花旗銀行 (C) 2021 Q3 法說會逐字稿

Hello, and welcome to Citi's Third 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.

您好，歡迎收聽花旗首席執行官 Jane Fraser 的 2021 年第三季度盈利回顧；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。

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

（操作員說明）另外提醒一下，今天正在錄製本次會議。如果您有任何異議，請此時斷開連接。

Mrs. Landis, you may begin.

蘭迪斯夫人，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 expectation 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，今天的演示文稿可以在我們的網站 citigroup.com 下載，其中可能包含前瞻性陳述，這些陳述基於管理層當前的預期，並可能受到不確定性和情況變化的影響。由於多種因素，包括我們向 SEC 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。

Before we get started, I'd like to thank Liz Lynn for being such an incredible partner during these last few months. I've really enjoyed getting to know the entire Citi team. And I'm honored to be the next Head of Investor Relations, and I look forward to working with you all. With that, I will turn it over to Jane.

在我們開始之前，我要感謝 Liz Lynn 在過去幾個月裡成為了一位令人難以置信的合作夥伴。我真的很高興認識整個花旗團隊。我很榮幸成為下一任投資者關係主管，我期待與大家合作。這樣，我就把它交給簡了。

So thank you, Jen, and good morning, everyone. I'm delighted to join you today. So let's kick off the call with what we're seeing from a macro perspective and the tremendous engagement we continue to experience with clients before I give you an update on our results and priorities.

謝謝你，Jen，大家早上好。我很高興今天能加入你們的行列。因此，在我向您介紹我們的成果和優先事項的最新情況之前，讓我們從宏觀角度以及我們與客戶持續經歷的巨大互動開始這次電話會議。

Certainly, the recovery from the pandemic continues to drive corporate and consumer confidence. I particularly like the robust pipelines we see through the rest of the year and beyond. Corporate client sentiment remains very positive, with healthy cash flows and liquidity driving M&A activity and deleveraging. And consumer balance sheets remain unusually strong on the back of the increasing consumer net worth during the pandemic. Now all that said, growth has come off the boil a tad. We are watching 3 things very closely: the slowdown in China and its impact on global growth; inflation and supply constraints in labor, materials and energy; and finally, what happens next with the U.S. debt ceiling negotiations. These are also the issues which repeatedly surface in our conversations with clients.

當然，從大流行中恢復過來繼續提振企業和消費者的信心。我特別喜歡我們在今年剩餘時間及以後看到的強勁管道。企業客戶情緒仍然非常積極，健康的現金流和流動性推動了併購活動和去槓桿化。在大流行期間消費者淨資產不斷增加的背景下，消費者資產負債表仍然異常強勁。話雖如此，增長已經有所放緩。我們正在密切關註三件事：中國經濟放緩及其對全球增長的影響；勞動力、材料和能源方面的通貨膨脹和供應限制；最後，美國債務上限談判接下來會發生什麼。這些也是我們在與客戶的對話中反復出現的問題。

So turning to the quarter. We reported net income of $4.6 billion and EPS of $2.15. Embedded in these results is a pretax loss related to the sale of our Australia consumer business, which Mark is going to provide the details on. Excluding this transaction, our third quarter revenues would have been up 3% over last year, and our EPS would have been $2.44.

所以轉向季度。我們公佈的淨利潤為 46 億美元，每股收益為 2.15 美元。這些結果中包含與出售我們的澳大利亞消費者業務相關的稅前損失，馬克將提供有關詳細信息。如果不包括這筆交易，我們第三季度的收入將比去年增長 3%，每股收益將為 2.44 美元。

In the Institutional Clients Group, we grew revenues by 4% year-over-year as we continue to see strong client engagement with momentum in Investment Banking, Equity Markets and Securities Services more than offsetting the 16% decline in Fixed Income Markets.

在機構客戶集團中，我們的收入同比增長了 4%，因為我們繼續看到客戶的強勁參與，投資銀行、股票市場和證券服務的勢頭足以抵消固定收益市場 16% 的下降。

I'm very proud to tell you that it was Citi's best M&A quarter and the second best investment banking quarter in a decade, and lending in the ICG grew again this quarter, albeit modestly. We also had a very strong quarter in Equity Markets, with revenues up 40% year-over-year. So despite that normalization in Fixed Income versus the pretty extraordinary performance of 2020, overall Markets revenues were only down 5%, and they were up 11% versus the third quarter of 2019.

我非常自豪地告訴大家，這是花旗十年來最好的併購季度，也是十年來第二好的投資銀行季度，ICG 的貸款本季度再次增長，儘管增幅不大。我們的股票市場季度表現也非常強勁，收入同比增長 40%。因此，儘管固定收益正常化，而 2020 年的表現相當出色，但整體市場收入僅下降了 5%，與 2019 年第三季度相比增長了 11%。

We continue to successfully execute on our strategy to grow fee revenue across the ICG businesses. For example, while TTS continues to be impacted by interest rate headwinds, our fees this quarter were the highest in a decade. You can also see how our global network uniquely positions us to help our clients navigate the supply chain challenges so many of them are facing, a dynamic that we expect to persist for the near future.

我們繼續成功執行增加 ICG 業務費用收入的戰略。例如，雖然 TTS 繼續受到利率逆風的影響，但我們本季度的費用是十年來最高的。您還可以看到我們的全球網絡如何使我們處於獨特的地位，幫助我們的客戶應對許多人面臨的供應鏈挑戰，我們預計這種動態在不久的將來會持續下去。

Similarly, we drove double-digit fee revenue growth in Securities Services in the Private Bank as client assets under custody and assets under management continued their vigorous growth trajectory. In Global Consumer Banking, healthy consumer balance sheets and persistently elevated payment rates did mean that loan growth remained under pressure.

同樣，隨著客戶託管資產和管理資產繼續保持強勁增長勢頭，我們推動私人銀行證券服務費用收入實現兩位數增長。在全球消費者銀行業務中，健康的消費者資產負債表和持續升高的付款率確實意味著貸款增長仍然面臨壓力。

The other key drivers are a bit more encouraging, however, U.S. Branded Cards purchase sales are well above 2019 levels. And acquisitions across Branded Cards Mexico and the Asia hub are also all now at or above pre-COVID levels. Similarly, we continue to benefit from double-digit growth in deposits and assets under management across the franchise.

然而，其他關鍵驅動因素更令人鼓舞，美國品牌卡的購買銷售額遠高於 2019 年的水平。品牌卡墨西哥和亞洲中心的收購量目前也都達到或高於新冠疫情前的水平。同樣，我們繼續受益於整個特許經營範圍內存款和管理資產的兩位數增長。

Let me briefly touch on our U.S. retail strategy. Now our digital strategy and investments are starting to pay dividends. Digital deposits stand at $19 billion, having grown 26% in the last year. And we see more than 2/3 of our digital deposit balances coming from customers outside of our branch footprint. With about half of those deposits from our card holders who did not previously have a retail relationship with us.

讓我簡單談談我們的美國零售戰略。現在，我們的數字戰略和投資開始帶來紅利。數字存款達到 190 億美元，去年增長了 26%。我們發現超過 2/3 的數字存款餘額來自我們分支機構以外的客戶。其中大約一半的存款來自之前與我們沒有零售關係的持卡人。

Now obviously, we were disappointed by Google's decision to discontinue Google Plex, but we learned a lot through the effort, and the vast majority of the investments will be leveraged for our proprietary efforts and future partnerships.

顯然，我們對 Google 停止 Google Plex 的決定感到失望，但我們通過這一努力學到了很多東西，絕大多數投資將用於我們的專有工作和未來的合作夥伴關係。

So all in all, we ended the quarter with a common equity tier 1 capital ratio of 11.7% on a standardized basis. And our tangible book value per share increased to $79.07, up over 10% from a year ago. So far this year, we've returned close to $11 billion to shareholders through a healthy dividend and share repurchases. We remain committed to returning excess capital over and above the amount necessary to invest in our franchise and to maintain our safety and soundness.

總而言之，本季度末我們的標準化普通股一級資本率為 11.7%。我們的每股有形賬面價值增至 79.07 美元，比一年前增長了 10% 以上。今年到目前為止，我們已通過健康的股息和股票回購向股東返還了近 110 億美元。我們仍然致力於返還超出投資我們的特許經營權和維護我們的安全和穩健所需金額的多餘資本。

So overall, I'm quite pleased with these results given the environment we're operating in. And while we have much work ahead, we're seeing the results of the previous investments that we have made.

總的來說，考慮到我們所處的運營環境，我對這些結果非常滿意。雖然我們還有很多工作要做，但我們已經看到了之前投資的結果。

Now I'd like to update you on our strategic priorities. Turning to Slide 3. We've included a page that clearly lays out our top priorities and some of the actions we've taken to date against them. And we're going to share this page with you each quarter to ensure you're up-to-date on where we are and the milestones and progress along the way.

現在我想向您介紹我們的戰略重點的最新情況。轉向幻燈片 3。我們提供了一個頁面，清楚地列出了我們的首要任務以及我們迄今為止針對這些優先事項採取的一些行動。我們將每個季度與您分享此頁面，以確保您了解我們的最新進展以及一路上的里程碑和進展。

And as you can see, we've been hard at work, acting against the priorities that I've laid out: the transformation, the strategy refresh, and our culture and talent. Now clearly, the transformation is our #1 priority right now, and key to that transformation is our safety and soundness in addressing the Consent Orders by modernizing our risk and control environment.

正如您所看到的，我們一直在努力工作，違背我所製定的優先事項：轉型、戰略更新以及我們的文化和人才。現在顯然，轉型是我們目前的第一要務，而轉型的關鍵是我們通過現代化風險和控制環境來處理同意令的安全性和穩健性。

During the quarter, we submitted our plans to our regulators and continue to have a constructive dialogue with them as we pivot now firmly towards execution. We're already well underway in the investment in our risk and control environment, and we're really bringing a culture of excellence to this effort, and we are moving with urgency. We also continue to make progress refreshing our strategy.

在本季度，我們向監管機構提交了計劃，並繼續與他們進行建設性對話，因為我們現在堅定地轉向執行。我們已經在風險和控制環境方面的投資順利進行，我們確實為這項工作帶來了卓越的文化，而且我們正在緊急行動。我們還繼續取得進展，更新我們的戰略。

In addition to announcing the sale of our consumer business in Australia, we're deep in the second round for of bids for the remaining exit markets. We've begun the work on how these exits will enable us to simplify our operations in Asia and eliminate stranded costs. And we're really looking forward to bringing all the strategy work together for you on Investor Day and presenting our vision for the firm.

除了宣佈出售我們在澳大利亞的消費者業務外，我們還正在進行剩餘退出市場的第二輪競標。我們已經開始研究如何通過這些退出來簡化我們在亞洲的業務並消除擱淺成本。我們非常期待在投資者日為您提供所有戰略工作，並展示我們對公司的願景。

And as Mark is going to touch on, we've begun executing on many of the decisions that we've already made, including in TTS, wealth and commercial banking with investments in front office hires as well as enhanced digital product and service offerings. And we're already starting to see the impact of these investments emerge through key drivers across these businesses.

正如馬克即將談到的，我們已經開始執行我們已經做出的許多決策，包括 TTS、財富和商業銀行業務、對前台招聘的投資以及增強的數字產品和服務產品。我們已經開始看到這些投資的影響通過這些業務的關鍵驅動因素而顯現出來。

And finally, turning to culture and talent. We continue to attract high-caliber external talent whilst driving towards our diversity goals, ensuring clear accountability and breaking down the silos that have historically impeded our progress as a company. It's a new Citi. And all of this work has one overarching goal: to responsibly narrow the returns gap with our peers. We will update you with the metrics and milestones that we'll use to hold ourselves accountable, so you can hold us accountable to them as well.

最後，轉向文化和人才。我們繼續吸引高素質的外部人才，同時推動我們的多元化目標，確保明確的責任並打破歷史上阻礙我們公司進步的隔閡。這是一家新的花旗銀行。所有這些工作都有一個總體目標：負責任地縮小與同行的回報差距。我們將向您更新我們將用來對自己負責的指標和里程碑，以便您也可以讓我們對它們負責。

And with that, let me turn it over to Mark to go through our performance in more detail. And then we will both be delighted to take your questions.

接下來，讓我把它交給馬克，讓他更詳細地介紹我們的表現。然後我們都會很高興回答您的問題。

Thank you, Jane, and good morning, everyone. Starting on Slide 4. As Jane mentioned, Citigroup reported third quarter net income of $4.6 billion, EPS of $2.15 and an RoTCE of 11% on $17.2 billion of revenues. Embedded in these results is a pretax loss of $680 million related to the sale of our Australia consumer business. Excluding this item, EPS would have been $2.44 with an RoTCE of 12.5%.

謝謝你，簡，大家早上好。從幻燈片 4 開始。正如 Jane 提到的，花旗集團報告第三季度淨利潤為 46 億美元，每股收益為 2.15 美元，RoTCE 為 11%，收入為 172 億美元。這些業績中包含與出售我們的澳大利亞消費者業務相關的 6.8 億澳元稅前損失。排除此項，每股收益將為 2.44 美元，RoTCE 為 12.5%。

As a reminder, while we received a premium to book on the sale of the business, we did incur a pretax loss primarily related to the currency translation adjustment that is built up over time and is already included in our capital. Upon closing, the capital impact of this loss will be largely neutralized, and we will release approximately $800 million of capital allocated to the business.

提醒一下，雖然我們在出售業務時收到了溢價，但我們確實產生了稅前損失，主要與隨著時間的推移而積累的貨幣換算調整有關，並且已經包含在我們的資本中。交易完成後，這一損失對資本的影響將在很大程度上被抵消，我們將釋放分配給該業務的約 8 億美元資本。

Revenues declined 1% from the prior year. Excluding the loss on sale, revenues would have been up 3%, largely driven by investment banking fees as well as strong growth in Equity Markets and Securities Services.

收入較上年下降 1%。排除銷售損失，收入將增長 3%，這主要是由投資銀行費用以及股票市場和證券服務的強勁增長推動的。

Expenses were up 5% year-over-year. In constant dollars, expenses were up 4% in the quarter. On a year-to-date basis, our expenses have grown by 5% with 2 main drivers: investments in the transformation including the 6 programs to address the consent orders, which drove about 3% of the growth so far this year; and business-led investments, which focus on our front office expansion in the investment bank, wealth and securities services; and investments to improve our client experience and digitize our network.

費用同比增長 5%。按不變美元計算，本季度費用增長了 4%。今年迄今，我們的開支增長了 5%，主要有兩個驅動因素：轉型投資，包括解決同意令問題的 6 個項目，這推動了今年迄今為止約 3% 的增長；以及以業務為主導的投資，重點關注我們在投資銀行、財富和證券服務方面的前台擴張；以及投資以改善我們的客戶體驗並使我們的網絡數字化。

So far this year, we added over 500 bankers, advisers and other front office support in wealth, including the private bank and the consumer wealth businesses; and 200 corporate and investment bankers globally in high-growth areas, including senior hires across tech, health care, fintech and private equity coverage. In our services businesses, TTS and Securities Services, we continue to improve client experience and digital capabilities, which is enabling us to capture significant new mandates. In consumer, these investments include development and marketing for new offerings like the Custom Cash Card and installment lending as well as investments in our mobile and digital user experience.

今年到目前為止，我們增加了 500 多名銀行家、顧問和其他財富方面的前台支持，包括私人銀行和消費者財富業務；以及全球高增長領域的 200 名企業和投資銀行家，包括科技、醫療保健、金融科技和私募股權領域的高級員工。在我們的服務業務、TTS 和證券服務中，我們不斷改善客戶體驗和數字能力，這使我們能夠抓住重要的新任務。在消費者領域，這些投資包括定制現金卡和分期貸款等新產品的開發和營銷，以及對移動和數字用戶體驗的投資。

In addition, there were also increases in volume and revenue-related expenses as well as business as usual expenses, which were largely offset by efficiency savings. As a reminder, we will continue to analyze our expenses to look for opportunities to self-fund investments.

此外，與數量和收入相關的費用以及常規費用也有所增加，但大部分被效率節省所抵消。提醒一下，我們將繼續分析我們的支出，尋找自籌資金的投資機會。

And now turning to credit. Credit performance remained strong with net credit losses of just under $1 billion more than offset by an ACL release of $1.2 billion, largely reflecting continued improvement in portfolio [quality]. In constant dollars, end-of-period loans were down 1% year-over-year, reflecting the impact of the Australia exit. Excluding this impact, loans would have been up 1% year-over-year, driven by active client engagement in TTS, Private Bank and Markets. End-of-period deposits were up 6% year-over-year, reflecting continued engagement with our consumer and corporate clients as well as continued momentum in client acquisition and deepening across both corporate clients and consumers.

現在轉向信貸。信貸表現依然強勁，淨信貸損失略低於 10 億美元，被 ACL 釋放的 12 億美元所抵消，這在很大程度上反映了投資組合[質量]的持續改善。按不變美元計算，期末貸款同比下降 1%，反映了澳大利亞退出的影響。如果排除這一影響，由於客戶對 TTS、私人銀行和市場的積極參與，貸款將同比增長 1%。期末存款同比增長 6%，反映出我們與消費者和企業客戶的持續接觸，以及企業客戶和消費者客戶獲取和深化的持續勢頭。

Finally, as Jane noted earlier, we returned roughly $11 billion in capital so far this year. And while we remain committed to continuing to invest in our franchise, we will continue to return excess capital to shareholders.

最後，正如 Jane 之前指出的，今年迄今為止我們已返還了大約 110 億美元的資本。在我們仍然致力於繼續投資我們的特許經營權的同時，我們將繼續向股東返還多餘的資本。

Turning now to each business. Slide 5 shows the results for the Institutional Clients Group. Revenues increased 4% year-over-year and sequentially, mainly driven by Investment Banking, Equity Markets and Securities Services. Expenses increased 9%, with about half of the increase driven by transformation and the other half driven by business-led investments and higher revenue-related costs, partially offset by efficiency savings. Credit costs were largely benign in the quarter as minimal net credit losses were more than offset by an ACL reserve release. This resulted in net income of $3.4 billion, which grew 21% in the quarter and 60% on a year-to-date basis. And ICG delivered an RoTCE of 14.5% for the quarter and 18.8% year-to-date.

現在轉向每項業務。幻燈片 5 顯示了機構客戶組的結果。收入同比和環比增長 4%，主要受到投資銀行、股票市場和證券服務的推動。費用增長了 9%，其中大約一半的增長是由轉型推動的，另一半是由業務主導的投資和收入相關成本上升推動的，但部分被效率節約所抵消。本季度的信貸成本基本上是良性的，因為 ACL 準備金釋放足以抵消最小的淨信貸損失。這使得淨利潤達到 34 億美元，本季度增長 21%，較年初至今增長 60%。 ICG 本季度的 RoTCE 為 14.5%，年初至今為 18.8%。

Slide 6 shows revenues for the Institutional Clients Group in more detail. On the banking side, revenues were up 11%. In Treasury and Trade Solutions, continued growth in fee revenues of 20% year-over-year, the highest quarter for fees in a decade reflected solid client engagement and client acquisition as well as a recovery in commercial card revenues. However, all of this was more than offset by the impact of lower deposit spreads, driving total revenues down 4%.

幻燈片 6 更詳細地顯示了機構客戶組的收入。銀行業務方面，收入增長了 11%。在資金和貿易解決方案領域，費用收入同比持續增長 20%，這是十年來費用最高的季度，反映出客戶參與度和客戶獲取的穩固以及商務卡收入的複蘇。然而，所有這些都被存款利差下降的影響所抵消，導致總收入下降了 4%。

We're continuing to see momentum across our payment business with 15% growth in cross-border flows and 10% growth in clearing transactions over the past year. As of quarter end, TTS loans grew 15%, mainly in trade loans where our technology investments in supply chain and deep local knowledge are enabling us to meet our clients' needs across the globe.

我們的支付業務繼續保持增長勢頭，去年跨境流量增長 15%，清算交易增長 10%。截至季度末，TTS 貸款增長了 15%，主要是貿易貸款，我們對供應鏈的技術投資和深厚的本地知識使我們能夠滿足全球客戶的需求。

Investment banking revenues were up 39% year-over-year, largely driven by M&A as we continue to see the benefits from our front office investments, which positioned us well to take advantage of increased deal activity. As Jane mentioned, this was the second best quarter for investment banking revenues and the best quarter for M&A in a decade.

投資銀行收入同比增長 39%，這主要是由併購推動的，因為我們繼續看到前台投資的好處，這使我們能夠很好地利用不斷增加的交易活動。正如簡提到的，這是十年來投資銀行收入第二好的季度，也是併購最好的季度。

Private Bank revenues grew 4% driven by growth in assets under management, loans and deposits, reflecting momentum with new and existing clients. This quarter, we added almost 200 bankers, investment counselors and other front office support and onboarded over 200 new clients. Our investments in talent continue to drive growth which bodes well for our overall strategy in wealth.

在管理資產、貸款和存款增長的推動下，私人銀行收入增長了 4%，反映了新老客戶的增長勢頭。本季度，我們增加了近 200 名銀行家、投資顧問和其他前台支持人員，並新增了 200 多名新客戶。我們對人才的投資繼續推動增長，這對我們的整體財富戰略來說是個好兆頭。

Corporate Lending revenues were up 17%, primarily driven by lower cost of funds and a modest gain on sale, partially offset by lower loan volumes. Total Markets & Securities Services revenues decreased 4% from last year. Fixed Income revenues decreased 16%, reflecting the continued normalization in market activity across rates and spread products. However, we saw strong activity with our corporate clients, engaging with them in foreign exchange products to support their global operations and hedging solutions to assist with their risk mitigation efforts.

企業貸款收入增長 17%，主要是由於資金成本下降和銷售收益小幅增長（部分被貸款量下降所抵消）。市場和證券服務總收入比去年下降 4%。固定收益收入下降 16%，反映出利率和利差產品市場活動持續正常化。然而，我們看到我們的企業客戶活動活躍，與他們合作開發外匯產品以支持他們的全球運營，並使用對沖解決方案來協助他們降低風險。

Equity Markets revenues were up 40%, our second best quarter in a decade, driven by cash equities, derivatives and prime finance, reflecting solid client activity and favorable market conditions. This is another business where we see our investments in talent and technology paying off.

在現金股票、衍生品和主要融資的推動下，股票市場收入增長了 40%，是十年來第二好的季度，反映出穩健的客戶活動和有利的市場條件。這是我們在人才和技術方面的投資獲得回報的另一項業務。

In Securities Services, revenues were up 10%. Here, we saw strong growth in fee revenues as the investments that we've been making in our platform and product capabilities enabled us to grow revenue with both new and existing clients, partially offset by lower deposit spreads.

證券服務收入增長了 10%。在這裡，我們看到費用收入強勁增長，因為我們對平台和產品功能的投資使我們能夠增加新客戶和現有客戶的收入，部分被較低的存款利差所抵消。

Finally, looking at year-to-date results in ICG, we've seen a strong contribution from Investment Banking and Equity Markets as well as solid results in the Private Bank and Securities Services, which helped to offset the expected normalization in Fixed Income Markets.

最後，看看 ICG 年初至今的業績，我們看到投資銀行和股票市場的強勁貢獻，以及私人銀行和證券服務的穩健業績，這有助於抵消固定收益市場的預期正常化。

Turning now to the results for Global Consumer Banking in constant dollars on Slide 7. Revenues declined 14%, and 5% excluding the loss on sale, as solid deposit growth and momentum in investment management were more than offset by lower card balances and lower deposit spreads. Expenses increased 5% with about half driven by transformation and the remainder driven by business-led investments and volume-related expenses, partially offset by efficiency savings. Cost of credit was a modest benefit this quarter as a roughly $1 billion ACL reserve release more than offset net credit losses. This resulted in net income of $1.3 billion, which grew 44%. And GCB delivered a 15% RoTCE and a 21.5% ROTCE excluding the loss on sale.

現在轉向幻燈片7 上按固定美元計算的全球消費者銀行業務業績。收入下降14%，排除銷售損失則下降5%，因為存款的穩健增長和投資管理的勢頭被信用卡餘額和存款的減少所抵消。傳播。費用增加了 5%，其中約一半是由轉型驅動的，其餘是由業務主導的投資和與數量相關的費用驅動的，部分被效率節約所抵消。本季度信貸成本帶來了適度的好處，因為 ACL 釋放的約 10 億美元準備金足以抵消淨信貸損失。淨利潤達 13 億美元，增長 44%。 GCB 的 RoTCE 為 15%，不包括銷售損失的 ROTCE 為 21.5%。

Finally, looking at year-to-date results, we've seen steady improvement in our drivers over the course of the year, with purchase sales up 5% relative to 2019 and acquisitions nearing pre-COVID levels globally. And the business delivered 22.4% ROTCE, excluding the loss on sale.

最後，從今年迄今的結果來看，我們看到我們的驅動因素在這一年中穩步改善，採購銷售額較 2019 年增長了 5%，全球收購量接近新冠疫情前的水平。該業務交付了 22.4% 的 ROTCE（不包括銷售損失）。

Slide 8 shows the results for North America consumer in more detail. Total third quarter revenues were down 4% from last year as we continue to see headwinds from higher payment rates and deposit spreads. That said, we are encouraged by the trends we are seeing in both cards and Retail Banking. In Branded Cards and Retail Services, purchase sales were up versus the prior year by 24% and 14% respectively, with both above 2019 levels. And in Retail Banking, average deposits and within that, checking deposits, were both up 14%. AUMs were up 16%, and Citigold households were up 13% this quarter.

幻燈片 8 更詳細地顯示了北美消費者的結果。第三季度總收入較去年下降 4%，因為我們繼續看到支付率和存款利差上升帶來的阻力。也就是說，我們對信用卡和零售銀行業務的趨勢感到鼓舞。在品牌卡和零售服務領域，購買銷售額較上年分別增長 24% 和 14%，均高於 2019 年的水平。在零售銀行業務中，平均存款和其中的支票存款均增長了 14%。本季度資產管理規模增長 16%，Citigold 家庭增長 13%。

We're also making progress on our U.S. digital strategy. U.S. digital deposits grew 26% compared to the prior year and installment loan balances, including our Flex Loan and Flex Pay products, have also grown substantially, up 22% compared to the prior year. And over 80% of these loans are originated digitally.

我們的美國數字戰略也取得了進展。美國數字存款與上年相比增長了 26%，分期貸款餘額（包括我們的 Flex Loan 和 Flex Pay 產品）也大幅增長，與上年相比增長了 22%。其中超過 80% 的貸款都是數字化發放的。

On Slide 9, we show results for our International Consumer Banking in constant dollars. Revenues declined 30% year-over-year in the third quarter. Excluding the loss on sale, revenues declined 5% with a 7% decline in Latin America and a 4% decline in Asia.

在幻燈片 9 上，我們顯示了以不變美元計算的國際消費者銀行業務的結果。第三季度收入同比下降30%。排除銷售損失，收入下降 5%，其中拉丁美洲下降 7%，亞洲下降 4%。

Looking at international consumer overall, we are seeing good momentum in investment management, with 10% growth in assets under management, primarily driven by Asia. And the growth is meaningfully higher if you look specifically at the 4 international wealth hubs. Purchase sales grew 8% versus the prior year. And average deposits grew 3%, albeit at lower deposit spreads.

縱觀國際消費者整體，我們看到投資管理勢頭良好，管理資產增長了 10%，這主要是由亞洲推動的。如果你專門關注這 4 個國際財富中心，增長率會更高。採購銷售額比上年增長 8%。儘管存款利差較低，但平均存款增長了 3%。

Slide 10 provides additional detail on global consumer credit trends. Credit remained favorable again this quarter across all regions. And given the delinquency trends we're seeing today, we do not expect credit deterioration in the U.S. portfolio in 2021.

幻燈片 10 提供了有關全球消費信貸趨勢的更多詳細信息。本季度所有地區的信貸再次保持有利。鑑於我們今天看到的拖欠趨勢，我們預計 2021 年美國投資組合的信用狀況不會惡化。

Slide 11 shows the results for Corporate/Other. Revenues increased by over $300 million, driven by higher net revenue from the investment portfolio. Expenses declined by $300 million due to the absence of the civil money penalty which we incurred in the third quarter of last year, offset by an increase in expenses related to the transformation. Credit costs were still a benefit in the quarter, but reflect a lower ACL release in the legacy portfolio relative to last year. Finally, EBIT was a loss of $330 million.

幻燈片 11 顯示了公司/其他的結果。由於投資組合淨收入增加，收入增加了 3 億多美元。由於沒有去年第三季度發生的民事罰款，費用減少了 3 億美元，但被與轉型相關的費用增加所抵消。信貸成本在本季度仍然是一個好處，但反映出與去年相比，遺留投資組合中 ACL 的釋放量較低。最終，息稅前利潤虧損 3.3 億美元。

Slide 12 shows our net interest revenue and margin trends as well as noninterest revenues on a reported basis. In the third quarter, net interest revenue of $10.4 billion declined roughly $100 million year-over-year, reflecting lower loan balances and the impact of lower rates. On a year-to-date basis, net interest revenue declined by roughly $2.3 billion.

幻燈片 12 顯示了我們的淨利息收入和利潤率趨勢以及報告的非利息收入。第三季度，淨利息收入為 104 億美元，同比下降約 1 億美元，反映出貸款餘額減少和利率下降的影響。年初至今，淨利息收入下降了約 23 億美元。

Turning to noninterest revenues on the bottom of the slide. In the third quarter, non-NIR declined by approximately $50 million year-over-year driven by the impact from the loss on the sale of the Australia consumer business. Excluding the loss, noninterest revenues would have grown by over $600 million or 9%, driven by strong growth in fees in ICG.

轉向幻燈片底部的非利息收入。第三季度，由於澳大利亞消費者業務銷售虧損的影響，非 NIR 同比下降約 5000 萬美元。如果不計入損失，在 ICG 費用強勁增長的推動下，非利息收入將增長超過 6 億美元，即 9%。

On Slide 13, we show our key capital metrics. Our CET1 capital ratio ticked down to 11.7%. During the quarter, Citi returned a total of $4 billion to common shareholders in the form of $1 billion in dividends and share repurchases of $3 billion. Our supplementary leverage ratio was largely unchanged at 5.8%. And our tangible book value per share grew by 10% year-over-year to $79.07, driven by net income.

在幻燈片 13 上，我們展示了我們的關鍵資本指標。我們的 CET1 資本比率下降至 11.7%。本季度，花旗以 10 億美元股息和 30 億美元股票回購的形式總共向普通股股東返還 40 億美元。我們的補充槓桿率基本保持在 5.8% 不變。在淨利潤的推動下，我們每股有形賬面價值同比增長 10% 至 79.07 美元。

Before we move to Q&A, let me touch briefly on our outlook for 2021. On the top line for total Citigroup, we still expect revenues to be down in the mid-single-digit range on a reported basis, excluding any divestiture-related impacts.

在進入問答環節之前，讓我簡單談談我們對 2021 年的展望。就花旗集團的整體營收而言，我們仍然預計報告收入將下降在中個位數範圍內，不包括任何剝離相關的影響。

On the expense side, we continue to expect full year expenses to be up in the mid-single-digit range, excluding any divestiture-related impacts, as we continue to transform our risk and control environment and invest in our businesses. And we will continue to look for ways to partially self-fund these investments over time.

在費用方面，隨著我們繼續轉變風險和控制環境並投資於我們的業務，我們繼續預計全年費用將在中個位數範圍內增長，不包括任何與資產剝離相關的影響。隨著時間的推移，我們將繼續尋找方法來部分自籌這些投資。

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

簡和我很樂意回答您的問題。

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

（操作員說明）。你的第一個問題來自自治研究組織的約翰·麥克唐納。

Mark, I wanted to ask about the net interest income. It seems like overall, it came in a little bit better than you might have expected when you spoke at the Barclays Conference in September. Can you give us a little more color on what drove the improvement in the core ex Markets NII this quarter, and how that makes you feel about the setup for NII growing from here?

馬克，我想問一下淨利息收入。總體而言，它的表現比您九月份在巴克萊銀行會議上發言時的預期要好一些。您能否向我們介紹一下推動本季度核心除市場 NII 改善的因素，以及您對 NII 從這裡開始增長的設置有何感受？

Sure, John. When we look at it on Page 12, we came in at about $10.4 billion. I think there were a couple of factors that play through here. One was the treasury investments that we've been making contributed to that as we put some of the excess liquidity that we have to work.

當然，約翰。當我們查看第 12 頁時，我們的收入約為 104 億美元。我認為這裡有幾個因素在起作用。其中之一是我們一直在進行的國庫投資，因為我們投入了一些必鬚髮揮作用的過剩流動性。

The second, I mentioned earlier that we saw some loan growth in cards sequentially, branded cards in particular up 3%. But also within that, we saw some of the late fees and Balcon fees in cards kind of play through. As you know, there's an extra day in the quarter. And so the combination of those things contributed to the tick up here that we've seen.

第二，我之前提到過，我們看到卡的貸款連續增長，尤其是品牌卡，增長了 3%。但也在其中，我們看到了一些卡牌滯納金和 Balcon 費用。如您所知，該季度多了一天。因此，這些因素的結合促成了我們所看到的增長。

In terms of kind of the balance of the year, that all feeds into the guidance that I've given for total revenues. And that really hasn't changed, but we continue to look to invest in the cards portfolio through new acquisitions with a long-term perspective of how we grow loans over time there.

就年度餘額而言，所有這些都納入了我給出的總收入指導。這確實沒有改變，但我們繼續尋求通過新的收購來投資卡投資組合，並從長遠角度考慮如何隨著時間的推移增加貸款。

Okay. And just as a follow-up. On capital returns, while your total return is very healthy, it doesn't look like it increased much from the $4 billion that you did in the second quarter despite the Fed lifting its restrictions. Is this something you're being conservative on, given a lot of change going on at the company right now? Or as you free up capital from the business exits, your stock is trading at a low valuation. How are you thinking about allocating that freed up capital between investing in the business and returning it to shareholders?

好的。並且只是作為後續行動。在資本回報方面，雖然你們的總回報率非常健康，但與第二季度的 40 億美元相比，儘管美聯儲取消了限制，但看起來並沒有增加太多。鑑於公司目前正在發生很多變化，您在這方面是否持保守態度？或者，當您從業務退出中釋放資金時，您的股票估值較低。您如何考慮如何在投資企業和將其返還給股東之間分配釋放的資金？

Yes, sure. So look, our philosophy really has not changed on this in terms of you've heard me say a number of times that as we generate income, as we utilize our DTA over time, as capital gets released from the transactions that we do, we want to ensure that we're able to serve our clients. We want to ensure that we can invest in the business. And then anything in excess of that, we want to return to shareholders. So that perspective has not changed.

是的，當然。所以看，我們的理念在這方面確實沒有改變，因為你已經聽我說過很多次了，當我們創造收入時，當我們隨著時間的推移利用我們的避免雙重徵稅協定時，當資本從我們所做的交易中釋放出來時，我們希望確保我們能夠為客戶提供服務。我們希望確保我們可以投資該業務。除此之外，我們希望回報股東。所以這個觀點沒有改變。

Obviously, the SCB allows for us to take those decisions in the given quarter based on what we're seeing in terms of our expected performance and based on all of the other factors I mentioned, including the capital release and SACR and things of that sort. And so we'll continue to take those decisions with that philosophy in mind, which is how do we return any excess we have to shareholders over time.

顯然，SCB 允許我們根據我們所看到的預期業績以及我提到的所有其他因素（包括資本釋放和 SACR 等）在給定季度做出這些決定。因此，我們將繼續本著這一理念做出這些決定，這就是我們如何隨著時間的推移向股東返還我們擁有的任何多餘資金。

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

您的下一個問題來自 Evercore 的 Glenn Schorr。

Two interesting things -- wonder if we get your quick comments on perspective. One was you became the first custodian to receive regulatory approval in onshore business, custody business in China. I wonder if you could frame perspective on how material that opportunity is. And then same kind of thing on the -- your plans to enter the Australian buy now pay later market. And what that means for not just Australia, but more globally, how you're viewing that in connection with the rest of your consumer business.

兩件有趣的事情——想知道我們是否能得到您對觀點的快速評論。一是你們成為中國第一個在岸業務、託管業務上獲得監管批准的託管人。我想知道您是否可以闡述一下這個機會的重要性。然後是同樣的事情——你們計劃進入澳大利亞先買後付市場。這不僅對澳大利亞，而且對全球而言意味著什麼，以及您如何看待這一點與您的其他消費業務的聯繫。

Thanks, Glenn. So why don't I take that one? In terms of our operations and business in China, we've been in that country for 100 years. We understand the dynamics in the local market well. We're currently serving a very large number of investors in that market, 70% of the Fortune 500 corporates in China, how they operate on the ground and gain access to China's capital market. And we're looking at -- we're very happy to have the custody license in China. It will also help support our operations in Hong Kong. And it's part of the growth of our Securities Services strategy that we've got. You've seen the benefits starting to flow through in this quarter's results from some of these previous investments. And this is just another one of the investments that we're making in that business that we like a lot and we think we're well positioned in.

謝謝，格倫。那我為什麼不拿那個呢？就我們在​​中國的運營和業務而言，我們在這個國家已經有100年的歷史了。我們非常了解當地市場的動態。我們目前正在為該市場的大量投資者（70% 的中國財富 500 強企業）提供服務，了解他們如何在當地運營並進入中國資本市場。我們正在考慮——我們很高興獲得中國的託管許可證。它還將有助於支持我們在香港的業務。這是我們證券服務戰略發展的一部分。您已經在本季度的業績中看到了之前的一些投資開始帶來的好處。這只是我們在我們非常喜歡並且認為我們處於有利位置的業務中進行的另一項投資。

And in terms of buy now pay later, I think this is one where, obviously, we're divesting our operations in Asia on that front, but we've certainly -- we've taken the learnings from our operations throughout the Asian region and particularly been applying them to the U.S. over the last few years. So we've certainly not been sitting still in the U.S. We've been building out our personal lending platform since 2019, and that's part of our broader digitization strategy in the U.S. consumer.

就“先買後付”而言，我認為顯然我們正在剝離我們在亞洲的業務，但我們確實從整個亞洲地區的業務中吸取了經驗教訓尤其是在過去幾年中將它們應用於美國。因此，我們在美國肯定不會坐以待斃。自 2019 年以來，我們一直在建設個人借貸平台，這是我們針對美國消費者的更廣泛數字化戰略的一部分。

We've been seeing very strong growth in our Flex portfolios, both as we leverage some of our existing partnerships such as American Airlines. And we worked to expand with new partners in POS. And one of the areas I'm particularly excited about is the partnering that we're doing with the largest e-commerce player, Amazon, on point-of-sale lending for our cards customers. And those capabilities are and will be leveraged with many additional partners and channels in the States and into Mexico.

我們看到 Flex 產品組合實現了非常強勁的增長，這得益於我們利用了一些現有的合作夥伴關係，例如美國航空。我們致力於與 POS 領域的新合作夥伴一起拓展業務。我特別興奮的領域之一是我們與最大的電子商務公司亞馬遜的合作，為我們的銀行卡客戶提供銷售點貸款。這些能力正在並將與美國和墨西哥的許多其他合作夥伴和渠道一起利用。

And finally, we've been expanding our product suite by developing off-card lending capabilities. And I think as you've heard from Mark, our [pay later] installment loans to existing card customers, 88% of those total sales are in digital channels.

最後，我們一直在通過開發卡外借貸功能來擴展我們的產品組合。我認為正如您從 Mark 那裡聽到的那樣，我們向現有信用卡客戶提供[稍後付款]分期貸款，其中 88% 的總銷售額來自數字渠道。

So as we look at all of this, I would say clearly there's a trend towards multiple different formats of how a customer can and wants to pay. And we're really on the front foot of this and making some strong progress on the back of the investments that we've been making over the last few years, and we'll continue to do so.

因此，當我們審視所有這一切時，我想清楚地說，客戶可以和想要支付的方式有多種不同格式的趨勢。我們確實在這方面處於領先地位，並在過去幾年的投資的支持下取得了一些強勁進展，我們將繼續這樣做。

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。

I wanted to understand a little bit more about what you think you can do in the U.S. card business. I know we just spoke a little bit about some of the things that you have been executing on. But when I look at the card business, while it's up on a year-on-year basis, it is trending a bit below some of the peers in terms of growth rates. And then you've got the retail partner card program, which has some opportunities there to get -- in my opinion, get a little bit of a refresh to be as dynamic as some of your best-in-class peers. So wondering how you're thinking about that.

我想更多地了解您認為您可以在美國信用卡業務中做什麼。我知道我們剛剛談論了一些您一直在執行的事情。但當我觀察卡業務時，雖然同比有所增長，但其增長率略低於一些同行。然後還有零售合作夥伴卡計劃，該計劃有一些機會獲得——在我看來，獲得一點更新，與一些一流的同行一樣充滿活力。所以想知道你是怎麼想的。

And as well on the deposit side in the U.S. with Google Now partnership not going forward, what are you thinking about with regard to leveraging your mobile app across the U.S. in a way that might not be understood well by the investor community? Because it seems like you've got a great app, and it's just underpenetrating your opportunity set with your brand.

在美國的存款方面，Google Now 合作夥伴關係沒有繼續下去，對於以投資者群體可能不太理解的方式在美國各地利用您的移動應用程序，您有何想法？因為看起來你有一個很棒的應用程序，但它只是削弱了你的品牌機會集。

Thanks, Betsy. Why don't I get started? And then Jane may want to jump in. And I'll start with kind of your comments related to cards.

謝謝，貝特西。我為什麼不開始呢？然後簡可能想插話。我將從您與卡片相關的評論開始。

And so look, as I mentioned in my prepared remarks, particularly when you look at U.S. branded cards, we did start to see a tick up there as it relates to loan balances. The loans were up about 1% year-over-year. They were up about 3% quarter-over-quarter.

因此，正如我在準備好的發言中提到的那樣，特別是當您查看美國品牌卡時，我們確實開始看到與貸款餘額相關的情況有所上升。貸款同比增長約1%。它們環比增長了約 3%。

What I think is really important here is the market reentry. Because as you're seeing, purchase sales are up but payment rates are still quite high. And we've got to see how stimulus and liquidity plays out over time. And so what we're focused on is how we're reentering into the market. And we're doing that both through our custom cash launch, which is helping to drive new acquisitions.

我認為這裡真正重要的是市場重新進入。因為正如您所看到的，採購銷售額增加了，但付款率仍然很高。我們必須看看刺激和流動性如何隨著時間的推移發揮作用。因此，我們關注的是如何重新進入市場。我們正在通過定制現金發行來做到這一點，這有助於推動新的收購。

In fact, our new acquisition volumes are back to 2019 levels. Over half of those acquisitions are in proprietary cards. We're being thoughtful about that. So over the last 5 years, we've been shortening our promotional periods and adding higher fees for balance transfers and targeting a lower mix of promotional balances. And those things, as you know, will feed future average interest earning balances as our experience is that roughly half of those balances ultimately convert to revolving over time. So that's an important step.

事實上，我們的新收購量已回到 2019 年的水平。其中一半以上的收購是通過專有卡進行的。我們正在考慮這一點。因此，在過去 5 年裡，我們一直在縮短促銷期、提高餘額轉賬費用，並瞄準較低的促銷餘額組合。正如您所知，這些東西將滿足未來的平均利息收入餘額，因為我們的經驗是，隨著時間的推移，這些餘額中大約有一半最終會轉化為循環餘額。所以這是重要的一步。

The second thing that I'll mention is just to reiterate what Jane pointed out, which is we're thinking about lending more broadly. And we're driving growth on the on-card lending products like Flex Pay and Flex Loan. And those don't have promotional periods associated with them, and they start to generate interest from day 1.

我要提到的第二件事只是重申簡指出的內容，即我們正在考慮更廣泛的貸款。我們正在推動 Flex Pay 和 Flex Loan 等卡內貸款產品的增長。這些產品沒有相關的促銷期，從第一天起就開始引起人們的興趣。

And so we're keenly focused on this. We're obviously a big player here. It's obviously an important part of our portfolio and generates healthy returns. But we need to be positioned to capture growth as the economy continues to recover and behavior normalizes. And we need to be prepared if behavior doesn't normalize as quickly as we'd like with things like broader lending products.

因此，我們非常關注這一點。我們顯然是這裡的大玩家。顯然，它是我們投資組合的重要組成部分，並能產生可觀的回報。但隨著經濟持續復甦和行為正常化，我們需要做好準備以實現增長。如果在更廣泛的貸款產品等方面行為沒有像我們希望的那樣迅速正常化，我們需要做好準備。

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

您的下一個問題來自 Seaport Research 的吉姆·米切爾 (Jim Mitchell)。

My question maybe just focus a little on rates. I think we're so focused on U.S. rates. But given your global exposure, we've seen rate hikes in Mexico, Brazil. Now we're contemplating rate hikes soon in the U.K.

我的問題可能只是集中在利率上。我認為我們非常關注美國的利率。但考慮到您的全球風險，我們已經看到墨西哥和巴西加息。現在我們正在考慮英國很快加息

How do we think about your rate sensitivity to the rest of the world? And do you see some benefits coming up over the next few quarters on the NII side?

我們如何看待您對世界其他地區的利率敏感性？您認為未來幾個季度 NII 方面會帶來一些好處嗎？

Yes. Look, I mean we have seen a number of rate hikes and then the talk of rate hikes here in the U.S. As you look at kind of our IRE that we report, we're not that sensitive to the short end or long end. But that said, rate [and price] increases are beneficial for us. And so we are -- we've got a lot of liquidity that's available for us to invest as we see rates increase but also have enough dry powder to ensure that we're taking advantage of client demand as that starts to return as well.

是的。聽著，我的意思是我們已經看到了多次加息，然後在美國談論加息。當你看看我們報告的 IRE 類型時，我們對短期或長期並不那麼敏感。但話雖如此，利率[和價格]上漲對我們有利。因此，我們有大量的流動性可供我們投資，因為我們看到利率上漲，但也有足夠的干粉來確保我們能夠利用客戶需求，因為客戶需求也開始回歸。

But for our firm, as you pointed out, the global impact to rates is quite important. And increases internationally helped to fuel our performance in parts of the franchise like TTS and elsewhere.

但對於我們公司來說，正如您所指出的，全球對利率的影響非常重要。國際範圍內的增長有助於推動我們在 TTS 等部分特許經營業務和其他方面的業績。

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 的電話。

Mark, thanks for your update on just the reiterated cost guide for this year. And I know it's probably too early to talk about next year. But can you just help us understand just the moving parts underneath incentive comp transformation and what we should be thinking about in terms of just run rate costs from here? If we can even stay away from just kind of like what next year growth looks like. But any color? The question is coming up a lot for sure across the large bank group in terms of required investments versus other things going on at the bank.

馬克，感謝您對今年重申的成本指南進行更新。我知道現在談論明年可能還為時過早。但是，您能否幫助我們了解激勵補償轉型下的活動部分，以及我們應該從這裡開始考慮運行成本？如果我們甚至可以遠離明年的增長情況。但有什麼顏色嗎？就所需投資與銀行發生的其他事情而言，這個問題在整個大型銀行集團中肯定會出現很多。

Yes, sure. So look, let me start by saying as I pointed out in the prepared remarks, our expenses in aggregate are on guidance, so to speak. Both as it relates to the transformation expected spend, which year-to-date is up 3% as well as our total expenses, which are up 5% year-to-date, again consistent with the guidance.

是的，當然。因此，首先讓我說，正如我在準備好的發言中指出的那樣，可以說，我們的總支出是在指導範圍內的。兩者都與轉型預期支出（今年迄今增長了 3%）以及我們的總支出（今年迄今增長了 5%）有關，再次與指導一致。

As I think about this, those are 2 very important categories of spend. As Jane has pointed out, transformation is our top priority. And we're going to spend what's necessary to get that done, and we need to ensure that we're investing long term across the franchise. And so we're going to continue to do that.

我認為，這是兩類非常重要的支出。正如簡所指出的，轉型是我們的首要任務。我們將花費必要的資金來完成這項工作，並且我們需要確保我們對整個特許經營權進行長期投資。所以我們將繼續這樣做。

But I would also highlight that expenses is something that we control, right? So we are very deliberate about the spend that you're seeing. And in fact I'm scrubbing, we are scrubbing every single expense line that we have, right, to ensure that the dollars that we're putting to work are being put to work in an optimal fashion, that they're necessary dollars to be spent. And in doing that, we're also looking for productivity and efficiency opportunities.

但我還要強調的是，費用是我們可以控制的，對吧？因此，我們對您所看到的支出非常謹慎。事實上，我正在清理，我們正在清理我們擁有的每一條支出線，以確保我們投入的資金以最佳方式投入使用，它們是必要的資金被花費。在此過程中，我們也在尋找生產力和效率的機會。

And in fact we've seen that play through the expense levels that you see today. If you look at if we -- as we look at our expenses, we've generated somewhere between $300 million and $400 million a quarter in efficiencies through 2021, right? So expense management is something that we're very disciplined about, we're very deliberate about. And we handle that in a very controlled fashion, recognizing the priorities that we've pointed out.

事實上，我們已經看到了您今天看到的費用水平的影響。如果你看一下我們的支出，到 2021 年，我們每個季度的效率在 3 億到 4 億美元之間，對嗎？因此，費用管理是我們非常自律、經過深思熟慮的事情。我們以一種非常可控的方式處理這個問題，認識到我們指出的優先事項。

I'm not going to give you guidance for 2022. I will tell you that our guidance hasn't changed for the balance of 2021. We're obviously in the middle of our budget season, right? And as we firm that up and finalize that, we'll share that with you and our investors more broadly.

我不會為您提供 2022 年的指導。我會告訴您，我們對 2021 年剩餘時間的指導沒有改變。我們顯然正處於預算季節的中期，對嗎？當我們確認並最終確定這一點時，我們將與您和我們的投資者更廣泛地分享。

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銀行證券公司的邁克·梅奧。

My question is for Jane. Jane, you said on this call, it's a new Citigroup. And I'm just referring to the 8-K from August where it announced a bonus scheme for top executives, apparently, that will be broadened out to many more. And so we, as shareholders and those who represent shareholders, we see this bonus scheme before we see the targets.

我的問題是問簡的。簡，你在這次電話會議上說，這是一個新的花旗集團。我只是指 8 月份的 8-K，它宣布了一項針對高管的獎金計劃，顯然，該計劃將擴大到更多。因此，作為股東和代表股東的人，我們在看到目標之前就看到了這個獎金計劃。

So I guess my question is do you have the targets? And if so, can you reveal those? Although I suspect that won't be until March 2. Or do you not have targets yet? Or what's happening? Because either way, it doesn't feel good for us investors.

所以我想我的問題是你有目標嗎？如果是這樣，你能透露一下嗎？雖然我懷疑要到 3 月 2 日才能實現。或者說你還沒有目標嗎？或者發生了什麼事？因為無論哪種方式，這對我們投資者來說都不好。

Well, Mike, I'm actually really glad you brought this up as we obviously saw your note the other day. If you'll bear with me for a minute, let's just take a step back and start with our compensation philosophy because I think it's really important for our shareholders to understand this.

好吧，邁克，我真的很高興你提出這個問題，因為我們前幾天顯然看到了你的筆記。如果您能耐心聽我一分鐘，讓我們退後一步，從我們的薪酬理念開始，因為我認為我們的股東理解這一點非常重要。

So the compensation of the management team is designed to be performance-based. It's aligned with the interest of our shareholders, most importantly. So first, any of the deferred awards we have, have downside built in. And we clearly saw this last year in the PSU performance, which paid out only 28% of its target. And then secondly, the annual process holds management accountable for results, as we also saw last year with meaningful comp reductions resulting from the consent orders.

因此，管理團隊的薪酬設計是基於績效的。最重要的是，它符合我們股東的利益。因此，首先，我們所擁有的任何延期獎勵都有其內在的負面影響。去年我們在 PSU 的績效中清楚地看到了這一點，該績效僅支付了目標的 28%。其次，年度流程要求管理層對結果負責，正如我們去年看到的那樣，同意令導致了有意義的薪酬削減。

So then if we then turn to the transformation program, as I said in the opening, there isn't anything that's more important than the successful execution of the program. It's our #1 priority. We want to make sure the bank is modernizing its risk and control environment. And it will also benefit our shareholders in terms of the performance of the bank.

因此，如果我們轉向轉型計劃，正如我在開頭所說的那樣，沒有什麼比該計劃的成功執行更重要的了。這是我們的第一要務。我們希望確保銀行正在實現其風險和控制環境的現代化。就銀行的業績而言，這也將使我們的股東受益。

The Board and I hold the senior leaders driving that transformation accountable for its successful execution. I'm certainly driving this program with urgency. And I also need to retain key talent because it's a pretty tight talent market right now, as we all know. And we need to do this so that we can hit the milestones and deliver with excellence. So to hold people accountable and drive the outcomes, we need both carrots and we need sticks.

董事會和我要求推動這一轉型的高級領導者對其成功執行負責。我當然正在緊急推動這個計劃。我還需要留住關鍵人才，因為眾所周知，目前人才市場相當緊張。我們需要這樣做，以便我們能夠達到里程碑並卓越地交付。因此，為了讓人們承擔責任並推動取得成果，我們既需要胡蘿蔔，也需要大棒。

And to your question, we're going to put in rigorous metrics to determine if the rewards get paid out at all; and if so, what percentage will be paid out. And we laid out a criteria in the 8-K. And the final metrics will be ones that reflect input from the Board, from myself and the other stakeholders involved, and we'll make -- and those will obviously be disclosed in the proxy, et cetera. So you'll see them.

對於你的問題，我們將製定嚴格的指標來確定獎勵是否得到支付；如果是這樣，將支付多少百分比。我們在 8-K 中製定了一個標準。最終的指標將反映董事會、我本人和其他相關利益相關者的意見，我們將製定這些指標，這些指標顯然將在委託書等中披露。所以你會看到他們。

So as you can see, I think the main message from me is there will be consequences if we fall short of what is expected, just as there were last year, for the management and the leaders of the program. I'm accountable, my team's accountable. And very simply, we must and we will deliver.

正如你所看到的，我認為我傳達的主要信息是，如果我們達不到預期的效果，就像去年一樣，該項目的管理層和領導者將會承擔後果。我有責任，我的團隊也有責任。非常簡單，我們必須而且我們將會兌現承諾。

Your next question is from the line of Ebrahim Poonawala with Bank of America.

您的下一個問題來自美國銀行的易卜拉欣·普納瓦拉 (Ebrahim Poonawala)。

I just want to, Jane, go back to you mentioned disappointment at Google Plex pulling out. Just talk to us in terms of did you view that as a critical client acquisition tool? And given that that's not moving forward, does that put some urgency in terms of other partnerships that you may strike to improve sort of the deposit-gathering efforts?

Jane，我只想回到你提到的對 Google Plex 退出的失望。請與我們談談您是否認為這是一個重要的客戶獲取工具？鑑於這並沒有取得進展，這是否會給您可能建立的其他合作夥伴關係帶來一些緊迫感，以改善存款收集工作？

Yes. So as I -- obviously, as I said in the opening, we were disappointed in their decision, but it is just one part of our digital strategy. We certainly didn't have all the eggs in that basket as we've been talking about for a few quarters now.

是的。顯然，正如我在開場白中所說，我們對他們的決定感到失望，但這只是我們數字戰略的一部分。我們當然沒有像我們幾個季度以來一直在談論的那樣，把所有雞蛋都放在籃子裡。

And what I am pleased is the strength of the digital engagement that we are seeing across the U.S. It's lagged other geographies around the world across the industry on this dimension, and also the growth in sticky digital deposits that we're seeing in the U.S. The piece I like is we deliberately invested in very reusable capabilities for future partnerships and existing ones that we have as well as our own proprietary efforts.

我感到高興的是我們在美國看到的數字參與的強度。在這個方面，它落後於世界上整個行業的其他地區，而且我們在美國看到的粘性數字存款的增長。我喜歡的一點是，我們有意投資於可重用的功能，以用於未來的合作夥伴關係和我們現有的合作夥伴關係以及我們自己的專有工作。

So if I can try and make that come a bit alive. We've added 80 APIs, which really make it very easy to operate with partners. We've developed a whole suite of embedded services that are ready to deploy. That's things like real-time digital alerts, partner-branded communications.

所以如果我能嘗試讓它變得生動起來。我們添加了 80 個 API，這確實使與合作夥伴的操作變得非常容易。我們開發了一整套可供部署的嵌入式服務。這包括實時數字警報、合作夥伴品牌通信等。

And probably most importantly, and maybe this is the geek in me, we put together new tech stacks, and we've learned a lot about doing this that's very valuable for what we're doing right now and for partnerships going forward.

也許最重要的是，也許這就是我內心的極客，我們整合了新的技術堆棧，並且我們學到了很多關於這樣做的知識，這對於我們現在正在做的事情以及未來的合作夥伴關係非常有價值。

So at the end of the day, I think all the things that we've been doing, both in some of the work with Google, but also with partnerships around the world, is going to further our digitization strategy in U.S. consumer, continue helping us grow and drive the returns here. And I would say, we're always feeling urgency in improving the performance, the growth and returns in consumer franchises.

因此，歸根結底，我認為我們一直在做的所有事情，無論是與穀歌的一些合作，還是與世界各地的合作夥伴，都將進一步推進我們在美國消費者中的數字化戰略，繼續幫助我們在這裡成長並推動回報。我想說，我們始終迫切需要提高消費者特許經營的業績、增長和回報。

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馬特·奧康納。

So you submitted a plan to the regulators this quarter. Can you just give us a sense of when you expect to hear back from them? And then what kind of things you'll be able to communicate to all of us? I know there's always limited abilities in what you can discuss about the regulatory stuff. But what are some of the data points that you're looking for internally? And what and when do you think you can share it?

因此，您本季度向監管機構提交了一份計劃。您能否告訴我們您希望何時收到他們的回复？然後你能夠向我們所有人傳達什麼樣的信息？我知道你能討論監管問題的能力總是有限的。但是您在內部尋找哪些數據點？您認為什麼時候可以分享？

Yes, I mean, I think as you heard from me, this is our #1 priority. I think it's to the benefit of all of our stakeholders that we get this done with excellence and we get this done right. And as we said, we submitted our plan in the third quarter. I'm personally very proud of it. It is a multiyear plan. As Mark said, it comprises 6 major programs, and it will position us to operate with excellence in the years ahead in a digital world. And in particular, it provides very clear target states for our risk and controls and for our core operating model elements.

是的，我的意思是，正如您從我那裡聽到的那樣，這是我們的第一要務。我認為，我們以卓越的方式完成這件事，並且正確地完成這件事，這對我們所有利益相關者都有好處。正如我們所說，我們在第三季度提交了計劃。我個人對此感到非常自豪。這是一個多年計劃。正如馬克所說，它由 6 個主要項目組成，它將幫助我們在未來的數字世界中實現卓越運營。特別是，它為我們的風險和控制以及我們的核心運營模型元素提供了非常明確的目標狀態。

As we said, we've now firmly pivoted to executing that plan. And I have to say, we have a very constructive and frankly, a really helpful dialogue that's been ongoing with our regulators. So it's not as if you submit and then you haven't spoken there's been -- this has been very constructive all the way through.

正如我們所說，我們現在已堅定地致力於執行該計劃。我不得不說，我們與監管機構正在進行非常有建設性且坦率的、非常有益的對話。所以這並不是說你提交了，然後你就沒有說話了——這自始至終都是非常有建設性的。

In terms of execution, we're kind of going full steam ahead here. I'm really pleased with the caliber of talent we brought in from inside and outside of the firm, as Mark talked about, so we can ensure that we're executing with excellence, know some of the areas or new hires in data.

在執行方面，我們正在全力推進。正如馬克所說，我對我們從公司內部和外部引進的人才素質感到非常滿意，因此我們可以確保我們以卓越的方式執行，了解數據方面的一些領域或新員工。

And I think importantly, we're putting as much effort on culture as on modernization. Karen Peetz and her team are ensuring we have the capabilities and rigorous governance, so we're executing in a very disciplined way. We deliver the outcomes from the investments we're making. We've put in a new accountability framework and I have to say our Board is certainly holding us firmly and regularly to account.

我認為重要的是，我們在文化上和現代化上投入了同樣多的努力。 Karen Peetz 和她的團隊正在確保我們擁有能力和嚴格的治理，因此我們以非常有紀律的方式執行。我們通過我們所做的投資交付成果。我們已經制定了新的問責框架，我不得不說，我們的董事會肯定會堅定地定期要求我們承擔責任。

So we'll be sharing more details obviously at Investor Day and as we go through this. But I think the main message for me is we've pivoted to execution, and we're getting on with this.

因此，我們將在投資者日和討論過程中分享更多細節。但我認為對我來說主要的信息是我們已經轉向執行，並且我們正在繼續這一點。

Your next question is from the line of Vivek Juneja with JPMorgan.

您的下一個問題來自摩根大通的 Vivek Juneja。

Jane, I just wanted to clarify on this compensation 8-K that you talked about. You obviously have -- has always had bonuses for short term; and you've had a long-term incentive comp that you've always paid your executives, similar to everybody else.

簡，我只是想澄清一下你提到的8-K補償。顯然，你一直都有短期獎金；而且你有一個長期的激勵薪酬，你總是向你的高管支付薪水，就像其他人一樣。

So the transformation project seems to be over and above that. Shouldn't that be part of what long-term compensation and incentive awards are meant for? I'm trying to understand what the logic behind adding an additional payment here is, because that's what management is already being partly compensated for, which is longer-term moves and changes in performance.

因此，轉型項目似乎超出了這一範圍。這難道不應該是長期薪酬和激勵獎勵的一部分嗎？我試圖理解這裡增加額外付款背後的邏輯是什麼，因為這就是管理層已經得到的部分補償，這是長期的變動和績效的變化。

Look, I think it's exactly as I -- well, first of all, thank you. Thank you, Vivek.

聽著，我想這和我的情況一模一樣——嗯，首先，謝謝。謝謝你，維韋克。

I think as I said earlier in answer to Mike's questions, we want to drive the program with urgency. We need to retain key talent, and it is a very tight talent market, as you know. And I want to make sure that there is no question from anyone involved in these -- in the programs that this is their #1 priority for the bank, to execute this with excellence, that there are both carrots and sticks here. And those come through the individual program and the individual assessments that everyone participates in every year as well as in this piece.

我認為正如我之前在回答邁克的問題時所說的那樣，我們希望緊迫地推動該計劃。我們需要留住關鍵人才，正如你所知，這是一個非常緊張的人才市場。我想確保參與這些計劃的任何人都毫無疑問——在這些計劃中，這是銀行的第一要務，要出色地執行這一計劃，胡蘿蔔和大棒都有。這些來自每個人每年以及本篇文章中參與的個人計劃和個人評估。

So I think this is fully aligned with the shareholders' interest. You want to have management really incented to deliver this with excellence, but equally with all the downsides if we fail to do so. And the program is designed to do just that.

所以我認為這完全符合股東的利益。你希望管理層真正有動力以卓越的方式實現這一目標，但如果我們未能做到這一點，同樣會面臨所有的缺點。該計劃就是為了做到這一點而設計的。

Your next question is from the line of Andrew Lim with Societe Generale.

您的下一個問題來自法國興業銀行的 Andrew Lim。

So it's a bit of a technical one. Wondering if you could give a bit of color on the SACR implementation for the CET1 ratio in terms of the quantum of the impact and the timing of the implementation.

所以這有點技術性。想知道您是否可以從影響的大小和實施的時間方面對 CET1 比率的 SACR 實施進行一些說明。

Sure. Thank you. So look, we're working towards the mandatory compliance date, which will be January of 2022. We have not adopted SACR early, and we don't plan to. Obviously, the impact can range from impacting risk-weighted assets to impacting one's G-SIB score. But like I said, we're working through that now. I'm not prepared to share that with you, but it is a factor in how we're doing our planning. And we'll share when we adopt it at a later date.

當然。謝謝。所以看，我們正在努力爭取強制合規日期，即 2022 年 1 月。我們沒有提前採用 SACR，我們也不打算這樣做。顯然，影響範圍從影響風險加權資產到影響 G-SIB 評分。但就像我說的，我們現在正在解決這個問題。我不准備與您分享這一點，但這是我們如何進行規劃的一個因素。當我們稍後採用它時，我們會分享。

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

您的下一個問題來自 RBC 的杰拉德·卡西迪 (Gerard Cassidy)。

Can you guys share with us, in looking at your Global Consumer Banking business in North America in your supplement, I think it's Page 8, you guys gave us a nice breakdown between the Retail Banking, Citi-Branded Cards and Citi Retail Services. And I noticed that in Retail Banking, there was a loss in the quarter. And can you just give us some color on what's maybe driving that and just the outlook for that part of the business?

你們能否與我們分享一下，在你們的補充材料中，我認為是第8 頁，你們在看你們在北美的全球消費者銀行業務時，你們給我們提供了零售銀行、花旗品牌卡和花旗零售服務之間的詳細分類。我注意到零售銀行業務本季度出現了虧損。您能否告訴我們一些可能推動這一趨勢的因素以及該部分業務的前景？

Yes. On the Retail Banking performance, the drag there is in part the higher expenses from the transformation spend that's playing through and impacting income there.

是的。就零售銀行業務的業績而言，拖累零售銀行業務的部分原因是轉型支出增加了支出，而轉型支出正在發揮作用並影響收入。

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銀行證券公司的邁克·梅奧。

I just wanted to follow-up again, a follow-up to my other question. And as Vivek expressed, Jane and Mark, you mentioned, look, you have to serve regulators, number one. I think that's clear to everybody on this call. And then you mentioned serving stakeholders. But I think the comp question really gets to what's being done for shareholders? And shareholders have been left behind at Citigroup over almost any time frame.

我只是想再次跟進，跟進我的另一個問題。正如維韋克（Vivek）所說，簡和馬克，你們提到，看，你們必須為監管機構服務，這是第一。我認為這次電話會議中的每個人都清楚這一點。然後您提到服務利益相關者。但我認為薪酬問題真正涉及到為股東做了什麼？花旗集團的股東幾乎在任何時期都被拋在了後面。

And what -- and Mark, maybe I might disagree with your philosophy a little bit. And your philosophy set is first serve clients, then invest in the business, then you do buybacks. Why should you have any change in your philosophy? It's because the discount to book value is just getting greater and greater. Your discount versus peer has increased. Citi has worst-in-class returns, adjusted efficiency and stock market valuation. So why not a little change in that philosophy to more buybacks versus investing if you have such a great opportunity with your share price?

還有什麼——馬克，也許我可能有點不同意你的哲學。你的理念是首先服務客戶，然後投資業務，然後進行回購。為什麼你的哲學應該改變？這是因為賬面價值的折扣越來越大。與同行相比，您的折扣有所增加。花旗的回報率、調整後效率和股市估值都是同類中最差的。那麼，如果你的股價有如此好的機會，為什麼不稍微改變一下這種理念，進行更多的回購而不是投資呢？

So what can you do from a symbolic nature, like everyone gets paid in stock? Or what can you do about the capital freed up from the sale of Australia and use all that to buy back stock? Or what can you do to show that -- obviously, regulators matter, stakeholders matter. But what can you do to sure that shareholders also matter, given such the underperformance of the share price?

那麼，從象徵性的角度來看，你能做什麼，比如每個人都獲得股票報酬？或者，您可以對出售澳大利亞所釋放的資金做些什麼，並用所有這些資金回購股票？或者你可以做什麼來證明這一點——顯然，監管機構很重要，利益相關者也很重要。但考慮到股價表現如此不佳，你能做些什麼來確保股東也很重要呢？

And then since you're only giving me one question at a time, just a little bit more follow-up on your U.S. consumer strategy as far as digital deposits, cross-selling to credit cards, point of sale with Amazon, a little bit more on that.

然後，由於您一次只問我一個問題，所以請對您的美國消費者策略進行更多跟進，例如數字存款、信用卡交叉銷售、亞馬遜銷售點等等更多關於這一點。

Okay. Mike, it's Jane. Let -- obviously. Let me kick this one off.

好的。邁克，是簡。讓——顯然。讓我先把這件事說完吧。

Unequivocally, our shareholders are incredibly important to us. And when we look at where we're trading and the underperformance around that, it is something that we are determined in the strategy refresh and the transformation work we're doing and in the culture and talent work we're doing to address this. We are going to do what is necessary to narrow the gap with our peers. We are going to ensure we have the right business mix and strategies to drive up the returns. And you're starting to see where that is -- where we're headed to with that from the different decisions we've already announced, and obviously, it will all come together at Investor Day.

毫無疑問，我們的股東對我們非常重要。當我們審視我們的交易情況以及與之相關的表現不佳時，我們在戰略更新和正在進行的轉型工作以及我們正在開展的文化和人才工作中確定了這一點。我們將採取必要措施來縮小與同行的差距。我們將確保擁有正確的業務組合和戰略來提高回報。你開始看到那是什麼——從我們已經宣布的不同決定中我們將走向何方，顯然，這一切都將在投資者日匯集在一起​​。

But secondly, we're also going to do it by running the bank better. And we've laid out on Page 3 of the presentation, what are the different priorities so that our investors realize the value that we think lies in Citi and what we are going to be doing to unlock that for their benefit. And I think -- I hope it's pretty clear in terms of the framework that we're using and the principles around that.

但其次，我們還將通過更好地運營銀行來做到這一點。我們在演示文稿的第 3 頁列出了不同的優先事項，以便我們的投資者認識到我們認為花旗的價值，以及我們將採取哪些措施來釋放這一價值，以造福他們。我認為——我希望我們正在使用的框架和相關原則非常清楚。

And in terms of, as Mark said, from a -- not only unlocking the value that we see in Citi, which I really do think is pretty tremendous and I'm quite excited about. It's also then what will we do with our excess capital. You've heard me say it, given where we trade so disappointingly below book, obviously share repurchases make sense for our shareholders. We also do have a healthy dividend yield, but that's an important part of the mix. But there's no question around the attractiveness for a shareholder relatively of the stock buybacks.

正如馬克所說，不僅釋放了我們在花旗看到的價值，我確實認為這是相當巨大的，我對此感到非常興奮。這也是我們如何處理多餘資本的問題。你已經聽我說過了，考慮到我們的交易價格如此令人失望地低於賬面價值，顯然股票回購對我們的股東來說是有意義的。我們也確實擁有健康的股息收益率，但這是其中的重要組成部分。但相對於股票回購而言，對股東的吸引力是毫無疑問的。

And we will certainly be returning excess capital to our shareholders and be very mindful of the bar that is required for investment internally. And you've seen that with the decisions that we've made on the exits in Asia on consumer and some of the other moves that we will exit the businesses we think are lower returning and reinvest where we -- where appropriate that we'll return that to shareholders. And I can see my CFO is chomping at the bit here to jump in as well.

我們肯定會將多餘的資本返還給股東，並非常注意內部投資所需的門檻。你們已經看到，隨著我們就退出亞洲消費者業務以及其他一些舉措做出的決定，我們將退出我們認為回報較低的業務，並在適當的情況下進行再投資。將其返還給股東。我可以看到我的首席財務官也迫不及待地想介入。

Yes. Thanks, Jane. I just -- I think you answered it very well. I'd just add a couple of quick things.

是的。謝謝，簡。我只是——我認為你回答得很好。我只想添加一些快速的內容。

One, that when we invest in the business towards clients or more broadly in the business, we're doing it where returns are above our cost of capital. So we're making smart decisions about how to redeploy that capital to ensure that we're narrowing that gap to peers.

第一，當我們投資於客戶業務或更廣泛的業務時，我們的回報高於我們的資本成本。因此，我們正在就如何重新部署這些資本做出明智的決定，以確保我們縮小與同行的差距。

The second thing I'd point out is that in the first couple of quarters of the year, we've maxed out the capital return that was available for us to deliver before the SCB came into play. And that is because our shareholders are so important.

我要指出的第二件事是，在今年的前幾個季度，我們已經最大化了在 SCB 發揮作用之前我們可以提供的資本回報。那是因為我們的股東非常重要。

And then the third, as Jane mentioned, is that we have a skew towards buybacks, again just given where the stock is trading and given where our dividend yield is. So thank you for the question.

第三，正如簡提到的，我們傾向於回購，同樣考慮到股票的交易位置和股息收益率。謝謝你的提問。

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

您的最後一個問題來自 Wolfe Research 的 Steven Chubak。

Jane, I was hoping to just ask on the wealth management opportunity. This is an area [that may be of] great competitive intensity. You have a large -- many large peers have been investing heavily in this space for years. And I know you're going to cover some of this at Investor Day and provide more detail. But just at a high level, I was hoping you could speak to what differentiates Citi's value prop from some of the peers in the space, whether you have the technology or infrastructure in place to support some of your growth ambitions? And then just lastly, whether you can engage in M&A or is that precluded under the consent order if you were to look to expand into that arena inorganically?

簡，我只是想問一下財富管理的機會。這是一個競爭激烈的領域。許多大型同行多年來一直在這個領域進行了大量投資。我知道您將在投資者日討論其中的一些內容並提供更多細節。但只是在較高的層面上，我希望您能談談花旗的價值支撐與該領域的一些同行的不同之處，您是否擁有適當的技術或基礎設施來支持您的一些增長目標？最後，如果您想以無機方式擴展到該領域，您是否可以參與併購，或者同意令是否禁止這樣做？

Yes. Thank you so much, Steven. So I'm pretty pleased around our opportunities here because we have all the pieces to be very successful. We have a strong brand in amongst the affluent, not just here in the States of our Retail Banking franchise. We've got a very we've got a pretty heavily affluent base, but around the world. And when you go into Asia in particular, this is the aspirational wealth management brand on the ground there.

是的。非常感謝你，史蒂文。所以我對我們在這裡的機會感到非常高興，因為我們擁有取得成功的所有條件。我們在富裕人群中擁有強大的品牌，而不僅僅是在我們零售銀行業務的州。我們有一個非常富裕的基礎，但遍布世界各地。尤其是當你進入亞洲時，你會發現這是當地令人嚮往的財富管理品牌。

We've also got real breadth of client relationships, and this is where the connectivity points also become important in those 4 principles that we laid out under the strategy refresh. We have commercial banking operations in 30 geographies around the world that have been operating for many years now. This is the engine of wealth creation in the world, and we have the relationship with the owners already.

我們還擁有真正廣泛的客戶關係，這就是我們在戰略更新中提出的 4 項原則中連接點也變得重要的地方。我們在全球 30 個地區設有商業銀行業務，現已運營多年。這是世界創造財富的引擎，我們已經和業主建立了關係。

And so the synergies that we will be able to generate by much more closely connecting them will be very important. Similarly, the elevator from the affluent client base in our consumer franchise all the way up to the ultra-high net worth in the Private Bank is obviously a natural area to build out that we haven't really invested in that elevator and thinking of it that way.

因此，通過更緊密地聯繫它們，我們能夠產生的協同效應將非常重要。同樣，從我們消費者特許經營中的富裕客戶群一直到私人銀行的超高淨值的電梯顯然是一個自然而然的建設領域，但我們還沒有真正投資並考慮該電梯那樣。

We have some great platforms. Our institutional client business around the world means that we've got top 2 platforms for our private banking clients in particular to take advantage of, but it's also ones that our consumer clients have as well. So the opportunity here is bring all these different pieces together into a single integrated offering across the full spectrum of clients in the U.S. and in the global offshore wealth centers.

我們有一些很棒的平台。我們的機構客戶業務遍布全球，這意味著我們擁有兩個頂級平台供我們的私人銀行客戶特別利用，但我們的消費者客戶也擁有這些平台。因此，這裡的機會是將所有這些不同的部分整合為一個單一的綜合產品，為美國和全球離岸財富中心的所有客戶提供服務。

And I would also point to the fact that we're already the top 3 player in Asia. It's not as if we don't have scale and that this is a start-up business here. And we've already seen that this is coming into fruition quickly, we obviously announced the focus on wealth at the beginning of the year. We've already acquired 21,500 new-to-bank clients in Asia this year -- so far this year. We've added over 500 bankers, advisers and other front office support year-to-date. We've done one of the biggest tech releases for wealth in the third quarter of this year, with over 70-plus features going live on the back of the digital platform we launched last quarter.

我還要指出這樣一個事實，我們已經是亞洲前三名的球員了。這並不是說我們沒有規模，而且這是一家初創企業。我們已經看到這正在迅速實現，我們在年初顯然宣布了對財富的關注。今年到目前為止，我們已經在亞洲獲得了 21,500 名新銀行客戶。今年迄今為止，我們已增加了 500 多名銀行家、顧問和其他前台支持人員。今年第三季度，我們發布了最大規模的財富技術發布之一，在我們上季度推出的數字平台上上線了 70 多項功能。

So I think the fact that we've got all these different pieces, we're putting them all together is really giving us momentum and accelerating the opportunity for us. And this is a trend, the wealth trend is going to be one that's one of those unstoppable trends, particularly in Asia in the years ahead.

因此，我認為我們擁有所有這些不同的部分，並將它們放在一起，這一事實確實給了我們動力，並加速了我們的機會。這是一種趨勢，財富趨勢將是不可阻擋的趨勢之一，特別是在未來幾年的亞洲。

We'll look at acquisitions at the moment. Obviously, it's more focused around what are digital capabilities, what are other things to enhance the value propositions and the technological side. And those aren't just acquisitions, it's partnerships and the like that we've been investing in, so that we really serve the wealthy client across the full spectrum of their needs rather than just narrowly as some of the other players are in just the sort of investment products. We've got the benefit across the board.

我們現在將考慮收購。顯然，它更關注什麼是數字能力，什麼是增強價值主張和技術方面的其他東西。這些不僅僅是收購，還有我們一直在投資的合作夥伴關係等，這樣我們才能真正為富有的客戶提供全方位的需求服務，而不是像其他一些參與者那樣狹隘地服務於他們的需求。類投資產品。我們全面受益。

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

沒有其他問題了。我將把電話轉給珍·蘭迪斯 (Jen Landis) 致閉幕詞。

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，請隨時聯繫 IR。祝你有美好的一天。謝謝。

This concludes Citi Third Quarter Earnings Call. You may now disconnect.

花旗第三季度財報電話會議到此結束。您現在可以斷開連接。