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，歡迎來到花旗與首席執行官簡·弗雷澤（Jane Fraser）一起進行的 2021 年第四季度收益回顧；和首席財務官馬克梅森。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。 （操作員說明）另外，作為提醒，今天正在錄製此會議。 （操作員說明）Landis 女士，您可以開始了。 .

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.

謝謝你，接線員。早上好，感謝大家加入我們。我想提醒您，今天的演示文稿（可在我們的網站 citigroup.com 上下載）可能包含前瞻性陳述，這些陳述基於管理層當前的預期，並受不確定性和環境變化的影響。由於多種因素，包括我們在美國證券交易委員會提交的文件中描述的因素，實際結果可能與這些陳述存在重大差異。

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

有了這個，我會把它交給簡。

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，珍，祝大家新年快樂。我很高興今天再次加入你們。好吧，我們一直很忙，今天我們有很多話要說。我將首先更新我們的策略更新。然後我將分享我對第四季度的看法，並總結我們在主要優先事項方面取得的所有進展。

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.

正如您在本週早些時候看到的那樣，我們宣布我們打算將我們在墨西哥的特許經營權僅集中在我們的機構和財富管理業務上，因此退出那裡的消費者小型企業和中型市場銀行業務。這不是我們輕易做出的決定。我們對我們在墨西哥的特許經營權進行了臨床研究，得出了一個硬性結論，即非機構業務不符合我們的新戰略方向。現在要明確的是，這些非常棒，它們是規模化、高回報的特許經營權，但我們的戰略目標是投資於與我們的核心優勢完全一致的業務並簡化我們的公司。

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.

在我們開展工作的同時，也很明顯，我們在墨西哥的機構客戶集團將繼續擁有巨大的機會。花旗是墨西哥領先的機構銀行。我們已經為那裡的企業客戶和投資者服務了近一個世紀，這不會改變。墨西哥擁有光明的未來，我們致力於在建設中發揮重要作用。我們預計墨西哥將在未來幾年成為全球投資和貿易流動的主要接受者。因此，我們計劃在那里維持一家重要的本地持牌銀行，並在我們機構網絡的核心和高回報中心進行投資以獲取增長。

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.

這不會是一個簡單的交易。在過去的幾個月裡，我們一直在研究如何為我們的股東取得最好的結果，並忠於我們當地的利益相關者。我們將立即開始分離過程，並預計在春季開始銷售過程。當然，還有機會將交易中的多餘資本返還給我們的股東。

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

這是我們在結束戰略更新和接近投資者日時退出市場的最終決定。

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 日與您討論未來的花旗銀行。今天，我們將向您介紹我們為使我們的組織和財務報告與更新後的戰略保持一致而進行的更改。現在，這些變化還將使我們能夠降低結構複雜性及其相關成本。除其他外，這將有助於讓我們的投資者更容易理解花旗。您將能夠更簡單地了解和評估構成花旗未來的核心業務。

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.

首先，我們正在創建一個新的個人銀行和財富管理部門，該部門將由 Anand Selva 運營。這將包括 2 個不同的報告單位：我們的美國個人銀行業務；以及我們的全球財富管理業務，其中將包括私人銀行。

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.

其次，在房子的機構方面，它將繼續由 Paco Ybarra 經營。我們將開始在 3 個單位下進行報告：服務、銀行和市場。服務將包括財資和貿易解決方案以及證券服務，這反映了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，我們將創建一個新的部分，即 Legacy Franchises，它將容納我們打算退出的所有業務。我們將在不遲於第二季度開始報告這些部門和報告單位的財務狀況，以確保您擁有衡量我們的進展並讓我們承擔責任所需的信息，我們非常期待分享我們的戰略和計劃這些企業將如何在 3 月的投資者日共同合作並為我們的股東提供服務。

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%.

現在轉向收益。我們在 2021 年結束時表現不錯。正如您在幻燈片 2 中看到的那樣，我們以 32 億美元的淨收入和 1.46 美元的每股收益結束了本季度。其中包括 12 億美元的息稅前利潤損失，主要與我們韓國消費者業務的關閉有關。排除這些影響，我們的淨收入將為 42 億美元，每股收益為 1.99 美元。我們全年 220 億美元的淨收入反映了信貸環境的改善，我們的 RoTCE 為 13.4%。

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，我們在投資銀行業務又取得了一個強勁的季度，並在併購方面獲得了全年的份額。我們繼續在人才方面進行大量投資，我們看到了一條非常穩固的交易渠道。

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.

現在，雖然我們本可以在本季度在固定收益方面取得更好的平衡表現，但股市在 2021 年全年上漲了 25%。 TTS 在貿易流量和現金量方面的反彈不足以抵消當前的利率環境，但它預示著 2022 年的好兆頭。事實上，我們認為該業務的周期已經轉變，隨著貨幣政策的變化，它有望受益並且增長加速。你聽說過 Mark 和我談到改善我們機構業務的收入組合作為優先事項，並且它正在產生結果，並且產品費用增長的另一個季度強勁勢頭。

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.

我們的部分消費者業務仍在經受住 COVID 對客戶行為的破壞性影響。在美國，強勁的購買銷售繼續被支付率上升所抵消，但我們確實看到本季度品牌卡的貸款有所增加。存款和資產管理規模繼續增長，全年數字存款增長近 20%。這一年，我們向股東返還了近 120 億美元的資本，每股有形賬面價值增長了 7%，達到 79.16 美元。由於我們建立了吸收 SACR 影響所需的資本，我們在標準基礎上以 12.2% 的 CET1 比率結束了這一年。現在請記住，監管變化直到 1 月 1 日才生效。雖然這導致我們暫時暫停股票回購，但我們將在本季度恢復回購，因為這種影響已經得到解決。

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，如幻燈片 3 所示，我們正在執行和交付我們的優先事項：戰略更新、轉型和我們的文化，我們正懷著真正的緊迫感這樣做。首先，關於戰略。我們專注於迅速和成功地實施我們在過去一年中做出的戰略決策，以提高投資者的回報。我們已經在 6 個亞洲消費市場簽署了協議，包括我們昨天宣布的 4 個市場的銷售協議。這意味著，在做出退出這 13 家業務的決定後的 8 個月內，我們在其中的大部分業務中都有明確的路徑，並且我們在其餘市場的進程中也很順利。

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，我們決定為股東確定最佳途徑是結束我們的消費者業務，我們能夠在本季度獲得大部分費用。我們沒有浪費任何時間的另一個領域是財富管理，我們在這一年中增加了 800 名顧問關係經理和其他人的隊伍。他們幫助我們在 2021 年增加了大約 750 家私人銀行客戶和 45,000 家 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.

在我們所稱的美國個人銀行業務中，我們看到了定制現金卡等新產品的良好吸收，並且我們一直在構建數字平台以抓住分期貸款的機會。除了我們在 TTS 中看到的進展之外，我們還一直在構建我們的安全服務平台。我們非常高興通過成為貝萊德 iShares ETF 的最大託管人來加深我們與貝萊德的關係。

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.

第二個優先事項，我們繼續執行我們的轉型議程，以明顯加強我們的風險和控制，並使我們的銀行現代化以適應數字世界。這項工作是我們想要實現的一切的基礎。我們正在改進我們的運營模式，以提高長期效率和我們對客戶的服務。

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.

由於涉及同意令，我們深入執行模式。當我們獲得他們的反饋並將其納入我們正在進行的執行和項目計劃時，我們將繼續與監管機構進行建設性對話。

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，與此相關的是，我們正在建立一種期望卓越並要求問責的文化。我們正在以多種方式推動這項工作，包括在去年年底更強大的績效管理流程，改變薪酬組合以更好地符合股東利益和各種改變文化的舉措。卓越文化還意味著創造我們的員工可以引以為豪的成就記錄。

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.

我們的員工特別引以為豪的一個領域是我們的 ESG 工作。本月晚些時候，我們將與您分享我們到 2050 年實現淨零排放的計劃，這是我在 10 個月前擔任 CEO 的第一天做出的承諾。當然，在我們幫助客戶應對 COVID 時，我們將專注於我們的客戶來做這一切。我們當然希望 Omicron 是這場大流行的最後破壞性階段，但還有很多其他問題需要解決，無論是宏觀經濟，如通貨膨脹，還是地緣政治，如與俄羅斯的緊張關係。當我們在未知領域為客戶提供支持時，我們已經看到了花旗的韌性和重要性，我們也將在下一章與他們同在。

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

所以現在我想把它交給馬克，然後我們很樂意回答你的問題。

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，簡，大家早上好。在今天的電話會議上，我們有很多內容要介紹。我將首先向您詳細介紹我們計劃進行的財務報告更改。然後，我將帶您了解 13 個亞洲市場退出以及墨西哥對 2021 年的財務影響，以及我們對財務披露所做的更改。最後是季度業績。

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.

作為我們戰略更新的一部分，我們已經開始做出改變，以更好地與我們的願景和戰略保持一致。我們更新了我們的收益報告，並包括了 ICG 業務的其他指標和關鍵驅動因素。我們的目標是簡化我們的財務報告，讓我們的投資者更容易了解我們的業績和我們的關鍵資產。

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.

轉到幻燈片 4，我們列出了簡提到的財務報告變化的細節。首先，我們打算將 Citibanamex 的消費者、小型企業和中型市場銀行業務以及 13 個亞洲消費者退出業務轉移到一個名為 Legacy Franchises 的新部門中。這將使您能夠更好地了解這些退出後將存在的剩餘公司的財務狀況。我們擁有管理被剝離業務的經驗，並正在組建一支專門的團隊來管理新的細分市場。這將解放未來業務的管理團隊，以完全專注於執行公司的戰略。

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.

其次，我們正在重組我們的報告單位，以幫助您更好地了解我們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 和安全服務轉移到一個稱為服務的報告單元。這些業務是我們的基礎，因為它們在全球範圍內擁有獨特的地位並提供全套產品。因此，市場將不再包括證券服務，而只會包括股票和固定收益市場。

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，在 ICG 上，銀行業將只包括諮詢、股票承銷、債務承銷和企業貸款。全球消費者銀行 (GCB) 將更名為個人銀行和財富管理 (PBWM)。私人銀行將從 ICG 轉移到 PBWM。提醒一下，我們在去年 1 月宣布，我們在 Citi Global Wealth 下創建了一個單一的財富管理組織，現在稱為 Global Wealth Management，這是一個獨立的報告單位。該部門的創建將財富管理團隊統一起來，創建了一個單一的綜合平台，為從富裕階層到超高淨值客戶的財富連續體的客戶提供服務。

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.

北美消費者將更名為美國個人銀行業務，並將繼續作為 PBWM 下的報告單位。該部門將繼續包括品牌卡、零售服務和零售銀行業務。我們計劃在不遲於第二季度收益的情況下，在此頁面上的 ICG 和 PBWM 部分下提供新報告單位的財務信息。我們的投資者日將是一個自然的機會，可以匯集過去一年的所有工作，並為公司製定中期願景和戰略。

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.

幻燈片 5 顯示了我們計劃退出的 Citibanamex 業務的貢獻以及來自 13 個亞洲市場的貢獻。希望這能讓您更好地了解合併退出的財務結果。在第 18 頁的附錄中，我們詳細介紹了 13 個亞洲退出市場以及我們迄今為止宣布的交易。

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.

轉向墨西哥。正如簡所提到的，我們將繼續致力於墨西哥，並將繼續為那裡的機構和私人銀行客戶提供服務。也就是說，經過非常仔細的考慮和分析，我們決定我們不再是我們正在退出的業務的最佳所有者。擬退出的墨西哥消費者和小型企業銀行業務代表了整個拉丁美洲全球消費者銀行部門和目前包含在花旗機構客戶集團部門的墨西哥中間市場銀行業務。

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，我們顯示了我們打算在墨西哥退出的業務的 2020 年和 2021 年關鍵數據。 2021 年，這些業務貢獻了 47 億美元的收入和 11 億美元的淨收入。這些企業總共有 200 億美元的貸款、310 億美元的存款和大約 40 億美元的 TCE 分配。同樣，我們還沒有交易並且正在尋求多種剝離路徑，因此交易的最終財務影響尚不清楚。當我們運行一個深思熟慮的過程時，我們將讓您隨時了解我們的進展，該過程考慮到什麼最符合我們的股東以及我們在墨西哥的客戶和員工的最大利益。

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.

除了有機會向股東返還額外資本外，這些資產剝離還將使我們能夠簡化整個公司的管理和組織結構。

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.

現在轉到幻燈片 6。在我們進行戰略更新和簡化時，我們一直在審查我們的披露和術語，並決定現在是與同行更緊密地保持一致的合適時機。首先，我們之前稱為淨利息收入的收入現在稱為淨利息收入，我們之前稱為非 NIR 的收入現在稱為非利息收入。

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.

其次，正如您在頁面上看到的那樣，我們已經修改了我們對存款支付的保險的會計處理方式，包括 FDIC 和外國存款保險。我們之前已將存款保險計為對沖收入和淨利息收入。但是，從本季度開始，我們會將其報告為費用，並將其從淨利息收入中刪除。提醒一下，這種變化是收益中性的。我們進行了此項更改，以便您更輕鬆地將我們與同行進行比較，並且我們已經修改了前幾年以反映相同的報告處理方式，以幫助 2019 年至 2021 年的可比性，並且演示文稿的其餘部分也將反映這些2 變化。

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%.

在幻燈片 7 中，我們展示了整個公司的財務業績。正如 Jane 之前提到的，在第四季度，我們報告了 32 億美元的淨收入和 1.46 美元的每股收益，在 170 億美元的收入中，RoTCE 為 7.4%。這些結果中包含約 12 億美元的成本，主要與我們提供的自願退休計劃以及韓國消費者業務的結束以及一些額外的亞洲退出影響有關，我將這些影響統稱為亞洲剝離對未來的影響。排除這些影響，每股收益為 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.

本季度，總收入比去年增長 1%，原因是 ICG 推動的非利息收入增長強勁，特別是 TTS、安全服務和投資銀行業務，但大部分被 GCB 和 ICG 的淨利息收入下降所抵消。我們的業績包括 135 億美元的費用，比上年增長 18%。不計亞洲剝離成本，費用將增加 8%。費用增加主要是由對我們轉型的投資、業務主導的投資和更高的收入相關費用推動的，部分被生產力節省所抵消。信貸成本是本季度的一項淨收益，主要受 ACL 釋放約 14 億美元的推動，這與改善的宏觀背景和投資組合質量的持續改善有關。

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.

現在轉向全年。我們的收入下降了 5%，原因是市場正常化以及消費者支付率提高，這在一定程度上被 ICG 的強勁非利息收入增長所抵消，特別是在投資銀行、TTS 和安全服務方面。我們全年的開支增長了 9%，但不包括亞洲剝離成本，我們的開支增長了 6%。同樣在全年，我們產生了 13% 和 14% 的 RoTCE，不包括與亞洲相關的剝離影響。提醒一下，我們全年通過 ACL 發布獲得了近 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.

在幻燈片 8 中，我們展示了關鍵潛在驅動因素的全年支出情況。 2021 年，不包括亞洲資產剝離的影響，費用增長了 6%，與之前的指導一致。展望未來，我們認識到我們還有很多工作要做。資產剝離為簡化我們的管理和組織結構提供了機會。我們也在認真審視我們的結構性支出，著眼於盡可能高效和穩健地運營以及自籌資金投資。在我們的投資者日，我們還有很多話要說。

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.

在幻燈片 9 上，我們顯示了淨利息收入、存款和貸款。在北美消費者的推動下，第四季度的淨利息收入環比增加了約 1.3 億美元。隨後，淨息差保持相對穩定。與去年同期相比，淨利息收入持平。同樣與去年同期相比，隨著我們繼續加深與機構客戶以及消費者客戶的關係，特別是在北美，本季度的平均存款有所增長。由於 ICG 的增長被 GCB 的下降所抵消，平均貸款與去年同期基本持平。

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.

隨著過去幾個季度加息的可能性增加，讓我就加息的潛在影響發表一些評論。在我們的 10-Q 中，我們披露了假設平行轉移和徑流資產負債表的利率敏感性。這與我們同行的方法不同，後者傾向於假設靜態資產負債表。假設靜態資產負債表和 100 個基點的平行變化，我們預計花旗所有貨幣的總淨利息收入將比我們在 10 季度第三季度披露的數據增加 3 倍以上，即大約 25 億美元至 30 億美元淨利息收入。

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.

在幻燈片 10 中，我們展示了我們的匯總資產負債表以及關鍵資本和流動性指標。我們保持著非常強勁的資產負債表。在我們 2.3 萬億美元的資產負債表中，約 25% 或 5,300 億美元由 HQLA 組成，我們的總流動性資源保持在約 9,600 億美元。我們繼續優化我們的資產負債表，在我們利用市場機會的同時將過剩的流動性部署到證券中，並按順序和逐年減少我們的短期和長期債務。在貸款方面，公司貸款約佔總貸款的 60%，向美國以外的公司提供的貸款約佔總貸款的 30%。正如我們過去提到的，我們公司貸款總額中約有 80% 是投資級別的。

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.

從資本的角度來看，由於我們準備在 1 月 1 日採用 SACR，我們在年底的 CET1 資本比率約為 12.2%。在採用 SACR 並維持我們的資本比率目標後，我們將在本季度恢復回購至與您在 2021 年第二和第三季度看到了。當我們展望今年剩餘時間時，資本方面存在許多變數。其中包括影響我們以及其他行業的監管逆風，例如提高 GCIB 附加費，以及剝離 13 個亞洲出口和墨西哥的時機和影響。

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.

有鑑於此，由於預計 2023 年初 GCIB 附加費會增加，您應該期望我們在年底前將 CET1 比率接近 12%。也就是說，我們仍然專注於資本的各個方面保持CET1比率為11.5%的目標。如您所知，在 SCB 框架下，我們可以按季度評估合適的回購水平，我們將在全年繼續這樣做，目標是向股東返還多餘的資本。

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.

在幻燈片 11 上，我們展示了第四季度機構客戶組的結果。在投資銀行、私人銀行和安全服務費用的推動下，收入同比增長 4%，但部分被市場下滑所抵消。在轉型、業務主導的投資和與收入相關的費用的推動下，費用同比增長 10%，但部分被生產力節省所抵消。信貸成本是大約 3 億美元的淨收益，因為淨信貸損失被 ACL 釋放所抵消。我們繼續看到強勁的信貸表現，淨信貸損失同比下降，非應計貸款環比和同比下降。這導致淨收入為 25 億美元，比上年下降約 22%，主要是由於與上年相比較高的費用和較小的 ACL 釋放。 ICG 本季度實現了 10.8% 的 RoTCE。

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%.

我們還看到貸款和存款同比增長 5%，因為我們繼續看到現有客戶關係和新客戶獲取的良好勢頭和深化。就全年而言，ICG 以 440 億美元的收入實現了約 160 億美元的淨收入，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.

在幻燈片 12 中，我們按業務和關鍵驅動因素顯示了第四季度 ICG 業務的收入表現。由於費率持續逆風被 18% 的費用增長所抵消，資金和貿易解決方案的收入與上一年相比略有下降。事實上，這是我們有史以來收費最高的季度。在淨利息收入和強勁的費用增長的推動下，收入確實環比增長。與去年同期相比，我們繼續看到 TTS 強勁的潛在驅動因素，這表明客戶活動持續強勁。由於這是我們第一次展示展示這種勢頭的關鍵指標，我想簡要介紹一下每個指標及其代表的含義。

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.

美元清算交易增長 4%，這反映了金融機構商業和資金流動的清算和結算活動。跨境流量增加了 15%。這些流程代表了我們的全球支付流程，我們為客戶提供跨境解決方案，這些解決方案與我們的 TTS 和 Markets 業務以及超過 145 種貨幣完全集成。重要的是，這種客戶活動推動了經常性費用收入並產生了大量的經營存款。

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.

反映所有客戶的旅行、購買和虛擬卡活動的商業卡數量增長了 48%。同樣，這些指標是客戶活動和費用的指標，綜合起來，約佔 TTS 費用總收入的 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.

在產品增長的推動下，投資銀行業務收入同比增長 43%，包括創紀錄的諮詢業績，這是我們十年來最好的諮詢季度。由於我們繼續看到新客戶收購的強勁勢頭，私人銀行收入同比增長 6%。與去年相比，整體市場收入下降了 17%。儘管固定收益和股票市場表現有不同的動力，但表現與去年非常強勁的季度相比。固定收益市場收入同比下降 20%。雖然我們在外彙和大宗商品方面實現了穩健增長，但這被利率和價差產品的下降所抵消。

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.

由於主要金融餘額和結構化活動的持續增長被現金減少所抵消，股票市場收入同比下降 3%。由於結算量增加和託管資產增加，安全服務收入同比增長 5%，費用增長 11%，部分被利率逆風所抵消。

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.

現在轉到幻燈片 13。在這裡，我們以固定美元顯示第四季度全球個人銀行業務的結果。由於各地區收入下降，收入同比下降 6%。在亞洲剝離成本的推動下，費用同比增長 34%。不包括這些成本，在轉型和業務主導的投資的推動下，費用增長了 9%，但部分被生產力節省所抵消。本季度的信貸成本為 1.05 億美元，因為 ACL 的發布超過了淨信貸損失。本季度 NCL 利率為 1.2%，同比下降 61 個基點，環比下降 20 個基點。我們本季度發布了超過 9 億美元的 ACL，這與我們的經濟前景和投資組合質量的持續改善有關，但部分被銷量增長所抵消。這導致淨收入下降 42%，RoTCE 下降 8%。排除亞洲資產剝離的影響，淨收入將增長 44%，導致 RoTCE 為 20%。至於全年，GCB 以 270 億美元的收入實現了 60 億美元的淨收入，RoTCE 為 17%，不包括亞洲資產剝離影響為 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.

在幻燈片 14 中，我們按產品顯示 GCB 收入以及第四季度的主要業務驅動因素和指標。由於較高的支付率和組合組合，品牌卡收入同比下降 3%。我們看到令人鼓舞的潛在驅動因素，新賬戶增長 43%，信用卡銷量增長 24%，平均貸款增長 3%。事實上，第四季度的收購量比 2019 年同期高出 2%，這是自疫情爆發以來的第一季度。

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.

零售服務收入同比下降 10%，原因是支付率提高導致淨利息收入下降 2%，以及信貸業績改善導致合作夥伴支付增加。但儘管如此，我們看到了積極的潛在驅動因素，賬戶獲取量同比增長 6%，支出同比增長 16%。雖然我們對這兩種卡業務的這些潛在驅動因素感到鼓舞，但支付率確實仍然居高不下，影響了我們在這兩種卡業務中的貸款增長和收入增長。

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.

由於存款利差下降以及抵押貸款收入下降，零售銀行業務收入同比下降 6%。然而，隨著我們繼續執行以全球財富部門為重點的北美零售戰略，潛在驅動因素仍然強勁，存款增長 13%，花旗家庭增長 9%，管理資產同比增長 8%。

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.

亞洲收入同比下降 7%，主要是由於利率逆風和較高的支付率。財富中心的表現超過了整個地區，存款增長 12%，AUM 增長 13%，Citigold 和 CPC 客戶增長 16%。拉丁美洲的收入同比下降 3%，主要是由於零售和信用卡的貸款量減少。

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.

在幻燈片 15 上，我們展示了第四季度企業/其他的業績。收入同比增長，主要是由於投資組合的淨收入增加。費用同比下降，主要是由於遺留資產的減少。信貸成本是良性的。在這一點上，我們通常會給出全年的展望。但是，由於 3 月 2 日投資者日即將到來，我們計劃屆時將所有內容放在一起，在我們的戰略和中期業績預期的完整背景下討論 2022 年。作為我們戰略更新的一部分，我們的目標是盡可能簡單和透明。我希望你喜歡新的收益報告，我們將繼續改進它。

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

有了這個，簡和我很樂意回答你的問題。

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

（操作員說明）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?

早上好。馬克，感謝那裡的所有細節，簡，感謝戰略更新。馬克，我想問你是否可以重述淨利息收入敏感性。只是想確保我們抓住了這一點。推動那裡的新演示文稿有什麼不同？

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.

您今年淨利息收入前景的主要驅動因素是什麼？你不必給出一個數字，但是當你考慮交易和核心 NII 卡增長時，可能會有一些想法。

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.

當然。謝謝你，約翰。因此，在幻燈片 9 上，我進行了介紹。約翰，你會記得，從歷史上看，我們在披露時查看了決算資產負債表。這顯然會使存款在到期時流失。隨著貸款到期，貸款就會流失。其他人採取的方法是查看靜態資產負債表，對嗎？因此，我們圍繞假設靜態資產負債表並假設在利率上升的環境中平行移動 100 個基點進行了分析，顯然，所有貨幣都是如此。我們顯然也有美元和外幣的混合。當我們進行該分析時，現在假設資產負債表是靜態的，即存款水平、貸款水平等，其提供的數據是我們在第三季度 Q 中披露的 3 倍。這就是25億到30億美元的淨利息收入。很明顯，保留或假設存款水平保持不變，可以讓我們產生更多的淨利息收入，這是我提供的數字範圍或範圍內的主要驅動力。

Got it.

知道了。

In terms of -- sorry?

就——對不起？

Yes. No, that's helpful.

是的。不，這很有幫助。

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.

對，很好。正如你所提到的，就前瞻性而言，我不會給你指導。但我認為有幾件事需要牢記，我們正在關注 2022 年。其中之一是我們之前提到的驅動因素。因此，我們特許經營權中的許多潛在驅動因素看起來非常強大，並且正在推動健康的費用收入增長。我預計，在 GDP 為正的前景下，這將在 2022 年繼續發揮我們的優勢。

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.

我要指出的第二件事是關於 2022 年加息的假設。我有多達 3 或 4 個，這取決於你聽的經濟學家的觀點。當您考慮我們擁有的應計業務數量時，這顯然也會對我們有利，無論是我們的 TTS 特許經營權還是我們的私人銀行等等。因此，這些都是影響收入的重要因素，我們預計將有助於為 2022 年的一些增長做出貢獻。

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.

我提到了品牌卡組合的貸款增長。對於卡來說，這真的是關於支付率以及它們如何逐漸減少——希望逐漸減少。在整個 2021 年，它們一直居高不下。因此，希望我們開始看到其中的一些逐漸減少，並且在今年下半年，我們的平均生息餘額略有增長，但這些都是重要因素這需要持續到 2022 年。

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。偉大的。然後作為後續行動，當你在管理資本時，你提到你將在本季度恢復一定程度的回購，並且你有很多資本可以釋放到交易中還沒有發生。所以我想，你是怎麼想的？未來的資本是您在獲得時將部署的東西。這是你長期思考的一部分，但你不打算在今年全年使用它，我猜？

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。因此，顯然，我們在戰略和實際部署資本的能力的背景下看待資本規劃，但要盡可能多地向股東返還多餘的資本。因此，當我們考慮隨著資本釋放而進行的資產剝離時，我們將把它納入今年和本季度的資本計劃中。我們將在可能的情況下將其返還給股東。因此，一些交易計劃在 2022 年完成。這將是我們計劃的一部分，我們期待在今年下半年採取這些行動。

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的 Mike Mayo。

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

為了你，簡，我要在我的 2 個問題後重新排隊。我有這麼多。

(inaudible), Mike.

（聽不清），邁克。

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? .

但謝謝你的新介紹。我和我認為許多投資者所面臨的最大問題是，當一切都說完了，花旗集團是誰？關於花旗集團代表誰和代表什麼，您能給出的最簡單的陳述是什麼？ .

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.

我喜歡這個問題。所以我想說，我們對花旗的願景是成為具有跨境需求的機構的卓越銀行。我們將成為全球財富的領導者，成為國內市場消費者支付和貸款的主要參與者。這就是未來的花旗和我們的願景。它更簡單，更專注。連接起來好多了。它的操作當然更簡單，其特點是卓越和責任感的文化。我認為，正如我希望我們今天所展示的那樣，每個人都應該更容易理解並完全符合我們股東的利益。

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?

沿著這些思路，你現在是否釋放了大約 110 億美元的資金？和意圖——馬克，我總是聽到你說你要投資這項業務，你要為增長提供供應，然後你要回購股票。但就如此低的股價而言，我的意思是，相對於金融指數的股價是歷史最低點之一。你不會按照優先順序向上移動回購嗎？或者你還能做些什麼或說些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?

簡，我的意思是，你在 E 方面做了這麼多。你肯定在 S 方面做了很多。但是 ESG 中的 G，當它涉及到股東時，股東已經被遺忘了這麼久。只是看看你還能做些什麼或說些什麼，因為這與承認股東和他們希望股價表現更好的願望有關？

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.

我們的股東是我們的重中之重。邁克，我知道我們需要讓銀行更加與股東保持一致和友好，我們正在這樣做。所以讓我給你4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.

我們的戰略將產生，我們將把多餘的資本返還給股東。正如你所說，鑑於股票的交易地點，它使回購極具吸引力。

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.

其次，我們正在製定結構和戰略決策，使銀行處於推動股東價值的最佳位置。你可以看到我們正在執行，我們正在緊急交付，我們非常有動力將估值提高到比現在高得多的水平。

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，我們正在更改財務報告的許多元素，以便我們的股東更容易了解銀行，並且我們將盡可能透明，以便您可以衡量我們的進展和結果。而且我認為馬克提出的結構和我給出的高水平，它將使這項工作變得更加容易。

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，我知道你一直在談論一個話題，我們也在對補償進行更改。因此，我們將有更多的高級商業領袖在來年加入 PSU。在我們被允許這樣做的地區，我們已經轉向了 100% 的遞延股票，而不是股票和現金的混合。我們正在提高回報在確定績效評估中的重要性。因為我們的股東對我們很重要，所以我們正在採取無數 - 和多輪不同的行動。我們希望讓我們的估值達到我們認為的水平——充分發揮其潛力。

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

您的下一個問題來自 Glenn Schorr 與 Evercore 的對話。

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.

為了聽到您的回答，我將[轉過頭]。我個人喜歡那些埋在他們要求投資者投資的股票中的管理團隊。要成為所有你想成為的領域和資產[與問題相關的]的領導者，你將花費很多要跟上。

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，你如何平衡這一切，無論是在盈利能力差距方面，還是在支出足夠和將你的特許經營權提供給領導者和 [支出] 方面，這似乎都很難。我只是想听聽你的想法。

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.

我必須道歉。你在很多問題上都分手了。你介意重複一下它的結尾嗎？這裡有很多靜電。

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

絕對地。對不起。我去撿...

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

多說一點？我們得到了很多靜態。我們應該回來嗎？

Sure thing.

肯定的事。

Sorry.

對不起。

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

您的下一個問題來自摩根士丹利的 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.

所以有幾個問題。一，想想你今天在 CET1 的位置，直到年底，當你提到你將以 12% 的速度結束這一年。我認為您有一些正在退出的業務，這應該會減少風險加權資產。但是你也得到了回購。

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，我希望您可能希望增加您的 RWA？我知道您的 RWA 在第二季度下降了 5%，這也許是 FICC 有點輕的部分原因。因此，您能否幫助我了解我們應該如何看待這一軌跡以及 CET1 變化的驅動因素，因為這將對我們如何看待市場業務的轉速增長產生一些影響。

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。因此，顯然，我們正在研究如何繼續投資特許經營權，特別是在有增長領域的地方。同時，確保我們提供回購或股份，回報給股東。

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.

當我查看 CET1 比率時，我們年底的比率約為 12.2%。如您所知，SACR 於 1 月 1 日開始——或已經開始。因此，我們將在 1 月 1 日大致結束我們的目標。在這一年中，我們將能夠吸收需要這樣做的業務的增長，同時繼續確定對 SACR 和我們可能擁有的低迴報資產的抵消，並擺脫這些資產並從我們將能夠在全年完成的資產剝離中獲得收入和資本。

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，當我們查看該計劃時，今年年初接近我們的目標，到 2022 年底，我們將不得不將其恢復到 12% 左右，以吸收 GCIB 的逆風，假設有沒有對此提供任何緩解，然後在 2023 年初開始實施。因此，在這一年中，我們將通過 RWA 進行利用，我們將釋放資本並將資本返還給股東。我們將產生更多收益。但在今年年底，我們需要在較高端或接近 12% 的情況下結束。

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. .

您是否知道喜歡 GCIB 或 SCB 應該從您正在進行的所有資產剝離中獲得多少好處？當我本週看到墨西哥的新聞時，我實際上在想，這也許是你決定退出墨西哥消費者業務的原因之一，因為你提到它讓你變得更簡單我認為，這應該會為 SCB 提供服務。 .

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。這不是決定的主要驅動力，因為簡已經陷進去了。但它是——但它確實會影響你提出的觀點。因此，從 GCIB 的角度來看，我不知道有 310 億美元左右的存款與我們的墨西哥消費者業務相關。這將在 GCIB 分數上推動大約 10 個基點左右，或者我應該說是 10 個點。

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.

我們指定的資產剝離總額約為 850 億美元的存款。因此，您可以計算一下，我們會從中獲得一些好處。你是對的，我目前沒有可以分享的數字，但是——部分原因是美聯儲必須進行分析。但你是對的，從 CCAR 的角度來看，當你考慮壓力資本緩衝時，PPNR 會受到影響，但更重要的是，壓力損失也會發揮作用。

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.

如您所知，在我們完成這些交易之前，這種影響以及存款影響不會真正發揮作用。但這肯定是我們如何看待長期資本規劃的一個因素，這肯定是我將在 3 月 2 日的投資者日上更多討論的問題。

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。你所說的退出的低迴報資產，基本上就是利率和固定收益業務嗎？我們應該期待那裡產生一些影響嗎？或者，我只是想將 RWA 下降 5% 與本季度固定收益業務有點清淡的評論聯繫起來。

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。有——我不想具體說明低迴報資產的出路，但我們肯定會關注我們的市場特許經營權，看看這些低迴報資產存在於哪裡，以及他們的客戶在哪裡單一產品的關係，不一定在整個特許經營中鏈接。所以這是 Jane 和我以及 Paco 都非常關注的事情。我們意識到，雖然我們看到了市場和 FICC 的增長，但它伴隨著資產負債表的增長，我們希望確保我們正在優化資本的使用。

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

您的下一個問題來自瑞銀集團的 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.

我的第一個問題是問馬克，拜託。順便說一句，非常感謝您採用這種披露財務數據的新方式，我認為這將非常有幫助，而且 NII 的敏感性也是如此。

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?

我知道我們將在三月份獲得更多細節。但是，當我們考慮在您確定的退出後剩餘的費用基礎時，您能否幫助我們了解與補救相關的費用還有多少增長？您計劃在 2022 年的投資支出方面採取多大的積極性？你是否認為你已經在特許經營權中發現了足夠多的低效開支來幫助資助其中一些——這兩項舉措？

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，很好的問題。我不打算就 2022 年給出指導，但讓我試著勾勒一下我們的想法，因為我認為這很重要。簡和我都知道我們遇到了——我們遇到了很多靜電，對不起。

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.

所以就費用而言，我們顯然有很大的費用基礎。我們已經看到今年的增長。但我認為隨著時間的推移會有一些真正的機會來攻擊費用基礎，而這正是我們打算做的。因此，如果您考慮資產剝離，我會先從那裡開始。與資產剝離相關的費用約為 68 億美元。隨著這些資產剝離的結束，其中一些自然會消失。其餘的，通常被稱為擱淺成本，我們已經建立了一個團隊來專注於攻擊和消除擱淺成本。

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.

我要提出的第二點是轉型。今年，轉型帶動了3個百分點的增長。我確實希望與此相關的增長更多，特別是因為我們仍在進行更多招聘。需要更多的技術支出。但隨著時間的推移，轉型將提高效率，減少人工接觸點，推動直通式處理，從而使我們能夠降低開支。

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.

我要提到的最後一點是策略。所以簡在我們的戰略中提到，專注於核心業務。這將使我們能夠審視組織結構，並在我們管理和運營公司的方式中發現更多的簡化機會。我們每季度節省了大約 3 億到 4 億美元的生產力。這還不夠。我們認為還有更多提高效率的機會。我們將追逐這些機會，以便為我們預計在未來幾年內的部分投資支出提供資金。更多關於投資者日的內容。

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?

謝謝你的框架。簡，下一個問題是給你的。當您回答邁克關於您對花旗的願景的問題時，如果我可以換個說法，您首先提出了您對花旗作為全球企業銀行的願景。您對花旗的願景如何——就您的資金基礎而言，它包括哪些內容？

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?

有很多談話，特別是在利率上升的環境開始時，關於你在自然較高利率存款方面與美國最大同行之間的自然差距，對吧？那麼您如何設想您的資金基礎隨著時間的推移而發展？您是否有興趣大力拓展您的美國零售存款專營權？

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.

所以 Erika，我們有一個非常多樣化的資金基礎。當我們從機構方面來看它時，我們擁有全球第一的 TTS 特許經營權。這從我們的現金管理和現金管理的主導地位中獲得了實質性資金。我們的財富專營權，從超高淨值到富裕的客戶，也是我們的物質來源和非常有吸引力的存款和資金。

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，我們正在退出國際消費銀行業務。我們一直專注於美國的零售銀行推動數字存款增長，並繼續確保該業務為美國的公司產生穩定、低成本的資金，我們預計將繼續增長繼續前進。

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?

這比我預期的要早。只是對補償變化的跟進。是的，這是個好消息，人們用股票支付，而不僅僅是現金和股票。但是你有新的獎金安排。我不認為這是最終確定的。但作為基於未來 3 年財務目標的新獎金安排的一部分，這仍然是全部現金嗎？還是現金和股票？還是那隻股票？

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

我假設你指的是轉型獎。對嗎，邁克？

Yes.

是的。

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。因此，它是——雖然前兩件以現金支付，但最後 50% 與我們 3 年的股票表現掛鉤。我們認為，這是適當的平衡。正如我們所說，轉型是我們的首要任務。我們需要成功解決提出的問題，這 100% 符合我們股東的利益。其中重要的一點是，我們需要集體負責，以成功解決這些問題，即我們文化的轉變。因此，該獎項取決於共享成功與個人激勵。因此，這是交付的重要組成部分。當然，如果我們未能交付轉型的成果，並且執行不成功，則不會有任何獎勵。

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?

我們什麼時候 - 我想我們會在投資者日發現這些目標，所以回答這個問題。由於它與 PSU 有關，以前以股票現金形式提供了多少？與以前相比，這將適用於多少人？

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.

PSU 授予執行管理團隊，現在我們將其擴展到更廣泛的運營團隊，其中包括我們主要業務的領導者。當我們在 3 月份發布該信息時，您將看到在代理中提供的信息。因此，您將大致同時獲得所有這些信息。

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

您的下一個問題來自 Ken Usdin 和 Jefferies。

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?

馬克，我想知道你是否可以總體談談卡業務，肯定開始看到一點點平衡。但我想知道你是否可以觸及第一，就像你期望平衡軌跡如何發展一樣。第二，支出與貸款，您從中看到了多少？然後三，只是損失顯然非常低，您如何預期卡正常化？

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.

是的，當然。所以 - 正如我之前提到的，我的意思是，當你全面了解卡片的情況時，我們看到支出量有所增加。因此，品牌卡消費量增長了 24%。零售服務支出增長 16%。所以非常健康的消費量。人們正在使用我們的卡，這是一件好事。

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，即使儲蓄率已經開始正常化，市場上仍然存在大量流動性。這體現在品牌卡和零售服務的支付率上，坦率地說，在一些國際卡業務中也是如此。而這種情況並沒有消退。

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.

所以我們確實開始看到品牌卡貸款的增長。品牌卡的平均貸款增長 3%。期末貸款增長5%。當你擺脫這樣的危機時，最重要的是你如何再投資。因此，我們花了很多時間專注於瞄準新客戶和推動新客戶獲取。我們在品牌卡中的新賬戶獲取量增長了 43%。我們也一直在推動零售服務的全面發展。因此，就新帳戶的加入而言，獲得了很好的回應。

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.

我們還一直專注於如何推動分期貸款活動，只是為了擴大我們與這個客戶群進行的貸款，我們已經看到我們的 Flex Loan 和 Flex Pay 產品的顯著增長，因為我們已經針對歷史上一直是交易者的客戶，將他們真正轉移到該產品上。所以那裡的增長非常好。事實上，在 2021 年，我們不僅獲得了總體增長。但如果我看一下分期貸款，我們有 90% 的總分期付款銷售是數字銷售，這是我們採取的另一種低成本獲取方式。

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.

那裡有很好的基本指標。但同樣，直到付款率開始下降。我們預計並希望這將在 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.

就損失而言，這是您問題的另一部分，損失水平非常低。你聽到我之前提到過拖欠率。當我查看 - 或者更早的損失率時，當我查看拖欠趨勢時，真的沒有什麼可關注的。它們仍然很低。我想說，我們沒有看到任何跡像或任何令人擔憂的領域。但我想這兩個會隨著支付率開始下降而開始正常化。

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.

太好了，馬克。然後只是跟進。你提到了記錄——或者是一段時間以來諮詢中最強勁的季度。我只是想知道您是否可以對跨產品組的投資銀行管道進行廣泛評論。

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.

是的。投資銀行渠道看起來非常強大。到年底，我們的諮詢業務顯著增長，同比增長 146%，遠超預期。我們在那裡增長了份額。 ECM 再次上漲約 16%，高於錢包。確實如此，反映了來自 SPAC 活動的一些費用。所以成長非常好。由於併購的持續勢頭，歐洲、中東和非洲和北美均同比增長。

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.

所以我們對此感覺很好。我們認為管道看起來仍然非常強大。我們認為，我們在一些我們需要加強的領域，如醫療保健、技術、贊助團體等領域，為吸引銀行家所做的投資，這些投資肯定開始得到回報。所以我們對此感覺良好。

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

您的下一個問題來自 Glenn Schorr 與 Evercore 的對話。

All right. Let's try this again.

好的。讓我們再試一次。

Much better, Glenn.

好多了，格倫。

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?

所以我認為我們有一個很好的長期過程，並在一年多的時間內進行了衡量。但是你怎麼看那種 - 感覺就像回報必須先下降才能上升。我知道您的總體目標是縮小與同行的差距。但在釋放的資本、GCIB 緩沖和分母之間，資本市場將部分特許經營的擱淺費用部分正常化，然後繼續執行這些轉型，這是否正常，是否正常？我認為在我們的模型中，部分原因是我們先下降然後上升？

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。所以謝謝你，格倫。所以看，如果你看一下 2021 年 13.4% 的 RoTCE 和接近 90 億美元的儲備釋放，我不得不說是的，對吧？因為這些儲備釋放推動了相當大的一部分。現在將其與 2020 年進行比較很重要，因為我們正在建立有意義的儲備，因此產生了相反的效果。但是正如我 - 當我們著眼於前瞻性時，我們將更詳細地向您介紹，正如簡所提到的，我們專注於特許經營的核心部分，這些部分展示了增長的機會和更高回報的承諾。而且我們將 - 這就是我們的精力將集中的地方，我們認為這將有助於隨著時間的推移提高回報。

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?

公平地說，儲備至少有很大的影響。好的。然後就增長而言，我認為圍繞這個問題有幾個問題，所以它會很短。但是，鑑於您對花旗在特許經營權和所有這些行業或業務線方面的目標和目標的回答，我應該說，您如何平衡——在短期內為股東做正確的事情，推動股票回報與確保你為未來投資？因為每一個都超級有競爭力。他們每個人早在今天或最近都有競爭對手，花費大量資金在這些領域競爭。你如何平衡這一點——長期投資會很好，而不是短期改善股票？

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。讓我開始吧，如果你願意，Jane 可以隨時加入。因此，我認為要記住的第一件事是我們試圖將重點放在這些核心特許經營權上，這些特許經營權會隨著時間的推移推動回報。因此，我們正在優先考慮如何分配我們的資源和投資，部分是通過剝離活動。

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.

我要說的第二件事是我們正在長期投資特許經營權，而不是試圖達到一些短期指標。因此，這確實涉及我們將這筆資金投入到有客戶需求的地方，以及利用我們已經開發的競爭優勢的地方。這就是我們處理這個問題的方式，再次著眼於確保我們對投資者的清晰和透明。如果有多餘的，我們會將其返還給我們的股東，所以這不僅僅是坐在場邊，也不會產生他們對我們期望的回報。

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.

我也想加入。當你看看我們投資的不同業務時，正如馬克所說，它們是高回報的。所以我們的服務業務資本輕得多，回報率高。理財，亦然。我認為我們看到的機會是不斷增加投資銀行業務的份額，這是另一個高回報的業務。因此，隨著時間的推移，這肯定會在您所說的那種組合上幫助我們。

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.

並非所有事情都需要巨額投資。例如，如果我看一下財富，你將我們已經擁有的不同部分放在一起，我們將它們整合到一個單一的綜合業務和主張中，這不是我們從頭開始的事情。所以很多都是增量的。

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

（操作員說明）您的下一個問題來自摩根大通的 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?

簡和馬克，首先是快速的。既然您要退出墨西哥，那麼當您宣布退出消費業務的 13 個市場時，新加坡和香港並未參與其中。您是要繼續在這些市場中從事消費者業務，還是像您多年來一直從事的傳統消費者業務一樣？或者這會改變嗎？

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，我們發現我們在新加坡和香港擁有的特許經營權，只是考慮到它們的性質，真的很自然地與我們正在建立和投資的財富特許經營權以及我們現有的非常強大的平台聯繫在一起，正如你所說。因此，我們希望繼續提供我們擁有的各種不同的服務和能力，因為它們是如此互補，並有助於支持我們在世界上兩個最重要的財富中心的財富業務。

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，太好了。如果我有的話，還有一個後續問題。馬克，您所做的 NII 更改，您假設那裡的存款測試版是多少？與其他貨幣相比，美國的淨利息收入有多少變化？ .

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。所以我們沒有分享我們的存款測試版。但正如你想像的那樣，機構方面的貝塔值往往高於零售方面。所以那篇文章——我很抱歉，你問題的第二部分是什麼？維維克？

Hello?

你好？

Hello, Vivek?

你好，維維克？

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

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

是的，我現在可以聽到你的聲音了。你問題的第二部分是什麼？對不起。

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? .

第二部分是利率敏感性變化對淨利息收入的影響有多大，馬克，你所做的，美國的淨利息收入與其他貨幣相比是多少？ .

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.

增長大致偏向國際。所以我會說增加 30 億美元，我會說大約 2/3，1/3 國際。

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

好的。那是因為那是你假設徑流的地方？

Sorry?

對不起？

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

這就是你假設更多資產負債表徑流的地方。

Yes.

是的。

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

您的下一個問題來自 Charles Peabody 和 Portales。

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。關於股票回購的監管和政治風險的問題。我問這個問題是因為本週早些時候在鮑威爾的重新提名聽證會上，如果你聽了最後兩分鐘的證詞，謝羅德·布朗就會反對銀行業的回購。

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?

然後去年，我認為拜登總統曾兩次發表演講，反對回購。所以我試圖理解，是否存在——我的意思是交易稅不會阻止你們進行回購。但是除了道德勸說來阻止回購之外，還有其他的事情在討論嗎？

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.

我們將為股東做正確的事。現在，特別是考慮到股票的交易地點，回購對於我們採取的行動來說是非常非常重要的，而且可能是最重要的。所以不，我們非常清楚將我們的多餘資本返還給股東的重要性。

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，我知道你想要。我只是想了解監管或政治方面對您的願望的風險是什麼？

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.

我不相信有一個。我們資本充足。我認為我們從華盛頓一直聽到它，對銀行資本化的信心，無論是進入和走出大流行，我們在這方面並沒有過度擔心。

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

我們顯然會遵守現有的監管指導方針，或者不管它們如何演變，但這是完全正確的。

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?

好的。然後作為該主題的後續行動。假設這些監管機構剛剛進入他們的位置，他們今年可能無法在回購方面做任何事情，但我假設他們明年會嘗試在回購方面做一些事情。因此，您希望在短期內盡可能多地進行回購，並且您已經談到在第一季度恢復到 30 億美元的速度。這 30 億美元的步伐有多可持續？

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。所以看，我的意思是，首先，在 SCB 框架下，我們按季度對資本行動做出決定。顯然，還有另一個 CCAR 運行將全部通過，這將至少決定部分資本堆棧。然後很明顯，GCIB 正在發揮作用。因此，我們將所有這些因素都考慮在內。就我們而言，在製定資本計劃時，我們還將研究資產剝離。在某些情況下，資產剝離將為我們產生 TCE 以回報股東。資產剝離可能會產生其他暫時性的影響，需要考慮在內。但這是整個年度資本規劃過程的一部分，我們將所有這些因素都考慮在內。

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

您的下一個問題來自 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?

你們能否與我們分享一下，當您考慮正在進行的戰略更新時，我們完成了 75% 還是完成了 80%？馬克，你提到了一些可能沒有你想要的回報的市場業務。可能是某個區域。但是你在哪裡？到投資者日，我們可以假設這將完成嗎？

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. .

就這次的時間表而言，這一特殊的練習正在接近尾聲，我稱之為新任 CEO 的重大退步。所以我們說這是我們在墨西哥做出的最後一個重大結構性決定，我們現在專注於整合投資者日的所有內容。我認為，這就是我們今天宣布的新報告結構也是一個非常重要的基礎。因此，我相信我們已經做出了正確的重大結構性決策，我們期待著投資者日，為未來製定願景、戰略和計劃。 .

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?

讓我說清楚，杰拉德，以防萬一我不是。我並不是說我們要退出部分市場業務。這根本不是我要建議的。我的建議是，我們一直在尋找機會來優化我們使用資產負債表、資本、風險加權資產等的方式，以及我們確定需要擺脫低迴報的地方和我們擁有的資產，我們會這樣做，對嗎？

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，隨著 SACR 等規則的變化，要么定價會調整，要么我們必須仔細研究其中一些資產，看看它是否仍然有意義。這比以往任何時候都更多地表明我們正在退出市場業務的一部分。

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，他們很清楚。就像快速跟進一樣。顯然，你們致力於的一些業務，TSS 和投資銀行領域，你們顯然是那裡的參與者。你有規模經濟。當您查看您承諾留在的其他業務時，繁重的工作將來自哪裡，您真正加強它以獲得與那些非常明顯的規模經濟相似的規模經濟？

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。我們有許多業務已經在這兩個市場都具有極高的規模。如果我們看一下 TTS，我們每天在那裡移動 4 萬億美元的交易量。因此，這些投資更多地圍繞數字化，圍繞數據。就我們在哪裡考慮更多地擴大規模而言，商業銀行顯然是我們在全球 30 個不同市場擁有商業銀行業務的地方。他們非常關注我在願景中談到的同一個目標市場，即那些具有全球需求或多市場需求的中端市場公司。然後是財富方面的其他領域，正如您從我們之前的評論中看到的那樣，我們已經開始在平台和我們正在進行的其他投資的背後建立我們的一線規模。

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.

就您而言，今年商業銀行的 Jane，這是一個利用我們擁有的更多 TTS 產品的巨大機會。我們已經看到商業銀行在 CMO 和其他市場產品方面的多元化，今年的收入同比增長 12%，在獲取財富新客戶方面也有類似的實力，但這是兩個關鍵領域。我同意。

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

（操作員說明）您的下一個問題來自美國銀行的 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.

只是幾個快速的跟進。馬克，關於資本回報，我只是想確保我們聽到的正確。當我們考慮到您將在第一季度收回的 30 億美元時，展望未來，這 30 億美元是否存在更大的上行風險？或者實際上可能更低？我只是想確保我們在期望方面是正確的。

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。我沒有對逐季度的資本回購決策給出預期，部分原因是，正如我所提到的，根據新的 SCB 規則，我們能夠按季度查看它。因此，除此之外，我不會提供指導。我們將在 3 月 2 日廣泛討論資本計劃，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?

只是，我想，回到美國零售業，簡，我認為問題是，在投資者日，我們應該期待一些更有意義的事情嗎？如果你想堅持到那時也沒關係。因為如果我沒記錯的話，你是谷歌的合作夥伴。那沒有發揮出來。投資者面臨的一個大問題是，美國零售特許經營權是否有更好的定義？我只是想知道，我們會在 3 月的投資者日得到它，還是沒有什麼激進的東西在店裡，至少就美國零售業而言，在短期內是這樣？

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.

您肯定會在投資者日直接收到負責該業務的 Anand 的來信。他將闡述我們正在研究的所有美國個人銀行業務戰略，包括我們的頂級 2 卡特許經營權和我們在個人貸款方面所做的事情，以及我們在財富方面所做的事情。然後很明顯，零售銀行及其為我們在美國增長的這兩個核心驅動力所扮演的支持角色。所以是的。

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

您的下一個問題來自 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. .

馬克，也許只是費用，我很欣賞剝離的所有活動部分，你不會給我們一個全年的費用指導數字。但是你能幫助我們在第一季度的起點嗎？薪酬環比增長約 10 億美元。其中有多少只是補償變化？或者這是一個值得考慮的好運行率？因此，如果您能幫助我們，那麼第一季度的起點就會有所幫助。 .

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？我無法在這方面給你更多的指導。我的意思是，我要說的是，到 2021 年，有幾件事會成為 2022 年的重要因素。第一，我們已經完成的招聘，我們將獲得一整年的影響其中，至少在其中的一部分，在 2022 年。所以這將會發揮作用。

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.

如果您考慮轉型支出的組合，即招聘、第三方支出和技術的組合，那麼隨著時間的推移，這種組合將開始從第三方轉移，因為當然，並且對其他人。因此，我們將在 2022 年開始發揮一些動態作用。

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.

就補償而言，特別是在第四季度，我們顯然是平局——全年的補償表現與收入掛鉤。因此，由於我們希望看到基於我之前提到的驅動因素的一些前瞻性增長，我們希望在 2022 年看到與此相關的補償。但我不想在這裡討論細節，因為我們將在 3 月初讓您更好地了解它。

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。可能只是作為後續行動，只是為了讓我了解順序驅動因素，所以你是說這主要是激勵補償？或者是更多的新員工還是兩者兼而有之？只是從 3Q 到 4Q 的變化？ .

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

是的。在 3Q 到 4Q 中，您既獲得了招聘，也獲得了激勵補償。

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

您的下一個問題來自德意志銀行的 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?

我只是想跟進。您曾說過出售墨西哥並非易事。只是希望你能詳細說明一下。然後剛剛相關，您談到了將資金分配給正在釋放的業務。但是，當我們考慮合併或總資本影響時，關於交易（業務退出）是否會產生收益或損失的任何初步想法？

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.

我為什麼不開始呢，馬克，加入吧昨天關，那個過程。然後我們將尋求在春季進入市場，並在幾個月後與買家、潛在買家保持活躍。所以這只是分離銀行的複雜性。這背後我們有很好的計劃。

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.

正如我在評論中所說，這些都很棒，這些都是規模，這些都是很棒的特許經營權。顯然媒體上有很多猜測，現在評論還為時過早。但我們確實認為這對某人來說是一顆寶石。這不適合我們。

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。我認為現在推測交易的結構和類似的事情還為時過早。你是對的，我們確實有大約 40 億美元的 TCE 分配給該業務。

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.

另一層複雜性是圍繞 CTA，當我們談論澳大利亞銷售時，您已經聽說我們花了一些時間。我將其介紹為一種複雜性，因為在簽署時會發生與 CTA 相關的會計處理，這與結束時發生的資本影響是分開的。因此，對於 CTA，資本影響通過 AOCI 流動，但一旦交易完成，它是中性的。而墨西哥，消費者業務的 DTA 將略低於 30 億美元左右。這是與交易有關的另一個因素。

It's CTA, not a DTA.

這是 CTA，而不是 DTA。

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

我說的是 DTA 嗎？對不起，CTA，貨幣換算調整。謝謝你。號召性用語。非常感謝你，簡。

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

您的下一個問題來自 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.

好吧，實際上，甚至在問我的問題之前，我只是想回應一些先前的評論，新的演示文稿，額外的細節，這真的很有幫助。所以我很欣賞新的披露。

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.

馬克，我正要問——嗯，我想從技術上講是一個問題，但它實際上是一個 3 部分的問題。您可能需要拿起筆和紙。但我只想解開您對 NII 敏感性和報告與同行之間的差異的一些評論。假設資產負債表為靜態，您注意到 NII 增加了 3 倍以上，但鑑於我們在上個週期中看到的 NII 增長相當溫和，仍有很多投資者質疑您的利率敏感性概況。

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，我想首先問一下，鑑於您的機構存款負債率較高，我們期望您的存款流失實際上會大於同行是否合理？第二，NII 指南是否考慮了市場業務中的責任敏感性？你能幫助我們確定潛在的阻力嗎？最後，它更像是一個包羅萬象的東西。與我們在上一個週期中看到的相比，您可以談論的任何特殊因素將支持更好的 NII 結果或更高的利率收益？

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.

是的，當然。所以看，我們提供了敏感性，因為我們認為可比性在這裡很重要。你可以看到這種差異的幅度相當大。我們和同行之間仍然存在差異，但是當你把它放在可比的基礎上時，這種差異就會縮小。

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.

我們確實偏向於機構客戶，而且他們確實帶有更高的貝塔值。但我們也偏向於國際貨幣，我們在那裡也有很好的點差。就通過市場產生的影響而言，影響——我認為市場的影響可以通過多種方式產生。我認為市場中的利率變動和其他不確定性和波動性可以推動更廣泛的市場收入，我們可能會看到這取決於投資者如何重新定位他們的賬目。

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.

就你問題的最後一部分而言，我認為我沒有其他要指出的地方。我的意思是，顯然，由於我們在市場上看到並一直存在過剩的流動性，我們一直將其用於投資。我們的投資組合增加了約 700 億美元。我們將久期擴大到 2.85 左右，並且我們仍然有大量的干粉，無論是在客戶需求下還是在我們預期的利率上升的環境中。

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

您的下一個問題來自 Jeff Harte 和 Piper Sandler。

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.

對不起，我應該讓自己退出隊列。我的問題已經得到解答，你們都一定累了。所以我完成了。

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

您的最後一個問題來自富國證券的 Mike Mayo。

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

還有一個問題。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.

可能它已經打破了一些孤島。而且——邁克，我們所闡述的原則的要點確實是其中的關鍵部分。我們 - 去年推出了一些新的領導原則，主要是圍繞我們如何讓公司建立良好的聯繫並真正實現全面的協同效應。

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

因此，我會說，打破一些舊習慣，新結構肯定會幫助我們採取不同的舉措。

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

你認為這需要多長時間？因為你正在打破一種已經根深蒂固的文化。

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。我會說我對取得的進展感到非常高興。我們一直——當我接手時，我做的第一件事就是把我們的文化放在前面[觀點]，我們有一個很棒的團隊在這方面工作了一年。

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感到非常高興。我想每個人都清楚。我們希望這種文化成為一種責任感、卓越性和緊迫性的文化，其中一部分正在順利進行。但這將需要更長的時間。

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

沒有進一步的問題。我將把電話轉給 Jen Landis 做閉幕詞。

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.

感謝大家參加今天的電話會議。如有任何後續問題，請隨時與 IR 聯繫。祝你有美好的一天。謝謝你。

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

花旗第四季度財報電話會議到此結束。您現在可以斷開連接。