花旗銀行 (C) 2021 Q2 法說會逐字稿

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

您好，歡迎收聽花旗執行長 Jane Fraser 的 2021 年第二季獲利回顧；和財務長馬克·梅森。今天的電話會議將由花旗投資者關係主管伊麗莎白·林恩 (Elizabeth Lynn) 主持。 （操作員說明）另外，提醒一下，今天正在錄製本次會議。 （操作員說明）

Ms. Lynn, you may begin.

林恩女士，您可以開始了。

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

謝謝你，接線生。早安，感謝大家加入我們。

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, capital and other financial conditions may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in our discussion today and those included in our SEC filings, including, without limitation, the Risk Factors section of our 2020 Form 10-K.

我想提醒您，今天的簡報可以在我們的網站 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，實際結果、資本和其他財務狀況可能與這些聲明有重大差異，包括我們今天討論中引用的預防性聲明以及我們向SEC 提交的文件中包含的預防性聲明，包括但不限於我們2020 年的風險因子部分錶格 ​​10-K。

Before we get started, I'd also like to welcome our incoming Head of IR, Jennifer Landis, who will be joining Citi next month and hosting this call beginning in October. As I leave the seat to assume a new role within Citi, I'd like to thank you all for your partnership and support over the past few years.

在我們開始之前，我還要歡迎即將上任的 IR 主管 Jennifer Landis，她將於下個月加入花旗，並於 10 月開始主持本次電話會議。當我離開席位並在花旗擔任新職位時，我要感謝大家過去幾年的合作和支持。

With that said, let me turn it over to Jane.

話雖如此，讓我把它交給簡。

Thank you, Liz, and good morning to everyone. I'm delighted to join you again today. And first, I'm going to discuss the results of my first full quarter as CEO and then update you on the progress against our strategic priorities.

謝謝你，莉茲，祝大家早安。我很高興今天再次與大家見面。首先，我將討論我作為執行長的第一個完整季度的業績，然後向您介紹我們策略重點的最新進展。

For the quarter, we reported $6.2 billion in net income or $2.85 per share. We continue to benefit from an improving macro environment as evidenced by another significant release of our allowances for credit losses. Indeed, the pace of the macro recovery is exceeding earlier expectations across the globe and with it comes growing consumer and corporate confidence. And this also came through loud and clear in my conversations with clients over the course of the week I just spent in London.

本季度，我們公佈淨利潤 62 億美元，即每股 2.85 美元。我們繼續受益於宏觀環境改善，信用損失準備金的再次大幅釋放就證明了這一點。事實上，全球宏觀復甦的速度超出了先前的預期，消費者和企業信心也隨之增強。在我剛在倫敦度過的一周裡，我在與客戶的對話中也清楚地體現了這一點。

Now clearly, we have to remain mindful of the unevenness in that global recovery due to continued contagion and challenges in vaccine distribution in several parts of the world. But we are optimistic about the momentum ahead. And as a result, we deliberately accelerated some of our investments.

現在顯然，我們必須繼續關注由於世界一些地區的持續蔓延和疫苗分配方面的挑戰而造成的全球復甦的不平衡。但我們對未來的勢頭感到樂觀。因此，我們有意加快了一些投資。

In our institutional businesses, we saw the expected normalization of fixed income trading compared to the striking volatility of Q2 last year, and our equities franchise had a particularly strong quarter. Looking forward, we do expect the volatile market to be higher than pre-COVID levels.

在我們的機構業務中，與去年第二季度的驚人波動相比，我們看到固定收益交易預期正常化，而且我們的股票業務季度表現尤其強勁。展望未來，我們確實預期市場波動將高於新冠疫情前的水平。

Performance in our Investment Banking franchise remained healthy, with good momentum in M&A and a very solid pipeline ahead for the rest of the year. We saw very good progress in our strategies to increase fee revenues, with double-digit growth in our ICG fee revenues, and specifically, over 20% year-over-year fee growth in Treasury and Trade Solutions, in Securities Services and in the Private Bank.

我們的投資銀行業務表現依然健康，併購勢頭良好，今年剩餘時間的管道也非常穩固。我們看到增加費用收入的策略取得了非常好的進展，ICG 費用收入實現了兩位數增長，特別是資金和貿易解決方案、證券服務和私人領域的費用同比增長超過 20%銀行。

Now TTS is the backbone of the unique global network we deliver for our clients. And while the business continues to be impacted by lower rates, we particularly like how we are positioned here from a market share perspective as the post-pandemic recovery takes shape.

現在，TTS 是我們為客戶提供的獨特全球網路的支柱。儘管業務繼續受到較低利率的影響，但隨著疫情後復甦的形成，我們特別喜歡從市場份額的角度來看我們的定位。

In Consumer Banking, while our loan book and revenues were impacted by the elevated payment rates in cards, spending is well above pre-COVID levels now, with a 38% increase in global purchase sales year-over-year. We expect this to translate into loan growth in the second half of the year. And we continue to have good momentum in both deposit growth and AUMs across our consumer franchises.

在消費者銀行業務中，雖然我們的貸款帳簿和收入受到銀行卡支付率提高的影響，但目前的支出遠高於新冠疫情前的水平，全球採購銷售額年增 38%。我們預計這將轉化為下半年的貸款成長。我們的消費者特許經營業務的存款成長和資產管理規模持續保持良好勢頭。

In the U.S., as we've discussed, we're investing in our home market, as demonstrated by the well-received launch of our innovative Custom Cash Card in June. Internationally, the picture for our consumer businesses diverges. So while there is still the softness in the Mexican economy, in Asia, loan growth returned, and that's despite new COVID outbreaks.

在美國，正如我們所討論的，我們正在投資本土市場，六月推出的創新客製化現金卡廣受好評就證明了這一點。在國際上，我們的消費業務的情況各不相同。因此，儘管墨西哥經濟仍然疲軟，但在亞洲，儘管新冠疫情爆發，貸款成長仍恢復了。

Turning to capital. For the first 2 quarters of 2021, we returned close to $7 billion to our shareholders, which was the maximum amount permitted under the Federal Reserve's rules. Going forward, we are committed to returning any excess capital over and above the amount necessary to invest in our franchise.

轉向資本。 2021 年前兩個季度，我們向股東返還了近 70 億美元，這是聯準會規則允許的最高金額。展望未來，我們致力於返還超出投資我們的特許經營所需金額的任何多餘資本。

So while our stress capital buffer increased to 3% as a result of the Fed's recent stress test, that won't impact the common equity Tier 1 target we'd be managing to of approximately 11.5%. We ended the quarter at 11.9% on a standardized basis and have excess capital to return to our shareholders through a healthy dividend and ongoing stock repurchase program. Lastly, our tangible book value per share increased to $77.87, up over 9% from a year ago.

因此，儘管由於聯準會最近的壓力測試，我們的壓力資本緩衝增加至 3%，但這不會影響我們將達到的約 11.5% 的普通股一級目標。本季末，我們的標準化收益率為 11.9%，並透過健康的股息和持續的股票回購計畫將多餘的資本返還給股東。最後，我們每股有形帳面價值增至 77.87 美元，比去年同期成長 9% 以上。

Now let's turn to 3 of our strategic priorities: strategy, transformation and talent. I'm very pleased with the progress we've made on our strategy refresh. We have moved swiftly to begin the sales process for the 13 consumer markets we plan to exit in Asia and EMEA. The first round of bids was very encouraging and competitive, which isn't a surprise because these are terrific businesses for the right owners.

現在讓我們來談談我們的三個策略重點：策略、轉型和人才。我對我們在策略更新方面取得的進展感到非常滿意。我們已迅速採取行動，開始針對計劃退出的亞洲和歐洲、中東和非洲 13 個消費市場啟動銷售流程。第一輪投標非常令人鼓舞且競爭激烈，這並不奇怪，因為對於合適的所有者來說，這些都是很棒的業務。

In those regions, we're off to a running start in our wealth strategy. We're making significant strategic investments in product capabilities, technology and talent, and have already seen this in increased client acquisition. We continue to do thorough and rigorous work to refresh our strategy across our consumer and institutional businesses, guided by the 4 principles I outlined to you earlier in the year: being clinical, being focused, and ensuring both connectivity and simplification.

在這些地區，我們的財富策略正處於良好的開端。我們正在產品能力、技術和人才方面進行重大策略性投資，並且已經在客戶獲取量的增加中看到了這一點。我們將繼續進行徹底而嚴格的工作，以更新我們在消費者和機構業務方面的策略，以我今年早些時候向您概述的 4 項原則為指導：臨床、專注、確保連結性和簡化。

Our overarching goal is to increase the returns we generate and close the gap with our peers by investing in the franchises that will drive the most growth. The 3 most notable of which are TTS, Wealth and Commercial Banking. And I'm very confident in the growth and return prospects these connected franchises will afford us.

我們的首要目標是透過投資能夠推動最大成長的特許經營權來增加我們產生的回報並縮小與同行的差距。其中最引人注目的 3 個是 TTS、財富和商業銀行業務。我對這些互聯特許經營將為我們帶來的成長和回報前景非常有信心。

As we have done so far, we will share our decisions with you as we make them on the strategy. And we're also looking forward to presenting our plans to you more comprehensively during an Investor Day, which we intend to hold in the first quarter of next year. We're going to put our entire vision for the firm in front of you so you can then hold us accountable for executing against it.

正如我們迄今為止所做的那樣，我們將在製定策略時與您分享我們的決定。我們也期待在投資者日期間向您更全面地介紹我們的計劃，我們計劃在明年第一季舉行。我們將把公司的整個願景呈現在您面前，以便您可以讓我們負責執行它。

As we discussed in the call last quarter, we're also working very hard and diligently on our transformation. This is a significant, it's also an exciting body of work. And we're working closely with our regulators to meet their expectations, and we intend to submit our plans to them this quarter.

正如我們在上個季度的電話會議中所討論的那樣，我們也在非常努力和勤奮地進行轉型。這是一項重要且令人興奮的工作。我們正在與監管機構密切合作，以滿足他們的期望，我們打算在本季向他們提交我們的計劃。

Now while addressing the consent orders is an intense focus of the transformation, our work here goes well beyond the orders themselves. We've set out to modernize our bank. We want to achieve nothing less than excellence. And this means investing in our risk and control environment, but also in the infrastructure we need to serve our clients in an increasingly digital world.

現在，雖然處理同意令是轉型的重點，但我們在這裡的工作遠遠超出了命令本身。我們已著手對銀行進行現代化改造。我們的目標就是追求卓越。這意味著投資我們的風險和控制環境，同時也投資於我們在日益數位化的世界中為客戶提供服務所需的基礎設施。

So let me give you an example in TTS. These investments will improve the scalability of our platform. Automation will drive efficiency and client experience, and investments in data will enhance revenues. And the investments we're making will help position us to retain our leading position as the preeminent global corporate bank.

讓我舉一個 TTS 的例子。這些投資將提高我們平台的可擴展性。自動化將提高效率和客戶體驗，數據投資將增加收入。我們正在進行的投資將有助於我們保持作為卓越的全球企業銀行的領先地位。

And that leads me finally to talent, where we have made material progress over the last few months. I'm delighted with the caliber of talent we have been attracting to the firm to grow our businesses and support our transformation. We've enhanced our existing ranks with best-in-market hires in data, risk, strategy and controls, as well as in the front lines of wealth, the commercial bank and BCMA in particular. We continue to invest in a culture of excellence and our own people, providing them with new leadership and growth opportunities. And it's this combination of new perspectives and our existing high-caliber talent pool that will enable us to take the firm forward with excellence, urgency and accountability.

這最終讓我談到了人才，過去幾個月我們在這方面取得了實質進展。我對我們吸引到公司來發展我們的業務和支持我們的轉型的人才感到高興。我們透過在數據、風險、策略和控制以及財富前沿（尤其是商業銀行和 BCMA）聘用市場上最優秀的人才，增強了我們現有的隊伍。我們繼續投資於卓越文化和我們自己的員工，為他們提供新的領導和成長機會。正是新視角與我們現有的高素質人才庫的結合，使我們能夠以卓越、緊迫感和責任感推動公司向前發展。

Now before I turn it over to Mark, I would like to thank Liz Lynn for her great work leading our investor relation efforts over the past several years. And as you know, and as she mentioned, she is going to be our finance lead for BCMA, where we all know that she is going to do a wonderful job.

現在，在我將其交給馬克之前，我要感謝莉茲·林恩（Liz Lynn）在過去幾年中領導我們的投資者關係工作所做的出色工作。正如您所知，正如她所提到的，她將成為 BCMA 的財務主管，我們都知道她會做得非常出色。

With that, Mark will go through our presentation, and then we'll both be happy to take your questions.

接下來，馬克將完成我們的演示，然後我們都很樂意回答您的問題。

Thank you, Jane, and good morning, everyone.

謝謝你，簡，大家早安。

Starting on Slide 3. Citigroup reported second quarter net income of $6.2 billion, EPS of $2.85 and a 15.2% RoTCE. Revenues declined 12% from the prior year, reflecting a normalization in fixed income markets along with lower card loans in consumer as well as the impact of lower interest rates. Expenses were up 7% year-over-year. In constant dollars, expenses were up 4%, reflecting a normalization relative to the low print last year, along with continued investments in our transformation as well as other strategic investments, partially offset by productivity savings.

從幻燈片 3 開始。花旗集團報告第二季淨利潤為 62 億美元，每股收益為 2.85 美元，RoTCE 為 15.2%。營收較前一年下降 12%，反映出固定收益市場正常化、消費者卡貸款減少、利率下降的影響。費用較去年同期成長 7%。以不變美元計算，費用增加了 4%，反映出相對於去年的低印刷量的正常化，以及對轉型和其他策略投資的持續投資，部分被生產力節省所抵消。

Credit performance remained strong, with net credit losses of $1.3 billion more than offset by an ACL release of $2.4 billion, reflecting portfolio improvements as well as the continued improvement in our macroeconomic outlook.

信貸表現依然強勁，淨信貸損失 13 億美元，被 ACL 釋放的 24 億美元所抵消，這反映了投資組合的改善以及我們宏觀經濟前景的持續改善。

In constant dollars, end-of-period loans declined 3% year-over-year, reflecting higher repayment rates across institutional and consumer, although I would note that we are starting to see some pockets of loan growth emerge. And for the first time in over a year, loans were up sequentially. Deposits grew modestly, up 4% year-over-year, reflecting continued engagement with our consumer and corporate clients.

以不變美元計算，期末貸款年減 3%，反映出機構和消費者的還款率較高，不過我要指出的是，我們開始看到一些貸款成長。一年多來，貸款首次較上季成長。存款小幅成長，年增 4%，反映出我們與消費者和企業客戶的持續互動。

Looking at the first half of 2021, total revenues declined 9% year-over-year and 10% in constant dollars, mainly driven by the normalization in fixed income markets and lower card balances in consumer, although we did see strong fee revenue growth across consumer and in ICG, excluding fixed income markets. Total expenses were up 6% on a reported basis and 3% in constant dollars midway through the year. I'll talk more about our outlook for the remainder of the year in a moment.

展望2021 年上半年，總營收年減9%，以不變美元計算下降10%，這主要是由於固定收益市場正常化和消費者信用卡餘額下降所推動，儘管我們確實看到各行業的手續費收入強勁成長消費者和 ICG，不包括固定收益市場。年中總費用按報告數據計算增長了 6%，以不變美元計算增長了 3%。我稍後將詳細討論我們對今年剩餘時間的展望。

Cost of credit was a benefit of roughly $3 billion, as we released over $6 billion in reserves. And we delivered roughly $14 billion in net income and an RoTCE of 17.6%. Finally, as Jane noted earlier, we returned roughly $7 billion in capital so far this year. And we remain committed to continuing to invest in our franchise as well as returning any excess capital to shareholders given the flexibility provided by the SCB framework.

信貸成本帶來了約 30 億美元的收益，因為我們釋放了超過 60 億美元的準備金。我們實現了約 140 億美元的淨利潤和 17.6% 的 RoTCE。最後，正如 Jane 先前指出的，今年迄今為止我們已返還了約 70 億美元的資本。鑑於 SCB 框架提供的靈活性，我們仍然致力於繼續投資我們的特許經營權，並將任何多餘資本返還給股東。

Turning now to each business. Slide 4 shows the results for the Institutional Clients Group. For the quarter, ICG delivered EBIT of $4.9 billion, up significantly from last year. Revenues decreased 14%, driven mainly by the decline in fixed income markets. Expenses increased 4% and were up 2% in constant dollars, as investments in transformation along with other strategic investments were mostly offset by lower incentive compensation and efficiency savings. Credit costs were down considerably given a roughly $900 million ACL release as well as lower net credit losses. And ICG delivered a 16.4% return on allocated capital.

現在轉向每項業務。幻燈片 4 顯示了機構客戶組的結果。本季度，ICG 實現 EBIT 49 億美元，較去年大幅成長。收入下降 14%，主要是由於固定收益市場下滑。費用增加了 4%，以不變美元計算成長了 2%，因為轉型投資以及其他策略投資大部分被較低的激勵薪酬和效率節省所抵消。鑑於 ACL 釋放了約 9 億美元以及淨信貸損失降低，信貸成本大幅下降。 ICG 的分配資本報酬率為 16.4%。

Slide 5 shows revenues for the Institutional Clients Group in more detail. Product revenues were down 17% in the second quarter, primarily reflecting a comparison to a strong prior year period, particularly in fixed income markets. However, we are continuing to see robust client engagement and strong underlying growth in our fee businesses across the franchise, including TTS, Investment Banking, Securities Services, Commercial Banking and the Private Bank. And excluding the markets-related component, noninterest revenues were up 24% this quarter. And we are confident in our outlook for continued strong fee growth in the back half of the year.

投影片 5 更詳細地顯示了機構客戶組的收入。第二季產品營收下降 17%，主要反映了與去年同期的強勁表現相比，特別是在固定收益市場。然而，我們繼續看到強勁的客戶參與度以及整個特許經營範圍內收費業務的強勁增長，包括 TTS、投資銀行、證券服務、商業銀行和私人銀行。排除與市場相關的部分，本季非利息收入增加了 24%。我們對今年下半年費用持續強勁成長的前景充滿信心。

Looking at the results in greater detail. On the banking side, revenues decreased 1%. In Treasury and Trade Solutions, significant growth in fee revenues of roughly 25%, reflecting solid client engagement as well as growth in trade, were more than offset by the impact of lower interest rates with revenues down 1%. We're continuing to see momentum across our payments business with 13% growth in cross-border flows and 10% growth in clearing volumes over the past year as well as the early days of a recovery in commercial cards. And as of the end of the quarter, TTS loans grew roughly 5%, reflecting increasing client demand and improving macroeconomic conditions.

更詳細地查看結果。銀行方面，收入下降了1%。在資金和貿易解決方案領域，費用收入顯著增長了約 25%，反映出客戶參與度的穩定性以及貿易的成長，但利率下降的影響（收入下降了 1%）完全抵消了這一影響。我們的支付業務持續保持成長勢頭，去年跨國流量成長了 13%，清算量成長了 10%，商業卡也處於復甦初期。截至本季末，TTS 貸款成長了約 5%，反映出客戶需求的增加和宏觀經濟狀況的改善。

Investment Banking revenues were up 1% as higher M&A and equity underwriting revenues were largely offset by a decline in debt underwriting. While the overall DCM while it was up in the second quarter, all the growth was in non-investment grade, which did not benefit our results given our skew to investment grade. But looking at results versus a more normal year, revenues were up 38% versus the second quarter of 2019, with strong growth across all products.

投資銀行業務收入成長 1%，因為併購和股票承銷收入的增加在很大程度上被債務承銷的下降所抵消。雖然整體 DCM 在第二季度有所上升，但所有成長都是非投資級別的，考慮到我們偏向投資級別，這對我們的業績沒有好處。但與正常年份相比，營收較 2019 年第二季成長了 38%，所有產品均強勁成長。

Private Bank revenues grew 4%, driven by higher fees and lending volumes, reflecting momentum with both new and existing clients, partially offset by the impact of lower interest rates. Corporate lending revenues were down 15%, primarily driven by lower volumes. Total Markets & Securities Services revenues decreased 30% from last year. Fixed income revenues decreased 43%, reflecting a comparison to a strong prior year period in both rates and spread products. However, we remained engaged with our clients, with steady growth in both corporate and investor client revenues relative to the historical average.

在費用和貸款量增加的推動下，私人銀行收入增加了 4%，反映了新客戶和現有客戶的成長勢頭，但部分被利率下降的影響所抵消。企業貸款收入下降 15%，主要是因為貸款量減少。市場和證券服務總收入比去年下降 30%。固定收益收入下降 43%，反映出利率和利差產品與去年同期的強勁表現相比。然而，我們仍然與客戶保持聯繫，企業和投資者客戶收入相對於歷史平均值穩定成長。

Equities revenues were up 37% versus last year, primarily driven by good performance in both derivatives and Prime Finance, reflecting robust client activity and favorable market conditions. In Securities Services, revenues were up 9% on a reported basis and 5% in constant dollars. Here, we saw a strong growth in fee revenues with both new and existing clients, driven by growth in assets under custody and settlement volumes, partially offset by lower spreads.

股票收入較去年增長 37%，主要受到衍生性商品和 Prime Finance 良好業績的推動，反映了強勁的客戶活動和有利的市場條件。在證券服務方面，以報告收入計算成長了 9%，以不變美元計算收入成長了 5%。在這裡，我們看到新客戶和現有客戶的費用收入強勁增長，這是由託管資產和結算量增長推動的，但部分被利差下降所抵消。

Finally, looking at first half results in ICG, we've seen a strong contribution from Investment Banking as well as good results in the Private Bank and Securities Services, which helped to offset the expected normalization in fixed income markets. I would also note that equity markets revenues are up over 30%.

最後，看看 ICG 上半年的業績，我們看到投資銀行業務的強勁貢獻以及私人銀行和證券服務的良好業績，這有助於抵消固定收益市場的預期正常化。我還要指出的是，股票市場收入成長了 30% 以上。

Turning now to the results for Global Consumer Banking in constant dollars on Slide 6. For the quarter, GCB delivered EBIT of $2.4 billion, up significantly from last year. Revenues declined 10% as continued strong deposit growth, albeit with lower spreads, and momentum in investment management were more than offset by lower card balances across all 3 regions. In cards, while we are encouraged by the continued improvement in consumer spending, with purchase sales up close to 40% versus last year and almost 20% on versus last quarter, we are still seeing the impact of high payment rates on revenues.

現在轉向幻燈片 6 上以不變美元計算的全球消費者銀行業務業績。本季度，GCB 實現 EBIT 24 億美元，較去年大幅成長。由於存款持續強勁增長（儘管利差較低）和投資管理勢頭被所有 3 個地區的信用卡餘額下降所抵消，收入下降了 10%。在信用卡方面，雖然我們對消費者支出的持續改善感到鼓舞，購買銷售額比去年增長了近 40%，比上季度增長了近 20%，但我們仍然看到高支付率對收入的影響。

Expenses increased 7%, reflecting continued investments in our transformation as well as other strategic investments, along with an acceleration in marketing and higher volume-related costs from the low point a year ago, partially offset by efficiency savings. Credit remains healthy. And credit costs decreased significantly, driven by the $1.4 billion ACL reserve release and lower net credit losses. And GCB delivered a 20.8% return on allocated capital. Finally, looking at results for the first half of the year. We've seen steady improvement in our drivers, which gives us confidence in our outlook as we move into the back half of the year.

費用成長了 7%，反映出我們對轉型和其他策略投資的持續投資，以及行銷的加速和與一年前低點相比更高的銷售相關成本，部分被效率節約所抵消。信貸保持健康。在 14 億美元 ACL 準備金釋放和淨信貸損失降低的推動下，信貸成本顯著下降。 GCB 的分配資本報酬率為 20.8%。最後，看看上半年的業績。我們看到我們的司機穩步改善，這讓我們對下半年的前景充滿信心。

Slide 7 shows the results for North America Consumer in more detail. Second quarter revenues were down 11% from last year, primarily driven by lower cards revenues, but better than the 15% decline last quarter on a year-over-year basis. Revenues declined in both Branded Cards and Retail Services by 12% and 14%, respectively, reflecting continued headwinds from higher payment rates, as consumers have continued to use liquidity from stimulus and other relief programs to pay down debt, driving lower loans and a shift in mix towards transactor balances. This is creating pressure on our net interest revenues, but it's also benefiting our delinquency and loss trends.

幻燈片 7 更詳細地顯示了北美消費者的結果。第二季營收較去年下降 11%，主要是因為信用卡營收下降，但優於上季 15% 的年減幅。品牌卡和零售服務的收入分別下降了12% 和14%，反映出支付率上升帶來的持續阻力，因為消費者繼續利用刺激計劃和其他救濟計劃的流動性來償還債務，從而推動貸款減少和轉型。混合以實現交易者餘額。這給我們的淨利息收入帶來了壓力，但也有利於我們的拖欠和損失趨勢。

However, we are continuing to see a recovery in sales activity with purchased sales now above pre-pandemic levels, led by discretionary spend, including travel and dining. In Branded Cards, total purchase sales were up 40% versus last year, and importantly, up 11% versus the second quarter of 2019. And in Retail Services, purchase sales also grew versus both second quarter 2019 and 2020. So the good news is that we're continuing to see the recovery in spend and we're also returning to pre-COVID acquisition levels. Looking ahead, we expect the growth in purchase sales to translate into loan growth by the end of the year as stimulus moderates, and consumers return to more normal payment patterns.

然而，我們繼續看到銷售活動復甦，在旅行和餐飲等可自由支配支出的帶動下，購買銷售額目前高於疫情前的水平。在品牌卡中，總購買銷售額比去年增長了40%，更重要的是，與2019 年第二季度相比增長了11%。在零售服務中，購買銷售額比2019 年第二季度和2020年也有所增長。所以好消息是我們將繼續看到支出的復甦，我們也將恢復到新冠疫情前的採購水準。展望未來，我們預計，隨著刺激措施的放緩以及消費者回歸更正常的付款模式，到年底，購買銷售的成長將轉化為貸款成長。

Turning to Retail Banking. Revenues were down 7% year-over-year, reflecting pressure from lower deposit spreads and lower mortgage revenues. That said, we are continuing to see good momentum as we grow and deepen our retail bank relationships as well as improve the quality and stickiness of these relationships. Average deposits were up 18%, including 24% growth in checking. And the number of Citigold households increased by 16%, contributing to a 23% increase in AUMs.

轉向零售銀行業務。收入較去年同期下降 7%，反映出存款利差下降和抵押貸款收入下降的壓力。也就是說，隨著我們發展和深化零售銀行關係以及提高這些關係的品質和黏性，我們將繼續看到良好的勢頭。平均存款增加 18%，其中支票存款增加 24%。 Citigold 家庭數量增加了 16%，推動資產管理規模成長 23%。

On Slide 8, we show results for International Consumer Banking in constant dollars. Revenues declined 6% year-over-year in the second quarter, with an 11% decline in Latin America and a 3% decline in Asia. Looking at International Consumer overall, we are seeing good momentum in investment management, with 15% growth in assets under management, primarily driven by Asia. And the numbers are meaningfully higher if you look specifically at the 4 international wealth hubs. Average deposit growth remained strong at 8%, albeit at lower deposit spreads. And similar to the U.S., we saw a 26% increase in purchase sales year-over-year. But cards loan growth remained a challenge this quarter with average card loans down 8% due to elevated payment rates.

在投影片 8 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。第二季營收年減 6%，其中拉丁美洲下降 11%，亞洲下降 3%。縱觀國際消費整體，我們看到投資管理勢頭良好，管理資產成長了 15%，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，這個數字會明顯更高。儘管存款利差較低，但平均存款成長率仍維持在 8% 的強勁水準。與美國類似，我們的採購銷售額年增了 26%。但本季卡片貸款成長仍是一個挑戰，由於還款率提高，平均卡片貸款下降了 8%。

Slide 9 provides additional detail on Global Consumer credit trends. In the U.S., both NCL and delinquency rates remain favorable, driven by the significant amount of customer liquidity due to stimulus and other relief programs. Given the delinquency trends we're seeing today, we do not expect credit deterioration in the U.S. portfolio in 2021. And the ultimate timing and level of losses as we look into next year will depend on whether or not the stimulus results in a permanent benefit.

幻燈片 9 提供了有關全球消費信貸趨勢的更多詳細資訊。在美國，由於刺激措施和其他紓困計畫帶來大量客戶流動性，NCL 和拖欠率仍然有利。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。我們明年展望的最終時間和損失水準將取決於刺激措施是否會帶來永久性收益。

And as expected, credit losses and delinquency rates trended downward in both Mexico and Asia, following a peak in the first quarter of 2021. So overall, we're seeing a rebound in activity, along with a consumer who is in a very healthy financial position, suggesting good momentum as we move into the back half of the year.

正如預期的那樣，墨西哥和亞洲的信貸損失和拖欠率在 2021 年第一季達到高峰後呈下降趨勢。因此，總體而言，我們看到經濟活動出現反彈，而且消費者的財務狀況非常健康位置，顯示進入今年下半年時勢頭良好。

Slide 10 shows the results for Corporate/Other. Revenues were down slightly in dollar terms, as episodic gains this quarter were more than offset by previously disclosed onetime items in the prior year. Expenses were up slightly in dollar terms, mainly reflecting the impact of FX. And similar to last quarter, we have further allocated cost to the businesses related to investments in infrastructure, risk and controls. As we mentioned previously, this change had no impact to EBIT at the Citi level, however, we have recast prior periods to enable better comparability of results.

幻燈片 10 顯示了公司/其他的結果。以美元計算的收入略有下降，因為本季度的間歇性收益被去年披露的一次性項目所抵消。以美元計算的費用略有增加，主要反映了外匯的影響。與上季類似，我們進一步將成本分配給與基礎設施、風險和控制投資相關的業務。正如我們之前提到的，這項變更對花旗層面的息稅前利潤沒有影響，但是，我們重新計算了先前的期間，以實現更好的結果可比性。

Credit costs declined year-over-year, driven by our release this quarter compared to a build in the prior year. Finally, EBIT was breakeven this quarter. Looking ahead, we would expect a quarterly pretax loss in the range of $200 million to $300 million for the remainder of 2021.

與前一年相比，本季的發布推動了信貸成本年減。最後，本季息稅前利潤達到損益兩平。展望未來，我們預計 2021 年剩餘時間內的季度稅前虧損將在 2 億至 3 億美元之間。

Slide 11 shows our net interest revenue and margin trends as well as noninterest revenues on a reported basis. We've also provided net interest revenues in constant dollars on Slide 19 in the appendix for comparison to prior periods.

投影片 11 顯示了我們報告的淨利息收入和利潤率趨勢以及非利息收入。我們還在附錄投影片 19 中提供了以不變美元計算的淨利息收入，以便與先前期間進行比較。

In the second quarter, net interest revenue of $10.2 billion declined $880 million year-over-year, reflecting lower loan balances and the impact of lower rates. Sequentially, net interest revenue continued to stabilize as the extra day in the quarter was offset by lower cards revenues. And net interest margin declined 3 basis points, driven by lower cards NIR and modest growth in the balance sheet due to deposits, partially offset by the increase in Markets NIR in the quarter.

第二季度，淨利息收入為 102 億美元，年減 8.8 億美元，反映出貸款餘額減少和利率下降的影響。隨後，淨利息收入繼續穩定，因為本季額外的一天被信用卡收入的下降所抵消。淨利差下降 3 個基點，原因是銀行卡 NIR 較低以及存款導致資產負債表適度增長，但部分被本季度市場 NIR 的增長所抵消。

Turning to noninterest revenues on the bottom of the slide. In the second quarter, non-NIR declined $1.4 billion, driven by normalization in fixed income markets. However, outside of Markets, we did see strong broad-based fee growth of over $600 million across GCB and ICG. And for the past 2 quarters, we've seen these fee revenues return to pre-pandemic levels of roughly $4.4 billion per quarter, pointing to a somewhat faster-than-expected recovery.

轉向幻燈片底部的非利息收入。在固定收益市場正常化的推動下，第二季非 NIR 下降了 14 億美元。然而，在市場之外，我們確實看到 GCB 和 ICG 的廣泛費用強勁成長，超過 6 億美元。在過去的兩個季度中，我們看到這些費用收入恢復到大流行前每季約 44 億美元的水平，這表明復甦速度略快於預期。

Looking at these results midway through the year, we are comfortable with our prior outlook and continue to expect total Citi revenues to be down in the mid-single-digit range on a full year basis, although the composition is likely to be somewhat different, which I will talk more about in a moment.

看看今年年中的這些結果，我們對之前的前景感到滿意，並繼續預計花旗全年總收入將下降到中個位數範圍內，儘管構成可能會有所不同，我稍後會詳細討論這一點。

On Slide 12, we show our key capital metrics, which remain strong and stable again this quarter, allowing us to support clients and return capital to shareholders. Our CET1 capital ratio increased to 11.9%, as net income was mostly offset by buybacks and dividends. During the quarter, Citi returned a total of $4.1 billion to common shareholders in the form of $1.1 billion in dividends and share repurchases of $3 billion. Our supplementary leverage ratio was 5.9%, a decline from the prior quarter, largely driven by the expiration of a temporary SLR relief. And our tangible book value per share grew by 9% to $77.87, driven by net income.

在投影片 12 中，我們展示了我們的關鍵資本指標，這些指標本季再次保持強勁和穩定，使我們能夠支持客戶並向股東返還資本。我們的 CET1 資本比率增至 11.9%，因為淨利潤大部分被回購和股利所抵銷。本季度，花旗總共向普通股股東返還 41 億美元，其中包括 11 億美元的股利和 30 億美元的股票回購。我們的補充槓桿率為 5.9%，較上一季下降，主要是由於臨時 SLR 救濟到期所致。在淨利潤的推動下，我們每股有形帳面價值成長了 9%，達到 77.87 美元。

Before we move on to Q&A, let me spend a few minutes on our outlook for 2021. On the top line, for total Citigroup, we still expect revenues to be down mid-single digits on a reported basis. But as I mentioned, the composition is likely to be somewhat different than we originally anticipated. Year-to-date, we've seen stronger-than-expected growth in noninterest revenues. And we do expect the strength in fee growth to continue in the back half of the year, driven primarily by ICG.

在我們進行問答之前，讓我花幾分鐘談談我們對 2021 年的展望。最重要的是，對於花旗集團的整體收入，我們仍然預計報告的收入將下降中個位數。但正如我所提到的，其組成可能與我們最初預期的有所不同。今年迄今為止，我們看到非利息收入的成長強於預期。我們確實預計，在 ICG 的推動下，費用成長將在今年下半年繼續強勁。

Meanwhile, for net interest revenues, we expect continued stabilization in the back half, and we should start to see some loan growth by the end of the year. So while net interest revenues are down roughly $2.2 billion year-to-date, just outside our original outlook for the full year, assuming this base case holds, we do not expect a significant further decline in net interest revenues from here on a full year basis. So again, in aggregate, for total Citigroup, we still expect revenues to be down mid-single digits.

同時，就淨利息收入而言，我們預計下半年將繼續穩定，到年底我們應該會開始看到一些貸款成長。因此，雖然年初至今淨利息收入下降了約 22 億美元，超出了我們對全年的最初預期，但假設這一基本情況成立，我們預計全年淨利息收入不會進一步大幅下降基礎。因此，總的來說，對於整個花旗集團來說，我們仍然預計收入將下降到中個位數。

On the expense side, based on our latest work on the strategic refresh, we've made the decision to further accelerate certain strategic investments, in part in reaction to what is shaping up to be a faster-than-expected recovery. As a result, we now expect total Citigroup expenses to be up mid-single digits.

在費用方面，根據我們關於策略更新的最新工作，我們決定進一步加速某些策略性投資，部分原因是對即將出現的快於預期的復甦做出反應。因此，我們現在預計花旗集團的總支出將成長中個位數。

These are strategic investments that we are making to strengthen our franchise and drive long-term growth. For example, we've accelerated investments where we believe there are significant opportunities for growth, including holistically across Wealth and the Commercial Bank. We've also doubled down on our existing strengths in businesses like TTS, Securities Services and the Investment Banking business. Finally, given the faster recovery we are seeing today, we are accelerating investments in areas like cards marketing to capture this upside. All of these investments will have significant benefits over time.

這些是我們為加強我們的特許經營權並推動長期成長而進行的策略性投資。例如，我們在我們認為有重大成長機會的領域加快了投資，包括財富銀行和商業銀行的整體投資。我們也加倍加強了 TTS、證券服務和投資銀行業務等業務的現有優勢。最後，鑑於我們今天看到的更快的復甦，我們正在加快對卡片行銷等領域的投資，以抓住這一優勢。隨著時間的推移，所有這些投資都將帶來顯著的效益。

Meanwhile, expenses related directly to the transformation, which we had expected to drive the 2% to 3% increase in total Citi expenses this year, are coming in largely as expected. These investments include the work around the consent order as well as the broader work to modernize the bank, which will improve our risk and control environment as well as allow us to better meet the needs of our customers and clients through an improved operating environment, leading to faster decision-making, better efficiency and improved client experience. And I'd point out that the mix of this spend is 30% technology and 70% non-tech-related investments.

同時，與轉型直接相關的費用，我們原本預計將推動今年花旗總費用成長 2% 至 3%，但目前的情況基本上符合預期。這些投資包括圍繞同意令開展的工作以及更廣泛的銀行現代化工作，這將改善我們的風險和控制環境，並使我們能夠透過改善的營運環境更好地滿足客戶和委託人的需求，更快地制定決策、提高效率並改善客戶體驗。我想指出的是，這筆支出的組合包括 30% 的技術投資和 70% 的非技術相關投資。

Finally, this outlook includes the realization of productivity savings as a byproduct of the investments we've been making over the past few years. And to be clear, we will continue, as we have done in the past, to look for ways to operate as efficiently as possible during this investment period.

最後，這一前景包括實現生產力節省，作為我們過去幾年投資的副產品。需要明確的是，我們將像過去所做的那樣，繼續尋找在此投資期間盡可能高效運作的方法。

And one additional note, we could also see some episodic impacts this year related to the market exits we are pursuing. And as I've mentioned previously, we will be very transparent about the impact of these actions on our financials. So in summary, we feel good about the investments that we are making and firmly believe these investments will position us well to close our return gap to peers over time.

還要注意的是，今年我們也可能會看到一些與我們正在尋求的市場退出相關的偶發性影響。正如我之前提到的，我們將非常透明地了解這些行動對我們財務的影響。總而言之，我們對我們正在進行的投資感覺良好，並堅信這些投資將使我們能夠隨著時間的推移縮小與同行的回報差距。

Before we get started with questions, I also want to take a moment to thank Liz Lynn for her time as the Head of Citi Investor Relations. Liz has been with the Citi IR team since 2013 and has led the group since 2019. I know that she has built strong relationships with all of you and has been a key part of my team since I was named CFO a little over 2 years ago. She will be moving on to be the Chief Financial Officer for our Investment Banking business. And as Liz mentioned, Jen Landis will be joining us in August as our new Head of Investor Relations. I hope you will all join me in congratulating Liz on her new role and welcoming Jen to Citi at our next earnings call.

在我們開始提問之前，我還想花點時間感謝 Liz Lynn 擔任花旗投資者關係主管。 Liz 自2013 年起加入花旗IR 團隊，並自2019 年起領導團隊。我知道她與大家建立了牢固的關係，自從兩年多前我被任命為財務長以來，她一直是我團隊的重要組成部分。她將繼續擔任我們投資銀行業務的財務長。正如 Liz 所提到的，Jen Landis 將於 8 月加入我們，擔任新任投資者關係主管。我希望大家能和我一起祝賀 Liz 擔任新職務，並歡迎 Jen 在我們的下一次財報電話會議上來到花旗。

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 will come from John McDonald with Autonomous Research.

（操作員說明）您的第一個問題將來自自治研究中心的約翰·麥克唐納。

Mark, thanks for the comments at the end there about the expense outlook and the revision to your outlook for this year. Just wondering if you could just unpack that a little bit more. You're not the only bank that's been kind of raising expense guidance.

馬克，感謝您最後對費用前景的評論以及對今年前景的修改。只是想知道你是否可以再拆開一點。你們並不是唯一一家提高費用指引的銀行。

So I was wondering how much of this might be inflationary to the cost of doing business as a big bank here. How much is Citi specific? And does the run rate that you're expecting to be at on expenses in the back half of this year feel like that's the run rate you'd go into next year with? Or are there things that are elevated this year?

所以我想知道其中有多少可能會導致作為一家大銀行在這裡開展業務的成本膨脹。花旗具體是多少？您預計今年下半年的費用運行率是否感覺就是您明年的運行率？或是今年有什麼東西提高了？

John, thanks for the question. Look, I'll start by saying and repeating a little bit of what I said in my remarks, which is that we are taking a very deliberate decision on how we manage the franchise, right? And so what I spoke to was, Jane and I, along with the leadership team are going through a very thoughtful strategy refresh. And as we go through that, we are identifying, particularly given the pace of the recovery, some real strategic opportunities to invest in the franchise.

約翰，謝謝你的提問。聽著，我首先要重複我在演講中所說的話，那就是我們正在就如何管理特許經營權做出非常深思熟慮的決定，對嗎？所以我採訪的是，簡和我以及領導團隊正在經歷一個非常深思熟慮的策略更新。當我們經歷這個過程時，我們正在識別，特別是考慮到復甦的步伐，投資特許經營權的一些真正的策略機會。

And we don't want to -- we're not going to miss this window of opportunity. You've heard me mention that before. And it's in parts of the franchise that will undoubtedly grow and are high returning. So when we talk about TTS, we talk about the Commercial Banking business, we talk about Wealth, those are businesses that have strong growth prospects and have returns that are north of 20% in a normal environment. And so like I said, we're jumping at that.

我們不想－我們不會錯過這個機會之窗。你以前聽我提過這一點。毫無疑問，特許經營權的某些部分將會成長且回報率很高。因此，當我們談論 TTS 時，我們談論的是商業銀行業務，我們談論的是財富業務，這些業務具有強勁的成長前景，並且在正常環境下回報率超過 20%。正如我所說，我們正在全力以赴。

On the transformation side, I've been very clear and consistent that we expected that to drive the 3% -- 2% to 3% increase year-over-year. That's coming in largely as expected. And again, the right thing to do, an important thing to do to modernize this bank. Inflation, of course, is going to be a factor, particularly as we look at labor and the competition for talent. But again, that's -- we deal with that on a regular basis, and we continue to look for productivity and efficiency savings that largely tend to offset that.

在轉型方面，我一直非常明確且一致地表示，我們預計這將推動年增 3% - 2% 至 3%。這基本上符合預期。再說一遍，這是正確的事情，也是銀行現代化的重要事情。當然，通貨膨脹將是一個因素，特別是當我們考慮勞動力和人才競爭時。但同樣，我們會定期處理這個問題，我們會繼續尋求生產力和效率的節省，這在很大程度上可以抵消這個問題。

In terms of 2022, I'm not going to give any guidance on that. But again, this is, I think, an important period of time as we come out of this to ensure we're putting money to work in a smart fashion that prepares the firm for the future.

就 2022 年而言，我不會就此提供任何指導。但我再次強調，這是一段重要的時期，我們要走出困境，確保我們以明智的方式投入資金，為公司的未來做好準備。

Your next question will come from Jim Mitchell with Seaport Research.

您的下一個問題將由海港研究公司的吉姆·米切爾提出。

Maybe the first question -- maybe first question on Branded Cards in North America. Average balances were pretty flat, but there's a little pressure on spread. Can you just maybe clear that up? Is that just sort of greater teaser rate activity? Or does that bounce back? How do we think about the revenue trajectory there and the spread compression we saw this quarter?

也許是第一個問題——也許是關於北美品牌卡的第一個問題。平均餘額相當平穩，但利差有一點壓力。你能澄清一下嗎？這只是一種更大的預告片率活動嗎？或者說會反彈嗎？我們如何看待該季度的營收軌跡以及我們看到的價差壓縮？

Yes. So again, the dynamic on cards revenues, Branded Cards in particular, in North America, which were down 12%, is largely driven by what we're seeing in the way of loan balances. And if you look at average interest-earning balances, our average interest-earning balances for Branded Cards are down about 11%.

是的。再說一遍，北美地區的信用卡收入（尤其是品牌卡）收入下降了 12%，這在很大程度上是由我們所看到的貸款餘額方式推動的。如果你看平均生息餘額，我們品牌卡的平均生息餘額下降了約 11%。

Now the good news is, as we've said, purchase sale activity is up meaningfully year-over-year and relative to the prior quarter. But it's really those payment rates are remaining quite high, quite elevated. The good news is that plays through in the form of a benefit as it relates to cost of credit, lower losses than expected, and now lower reserves as we see releases. But it's really that dynamic of payment rates high, lower loan volumes, average interest earning in particular, that is putting pressure on that top line.

現在的好消息是，正如我們所說，採購銷售活動年比且相對於上一季大幅成長。但事實上，這些付款率仍然相當高，相當高。好消息是，這將以效益的形式發揮作用，因為它與信貸成本、損失低於預期以及我們看到的準備金釋放有關。但實際上，高還款率、較低的貸款量、尤其是平均利息收入的動態，給收入帶來了壓力。

All right. That's helpful for the clarification on the transactor balances. And then maybe just more broadly on the Wealth business. You guys put out a press release saying you've made some significant investments in new hires in Asia Wealth, with a pretty substantial and aggressive target to grow headcount. Where do you stand on that build-out? And are you making similar investments in other markets?

好的。這有助於澄清交易者餘額。然後也許只是更廣泛地涉及財富業務。你們發布了一份新聞稿，表示你們已經對亞洲財富的新員工進行了一些重大投資，並制定了相當大且積極的目標來增加員工人數。你對這個建設持什麼立場？您是否在其他市場進行類似的投資？

Yes. Look, I think as we've said, we're pretty excited about the Wealth opportunity for us because we have all the different pieces to be successful here: the brand, the client relationships, the platform, the Commercial Banking franchise. And we're already a sizable player. We're #3 in Asia, for example, where a lot of the growth is coming from.

是的。看，我認為正如我們所說，我們對財富機會感到非常興奮，因為我們擁有在這裡取得成功的所有不同部分：品牌、客戶關係、平台、商業銀行特許經營權。我們已經是一個相當大的參與者了。例如，我們在亞洲排名第三，大部分成長都來自亞洲。

The opportunity for us is pulling all of the pieces together into a single integrated offering across the full spectrum of clients. And so we've been investing in that platform, the technology. You'll have seen the announcement yesterday in the U.S. about a self-directed digital offering there. We've been expanding and growing talent in the front line as well. And very pleased as well with the investment product revenue growth, which is -- where from a mix point of view, we see the greatest upside for us.

我們的機會是將所有部分整合為一個面向所有客戶的整合產品。因此，我們一直在投資該平台和技術。昨天你會在美國看到有關自主數位產品的公告。我們也一直在擴大和培養第一線人才。對投資產品收入的成長也非常滿意，從混合的角度來看，我們看到了最大的優勢。

So early days in the execution of this, but I think pleasing progress as we pull this together into this single integrated offering, invest behind it, and you'll see the benefits in terms of growth as well as obviously return and revenue mix going forward for the bank.

所以在執行的早期階段，但我認為進展令人高興，因為我們將其整合到這個單一的集成產品中，並在其背後進行投資，您將看到增長方面的好處以及明顯的回報和收入組合。對於銀行。

Yes. Jane, the only thing I'd add to that, we are already seeing good performance in the quarter, right? So Private Bank revenue was up 4%. Continued strong growth in client assets, up 26%, and including AUMs, that were up 29%, and deposit strength, et cetera. And as Jane mentioned, even as we invest in strengthening the platform, we just announced yesterday that we were launching the self-directed investment digital offering, which again is targeted towards U.S. Consumer and Wealth Management clients. And so good progress while we invest and position ourselves to capture further opportunity here.

是的。簡，我唯一要補充的是，我們已經在本季看到了良好的表現，對吧？因此私人銀行收入增加了 4%。客戶資產持續強勁成長，成長 26%，其中資產管理規模成長 29%，存款實力等。正如簡所提到的，即使我們投資加強該平台，我們昨天剛剛宣布推出自主投資數位產品，該產品再次針對美國消費者和財富管理客戶。在我們投資和定位自己以抓住更多機會的同時，取得了良好的進展。

Your next question will come from Betsy Graseck with Morgan Stanley. And we will move to the next question. Your next question comes from Ken Usdin with Jefferies.

您的下一個問題將來自摩根士丹利的 Betsy Graseck。我們將討論下一個問題。您的下一個問題來自 Jefferies 的 Ken Usdin。

I wanted to ask you a little bit just on capital. When we got the SCB results, you had indicated a dividend of at least 51% and implied that you'd be buying back stock. But just wondering if you could help us just flesh that out a little bit more in terms of how we should be thinking about the type of capital return or any increases that you might consider on the dividend from here, and how to put that into context with prospective changes in the SCB and your minimums.

我想問你一些關於資本的問題。當我們得到 SCB 結果時，您已表示至少 51% 的股息，並暗示您將回購股票。但只是想知道您是否可以幫助我們進一步充實這一點，即我們應該如何考慮資本回報的類型或您可能考慮的股息增加，以及如何將其納入背景SCB 和最低限額的預期變化。

Sure. Look, the first thing I'd say is that, as you can tell through the second quarter, we bought back as much as the regulatory rules would allow for in the way of the average 4 quarters of net income. And so we continue to be very excited about the prospect of continued capital return.

當然。看，我要說的第一件事是，正如你在第二季度可以看到的那樣，我們以監管規則允許的方式回購了平均 4 個季度的淨利潤。因此，我們仍然對持續資本回報的前景感到非常興奮。

As it relates to the SCB and the recent results, as you know, we have a target of approximately 11.5% from a CET1 ratio point of view. The target includes an estimate for the stress capital buffer. That's somewhere between 2.5% and 3%. Up until this recent set of results, the prior couple had been at the 2.5%. The 3% will go into effect at the end of the third quarter. And more importantly, we will actively manage the drivers that impact that stress capital buffer. That is to say, PPNR as well as the balance sheet, risk-weighted assets. And we intend to do so with an eye towards how we bring that stress capital buffer back down.

如您所知，由於它與 SCB 和最近的結果相關，從 CET1 比率的角度來看，我們的目標約為 11.5%。此目標包括對壓力資本緩衝的估計。大約在 2.5% 到 3% 之間。直到最近的一組結果為止，前一對夫婦的比例一直為 2.5%。 3%將於第三季末生效。更重要的是，我們將積極管理影響資本緩衝壓力的驅動因素。也就是說，PPNR以及資產負債表、風險加權資產。我們打算這樣做的同時著眼於如何降低壓力資本緩衝。

As we think about capital actions, as you know, with the SCB in place, we have the flexibility to take those decisions in a given quarter in line with our -- with the reg minimums, and we intend to do that. Given where the stock trades, it makes a lot of sense for us to be buying back shares. And so we'll continue to skew towards that. And as of right now, our dividend is going to remain at the 51%. But as I mentioned, we will continue to look at that quarter-to-quarter given the flexibility from the SCB.

如您所知，當我們考慮資本行動時，隨著SCB的到位，我們可以根據我們的最低監管要求靈活地在特定季度做出這些決定，我們打算這樣做。考慮到股票的交易地點，我們回購股票很有意義。因此我們將繼續偏向於此。截至目前，我們的股息將維持在 51%。但正如我所提到的，鑑於渣打銀行的靈活性，我們將繼續按季度進行研究。

And the only piece I'd add in is as we're doing this work on the strategy and the plans going forward, both Mark and I have a high degree of confidence around the capital-generating capability of the franchise. And look forward to returning excess capital to you over and above what we'll be doing to invest and close that return gap with our peers.

我唯一要補充的是，當我們正在進行有關策略和未來計劃的工作時，馬克和我都對特許經營的資本產生能力充滿信心。並期待向您返還超出我們將採取的投資措施的多餘資本，並縮小與同行的回報差距。

Your next question will come from Matt O'Connor with Deutsche Bank.

您的下一個問題將來自德意志銀行的馬特·奧康納。

I just wanted to follow up on the dividend commentary. I understand the preference to buy back stock, and you're very explicit about wanting to do that below tangible book. So that makes sense. But I guess just kind of signaling in the market, keeping a stable dividend, is there like a message there about the underlying earnings power or limited ability to increase the dividend? Because I would think you'd want to at least top it up by a couple of pennies just to kind of signal a positive trend because it doesn't take that much capital to do that.

我只是想跟進股息評論。我理解回購股票的偏好，並且您非常明確地希望在有形帳簿下這樣做。所以這是有道理的。但我想這只是市場發出的一種信號，保持穩定的股息，是否有關於潛在盈利能力或增加股息的能力有限的信息？因為我認為你至少需要加幾美分，只是為了發出正面趨勢的訊號，因為這樣做不需要那麼多資金。

So maybe you can elaborate a little bit on the dividend, again, specifically on -- should we read into implied underlying earnings power? Are there any limits on increase from dividend?

因此，也許您可以再次詳細闡述股息，特別是—我們是否應該解讀隱含的潛在獲利能力？股利增加有限制嗎？

Yes. Let me be very clear. There's no underlying message there at all, right? It's as I stated in terms of where the stock is trading and in making sense to do buybacks. Our dividend yield is quite comparable to that of peers, so at close to 3%. And so -- and there's no constraint on our ability to take capital actions. And we don't have any concerns about the earning power of the franchise. And in fact, many of the areas, as I mentioned earlier and as Jane has mentioned, we know are going to contribute to continued strength in our earnings power.

是的。讓我說得很清楚。根本沒有任何潛在的信息，對吧？正如我在股票交易地點和回購的意義方面所說的。我們的股息殖利率與同業相當，接近 3%。因此，我們採取資本行動的能力不受限制。我們對特許經營權的獲利能力沒有任何擔憂。事實上，正如我之前提到的和簡所提到的，我們知道許多領域將有助於我們獲利能力的持續增強。

So well capitalized, we feel good about our earnings power, and no concerns or no underlying message to the capital actions and direction of them that we spoke to. And again, we have the flexibility given the stress capital buffer as we go quarter-to-quarter to adjust as we see fit in the best interest of our investors.

資本充足，我們對自己的獲利能力感覺良好，對我們所採訪的資本行動和方向沒有任何擔憂或沒有潛在的資訊。同樣，考慮到資本緩衝的壓力，我們可以靈活地進行季度調整，以符合投資者的最佳利益。

(Operator Instructions) Your next question will come from Steven Chubak with Wolfe Research.

（操作員說明）您的下一個問題將來自 Wolfe Research 的 Steven Chubak。

Mark, I was hoping to unpack just some of the NII guidance. I think there was just a little bit of confusion how it should be interpreted. So it sounds like we're down $2.2 billion year-to-date and that we -- the full year, we shouldn't see any incremental declines from there. So that would imply about a $10.5 billion NII run rate in the back half. I just wanted to make sure that's the right way to interpret the remarks.

馬克，我只是希望解開一些 NII 指南。我認為應該如何解釋它只是有點混亂。因此，聽起來今年迄今我們已經減少了 22 億美元，而且全年我們不應該看到任何增量下降。因此，這意味著下半年 NII 運行率約為 105 億美元。我只是想確保這是解釋這些言論的正確方式。

Yes. So look, again, we do see kind of the NIR stabilizing. And you see some of that particularly ex markets, but also in total on the page. Again, the guidance for total revenues, unchanged at down 5%, around -- or down mid-single digits, excuse me.

是的。所以，再看一次，我們確實看到近紅外線穩定了。您可以在頁面上看到其中一些（特別是前市場），但也可以看到總數。再次強調，總收入指引保持下降 5% 不變，大約或下降到個位數左右，請原諒。

You're right, as of the half, we're at down $2.2 billion as it relates to net interest revenues. Look, the markets component of that can often be hard to predict. But what I'm suggesting is that any offset or any further pressure there will be offset likely in the fee momentum that we expect to see given the strength coming through this quarter.

你是對的，截至上半年，我們的淨利息收入減少了 22 億美元。看，其中的市場部分通常很難預測。但我的建議是，考慮到本季度的強勁勢頭，任何抵消或任何進一步的壓力都可能會抵消我們預計會看到的費用勢頭。

Your next question will come from Betsy Graseck with Morgan Stanley.

您的下一個問題將來自摩根士丹利的 Betsy Graseck。

Okay. I did have a question for Jane and you, Mark. The question has to do with how you're thinking about the importance of scale in the business refresh, I guess, I could call it, that you're doing.

好的。我確實有一個問題要問簡和你，馬克。這個問題與您如何看待業務更新中規模的重要性有關，我想，我可以稱之為您正在做的事情。

And Jane, really, maybe you could help us understand how important scale is in what you're looking to execute here. I ask because many times, I get questions from investors around what is it you're doing on the pieces of the business that don't have as much scale as the standout areas like global FICC or treasury services or Mexico.

簡，真的，也許你可以幫助我們了解規模對於你想要在這裡執行的事情有多重要。我之所以這麼問，是因為很多時候，投資人都會問我，你們在那些規模不如全球 FICC 或財務服務或墨西哥等突出領域的業務上正在做什麼。

Yes. First of all, scale is clearly very, very important here, particularly in a more digital world. And as you point out, Betsy, TTS, for example, has -- we're moving $4 trillion of volume a day in -- around the world. And we've got a number of franchises that have material scale, and we only expect them to be growing. And this is where the transformation program will be very helpful in ensuring the scalability of our platforms.

是的。首先，規模顯然非常非常重要，尤其是在數位化程度更高的世界中。正如您所指出的，Betsy，TTS，例如，我們每天在世界各地轉移 4 兆美元的交易量。我們擁有許多具有實質規模的特許經營權，我們只希望它們能夠不斷成長。這就是轉型計劃對於確保我們平台的可擴展性非常有幫助的地方。

We made the decision on Asia Pac and EMEA to exit the 13 markets where we didn't believe that we would be able to achieve the scale needed to compete in those very local part of the business. So that we can focus our firepower in those areas where we're either ensuring we retain a leading market position or in other areas where we want to be investing to attain the scale that we think is going to be needed going forward. U.S. consumer is an obvious example of that.

我們決定退出亞太地區和歐洲、中東和非洲地區的 13 個市場，我們認為在這些市場中我們無法達到在當地業務領域競爭所需的規模。這樣我們就可以將火力集中在那些我們要確保保持領先市場地位的領域，或者我們希望投資以達到我們認為未來需要的規模的其他領域。美國消費者就是一個明顯的例子。

So I think as we -- you'll hear from us going forward, more and more focused around what are our plans for those businesses for retaining the leading positions in this, aided by the transformation program, or in the areas where we'll be investing attain greater scale. As I say, U.S. consumer is the obvious one. There are pockets in Commercial Bank we're excited by. Securities Services, one where we think it is very, very readily attainable, particularly given our pre and post trade capabilities.

因此，我認為，隨著我們的發展，您將越來越關注我們為這些企業製定的計劃，以在轉型計劃的幫助下，或在我們將在哪些領域保持領先地位。投資規模擴大。正如我所說，美國消費者是顯而易見的。商業銀行的一些口袋讓我們感到興奮。證券服務，我們認為這是非常非常容易實現的，特別是考慮到我們的交易前和交易後能力。

And part of that scale finally, it will come from the linkages between our businesses. As we create more connectivity, that will also provide us scale. So collectively, the different franchises we have will be competitively advantaged and not just individually strong.

最後，這個規模的一部分將來自我們業務之間的連結。隨著我們建立更多的連接，這也將為我們提供規模。因此，總的來說，我們擁有的不同特許經營權將具有競爭優勢，而不僅僅是個體強大。

Your next question will come from Ebrahim Poonawala with Bank of America.

您的下一個問題將由美國銀行的 Ebrahim Poonawala 提出。

Just one follow-up. I understand you're being deliberate in terms of strategy leading up to, I guess, the Investor Day you mentioned next -- first quarter next year. But as we think about just the investment spend and the expense outlook, handicap, Mark, if you could, the risk that we could see a little bit of an expense creep as you dig further deeper into this, both in terms of your guidance for mid-single-digit expense growth this year and as we think about just the duration of that investment cycle over the next few years?

只是一個後續行動。我知道您在製定策略方面是經過深思熟慮的，我猜您接下來提到的投資者日即將到來，即明年第一季。但當我們只考慮投資支出和費用前景時，馬克，如果可以的話，當您進一步深入研究這一問題時，我們可能會看到費用略有上升的風險，無論是在您對今年的支出增長為中個位數，當我們考慮未來幾年投資週期的持續時間？

Yes. Look, again, this is something that we control, right? So again, I want to reiterate that we are making very deliberate decisions around the opportunities that we see across the franchise. And it's the right thing to do, right? So we're going to continue to do that. In terms of kind of risk to it, I don't think there are any surprises here, right? So if revenues come in meaningfully different, there's a certain component of our expense base that's tied to revenues. And so that would obviously move around.

是的。再看一遍，這是我們可以控制的，對吧？我想再次重申，我們正在圍繞我們在整個特許經營中看到的機會做出非常深思熟慮的決定。這是正確的做法，對吧？所以我們將繼續這樣做。就其風險而言，我認為這裡沒有什麼意外，對吧？因此，如果收入明顯不同，那麼我們的支出基礎中有一部分與收入相關。所以這顯然會改變。

But aside from those volume-related expenses: transaction, compensation, et cetera, you should expect what I've guided towards, in terms of the very deliberate decisions to put the money to work in this fashion, and we're going to continue to do that. If we see more investment opportunities in '21 or 2022, we're going to go after them because, again, we know that we can deliver on the benefits and the returns that are associated with putting that money to work.

但除了那些與數量相關的費用：交易、補償等，你應該期待我所指導的，即以這種方式投入資金的深思熟慮的決定，我們將繼續要做到這一點。如果我們在 21 或 2022 年看到更多投資機會，我們將繼續追逐它們，因為我們知道我們可以實現與投入資金相關的效益和回報。

Your next question will come from Gerard Cassidy with RBC.

您的下一個問題將來自加拿大皇家銀行的傑拉德·卡西迪。

Mark, you said something interesting about the Investment Banking business revenues. I think you said that they were 39% or 38% higher than 2019 or lower, I don't -- I got to check -- higher. I'm checking my notes here. So your business is still nicely above the 2019 levels. And we came through a period up until the pandemic that you're well aware of that it was somewhat challenging, the growth in Investment Banking and trading businesses.

馬克，你說了一些關於投資銀行業務收入的有趣的事情。我想你說過，它們比 2019 年高出 39% 或 38% 或更低，但我沒有——我得檢查一下——更高。我正在這裡檢查我的筆記。因此，您的業務仍遠高於 2019 年的水準。在大流行之前，我們經歷了一段時期，您很清楚，投資銀行和交易業務的成長有點具有挑戰性。

As you look forward, when you talk to your people in Investment Banking and in global markets, where do they see this? Because there seems to be an elevated amount of business due to what we just came through in the last 18 months. Do they think it's sustainable? Or do we get back to a 2019? What are those guys telling you about the next 12 to 24 months in those businesses?

展望未來，當您與投資銀行和全球市場的員工交談時，他們對此有何看法？因為由於我們在過去 18 個月中剛剛經歷的事情，業務量似乎有所增加。他們認為這是可持續的嗎？或者我們會回到2019年嗎？這些人對這些企業未來 12 到 24 個月的發展有何看法？

Yes. You know what, I'd start by saying we continue to have very, very good dialogue with our clients across the franchise, and specifically, in Investment Banking. And if you think about it, many businesses, many companies across industries are really having to take a look at their business model and think about how they want to transform their businesses coming out of this pandemic. Everything from how to think about digitization, how to think about going direct to consumers, what the pandemic means for supply chains, how people work remotely, how they manage their liquidity levels. What to do with that excess liquidity? Should they be buying or what? And so we're part of that dialogue, which is incredibly representative, I think. It represents strongly the franchise that we have.

是的。你知道嗎，我首先要說的是，我們繼續與整個特許經營領域的客戶進行非常非常好的對話，特別是在投資銀行領域。如果你仔細想想，許多企業、跨產業的許多公司確實必須審視自己的商業模式，並思考他們希望如何在這場大流行中實現業務轉型。從如何考慮數位化、如何考慮直接面向消費者、疫情對供應鏈意味著什麼、人們如何遠距工作、如何管理流動性水準等各方面。多餘的流動性該怎麼辦？他們應該購買還是什麼？所以我們是對話的一部分，我認為這是非常有代表性的。它強烈代表了我們擁有的特許經營權。

The general view from our clients is optimistic in terms of the go-forward environment. Yes, there are some things to kind of manage to, but there's a general level of optimism. And so what I represented relative to '19 is, while we are seeing normalization, we're normalizing at a higher level than where we ended in 2019. And we'd expect continued momentum, and we'd expect to take -- continue to take share over time.

我們的客戶對未來環境普遍持樂觀態度。是的，有些事情需要設法解決，但總體上還是樂觀的。因此，我相對於 19 年所代表的是，雖然我們正在看到正常化，但我們的正常化水平比 2019 年結束時的水平更高。我們預計將繼續保持勢頭，並且我們預計將繼續隨著時間的推移，獲得份額。

Jane, anything you want to add to that?

簡，你還有什麼要補充的嗎？

Yes. Mark, I think you covered it very well. There's a high level of client engagement with us at the moment really around the world. And a lot of demand we're seeing, in addition to the Investment Banking side, the shift to e-commerce with clients needing our TTS services, our cross-border flows. So we're seeing this translating into demand in trade starting to tick up nicely. The Commercial Banking side is another area that we're seeing a lot of new demand coming through from clients, both from strategic activity with our investment bank as well as their own expansion globally that we're supporting them through our treasury services and the like.

是的。馬克，我認為你講得很好。目前，世界各地的客戶與我們的互動程度很高。除了投資銀行業務之外，我們還看到大量​​需求轉向電子商務，客戶需要我們的 TTS 服務和跨境流動。因此，我們看到這轉化為貿易需求開始良好成長。商業銀行業務是我們看到客戶提出大量新需求的另一個領域，這些需求既來自我們投資銀行的策略活動，也來自他們自己的全球擴張，我們透過我們的財務服務等為他們提供支援。

So I think there's a general sense of optimism. We have a fabulous pipeline. One never wants to jink these things, but we really have a fabulous pipeline heading into the second half of the year around the world. And it does give you a good sense of confidence of continued momentum.

所以我認為人們普遍感到樂觀。我們有一個很棒的管道。人們從來不想搞砸這些事情，但我們確實有一個極好的管道進入今年下半年在世界各地。它確實給你一種持續動力的好信心。

Your next question will come from Mike Mayo with Wells Fargo Securities.

您的下一個問題將來自富國銀行證券公司的麥克梅奧。

I'm going to ask my question here and then requeue. The real question is just on capital. I mean you're not blind to the fact that your tangible book value is $78 and your stock price is $68. So you should probably be selling the -- your desk chairs and your silverware and anything you can to buy back your stock, I would think. So along those lines, the first question is, when you're looking at the sales of assets, 13 consumer markets, do you expect to have a gain on those or a loss on those relative to where they're marked currently?

我要在這裡問我的問題，然後重新排隊。真正的問題在於資本。我的意思是，您並非對您的有形帳面價值為 78 美元、股票價格為 68 美元這一事實視而不見。所以我想，你可能應該賣掉你的桌椅、銀器以及任何你能賣掉的東西來回購你的股票。因此，第一個問題是，當您查看 13 個消費市場的資產銷售時，您預計相對於目前的標記而言，這些資產的銷售會帶來收益還是損失？

Yes. So look, I mean, I think I'd tell you, Mike, that we -- as Jane mentioned, we've seen strong interest from buyers as it relates to those assets. And there's no surprise just given we think those are good businesses. Just not of scale, as Jane mentioned, for us. We've got to run that process through and see what that results in. And I'll continue to be transparent with you as to where gains and losses or how it flows through our financials. But I'm not going to sit here and tell you whether it's gains or losses or what it means specifically for those 13 markets.

是的。所以，我的意思是，我想我會告訴你，麥克，正如簡提到的，我們看到買家對這些資產表現出強烈的興趣。鑑於我們認為這些都是好生意，這並不奇怪。正如簡所提到的，對我們來說只是規模不夠。我們必須運行這個過程，看看會產生什麼結果。我將繼續對您保持透明，說明收益和損失在哪裡，或者它如何在我們的財務中流動。但我不會坐在這裡告訴您這是收益還是損失，或者它對這 13 個市場的具體意義。

What I will tell you is that as capital is freed up from those transactions, we'll continue to make very deliberate decisions around what to do with that capital. First, looking at growth opportunities that can deliver returns above our cost of capital, and then looking towards how we can return as much of it to shareholders as it makes sense in the form of buybacks, dividends, et cetera. And we've been disciplined about that to date, and we're going to continue to be disciplined about that.

我要告訴你的是，隨著資本從這些交易中釋放出來，我們將繼續就如何處理這些資本做出非常深思熟慮的決定。首先，尋找能夠帶來高於資本成本回報的成長機會，然後考慮如何以回購、股利等形式將盡可能多的回報回饋給股東。到目前為止，我們一直在這方面遵守紀律，我們將繼續在這方面遵守紀律。

So to clarify, if I got this right, your CET1 ratio is 11.9% and your return on capital above 11.5%. So if you were to quantify the dollar amount of that, how much would that mean in potential buybacks at this point? And then I assume that would not include any capital freed up from any sales. So you could have the potential to buy back a lot of stock if you were willing and able. Is that correct?

所以澄清一下，如果我沒猜錯的話，你的 CET1 比率是 11.9%，你的資本回報率高於 11.5%。因此，如果您要量化其金額，這對目前的潛在回購意味著多少？然後我假設這不包括從任何銷售中釋放的任何資本。因此，如果您願意並且有能力的話，您有可能回購大量股票。那是對的嗎？

There's little bit over $4 billion of excess capital between the 11.5% and the 11.9%, and so that's what that equates to.

11.5% 和 11.9% 之間的過剩資本略高於 40 億美元，所以這就是這個數字。

Your next and final question will come from Vivek Juneja with JPMorgan.

您的下一個也是最後一個問題將由摩根大通的 Vivek Juneja 提出。

Mark, any comments on promotional trends that you're seeing in card pricing given everybody's back focusing on the business? You mentioned marketing spend, but can you talk a little bit about what you're seeing in promotional pricing in that?

馬克，考慮到每個人都專注於業務，您對卡片定價中的促銷趨勢有什麼評論嗎？您提到了行銷支出，但您能談談您在促銷定價方面看到的情況嗎？

Yes. I guess what I'd say is simply that, as expenses would suggest, and as we've stated, we are lagging back into bringing on new card customers. And so -- and what we're seeing is that our acquisitions are largely at pre-COVID, precrisis or pre-pandemic levels. And frankly, we're seeing normal behaviors as those card customers come on. And as has always been the case, it's going to be a mix in terms of the acquisition strategy. But thus far, we're seeing normal behaviors, if you will.

是的。我想我想說的是，正如費用所表明的那樣，正如我們所說，我們在吸引新卡客戶方面落後了。因此，我們看到的是，我們的收購大部分處於新冠疫情前、危機前或疫情大流行前的水平。坦白說，我們看到這些持卡客戶出現時的正常行為。與往常一樣，收購策略將是混合的。但到目前為止，如果你願意的話，我們看到的是正常行為。

And look, the new account acquisitions skew towards Branded Cards. And they're in products that are less reliant on the 0% offers, and products like Flex Pay and Flex Loan, which will generate interest immediately as those balances grow.

看看吧，新的帳號獲取偏向品牌卡。它們涉及不太依賴 0% 折扣的產品，以及 Flex Pay 和 Flex Loan 等產品，隨著餘額的增長，這些產品將立即產生利息。

We do have 1 more question in queue from Mike Mayo with Wells Fargo Securities.

我們還有 1 個來自富國證券 (Wells Fargo Securities) 的 Mike Mayo 的問題。

An unrelated question. Just, Jane, as you think about the technology approach, doing it yourself through Citigroup and pairing up with partners, what's the status of the relationship with Google and Google Plex and your desire to use third parties to gather new customers at lower initial cost, but maybe not as much lifetime value? If you think of that trade-off, what's your current thinking today? And we haven't heard much about the Google relationship despite some initial headlines.

一個不相關的問題。只是，Jane，當您考慮技術方法時，透過花旗集團自己完成並與合作夥伴配對，與 Google 和 Google Plex 的關係狀況如何，以及您希望利用第三方以較低的初始成本收集新客戶，但也許沒有那麼大的終身價值？如果您想到這種權衡，您現在的想法是什麼？儘管最初有一些頭條新聞，但我們還沒有聽說過太多關於谷歌關係的消息。

Yes. Mike, excellent question. The partnership with big tech is an important part of our disruptor strategy in the U.S. as we're looking at both how do we enhance value propositions to customers, the customer base itself and then these new ecosystems that are evolving. And I think there's no question that COVID has accelerated the embedded finance model in the U.S. Just think of the travel ecosystem, think of home improvement ecosystems.

是的。麥克，很好的問題。與大型科技公司的合作是我們在美國顛覆者策略的重要組成部分，因為我們正在研究如何增強對客戶、客戶群本身以及正在發展的新生態系統的價值主張。我認為毫無疑問，新冠疫情加速了美國的嵌入式金融模式。想想旅遊生態系統，想想家居裝修生態系統。

The benefit we've got is that for us, it's not a new space to us. We've been very much engaged with partners in Asia, Grab, Paytm and WeBank as well as our traditional partners. What we find with these partnerships is that we learn a lot, because it's still early days in the development of these new ecosystems. We learn a lot about marketing, about user experiences around the tech stacks. It certainly enables us to tap into next-generation customer bases.

我們得到的好處是，對我們來說，這不是一個新空間。我們一直與亞洲的合作夥伴、Grab、Paytm 和 WeBank 以及我們的傳統合作夥伴進行密切合作。我們發現，透過這些合作關係，我們學到了很多東西，因為這些新生態系統的發展仍處於早期階段。我們學到了很多關於行銷和技術堆疊的用戶體驗的知識。它無疑使我們能夠開拓下一代客戶群。

But also importantly, it goes beyond consumer. And so if we look on the corporate side, our partnership with Stripe, the work that we're doing in TTS with project Spring of enabling payments around is a core piece, particularly as wholesale and retail kind of collapses some of these payment chains into one.

但同樣重要的是，它超越了消費者。因此，如果我們從企業角度來看，我們與Stripe 的合作夥伴關係，以及我們在TTS 中與Spring 專案所做的支援支付的工作是一個核心部分，特別是當批發和零售將其中一些支付鏈分解為一。

So with the -- at Google Plex and several other tech partnerships that we have in the States and elsewhere in the world, we're very deliberately going about creating a broad suite of APIs and partner integration capabilities so that we're able to integrate other partners into our offerings, develop more innovative solutions without necessarily having to build it or buy it all ourselves. And Citi Plex with Google is an example of that. We are actively testing features with our own employees at the moment. We'll be finalizing dates. We'll share that with you when available. But it's one of many different partnerships that we have and an important partner for us, but far from the only one here in the States to help us disrupt and grow going forward.

因此，透過 Google Plex 以及我們在美國和世界其他地方建立的其他幾個技術合作夥伴關係，我們非常有意地創建一套廣泛的 API 和合作夥伴整合功能，以便我們能夠整合其他合作夥伴融入我們的產品，開發更具創新性的解決方案，而不必自己建造或購買。花旗集團與Google的合作就是一個例子。目前我們正在與我們自己的員工積極測試功能。我們將最終確定日期。我們將在有空時與您分享。但這是我們擁有的眾多不同合作夥伴之一，也是我們的重要合作夥伴，但遠不是美國唯一幫助我們顛覆和發展的合作夥伴。

We do have a follow-up question from Vivek Juneja with JPMorgan.

我們確實收到了來自摩根大通的 Vivek Juneja 的後續問題。

Sorry if I had a second question, and that's on capital. Given that you're headed towards a higher G-SIB bucket, Mark, Jane, what are your thinking in terms of that, in terms of not just capital targets? Anything you can do about that? Because I know that's a year -- a little over a year away from going into effect. But obviously, you are thinking about target capital, we'll have to keep in mind what's coming down the pipe for you.

抱歉，如果我還有第二個問題，那就是資本問題。鑑於你們正朝著更高的 G-SIB 目標邁進，馬克、簡，你們對此有何想法，不僅僅是資本目標？對此你能做些什麼嗎？因為我知道距離生效還有一年多一點的時間。但顯然，您正在考慮目標資本，我們必須牢記將為您帶來的後果。

Sure. And look, as you know, with all of the liquidity in the market, many of us have seen pressure on our G-SIB score. That certainly has been the case for us. And it wouldn't go into effect, a higher G-SIB score of 3.5% until the beginning of 2023. And we look at the entire capital stack holistically, the 11.5% target in our case, which is well above reg minimums, but certainly does consider that in it. And there are elements of that, as I mentioned earlier, that we can influence and control. So the stress capital buffer is part of that.

當然。如您所知，由於市場上存在大量流動性，我們許多人都看到了 G-SIB 評分所面臨的壓力。我們的情況確實如此。而且直到 2023 年初，更高的 G-SIB 分數 3.5% 才會生效。我們從整體上審視整個資本堆疊，在我們的案例中，目標為 11.5%，遠高於監管最低標準，但當然確實考慮到了這一點。正如我之前提到的，其中的某些因素是我們可以影響和控制的。因此，壓力資本緩衝是其中的一部分。

And I talked earlier about our ability to influence those levers. Without having full understanding of the Fed models, we know we can influence PPNR. We know we can influence the balance sheet and how it gets allocated, and ultimately, what stress losses come out of it. And so we will continue to manage that. We will still have a buffer obviously even with a higher G-SIB score. And as you know, regulators continue to talk about capital as being at about the right levels in the system. And they'll continue to look at drivers that influence the stack as well, including G-SIB and balance sheet size, et cetera, and we'll see how that evolves.

我之前談到了我們影響這些槓桿的能力。在沒有充分了解聯準會模型的情況下，我們知道我們可以影響 PPNR。我們知道我們可以影響資產負債表及其分配方式，並最終影響由此產生的壓力損失。因此，我們將繼續管理這一點。即使 G-SIB 分數較高，我們顯然仍然會有緩衝。如您所知，監管機構繼續談論系統中資本處於適當水平。他們將繼續關注影響堆疊的驅動因素，包括 G-SIB 和資產負債表規模等，我們將看看它如何發展。

But again, we feel good about where we are. We're well capitalized. We have a good sense for the drivers going forward that will create capital capacity for us. And we intend to, again, invest that where it makes sense and return that otherwise to our shareholders.

但我們再次對自己所處的位置感覺良好。我們資本充足。我們對未來的驅動因素有很好的認識，這將為我們創造資本能力。我們打算再次在有意義的地方進行投資，然後將其回饋給我們的股東。

I would now like to turn the call back over to Elizabeth Lynn for closing remarks.

我現在想將電話轉回給伊麗莎白·林恩 (Elizabeth Lynn)，讓其致閉幕詞。

Thank you all for joining today's call. Please feel free to reach out to us in IR with any follow-up questions. Thank you again, and have a nice day.

感謝大家參加今天的電話會議。如有任何後續問題，請隨時透過 IR 與我們聯繫。再次感謝您，祝您有美好的一天。

This concludes the Citi's second quarter 2021 earnings review. Thank you for participating. You may now disconnect.

花旗 2021 年第二季獲利回顧到此結束。感謝您的參與。您現在可以斷開連線。