'm very happy with how we're deploying the frontier models securely through a structured harness across our entire perimeter. We're identifying and addressing vulnerabilities at speed and scale and working closely with our peers and the leaders of major industries to make sure that defenses cross industries too because unfortunately, AIs were arriving in a world that's deeply interconnected. I am not worried about deposit flight risk in Services.

我對於我們如何透過一個結構化的防護框架，在整個邊界範圍內安全地部署前沿模型感到非常滿意。我們正以速度與規模識別並處理弱點，並與同業及各大產業的領導者密切合作，確保防禦也能跨產業協同，因為不幸的是，AI 正是在一個高度互聯的世界中到來。我不擔心 Services 的存款外流風險。

The benefit that we have of just this, so hard to replicate the network we've got the multiple dimensions of it, but you can see we demonstrate constantly we're at the forefront and the cutting edge of applying those innovations and the new capabilities to disrupt ourselves, to advance our proposition to clients, and that's why we just have this very high win rate and continually bringing in new clients and new business onto the platform with very little attrition.

我們所擁有的優勢就在於此——我們的網路及其多個面向極難被複製；但你可以看到，我們持續展現自己站在最前沿、最尖端，將這些創新與新能力用來自我顛覆、提升我們對客戶的價值主張；這也是為什麼我們的勝率非常高，並且持續把新客戶與新業務導入平台，而流失率非常低。

You're always worried. My job is to worry, but my job is also to make sure that we do something about that, and we're doing that in a very constructive and a way that retains trust.

你永遠都會擔心。我的工作就是擔心，但我的工作也包括確保我們會採取行動，而我們正以非常建設性的方式在做這件事，並以能維持信任的方式來推進。

And there are no further questions. I will turn the call over to Margo Pilic for closing remarks.

沒有其他問題了。我將把電話會議交給 Margo Pilic 作結語。

Thank you, operator. Thank you all for joining us today. We look forward to speaking with you and addressing any follow-up questions you have.

謝謝接線員。謝謝各位今天加入我們。我們期待與各位交流，並回覆你們任何後續問題。

This concludes the Citi third-quarter 2026 earnings call. You may now disconnect.

以上為花旗 2026 年第三季財報電話會議。您現在可以掛線。