花旗銀行 (C) 2021 Q4 法說會逐字稿

Hello, and welcome to Citi's Fourth Quarter 2021 Earnings Review with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions) Ms. Landis, you may begin. .

您好，歡迎收聽花旗集團 2021 年第四季財報回顧電話會議，由執行長 Jane Fraser 與財務長 Mark Mason 出席。今天的會議將由花旗投資人關係主管 Jen Landis 主持。（接線員指示）另外提醒各位，本次電話會議將於今日錄音。（接線員指示）Landis 女士，您可以開始。.

Thank you, operator. Good morning, and thank you all for joining us. 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 SEC filings.

謝謝，接線員。各位早安，感謝大家加入。我想提醒各位，今天的簡報可於我們的網站 citigroup.com 下載，內容可能包含前瞻性陳述，係基於管理階層目前的預期，並可能因不確定性及情勢變化而有所變動。由於多項因素，實際結果可能與這些陳述有重大差異，包括我們向美國證券交易委員會（SEC）申報文件中所述之因素。

With that, I'll turn it over to Jane.

接下來我把時間交給 Jane。

Thanks, Jen, and happy new year, everyone. I am delighted to join you again today. Well, we've been busy, and we have a lot to talk about today. I'm going to start with an update on our strategy refresh. Then I'll share my thoughts on our fourth quarter and end on all the progress that we've made against our major priorities.

謝謝，Jen，也祝大家新年快樂。我很高興今天再次與各位相聚。我們一直很忙，今天有很多內容要談。我將先就我們的策略更新（strategy refresh）提供最新進展，接著分享我對第四季表現的看法，最後總結我們在各項主要優先事項上所取得的進展。

As you saw earlier this week, we announced that we intend to focus our franchise in Mexico solely on our institutional and wealth management businesses, and therefore, to exit the consumer small business and middle-market banking operations there. This was not a decision we took lightly. We took a clinical look at our franchise in Mexico, and we drew the hard conclusion that the noninstitutional businesses do not fit our new strategic direction. Now to be clear, these are terrific, they're scaled, high-returning franchises, but our strategic goal is to invest in businesses that are fully aligned with our core strengths and to simplify our firm.

如同各位本週稍早所見，我們宣布，計畫將在墨西哥的業務重心聚焦於機構業務與財富管理業務，因此將退出當地的消費金融、小型企業及中型市場（middle-market）銀行業務。這並非輕率做出的決定。我們以嚴謹、客觀的方式檢視了在墨西哥的業務版圖，並做出艱難結論：非機構業務不符合我們新的策略方向。需要說明的是，這些都是非常出色、具規模且高報酬的業務，但我們的策略目標是投資於與核心優勢完全一致的業務，並簡化本公司。

As we did the work, it was also clear that there continues to be a tremendous opportunity for our Institutional Clients Group in Mexico. Citi is Mexico's leading institutional bank. We've served corporate clients and investors there for almost a century, and that isn't going to change. Mexico has a bright future, and we are committed to playing an important role in building it. We expect Mexico will be a major recipient of global investment and trade flows in the years ahead. Therefore, we plan to maintain a significant, locally licensed bank there and invest to capture growth in a core and high-returning hub of our institutional network.

在進行相關工作時，我們也清楚看到，花旗在墨西哥的機構客戶事業群（ICG）仍有極為龐大的機會。花旗是墨西哥領先的機構銀行。我們在當地服務企業客戶與投資人已近一個世紀，這點不會改變。墨西哥前景光明，我們承諾在其建設未來的過程中扮演重要角色。我們預期未來數年墨西哥將成為全球投資與貿易資金流的重要受益者。因此，我們計畫在當地維持一家具重要規模、取得本地執照的銀行，並加大投資，以在我們機構網路的核心且高報酬樞紐中掌握成長。

This won't be a simple transaction. We have spent the last several months working through how to get the best results for our shareholders and be true to our local stakeholders. We will begin the separation process immediately and expect to begin the sales process in the spring. And of course, there will be an opportunity to return excess capital from the transaction to our shareholders.

這不會是一筆簡單的交易。過去幾個月，我們一直在研擬如何為股東爭取最佳結果，同時也忠於我們在地利害關係人的期待。我們將立即啟動分拆流程，並預期於春季開始啟動出售流程。當然，這筆交易也將帶來把多餘資本回饋給股東的機會。

This is our final decision in terms of market exits as we conclude our strategy refresh and approach Investor Day.

隨著我們完成策略更新並接近投資人日，這將是我們在市場退出（market exits）方面的最後一項決定。

I'm really looking forward to talking to you about the future Citi on March 2. Today, we are going to talk you through the changes we're making to align our organization and financial reporting with our refreshed strategy. Now these changes will also allow us to reduce structural complexity and its associated costs. Amongst other things, this is going to help make Citi easier for our investors to understand. You'll be able to see and assess more simply the core businesses that make up Citi going forward.

我非常期待在 3 月 2 日與各位談談未來的花旗。今天，我們將帶各位了解我們為了與更新後的策略一致，而對組織架構與財務揭露所做的調整。這些調整也將使我們得以降低結構性複雜度及其相關成本。除此之外，這也將有助於讓投資人更容易理解花旗。各位將能更清楚、更簡單地看見並評估未來構成花旗的核心業務。

First, we're creating a new personal banking and wealth management segment, which will be run by Anand Selva. This will consist of 2 distinct reporting units: our U.S. personal banking businesses; and our global wealth management business, which is going to include the private bank.

第一，我們將成立新的「個人銀行與財富管理」事業群，由 Anand Selva 領導。該事業群將包含兩個獨立的揭露單位：我們的美國個人銀行業務；以及我們的全球財富管理業務（將包含私人銀行）。

Second, on the institutional side of the house, which will continue to be run by Paco Ybarra. We will begin reporting under 3 units: services, banking and markets. Services will include Treasury and Trade Solutions and Securities Services, and this reflects just how important we believe these businesses are to Citi's future.

第二，在機構業務方面，仍將由 Paco Ybarra 領導。我們將開始以三個單位進行揭露：服務（services）、銀行（banking）與市場（markets）。服務將包含財資與貿易解決方案（Treasury and Trade Solutions, TTS）以及證券服務（Securities Services），這也反映我們認為這些業務對花旗未來的重要性。

Finally, we will create a new segment, Legacy Franchises, which will house all the businesses we intend to exit. We're going to begin reporting our financials along these segments and reporting units no later than the second quarter to ensure you have the information you need to measure our progress and hold us accountable, and we really look forward to sharing our strategy and plans for how these businesses will work together and deliver for our shareholders on Investor Day in March.

最後，我們將成立新的事業群「傳承業務（Legacy Franchises）」，用以納入所有我們計畫退出的業務。我們將最遲於第二季開始依上述事業群與揭露單位呈報財務資訊，以確保各位擁有衡量我們進展並要求我們負責所需的資訊。我們也非常期待在 3 月的投資人日分享我們的策略與計畫，說明這些業務將如何協同運作，並為股東創造價值。

Now turning to earnings. We had a decent end to 2021. As you can see on Slide 2, we closed out the quarter with net income of $3.2 billion and EPS of $1.46. That includes a $1.2 billion hit to EBIT primarily related to the wind down of our Korean consumer business. Excluding those impacts, our net income would be $4.2 billion with an EPS of $1.99. Our net income for the full year of $22 billion reflects an improved credit environment and we had a resulting RoTCE of 13.4%.

接著談到獲利表現。2021 年我們收尾表現尚可。如投影片 2 所示，本季淨利為 32 億美元，每股盈餘（EPS）為 1.46 美元。其中包含對 EBIT 造成 12 億美元的衝擊，主要與我們縮減韓國消費金融業務相關。若排除這些影響，淨利將為 42 億美元，EPS 為 1.99 美元。全年淨利 220 億美元反映信用環境改善，並帶來 13.4% 的有形普通股權益報酬率（RoTCE）。

In ICG, we had another strong quarter in investment banking and gained share for the year in M&A. And we continue to make significant investments in talent, and we see a very solid pipeline of transactions ahead of us.

在 ICG 方面，我們的投資銀行業務再度繳出強勁的一季，且在全年併購（M&A）業務中提升了市占。我們也持續大幅投資於人才，並看到未來交易案源管線非常穩健。

Now while we could have had a better balanced performance in fixed income in the quarter, equities finished 2021 up 25% for the year. The rebound TTS has seen in trade flows and cash volumes was not quite enough to offset the current rate environment, but it bodes well for 2022. Indeed, we think the cycle has turned for this business and it is poised to benefit as monetary policy changes and growth accelerates. You've heard Mark and I talk about improving the revenue mix of our institutional businesses as a priority, and it's yielding results with another quarter of strong momentum in fee growth across products.

此外，雖然本季固定收益業務的表現本可更為均衡，但股票業務在 2021 年全年仍上漲 25%。TTS 在貿易流量與現金量方面的回升，尚不足以完全抵消目前的利率環境影響，但這對 2022 年是正面訊號。事實上，我們認為該業務的循環已經轉向，隨著貨幣政策變化與成長加速，將有望受益。各位也聽過我與 Mark 將改善機構業務的營收組合作為優先事項，而這正持續產生效果：各產品的費用收入成長再度展現強勁動能。

Parts of our consumer businesses are still weathering COVID's disruptive impact on customer behavior. In the U.S., strong purchase sales continued to be offset by elevated payment rates, but we did see loans increase in branded cards this quarter. Deposits and AUM continued to grow, with digital deposits up nearly 20% for the full year. For the year, we returned nearly $12 billion in capital to our shareholders and we grew our tangible book value per share by 7% to $79.16. We ended the year with a CET1 ratio of 12.2% on a standardized basis as we built the capital needed to absorb the impact of SACR. Now keep in mind, that regulatory change didn't take effect until January 1. While this caused us to temporarily pause our stock buyback, we will resume buybacks this quarter now that, that impact has been addressed.

我們的部分消費金融業務仍在承受 COVID 對客戶行為造成的干擾影響。在美國，強勁的刷卡消費銷售仍被偏高的還款率所抵消，但本季我們確實看到聯名品牌卡（branded cards）放款增加。存款與資產管理規模（AUM）持續成長，全年數位存款成長接近 20%。全年我們向股東返還近 120 億美元資本，並將每股有形帳面價值提升 7% 至 79.16 美元。我們以標準法計算的 CET1 比率在年底為 12.2%，因我們建立了吸收 SACR 影響所需的資本。請記住，該監管變更直到 1 月 1 日才生效。雖然這使我們暫時暫停股票回購，但在相關影響已處理後，我們將於本季恢復回購。

Finally, as Slide 3 shows, we are executing and delivering against our priorities: the strategy refresh, the transformation and our culture, and we are doing so with a real sense of urgency. First, on the strategy. We are laser focused on swiftly and successfully implementing the strategic decisions we made over the past year to improve returns to our investors. We have signed deals in 6 of the Asia consumer markets including the agreement to sell 4 markets that we announced yesterday. This means that within 8 months of making the decision to exit these 13 businesses, we have a clear path in a majority of them, and we are well into the process in the remaining markets.

最後，如投影片 3 所示，我們正以高度緊迫感執行並交付各項優先事項：策略更新、轉型與文化。首先在策略方面，我們高度聚焦於迅速且成功地落實過去一年所做的策略決策，以提升投資人報酬。我們已在亞洲 6 個消費金融市場簽署交易，包括昨日宣布的出售其中 4 個市場的協議。這表示在決定退出這 13 項業務後的 8 個月內，我們已在多數業務上取得明確路徑，並在其餘市場的流程中也已進展良多。

In Korea, we were decisive in determining the best path for our shareholders was to wind down our consumer operation, and we're able to get most of that charge behind us this quarter. Another area where we haven't wasted any time is wealth management, where we grew our ranks by a net 800 advisers relationship managers and others over the course of the year. They helped us add about 750 private bank clients and 45,000 Citi Gold clients in 2021.

在韓國，我們果斷判定對股東而言最佳路徑是縮減消費金融營運，並在本季得以將大部分相關費用認列告一段落。另一個我們也毫不拖延的領域是財富管理：全年我們淨增加 800 名顧問、客戶關係經理及其他人員。他們協助我們在 2021 年新增約 750 名私人銀行客戶，以及 45,000 名 Citi Gold 客戶。

In what we've known as U.S. Personal Banking, we've seen good uptake of new products such as the custom cash card, and we've been building out digital platforms to capture opportunities in installment lending. And in addition to the progress we're seeing in TTS, we've also been building out our security services platform. We couldn't be more pleased to deepen our relationship with BlackRock by becoming the largest custodian for their iShares ETF.

在我們所熟知的美國個人銀行業務中，我們看到新產品（例如自訂現金回饋卡）的採用情況良好，並且我們一直在建置數位平台，以掌握分期貸款的機會。除了我們在 TTS 看到的進展之外，我們也在建置我們的證券服務平台。我們非常高興能透過成為貝萊德 iShares ETF 的最大託管行，進一步深化與貝萊德的合作關係。

Second priority, we continue to execute on our transformation agenda in order to demonstrably strengthen our risk and controls as well as modernize our bank for a digital world. This work, it's foundational for everything we want to achieve. We are enhancing our operating model to improve long-term efficiency and our service to clients.

第二項優先事項，我們持續推進轉型議程，以可明確驗證地強化我們的風險與控制，同時讓本行現代化以因應數位世界。這項工作是我們想要達成一切目標的基礎。我們正在強化營運模式，以提升長期效率並改善對客戶的服務。

As it relates to the consent orders, we are deep into execution mode. We continue to be in constructive dialogue with our regulators as we get their feedback and incorporate it into our ongoing execution and project plans.

就同意令而言，我們已深入進入執行模式。我們持續與監管機構進行具建設性的對話，在取得其回饋後，將其納入我們持續進行的執行與專案計畫中。

Third, and relatedly, we are building a culture that expects excellence and demands accountability. We're driving this effort in a variety of ways, including a more robust performance management process at this past year-end, shifting the mix of compensation to better align with shareholders' interests and various culture-changing initiatives. A culture of excellence also means creating a record of achievement that our people can be proud of.

第三項，且與前述相關，我們正在建立一種期待卓越並要求問責的文化。我們透過多種方式推動這項工作，包括在去年年底採用更健全的績效管理流程、調整薪酬結構以更好地與股東利益一致，以及各項文化變革倡議。卓越文化也意味著創造一份讓我們的員工引以為傲的成就紀錄。

One area that our people take particular pride in is our ESG efforts. Later this month, we will share with you our plan to reach net zero by 2050, a commitment I made on my first day as CEO 10 months ago. And of course, we are going to do all this with a singular focus on our clients as we help them navigate COVID. We certainly hope Omicron is the final disruptive phase of this pandemic, but there are also quite a few other issues to navigate, whether macroeconomic, such as inflation, or geopolitical such as tensions with Russia. We have seen the resilience and the importance of Citi as we supported our clients through unchartered waters, and we will be with them in the next chapter as well.

我們員工特別引以為傲的一個領域是我們的 ESG 工作。本月稍晚，我們將與各位分享我們在 2050 年前達成淨零的計畫，這是我在 10 個月前就任執行長第一天所做出的承諾。當然，我們也將以對客戶的單一聚焦來完成這一切，協助他們因應 COVID。我們當然希望 Omicron 是這場疫情最後一個具破壞性的階段，但仍有不少其他議題需要應對，無論是總體經濟面的，例如通膨，或是地緣政治面的，例如與俄羅斯的緊張局勢。在我們協助客戶度過未知水域的過程中，我們看到了花旗的韌性與重要性，而在下一個篇章中，我們也將與他們同在。

So now I'd like to turn it over to Mark, and then we would be delighted to take your questions.

接下來我想把時間交給 Mark，之後我們也很樂意回答各位的問題。

Thanks, Jane, and good morning, everyone. We have a lot to cover on today's call. I'm going to start by walking you through the financial reporting changes we plan on making in more detail. Then I'm going to walk you through the 2021 financial impact from the 13 Asia market exits as well as Mexico, and changes we are making to our financial disclosure. And then finally, the quarterly results.

謝謝你，Jane，各位早安。今天的電話會議有很多內容要涵蓋。我將先更詳細地帶各位了解我們計畫進行的財務報導變更。接著我會說明 13 個亞洲市場退出以及墨西哥相關事項對 2021 年財務的影響，以及我們對財務揭露所做的變更。最後，則是季度業績。

As part of our strategy refresh, we've started to make changes to better align with our vision and strategy. We refreshed our earnings presentation and included additional metrics and key drivers for the ICG businesses. Our goal is to simplify our financial reporting to make it much easier for our investors to understand our performance and our key assets.

作為我們策略更新的一部分，我們已開始進行變更，以更好地與我們的願景與策略一致。我們更新了盈餘簡報，並為 ICG 業務納入額外的指標與關鍵驅動因素。我們的目標是簡化財務報導，讓投資人更容易理解我們的表現與關鍵資產。

Turning to Slide 4, we lay out the details of the changes in the financial reporting that Jane mentioned. First, we intend to move the consumer, small business and middle market banking operations of Citibanamex, and the 13 Asia consumer exits under a new segment called Legacy Franchises. This will allow you to better understand the financials of the remaining company that will exist post these exits. We've experienced managing businesses being divested and are putting a dedicated team in place to manage the new segment. This will free up the management teams of the go-forward businesses to fully focus on executing on the firm's strategy.

請看第 4 張投影片，我們列出了 Jane 所提到的財務報導變更細節。首先，我們計畫將 Citibanamex 的消費者、小型企業與中型市場銀行業務，以及 13 個亞洲消費者退出市場，歸入一個名為「Legacy Franchises（既有特許經營）」的新分部。這將讓各位更清楚了解在完成這些退出後仍將存在之公司的財務狀況。我們在管理待出售業務方面已有經驗，並將成立一個專責團隊來管理這個新分部。這也將使未來持續經營業務的管理團隊能夠完全專注於執行本公司的策略。

Second, we are reorganizing our reporting units to help you better understand the financials of our businesses and the value they bring to Citi. Starting with ICG, we will move TTS and security services to a reporting unit called Services. These businesses are foundational for us as they have a unique position given their global footprint and full suite product offering. Markets will, therefore, no longer include security services and instead will only include equity and fixed income markets.

第二，我們正在重整報導單位，以協助各位更好地理解我們各項業務的財務狀況以及它們為花旗帶來的價值。從 ICG 開始，我們將把 TTS 與證券服務移至一個名為「Services（服務）」的報導單位。這些業務對我們而言是基礎性的，因其憑藉全球布局與完整的產品組合而具備獨特地位。因此，Markets 將不再包含證券服務，而僅包含股票與固定收益市場業務。

And lastly on ICG, banking will only include advisory, equity underwriting, debt underwriting and corporate lending. The Global Consumer Bank, GCB, will be renamed Personal Banking and Wealth Management, PBWM. The Private Bank will move from ICG to PBWM. As a reminder, we announced in January of last year that we created a single wealth management organization under Citi Global Wealth, now called Global Wealth Management, which is a distinct reporting unit. The creation of this unit unifies the wealth management teams creating a single, integrated platform serving clients across the wealth continuum from the affluent segment to the ultra-high net worth clients.

最後，就 ICG 而言，Banking 將僅包含顧問服務、股權承銷、債務承銷與企業放款。Global Consumer Bank（GCB）將更名為 Personal Banking and Wealth Management（PBWM）。Private Bank 將從 ICG 移至 PBWM。提醒各位，我們在去年 1 月宣布在 Citi Global Wealth 之下建立單一的財富管理組織，現稱為 Global Wealth Management，並作為一個獨立的報導單位。此單位的成立整合了財富管理團隊，打造單一、整合的平台，服務涵蓋從富裕客群到超高淨值客戶的整個財富光譜。

North America Consumer will be renamed to U.S. Personal Banking and will remain a reporting unit under PBWM. This unit will continue to include branded cards, retail services and retail banking. We plan on providing the financials for the new reporting units on this page under the ICG and PBWM segments, starting no later than the second quarter earnings. And our Investor Day will be a natural opportunity to bring together all the work over the past year and lay out our medium-term vision and strategy for the firm.

North America Consumer 將更名為 U.S. Personal Banking，並將繼續作為 PBWM 分部下的一個報導單位。該單位將持續包含品牌信用卡、零售服務與零售銀行業務。我們計畫最遲自第二季財報起，在本頁面提供 ICG 與 PBWM 分部下新報導單位的財務資訊。而我們的投資人日將是把過去一年所有工作整合起來、並闡述本公司中期願景與策略的自然契機。

Slide 5 shows the contribution of the Citibanamex businesses that we plan to exit as well as the contribution from the 13 Asia markets. Hopefully, this gives you a better sense of the financial results for the combined exits. And in the appendix on Page 18, we have more detail on the 13 Asia exit markets and the deals that we've announced to date.

第 5 張投影片顯示我們計畫退出的 Citibanamex 業務，以及 13 個亞洲市場的貢獻。希望這能讓各位更清楚了解合併退出項目的財務結果。在附錄第 18 頁，我們提供了 13 個亞洲退出市場以及迄今已宣布交易的更多細節。

Turning to Mexico. As Jane mentioned, we remain committed to Mexico and will continue to serve our institutional and private bank clients there. That said, upon very careful consideration and analysis, we decided that we are no longer the optimal owner for the businesses that we're exiting. Mexico consumer and small business banking operations included in the intended exit represents the entirety of the Latin America Global Consumer Banking unit and the Mexico middle market banking business that is currently included in Citi's Institutional Clients Group segment.

接著談墨西哥。如 Jane 所提到，我們仍致力於墨西哥，並將持續在當地服務我們的機構客戶與私人銀行客戶。儘管如此，經過非常審慎的考量與分析，我們決定我們不再是所退出業務的最佳持有人。此次擬退出所包含的墨西哥消費者與小型企業銀行業務，代表拉丁美洲 Global Consumer Banking 單位的全部，以及目前納入花旗 Institutional Clients Group 分部的墨西哥中型市場銀行業務。

On the left side of the page, we show key figures for 2020 and 2021 for the businesses we intend to exit in Mexico. In 2021, the businesses contributed $4.7 billion of revenue and $1.1 billion of net income. The businesses in total had $20 billion of loans, $31 billion of deposits and approximately $4 billion of allocated TCE. Again, we do not yet have a transaction and are pursuing multiple divestiture paths, so the ultimate financial impact of a transaction is not yet known. We will keep you updated on our progress as we run a thoughtful process that takes into consideration what is in the best interest of our shareholders as well as our clients and employees in Mexico.

在頁面左側，我們展示了我們擬在墨西哥退出之業務於 2020 年與 2021 年的關鍵數據。2021 年，這些業務貢獻了 47 億美元的營收與 11 億美元的淨利。整體而言，這些業務擁有 200 億美元的放款、310 億美元的存款，以及約 40 億美元的分配 TCE。再次強調，我們目前尚未有交易，且正推進多種剝離路徑，因此交易的最終財務影響尚不明朗。我們將在推動一個審慎流程的同時，持續向各位更新進展；該流程會同時考量股東的最佳利益，以及我們在墨西哥的客戶與員工。

In addition to the opportunity to return additional capital to shareholders, these divestitures will also allow us to simplify the management and organizational structure across the firm.

除了能夠向股東返還更多資本的機會之外，這些剝離也將使我們得以簡化全公司範圍內的管理與組織架構。

Now turning to Slide 6. As we've gone through our strategy refresh and simplification, we've been reviewing our disclosure and terminology and have decided that now is the right time to more closely align with our peers. First, revenue that we previously referred to as net interest revenue will now be called net interest income, and revenue that we previously referred to as non-NIR will now be called noninterest revenue.

接著看第 6 張投影片。在我們進行策略更新與簡化的過程中，我們一直在檢視我們的揭露與用語，並決定現在是更緊密與同業對齊的適當時點。首先，我們先前稱為 net interest revenue 的收入，現在將稱為 net interest income；而我們先前稱為 non-NIR 的收入，現在將稱為 noninterest revenue。

Second, as you can see on the page, we've revised how we account for insurance paid on our deposits, including FDIC and foreign deposit insurance. We have previously accounted for the deposit insurance as a contra revenue and net interest income. However, beginning this quarter, we will report it as an expense and remove it from net interest income. And as a reminder, this change is earnings neutral. We've made this change to make it easier for you to compare us to our peers, and we have revised prior years to reflect the same reporting treatment to assist with comparability for 2019 to 2021, and the rest of the presentation will also reflect these 2 changes.

第二，如各位在頁面上所見，我們已修訂對存款保險費用（包括 FDIC 與外國存款保險）的會計處理方式。過去我們將存款保險作為收入的抵減項並計入淨利息收入。然而，自本季起，我們將其列為費用，並自淨利息收入中剔除。提醒各位，這項變更對盈餘沒有影響。我們做出此變更是為了讓各位更容易將我們與同業比較；我們也已修訂前期年度以反映相同的報導處理方式，以協助 2019 年至 2021 年的可比性，而簡報其餘部分也將反映這兩項變更。

On Slide 7, we show financial results for the full firm. As Jane mentioned earlier, in the fourth quarter, we reported net income of $3.2 billion and an EPS of $1.46, an RoTCE of 7.4% on $17 billion of revenues. Embedded in these results are costs of approximately $1.2 billion, primarily related to the voluntary retirement program we offered in conjunction with the wind down of our Korea consumer business, as well as some additional Asia exit impacts which I will collectively refer to as the Asia divestiture impacts going forward. Excluding these impacts, EPS would have been $1.99, with an RoTCE of approximately 10%.

在第7頁投影片中，我們展示全行的財務業績。如Jane先前提到，第四季我們報告淨利為32億美元、每股盈餘（EPS）為1.46美元，在170億美元營收下的有形普通股權益報酬率（RoTCE）為7.4%。這些結果中包含約12億美元的成本，主要與我們在逐步結束韓國消費金融業務之際所提供的自願退休計畫相關，另亦包含一些額外的亞洲退出影響；我之後將統稱為「亞洲剝離影響」。若排除這些影響，EPS將為1.99美元，RoTCE約為10%。

In the quarter, total revenues increased by 1% from last year as strength in noninterest revenue driven by ICG, specifically TTS, Security Services and Investment Banking, was mostly offset by lower net interest income across GCB and ICG. Our results include expenses of $13.5 billion, an increase of 18% versus the prior year. Excluding the Asia divestiture cost, expenses would have increased by 8%. Increased expenses were largely driven by investments in our transformation, business-led investments and higher revenue-related expenses, partially offset by productivity savings. Cost of credit was a net benefit in the quarter, primarily driven by an ACL release of approximately $1.4 billion related to the improved macro backdrop and continued improvement in portfolio quality.

本季總營收較去年增加1%，非利息收入的強勁表現主要由ICG帶動，尤其是TTS、證券服務與投資銀行，但大致被GCB與ICG整體淨利息收入下降所抵銷。我們的結果包含135億美元費用，較去年增加18%。若排除亞洲剝離成本，費用將增加8%。費用上升主要由轉型投資、業務主導投資及較高的與營收相關費用所驅動，部分被生產力節省所抵銷。本季信貸成本為淨收益，主要來自約14億美元的ACL（信用損失準備）回轉，反映總體環境改善及投資組合品質持續提升。

Now turning to the full year. Our revenues were down 5%, driven by the normalization in markets as well as elevated payment rates in consumer, somewhat offset by strong noninterest revenue growth across ICG, and in particular, in investment banking, TTS and security services. Our full year expenses were up 9%, but excluding Asia divestiture costs, our expenses were up 6%. Also for the full year, we generated RoTCE of 13% and 14% excluding Asia-related divestiture impacts. As a reminder, we had a benefit of close to $9 billion in ACL releases for the full year.

接著看全年。我們的營收下降5%，主要受市場業務常態化以及消費金融較高的還款率影響，但部分被ICG各項非利息收入的強勁成長所抵銷，尤其是投資銀行、TTS與證券服務。全年費用上升9%，但若排除亞洲剝離成本，費用上升6%。全年我們的RoTCE為13%，若排除亞洲相關剝離影響則為14%。提醒一下，全年我們因ACL回轉獲得接近90億美元的收益。

On Slide 8, we show an expense walk for the full year with the key underlying drivers. In 2021, excluding Asia divestiture impacts, expenses were up 6%, in line with previous guidance. Looking forward, we recognize that we have a lot more work to do. The divestitures provide an opportunity to simplify our management and organizational structure. We're also taking a hard look at our structural expenses, with an eye towards operating as efficiently and soundly as possible and self-funding investments. We have a lot more to say about this at our Investor Day.

在第8頁投影片中，我們展示全年費用變動（expense walk）及其主要驅動因素。2021年若排除亞洲剝離影響，費用上升6%，符合先前指引。展望未來，我們認知仍有大量工作要做。這些剝離為我們提供簡化管理與組織架構的機會。我們也正嚴格檢視結構性費用，目標是在盡可能高效率且穩健的方式下營運，並以自有資金支持投資。我們將在投資人日就此有更多說明。

On Slide 9, we show net interest income, deposits and loans. In the fourth quarter, net interest income increased by approximately $130 million on a sequential basis, driven by North America Consumer. Sequentially, net interest margin remained relatively stable. On a year-over-year basis, net interest income was flat. Also on a year-over-year basis, average deposits grew in the quarter as we continue to deepen relationships with our institutional clients as well as our consumer clients, particularly in North America. Average loans were roughly flat year-over-year as growth in the ICG was offset by a decline in GCB.

在第9頁投影片中，我們展示淨利息收入、存款與放款。第四季淨利息收入按季增加約1.3億美元，主要由北美消費金融帶動。按季來看，淨利差維持相對穩定。按年來看，淨利息收入持平。同樣按年來看，本季平均存款成長，因我們持續深化與機構客戶及消費客戶的關係，尤其在北美。平均放款按年大致持平，因ICG成長被GCB下滑所抵銷。

As the probability of higher rates has increased over the last few quarters, let me make a few comments regarding the potential impact from higher rates. In our 10-Q, we disclosed interest rate sensitivity assuming a parallel shift and a runoff balance sheet. This is different from our peers' methodology, which tends to assume a static balance sheet. Assuming a static balance sheet and a 100 basis point parallel shift, we would expect Citi's total net interest income across all currencies to increase by over 3x more than what was disclosed in our third quarter 10-Q, or roughly $2.5 billion to $3 billion of net interest income.

由於過去幾季升息機率提高，我想就升息的潛在影響補充幾點。在我們的10-Q中，我們揭露了在假設利率平行移動且資產負債表逐步縮減（runoff balance sheet）情境下的利率敏感度。這與同業的方法不同；同業通常假設資產負債表維持不變（static balance sheet）。若假設資產負債表不變且利率平行上移100個基點，我們預期花旗在所有幣別的總淨利息收入將增加，幅度將超過我們第三季10-Q所揭露的3倍以上，約增加25億至30億美元的淨利息收入。

On Slide 10, we show our summary balance sheet and key capital and liquidity metrics. We maintain a very strong balance sheet. Of our $2.3 trillion balance sheet, about 25% or $530 billion consists of HQLA, and we maintained total liquidity resources of approximately $960 billion. And we continue to optimize our balance sheet, deploying excess liquidity into securities as we took advantage of opportunities in the market, as well as reducing our short-term and long-term debt sequentially and year-over-year. On the loan side, corporate loans represent approximately 60% of total loans, with loans to corporates outside of the U.S. Representing approximately 30% of total loans. And as we've mentioned in the past, about 80% of our total corporate loans are investment grade.

在第10頁投影片中，我們展示資產負債表摘要以及主要資本與流動性指標。我們維持非常強健的資產負債表。在2.3兆美元的資產負債表中，約25%（或5,300億美元）為HQLA（高品質流動性資產），我們的總流動性資源約為9,600億美元。我們也持續優化資產負債表，將多餘流動性配置至證券以把握市場機會，同時按季及按年降低短期與長期負債。在放款方面，企業放款約占總放款的60%，其中對美國以外企業的放款約占總放款的30%。此外，如我們過去所提，約80%的企業放款為投資等級。

From a capital perspective, we ended the year with a CET1 capital ratio of approximately 12.2%, as we prepared to adopt SACR on January 1. Having adopted SACR and maintained our capital ratio target, we are resuming buybacks this quarter to similar levels to what you saw in the second and third quarter of 2021. As we look into the remainder of the year, there are a number of variables with respect to capital. These include regulatory headwinds that are impacting us, along with the rest of the industry, such as elevated GCIB surcharges, as well as the timing and impact from the divestitures of the 13 Asia exits and Mexico.

從資本角度來看，我們在年底的普通股權益第一類資本（CET1）比率約為12.2%，因我們為1月1日採用SACR做準備。在採用SACR並維持資本比率目標後，我們將於本季恢復庫藏股回購，水準將與2021年第二季與第三季相近。展望今年剩餘時間，資本方面存在多項變數，包括影響我們及整個產業的監管逆風，例如較高的GCIB附加費（surcharge），以及13個亞洲退出與墨西哥剝離交易的時點與影響。

In light of this, you should expect us to manage to a CET1 ratio closer to 12% by the end of the year due to the expected GCIB surcharge increase at the beginning of 2023. That said, we remain focused on all aspects of capital with the goal of maintaining a CET1 ratio of 11.5%. And as you know, under the SCB framework, we can assess on a quarter-by-quarter basis the right level of buybacks, and we will continue to do so throughout the year with the goal of returning excess capital to shareholders.

基於此，你們應預期我們在年底將把CET1比率管理在更接近12%的水準，原因是預期2023年初GCIB附加費將上升。儘管如此，我們仍聚焦於資本的各個面向，目標是維持11.5%的CET1比率。如各位所知，在SCB架構下，我們可以按季評估適當的回購水準，並將在全年持續如此，以把多餘資本回饋給股東為目標。

On Slide 11, we show the results for our Institutional Clients Group for the fourth quarter. Revenues increased 4% year-over-year, driven by investment banking, private bank and security services fees, partially offset by a decline in markets. Expenses increased 10% year-over-year, driven by transformation, business-led investments and revenue-related expenses, partially offset by productivity savings. Cost of credit was a net benefit of approximately $300 million as net credit losses were more than offset by an ACL release. And we continue to see strong credit performance, with net credit losses declining on a year-over-year basis and nonaccrual loans down sequentially and year-over-year. This resulted in net income of $2.5 billion, down approximately 22% from the prior year, largely driven by the higher expenses and a smaller ACL release versus the prior year. And ICG delivered a 10.8% RoTCE for the quarter.

在第11頁投影片中，我們展示第四季機構客戶事業群（ICG）的業績。營收按年增加4%，主要由投資銀行、私人銀行及證券服務費用帶動，但部分被市場業務下滑所抵銷。費用按年增加10%，主要由轉型、業務主導投資及與營收相關費用所驅動，部分被生產力節省所抵銷。信貸成本為約3億美元的淨收益，因淨信用損失被ACL回轉所抵銷且有餘。我們持續看到強勁的信用品質表現，淨信用損失按年下降，非應計放款按季及按年下降。因此淨利為25億美元，較去年下降約22%，主要由費用較高以及ACL回轉規模較去年小所致。ICG本季RoTCE為10.8%。

We also saw a 5% growth in both loans and deposits on a year-over-year basis as we continue to see good momentum and deepening of existing client relationships and new client acquisitions. As for the full year, ICG delivered approximately $16 billion of net income on $44 billion of revenue with an RoTCE of roughly 17%.

我們也看到放款與存款按年皆成長5%，反映我們持續看到良好動能、既有客戶關係加深以及新客戶取得。就全年而言，ICG在440億美元營收下創造約160億美元淨利，RoTCE約為17%。

On Slide 12, we show revenue performance by business and key drivers for our ICG business for the fourth quarter. Treasury and Trade Solution revenues were slightly down versus the prior year, driven by continued headwinds from rates offset by 18% growth in fees. In fact, our highest fee quarter ever. And revenue did increase sequentially, driven by both net interest income and strong fee growth. We continue to see strong underlying drivers in TTS on a year-over-year basis that indicate continued strong client activity. Since this is the first time we are showing key metrics that demonstrate this momentum, I want to briefly walk you through each one and what it represents.

在第12頁投影片中，我們展示ICG業務第四季按業務別的營收表現與主要驅動因素。財資與貿易解決方案（TTS）營收較去年略降，主要因利率帶來的持續逆風，但被費用收入成長18%所抵銷；事實上，這是我們史上費用收入最高的一季。營收亦按季上升，主要由淨利息收入與強勁的費用成長共同帶動。我們持續看到TTS按年具備強勁的基本驅動因素，顯示客戶活動仍然強勁。由於這是我們首次展示能體現此動能的關鍵指標，我想簡要帶各位逐一了解每項指標及其代表意義。

U.S. dollar clearing transactions are up 4%, which reflect the clearing and settlement activity of commercial and treasury flows for financial institutions. Cross-border flows were up 15%. These flows represent our global payment flows, where we provide cross-border solutions for our clients that are fully integrated across our TTS and Markets business and over 145 currencies. And importantly, this client activity drives recurring fee revenues and generate significant operating deposits.

美元清算交易量成長4%，反映金融機構商業與財資資金流的清算與交割活動。跨境資金流成長15%。這些資金流代表我們的全球支付流量，我們透過TTS與Markets業務的全面整合，並涵蓋超過145種貨幣，為客戶提供跨境解決方案。更重要的是，這些客戶活動帶來經常性手續費收入，並產生可觀的營運存款。

Commercial card volumes, which reflect travel, purchase and virtual card activity across all clients are up 48%. Again, these metrics are indicators of client activity and fees, and on a combined basis, drive approximately 50% of total TTS fee revenue.

商業卡交易量（反映所有客戶的旅遊、採購及虛擬卡活動）成長48%。同樣地，這些指標是客戶活動與費用的指標，合併計算約帶動TTS總手續費收入的50%。

Investment banking revenues were up 43% year-over-year, driven by growth across products, including record advisory performance, the best advisory quarter we've had in over a decade. Private Bank revenues were up 6% year-over-year as we continue to see strong momentum in new client acquisitions. Overall markets revenues were down 17% versus last year. And while there were different dynamics that played through fixed income and equity markets performance, the performance is against a very strong quarter last year. Fixed Income Markets revenues were down 20% year-over-year. While we had solid growth in FX and commodities, this was more than offset by a decline in rates and spread products.

投資銀行收入年增43%，由各產品線成長所帶動，包括創紀錄的顧問業務表現，為我們十多年來最佳的顧問業務季度。私人銀行收入年增6%，我們持續看到新客戶開發的強勁動能。整體市場業務收入較去年下降17%。雖然固定收益與股票市場表現受到不同動態影響，但本季是與去年非常強勁的一季相比。固定收益市場收入年減20%。儘管外匯與商品表現穩健成長，但利率與利差產品的下滑已超過其貢獻。

Equity Markets revenues were down 3% year-over-year as continued growth in prime finance balances and structured activities was offset by a decline in cash. Security Services revenues grew 5% year-over-year as fees grew 11%, driven by higher settlement volumes and higher assets under custody, partially offset by interest rate headwinds.

股票市場收入年減3%，主因主要經紀融資（prime finance）餘額與結構性業務持續成長，但被現貨（cash）業務下滑所抵銷。證券服務收入年增5%，其中費用收入成長11%，由更高的結算量與更高的託管資產所帶動，但部分被利率不利因素所抵銷。

Now turning to Slide 13. Here we show the results for our Global Consumer Banking business for the fourth quarter in constant dollars. Revenues declined 6% year-over-year, driven by lower revenues across regions. Expenses were up 34% year-over-year, driven by the Asia divestiture costs. Excluding these costs, expenses were up 9%, driven by transformation and business-led investments, partially offset by productivity savings. Cost of credit was $105 million benefit this quarter as an ACL release more than offset net credit losses. The NCL rate for the quarter was 1.2%, a decline of 61 basis points year-over-year and 20 basis points sequentially. We released over $900 million of ACL this quarter related to continued improvement in our economic outlook and portfolio quality, partially offset by volume growth. This resulted in a net income decline of 42% and an RoTCE of 8%. Excluding the Asia divestitures impacts, net income would have grown 44% and resulted in an RoTCE of 20%. As for the full year, GCB delivered $6 billion of net income on $27 billion of revenues, with an RoTCE of 17% and 22% excluding Asia divestiture impacts.

接著看第13頁。我們在此以固定匯率（constant dollars）呈現第四季全球消費金融（Global Consumer Banking）業務的結果。收入年減6%，主要因各區域收入下降。費用年增34%，主要由亞洲撤資成本所致。排除這些成本後，費用年增9%，由轉型與業務主導投資所帶動，部分被生產力節省所抵銷。本季信貸成本為1.05億美元的利益（benefit），因ACL釋放超過淨信用損失。季度NCL比率為1.2%，年減61個基點，季減20個基點。本季我們釋放超過9億美元的ACL，反映經濟展望與投資組合品質持續改善，部分被量的成長所抵銷。因此淨利下降42%，RoTCE為8%。若排除亞洲撤資影響，淨利將成長44%，RoTCE將達20%。就全年而言，GCB在270億美元收入下貢獻60億美元淨利，RoTCE為17%，若排除亞洲撤資影響則為22%。

On Slide 14, we show GCB revenues by product as well as key business drivers and metrics for the fourth quarter. Branded cards revenues declined 3% year-over-year on higher payment rates and portfolio mix. We're seeing encouraging underlying drivers with new accounts up 43%, card sales volumes up 24% and average loans up 3%. In fact, the fourth quarter acquisitions exceeded the same quarter in 2019 by 2%, the first quarter to do so since the onset of the pandemic.

在第14頁，我們按產品呈現GCB收入，以及第四季的關鍵業務驅動因素與指標。品牌信用卡收入年減3%，主因付款率上升與投資組合結構變化。我們看到令人鼓舞的基本驅動因素：新開戶年增43%、刷卡銷售量年增24%、平均放款年增3%。事實上，第四季的新增客戶數較2019年同季高出2%，這是自疫情爆發以來首次超越2019年同季。

Retail Services revenues declined 10% year-over-year, driven by a 2% decline in net interest income due to elevated payment rates as well as by higher partner payments driven by improved credit performance. But despite this, we are seeing positive underlying drivers with account acquisitions up 6% and spend up 16% on a year-over-year basis. While we're encouraged by these underlying drivers in both cards businesses, payment rates do remain stubbornly high, impacting our loan growth and revenue growth in both cards businesses.

零售服務（Retail Services）收入年減10%，主因淨利息收入下降2%（因付款率偏高），以及因信用表現改善而提高的合作夥伴支付（partner payments）。但儘管如此，我們仍看到正面的基本驅動因素：帳戶新增年增6%，支出年增16%。雖然我們對兩項卡業務的基本驅動因素感到鼓舞，但付款率仍然居高不下，影響兩項卡業務的放款成長與收入成長。

Retail banking revenues declined 6% year-over-year driven by lower deposit spreads as well as lower mortgage revenue. However, underlying drivers remained strong, with deposits up 13%, Citigold households up 9% and assets under management up 8% year-over-year as we continue to execute on our North America retail strategy with a focus on our global wealth unit.

零售銀行收入年減6%，主因存款利差下降以及房貸收入降低。然而，基本驅動因素仍然強勁：存款年增13%、Citigold家庭戶數年增9%、資產管理規模（AUM）年增8%。我們持續執行北美零售策略，聚焦於我們的全球財富單位。

Asia revenues declined 7% year-over-year, largely driven by rate headwinds and higher payment rates. Performance in the wealth hubs exceeded that of the overall region with deposit growth of 12%, AUM growth of 13% and 16% growth in Citigold and CPC clients. Latin America revenues declined 3% year-over-year, mainly due to lower loan volumes in both retail and cards.

亞洲收入年減7%，主要由利率不利因素與較高付款率所致。財富樞紐（wealth hubs）的表現優於整體區域，存款成長12%、AUM成長13%，Citigold與CPC客戶成長16%。拉丁美洲收入年減3%，主要因零售與卡業務的放款量下降。

On Slide 15, we show results for Corporate/Other for the fourth quarter. Revenues increased year-over-year, largely driven by higher net revenue from the investment portfolio. Expenses were down year-over-year, largely due to the wind down of legacy assets. Cost of credit was benign. At this point, we typically give a full year outlook. However, since we have our Investor Day coming up on March 2, we plan on bringing everything together at that point to talk about 2022 in the full context of our strategy and medium-term performance expectations. As part of our strategy refresh, our goal is to be as simple and transparent as possible. And I hope you like the new earnings presentation, and we will continue to evolve it going forward.

在第15頁，我們呈現第四季企業／其他（Corporate/Other）的結果。收入年增，主要由投資組合帶來較高的淨收入所驅動。費用年減，主要因逐步結束（wind down）遺留資產。信貸成本溫和。此時我們通常會提供全年展望。然而，由於我們將於3月2日舉辦投資人日，我們計畫屆時將所有內容整合起來，在我們策略與中期績效預期的完整脈絡下討論2022年。作為策略更新的一部分，我們的目標是盡可能簡單且透明。我也希望你們喜歡新的財報簡報，我們未來也會持續演進。

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

接下來，Jane和我很樂意回答各位的問題。

(Operator Instructions) Your first question is from the line of John McDonald with Autonomous Research.

（接線員指示）您的第一個問題來自Autonomous Research的John McDonald。

Good morning. Mark, thanks for all the detail there and, Jane, for the strategic update. Mark, I wanted to ask if you could just go over the restatement of the net interest income sensitivity. Just want to make sure we caught that. What's the difference that's driving the new presentation there?

早安。Mark，謝謝你提供這麼多細節；Jane，也謝謝你的策略更新。Mark，我想請你再說明一下淨利息收入敏感度的重述（restatement）。我只是想確認我們有掌握到。是什麼差異促成了新的呈現方式？

And just what are the key drivers for your net interest income outlook this year? You don't have to give a number, but kind of when you think about trading and then core NII card growth, maybe some of the thoughts there.

另外，今年你們淨利息收入展望的關鍵驅動因素是什麼？你不必給出數字，但例如你如何看待交易相關，以及核心NII、卡業務放款成長等，想聽聽你的想法。

Sure. Thank you, John. So on Slide 9 is where I kind of covered that. You will recall, John, that historically, we have looked in our disclosure at a run-off balance sheet. And that obviously has deposits running off as they term out. That has loans running off as they mature. Others take an approach where they look at a static balance sheet, right? And so we've run the analysis around assuming a static balance sheet and assuming 100 basis point parallel shift in a rising rate environment, obviously, across all currencies. We obviously have a mix of U.S. dollar and foreign currencies as well. And when we run that analysis, now assuming that the balance sheet is static, that is the deposit levels, loan levels, et cetera, that delivers 3x more than what we disclosed in the Q in the third quarter. So that's the $2.5 billion to $3 billion of net interest income. So obviously, retaining -- or assuming that the deposit levels stay the same, allow us to generate more net interest income and that's a major driver in the number range or the range that I provided.

好的。謝謝你，John。我在第9頁大致有提到。你會記得，John，過去我們在揭露時是以縮表（run-off）資產負債表來看待；也就是存款隨到期而流失、放款隨到期而到期回收。也有人採用靜態資產負債表（static balance sheet）的方式，對吧？因此我們做了分析：假設資產負債表維持靜態，並在升息環境下假設各幣別皆出現100個基點的平行移動。我們的組合當然同時包含美元與外幣。當我們在此假設下進行分析，並假設資產負債表為靜態（也就是存款水位、放款水位等維持不變），其結果是我們現在揭露的數字約為第三季Q中揭露的3倍。因此淨利息收入約為25億至30億美元。很明顯地，保留——或假設存款水位維持不變——使我們能產生更多淨利息收入，這也是我所提供區間的主要驅動因素。

Got it.

了解。

In terms of -- sorry?

就——抱歉？

Yes. No, that's helpful.

是的。不，那很有幫助。

Yes, great. In terms of the forward look, I'm not going to give you guidance, as you mentioned. But I think there are a couple of things that are important to keep in mind that we're looking at for 2022. One is the drivers that we mentioned earlier. So a lot of the underlying drivers in our franchise look very strong and are driving healthy fee revenue growth. And I would expect with an outlook for positive GDP that, that's going to continue to play to our advantage in 2022.

好的，很好。就前瞻來看，我不會如你所說提供指引。但我認為有幾點在我們看2022年時很重要。第一是我們先前提到的驅動因素。我們特許經營（franchise）的許多基本驅動因素看起來非常強勁，並帶動健康的手續費收入成長。我也預期在GDP為正成長的展望下，這將在2022年持續對我們有利。

The second thing I'd point out is the assumptions around interest rate hikes in 2022. I have as many as 3 or 4 depending on the economists' view that you listen to. And that obviously is going to play to our favor as well when you think about the number of accrual businesses that we have, whether it's our TTS franchise or our private bank, et cetera, et cetera. So those are important factors that impact the top line, and that we expect to help contribute to some growth coming out of 2022.

我想指出的第二點，是關於 2022 年升息的假設。我聽到的看法不一，依你聽的經濟學家而定，可能多達 3 或 4 次。很顯然，當你想到我們擁有的各種應計（accrual）型業務——不論是我們的 TTS 特許經營業務，或是我們的私人銀行等等——這也會對我們有利。因此，這些都是影響營收（top line）的重要因素，而我們預期它們將有助於在 2022 年之後帶來一些成長。

I mentioned the loan growth on the branded cards portfolio. For cards it's really going to be about payment rates and how they taper off -- hopefully taper off. They've been stubbornly high through all of 2021. So hopefully, we start to see some of that taper off and we get a little bit of growth in average interest-earning balances in the back half of the year, but those are important factors that need to play through into 2022.

我提到過品牌信用卡投資組合的放款成長。對信用卡而言，關鍵其實會在於還款率以及它們如何回落——希望能回落。整個 2021 年它們都頑固地維持在高位。所以希望我們開始看到一些回落，並在下半年讓平均計息餘額出現一些成長，但這些都是需要延續到 2022 年的重要因素。

Okay. Great. And then just as a follow-up, as you're managing capital, you mentioned you'll return to some level of buybacks this quarter, and you've got a lot of capital that you expect to free up in transactions that haven't happened yet. So I guess, how are you kind of thinking about that? That future capital is something that you'll deploy as you get it. It's part of your long-term thinking, but you're not planning on using that throughout this year, I assume?

好的。很好。接著追問一下，關於你們在管理資本時，你提到本季會恢復到某種程度的庫藏股回購，而且你們預期在一些尚未完成的交易中會釋放出大量資本。所以我想問，你們大概是怎麼思考這件事？那些未來的資本是你們拿到就會去部署的。它是你們長期思維的一部分，但我猜你們不打算在今年內就把它全部用掉，對嗎？

Yes. So obviously, we look at capital planning with a -- in the context of our strategy and our ability to actually deploy that capital, but to return as much excess capital as we can to our shareholders. And so as we think about the divestitures, which are underway as that capital frees up, we're going to factor that into the capital plan for the year and the quarter. And where we can, we're going to return that to shareholders. So a number of deals are scheduled to close in 2022. That will be part of our plan, and we'll be looking forward to taking those actions in the outer part of the year.

是的。所以很明顯地，我們在做資本規劃時，會在我們的策略脈絡下，並考量我們實際部署資本的能力，同時也會盡可能把多餘資本回饋給股東。當我們思考正在進行中的資產剝離（divestitures）時，隨著資本釋放出來，我們會把它納入本年度與本季的資本計畫中；在可行之處，我們會把它回饋給股東。多筆交易預計在 2022 年完成交割。這會是我們計畫的一部分，我們也期待在今年較後段採取這些行動。

Your next question is from the line of Mike Mayo with Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Mike Mayo。

For you, Jane, and I'm going to re-queue after my 2 questions. I've got so many.

Jane，先問你，我在問完兩個問題後會再重新排隊。我有太多問題了。

(inaudible), Mike.

（聽不清楚），Mike。

But thank you for the new presentation. The biggest question that I and, I think, many investors have, is when all is said and done, who is Citigroup? What's the most simple statement you can give on who and what Citigroup represents? .

不過謝謝你們新的簡報。我以及我想許多投資人最大的問題是：當一切塵埃落定後，花旗到底是誰？你能用最簡單的一句話說明花旗代表的是誰、以及是什麼嗎？。

I love that question. So I would say that our vision for Citi is to be the preeminent bank for institutions with cross-border needs. We'll be a leader in -- global leader in wealth, a major player in consumer payments and lending in the home market. And that is future Citi and our vision for it. It's simplified, more focused. It's much better connected. It's certainly simpler to operate, characterized by a culture of excellence and accountability. And I think as I hope we've shown today, one that should be easier for everybody to understand and fully aligned with our shareholders' interest.

我很喜歡這個問題。所以我會說，我們對花旗的願景，是成為具備跨境需求之機構客戶的首選銀行。我們會在財富管理方面成為領導者——全球領導者；在本土市場的消費者支付與放款方面成為主要參與者。這就是未來的花旗，以及我們對它的願景：更精簡、更聚焦、連結更緊密，營運起來也確實更簡單；並以卓越與問責的文化為特徵。而且我希望我們今天已經展現出來：這樣的花旗應該會更容易讓每個人理解，並且與股東利益完全一致。

And along those lines, are you freeing up, what, about $11 billion of capital now? And intentions -- Mark, I always hear you say you're going to invest in the business, you're going to do supply for growth and then you're going to buy back stock. But in terms of a stock price that's this low, I mean, the stock price relative to the financial index is one of the all-time lows. Wouldn't you move buybacks up in the priority order? Or what else can you do or say to show that shareholders matter?

沿著這個方向，你們現在大概釋放出約 110 億美元的資本，對嗎？而意圖——Mark，我總是聽你說你會投資於業務、為成長提供資源，然後再回購股票。但以目前這麼低的股價來看，我是說，相對於金融指數，你們的股價處在歷史低點之一。你不會把回購在優先順序上往前提嗎？或者你還能做什麼、或說什麼，來表明股東很重要？

Jane, I mean, you've done so much on the E side. You certainly have done a lot on the S side. But the G in ESG, when it relates to shareholders, shareholders have been left back for so long. Just seeing what else you might be able to do or say as it relates to recognizing shareholders and their desire to have a stock price that does better?

Jane，我是說，你在 ESG 的 E 面做了很多，你在 S 面也確實做了很多。但 ESG 裡的 G（治理），當它與股東相關時，股東被落在後面太久了。我只是想看看，關於認可股東以及他們希望股價表現更好的訴求，你們還能做或說些什麼？

Our shareholders are an enormous priority for us. And Mike, I know we need to make the bank more shareholder-aligned and friendly, and we are doing so. So let me give you 4 examples.

我們的股東對我們而言是極其重要的優先事項。Mike，我知道我們需要讓銀行更貼近股東、也更友善，而我們正在這麼做。讓我給你四個例子。

Our strategy will generate and we will return excess capital to shareholders. And as you say, given where the stock is trading, it makes buybacks highly attractive.

我們的策略將會產生多餘資本，而我們也會把多餘資本回饋給股東。正如你所說，考量到目前股價的交易水準，回購變得非常有吸引力。

Second, we're taking the structure and strategic decisions to put the bank in the best position to drive shareholder value. And you can see we're executing and we are delivering with urgency, and we're very driven to get the valuation in a far higher place than it is today.

第二，我們正在做結構與策略決策，讓銀行處於最有利的位置以推動股東價值。你可以看到我們正在執行，而且我們以緊迫感在交付成果；我們非常有動力把估值提升到遠高於今天的水準。

Third, we're changing many elements of the financial reporting that's easier for our shareholders to understand the bank, and we're going to be as transparent as possible so you can measure our progress and results. And I think the structure that Mark laid out and I gave a high level on, it will make that job much easier.

第三，我們正在改變財務揭露的許多要素，讓股東更容易理解這家銀行；我們也會盡可能透明，讓你能衡量我們的進展與成果。我認為 Mark 所提出、以及我所做的高層次說明的那個架構，會讓這件事容易得多。

And then finally, and a topic I know you've been quite vocal around, we are also making changes to compensation. So more of our senior business leaders will be on the PSUs for this coming year. We've moved to 100% deferred stock versus a mix of stock and cash in the geographies that we're permitted to do so. And we're increasing the importance of returns in determining performance evaluations. There is a myriad of -- and rounds of different actions that we're taking because our shareholders matter to us. And we want to get our valuation up to one that we think has -- realizes its full potential.

最後，這也是我知道你一直相當直言的主題：我們也正在調整薪酬制度。明年會有更多資深業務主管採用 PSU（績效股票單位）。在我們被允許這麼做的地區，我們已改為 100% 遞延股票，而不是股票與現金的混合。我們也提高「報酬率」在績效評估中的重要性。我們正在採取各式各樣、分多輪的不同措施，因為股東對我們很重要。我們希望把估值提升到我們認為能——實現其全部潛力——的水準。

Your next question is from the line of Glenn Schorr with Evercore.

下一個問題來自 Evercore 的 Glenn Schorr。

I'm going to turn [on this head] just for the sake of hearing your answer. I personally love the management teams that are buried in the stock that they asked investors to invest in. To be a leader in all those areas that you want to be and assets [that relates to the question], you're going to spend a lot to keep up.

我想把這個問題「反過來問」一下，只是想聽聽你的回答。我個人很喜歡那種管理團隊把自己深深綁在他們請投資人投資的股票裡。要在你們想成為領導者的所有領域，以及與問題相關的資產上成為領導者，你們必須花很多錢才能跟上。

And so my question is, how do you balance doing all that, and both in profitability gap, with spending enough and feeding your franchises to the leaders and yet to the [expenses] front, it seems like so hard. I'd just love to hear your thoughts.

所以我的問題是：你們如何在做所有這些事情時取得平衡——一方面要縮小獲利差距、投入足夠資源、餵養你們的特許經營業務以成為領導者；但另一方面在費用端，看起來又非常困難。我很想聽聽你的想法。

I have to apologize. You broke up through much of that question. Would you mind just repeating the tail end of it. There's a lot of static on the line here.

我得道歉，你的問題有很大一部分斷斷續續。你介意把最後那一段再重複一次嗎？這條線雜訊很多。

Absolutely. Sorry. I'll pick it up...

當然可以。抱歉。我接著說……

Say a little bit more? We're getting a lot of static. Should we come back?

可以再多說一點嗎？我們這邊雜訊很多。我們要不要稍後再回來？

Sure thing.

沒問題。

Sorry.

抱歉。

Your next question is from the line of Betsy Graseck with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Betsy Graseck。

So a couple of questions. One, just thinking through the walk from where you are today in CET1 until end of the year when you mentioned you'd be ending the year at 12%. You have some businesses that are exiting, which should reduce RWAs, I would think. But then you've got the buybacks as well coming through.

我有幾個問題。第一，想請你們幫忙梳理一下：從你們目前的 CET1，一直到年底你提到會在 12% 結束今年的那段路徑。你們有一些業務正在退出，我想這應該會降低 RWA（風險加權資產）。但同時你們也會進行回購。

And at the same time, I would expect that you'd probably want to grow your RWAs? I know your RWAs were down 5% Q2 and maybe that was part of the reason why FICC was a little light. So could you help me understand just how we should think about that trajectory and the drivers of that CET1 change, because it will have some impact on how we're thinking about the rev growth in the markets business.

同時，我也會預期你們可能想要讓 RWA 成長？我知道你們第二季 RWA 下降了 5%，也許那是 FICC 表現稍弱的部分原因。所以你能否幫我理解，我們應該如何看待那個軌跡，以及 CET1 變動的驅動因素？因為這會影響我們對市場業務營收成長的看法。

Yes. Good question. So we are looking at, obviously, how we continue to invest in the franchise, particularly where there are areas of growth. At the same time, ensure that we're delivering buybacks or share, return to shareholders.

是的。好問題。所以我們正在檢視，顯然地，我們如何持續投資於特許經營業務，特別是在有成長的領域。同時，確保我們能交付回購或股票——回饋給股東。

As I look at the CET1 ratio, we're ending the year at about 12.2%. As you know, SACR kicks in -- or has kicked in on January 1. We're ending therefore, on January 1 at roughly around where our target is. And over the course of the year, we'll be able to absorb growth in the businesses where there is a need to do that while continuing to identify offsets to both SACR but also low-returning assets that we may have and ridding ourselves of those and generating income as well as the capital from the divestitures that we will be able to close throughout the course of the year.

當我看CET1比率時，我們在年底約為12.2%。如你所知，SACR已於1月1日開始生效——或說已在1月1日生效。因此，我們在1月1日的水準大致落在我們的目標附近。在今年的過程中，我們將能夠在有需要的業務中吸收成長，同時持續辨識可用來抵銷SACR的項目，也包括我們可能持有的低報酬資產，並將其剝離；同時透過處分所帶來的收益以及資本（這些交易我們將能在今年內陸續完成交割）來支撐。

And so as we look at that plan, the start of the year, which is close to our target, towards the end of 2022, we will have to build that back up to about 12% in order to absorb the GCIB headwind, assuming there's no relief provided to that, which then kicks in at the beginning of 2023. And so through the course of the year, we'll utilize through RWA, we'll free up capital and return capital to shareholders. We'll generate more earnings. But at the end of the year, we'll need to kind of end on the higher end or towards that 12%.

因此，當我們看這個計畫時，年初的水準接近我們的目標；到了2022年底，我們必須把它再拉回到約12%，以便吸收GCIB的不利因素（假設沒有任何緩解措施），而該因素會在2023年初開始生效。因此在今年的過程中，我們會透過RWA的管理來釋放資本並回饋股東；我們也會創造更多盈餘。但在年底，我們需要把比率維持在較高端、或接近12%的水準。

Do you have a sense as to how much the benefit to like GCIB or SCB should be from all the divestitures you're doing? I was actually thinking when I saw the Mexico news this week, that maybe that was one of the reasons why you decided to put -- to exit the Mexico consumer business, is potentially the pickup that you get since you mentioned it makes you a simpler company and that should feed into SCB, I would think. .

你是否大致能判斷，你們正在進行的所有處分，對GCIB或SCB的改善效益大概會有多少？我其實在看到本週墨西哥的消息時就在想，也許這是你們決定退出墨西哥消費金融業務的原因之一：因為你提到這會讓公司更簡化，而我認為這應該會反映到SCB上。.

Yes. It's not a major driver as to the decision, as Jane has kind of framed out. But it is -- but it does factor into the points that you've raised. So from a GCIB point of view, there's, I don't know, $31 billion or so of deposits that are tied to our Mexico consumer business. That would drive about 10 basis points or so, or 10 points I should say, on the GCIB score.

是的。這並不是做出該決策的主要驅動因素，正如Jane已經大致說明的那樣。但它確實會納入你所提出的考量點。就GCIB而言，我不確定，大概有310億美元左右的存款與我們的墨西哥消費金融業務相關。這大約會讓GCIB分數改善約10個基點左右，或者我應該說是10點。

The total for the divestitures that were -- that we've earmarked, it's about $85 billion in deposits. And so you can do the math that we'd get some benefit from that. You're right, and I don't have numbers that I would share at this point, but -- and in part because the Fed has to run their analysis. But you're right, from a CCAR point of view, when you think about the stress capital buffer, there's an impact to PPNR, but more importantly, to stress losses that will play through as well.

就我們已標記的處分項目總計而言，大約涉及850億美元的存款。因此你可以自行推算，我們會從中獲得一些效益。你說得對，我目前沒有可以分享的具體數字——部分原因是聯準會需要進行他們的分析。但你說得沒錯，從CCAR的角度來看，當你思考壓力資本緩衝（SCB）時，會對PPNR產生影響，但更重要的是，壓力情境下的損失也會反映其中。

As you know, that impact as well as the deposit impact won't really come into play until we've closed on these transactions. But it certainly is a factor to how we think about the longer-term capital planning, and it certainly is something that I'm going to talk more about at Investor Day on March 2.

如你所知，這些影響以及存款的影響，只有在我們完成這些交易交割後才會真正反映出來。但這確實是我們思考長期資本規劃的一個因素，而且我也會在3月2日的投資人日更深入談這件事。

Okay. And the low-returning assets that you were talking about exiting, is that like that's basically something like rates and the fixed income business? And should we expect some impact there? Or again, I'm just trying to tie together the 5% decline in RWAs in the comment that fixed income business was a little light this quarter.

好的。那你剛才提到要退出的低報酬資產，是指像利率相關或固定收益業務那類嗎？我們是否應該預期那邊會有一些影響？或者我只是想把RWA下降5%的說法，和你提到本季固定收益業務稍微偏弱的評論串在一起。

Yes. Yes. There's -- I'm not looking to be specific on where the low-returning assets were getting out, but we're certainly looking at our markets franchise to see where those low-returning assets exist, as well as to see where their client relationships that are single product and don't necessarily link across the franchise. And so this is something that Jane and I, along with Paco, are keenly focused on. We realized that while we've seen growth in markets and in FICC, it has come with growth in the balance sheet, and we want to make sure that we're optimizing the use of the capital.

是的。是的。——我不打算具體指出我們正在退出哪些低報酬資產，但我們確實在檢視我們的市場業務平台，看看哪些地方存在這些低報酬資產；同時也在檢視是否存在那種「單一產品」的客戶關係，且不一定能在整個平台內形成連結與交叉。這是Jane和我，以及Paco非常專注在做的事情。我們意識到，雖然我們看到市場業務與FICC有所成長，但也伴隨資產負債表的擴張，我們希望確保資本使用是最優化的。

Your next question is from the line of Erika Najarian with UBS.

你的下一個問題來自UBS的Erika Najarian。

My first question is for Mark, please. And by the way, thank you so much for this new way of disclosing financials, I think this will be very helpful, and the NII sensitivity as well.

我的第一個問題想請教Mark。另外，順帶一提，非常感謝你們用這種新的方式揭露財務資訊，我認為這會非常有幫助，也包括NII敏感度。

I know we're going to get a lot more detail in March. But as we think about the expense base that would be remaining post the exits you've identified, could you help us get a sense of how much more growth would there be left in the remediation-related expenses? How aggressive do you plan to be in terms of investment spend in 2022? And do you think you've identified enough inefficient expenses within the franchise to help fund some of those -- both initiatives?

我知道我們在3月會拿到更多細節。但當我們思考在你們已識別的退出項目完成後，剩餘的費用基礎會是什麼樣子時，你能否協助我們理解：與整改（remediation）相關的費用，未來還會剩下多少成長空間？你們在2022年的投資支出打算有多積極？以及你是否認為你們已在整個平台內找出足夠的低效率費用，來支應其中一些——兩項——計畫？

Yes, great question. I'm not going to give guidance on 2022, but let me try and frame out how we're thinking about it because I think it is important. Both Jane and I recognize that we've got -- there's a lot of static we're getting, excuse me.

是的，這是個好問題。我不會提供2022年的指引，但我想試著說明我們的思考框架，因為我認為這很重要。Jane和我都認知到我們——我們這邊有很多雜音，抱歉。

So in terms of the expenses, we obviously have a large expense base. We've seen growth play out this year. But I think there's some real opportunities over time to attack the expense base, and that's exactly what we intend to do. So if you think about the divestitures, I'll start there for a second. There's some $6.8 billion of expenses tied to divestitures. As those divestitures get closed out, some of that will naturally go away. The balance of that, which tends to be referred to as stranded cost, we are already putting in place a team to focus on attacking and driving out that stranded cost.

就費用而言，我們顯然有很大的費用基礎。今年我們也看到費用成長的展現。但我認為，隨著時間推進，我們有一些很實質的機會去改善費用基礎，而這正是我們打算要做的。先從處分談起。有大約68億美元的費用與處分相關。隨著這些處分交易完成交割，其中一部分自然會消失。剩餘的部分，通常被稱為「滯留成本」（stranded cost），我們已經在組建一個團隊，專注於處理並推動消除這些滯留成本。

The second point that I'll bring up around this is the transformation. The transformation has driven 3 percentage points of growth this year. I do expect that there's more growth associated with that, particularly since we're still doing more hiring. There's more tech spend that will be required. But the transformation over time will deliver efficiencies, will reduce the manual touch points, will drive straight-through processing and therefore, will allow for us to bring our expenses down.

第二點我想提的是轉型。轉型今年帶來了3個百分點的成長。我確實預期這方面還會有更多成長，特別是因為我們仍在進行更多招募，也需要更多的科技支出。但隨著時間推進，轉型將帶來效率提升，減少人工接觸點，推動端到端直通式處理（straight-through processing），因此也將使我們能夠降低費用。

And the final piece that I'll mention is the strategy. And so Jane mentioned in our strategy, a focus on core businesses. And that's going to allow for us to look at the organizational structure and identify more simplification opportunities in the way we manage and run the firm. We do about $300 million to $400 million of productivity savings a quarter. That's not enough. We think there's more opportunity for efficiencies than that. And it's those opportunities that we're going to chase down in order to fund some of this investment spend that we expect in the next couple of years. More on that at Investor Day.

最後一個部分我想提的是策略。Jane在我們的策略中提到，將聚焦核心業務。這將使我們能夠檢視組織架構，並在管理與營運公司的方式上，找出更多簡化的機會。我們每季大約有3億到4億美元的生產力節省。但這還不夠。我們認為效率提升的空間不只如此。我們將追蹤並落實這些機會，以支應我們預期在未來幾年所需的一部分投資支出。投資人日會再談更多。

Thank you for framing that. Jane, this next question is for you. When you responded to Mike's question about your vision of Citi, you led with your vision of Citi as the world's corporate bank, if I could rephrase. How has your vision of Citi -- what does it include in terms of your funding base?

謝謝你這樣的說明。Jane，接下來這個問題想請教你。當你回應Mike關於你對花旗願景的問題時，你一開始就以花旗作為全球企業銀行的願景作為主軸（如果我可以這樣轉述）。你的花旗願景——就資金來源基礎而言——包含了哪些內容？

There's a lot of conversation, particularly in the beginning of a rising rate environment, about the natural gap that you have to your largest U.S. peers with regard to your naturally higher rate deposits, right? And so how do you envision your funding base evolving over time? And do you have any interest in significantly building out your U.S. retail deposit franchise?

有很多討論，特別是在升息環境初期，關於你們相較於美國最大的同業，在「天然較高利率的存款」方面存在的自然落差，對吧？那麼你如何看待你們的資金來源基礎隨時間演進？以及你是否有興趣大幅擴張你們在美國的零售存款業務平台？

So Erika, we've got a pretty diverse funding base. When we look at it from the institutional side, we've got the #1 TTS franchise globally. And that has material funding from our -- for our cash -- from our cash management and dominant position in cash management there. Our wealth franchise, both from the ultra-high net worth down to the affluent clients is also a source of material and very attractive deposits and funding for us.

Erika，我們的資金來源基礎相當多元。從機構端來看，我們在全球擁有排名第1的TTS平台。這為我們帶來了可觀的資金來源——來自我們的現金——來自我們的現金管理業務，以及我們在現金管理領域的主導地位。我們的財富管理平台，從超高淨值到富裕客群，也同樣是我們重要且非常具吸引力的存款與資金來源。

Obviously, we are making the exits on the international consumer banking front. And we've been focused in the retail bank in the U.S. in driving digital deposit growth and continuing to make sure that, that business generates a stable, low-cost funding for the firm here in the U.S. And we'll expect to continue growing that going forward.

顯然，我們正在國際消費者銀行業務方面進行退出。同時，我們一直專注於美國的零售銀行，推動數位存款成長，並持續確保該業務在美國為本公司提供穩定、低成本的資金來源。我們預期未來將持續擴大這項成長。

Your next question is from the line of Mike Mayo with Wells Fargo Securities.

您的下一個問題來自富國證券（Wells Fargo Securities）的 Mike Mayo。

That was sooner than I expected. Just a follow-up on the compensation changes. Yes, that's good news that people are paying in stock instead of just cash and stock. But you had the new bonus arrangement. I did not think that was finalized. But as part of the new bonus arrangement based on the next 3-year financial targets, is that still all cash? Or is that cash and stock? Or is that stock?

這比我預期的還要快。就薪酬變更再追問一下。是的，人們以股票而不只是現金與股票來領取，這是好消息。但你們有新的獎金安排。我原本以為那還沒定案。不過，作為基於未來三年財務目標的新獎金安排的一部分，那仍然是全現金嗎？還是現金加股票？或是全股票？

I assume you're referring to the transformation award. Is that correct, Mike?

我猜你指的是轉型獎勵（transformation award）。對嗎，Mike？

Yes.

是。

Yes. So that one, it's -- while it's paid in cash for the first 2 pieces, the last 50% is pegged to our 3-year stock performance. And we felt that, that was the appropriate balance here. As we said, transformation is our highest priority. We need to successfully address the concerns raised, and that's 100% in our shareholders' interest. One of the pieces that's important in that is that we need to have collective accountability to succeed in addressing these concerns, the shift in our culture. And this award is one that is therefore dependent upon shared success versus individual incentives here. So it's an important part of delivering. And of course, if we fail to deliver, the outcomes of the transformation and they're not successful in the execution, there will be no award.

是的。所以那一項——前兩個部分以現金支付，但最後 50% 會與我們三年期的股價表現掛鉤。我們認為這是在此處適當的平衡。正如我們所說，轉型是我們的最高優先事項。我們必須成功回應所提出的疑慮，而這 100% 符合股東利益。其中一個重要面向是，我們需要集體問責，才能成功解決這些疑慮並推動文化轉變。因此，這項獎勵取決於共同成功，而非個人激勵。這是交付成果的重要一環。當然，如果我們未能交付、轉型成果未能成功落實，就不會有任何獎勵。

And when will we -- I guess we'll find out about those targets at Investor Day, so answering that question. As it relates to PSUs, how much was given in stock cash before? And how many people will this apply to versus where it was before?

那我們何時會——我想我們會在投資人日得知那些目標，所以等於回答了那個問題。就 PSUs 而言，之前有多少是以股票/現金發放？這次相較於以前，會適用到多少人？

The PSUs are given to the executive management team, and now we're extending that to the broader operating team, which includes the leaders of our major businesses. And you'll see that information delivered in the proxy when we issue that in March. So you'll get all of that information at roughly at the same time.

PSUs 是發放給高階管理團隊的，而現在我們正把它擴大到更廣泛的營運團隊，其中包括各主要業務的領導人。你會在我們三月發布的委託書（proxy）中看到相關資訊。因此，你大約會在同一時間取得所有這些資訊。

Your next question is from the line of Ken Usdin with Jefferies.

您的下一個問題來自 Jefferies 的 Ken Usdin。

Mark, I was wondering if you could just talk a little bit about the card business in aggregate, definitely starting to see a little bit of that balance. But I wonder if you could touch on, number one, like just how you're expecting that balance trajectory to go. Number two, spend versus lend and how much you're seeing in that? And then three, just the losses are obviously just amazingly low, and how would you anticipate card normalization?

Mark，我想請你談談整體的信用卡業務，確實開始看到一些餘額回升。但我想請你觸及三點：第一，你預期餘額走勢會如何發展？第二，消費（spend）相對於放款（lend）的情況，你看到多少？第三，損失顯然低得驚人，你會如何預期信用卡損失回歸常態？

Yes, sure. So -- as I've mentioned before, I mean when you look at what's going on with cards, across the board, we are seeing increases in spend volume. So branded card spend volume is up 24%. Retail services spend volume is up 16%. So very healthy spend volume. People are using our cards, which is a good thing.

好的，當然。正如我之前提過的，當你看信用卡的情況時，整體而言，我們看到消費金額（spend volume）全面增加。品牌卡消費金額成長 24%。零售服務（Retail Services）消費金額成長 16%。所以消費動能非常健康。人們正在使用我們的卡，這是好事。

In terms of the liquidity that's still out there in the market, even though savings rates have started to normalize, there's still a significant amount of liquidity that's out there in the market. And that's showing up in payment rates in both branded cards and retail services and, frankly, in some of the international card businesses as well. And that has not subsided.

就市場上仍然存在的流動性而言，即使儲蓄率已開始回歸常態，市場上仍有相當可觀的流動性。這反映在品牌卡與零售服務的還款率上，坦白說，在部分國際信用卡業務上也是如此。而且這種情況尚未消退。

And so we did start to see growth in branded cards loans. Average loans are up 3%, branded cards. The end-of-period loans were up 5%. What matters a lot when you come out of a crisis like this is how you reinvest. And so we've spent a lot of time focused on targeting new customers and driving new account acquisitions. Our new account acquisitions are up 43% in branded cards. And we've been also driving that just generally across the board in retail services as well. So getting a good -- a very good response in terms of new accounts coming on board.

因此，我們確實開始看到品牌卡放款成長。品牌卡平均放款成長 3%，期末放款成長 5%。像這樣走出危機後，關鍵在於你如何再投資。因此，我們花了很多時間專注於鎖定新客戶並推動新帳戶開立。我們的品牌卡新帳戶開立成長 43%。同時，我們也在零售服務方面全面推動。因此，新帳戶加入的反應非常好——非常正面。

We've also been focused on how we drive installment lending activity, just kind of to broaden the lending that we're doing with this customer base, and we've seen significant growth in our Flex Loan and Flex Pay products as we've targeted customers who have historically been transactors to really move them onto that product. So very good growth there. In fact, in 2021, we've not only gotten the growth just in aggregate. But if I look at kind of installment lending, we've got 90% of the total installment sales are in digital sales, which is another kind of low-cost acquisition approach that we've taken.

我們也專注於如何推動分期放款活動，藉此擴大我們在這個客群上的放款範圍；隨著我們鎖定過去主要是交易型（transactors）的客戶並引導他們使用該產品，我們的 Flex Loan 與 Flex Pay 產品出現顯著成長。因此那裡的成長非常好。事實上，在 2021 年，我們不僅在整體上取得成長；若我看分期放款，我們有 90% 的分期銷售來自數位銷售，這也是我們採取的另一種低成本獲客方式。

So good underlying indicators there. But again, it's not until payment rates start to subside. We would expect, hope that, that would start to show up towards the back half of 2022.

所以基本面指標不錯。但同樣地，要等到還款率開始下降。我們預期、也希望這會在 2022 年下半年開始顯現。

In terms of the losses, which was the other part of your question, very low loss levels. You heard me mention the delinquency rates earlier. When I look at -- or the loss rates earlier, when I look at delinquency trends, there's really nothing to focus on there. They remain quite low. And we don't see any signs or any areas of concern, I would say. But I would imagine those 2 would start to normalize as payment rates start to come down.

至於損失——也就是你問題的另一部分——損失水準非常低。你先前聽我提到逾期率。當我看——或先前提到的損失率——當我看逾期趨勢時，基本上沒有什麼需要特別關注的；它們仍然相當低。我會說，我們沒有看到任何跡象或任何令人擔憂的領域。但我想，當還款率開始下降時，這兩者應該會開始回歸常態。

Great, Mark. And then just a follow-up. You mentioned the record -- or the strongest quarter in advisory in a while. I was just wondering if you could just comment broadly on investment banking pipelines across the product groups.

很好，Mark。再追問一下。你提到顧問業務創下——或是很長一段時間以來最強的一季。我想請你大致評論一下，各產品組別的投資銀行案源（pipeline）情況。

Yes. The investment banking pipeline looks very strong. We ended the year with significant growth in advisory, up 146% year-over-year, well above the wallet. We've grown share there. ECM was up about 16%, again, above the wallet. And really that, reflecting some of the fees coming from SPAC activity. So very good growth. EMEA and North America are both up year-over-year due to continued momentum in M&A.

好的。投資銀行的案源看起來非常強勁。我們在年底時顧問業務大幅成長，同比成長 146%，遠高於市場份額（wallet）。我們在那裡提升了市占。股權資本市場（ECM）約成長 16%，同樣高於市場份額。這主要反映了部分來自 SPAC 活動的費用。因此成長非常好。由於併購（M&A）動能持續，歐非中東（EMEA）與北美都呈現同比成長。

So we feel very good about it. We think the pipeline still looks very strong. We think the investments that we've made in bringing on bankers in some of the sectors we needed to beef up, sectors such as health care, technology, sponsors group, those investments are certainly starting to pay off. So we feel good about it.

所以我們感覺非常好。我們認為案源仍然非常強。我們也認為，我們在一些需要補強的產業領域增聘銀行家所做的投資——例如醫療保健、科技、贊助商（sponsors）團隊——這些投資確實開始帶來回報。因此我們對此感到樂觀。

Your next question is from the line of Glenn Schorr with Evercore.

您的下一個問題來自 Evercore 的 Glenn Schorr。

All right. Let's try this again.

好吧。我們再試一次。

Much better, Glenn.

好多了，Glenn。

So I think we have a good long-term process in motion and measured in more than 1 year. But what do you think of the sort of -- it feels like returns have to go down before they go up. I know you have the overall goal to close the gap to peers. But between the capital that gets freed up, the GCIB buffer and the denominator, the capital markets partially normalizing some stranded expenses on sole franchises and then continuing to execute on these transformations, is it okay and is it normal? I think it's partially in our models that we go down first and then rise up?

我認為我們已經啟動一個良好的長期流程，而且衡量尺度不只是一年。但你怎麼看這種——感覺像是報酬率必須先下降才會上升。我知道你們的整體目標是縮小與同業的差距。但在釋放出來的資本、GCIB 緩衝與分母、資本市場部分回歸常態、一些單一特許經營（sole franchises）上的擱置費用（stranded expenses），以及持續執行這些轉型之間，這樣可以嗎、也正常嗎？我想在我們的模型裡部分反映的是先下後上？

Yes. So thank you, Glenn. So look, if you look at 2021 with a 13.4% RoTCE and reserve releases that get close to $9 billion, I'd have to say yes, right? Because those reserve releases drive a considerable amount of that. Now it's important to compare that to 2020, where we had the opposite effect because we were building meaningful reserves. But as I -- as we look at the forward look, which we'll take you through in more detail, as Jane mentioned we're focused on core parts of the franchise that show the opportunity for growth and the promise for higher returns. And we'll -- that's where our energies are going to be focused, and we think that's what's going to help to drive improved returns over time.

是的。謝謝你，Glenn。你看，若看 2021 年 13.4% 的 RoTCE，以及接近 90 億美元的備抵釋放（reserve releases），我必須說是的，對吧？因為這些備抵釋放對其中相當一部分有很大的推動作用。當然，把它與 2020 年相比很重要，因為當時效果相反，我們是在建立大量備抵。但就——就我們對未來的展望而言，我們會帶你更詳細地走一遍；如 Jane 所提到的，我們聚焦於特許經營的核心部分，那些部分展現成長機會並有望帶來更高報酬。我們的精力將集中在那裡，而我們認為這將有助於隨時間推動報酬率改善。

Fair enough, the reserve at least have a big impact. Okay. And then in terms of that growth, I think a couple of questions danced around this, so it will be short. But given your answer to what Citi is and wants to be in terms of premier franchise and all those industries or business lines, I should say, how do you balance the -- doing what's right for stockholders in the near term, drive stock return versus making sure you invest for the future? Because each one of those is super competitive. Each one of them has competitors as early as today or as recent as today, spending a ton of money to compete in those spaces. How do you balance that -- invest for the long term would be great versus improve the stock short term?

可以理解，至少準備金確實有很大的影響。好。那接著談到成長方面，我想有幾個問題其實都圍繞著這點，所以我會簡短。可是基於你對花旗（Citi）是什麼、以及希望成為什麼——也就是頂尖特許經營平台（premier franchise）以及涵蓋那些產業或業務線——的回答，我想問的是：你如何在短期內做對股東最有利的事、推動股價報酬，與確保你們為未來投資之間取得平衡？因為每一個領域都競爭非常激烈；每一個領域都有競爭對手，甚至就在今天或最近也都投入大量資金在那些領域競爭。你們如何平衡——長期投資固然很好——但也要在短期改善股價？

Yes. So let me start and then Jane feel free to add in if you'd like. So the first thing I think that's important to remember is the focus that we're trying to put on these core franchises that drive returns over time. So we're prioritizing how we're going to allocate our resources and our investments, in part, through the divestiture activity.

是的。那我先回答，Jane 也歡迎補充。首先我認為重要的是要記得，我們正試圖把焦點放在這些能隨時間推動報酬的核心特許經營業務上。因此，我們會優先排序資源與投資的配置方式，而這其中一部分是透過撤資（divestiture）活動來達成。

The second thing I'd say is that we are investing in the franchise for the long term, right, as opposed to trying to hit some short-term metric. And so that does involve us putting that money to work where there is client demand and where it leverages the competitive advantages that we have developed. And so that is the way we approach this with, again, an eye towards ensuring that we're clear and transparent with our investors. And that if there's excess, that we're returning that to our shareholders, so that is not just sitting on the sidelines and not generating returns that they would expect of us.

第二點我要說的是，我們是在為特許經營業務做長期投資，對吧，而不是試圖達成某個短期指標。因此，這確實涉及把資金投入到有客戶需求、且能發揮我們已建立之競爭優勢的地方。這就是我們的做法，同時也會——再次強調——確保我們對投資人清楚且透明。若有多餘資本，我們會把它回饋給股東，讓資本不只是放在一旁，而是能產生他們對我們所期待的報酬。

I'd also just jump in. When you look at the different businesses that we are investing in, as Mark said, they're high returning ones. So our services businesses are much capital lighter, high return. Wealth management, the same. I think the opportunities that we've been seeing to continually increase share in investment banking, another high returning business. So that will certainly be helping us over time on that mix that you're talking about.

我也補充一下。當你看我們正在投資的不同業務時，如 Mark 所說，它們都是高報酬的業務。所以我們的服務（services）業務資本占用更輕、報酬更高；財富管理也是如此。我認為我們在投資銀行持續提升市占所看到的機會，也是另一個高報酬的業務。因此，隨著時間推移，這些都會在你提到的那種組合（mix）上對我們有所幫助。

And not everything needs an enormous investment. If I look at wealth, for example, you put the different pieces together that we've already got, and we're putting them into a single integrated business and proposition, it's not things that we're starting from scratch. So a lot of this is incremental.

而且並不是每件事都需要龐大的投資。以財富管理為例，把我們已經擁有的不同組件整合起來，放進單一、整合式的業務與產品主張（proposition）中，並不是從零開始。所以很多都是增量式的。

(Operator Instructions) Your next question is from the line of Vivek Juneja with JPMorgan.

（接線員指示）下一個問題來自 JPMorgan 的 Vivek Juneja。

Jane and Mark, a quick one firstly. Now that you're exiting Mexico, Singapore and Hong Kong were not part of the exits when you announced the exit from the 13 markets in the consumer business. Are you going to stay on with the consumer business in those markets, or meaning a traditional consumer business as you've had for years? Or is that going to change?

Jane 和 Mark，先問一個簡短的。現在你們要退出墨西哥，而新加坡與香港在你們宣布退出消費金融業務的 13 個市場時並不在退出名單中。你們會繼續在那些市場保留消費金融業務嗎，也就是你們多年來一直經營的傳統消費金融業務？還是會有所改變？

No, we find that the franchises we have in Singapore and Hong Kong, just given the nature of them, are really naturally tied to the wealth franchise that we are building and investing in there of our existing very strong platform, as you say. So we expect to continue to provide the range of different services and capabilities that we have because they are so complementary and help support our wealth business in 2 of the most major wealth hubs in the world.

不，我們認為我們在新加坡與香港的特許經營業務，考量其性質，確實很自然地與我們正在那裡建立並投資的財富管理特許經營業務緊密相連，而且如你所說，我們在那裡已有非常強的既有平台。因此，我們預期會持續提供我們所具備的各種服務與能力，因為它們彼此高度互補，並有助於支撐我們在全球兩大主要財富中心的財富管理業務。

Okay, great. And a follow-up question, if I may have. The NII change, Mark, that you made, what deposit beta are you assuming there? And how much of the change is coming from U.S. net interest income versus the rest of the currencies? .

好的，很好。那我可以追問一下嗎？Mark，你調整的 NII（淨利息收入）變動，你在那裡假設的存款 beta 是多少？另外，這次變動中，有多少來自美國的淨利息收入，多少來自其他幣別？.

Yes. So we haven't shared our deposit betas. But as you would imagine, the betas tend to be higher on the institutional side than on the retail side. And so that piece -- and I'm sorry, the second part of your question was what? Vivek?

是的。我們尚未分享我們的存款 beta。不過如你所想像，機構端的 beta 往往高於零售端。所以那一塊——抱歉，你問題的第二部分是什麼？Vivek？

Hello?

喂？

Hello, Vivek?

喂，Vivek？

Yes, can you hear me?

是的，你聽得到我嗎？

Yes, I can hear you now. What was the second part of your question? I'm sorry.

是的，現在聽得到。不好意思，你第二部分的問題是什麼？

The second part was how much of the change in net interest income from the interest rate sensitivity change, Mark, that you're making, how much is it U.S. net interest income versus the rest of the currencies? .

第二部分是：你正在做的利率敏感度調整所帶來的淨利息收入變動中，有多少是美國的淨利息收入，有多少是其他幣別的？.

The increase is roughly skewed towards the international. So I'd say of a $3 billion increase, I'd say about 2/3, 1/3 international.

這個增加大致偏向國際市場。所以我會說，在增加的 30 億美元中，大約是國際 2/3、美國 1/3。

Okay. And that's because that's where you were assuming that runoff?

好的。那是因為你原本假設資金流失（runoff）主要發生在那裡嗎？

Sorry?

抱歉？

That's where you were assuming more of the balance sheet runoff.

也就是你原本假設資產負債表的縮減（runoff）比較多是在那裡。

Yes.

是的。

Your next question is from the line of Charles Peabody with Portales.

下一個問題來自 Portales 的 Charles Peabody。

Yes. A question regarding the regulatory and political risk to share buybacks. And I asked that because earlier this week in the Powell renomination hearings, if you listened to the last 2 minutes of that testimony, Sherrod Brown went on a rail against buybacks in the banking industry.

是的。我有一個關於庫藏股回購（share buybacks）的監管與政治風險的問題。我之所以問，是因為本週稍早在 Powell 連任提名聽證會上，如果你聽了證詞最後兩分鐘，Sherrod Brown 對銀行業的回購提出了強烈抨擊。

And then last year, I think President Biden had 2 speeches in which he spoke out against buybacks. So I'm trying to understand, is there -- I mean a transaction tax isn't going to stop you guys from doing buybacks. But are there other things being discussed out there other than jus moral suasion to discourage buybacks?

另外去年我記得拜登總統有兩次演說都反對回購。所以我想了解的是：是否——我的意思是，交易稅不會阻止你們做回購——但除了道德勸說（moral suasion）之外，外界是否還在討論其他用來抑制回購的措施？

We're going to do the right thing for our shareholders. And right now, particularly given where the stock is trading, buybacks are a very, very important and probably top of the stack for us action that we take. So no, we're very clear in terms of the importance of giving our shareholders back our excess capital.

我們會做對股東正確的事。而且目前，特別是考量股價的交易水準，回購對我們而言非常、非常重要，可能是我們採取行動的首要選項。所以不，我們非常清楚把多餘資本回饋給股東的重要性。

No, I understand that you want to. I'm just trying to understand what the risk to your desires are from the regulatory or political side?

不，我理解你們想這麼做。我只是想了解，從監管或政治面來看，對你們這個意願的風險是什麼？

I don't believe there is one. We're extremely well capitalized. I think we've heard it consistently from Washington, the confidence in the capitalization of the banks, both coming into and coming out of the pandemic, and we're not overly concerned on that front.

我不認為有風險。我們的資本非常充足。我想我們也一直從華盛頓聽到對銀行資本水準的信心，不論是在疫情前、疫情中或疫情後，因此我們在這方面並不太擔心。

We'll obviously adhere to regulatory guidelines as they exist or however they evolve, but that's exactly right.

我們當然會遵循現行的監管指引，或其未來如何演變，但沒錯，就是這樣。

All right. And then as a follow-up just on that subject. Assuming these regulators are just getting into their seat, they're probably not going to be able to do anything this year on buybacks, but I'm assuming that they'll try and do something on buybacks next year. So you want to do as much buyback short term as you can, and you've talked about getting back to like a $3 billion pace here in the first quarter. How sustainable is that $3 billion pace?

好。那就這個主題再追問一下。假設這些監管者才剛上任，他們今年大概無法對回購做什麼，但我猜他們明年會嘗試對回購採取一些措施。所以你們想在短期內盡可能多做回購，而且你們談到第一季要回到大約每季 30 億美元的節奏。這個每季 30 億美元的節奏有多可持續？

Yes. So look, I mean, it's -- first of all, with the SCB framework, we take decisions on the capital actions on a quarter-by-quarter basis. Obviously, there's another CCAR run that will all go through, that will determine at least part of the capital stack. And then obviously, there's the GCIB that's coming into play. So we factor all of those things in. In our case, as we develop the capital plan, we also will take a look at the divestitures. In some instances, the divestitures will generate TCE for us to return to shareholders. There may be other impacts from divestitures that are temporary in nature that need to be factored in. But it's part of an entire annual capital planning process that we go through that factors all of those things in.

是的。你看，首先，在 SCB 架構下，我們是以逐季（quarter-by-quarter）的方式來決定資本行動。當然，還會有下一輪 CCAR 測試要跑完，這將至少決定資本結構（capital stack）的一部分。然後顯然，GCIB 也會開始發揮作用。所以我們會把所有這些因素都納入考量。就我們而言，在制定資本計畫時，我們也會檢視撤資。在某些情況下，撤資會為我們帶來 TCE（有形普通股權益），以便回饋給股東。撤資也可能帶來其他屬於暫時性的影響，需要納入考量。但這是我們每年整體資本規劃流程的一部分，我們會把所有這些因素都納入其中。

Your next question is from the line of Gerard Cassidy with RBC.

下一個問題來自 RBC 的 Gerard Cassidy。

Can you guys share with us, when you think about the strategy refresh that is underway, are we 75% complete, 80% complete? Mark, you alluded to maybe some of the markets businesses that may not have the returns you want. It could be some area. But where are you there? And by the Investor Day, can we assume that will be completed?

你們能否跟我們分享一下：當你們思考目前正在進行的策略更新（strategy refresh）時，現在是完成了 75%、80% 嗎？Mark，你提到可能有一些市場業務的報酬不符合你們想要的水準，可能是某些領域。但你們目前進度到哪裡？到了投資人日（Investor Day），我們是否可以假設這會完成？

In terms of the time line for this one, this particular exercise is drawing to a close in terms of what I call the big step back as a new CEO. So we said this is the last major structural decision that we're taking in Mexico, and we're now focused on pulling together everything from Investor Day. And that's where the new reporting structure, I think, that we've announced today is also a very important foundation for that. So I'm confident that we've made the right big structural decisions and that we're looking forward to Investor Day, laying out the vision, the strategies and the plan for going forward. .

就這件事的時間表而言，這項特定的工作已接近尾聲，就我所稱作為新任執行長的「重大回顧」而言也是如此。因此我們說，這是我們在墨西哥所做的最後一項重大結構性決策，而我們現在專注於把投資人日（Investor Day）的所有內容整合起來。我認為，我們今天宣布的新報告架構也是非常重要的基礎。因此我有信心，我們已做出正確的重大結構性決策，並且期待投資人日，闡述未來的願景、策略與推進計畫。

And let me be clear, Gerard, just in case I wasn't. I'm not suggesting we're exiting parts of our Markets business. That is not what I'm suggesting at all. What I'm suggesting is that as we would always do, we're constantly looking for opportunities to optimize the way we use our balance sheet, capital, RWA, et cetera, and where we identify the need to rid ourselves of low-returning and assets that we have, we do that, right?

而且我想說清楚，Gerard，以防我先前表達得不夠明確。我並不是在暗示我們要退出我們的市場業務（Markets business）的某些部分。我完全不是這個意思。我想表達的是，一如我們一貫所為，我們會持續尋找機會，去最佳化我們使用資產負債表、資本、RWA（風險加權資產）等等的方式；當我們辨識到需要處置我們所持有的低報酬資產時，我們就會這麼做，對吧？

And so with rule changes like SACR and the like, either pricing will adjust or we'll have to take a hard look at some of those assets to see if it still makes sense. And that's more of what I meant than ever suggesting we were exiting part of the Markets business.

因此，像是SACR之類的規則變更，價格要嘛會調整，不然我們就必須嚴肅檢視其中一些資產，看看是否仍然合理。這更接近我原本的意思，而不是在暗示我們要退出市場業務的任何部分。

No, they're very clear. And just as a quick follow-up. Obviously, some of the businesses you're committed to, the TSS and the investment banking area, you guys clearly are players there. You have economies of scale. When you look at the other businesses that you're committed to stay in, where is the heavy lifting going to come from where you really kind of step it up to get those economies of scale similar to the ones that are quite obvious?

不，你們講得很清楚。再快速追問一下。顯然，你們承諾投入的部分業務，例如TSS以及投資銀行領域，你們很明顯是重要參與者，也具備規模經濟。當你們看其他承諾要繼續經營的業務時，真正需要加大力道、把規模做上去以取得類似（前述）那種很明顯的規模經濟，會主要來自哪些地方？

You're right. We have a number of businesses that are already extremely scaled in both markets. If we look at TTS, we are moving $4 trillion of volume daily there. So those are ones where the investments are much more around digitization, around data. And in terms of where are we looking at getting more to -- of increasing our scale, commercial bank is obviously one where we have commercial banking presence in 30 different markets around the world. And they're very focused on the same target market I talked about in the vision, which are those mid-market companies with global needs or multi-market needs. And then the other areas in terms of wealth, where we've already begun, as you can see from our earlier remarks, building out our frontline scale on the back of the platforms and other investments that we're making.

你說得對。我們有多項業務在兩個市場都已具備非常大的規模。以TTS來看，我們每天處理4兆美元的交易量。因此在這些領域，投資更多是圍繞數位化與數據。至於我們在哪些地方希望進一步擴大規模——商業銀行（Commercial Bank）顯然是一個，我們在全球30個不同市場都有商業銀行據點。他們非常聚焦於我在願景中提到的同一目標客群，也就是那些具有全球需求或多市場需求的中型企業。另一個領域是財富管理（wealth），我們已經開始——從我們先前的發言你也看得出來——在我們正在建置的平台與其他投資的基礎上，擴大第一線的規模。

And to your point, Jane, Commercial Bank this year, a huge opportunity to leverage more of the TTS offering that we have. We're already seeing diversification in the commercial bank in terms of CMO and other markets products, and the revenue this year was up 12% year-over-year, and similar strength in acquisition of new clients in wealth, but those are 2 key areas. I agree.

而且如你所說，Jane，今年商業銀行有很大的機會去更充分運用我們現有的TTS產品。我們已經看到商業銀行在CMO及其他市場產品方面的多元化，今年營收年增12%，而在財富管理的新客戶取得方面也有類似的強勁表現；但這兩個是關鍵領域。我同意。

(Operator Instructions) Your next question is from the line of Ebrahim Poonawala with Bank of America.

（接線員指示）下一個提問來自美國銀行（Bank of America）的Ebrahim Poonawala。

Just a quick couple of follow-ups. Mark, on the capital return, I just want to make sure we hear you correctly. When we think about the $3 billion piece you're going to get back to in 1Q, moving forward, is there more upside risk to that $3 billion? Or could that be actually lower? I just want to make sure we have that right in terms of expectations.

我有幾個很快的追問。Mark，關於資本回饋，我只是想確認我們是否正確理解你的意思。當我們想到你們在第一季（1Q）會回到的那30億美元（$3 billion）部分，往後看，這30億美元是否有更高的上行風險？還是實際上可能更低？我只是想確保我們在預期上理解正確。

Yes. I'm not giving expectations for the quarter-by-quarter capital buyback decisions, in part, because, as I mentioned, with the new SCB rule, we're able to look at it on a quarterly basis. So I'm not giving guidance beyond that. We'll talk more about the capital plan on March 2 broadly, right?

是的。我不會對逐季的資本回購決策給出預期，部分原因是如我提到的，隨著新的SCB規則，我們可以按季度來評估。因此我不會提供超出這個範圍的指引。我們會在3月2日更廣泛地談資本計畫，對吧？

And just, I guess, going back, Jane, on U.S. retail, I think the question is, is there something more meaningful that we should expect at the Investor Day? And it's fine if you want to hold it till then. Because if I recall correctly, you were a partner with Google. That didn't play out. The big question that investors have is, is there a better definition to the U.S. retail franchise? And I'm just wondering, will we get that at the March Investor Day or there's nothing radical that you have in store, at least in the near term as far as U.S. retail is concerned?

另外，我想回到美國零售（U.S. retail）這點，Jane，我認為問題是：在投資人日，我們是否應該期待更具實質意義的內容？如果你想留到那時再說也沒關係。因為如果我沒記錯，你們之前與Google合作，但沒有成功。投資人最大的疑問是：美國零售特許經營（franchise）是否會有更清楚的定位？我想知道，我們會在3月的投資人日得到答案嗎？或者至少在短期內，就美國零售而言，你們並沒有任何激進的計畫？

You'll be certainly hearing directly from Anand, who is responsible for that business on Investor Day. And he'll lay out all of our U.S. personal banking strategy of what we're looking at, both from our top 2 cards franchise and what we're doing in personal lending, as well as what we're doing in wealth. And then obviously, the retail bank and the supporting role it is playing for those 2 core drivers of growth for us in the States. So yes.

在投資人日，你一定會直接聽到負責該業務的Anand的說明。他會闡述我們在美國個人銀行（U.S. personal banking）的整體策略：包括我們前兩大信用卡業務（cards franchise）以及我們在個人放款（personal lending）上的作法，還有我們在財富管理（wealth）上的布局。然後當然也會談到零售銀行（retail bank），以及它在美國作為我們兩個核心成長驅動因素的支援角色。所以，是的。

Your next question is from the line of Jim Mitchell with Seaport Research. .

下一個提問來自Seaport Research的Jim Mitchell。

Mark, maybe on just the expenses, I appreciate all the moving parts with the divestitures and you're not going to give us a full year expense guidance number. But can you help on the jumping off point in the first quarter we had? Compensation was up about $1 billion quarter-over-quarter. How much of that was just sort of the comp changes? Or is that a good run rate to think about? So if you could just help us, just the jumping off point for first quarter would be helpful. .

Mark，或許談一下費用。我理解資產出售（divestitures）有很多變動因素，而且你們不會給出全年費用指引數字。但你能否協助我們理解第一季的起點？薪酬（Compensation）季增大約10億美元。這其中有多少只是薪酬調整？或者這是一個可以用來思考的合理運行水準（run rate）？如果你能幫我們釐清第一季的起點會很有幫助。

Yes. You know what? I'm not going to be able to give you kind of more guidance on that. I mean what I would say is, again, you've got a couple of things that played through 2021 that will be important factors in 2022. One, the hiring that we've done, we're going to get a full year impact of that, at least for part of that, in 2022. So that's going to play out.

是的。你知道嗎？我沒辦法在這方面給你更多指引。我想說的是，再次強調，2021年有幾件事情會延續成為2022年的重要因素。第一，我們已完成的招聘，在2022年將會反映出全年影響，至少其中一部分會在2022年體現出來，所以這會逐步顯現。

The -- some of the -- if you think about the mix for the transformation spend, which is a mix of both hires, third-party spend as well as technology, that mix will start to shift over time away from third party, for sure, and towards the others. And so we're going to have some of that dynamic start to play out in 2022.

第二，如果你思考轉型支出（transformation spend）的組合，它同時包含招聘、第三方支出以及科技投入；隨著時間推移，這個組合肯定會從第三方支出逐步轉向其他項目。因此在2022年，我們會開始看到這種動態逐步展開。

In terms of the comps, specifically in the fourth quarter, we obviously tie -- the comp performance for the full year is tied to revenues. And so as we would expect to see some forward growth based on the drivers I mentioned earlier, we would expect to see comp related to that play out over the course of 2022. But I'd rather not get into the specifics here, given that we're going to give you a better sense for it in early March.

至於薪酬（comps），特別是在第四季，我們顯然會把——全年薪酬表現與營收掛鉤。因此，隨著我們預期在我先前提到的驅動因素帶動下出現一定的前瞻成長，我們也預期相關的薪酬會在2022年逐步反映出來。但鑑於我們會在3月初給你們更清楚的輪廓，我不想在這裡深入到細節。

Okay. Just maybe as a follow-up on that, just so I understand the sequential drivers, so you're saying it's mostly incentive comp? Or was that more new hires or both? Just a 3Q to 4Q change? .

好的。那再追問一下，為了讓我理解環比（sequential）的驅動因素：你的意思是主要是獎勵性薪酬（incentive comp）嗎？還是更多來自新聘人員，或兩者都有？我是指第三季到第四季的變化。

Yes. In 3Q to 4Q, you've got both hires as well as incentive comp.

是的。第三季到第四季，兩者都有：既有招聘，也有獎勵性薪酬。

Your next question is from the line of Matt O'Connor with Deutsche Bank.

下一個提問來自德意志銀行（Deutsche Bank）的Matt O'Connor。

I just wanted to follow up. You had said the sale of Mexico wouldn't be an easy transaction. And was just hoping you could elaborate on that. And then just related, you talked about the capital is allocated to the business being freed up. But any kind of initial thoughts on whether the transaction -- the exit of the business will generate a gain or loss as we think about the combined or total capital impact?

我想再追問一下。你曾說出售墨西哥業務不會是一筆容易的交易，希望你能進一步說明。然後相關地，你提到配置在該業務上的資本將被釋放出來。但就交易本身——退出該業務——是否會產生收益或損失，你們是否有任何初步想法？我們在思考合併或總體資本影響時，這點會很重要。

Why don't I kick that off and, Mark, jump in. I just said it won't be a simple transaction because we separate the bank into the institutional business from the businesses that we're exiting, and that's something that we kicked off yesterday, that process. And then we'll be looking to go to the market in the spring and be active with buyers, potential buyers in a few months' time. So it's more just the complexity of separating the bank. We've got good plans behind this.

不如我先開個頭，Mark 也請加入。我剛才說過，這不會是一筆簡單的交易，因為我們要把銀行拆分為機構業務，以及我們正在退出的業務，而這正是我們昨天啟動的流程。接著我們會在春季尋求進入市場，並在幾個月內與買方、潛在買方積極接洽。所以主要是拆分銀行本身的複雜性。我們對此有完善的規劃。

And as I said in my remarks, these are terrific, these are scale, these are great franchises. And there was obviously a lot of speculation in the press, which really is too early to comment on. But we do think this is a jewel for someone. It's just not for us.

而且如我在發言中所說，這些都是非常出色的、具規模的優質特許經營（franchises）。媒體上顯然有很多揣測，但現在評論確實還太早。不過我們確實認為，這對某些人而言是一顆明珠；只是它不適合我們。

I agree. And I think it's premature to speculate on the structure of the deal and things of that sort. You're right, we do have about $4 billion of TCE allocated to the business.

我同意。我認為現在就揣測交易結構及諸如此類的事項都還言之過早。你說得對，我們確實大約配置了 40 億美元的 TCE（有形普通股權益）到這項業務。

The other layer of complexity is around the CTA, and you've heard us spend some time on that when we talked about the Australia sale. And I introduce it as a complexity because there's an accounting treatment associated with the CTA that happens at signing, that is separate from the capital implication that happens at closing. So with a CTA, the capital impact flows through AOCI, but it's neutral once the deal is closed. And Mexico, the consumer business would have a DTA of a little bit less than $3 billion or so. And so that's another factor that's involved with the transaction.

另一層複雜性在於 CTA。你們也聽過我們在談到澳洲出售案時花了一些時間說明。我之所以稱之為複雜性，是因為 CTA 相關的會計處理是在簽約時發生，且不同於在交割時才發生的資本影響。因此，對於 CTA 而言，資本影響會透過 AOCI（累積其他綜合損益）反映，但在交易完成交割後會回到中性。而墨西哥的消費金融業務會有略低於 30 億美元左右的 CTA。因此，這也是交易中涉及的另一個因素。

It's CTA, not a DTA.

是 CTA，不是 DTA。

Did I say DTA? I'm sorry, CTA, currency translation adjustment. Thank you. CTA. Thank you very much, Jane.

我剛才說 DTA 了嗎？抱歉，是 CTA，外幣換算調整（currency translation adjustment）。謝謝。CTA。非常感謝你，Jane。

Your next question is from the line of Steven Chubak with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steven Chubak。

Well, actually, even before asking my question, I just wanted to echo some of the earlier remarks, the new presentation, the additional detail, it's really helpful. So I appreciate the new disclosure.

其實在提問之前，我想呼應一下前面的一些評論：新的簡報、增加的細節，真的很有幫助。所以我很感謝這次新增的揭露。

Mark, I was going to ask -- well, I guess technically one question, but it's really a 3-parter. You might need to grab a pen and paper. But I wanted to just unpack some of the comments you made on the NII sensitivity and reporting differences versus peers. You noted a more than 3x increase in NII, assuming a static balance sheet, but there's still a lot of investors that just question your rate sensitivity profile given the fairly modest NII growth that we saw in the last cycle.

Mark，我想問——嚴格來說算一個問題，但其實分成三個部分。你可能需要拿筆和紙。我想更深入拆解你對 NII（淨利息收入）敏感度，以及相較同業在揭露口徑上的差異所做的評論。你提到在假設資產負債表維持不變的情況下，NII 會增加超過 3 倍，但仍有很多投資人質疑你們的利率敏感度輪廓，因為上一個循環我們看到的 NII 成長相當溫和。

And the first question, I just wanted to start by asking, given your heavier institutional deposit gearing, wouldn't it be reasonable for us to expect that your deposit runoff would actually be greater than peers? Two, does the NII guidance contemplate liability sensitivity in the markets business? And could you help us size that potential drag? And then just lastly, it's more of a catch all. Any idiosyncratic factors that you could speak to that would support a better NII outcome or higher rate benefit versus what we saw in the last cycle?

第一個問題我想先問，鑑於你們更偏向機構型存款的結構，我們是否可以合理預期你們的存款流失（runoff）其實會比同業更大？第二，NII 指引是否已納入市場業務端的負債敏感度？你能否協助我們量化那個可能的拖累？最後，算是綜合性的問題：是否有任何你能談到的特定因素，能支持比上一個循環更好的 NII 結果或更高的升息受益？

Yes, sure. So look, we provided the sensitivity because we think comparability is important here. And you can see the magnitude of that difference is pretty sizable. There's still going to be a difference between us and peers, but that difference narrows when you put it on a comparable basis.

好的，當然。我們提供敏感度分析，是因為我們認為可比性在這裡很重要。你可以看到差異幅度相當大。我們和同業之間仍會有差異，但當你用可比基礎來看時，差距會縮小。

We do have a skew towards institutional clients, and they do carry a higher beta associated with them. But we also have a skew towards international currencies and we make good spreads there as well. In terms of the impact through markets, the impact -- I think the market's impact can come in any number of ways. I think rate moves and other uncertainty and volatility in the market can drive broader markets revenues, which we would potentially see depending on how investors have to reposition their books.

我們確實偏向機構客戶，而這類客戶通常伴隨較高的 beta（利率傳導係數）。但我們也偏向國際貨幣，我們在那裡也能做出不錯的利差。至於透過市場業務的影響——我認為市場端的影響可能以多種方式出現。我認為利率變動以及市場中的其他不確定性與波動，可能帶動更廣泛的市場收入；視投資人需要如何重新調整其部位而定，我們可能會看到這些影響。

In terms of the last part of your question, I don't think there's anything else that I would point to. I mean, obviously, with the excess liquidity that we've seen and been carrying in the market, we've been putting that to work in investments. We've increased our investment portfolio by some $70 billion. We expanded the duration to about 2.85, and we still have significant dry powder too with the work with either client demand or in an increasing rate environment, which we expect.

至於你問題的最後一部分，我不認為還有其他我會特別指出的因素。我的意思是，顯然在市場上我們看到並持有的超額流動性，我們一直把它投入到投資中。我們的投資組合增加了約 700 億美元。我們把存續期間拉長到約 2.85，而且我們仍然有相當可觀的「乾粉」（可動用資金），可用於因應客戶需求，或在我們預期會出現的升息環境中運用。

Your next question is from the line of Jeff Harte with Piper Sandler.

下一個問題來自 Piper Sandler 的 Jeff Harte。

I'm sorry, I should have taken myself out of the queue. My questions have been answered and you all must be getting tired. So I'm done.

不好意思，我應該把自己從排隊中移除。我的問題都已經被回答了，而且你們大家可能也都累了。所以我就到這裡。

Your final question is from the line of Mike Mayo with Wells Fargo Securities.

最後一個問題來自 Wells Fargo Securities 的 Mike Mayo。

One more question. What's the hardest part of the cultural change?

再問一個問題：文化變革中最困難的部分是什麼？

Probably it's been breaking down some of the silos. And that -- the point on the principles we laid out, Mike, have connected is really a key piece of it. We've -- we rolled out some new leadership principles last year, and it's very much around how do we get the firm very well connected and really realize the full synergies.

可能是打破一些部門本位的藩籬（silos）。而且——Mike，你提到我們所提出的原則，彼此連結這點其實是關鍵的一環。我們去年推出了一些新的領導原則，核心就是如何讓公司更緊密連結，並真正實現完整的協同效益。

So breaking some of those old habits, I would say, the new structure is certainly helping us in the different initiatives we're taking.

我會說，就是要改掉一些舊習慣；而新的組織架構確實正在幫助我們推動各項不同的倡議。

And how long do you think that will take? Because you're breaking down a culture that's been ingrained for quite some time.

那你覺得這需要多久？因為你正在打破一種已經根深蒂固很長一段時間的文化。

Yes. I would say I'm really happy with the progress. We've been -- one of the first things I did was lay the front [view] on our culture out when I took over, and we've got a terrific team of people been working at this for a year.

是的。我會說我對進展非常滿意。我上任後做的第一件事之一，就是把我們文化的願景（front [view]）提出來，而我們有一支非常出色的團隊，已經在這件事上努力了一年。

So I'm very happy with the progress we make. I think everyone is clear. We want the culture to be one of accountability, of excellence and acting with urgency, and part of that is well underway. But it will take a little bit longer.

所以我對我們取得的進展非常滿意。我想大家都很清楚：我們希望文化是強調問責、追求卓越並以緊迫感行事，而其中一部分已經在順利推進。但這還需要再多一些時間。

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

目前沒有其他問題。我將把電話會議交給 Jen Landis 作結語。

Thank you all for joining today's call. Please feel free to reach out to IR with any follow-up questions. Have a great day. Thank you.

感謝各位參加今天的電話會議。如有任何後續問題，歡迎隨時聯繫 IR（投資人關係）。祝各位有美好的一天。謝謝。

This concludes Citi's fourth quarter earnings call. You may now disconnect.

以上為花旗第四季財報電話會議。您現在可以掛線。