花旗銀行 (C) 2021 Q1 法說會逐字稿

Hello, and welcome to Citi's First Quarter 2021 Earnings Review with the 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. If you have any objections, please disconnect at this time.

您好，歡迎收聽花旗執行長 Jane Fraser 的 2021 年第一季獲利回顧；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。如果您有任何異議，請此時斷開連接。

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. Before we get started, 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 cautionary 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.

謝謝你，接線生。早安，感謝大家加入我們。在我們開始之前，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警示聲明以及我們向SEC 提交的文件中包含的聲明，包括但不限於我們2020 年的風險因素部分錶格 ​​10-K。

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 am delighted to join you for my first earnings call as the Citi's CEO. Mark and I have a lot to cover today, so let's get cracking.

謝謝你，莉茲，祝大家早安。我很高興與大家一起參加我作為花旗執行長的第一次財報電話會議。馬克和我今天有很多事情要講，所以讓我們開始吧。

Earlier today, we announced our earnings for the first quarter as well as the initial strategic actions we're taking in our Global Consumer Bank to focus on our competitive advantages and to improve our returns to our shareholders. I'll start with some observations, therefore, in the first quarter and then I'll update you on the ongoing work on our strategy.

今天早些時候，我們宣布了第一季的收益以及我們在全球消費者銀行中採取的初步策略行動，以專注於我們的競爭優勢並提高我們對股東的回報。因此，我將從第一季的一些觀察開始，然後我將向您介紹我們在策略方面正在進行的工作的最新情況。

It's been a much better-than-expected start of the year, and we are optimistic about the recovery ahead of us, and we're positioning the bank for a period of sustained growth. For the quarter, we reported earnings of $3.62 per share on net income of $7.9 billion. This was a record quarter in net income, driven by good performance in our Institutional business, and a release of $3.9 billion from our allowance for credit losses as a result of the improving economic outlook.

今年的開局好於預期，我們對未來的復甦持樂觀態度，我們正在為銀行的持續成長做好準備。本季度，我們公佈每股收益 3.62 美元，淨利潤 79 億美元。在我們機構業務的良好表現以及經濟前景改善導致我們從信貸損失準備金中釋放了 39 億美元的推動下，本季的淨利潤創下了歷史新高。

In the Institutional Clients Group, our Markets businesses benefited yet again from an active environment. We saw solid performance in fixed income after a very strong first quarter last year and a record quarter in Equities. We also had a record quarter in Investment Banking, reflecting high levels of activity in equity underwriting.

在機構客戶集團中，我們的市場業務再次受益於活躍的環境。繼去年第一季表現強勁以及股票季度創下紀錄之後，我們看到固定收益領域表現穩健。我們的投資銀行業務季度也創歷史新高，反映出股票承銷活動的高水準。

Treasury and Trade Solutions, which is the backbone of our global network, grew deposits even though revenues continued to be impacted by low interest rates. Global Consumer Banking revenues were down quarter-over-quarter as a result of the pandemic. However, we clearly see a recovery taking root in Asia as well as the U.S., and that was reflected in our ACL release. And I'd note, this is the healthiest we have seen the consumer emerge from a crisis in recent history, driven in large part by the U.S. government stimulus package.

儘管收入繼續受到低利率的影響，財政和貿易解決方案是我們全球網路的支柱，但存款仍然增長。受疫情影響，全球消費者銀行業務收入較上季下降。然而，我們清楚地看到亞洲和美國的復甦正在紮根，這在我們發布的 ACL 中得到了體現。我要指出的是，這是我們最近歷史上看到的消費者擺脫危機最健康的一次，這在很大程度上是由美國政府的刺激計劃所推動的。

Now while loan demand was down, we did see strong growth in wealth management and in digital engagement, both of which are central to the consumer franchise we are building. And our capital levels remained strong and stable, allowing us to respond to the needs of our clients and to return capital to our shareholders. At 11.7%, our common equity Tier 1 ratio was unchanged from the fourth quarter, and we resumed the repurchase of common stock which we voluntarily paused at the onset of the pandemic. Our tangible book value increased to $75.50, up 5% from a year ago.

現在，雖然貸款需求下降，但我們確實看到財富管理和數位參與的強勁增長，這兩者都是我們正在建立的消費者特許經營權的核心。我們的資本水準保持強勁和穩定，使我們能夠滿足客戶的需求並將資本返還給股東。我們的普通股一級資本比率為 11.7%，與第四季度持平，我們恢復了疫情爆發時自願暫停的普通股回購。我們的有形帳面價值增至 75.50 美元，比一年前成長 5%。

Now turning to our strategy. When we spoke in January, I pointed to 4 principles which we're using to guide the refresh of our strategy. First, we said we will be clinical in assessing which businesses we can retain or secure leading market positions in. Next, we're going to be focused by directing resources to high-returning businesses and away from the others. Third, we're going to be connected so we ensure our businesses fit well together and that they generate synergies. And last, we're going to be simpler to better serve our clients, fulfill our obligations to our regulators and unlock value for our shareholders.

現在轉向我們的策略。當我們在一月講話時，我指出了我們用來指導策略更新的 4 項原則。首先，我們表示，我們將冷靜地評估哪些業務可以保留或確保領先的市場地位。第三，我們將相互聯繫，以確保我們的業務能夠很好地結合在一起並產生協同效應。最後，我們將變得更加簡單，更好地服務我們的客戶，履行我們對監管機構的義務，並為我們的股東釋放價值。

We also committed to take the strategic decisions needed to best position Citi to win and to close the gap in returns with our competitors. And we committed to share these decisions with you as we make them, and that's what we're doing again today.

我們也致力於採取必要的策略決策，使花旗能夠以最佳方式獲勝，並縮小與競爭對手的回報差距。我們承諾在做出這些決定時與您分享，這就是我們今天再次要做的事情。

Now I spoke in January about our new focus on wealth. We believe we're very well positioned to capture strong growth and attractive returns in this business, particularly in Asia and the U.S. Today, wealth at Citi represents roughly $6.5 billion in revenues, with 3/4 of $1 trillion of client assets. And there's many synergies with our markets, BCMA and commercial banking franchises, across our global network.

現在我在一月份談到了我們對財富的新關注。我們相信，我們完全有能力在這項業務中獲得強勁的成長和有吸引力的回報，特別是在亞洲和美國。 如今，花旗的財富代表著約65 億美元的收入，佔1 兆美元客戶資產的3/4。我們的市場、BCMA 和商業銀行特許經營權以及我們的全球網路具有許多協同效應。

Yesterday, we announced the management team for Citi Global Wealth and the work, and investments are well underway on the business strategy and growth plans. And today, we announced our decision to focus our consumer banking franchise in Asia and EMEA solely on 4 wealth centers, namely Singapore, Hong Kong, UAE and London. This positions us to capture the full spectrum of the wealth opportunity through these important hubs where we can serve onshore and offshore clients. And in Asia, this will allow us to continue operating our leading consumer businesses in Singapore and Hong Kong, which are both scaled and very high-returning.

昨天，我們宣布了花旗全球財富管理團隊的組建和工作，以及業務策略和成長計畫的投資正在順利進行。今天，我們宣布決定將我們在亞洲和歐洲、中東和非洲的消費銀行業務專注於四個財富中心，即新加坡、香港、阿聯酋和倫敦。這使我們能夠透過這些重要的樞紐來捕捉全方位的財富機會，在那裡我們可以為境內和離岸客戶提供服務。在亞洲，這將使我們能夠繼續在新加坡和香港經營我們領先的消費業務，這些業務規模龐大且回報率很高。

We will, therefore, pursue exits of our consumer businesses in the remaining 13 markets in Asia and EMEA. Now while these are excellent franchises, we don't have the scale we need to compete, and we've decided we simply aren't the best owners of them over the long term. So consistent with the principles we outlined for the strategy refresh, we believe our capital, our investment dollars and our other resources are better redeployed against higher returning opportunities elsewhere. What does this mean? This means that Global Consumer Banking will consist of 2 scale franchises in the U.S. and Mexico and these 4 hubs serving 100 million customers in total.

因此，我們將尋求退出亞洲和歐洲、中東和非洲其餘 13 個市場的消費業務。現在，雖然這些都是優秀的特許經營權，但我們沒有競爭所需的規模，而且我們已經決定，從長遠來看，我們根本不是它們的最佳所有者。因此，根據我們為策略更新概述的原則，我們相信我們的資本、投資資金和其他資源可以更好地重新部署，以應對其他地方更高回報的機會。這意味著什麼？這意味著全球消費者銀行業務將由位於美國和墨西哥的 2 個規模特許經營機構組成，這 4 個中心總共為 1 億個客戶提供服務。

Let me be very clear on one very important point. Citi will continue to invest behind and serve our institutional clients in these 13 markets. We have a high-returning and leading institutional franchise in Asia, and it is an absolutely central part of our success going forward. And we see important opportunities to invest and gain share with our institutional clients region-wide.

讓我非常清楚地說明一個非常重要的一點。花旗將繼續為這 13 個市場的機構客戶提供投資和服務。我們在亞洲擁有高回報且領先的機構特許經營權，這絕對是我們未來成功的核心部分。我們看到了與整個地區的機構客戶進行投資並獲得份額的重要機會。

Indeed, I saw from my own experience in Latin America how the institutional businesses in each market really benefited from the increased focus once we had exited our subscale consumer franchises and simplify the operating model in the region. I fully expect the same will be true in Asia. And in the meantime, the comprehensive work on our strategy refresh continues. We will continue to share the decisions we make with you as we work to close the gap in returns with our peers.

事實上，我從自己在拉丁美洲的經驗中看到，一旦我們退出了小規模消費者特許經營權並簡化了該地區的營運模式，每個市場的機構業務如何真正受益於更加關注。我完全預期亞洲也會出現同樣的情況。同時，我們戰略更新的全面工作仍在繼續。我們將繼續與您分享我們所做的決定，並努力縮小與同行的回報差距。

In parallel, we are, of course, hard at work on our transformation. We're making our next submission to the OCC this quarter. It's a massive body of work. We continue to work closely with our regulators to meet their expectations, and we expect to submit our complete plan to both regulators no later than the third quarter. We've identified the end state, performed the gap analysis and are currently working through the detailed resourcing and program plans and interdependencies and we've begun execution on several fronts. The investments required go hand-in-hand with our strategy work.

同時，我們當然也在努力轉型。我們將在本季向 OCC 提交下一份報告。這是一項龐大的工作。我們將繼續與監管機構密切合作，以滿足他們的期望，我們預計不遲於第三季向監管機構提交完整的計劃。我們已經確定了最終狀態，進行了差距分析，目前正在研究詳細的資源和計劃計劃以及相互依賴性，並且我們已經開始在多個方面執行。所需的投資與我們的策略工作密切相關。

So for example, when we talk about simplification, we're pursuing it through changes to our operating model, but also by removing manual processes and controls and make no mistake about it. We want to achieve nothing less than a fundamental transformation by delivering excellence in our risk and control environment, in our operations and in our service to clients. So I am excited about the road ahead. And I have no doubt that these investments and others that we're going to make in talent and technology are going to help us modernize the bank and position Citi to win.

例如，當我們談論簡化時，我們不僅透過改變營運模式來實現這一目標，而且還透過消除手動流程和控制來實現這一目標，這一點毫無疑問。我們希望透過在風險和控制環境、營運和客戶服務方面提供卓越的服務來實現根本轉型。所以我對未來的道路感到興奮。我毫不懷疑，這些投資以及我們將在人才和技術方面進行的其他投資將幫助我們實現銀行現代化並使花旗贏得勝利。

And finally, I want to update you on some of the commitments we're making in terms of ESG. Now we've prided ourselves in being a leader in many dimensions of ESG over the years. I see it as embedded in what we offer to our clients and the communities we serve around the world. And as you may know, on my first day as CEO in the beginning of March, I committed that Citi would reach net 0 greenhouse gas emissions by 2050, and we will deliver our plan on how we will do so within the next 12 months.

最後，我想向您介紹我們在 ESG 方面所做的一些承諾的最新情況。現在，多年來我們在 ESG 的許多方面都處於領先地位，我們為此感到自豪。我認為它已融入我們為客戶和我們在世界各地服務的社區提供的服務中。正如您可能知道的，在3 月初我擔任執行長的第一天，我承諾花旗將在2050 年實現溫室氣體淨零排放，我們將在未來12 個月內交付有關如何實現這一目標的計劃。

Critical to helping our clients transition to a low-carbon economy is a support we provide them through our environmental finance activities. So to that end, we're going to extend our current environmental finance target from $250 billion by 2025 to $500 billion by 2030. And in addition, we finance other activities in support of the UN's sustainable development goals outside of environmental finance. And these include our important investments in affordable housing, in health care and workforce development. We are committing an additional $500 billion to these activities by 2030, making our total sustainable development goal commitment $1 trillion by 2030.

幫助我們的客戶過渡到低碳經濟的關鍵是我們透過環境融資活動為他們提供支援。為此，我們將把目前的環境融資目標從 2025 年的 2,500 億美元擴大到 2030 年的 5,000 億美元。其中包括我們在經濟適用房、醫療保健和勞動力發展方面的重要投資。我們承諾在 2030 年為這些活動額外投入 5,000 億美元，使我們的永續發展目標承諾在 2030 年達到 1 兆美元。

And with that, I am going to turn over to Mark, and then we will both be delighted to take your questions. Mark?

接下來，我將轉向馬克，然後我們都將很高興回答您的問題。標記？

Thank you, Jane, and good morning, everyone. Let me briefly review the results for the quarter, and then I'll go into more detail on the strategic refresh and specific actions we announced earlier today.

謝謝你，簡，大家早安。讓我簡要回顧一下本季度的業績，然後我將更詳細地介紹我們今天早些時候宣布的戰略更新和具體行動。

Overall, we had a stronger-than-expected start to the year, driven by a constructive capital markets backdrop as well as a benefit from the cost of credit for the quarter. For the quarter, Citigroup reported net income of $7.9 billion. Revenues declined 7% from the prior year, while we saw continued strength in Investment Banking and a solid markets performance, it was more than offset by the impact of lower interest rates, along with lower card loans in consumer and the absence of the prior year mark-to-market gains on loan hedges.

總體而言，在建設性的資本市場背景以及本季信貸成本的推動下，我們今年的開局比預期好。花旗集團本季淨利為 79 億美元。營收比前一年下降了 7%，雖然我們看到投資銀行業務持續強勁，市場表現穩健，但利率下降、消費者卡貸款減少以及上年缺失的影響遠遠抵消了收入下降的影響貸款對沖按市值計價的收益。

Expenses were up 4% year-over-year, reflecting continued investments in our transformation, including infrastructure supporting our risk and control environment as well as other strategic investments, partially offset by efficiency savings. Credit performance remained strong, with net credit losses of $1.7 billion, more than offset by an ACL release of $3.9 billion driven primarily by an improvement in our macroeconomic outlook as well as lower loan balances. EPS was $3.62 and RoTCE was just over 20%.

費用年增 4%，反映出我們對轉型的持續投資，包括支持我們的風險和控制環境的基礎設施以及其他策略投資，但部分被效率節省所抵消。信貸表現依然強勁，淨信貸損失達 17 億美元，但主要由於宏觀經濟前景改善以及貸款餘額下降而釋放的 39 億美元 ACL 足以抵消這一損失。 EPS 為 3.62 美元，RoTCE 略高於 20%。

In constant dollars, end-of-period loans declined 10% year-over-year, reflecting lower spending activity in consumer as well as higher repayments across institutional and consumer. Deposits grew 7%, reflecting consistent client engagement with both corporate and consumer clients continuing to hold higher levels of liquidity.

以不變美元計算，期末貸款年減 10%，反映出消費者支出活動減少以及機構和消費者還款額增加。存款成長 7%，反映出企業和消費者客戶持續維持較高流動性水準的客戶參與度。

Before I go into more detail on each business, on Slide 4, I'd like to cover the strategic refresh that Jane discussed earlier. Last quarter, we spoke about the significant opportunity wealth represents for Citi going forward and announced the formation of Citi Global Wealth in order to better connect assets and capabilities across the consumer and institutional franchises and to transform the way we serve clients across the wealth spectrum. We've continued the build-out of Citi Global Wealth this quarter and have provided some details on the scope of the business on the slide, with additional information on key drivers in the appendix.

在詳細介紹每項業務之前，我想在投影片 4 上介紹 Jane 之前討論過的策略更新。上個季度，我們談到了花旗未來財富所代表的重大機遇，並宣布成立花旗全球財富部，以更好地連接消費者和機構特許經營權的資產和能力，並改變我們為整個財富領域的客戶提供服務的方式。本季度我們繼續擴大花旗全球財富業務，並在幻燈片中提供了有關業務範圍的一些詳細信息，並在附錄中提供了有關關鍵驅動因素的更多信息。

Citi Global Wealth represented roughly $6.6 billion in allocated annual revenues. And it delivered 15% growth in investment revenues last year, driven by higher client activity and growth in client investment assets. As we continue to integrate the component businesses into a single wealth platform, we will finalize how best to implement this strategy from an organizational standpoint over the coming quarters and update you accordingly.

花旗全球財富分配的年收入約為 66 億美元。在客戶活動增加和客戶投資資產成長的推動下，去年投資收入成長了 15%。隨著我們繼續將組件業務整合到單一財富平台中，我們將在未來幾季從組織的角度最終確定如何最好地實施此策略，並相應地向您通報最新情況。

Turning next to the actions we announced today. Given our strategic focus on global wealth management, we announced the decision to focus our Global Consumer Banking presence in Asia and EMEA on 4 wealth centers. As Jane mentioned, this strategic shift will allow us to simplify our operating model, while directing investments and resources to the businesses where we have competitive advantages and the scale necessary to drive higher returns over the long run.

接下來是我們今天宣布的行動。鑑於我們對全球財富管理的戰略重點，我們宣布決定將我們在亞洲和歐洲、中東和非洲的全球消費者銀行業務重點放在四個財富中心。正如簡所提到的，這項策略轉變將使我們能夠簡化我們的營運模式，同時將投資和資源引導到我們具有競爭優勢和長期推動更高回報所需規模的業務。

Let me describe the 13 markets where we will pursue an exit, shown on the slide, with added details in the appendix. Last year, these businesses contributed roughly $4 billion of revenues. And while historically profitable, like other consumer businesses, the impact of CECL weighed on full year results given the pandemic, with cost of credit nearly doubling in these markets year-over-year. Total assets were $82 billion as of the end of 2020, and the businesses are supported by roughly $7 billion of allocated TCE.

讓我描述一下我們將尋求退出的 13 個市場，如幻燈片所示，並在附錄中添加更多詳細資訊。去年，這些企業貢獻了約 40 億美元的收入。儘管與其他消費業務一樣，CECL 歷來都是盈利的，但鑑於大流行，CECL 的影響對全年業績造成了壓力，這些市場的信貸成本同比幾乎翻了一番。截至 2020 年底，總資產為 820 億美元，這些業務由約 70 億美元的分配 TCE 提供支援。

We have a good track record of reducing expenses in similar situations. However, as noted on the slide, we are including fully allocated expenses to these markets, which could differ somewhat from the ultimate expense reductions. We will continue to manage these markets as part of the GCB franchise but we already have relevant actions well underway. We plan to share more information with you as we make progress against these and other actions as part of our ongoing strategy refresh.

我們在類似情況下減少開支方面有著良好的記錄。然而，正如幻燈片中所指出的，我們將完全分配給這些市場的費用包括在內，這可能與最終的費用削減有所不同。我們將繼續將這些市場作為 GCB 特許經營權的一部分進行管理，但我們已經在積極採取相關行動。作為我們持續策略更新的一部分，我們計劃在這些行動和其他行動取得進展時與您分享更多資訊。

Finally, I want to emphasize a point that Jane made earlier. We will continue to serve ICG clients, including our commercial banking clients, in all these markets. And more broadly, this strategic shift will allow us to focus more investments on ICG in Asia.

最後，我想強調簡之前提出的一個觀點。我們將繼續為所有這些市場的 ICG 客戶提供服務，包括我們的商業銀行客戶。更廣泛地說，這項策略轉變將使我們能夠將更多投資集中在亞洲的 ICG。

Turning now to each business. Slide 5 shows the results for the Institutional Clients group. We delivered a solid performance in the quarter, driven by strong execution in the constructive operating environment. For the quarter, ICG delivered EBIT of $7.7 billion, up 65% from last year. Revenues decreased 2%, reflecting the absence of mark-to-market gains on loan hedges seen last year. Excluding this, revenues were up 5%, with 9% growth in banking and 2% growth in markets and security services. Expenses increased 8%, reflecting investments in infrastructure and controls, along with other strategic investments, higher compensation cost and volume-driven growth.

現在轉向每項業務。投影片 5 顯示了機構客戶組的結果。在建設性營運環境中強而有力的執行力的推動下，我們在本季取得了穩健的業績。本季度，ICG 實現息稅前利潤 77 億美元，比去年增長 65%。收入下降 2%，反映出去年貸款對沖市值計算的收益並未出現。排除這一點，收入增長了 5%，其中銀行業務增長了 9%，市場和安全服務增長了 2%。費用增加了 8%，反映出基礎設施和控制方面的投資以及其他策略性投資、更高的薪酬成本以及銷售驅動的成長。

Credit costs were down considerably, given a $1.9 billion ACL release. The release this quarter primarily reflected improvements in the outlook for global GDP as well as modest improvements in portfolio credit quality. As of quarter end, our overall funded reserve ratio was 1.1%, including 3.6% on the non investment-grade portion. Total net credit losses were $186 million, and ICG delivered a 25.7% return on allocated capital.

由於發放了 19 億美元的 ACL，信貸成本大幅下降。本季度的發布主要反映了全球 GDP 前景的改善以及投資組合信貸品質的適度改善。截至季末，我們的整體資金準備率為 1.1%，其中非投資等級部分為 3.6%。淨信貸損失總額為 1.86 億美元，ICG 的分配資本回報率為 25.7%。

Slide 6 shows revenues for the Institutional Clients Group in more detail. Product revenues were up 5%, driven by record revenues in both equity underwriting and equity trading. Looking at these strong results across our overarching equities franchise, we feel good about the strategic investments we've been making which enabled us to leverage our full service model to better monetize the current market. On the banking side, revenues increased 9%.

投影片 6 更詳細地顯示了機構客戶組的收入。在股票承銷和股票交易創紀錄的收入推動下，產品收入成長了 5%。看看我們整個股票業務的這些強勁業績，我們對我們一直在進行的策略性投資感到滿意，這使我們能夠利用我們的全方位服務模式更好地在當前市場上貨幣化。銀行業務方面，收入成長了 9%。

Treasury and Trade Solutions revenues were down 10% in constant dollars, as good client engagement and solid growth in deposits were more than offset by the impact of lower interest rates and lower commercial cards revenues. Despite these headwinds, we continue to see strength in our underlying business drivers, including 14% growth in average deposits in constant dollars this quarter. And over the past year, we've seen significant increases in digital adoption and penetration as well as 7% growth in cross-border flows and 6% growth in clearing volumes.

資金和貿易解決方案收入按不變美元計算下降了 10%，良好的客戶參與度和存款的穩健成長被較低的利率和較低的商業卡收入的影響所抵消。儘管存在這些不利因素，我們仍然看到我們的基本業務驅動因素強勁，包括本季以不變美元計算的平均存款成長 14%。在過去的一年裡，我們看到數位化採用和滲透率顯著增長，跨境流量增加了 7%，清算量增加了 6%。

Investment Banking experienced its best quarter ever with revenues up 46%, driven by equity underwriting given our leading position in the SPAC market. Private Bank revenues grew 8%, also its best quarter ever, driven by higher lending volumes and managed investments revenues. Corporate Lending revenues were also up 8%, reflecting the absence of prior year marks, partially offset by lower volumes. Total Markets & Securities Services revenues increased 2% from last year.

鑑於我們在 SPAC 市場的領先地位，在股票承銷的推動下，投資銀行業務經歷了有史以來最好的季度，收入增長了 46%。受貸款量和管理投資收入增加的推動，私人銀行收入增加 8%，也是有史以來最好的季度。企業貸款收入也成長了 8%，反映了去年的表現，但部分被交易量下降所抵消。市場和證券服務總收入較去年增長 2%。

Fixed Income revenues decreased 5%, reflecting a strong performance in rates and currencies last year. However, spread products revenues were up from the prior year as clients search for yield in this low rate environment, with steady demand across flow and structured products. Equities revenues were up 26% versus last year, driven by cash equities, derivatives and prime finance, reflecting solid client activity and favorable market conditions.

固定收益收入下降 5%，反映出去年利率和貨幣的強勁表現。然而，由於客戶在低利率環境下尋求收益，且對流量和結構性產品的需求穩定，價差產品收入較上年增長。在現金股票、衍生性商品和主要融資的推動下，股票收入比去年增長了 26%，反映出穩健的客戶活動和有利的市場條件。

And finally, in Securities Services, revenues were up 1% on a reported basis and roughly flat in constant dollars. Here, we saw good growth in fee revenues with both new and existing clients driven by growth in deposits, assets under custody and settlement volumes, offset by lower spreads.

最後，在證券服務領域，收入按報告計算增長了 1%，但以不變美元計算大致持平。在這裡，我們看到新客戶和現有客戶的費用收入都出現了良好的增長，這是由存款、託管資產和結算量增長所推動的，但被利差下降所抵消。

Turning now to the results for Global Consumer Banking in constant dollars on Slide 7. While we are still seeing the impact of the pandemic and high payment rates on revenues, consumer spending continues to improve and credit remains healthy, pointing to a recovery as we move through the year.

現在轉向幻燈片7 上以不變美元計算的全球消費者銀行業績。的發展，經濟將出現復甦全年。

For the quarter, GCB delivered EBIT of $2.8 billion, up significantly from last year, primarily driven by improved credit costs. Revenues declined 15% as lower card balances and lower interest rates across all 3 regions were partially offset by continued strong deposit growth and momentum in wealth management. Expenses decreased 1% as efficiency savings and lower volume-related costs were partially offset by investments. Credit costs decreased significantly driven by an ACL reserve release in all 3 regions and lower net credit losses. The release this quarter primarily reflected lower volumes as well as improvements in the macro outlook. And GCB delivered a 25% return on allocated capital.

本季度，GCB 實現 EBIT 28 億美元，較去年大幅成長，這主要是由於信貸成本改善所致。收入下降 15%，原因是所有 3 個地區的卡片餘額減少和利率下降，但被持續強勁的存款成長和財富管理勢頭所部分抵消。由於效率節省和與產量相關的成本降低被投資部分抵消，因此費用下降了 1%。受所有 3 個地區 ACL 準備金釋放和淨信貸損失降低的推動，信貸成本顯著下降。本季的發布主要反映了銷量的下降以及宏觀前景的改善。 GCB 的分配資本報酬率為 25%。

Slide 8 shows the results for North America Consumer in more detail. First quarter revenues were down 15% from last year, primarily driven by lower cards revenues. Branded cards revenues were down 11%, reflecting a 15% decline in average loans as clients are using the liquidity from stimulus and other relief programs to pay down debt.

幻燈片 8 更詳細地顯示了北美消費者的結果。第一季營收比去年下降 15%，主要是因為信用卡收入下降。品牌卡收入下降 11%，反映出平均貸款下降 15%，因為客戶正在利用刺激計劃和其他救濟計劃的流動性來償還債務。

Retail Services revenues were down 26%, reflecting higher partner payments as well as lower average loans. Net interest revenues were down 18% as average loans declined by 13% on higher payment rates. Higher partner payments drove the remainder of the revenue decline versus last year, reflecting the impact of lower forecasted losses and, therefore, higher income sharing.

零售服務收入下降 26%，反映出合作夥伴付款增加以及平均貸款減少。由於還款率提高，平均貸款下降 13%，淨利息收入下降 18%。與去年相比，合作夥伴付款的增加推動了剩餘收入的下降，反映出預測損失降低以及收入分享增加的影響。

Looking more broadly on our cards businesses, we're continuing to see a recovery in sales activity. In Branded Cards, total purchase sales were unchanged year-over-year, but essential spend was up 12%, and we are starting to see the recovery in areas like travel and dining. And in Retail Services, purchase sales grew 4%. So purchase sales are improving slightly faster than our prior expectations. And with the vaccine rollout, this should support a further recovery in discretionary spend.

更廣泛地審視我們的信用卡業務，我們繼續看到銷售活動的復甦。在品牌卡中，總購買銷售額比去年同期沒有變化，但基本支出成長了 12%，我們開始看到旅遊和餐飲等領域的復甦。在零售服務領域，採購銷售額成長了 4%。因此，購買銷售的改善速度略快於我們先前的預期。隨著疫苗的推出，這應該會支持可自由支配支出的進一步復甦。

The bigger impact on loans is from the high payment rates. This is creating revenue pressure, but it's also benefiting our delinquency and loss trends. So the good news is that we're seeing the recovery in spend, which should continue, and our credit portfolio is proving to be quite resilient. We are now focused on loan and revenue recovery through driving spend activity, reentering the market for new account acquisitions, and investing in lending capabilities and new value propositions.

對貸款的更大影響來自於高還款率。這造成了收入壓力，但也有利於我們的拖欠和損失趨勢。因此，好消息是我們看到支出復甦，而且這種復甦應該會持續下去，而且我們的信貸投資組合被證明具有相當的彈性。我們現在專注於透過推動支出活動、重新進入新帳戶收購市場以及投資貸款能力和新價值主張來恢復貸款和收入。

Turning to Retail Banking. Revenues were down 8% year-over-year, reflecting pressure from lower deposit spreads. That said, we are continuing to see good momentum as we grow and deepen retail bank relationships as well as improve the quality and stickiness of these relationships. Average deposits were up 22%, including 30% growth in checking. And AUMs were up 32%.

轉向零售銀行業務。收入較去年同期下降 8%，反映出存款利差下降的壓力。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，我們繼續看到良好的勢頭。平均存款增加 22%，其中支票存款增加 30%。資產管理規模 (AUM) 成長了 32%。

We're also continuing to broaden our digital capabilities to extend from deposits to wealth management to mortgage lending. As Jane mentioned, we're committed to the franchise, and all of this gives us confidence in our ability to scale our U.S. retail bank with a digitally led, client-centric approach supported by light physical expansion in new markets over time.

我們也繼續擴大我們的數位能力，從存款擴展到財富管理再到抵押貸款。正如簡所提到的，我們致力於特許經營，所有這些讓我們相信我們有能力透過數位化主導、以客戶為中心的方法來擴展我們的美國零售銀行，並隨著時間的推移在新市場進行輕度實體擴張。

On Slide 9, we show the results for International Consumer Banking in constant dollars. In Asia, revenues declined 12% year-over-year in the first quarter. We continue to see good momentum in wealth management as investment revenues grew 22% with a 14% increase in Citigold clients and 13% growth in net new money. And the numbers are meaningfully higher if you look specifically at the 4 global wealth hubs. Average deposit growth remained strong at 13%, albeit at lower deposit spreads.

在投影片 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。在亞洲，第一季營收年減 12%。我們繼續看到財富管理的良好勢頭，投資收入增長了 22%，其中 Citigold 客戶增長了 14%，淨新資金增長了 13%。如果你專門關注 4 個全球財富中心，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 13% 的強勁水準。

Card revenues remained under pressure year-over-year, with purchase sales down 5% and average loans down 13%, given a continued significant impact on travel in the region. However, we are seeing some signs of a recovery, with the pickup in new card acquisitions and purchase sales year-over-year in the month of March.

鑑於該地區旅遊業持續受到重大影響，信用卡收入仍面臨壓力，購物銷售額下降 5%，平均貸款下降 13%。然而，我們看到了一些復甦的跡象，三月的新卡獲取和購買銷售同比有所回升。

Turning to Latin America. Total consumer revenues declined 16% year-over-year. Similar to other regions, we saw good growth in deposits and assets under management in Mexico this quarter, with average balances up 9% and AUMs up 17%. However, deposit spreads remained under pressure and lending volumes continue to decline given the macro environment.

轉向拉丁美洲。消費者總收入較去年同期下降 16%。與其他地區類似，本季墨西哥的存款和管理資產成長良好，平均餘額成長 9%，管理資產規模成長 17%。然而，鑑於宏觀環境，存款利差仍面臨壓力，貸款量持續下降。

Slide 10 provides additional detail on global consumer credit trends. In the U.S., both NCL and delinquency rates remained 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 so peak losses may not occur until late 2022, depending on whether or not the stimulus results in a permanent benefit.

幻燈片 10 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。

By contrast, in both Mexico and Asia, we saw a peak in credit losses in the first quarter of 2021. This was expected driven by the impact of customer accounts rolling off relief programs. The impact was pronounced in Mexico, with a peak NCL rate of over 10%, as we saw most customers roll off the relief programs at the end of the third quarter of last year. Excluding those accounts that participated in relief programs, our credit trends in both Mexico and Asia remain stable. And you can see improvement this quarter in delinquency rates.

相較之下，在墨西哥和亞洲，我們在 2021 年第一季看到了信貸損失的高峰。這種影響在墨西哥尤為明顯，NCL 率高峰超過 10%，因為我們看到大多數客戶在去年第三季末取消了救濟計劃。排除那些參與救援計畫的帳戶，我們在墨西哥和亞洲的信貸趨勢保持穩定。您可以看到本季拖欠率有所改善。

Slide 11 shows the results for Corporate/Other. Revenues were roughly flat in dollar terms as the impact of lower rates was offset by the absence of marks versus the prior year as well as some episodic gains this quarter. Expenses were down 1% as investments in infrastructure, risk and controls were roughly offset by the allocation of certain costs to the businesses. This change had no impact to EBIT at the Citi level. And given it was immaterial, we have not reflected the change retrospectively. Credit costs declined year-over-year driven by a release this quarter compared to a build in the prior year.

幻燈片 11 顯示了公司/其他的結果。以美元計算的收入大致持平，因為與前一年相比沒有標記以及本季度的一些間歇性收益抵消了較低利率的影響。費用下降了 1%，因為基礎設施、風險和控制方面的投資被分配給企業的某些成本大致抵消了。這項變化對花旗層面的息稅前利潤沒有影響。鑑於它並不重要，我們沒有回顧性地反映這一變化。與前一年相比，本季發布的信貸成本年減。

Finally, the pretax loss was $231 million this quarter. Looking ahead, we would expect a quarterly pretax loss in the range of $500 million for the remainder of 2021, although with some variation quarter-to-quarter.

最後，本季稅前虧損為 2.31 億美元。展望未來，我們預計 2021 年剩餘時間的季度稅前虧損將在 5 億美元左右，儘管季度與季度之間存在一些變化。

Slide 12 shows our net interest revenue and margin trends. In constant dollars, total net interest revenue of $10.2 billion this quarter declined $1.4 billion year-over-year, reflecting the impact of lower rates and lower loan balances as well as the impact of 1 fewer day versus last year, partially offset by slightly higher trading-related NIR.

投影片 12 顯示了我們的淨利息收入和利潤率趨勢。以不變美元計算，本季淨利息收入總額為 102 億美元，年減 14 億美元，反映了利率下降和貸款餘額下降的影響，以及比去年減少 1 天的影響，但部分被小幅增長所抵消與貿易相關的NIR。

Sequentially, net interest revenue continued to stabilize and, excluding the impact of 2 fewer days in the quarter, was roughly flat to the fourth quarter. And net interest margin declined 5 basis points, reflecting lower net interest revenues, partially offset by treasury actions and balance sheet optimization.

隨後，淨利息收入持續穩定，排除本季減少2天的影響，與第四季大致持平。淨利差下降 5 個基點，反映出淨利息收入下降，但部分被財務行動和資產負債表優化所抵銷。

Turning to noninterest revenues. In the first quarter, non-NIR declined slightly to just over $9 billion, predominantly driven by the mark-to-market on loan hedges offsetting strong Investment Banking revenues.

轉向非利息收入。第一季度，非 NIR 略有下降，略高於 90 億美元，主要是由於貸款對沖按市值計價抵消了強勁的投資銀行收入。

On Slide 13, we show our key capital metrics, which, as Jane mentioned, remained strong and stable again this quarter, allowing us to support clients and return capital to shareholders. Our CET1 capital ratio remained 11.7% as net income was roughly offset by buybacks and dividends, along with the impact of OCI and an increase in risk-weighted assets.

在投影片 13 上，我們展示了我們的關鍵資本指標，正如 Jane 所提到的，本季再次保持強勁且穩定，使我們能夠支持客戶並向股東返還資本。我們的 CET1 資本比率保持在 11.7%，因為淨利潤大致被回購和股息以及 OCI 的影響和風險加權資產的增加所抵消。

During the quarter, Citi returned a total of $2.7 billion to common shareholders in the form of $1.1 billion in dividends and share repurchases of $1.6 billion. Our supplementary leverage ratio was 7%, and our tangible book value per share grew by 5% to $75.50, driven by net income.

本季度，花旗以 11 億美元股利和 16 億美元股票回購的形式總共向普通股股東返還 27 億美元。在淨利潤的推動下，我們的補充槓桿率為 7%，每股有形帳面價值成長了 5%，達到 75.50 美元。

Before we move to Q&A, let me spend a few minutes on our outlook for 2021. First, our full year top line outlook has improved since last quarter. At that time, coming off the performance of 2020, we had expected industry wallets to return closer to the 2019 levels this year. Given the strong start to the year as well as the increasingly positive signs of a recovery ahead, we now believe wallets will be somewhat higher relative to 2019.

在進行問答之前，讓我花幾分鐘時間談談我們對 2021 年的展望。當時，在 2020 年的表現結束後，我們預計今年產業錢包將恢復到接近 2019 年的水準。鑑於今年的強勁開局以及未來復甦日益積極的跡象，我們現在認為錢包相對 2019 年將有所增加。

Meanwhile, our outlook for net interest revenues is unchanged, and we continue to expect a decline in net interest revenues of somewhere between $1 billion to $2 billion, with stabilization continuing into the second quarter and an improvement in the back half. Taken together, this suggests revenues down in the mid single-digit range, better than our prior guidance for a mid- to high single-digit range decline.

同時，我們對淨利息收入的展望保持不變，我們繼續預期淨利息收入將下降 10 億至 20 億美元，第二季將持續穩定，下半年將有所改善。總而言之，這顯示收入下降在中個位數範圍內，好於我們先前對中個位數到高個位數範圍下降的指導。

Second, on the expense side, we continue to expect full year expenses to increase in the range of 2% to 3%, mostly driven by investments related to our transformation agenda. In addition, we could also see some episodic impacts this year related to the market exits we are pursuing. And as I mentioned earlier, we will be very transparent about the impact of these actions on our financials.

其次，在費用方面，我們繼續預計全年費用將成長 2% 至 3%，這主要是由與我們轉型議程相關的投資所推動的。此外，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。

Finally, on cost of credit, we continue to have an overall favorable outlook with regard to credit performance. And depending on the macroeconomic outlook, we could see further reserve releases, although given the size of the reserve release this quarter, we would not expect to see the same magnitude of ACL release going forward.

最後，在信貸成本方面，我們對信貸表現的整體前景仍然看好。根據宏觀經濟前景，我們可能會看到進一步的準備金釋放，儘管考慮到本季準備金釋放的規模，我們預計未來 ACL 不會出現同樣幅度的釋放。

With that, Jane and I are happy to take any questions.

因此，簡和我很樂意回答任何問題。

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

（操作員說明）您的第一個問題來自 Autonomous Research 的 John McDonald。

Jane, I wanted to ask you a bit of a strategic question. Just for some more color on this idea that the investments you're making in the risk and controls will also help advance your goal of modernizing Citi's technology for the benefit of customers. Could you elaborate on that a little bit? And maybe give us some examples of where you've seen technology gaps as you've done your listening tour across the company.

簡，我想問你一些策略問題。只是為了讓這個想法有更多的色彩，您在風險和控制方面所做的投資也將有助於推進您為客戶利益而實現花旗技術現代化的目標。能詳細說明一下嗎？也許可以給我們一些例子，說明您在整個公司進行聆聽之旅時發現的技術差距。

Thank you very much, John. So it's fascinating at the moment. I have a chance to go and talk to the CEOs of banks who are our clients all around the world and all of us talk about the same thing, which is there's a major transformation that's going on, a digital transformation in the industry.

非常感謝你，約翰。所以現在很有趣。我有機會去與我們在世界各地的客戶銀行的執行長交談，我們所有人都在談論同一件事，那就是正在發生一場重大變革，行業的數位轉型。

And so as we look at the consent order and the transformation, the transformation we're going through is much broader than just the consent orders, although they're obviously a very critical component of it. And so as we look at the -- as we look at the investments we're making, I look at the ones that we're making in our infrastructure, in our data as very much linked into a strategic need as well as what's being required and asked of us from the consent orders.

因此，當我們審視同意令和轉變時，我們正在經歷的轉變比同意令要廣泛得多，儘管它們顯然是其中非常關鍵的組成部分。因此，當我們審視正在進行的投資時，我會審視我們在基礎設施、數據中所做的投資，這些投資與戰略需求以及正在發生的事情密切相關。

So I gave you one of the examples just earlier. But data would be an obvious example of this, where investment that we make in the quality of our data will have a big impact for our shareholders in terms of driving revenues, improving our client experience in making faster decision-making on risk or on business decisions as well as making sure that the data that we do have is properly governed from a safety and soundness perspective. So many of the investments we've got at the moment are really the strategy and transformation work coming together as it is for many banks.

我剛才給了你們一個例子。但數據就是一個明顯的例子，我們對數據品質的投資將對我們的股東產生重大影響，包括增加收入、改善我們的客戶體驗，從而更快地做出風險或業務決策決策並確保我們所擁有的資料從安全性和穩健性的角度得到適當的管理。我們目前獲得的許多投資實際上都是策略和轉型工作的結合，就像許多銀行一樣。

Okay. And then a quick follow-up on that for Mark. Mark, how should investors think about the multiyear cost of this transformation? Obviously, you've given us some sense of what's embedded to get to your expense guidance for this year of up 2% to 3%. But is this something that does get spread out over multiple years? It doesn't sound like an easy or a quick project.

好的。然後是馬克的快速跟進。馬克，投資人應該如何考慮這種轉型的多年成本？顯然，您已經讓我們了解了今年成長 2% 至 3% 的支出指引的內涵。但這是否會持續多年？這聽起來不像是一個簡單或快速的項目。

Yes. Thanks, John. As Jane has referenced, it is. And I've referenced in the past, it is a multiyear effort, and we've been working very diligently on identifying the gaps that we have and identifying the root causes. And as Jane has mentioned, we're working very aggressively on constructing the plans to move towards more comprehensive execution. But those plans have to come together, and we're still working through that.

是的。謝謝，約翰。正如簡所提到的，確實如此。我過去曾提到過，這是一項多年的努力，我們一直在非常努力地找出我們存在的差距並找出根本原因。正如簡所提到的，我們正在非常積極地制定計劃，以實現更全面的執行。但這些計劃必須結合在一起，我們仍在努力解決這個問題。

And as you've mentioned, I've been very clear, as we develop the information as to what we can expect in the way of headwinds, that 2% to 3% this year, $1 billion in the prior year. And as we as we bring those plans together, I'll continue to share openly what our best estimates are for how the expenses continue to evolve.

正如你所提到的，當我們開發關於我們可以預期的逆風的信息時，我已經非常明確，今年將增長 2% 至 3%，去年將增長 10 億美元。當我們將這些計劃整合在一起時，我將繼續公開分享我們對費用如何繼續發展的最佳估計。

What I would say, John, is that, and I say this a lot, I guess, these are investments. As Jane mentioned, there are benefits that we expect from them. The data was a great example as to how we leverage that with our clients but also how getting that quality data in and not having to rework it and reconcile it, et cetera, et cetera, saves us on the operating cost as well. And I highlight that because as we make more investments, we will undoubtedly continue to seek out productivity opportunities that move to offset those.

約翰，我想說的是，我常常這樣說，我想，這些都是投資。正如簡所提到的，我們期望它們能帶來一些好處。這些數據是一個很好的例子，說明了我們如何與客戶一起利用這些數據，以及如何獲得高品質的數據，而無需重新處理和協調它等等，從而節省了我們的營運成本。我強調這一點，因為隨著我們進行更多投資，我們無疑將繼續尋找生產力機會來抵消這些投資。

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

您的下一個問題來自 Evercore ISI 的 Glenn Schorr。

I guess a simple one that's probably not so simple to answer is if there's not this -- there's not a huge revenue or earnings impact from divesting the 13 markets, but there is a lot of like resources and bandwidth freed up. I guess my question is, what do you do with the capital? Just conceptual, meaning everyone has been looking to you for a huge capital return story, which you are. But putting the consent order aside, how do you think about using that capital offensively to augment the businesses that you're doubling down on?

我想一個可能不太容易回答的簡單問題是，如果沒有這一點，剝離 13 個市場不會對收入或利潤產生巨大影響，但會釋放大量類似的資源和頻寬。我想我的問題是，你用資本做什麼？只是概念性的，這意味著每個人都在向您尋求巨大的資本回報故事，而您就是這樣。但把同意令放在一邊，你如何看待利用這筆資金進攻性地擴大你正在加倍投資的業務？

Sure. Look, I think this is one of the reasons why it's so important that we're doing a refresh that Jane has described. It allows us to very clearly focus on the parts of the franchise where we think we have a significant competitive advantage. And as Jane has mentioned, those are going to be the parts of the franchise where we allocate more resources, both in the way of expense dollars and investments, but also in the way of capital allocation so that we can capture the growth that we see with client opportunities there.

當然。看，我認為這就是我們進行簡所描述的更新如此重要的原因之一。它使我們能夠非常清楚地專注於我們認為擁有顯著競爭優勢的特許經營部分。正如簡所提到的，這些將成為特許經營權的一部分，我們將在其中分配更多資源，無論是費用美元和投資的方式，還是資本分配的方式，以便我們能夠捕捉到我們所看到的增長那裡有客戶機會。

And after that, after kind of ensuring that we're capturing those opportunities that deliver returns, that are consistent with our objective of narrowing the gap to peers, then we want to, obviously, return excess capital to shareholders as we've been doing.

之後，在確保我們抓住那些帶來回報的機會之後，這與我們縮小與同行差距的目標一致，那麼我們顯然希望像我們一直在做的那樣，將多餘的資本返還給股東。

So that's the way we think about it. First, let's lead with what is the strategy. Second, let's make sure that strategy is rooted in growth opportunities and commensurate returns that make sense for us. Let's allocate capital there to take advantage of that. And then what's left, let's return it to shareholders.

這就是我們的想法。首先，讓我們先來談談策略是什麼。其次，我們要確保策略植根於對我們有意義的成長機會和相應的回報。讓我們在那裡分配資本來利用這一點。然後剩下的，我們就返還給股東。

Yes. And I would just jump in on this one as well. I mean I've been on a great listening tour with our investors and hearing their perspectives. And I'm very clear around our priorities, which is closing the return gap with our peers, making sure that we put a strategy in place that has the investment profile as well as the different actions to do so. And as Mark said, this is our #1 priority.

是的。我也想參與其中。我的意思是，我與我們的投資者進行了一次很棒的聽證之旅，並聽取了他們的觀點。我非常清楚我們的優先事項，那就是縮小與同業的回報差距，確保我們制定的策略具有投資概況以及為此採取的不同行動。正如馬克所說，這是我們的第一要務。

I appreciate that. I'd love to follow up on just one piece. So on that front, wealth is definitely something that fits a high-return profile. You mentioned you're doubling down. I'd love to discuss, as a combined entity, what metrics do you think we'll be looking at to determine its success? What are the important linkages with the other businesses that can be maximized better? What systems and product platforms you need to add to get to these higher aspirations?

我很欣賞這一點。我很樂意跟進其中一件作品。所以從這方面來說，財富絕對是符合高報酬的東西。你提到你要加倍努力。我很想討論一下，作為一個合併實體，您認為我們將考慮哪些指標來確定其成功？與其他業務有哪些可以更好地最大化的重要連結？您需要增加哪些系統和產品平台才能實現這些更高的願望？

I better be careful because I could talk for hours on this one. I think we're incredibly well positioned in wealth. Mike gave you -- Mark gave you some of the visibility into the size and scale of the business today.

我最好小心點，因為我可以在這個問題上講幾個小時。我認為我們在財富方面處於令人難以置信的有利地位。麥克讓你——馬克讓你了解了當今企業的規模和規模。

When I look at it, we've got a phenomenal brand name, an aspirational one, in the wealth space, particularly in Asia, but around the world. We have our commercial bank which operates in 30 different geographies around the world and is where a lot of the wealth is being created. So we have relationships and are helping with the actual wealth generation and source of wealth from many of our clients as well as obviously in ICG. We've got a top-tier institutional platform and capability. And we've got our presence very well established in these major wealth hubs around the world.

當我看到它時，我們在財富領域擁有一個非凡的品牌，一個令人嚮往的品牌，特別是在亞洲，但在全世界。我們的商業銀行在全球 30 個不同的地區開展業務，並且是創造大量財富的地方。因此，我們與許多客戶以及 ICG 客戶建立了良好的關係，並幫助他們創造實際的財富並獲得財富來源。我們擁有一流的機構平台和能力。我們已經在全球這些主要財富中心建立了良好的影響力。

So I do feel we're incredibly well positioned when we can bring these different assets and capabilities into a single platform. So the investments that we've already begun making is putting a single wealth platform organization in place. We made the announcement yesterday around the leadership, you'd have seen that. We've started investing in growing our relationship managers and FAs around the world and really bringing together the best of the firm. And I expect, as we work on the technology plan, we'll have some different tech stack lined up against that, too.

因此，我確實認為，當我們能夠將這些不同的資產和功能整合到一個平台中時，我們就處於非常有利的位置。因此，我們已經開始進行的投資是建立一個單一的財富平台組織。我們昨天圍繞領導層宣布了這一消息，你們應該已經看到了。我們已經開始投資在世界各地發展我們的客戶關係經理和財務顧問，並真正匯集公司最優秀的人才。我預計，當我們制定技術計劃時，我們也會有一些不同的技術堆疊來應對。

So Jim O'Donnell, putting the plans together right now, but we see this as a tremendous opportunity, and you'll be able to measure us and hold us to account for this in terms of the returns that we generate, the growth in the fee income and continuing to steadily capture share in the years ahead.

所以吉姆·奧唐納，現在就把計劃放在一起，但我們認為這是一個巨大的機會，你將能夠衡量我們並讓我們在我們產生的回報、增長方面對此負責。幾年繼續穩步佔據份額。

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

您的下一個問題來自美國銀行的 Erika Najarian。

Yes, just a follow-up on Glenn's question. So Jane, you mentioned in your prepared remarks that you were now refocusing on consumer businesses where you have scale, and that's the U.S. and Mexico. And I guess we're wondering, I'm sure you're still in the middle of your strategic review, what is your vision for the Citi consumer franchise in the U.S.? And as we move past a world where hopefully your multiple is more reflective of your ROE potential and you're past the consent order, would you entertain inorganic opportunities for market share growth in the United States?

是的，只是格倫問題的後續。簡，您在準備好的演講中提到，您現在正在重新專注於具有規模的消費業務，那就是美國和墨西哥。我想我們想知道，我確信您仍在進行策略評估，您對花旗消費者特許經營在美國的願景是什麼？當我們過去的世界希望你的本益比更能反映你的股本回報率潛力並且你已經通過了同意令時，你會考慮在美國市場份額增長的無機機會嗎？

Erika, great question and certainly what I have heard loud and clear from many of our investors as well as we've been talking with them. Look, the U.S. is our home market. We have to get it right. It's a great franchise in terms of brand, the client base that we have around the country. We certainly see upside potential in wealth, as we've been talking about. We have a large cards business where the pandemic has accelerated the cross-sale of our broader banking proposition.

艾莉卡，很好的問題，當然，我從我們的許多投資者以及我們一直在與他們交談的聲音中清楚地聽到了這一點。看，美國是我們的本土市場。我們必須把事情做好。就品牌和我們在全國各地擁有的客戶群而言，這是一個偉大的特許經營權。正如我們一直在談論的那樣，我們當然看到了財富的上升潛力。我們擁有龐大的信用卡業務，疫情加速了我們更廣泛的銀行業務的交叉銷售。

And I think the broader theme of digitization, we have very high-quality clients in and out of footprint. And they've been very digitally engaged, and that's only increased. 50% of the new accounts this quarter in the retail bank were acquired digitally and about 75% of our clients, for example, are digitally engaged already. And we have tremendous partnerships.

我認為數位化這個更廣泛的主題，我們在國內外都有非常高品質的客戶。他們非常熱衷於數位化，而且這種程度還在增加。本季零售銀行 50% 的新帳戶是透過數位方式取得的，例如，我們約 75% 的客戶已經進行了數位化合作。我們擁有巨大的合作關係。

So I think we've got some -- we've got terrific assets and building blocks. But as you said, the work is going on right now on the strategy refresh. And we're looking forward to coming back to you in reasonably short order when we've done the work and have the plan on what actions we will take. We're looking longer run. And for now, partnerships are going to be very important. But we'd love to do inorganic moves if they make sense for our shareholders and for us further down the line. But at the moment, we'll focus on partnerships.

所以我認為我們有一些——我們有很棒的資產和構建模組。但正如你所說，戰略更新工作正在進行中。當我們完成工作並製定我們將採取的行動的計劃後，我們期待在相當短的時間內回覆您。我們著眼於更長遠的發展。目前，合作夥伴關係將非常重要。但如果這些措施對我們的股東和我們未來有意義的話，我們很樂意採取無機措施。但目前，我們將專注於合作夥伴關係。

And my second question is with Mark. Is this probably partially -- how you laid out guidance probably partially answers this question. But investors seem to believe that there could be upside to revenue for banks, whether it's continued expansion of wallet in your ICG business or in more traditional NIR sources.

我的第二個問題是問馬克的。這可能部分地回答了這個問題——你如何制定指導可能部分地回答了這個問題。但投資者似乎相信，無論是 ICG 業務還是更傳統的 NIR 業務中錢包的持續擴張，銀行的收入都可能有上升空間。

And I'm wondering -- it's a 2-part question. One, if we get a better revenue from here, could you still achieve the 2% to 3% expense target? And as a follow-up, on the expenses that would be carved out from those exits, we heard from one of your peers that if you exclude overhead or expenses allocated to businesses exited, we would see a sort of a net expense saves of about 75% to 80% of identified expenses. And I'm wondering if that's the right ratio to think about those 13 markets that you're exiting.

我想知道——這是一個由兩部分組成的問題。第一，如果我們從這裡獲得更好的收入，你們還能達成2%到3%的費用目標嗎？作為後續行動，關於從這些退出中扣除的費用，我們從一位同行那裡聽說，如果排除分配給退出企業的間接費用或費用，我們將看到大約節省的淨費用已確定費用的75% 至80%。我想知道這是否是考慮您要退出的 13 個市場的正確比率。

Sure. Thank you. So the first thing, just in terms of revenue, I did speak to this in the guidance. And what I referenced was, I talked about in the last quarter, the normalization of the markets' wallets and what we're seeing just at the on start of this year and the strong start that Jane referenced is that while I do expect there'll be some normalization, I would expect at this point that the market wallets will be above the 2019 levels. And so we do think that, that presents some upside. I talked about the -- and that's what kind of feeds in part the down mid-single-digit guidance that I gave for total revenues.

當然。謝謝。因此，第一件事，就收入而言，我確實在指南中談到了這一點。我提到的是，我在上個季度談到了市場錢包的正常化，以及我們在今年年初所看到的情況，簡提到的強勁開局是，雖然我確實預計會出現這種情況。有所正常化，我預計此時市場錢包將高於2019 年的水準。所以我們確實認為這帶來了一些好處。我談到了——這就是我給出的總收入中個位數指引的部分原因。

You're right with the steepening of the curve. That does present some opportunities. We've got dry powder to put liquidity to work. And we've done some of that, but we have more dry powder to do that. With that said, as I mentioned earlier, we are seeing higher payment rates from the consumer business that offsets some of that potential upside. And I did describe the NIR in the way of a range, down $1 billion to $2 billion. And so that range gives you some sense for the ability or the opportunity if we were to capture more of that upside.

你對曲線變陡的看法是對的。這確實提供了一些機會。我們有乾粉來發揮流動性。我們已經做了一些，但我們還有更多的乾粉來做這件事。話雖如此，正如我之前提到的，我們看到消費者業務的支付率提高，抵消了部分潛在的上漲空間。我確實以範圍的方式描述了 NIR，下降了 10 億美元到 20 億美元。因此，如果我們要抓住更多的上行空間，這個範圍會讓您對能力或機會有所了解。

In terms of the expenses, two things. One, you mentioned relative to revenues. And the answer is that if wallets continue to perform even stronger or the recovery is even more significant on the lending side or consumer side or ICG side for that matter, then that will come with higher expenses, transaction expenses, compensation expenses. But I think everyone would agree that, that would be good cholesterol. And so we'll see how that plays out.

就費用而言，有兩件事。一，你提到相對於收入。答案是，如果錢包繼續表現更強勁，或者貸款方、消費者方或 ICG 方的復甦更為顯著，那麼這將帶來更高的費用、交易費用、補償費用。但我想每個人都會同意，那是有益的膽固醇。所以我們將看看結果如何。

Obviously, I did mention episodic costs associated with the exits. What I'd say about that is -- and your point around allocations, both Jane and I have deep experience at this. I have experience from Citi Holdings and being part of that team and ultimately running Citi Holdings. Jane has run Latin America. Both of those parts of the franchise historically have exited countries, and we have both been keenly focused on ensuring that we get as much of the stranded costs associated with exits out of the organization in the past. And you can rest assure that, that would be the same type of focus we put to these exits.

顯然，我確實提到了與退出相關的偶發成本。我想說的是──以及你關於分配的觀點，簡和我在這方面都有豐富的經驗。我在花旗控股公司擁有豐富的經驗，是該團隊的一員，並最終管理花旗控股公司。簡負責拉丁美洲。歷史上，特許經營權的這兩個部分都已退出國家/地區，我們都熱衷於確保我們獲得盡可能多的與過去退出該組織相關的擱淺成本。您可以放心，這將與我們對這些出口的關注相同。

So that's kind of the view there. I don't have a ratio that I'd want to share at this point. But please know that, that will be a focal point for us in order to ensure that we get the most value out of this decision.

這就是那裡的觀點。目前我沒有想要分享的比率。但請注意，這將是我們的重點，以確保我們從這項決定中獲得最大價值。

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

（操作員說明）您的下一個問題來自德意志銀行的 Matt O'Connor。

I know this is a tough question to answer, but as we think about the timing of the consent orders, should we think about the ones that came out in October of last year as essentially restarting the clock? Or since some of them was going on for several years and the Fed and OCC acknowledged that you've made progress, maybe don't think about it as a resetting the clock.

我知道這是一個很難回答的問題，但當我們考慮同意令的時間時，我們是否應該考慮去年 10 月發布的同意令本質上是重新啟動時鐘？或者，由於其中一些問題已經持續了好幾年，並且聯準會和貨幣監理署承認已經取得了進展，也許不要將其視為重置時鐘。

And the reason I'm asking is, if we look at other consent orders in the industry, it tends to take several years, 3, 4, 5 years. And it's a little bit trickier with you guys because, again, it's not like you're starting from scratch. But I was wondering if there's anything you could comment with respect to the timing and how I frame that.

我問的原因是，如果我們看看業界的其他同意令，它往往需要幾年、3 年、4 年、5 年。對你們來說，這有點棘手，因為，這又不像你們從頭開始。但我想知道您是否可以就時間表以及我如何構建這一點發表評論。

Yes, sure. Why don't I start and then, Jane, you may have some thoughts on it as well. What I'd say is, look, this is -- the consent order was clear in its way of directives in areas that we need to focus. As Jane has described, we're looking at this, frankly, a little bit broader. We're looking at this as a transformation. And it will take -- it is a multiyear effort that is underway here.

是的，當然。為什麼我不開始呢，簡，你可能也會對此有一些想法。我想說的是，看，這是——同意令在我們需要關注的領域中以明確的方式指示。正如簡所描述的，坦白說，我們正在更廣泛地看待這個問題。我們將其視為一次轉變。這需要——這是這裡正在進行的多年努力。

Yes, there are some things that you heard us referenced that we had started even before the order. There were a number of remediation efforts that were underway in some of the areas that are referenced in the order. We're leveraging the work that we had started already. But candidly, what's different about this transformation versus a remediation is that we're looking at this end-to-end as opposed to a very narrow or silo or tactical approach to an issue that's identified.

是的，您聽到我們提到有些事情我們甚至在訂單之前就已經開始了。該命令中提到的一些領域正在進行一些補救措施。我們正在利用已經開始的工作。但坦白說，這種轉變與補救措施的不同之處在於，我們正在考慮這種端到端的方式，而不是對已識別的問題採取非常狹隘的、孤立的或戰術性的方法。

And in order to do that, you do have to pause for a second, take a step back and look at things on the front end of a process where things come into our systems and understand how you can improve those processes, the technology that support them, the governance around that. I highlight that because your answer is -- your question is a tough question. There's some of it that we will keep accelerating, but we want to make sure that we do that in a broader context so that we get it right. And that's what's really important to us.

為了做到這一點，您確實必須暫停一秒鐘，退後一步，看看事物進入我們系統的流程前端，並了解如何改進這些流程以及支持的技術他們，以及圍繞這些的治理。我強調這一點是因為你的答案是──你的問題是一個棘手的問題。我們將繼續加速其中的一些工作，但我們希望確保我們在更廣泛的背景下做到這一點，以便我們可以做到正確。這對我們來說才是真正重要的。

Jane, anything you want to add to that?

簡，你還有什麼要補充的嗎？

No, I think you said it very well, Mark. Remediation is tactical. Transformation is more strategic and much more fundamental, and that's what we're doing. We take a soup to nuts approach. We're looking at the target states we want to get to, making sure that we've got real excellence in what we do. And that is the focus. So we're looking forward rather than looking backwards.

不，我認為你說得很好，馬克。補救是戰術性的。轉型更具策略性，也更具根本性，這就是我們正在做的事情。我們採取從頭到尾的方法。我們正在研究我們想要達到的目標狀態，確保我們的工作真正做到卓越。這就是重點。所以我們要向前看，而不是向後看。

And then just a follow-up there. Like isn't the reality that you need to kind of fix the regulatory issues so that you can accomplish some of the things that you want in the transformation, right? Because I think your ability to do deals, ability to open branches, there's just a lot of restrictions. So I think it's good to hear about like the long-term vision. But you kind of need to get the house in order first, right, before you can accomplish some of those things? Or can you do both at the same time?

然後就是後續行動。現實不是你需要解決監管問題，這樣你才能在轉型中完成一些你想要的事情，對嗎？因為我認為你做交易的能力，開設分支機構的能力，有很多限制。所以我認為很高興聽到像長期願景這樣的事情。但你需要先把房子收拾好，對吧，然後才能完成其中一些事情？或者你可以同時做這兩件事嗎？

Oh, you can -- you absolutely do both at the same time, and that's what we're very focused on. As I say, the transformation and the -- the work on the transformation, the strategy in many ways go hand-in-hand and are getting us to the same goal, which is make sure we're excellent for our investors, for our clients as well as for our regulators and the safety and soundness agenda.

哦，你可以——你絕對可以同時做這兩件事，這就是我們非常關注的。正如我所說，轉型和轉型工作、策略在許多方面齊頭並進，讓我們實現同一個目標，確保我們為投資者、為我們的客戶提供卓越的服務。

So the two go very much hand-in-hand. Risk and controls are clearly important, particularly in a digital world, and we need them to be at a very high standard to operate as one of the world's most significant financial institutions. That's the intention as is the intention to make sure our operations are the same. So one in the same goal here.

因此，兩者密切相關。風險和控制顯然很重要，尤其是在數位世界中，我們需要它們達到非常高的標準才能作為世界上最重要的金融機構之一運作。這就是我們的目的，也是確保我們的營運相同的目的。所以這裡有同一個目標。

To your point, Jane, exiting these 13 countries, that simplifies the organization, right? Creating Citi Global Wealth and bringing what was the private bank and our wealth organization and consumer together allows for us to come up with an investment platform, a unified investment platform. That simplifies the organization, makes it easier to have controls in place around those processes. So Jane is exactly right, the strategy is aligned with the transformation that's underway in many ways.

Jane，按照您的觀點，退出這 13 個國家可以簡化組織，對吧？創造花旗全球財富並將私人銀行、我們的財富組織和消費者結合在一起，使我們能夠建立一個投資平台，一個統一的投資平台。這簡化了組織，更容易控制這些流程。所以簡是完全正確的，該戰略在許多方面都與正在進行的轉型相一致。

Your next question is from the line of Saul Martinez with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的索爾·馬丁內斯 (Saul Martinez)。

I have a bit of a hodge-podge of questions related to your strategic refresh. So first, you gave a lot of color on the financial metrics of the 13 exit markets. But do you also happen to have what the reserves are on the balance sheet that could be released over time in those countries?

我有一些與您的策略更新相關的問題。首先，您對 13 個退出市場的財務指標進行了詳細介紹。但資產負債表上是否也恰好有這些國家可以隨著時間的推移而釋放的準備金？

Second, time horizon. I know you indicated, Mark, that you'll give us more detail as it presents itself. But just any sort of guidance on the time horizon, are we looking at quarters? Or is this going to play out over a number of years? Just any guideposts.

第二，時間範圍。我知道馬克，你表示你會提供我們更多細節。但是，對於時間範圍內的任何指導，我們是否在考慮季度？或者說這種情況會持續很多年？只是任何路標。

And then I guess thirdly, I'll just finish up. Maybe more importantly, Banamex, any -- how are you thinking about Banamex in the context of your strategy refresh? I mean it certainly is not a subscale business, but Mexico does have some macro challenges, as you guys have highlighted, and a government that has very heterodox views, policy views on a whole host of things. So just any thoughts on how you're thinking about Banamex right now.

然後我想第三，我會完成。也許更重要的是，Banamex，任何——您在策略更新的背景下如何看待Banamex？我的意思是，這當然不是一個小規模的企業，但正如你們所強調的那樣，墨西哥確實面臨一些宏觀挑戰，而且政府對很多事情都有非常非正統的觀點和政策觀點。那麼，請談談您現在對 Banamex 的看法。

Jane, you want to start? And then I can piggyback on that.

簡，你想開始嗎？然後我就可以利用它。

Yes, so in terms of -- why don't we go start off with timing and...

是的，所以就——為什麼我們不從時間開始…

Yes, and then I'll take the reserver.

是的，然後我會接受預訂。

Yes, I can chuck the reserve one over to you, Mark. So in terms of timing, look, we're already getting going, there's no dillydallying here. What we're looking at doing is we've begun the work. The actions are underway in several markets. We'll look to complete the exits in a timely fashion and we expect to be out in some markets this quarter.

是的，我可以把備用的一份交給你，馬克。所以就時間而言，看，我們已經開始行動了，這裡沒有磨蹭的。我們正在考慮做的是我們已經開始工作了。這些行動正在多個市場進行。我們將尋求及時完成退出，預計本季將退出部分市場。

Equally, this is -- we're going to be thoughtful about who the buyers are and the -- how we do this and the value that we create for shareholders in the process. So while there is urgency on action, we're going to make sure that this is a good move for our shareholders and act appropriately. And the timing is going to be driven by regulatory approvals in different geographies. So as Mark said, as we know more, we'll update you on the process, but we've been very transparent about what we're intending to do.

同樣，我們將考慮買家是誰以及我們如何做到這一點以及我們在過程中為股東創造的價值。因此，儘管行動緊迫，但我們將確保這對我們的股東來說是一個好的舉措，並採取適當的行動。時機將由不同地區的監管部門批准決定。正如馬克所說，隨著我們了解更多，我們會向您通報最新流程，但我們對於我們打算做的事情一直非常透明。

And then in terms of Mexico, look, Mexico is a scaled franchise. When I compare Mexico to our Asian consumer franchises, they really benefit from their scale. The returns are good. And there's a lot of upside potential there. The investments in digitization have really paid off. So while the country is going through a very challenging time at the moment, there's a lot to like in the franchise over the longer term. And we'll give you a better sense of the strategy there as we carry on the strategy refresh work. But a lot to like.

然後就墨西哥而言，看，墨西哥是一個規模化的特許經營權。當我將墨西哥與我們的亞洲消費者特許經營權進行比較時，他們確實受益於其規模。回報很好。而且那裡有很大的上升潛力。數位化方面的投資確實得到了回報。因此，雖然這個國家目前正在經歷一個非常具有挑戰性的時期，但從長遠來看，該系列有很多值得喜歡的地方。當我們進行策略更新工作時，我們會讓您更了解該策略。但有很多值得喜歡的地方。

Mark, do you want to cover the reserves? Yes.

馬克，你想支付儲備金嗎？是的。

Yes. So let me just -- I guess I'll make a couple of comments and I don't think I'm going to get into a specific reserve number, so apologies for that. But what I will say is, as you see what we shared on the page that it's roughly breakeven in 2020, and we all recognize in 2020 there were significant reserves established in light of the pandemic, what I'd say is if we would look at 2019, which would have been a more normalized year, the EBIT associated with the 13 markets would have been a little bit under $1 billion or so.

是的。所以讓我——我想我會發表一些評論，我不認為我會討論具體的保留號碼，所以對此表示歉意。但我要說的是，正如您在頁面上看到的那樣，2020 年大致實現盈虧平衡，而且我們都認識到2020 年針對這一流行病建立了大量儲備，我想說的是，如果我們看看2019 年是更正常化的一年，與 13 個市場相關的息稅前利潤將略低於 10 億美元左右。

And so it gives you some sense for how the build in reserves, at least to some extent, has impacted what the financials are that we've shared here. And again, as we go through these transactions, we'll be appropriately transparent with the impact that we see from them.

因此，它讓您了解儲備金的增加（至少在某種程度上）如何影響我們在這裡分享的財務狀況。再說一次，當我們處理這些交易時，我們將對它們所產生的影響保持適當的透明度。

(Operator Instructions) Your next question is from the line of Mike Mayo with Wells Fargo Securities.

（操作員說明）您的下一個問題來自富國銀行證券公司的 Mike Mayo。

Jane, so about -- what are you, 45 days in the job, and you announced the asset disposition, so I guess you're not wasting any time. As you think about these assets dispositions or future dispositions, how do you -- what lens do you use? Because you can consider returns. You can consider growth. You can consider synergies with the rest of the firm. You could potentially consider regulatory benefits as it relates to consent order. Do you get credit for simplifying less systems to resolve? Or what other measures do you use? I note that the -- it looks like the exit of the 13 consumer markets, those were capital hogs. So I can't imagine the returns were very good. But there's a lot of parameters you can look at. What lens do you use?

簡，那麼——你在做什麼，工作了 45 天，你就宣布了資產處置，所以我猜你沒有浪費任何時間。當您考慮這些資產處置或未來處置時，您如何使用什麼鏡頭？因為你可以考慮回報。你可以考慮成長。您可以考慮與公司其他部門的協同效應。您可能會考慮與同意令相關的監管利益。您是否因為簡化了需要解決的系統而受到讚揚？或者你還使用什麼其他措施？我注意到，看起來 13 個消費市場正在退出，這些市場都是資本掠奪者。所以我無法想像回報會非常好。但有很多參數你可以查看。你用什麼鏡頭？

So interesting question, Mike. And frankly, I look at it in terms of what we want to be, not what we don't, because what you don't want to be kind of falls out a bit pretty easily. So the main consideration we have is how do we close the return gap with our peers and make sure that the businesses we're in that can win. And we're very disciplined about going back to those principles I laid out at the very beginning and we talked about back in January, we've been using this consistently in the strategy refresh work.

很有趣的問題，麥克。坦白說，我從我們想要成為什麼的角度來看待它，而不是我們不想成為什麼，因為你不想成為的東西很容易就會失敗。所以我們主要考慮的是如何縮小與同行的回報差距，並確保我們所在的業務能夠獲勝。我們非常自律地回到我一開始就制定的原則，我們在一月份就討論過這些原則，我們一直在戰略更新工作中一貫地使用這一點。

So the first thing we're looking at is, is this sector or is this client segment or is this business? Does it have attractive dynamics as we look out over the medium and long term? And importantly, within those dynamics, can we win? Does this make -- can we be well positioned in this? And I think we're certainly seeing in the world of financial services today that scale is obviously a very important consideration. So the corollary of that is if you don't have scale, that's usually a disadvantage.

因此，我們首先要考慮的是，這個產業是這個產業還是這個客戶群還是這個業務？從中長期來看，它是否具有有吸引力的動力？重要的是，在這些動力中，我們能贏嗎？這是否使我們能夠在這方面處於有利地位？我認為，在當今的金融服務領域，我們確實看到規模顯然是一個非常重要的考慮因素。因此，其必然結果是，如果你沒有規模，那通常是一個劣勢。

We look at it in terms of connectivity. I think it's very, very important that we have synergies across our major platforms and our client segments. And you'll hear us talking about that a lot more going forward and what are some of the metrics that we'll look at to demonstrate that we're really capturing those synergies.

我們從連結性的角度來看它。我認為我們在主要平台和客戶群之間發揮協同作用非常非常重要。您會聽到我們更多地談論這一點，以及我們將考慮哪些指標來證明我們真正抓住了這些協同效應。

We look at fees and returns. So therefore, if it's capital, is it generating returns? Are we getting the growth? We're efficient on the fee revenues relative to what Mark and I would like to be. So that becomes a consideration.

我們專注於費用和回報。那麼，如果它是資本，它會產生回報嗎？我們得到成長了嗎？相對於馬克和我的期望，我們的收費收入是高效率的。所以這就成為一個考慮因素。

And then does it really fit with the strategic identity that we have for Citi and we're working on as part of the refresh? If it's yes, then this is a candidate for investment, laying out what the strategy is. If it's not, it's the opposite.

那麼它真的符合我們為花旗所擁有的戰略身份以及我們正在努力作為更新的一部分嗎？如果是，那麼這就是投資候選，列出了策略是什麼。如果不是，則相反。

And dispositions, we're always going to take into time -- into consideration timing. As I said in the last question, there's no fire sales here. We are going to be thoughtful on how we ensure we generate value for shareholders on the exit at the potential value of partnerships with the potential buyers, et cetera and how best can we monetize and generate value as we do this.

對於處置，我們總是要考慮時間──考慮時機。正如我在上一個問題中所說，這裡沒有減價銷售。我們將深思熟慮如何確保我們在退出時為股東創造價值，以及與潛在買家合作的潛在價值等，以及我們如何在這樣做時最好地貨幣化和創造價值。

So in many ways, it's a little bit of all of the above on your list, but we kind of -- we start in the opposite place, if you know what I mean. What are we going to be, and then focus on making sure that we generate the greatest value from that. And the other decisions kind of fall out of it pretty quickly. And I think you can see that being demonstrated in the decisions we made on both why wealth and the hubs that we're investing in, in Asia and EMEA, but then equally, the other decisions on the remaining 13 markets on consumer being the exit.

所以在很多方面，它都是你清單上的上述所有內容的一部分，但我們有點——我們從相反的地方開始，如果你明白我的意思的話。我們要成為什麼，然後專注於確保我們從中產生最大的價值。其他的決定很快就會失效。我認為您可以看到，我們就亞洲和歐洲、中東和非洲的財富和投資中心做出的決定證明了這一點，但同樣，在剩餘13 個消費者退出市場的其他決定中也體現了這一點。

And then one follow-up. It is early, but do you have a sense of what sort of return you'd ultimately like to achieve? And ultimately, what is the identity that you would like to have for Citigroup? Who is Citigroup? What's your -- what's your elevator summary, elevator pitch?

然後是一個後續行動。現在還為時過早，但您是否知道您最終希望獲得什麼樣的回報？最後，您希望花旗集團擁有怎樣的形象？花旗集團是誰？你的電梯摘要、電梯推介是什麼？

Citigroup is fabulous, Mike. When -- again, when I go back to what have our investors been talking to me about, the areas that -- as we've been going around and listening to them, they want us to have -- they want us to close the gap of the returns with our peers. I think Mark's given some indication. I mean as we see a more normal -- when we see a normalized rate environment, we get the strategy there, a mid-tier range seems reasonable, but I would certainly add and let us do the work, because I want to make sure that we have a very thoughtful strategy and we've got clarity around it.

花旗集團太棒了，麥克。當——再次，當我回到我們的投資者與我談論的內容時，當我們一直在四處走動並傾聽他們的意見時，他們希望我們擁有——他們希望我們關閉與同行的回報差距。我認為馬克已經給了一些指示。我的意思是，當我們看到一個更正常的情況時——當我們看到標準化的利率環境時，我們在那裡制定策略，中間範圍似乎是合理的，但我肯定會補充並讓我們做這項工作，因為我想確保我們有一個非常深思熟慮的策略，而且我們對此很明確。

And when you ask us about what is Citi going to be, we'll be back to you with, again, a lot more precision and clarity around it. But I think you can see from some of the moves that we've got, we want to be -- we really want to be excellent. And that's not just in terms of how we serve our clients, many of whom are very -- have global needs, and there's a lot of consistency around that. But also, I would say what Citi is, I want the word excellent to be one that is used about us in our operations, in our culture, in our accountability and in what we do. And so that's the word you'll hear from me a lot, and that's the standard I'm holding myself and the firm to.

當您問我們花旗將成為什麼樣子時，我們將再次以更精確和清晰的方式回答您。但我認為你可以從我們已經採取的一些舉措中看到，我們希望成為——我們真的希望變得優秀。這不僅僅是我們為客戶提供服務的方式，他們中的許多人都非常有全球需求，而且這方面有很多一致性。而且，我想說的是，花旗是什麼，我希望「優秀」這個詞能用在我們的營運、我們的文化、我們的責任和我們的工作。這就是你常從我嘴裡聽到的一句話，也是我對自己和公司要求的標準。

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

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

So I wanted to start off with a question. Just looking at the strategic actions that you guys had taken, if I think back to 2014, right, and what was outlined then, Jane, was actually pretty similar in terms of the profitability profile of the businesses that you are exiting, the capital benefits that were ultimately going to be reaped. And it was at least difficult to see some of those benefits if I look at how the profitability profile has changed.

所以我想從一個問題開始。只要看看你們採取的策略行動，如果我回想 2014 年，對吧，簡，當時概述的內容實際上在你們要退出的業務的盈利狀況、資本收益方面非常相似最終將會得到收穫。如果我看看獲利狀況如何變化，至少很難看到其中的一些好處。

So I guess from your point of view, having been at the firm when that was undertaken, what lessons did you learn from that process? And are there any differences in the approach that you might take this goal around to potentially drive maybe more conspicuous or clear benefits to the bottom line?

所以我想從你的角度來看，在進行這項工作時你在公司，你從這個過程中學到了什麼？您可能採取的方法是否有任何差異，可以實現這一目標，以潛在地為底線帶來更明顯或更明顯的收益？

So sorry, just in terms -- I just want to make sure I'm understanding the question, you're asking in terms of the benefits of digitization?

很抱歉，只是用術語來說——我只是想確保我理解這個問題，你問的是數位化的好處？

Not in digitization, just if I think back to the exits, there were strategic actions that you had pursued in 2014, exiting a handful of markets to try to optimize that global consumer footprint. And it was very similar in terms of the disclosure around the exit markets were barely profitable, there were capital benefits that were going to be reaped. But ultimately, we didn't see those benefits at least translate into bottom line impacts. And curious if you could just speak to some of the learnings from that experience and what approach you might take a bit differently.

不是在數位化方面，只要我回想一下退出，你們在 2014 年就採取了策略行動，退出了少數市場，試圖優化全球消費者足跡。就退出市場的揭露而言，這非常相似，幾乎沒有獲利，即將獲得資本利得。但最終，我們沒有看到這些好處至少轉化為底線影響。我很好奇你是否能談談從這次經歷中學到的一些東西，以及你可能會採取什麼不同的方法。

Yes. When I look at the -- in LatAm, the benefits we got were pretty tremendous. So I think, first of all, we were able to very much focus on our strengths in our institutional franchise. We were able to make sure that we had truly world-class talent. We invested in our technology and platforms. We were very focused on that client base of the multinationals we serve there, in particular, in the investor base, engaged in Latin America. And we drove the returns up from teenagers to mid-20s in a pretty short period of time. We rose up the rankings in the banking side and really solidified our leadership on the institutional front.

是的。當我看到拉丁美洲時，我們獲得的好處是相當巨大的。所以我認為，首先，我們能夠非常專注於我們在機構特許經營方面的優勢。我們能夠確保我們擁有真正的世界級人才。我們投資了我們的技術和平台。我們非常關注我們在那裡服務的跨國公司的客戶群，特別是拉丁美洲的投資者群。我們在很短的時間內將回報率從十幾歲提高到了二十多歲。我們在銀行方面的排名有所上升，並真正鞏固了我們在機構方面的領導地位。

I'd also say we simplified the management structure as well in the region and gained quite a lot of benefits from simplification that hit the bottom line as well. So I'd say my experience has been one in which there's real benefit from focus. You get better at the businesses that you're in. You get strong talent and you're able to bring more focused talent. That's what's different. And you get -- you're able to really get the linkages across the different businesses and hone in on them.

我還想說，我們也簡化了該地區的管理結構，並從簡化中獲得了相當多的好處，這也觸及了底線。所以我想說，我的經驗是，專注確實能帶來好處。你會在自己從事的業務上變得更好。這就是不同之處。你會得到——你能夠真正獲得不同業務之間的聯繫並深入研究它們。

Mark, I don't think -- I don't know if you've got anything else to add because you and I are both in these journeys together.

馬克，我不認為──我不知道你是否還有什麼要補充的，因為你和我都在共同經歷這些旅程。

Yes, Jane, I think you captured it well. The only thing I'd emphasize in terms of kind of what's different now as we go at this is -- or the last couple of points you made, which is that keen focus on making sure that you've got -- that we've got the right talent in the right places as we go through this strategy refresh and ensuring that the org structure supports that. Again, I go back to the wealth example and the resetting of that org structure. You can point to the idea of moving commercial into ICG to ensure that you got that focus against that strategy and you can really capture the linkages across the firm.

是的，簡，我認為你捕捉得很好。就我們現在所做的事情而言，我唯一要強調的一點是——或者你最後提出的幾點，即熱衷於確保你擁有——我們'在我們進行戰略更新並確保組織結構支持這一點時，我們在正確的地方擁有了正確的人才。我再次回到財富的例子和組織結構的重置。您可以提出將商業轉移到 ICG 的想法，以確保您能夠專注於該策略，並且能夠真正捕捉到整個公司的聯繫。

And then the last piece is the focused investment. We're moving away from kind of a spreading of the investments and really wanting to focus them on where we think the biggest growth opportunities are and where the highest returns are. But I think you captured it all, Jane.

最後一塊是重點投資。我們正在放棄分散投資的方式，真正希望將投資集中在我們認為最大成長機會和最高回報的地方。但我想你已經捕捉到了這一切，簡。

No, that's great color. And just for my follow-up, I wanted to ask about the TTS business. It's a really strong franchise and like the underlying balance growth historically has been quite strong and relatively steady-eddie. In more recent quarters, there's been some pressure. It feels like a lot of that's actually NII- or rate-related.

不，那是很棒的顏色。為了後續跟進，我想詢問一下 TTS 業務。這是一個非常強大的特許經營權，就像歷史上潛在的餘額增長一樣，它一直相當強勁且相對穩定。最近幾個季度，出現了一些壓力。感覺其中很多實際上與 NII 或利率相關。

But I was hoping to give some perspective on what are some of the underlying trends that you're seeing in that business. What's your outlook at least from here and now that most of the rate pressure at least should be fully absorbed or reflected in the run rate?

但我希望就您在該行業看到的一些潛在趨勢提供一些看法。至少從現在開始，您的前景是什麼？

Yes, sure, why don't I start? And then Jane, you can add on as you'd like in terms of some of the client perspective. But look, the revenues, you're right, were down about 10% year-over-year on an ex FX basis. And you hit it right on the head. I mean, the low rate environment that we've been in is a very big driver in what we've seen in the aggregate TTS revenues now. Now we have seen higher deposit volumes, and that obviously plays through with that impact.

是的，當然，我為什麼不開始呢？然後，簡，您可以根據某些客戶的觀點添加您想要的內容。但你看，你是對的，按匯率計算，收入比去年同期下降了約 10%。你正好擊中了我的頭。我的意思是，我們所處的低費率環境是我們現在看到的 TTS 總收入的一個非常大的推動因素。現在我們看到存款量增加，這顯然會產生這種影響。

What I would say in terms of your broader question, what we look at is, one, the engagement that we have with clients. And we have very meaningful, significant engagement with clients throughout the entire crisis that we've been managing through. And that engagement kind of plays through. And the increase in number of accounts, digital accounts that we've opened for them, really kind of reinforcing some of the investments that we've been making in onboarding and enhancing -- and in enhancing our digital capability, that engagement plays through in the clearing activity and cross-border transactions that we've seen, which are both up 6% and 7% over the past 12 months. So good solid underlying drivers.

就您更廣泛的問題而言，我想說的是，第一，我們與客戶的互動。在我們應對的整個危機中，我們與客戶進行了非常有意義的、重要的接觸。這種參與度會發揮作用。我們為他們開設的帳戶和數位帳戶數量的增加，確實加強了我們在入職和增強方面所做的一些投資，以及在增強我們的數位能力方面，這種參與在我們看到的清算活動和跨境交易在過去12 個月中分別增加了6% 和7%。非常好的堅實的底層驅動程式。

While we do see pressure on commercial card activity, fee revenues ex commercial card activity has been good. And frankly, as we see the economy recover and we look at some of the GDP forecast and that starts to play out, we would expect to see the business activity turn in a way that starts to play through the top line. But we see again, very, very strong continued engagement with our clients and with how they're evolving their own strategies.

雖然我們確實看到商業卡活動面臨壓力，但除去商業卡活動的費用收入一直不錯。坦白說，當我們看到經濟復甦，我們看到一些 GDP 預測並開始發揮作用時，我們預計商業活動將開始對營收產生影響。但我們再次看到，我們與客戶以及他們如何制定自己的策略保持著非常非常強烈的持續互動。

And the last example I'd mention is many of our clients with the acceleration of digitization are focused on business-to-consumer activity. And that's an important area of growth. And we're part of that dialogue. We're part of creating that solution as it relates to their business model or business models. Jane, I don't know if there's anything you want to add to that.

我要提到的最後一個例子是，隨著數位化的加速，我們的許多客戶都專注於企業對消費者的活動。這是一個重要的成長領域。我們是對話的一部分。我們參與創建該解決方案，因為它與他們的一個或多個業務模型相關。簡，我不知道你是否還有什麼要補充的。

Yes. You're going to hear quite a lot more about our TTS business and the services platform it represents for so many of our clients around the world. The client -- in my discussion with clients over the last few months, they love our TTS platform. More than that, they depend upon it. It is strategic for them, the different services, the data it represents, the other dimensions of it. And so the growth that we're going to see from this next year is, I think it's going to be very material.

是的。您將會聽到更多有關我們的 TTS 業務及其為全球眾多客戶提供的服務平台的資訊。客戶－在過去幾個月與客戶的討論中，他們喜歡我們的 TTS 平台。不僅如此，他們還依賴於此。對他們來說，不同的服務、它所代表的數據以及它的其他維度都具有戰略意義。因此，我們明年將看到的成長是，我認為這將是非常實質的。

You'll hear us also talk more about the commercial bank going forward as well because the mid-market clients and the born digital clients are ones who use our TTS platform and their capabilities and services around it to also themselves start growing internationally and it becomes a core part of them. So this is -- we've got more to grow with our existing clients. We've got a lot of new clients that are coming on board this. And this is going to be an exciting part of the story going forward and the underlying opportunities here separate to the rates environment.

您還會聽到我們更多地談論商業銀行的未來發展，因為中端市場客戶和天生的數位客戶是使用我們的TTS 平台及其能力和服務的客戶，他們自己也開始在國際上發展，並且成為其中的核心部分。所以這就是——我們有更多的東西可以與我們現有的客戶一起成長。我們有很多新客戶加入。這將是未來故事中令人興奮的部分，這裡的潛在機會與利率環境無關。

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。

Jane, Mark, I was wondering if I could ask you just about global recovery and pacing. As you look through the supplement, you see different growth rates when you look -- whether you look at loans, cards or deposits at different paces and as the currency translation impacts as well, of course. But just how would you help us understand, as you look forward to revenue stabilization over time, just how do you see the global customer base recovering in terms of pacing, U.S., non-U.S.? And if you can juxtapose that to any extent in the wholesale side, that would be great as well.

簡、馬克，我想知道是否可以問你們有關全球復甦和節奏的問題。當你瀏覽補充資料時，你會看到不同的成長率——無論你以不同的速度查看貸款、信用卡還是存款，當然，貨幣換算也會產生影響。但是，當您期待收入隨著時間的推移而穩定時，您如何幫助我們理解，您如何看待全球客戶群在美國和非美國的節奏方面的復甦？如果你能在批發方面將其以任何程度並置，那就太好了。

Yes. I'll kick off with a little bit more on the macro side. Mark will jump in on some of the other important dimensions for ourselves. Look, it's asynchronous growth out there is what we're seeing. I think you're seeing that U.S. and China is certainly leading the recovery with Asia. Europe is delayed, but certainly not derailed. And parts of the emerging markets are struggling. So you do see a different picture in different parts of the world.

是的。我將從宏觀方面多談一些。馬克將為我們自己介紹一些其他重要的方面。看，我們看到的是異步增長。我認為你看到美國和中國無疑正在引領亞洲的復甦。歐洲被推遲了，但肯定沒有脫軌。部分新興市場正陷入困境。所以你確實在世界不同地方看到了不同的景象。

And as I think you heard from me at the beginning of the call, we're pretty optimistic about the U.S. in particular over the next few years. There's a lot of unspent savings out there with consumers. Huge amount of liquidity in the market. Corporate balance sheets are broadly healthy. And then you've also got a lot of dynamism from digitization that's changing consumer behaviors and driving investment.

正如我想您在電話會議開始時聽到的那樣，我們對美國非常樂觀，尤其是在未來幾年。消費者還有很多未花的積蓄。市場流動性大。企業資產負債表整體健康。此外，數位化也帶來了巨大的活力，正在改變消費者行為並推動投資。

So overall, it's certainly a very improved outlook around the world, but it is an asynchronous one. And we're seeing, as Mark had talked about, strong pipelines, a lot of client engagement, a lot of client activity. But Mark, why don't I turn to you on how you're seeing some of this translate?

總的來說，世界各地的前景肯定有了很大改善，但這是一種非同步的前景。正如馬克所說，我們看到強大的管道、大量的客戶參與、大量的客戶活動。但是馬克，我為什麼不向你請教你如何看待這些翻譯呢？

Yes. Let me make a -- I guess I'll make a couple of comments. One, we are seeing continued pressure on our consumer business, right? So we talked about loan volumes being down, particularly in Branded Cards, almost 15% or 15%. Retail Services average loans, down 13%. What I would say is we are seeing signs of the recovery. And while those loans are down, payment rates remain high. That helps from a cost of credit point of view. And purchase sales are starting to show some good signs. So Branded Cards purchase sales were flat year-over-year. The Retail Services purchase sales were up 4% year-over-year. And the outlook is positive in terms of kind of GDP and unemployment.

是的。讓我做一個——我想我會發表一些評論。第一，我們的消費者業務面臨持續的壓力，對嗎？因此，我們談到貸款量下降，尤其是品牌卡，下降了近 15% 或 15%。零售服務平均貸款下降 13%。我想說的是，我們正在看到復甦的跡象。儘管這些貸款減少了，但還款率仍然很高。從信貸成本的角度來看，這很有幫助。購買銷售開始顯示出一些良好跡象。因此，品牌卡的購買銷售額與去年同期持平。零售服務採購銷售額年增 4%。就國內生產毛額和失業率而言，前景樂觀。

And so the stimulus that's out there still has to play out in North America. But we are optimistic that consumer spending trends look like they're going to go favorable. And that will undoubtedly help the forecast that I spoke to, which is recovery in NIR and some loan activity towards the back half of the year.

因此，現有的刺激措施仍需在北美發揮作用。但我們樂觀地認為，消費者支出趨勢看起來會朝著有利的方向發展。這無疑將有助於我談到的預測，即 NIR 的復甦和下半年的一些貸款活動。

On the corporate ICG side, similarly, we're certainly seeing good signs as it relates to the markets activity, we've talked about that, and that's continued since last year. But when I think about even ICG loans, we've seen loan activity in the private bank. We've seen loan activity in parts of markets. And so those are good. And loan activity as it relates to trade, which is -- which are all good signs of the recovery that we're all marching towards.

同樣，在企業 ICG 方面，我們當然看到了與市場活動相關的良好跡象，我們已經討論過這一點，並且自去年以來一直如此。但當我想到 ICG 貸款時，我們已經看到私人銀行的貸款活動。我們已經看到部分市場出現了貸款活動。所以這些都很好。與貿易相關的貸款活動，都是我們正在邁向復甦的好跡象。

Yes. And one follow-up on card, Mark. You had mentioned in your prepared remarks about how we knew that we would get the bounce in card losses. But you mentioned generically that card losses would still remain pretty low. Any way of helping us kind of understand just how you expect card losses to traject overall?

是的。還有一張卡片的後續行動，馬克。您在準備好的評論中提到我們如何知道卡牌損失會反彈。但您普遍提到卡牌損失仍然會保持在相當低的水平。有什麼方法可以幫助我們了解您預期卡牌損失的整體軌跡如何？

Yes. Let me mention a couple of things on that. So one is -- let's take it in pieces. So Latin America, on the chart on Slide 10, big jump in the -- in the quarter, almost 11% of NCLs. But again, that is a byproduct of customers coming off of the relief program in the third quarter. And as we look at the delinquency buckets, we're not seeing meaningful signs of increases in those buckets. And that gives us comfort in the case of Latin America that we've reached the peak there.

是的。讓我就此提及幾件事。所以一是──讓我們把它分成幾個部分。因此，在投影片 10 的圖表中，拉丁美洲在本季大幅躍升，幾乎佔 NCL 的 11%。但這又是第三季客戶擺脫救助計畫的副產品。當我們查看拖欠金額時，我們沒有看到這些金額有有意義的增加跡象。就拉丁美洲而言，這讓我們感到安慰，因為我們已經達到了那裡的頂峰。

Similarly for other regions, there are no signs in the delinquency bucket to suggest that we're going to see big increases in our NCLs. And in fact, in North America, what you heard me say is that we likely would not see that until late in 2022. And so it's the payment rates that we're seeing. It's the low activity as it relates to the delinquency buckets. It's obviously the impact of stimulus playing through all of that, that give us some comfort at this stage that we're not likely to see a pop in NCL certainly in 2021.

同樣，對於其他地區來說，拖欠款中沒有任何跡象表明我們將看到 NCL 大幅增加。事實上，在北美，你聽到我說的是，我們可能要等到 2022 年末才能看到這種情況。這是與拖欠款相關的低活動。顯然，刺激措施的影響貫穿了這一切，這讓我們在現階段得到了一些安慰，因為我們不太可能在 2021 年看到 NCL 的流行。

Your next question is from the line of Brian Kleinhanzl with KBW.

您的下一個問題來自 KBW 的 Brian Kleinhanzl。

So yes, I have 2 questions. Maybe first on the corporate lending. Balances there were down 30% year-on-year. I'm just trying to get a sense of how much of that is driven by client demand versus overall risk appetite. Maybe it's -- just trying to see if you get more risk appetite that those loan balances could come back sooner.

是的，我有兩個問題。也許首先是企業貸款。餘額年減 30%。我只是想了解其中有多少是由客戶需求與整體風險偏好所驅動的。也許只是想看看你是否有更大的風險偏好，這些貸款餘額可以更快地收回。

Yes. I mean, look, as you know, we're managing through this crisis. But if you look back to early last year and the second quarter last year, this was about ensuring that clients had an appropriate level of liquidity. And that has continued to happen, as you see in our deposit growth, as you've heard others mention, as you've seen monetary action there.

是的。我的意思是，正如你所知，我們正在渡過這場危機。但如果你回顧去年初和去年第二季度，這是為了確保客戶有適當的流動性水準。這種情況一直在持續發生，正如您在我們的存款成長中看到的那樣，正如您聽到其他人提到的那樣，正如您看到那裡的貨幣行動一樣。

Our corporate clients have lots of liquidity by and large. And they have a -- many of the clients we serve have the option of how they want to access the market for that liquidity. And you saw that in some of the ECM, DCM activity through the balance of last year and even some of it continuing.

我們的企業客戶整體上擁有大量的流動性。我們服務的許多客戶都可以選擇如何進入市場以獲得流動性。您可以看到，在去年餘下的一些 ECM、DCM 活動中，甚至其中一些活動仍在繼續。

So long-winded way of saying it is -- this is a client-driven business. This is about client demand. And so it's not a question of risk appetite. Risk appetite is always important. We operate inside of our risk appetite framework always. But the dynamic that you're seeing here is about client demand.

這麼長的說法就是──這是一個以客戶為導向的事業。這是關於客戶的需求。所以這不是風險偏好的問題。風險偏好始終很重要。我們始終在風險偏好框架內運作。但您在這裡看到的動態與客戶需求有關。

Okay. And the second question on cards. And I heard you desire to grow new card accounts. Can you maybe just go into a little bit deeper on the strategy behind that? Is it more going back to promotional balances and opening up that back again? Or how you're going to grow those new card accounts?

好的。第二個問題是關於卡片的。我聽說您希望增加新的卡帳戶。您能否更深入地探討一下背後的策略？更應該回到促銷餘額並再次開放？或者您將如何增加這些新的卡片帳戶？

Yes. Again, the card dynamic here is about ensuring that we get the timing right as it relates to market reentry, right? And so obviously coming into this, we wanted to be very thoughtful about how we managed our risk and we tightened risk criteria in order to ensure that we would manage responsibly through this pandemic.

是的。同樣，這裡的卡片動態是為了確保我們得到正確的時機，因為它與重新進入市場有關，對嗎？很明顯，進入這個階段，我們希望認真考慮如何管理風險，並收緊風險標準，以確保我們能夠負責任地應對這場流行病。

And now as we sit here and see all the signs of recovery that you've heard us mention, it's about a responsible reopening, right, and ensuring that we're targeting the customers that we want longer term, the existing customers that we're opening line availability to them where that makes sense, in the case of our Retail Services that we are pursuing new account acquisitions both there as well as in Branded Cards. So it's about that reentry strategy and consistent with the target market customer that you've heard us describe before, which tends to be of a higher quality.

現在，當我們坐在這裡看到您聽到我們提到的所有復甦跡象時，這是關於負責任的重新開放，對吧，並確保我們的目標客戶是我們長期想要的客戶，我們的現有客戶。因此，這與重新進入策略有關，並且與您之前聽我們描述過的目標市場客戶保持一致，這些客戶往往具有更高的品質。

Your next question is from the line of Chris Kotowski with Oppenheimer.

你的下一個問題來自克里斯·科托夫斯基和奧本海默的對話。

My question is on the exit markets, and in particular on the markets in the Pacific Rim, are there operational linkages between the operations in all those countries that would make those companies better to sell as a unit to one of the pan national companies? Or is it very modular and could be pulled apart in each country sold to the highest bidder?

我的問題是關於退出市場，特別是在環太平洋地區的市場上，所有這些國家的業務之間是否存在運營聯繫，這將使這些公司更好地作為一個單位出售給泛國家公司之一？或者它是否非常模組化，可以在每個國家拆開賣給出價最高的人？

And then secondly, I was wondering also, do you -- do the Citi Branded Cards go with these dispositions? Or do you maintain that separately and continues to try to solicit and grow the card base?

其次，我也想知道，花旗品牌卡是否符合這些配置？或者您是否單獨維護該卡並繼續嘗試徵求和擴大卡片基礎？

Chris, so in terms of the exit markets, I'd say it's probably a tad early to speculate on the buyers. These are fabulous franchises, and we've got really tremendous talent, tremendous capabilities there in the individual markets. And so we expect to get a lot of interest. But as to who and what, I'm certainly not going to speculate yet.

克里斯，就退出市場而言，我想說現在猜測買家可能還為時過早。這些都是非常棒的特許經營權，我們在各個市場上擁有非常出色的人才和巨大的能力。因此我們預計會引起很多興趣。但至於誰和什麼，我當然不會猜測。

When you ask about operational linkages, I mean this is something, as Mark said, he and I have gone through quite a few divestitures in different geographies. And we are well skilled at how to make sure that we can separate out the consumer franchises and then invest in the capabilities for the ICG businesses. It's not been a problem in any of the divestitures that we've done, which were many. I think it was about 11 or 12 across Latin America and others before. So our team is good at this. It's not going to be an issue. And in fact, it will enable us, as we said, to target our investments more into the institutional platforms and wealth in the hubs, as we talked about.

當你問及營運聯繫時，我的意思是，正如馬克所說，他和我在不同地區經歷了相當多的資產剝離。我們非常擅長如何確保我們能夠分離出消費者特許經營權，然後投資 ICG 業務的能力。在我們做過的很多次資產剝離中，這都不是問題。我認為拉丁美洲和其他地區之前大約有 11 或 12 個。所以我們的團隊在這方面很擅長。這不會成為問題。事實上，正如我們所說，這將使我們能夠將投資更多地投入到中心的機構平台和財富上，正如我們所談到的。

And then in terms of Branded Cards, do Branded Cards go as part of the sale? Yes is the very simple answer to that one. Transaction services, of course, remains an important part of the franchises in these 13 geographies. And so our capabilities in commercial cards and our capabilities and payments, et cetera, for the GTS side of the business remain intact and will be invested in.

那麼就品牌卡而言，品牌卡是否屬於銷售的一部分？是的，這是這個問題的非常簡單的答案。當然，交易服務仍然是這 13 個地區特許經營的重要組成部分。因此，我們在商務卡方面的能力以及 GTS 業務方面的能力和支付等方面保持不變，並將進行投資。

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

您的下一個問題來自 RBC 的 Gerard Cassidy。

Mark, can you share with us -- many of us are trying to take a look at what your bank and your peers will look like when we get back to some sort of normality were beyond the pandemic. And one of the areas of focus is loan loss reserves since, as you and your peers said, you built them up dramatically. Now you're drawing them down, of course.

馬克，你能和我們分享一下嗎——我們中的許多人都在嘗試看看，當我們恢復到疫情結束後的某種正常狀態時，你的銀行和同行會是什麼樣子。重點領域之一是貸款損失準備金，因為正如您和您的同行所說，您大幅增加了貸款損失準備金。當然，現在你要把它們拉下來。

Can you share with us -- I think if I recall back on day 1, January '20, when the new CECL rules came into place, your loan loss reserve to loans was about 2.6%. And I think today, it's about 3.3%. Can you give us some color of directionally do you think you could get there? I know there's a lot of moving parts in change of mix of loans and different economic outlooks. But the economy looks a heck a lot better in the next 12 months than it did prepandemic and when you guys all did the day 1 reserves. And that was, of course, we didn't know the pandemic was coming back then, of course.

您能否與我們分享一下—我想如果我回想起20年1月的第一天，當新的CECL規則生效時，您的貸款損失準備金約為貸款的2.6%。我認為今天大約是 3.3%。你能給我們一些方向性的信息嗎？我知道貸款組合的變化和不同的經濟前景有很多變化。但接下來 12 個月的經濟看起來比大流行前以及你們都做了第一天儲備時要好得多。當然，我們當時並不知道大流行會捲土重來。

Yes. Yes. It's a really tough question to answer because there's so many moving pieces that come into play here. So while we sit at 3.3%, as you pointed out, the macro environment continues to improve, this is based on an outlook. And as those economic variables change, whether it be U.S. unemployment or GDP, but also as our balances change, so as we continue to reenter the market, as I kind of suggested in my other response, we're going to start growing balances and we're going to start -- and that's going to impact the mix of balances that we have. And so all of those factors on top of, in our case, how the probability and severity of a downside continues to morph, become important considerations in not only answering your question, but also how we think about future reserve releases.

是的。是的。這是一個非常難以回答的問題，因為這裡有很多變化的因素。因此，正如您所指出的，雖然我們的成長率為 3.3%，但宏觀環境持續改善，這是基於展望。隨著這些經濟變數的變化，無論是美國的失業率還是國內生產總值，而且隨著我們的餘額的變化，隨著我們繼續重新進入市場，正如我在其他回應中所暗示的那樣，我們將開始增加餘額，我們將開始—這將影響我們現有的平衡組合。因此，在我們的例子中，所有這些因素，以及下行的可能性和嚴重程度如何繼續變化，不僅成為回答你的問題的重要考慮因素，而且成為我們如何考慮未來準備金釋放的重要考慮因素。

And so I'm not trying to dodge your questions at all, but it is a question that will be a kind of a byproduct of how we get to some sense of normalcy and how the portfolio continues to evolve.

所以我根本不想迴避你的問題，但這個問題將成為我們如何獲得某種常態感以及投資組合如何繼續發展的副產品。

Got it. No, I completely understood. And Jane, I may have missed this, but I obviously sense the excitement in your voice about the new refresh on the strategy. How long -- if you have to sit back, is this a 3-, 5-year project? Any idea of the -- how long it will take to get Citi to the place where you wanted to go to?

知道了。不，我完全明白。簡，我可能錯過了這一點，但我明顯感覺到你聲音中對策略新更新的興奮。如果您必須坐下來，這是一個 3 年、5 年的專案嗎？您知道花旗需要多久才能到達您想去的地方嗎？

That's an interesting question. I mean what we're looking at as we do the strategy refresh work is looking with a long-term perspective for the firm. I don't think it takes us a long time to complete the strategy refresh work, and we'll be looking forward to sharing that with everybody as we go along, as we said. And we get on with execution as soon as it makes sense.

這是一個有趣的問題。我的意思是，我們在進行策略更新工作時正在著眼於公司的長期前景。我認為我們不需要很長時間就能完成策略更新工作，正如我們所說，我們將期待在進展過程中與大家分享這一點。一旦有意義，我們就會立即執行。

So I don't honestly know, as a former consultant, as to whether you're ever done with strategy. This world is highly dynamic. It's a fascinating world. I think part of the excitement is I'm excited about the franchise. I'm excited about the prospects of the firm. I'm also realistic, we've got quite a bit of work to do. And we're very -- Mark and I are very clear on what our priorities are.

所以說實話，作為一名前顧問，我不知道你是否已經完成了策略。這個世界是高度動態的。這是一個迷人的世界。我認為令人興奮的部分原因是我對這個系列感到興奮。我對公司的前景感到興奮。我也很現實，我們還有很多工作要做。我們非常——馬克和我非常清楚我們的優先事項是什麼。

So I don't think it's going to take us very long to come back to everybody with a clearer view of where we're going. I'm looking forward to doing so and, more than anything, looking forward to getting on with it. And I don't think we're ever done.

因此，我認為我們不需要很長時間就能讓每個人都更清楚地了解我們的前進方向。我很期待這樣做，最重要的是，期待繼續下去。我認為我們還沒有完成。

I can assure you, Gerard, that Jane is moving all of us with a sense of urgency. And that's the right focus that we should have on the strategy refresh. But Jane, you're absolutely right, strategy doesn't just stop, right? So well said.

傑拉德，我可以向你保證，簡正在以一種緊迫感感動著我們所有人。這就是我們在策略更新上應該關注的正確焦點。但簡，你說得完全正確，戰略不會就此停止，對嗎？說得好。

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

您的最後一個問題來自摩根大通的 Vivek Juneja。

Jane, I wanted to get -- understand from you. So you've gone through these exits as you've talked about in Latin America and now you're doing in the consumer bank and that you've announced for Asia now. What do you see as the differences in your consumer franchise in Asia versus Latin America? And pointedly, the investment sales, what is that as a percentage of revenue, for instance, in your Asia consumer bank versus Latin America? That's a little second detail on that. And will that -- will those revenues also go away?

簡，我想從你那裡得到－－理解。因此，正如您在拉丁美洲所談論的那樣，您已經經歷了這些退出，現在您正在消費銀行中所做的事情，並且您現在已經宣布了亞洲的退出。您認為亞洲和拉丁美洲的消費者特許經營有何不同？尖銳的是，投資銷售佔收入的百分比是多少，例如，與拉丁美洲相比，亞洲消費銀行的投資銷售佔收入的百分比是多少？這是第二個細節。這些收入也會消失嗎？

So 2 different questions, 1 a little higher level, but tied to it is this whole investment sales and where do you see that. And implications for your -- because what I'm trying to get is a sense of implications for your private banking revenues, which I guess are different than this investment sales revenue that shows up in the consumer bank.

所以有 2 個不同的問題，1 級別更高一點，但與之相關的是整個投資銷售以及您在哪裡看到的。對您的影響 - 因為我想要了解的是對您的私人銀行收入的影響，我想這與消費銀行中顯示的投資銷售收入不同。

Yes, and I think the differences between our Asia consumer franchises and Latin America, Latin America, let's be clear, is our franchise and Citi Banamex only today. And that's a single geography with about 20% market share and a full -- and is a full offering to the consumer as opposed to our franchises in Asia that were a bit of smaller. They're excellent franchises. As you know, they've got a good brand name. They've got terrific card franchises and an affluent client base, but they haven't had the same scale that we have in Mexico. So I do view them as rather different.

是的，我認為我們的亞洲消費者特許經營權和拉丁美洲之間的區別，讓我們明確一點，拉丁美洲是我們的特許經營權和花旗銀行的區別。這是一個擁有大約 20% 市場份額的單一地區，並且是向消費者提供的全面產品，而不是我們在亞洲的特許經營店，後者的規模要小一些。他們是優秀的特許經營者。如您所知，他們有一個很好的品牌名稱。他們擁有出色的信用卡特許經營權和豐富的客戶群，但他們的規模還沒有我們墨西哥那麼大。所以我確實認為它們相當不同。

And in terms of what are there -- I guess the question you're asking is what's the ramification of the divestitures for this -- for our wealth business in Asia. If you look at the individual Asian markets, the domestic capital markets are not that well developed. And so the offshore markets in Hong Kong and Singapore, and indeed in the Middle East and in the states and in London and the like, become very important markets. So the onshore wealth opportunity is usually massively dwarfed by the offshore wealth opportunity. And that's where we feel we're best placed to focus our attention and resources.

就我們在亞洲的財富業務而言，我想你問的問題是剝離的後果是什麼。如果你看亞洲各市場，國內資本市場還沒有那麼發達。因此，香港和新加坡的離岸市場，甚至中東、美國、倫敦等地的離岸市場，都成為非常重要的市場。因此，在岸財富機會通常與離岸財富機會相形見絀。這就是我們認為最適合集中註意力和資源的地方。

What I would also say, though, is one of the advantages for Citi is we're not just an investment sales proposition, that we also do have the deposit franchise, the card franchise. We have the capital market platform for sure. We've got the ability to offer our clients tremendous managed investments. The content that we're able to offer, thanks to our ICG franchise, that's really best-in-class. I know it's quite extraordinary in the asset allocation advice. So this is really the capabilities we can provide. The client is very well diversified from lending, banking as well as the investment and the managed investment capital market revenues that you see.

不過，我還要說的是，花旗的優點之一是，我們不僅僅是一個投資銷售主張，我們還擁有存款特許經營權、信用卡特許經營權。我們肯定有資本市場平台。我們有能力為客戶提供巨大的管理投資。由於我們的 ICG 特許經營權，我們能夠提供的內容確實是一流的。我知道它在資產配置建議方面非常出色。所以這確實是我們可以提供的能力。客戶的業務非常多元化，包括貸款、銀行業務以及您所看到的投資和管理投資資本市場收入。

So I don't just think of this as investment sales. This is something that we're able to offer that's much more broad in those wealth center hubs. And the offshore is far greater than the onshore opportunity in those 13 markets. And we'll get -- you'll get more guidance on this as we go forward, as Mark said, and as Jim fleshes out the strategy and the plan that we've got. So you can expect to get some more details.

所以我不僅僅認為這是投資銷售。這是我們能夠在這些財富中心提供更廣泛的服務。在這 13 個市場中，離岸機會遠大於在岸機會。正如馬克所說，隨著吉姆充實我們已有的策略和計劃，隨著我們前進，您將獲得更多有關這方面的指導。因此，您可以期待獲得更多詳細資訊。

There are no further questions. I will turn the call back over to management for any closing remarks.

沒有其他問題了。我會將電話轉回管理層以供結束語。

Thank you all for joining today. Please feel free to reach out to Investor Relations if you have any follow-up questions. Thank you again, and have a nice day.

感謝大家今天的加入。如果您有任何後續問題，請隨時聯絡投資者關係部。再次感謝您，祝您有美好的一天。

This concludes the first quarter 2021 earnings call. Thank you for your participation. You may now disconnect.

2021 年第一季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。