花旗銀行 (C) 2022 Q2 法說會逐字稿

Hello and welcome to Citi's Second Quarter 2022 Earnings Review with Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

您好，歡迎與首席執行官簡·弗雷澤一起參加花旗 2022 年第二季度收益評估；和首席財務官馬克梅森。今天的電話會議將由花旗投資者關係主管 Jen Landis 主持。 （操作員說明）另外提醒一下，今天正在錄製此會議。如果您有任何異議，請在此時斷開連接。蘭迪斯女士，你可以開始了。

Thank you, operator. Good morning and thank you all for joining us. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our SEC filings.

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

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

有了這個，我會把它交給簡。

Thank you, Jen, and thank you, everyone, for joining us today. When we last spoke, we said the macro and geopolitical outlook was complex and uncertain. So in one sense, little has changed. However, the headwinds have certainly crystallized. And it's against that backdrop that I'm proud of the results our team delivered this quarter as we execute on our strategy and transformation.

謝謝你，Jen，也謝謝大家今天加入我們。當我們上次發言時，我們說宏觀和地緣政治前景是複雜和不確定的。所以從某種意義上說，幾乎沒有什麼變化。然而，逆風肯定已經明確。正是在這種背景下，我為我們團隊在本季度執行戰略和轉型時所取得的成果感到自豪。

There are mounting costs to the series of supply shocks we've experienced. And now we need to pay attention to an additional S in ESG, and that is security. In addition to energy and cybersecurity, food security has also come into sharper focus, threatening to spread the humanitarian cost of the war well beyond Europe. Resiliency is the new priority for governments and corporates alike. And all of this is adding to inflationary pressures, which are in turn being met with a more hawkish response from the Fed and other central banks, all contributing to sharply lower U.S. consumer confidence.

我們經歷的一系列供應衝擊的成本越來越高。現在我們需要注意 ESG 中的一個額外的 S，那就是安全性。除了能源和網絡安全之外，糧食安全也成為人們更加關注的焦點，有可能將戰爭的人道主義成本傳播到歐洲以外的地區。彈性是政府和企業的新優先事項。所有這一切都加劇了通脹壓力，而這反過來又導緻美聯儲和其他央行採取更加強硬的回應，所有這些都導緻美國消費者信心急劇下降。

Higher rates and QT will keep volatility high. That said, while sentiment has shifted, little of the data I see tells me the U.S. is on the cusp of a recession. Consumer spending remains well above pre-COVID levels with household savings providing a cushion for future stress. And as any employer will tell you, the job market remains very tight.

更高的利率和 QT 將保持高波動性。也就是說，雖然市場情緒發生了變化，但我看到的數據很少告訴我美國正處於衰退的風口浪尖。消費者支出仍遠高於 COVID 之前的水平，家庭儲蓄為未來的壓力提供了緩衝。正如任何雇主都會告訴你的那樣，就業市場仍然非常緊張。

Similarly, our corporate clients see robust demand and healthy balance sheet with revenue softness attributed to supply chain constraints so far. So while a recession could indeed take place over the next 2 years in the U.S., it's highly unlikely to be a sharper downturn as others in recent memory.

同樣，到目前為止，我們的企業客戶看到強勁的需求和健康的資產負債表，收入疲軟歸因於供應鏈限制。因此，儘管美國未來兩年確實可能發生衰退，但在最近的記憶中，它不太可能像其他人那樣出現更劇烈的衰退。

I'm just back from Europe, where it's a different story. We expect a very difficult winter is coming, and that's due to disruptions in the energy supply. There is also increasing concern about second order effects on industrial production and how that will affect economic activity across the continent. And the mood is, of course, further darkened by the belief that the war in Ukraine will not end anytime soon.

我剛從歐洲回來，那裡是另一回事。我們預計一個非常艱難的冬天即將到來，這是由於能源供應中斷。人們也越來越關注工業生產的二級效應以及這將如何影響整個非洲大陸的經濟活動。當然，人們相信烏克蘭的戰爭不會很快結束，這種情緒會進一步加深。

In Asia, a rebound in China also faces some constraints given the potential for future lockdowns, the amount of leverage in the Chinese economy and stress in their property sector. Given this uncertain environment, I'm quite pleased with our overall performance. We reported net income of $4.5 billion, an EPS of $2.19 and an RoTCE of 11.2%. We grew revenues at 11% year-over-year whilst remaining on track to meet our expense guidance for the year.

在亞洲，鑑於未來可能出現的封鎖、中國經濟的槓桿率以及房地產行業的壓力，中國的反彈也面臨一些限制。鑑於這種不確定的環境，我對我們的整體表現感到非常滿意。我們報告的淨收入為 45 億美元，每股收益為 2.19 美元，RoTCE 為 11.2%。我們的收入同比增長 11%，同時仍有望滿足我們今年的費用指導。

Services continued to show excellent momentum with revenues up 28% year-over-year. While some of that growth is a result of the rate environment, we had double-digit fee growth, consistent with the strategy we presented to you in March. TTS in particular fired on all cylinders as clients took advantage of our global network, leading to the best quarter this business has had in a decade.

服務繼續呈現強勁勢頭，收入同比增長 28%。雖然其中一些增長是費率環境的結果，但我們的費用增長了兩位數，這與我們在 3 月份向您提出的策略一致。隨著客戶利用我們的全球網絡，TTS 尤其火力全開，實現了該業務十年來最好的季度。

The market volatility that we saw in the first quarter continued into the second, driving corporate clients in particular to be more active in risk management, contributing to revenue growth of 25% in markets. The volatility we saw in foreign exchange, rates, commodities and equity derivatives favored our mix, and we were more efficient in our capital usage. And while this level of activity is related to where we are in the current cycle rather than a new baseline in markets, I believe we are helping our clients navigate this environment quite well. And it shows how our emphasis on our corporate clients globally, given their consistent trading needs, is a differentiating one for us in market.

我們在第一季度看到的市場波動持續到第二季度，尤其是推動企業客戶更加積極地進行風險管理，推動市場收入增長 25%。我們在外匯、利率、大宗商品和股票衍生品方面看到的波動有利於我們的組合，我們的資本使用效率更高。雖然這種活動水平與我們在當前週期中的位置有關，而不是與市場的新基準有關，但我相信我們正在幫助我們的客戶很好地駕馭這種環境。它表明，鑑於他們始終如一的交易需求，我們對全球企業客戶的重視如何使我們在市場上與眾不同。

On the flip side, that same environment continues to put a great deal of pressure on the Investment Banking wallet with our revenues down 46%. However, we are seeing an increase of lending as our clients have been less inclined to obtain financing through the debt markets given the recent swings. In U.S. personal banking, the positive drivers we saw in our 2 credit card businesses over the last few quarters converted into solid revenue growth this quarter, most notably, 10% growth in Branded Cards.

另一方面，同樣的環境繼續給投資銀行錢包帶來巨大壓力，我們的收入下降了 46%。然而，鑑於近期的波動，我們的客戶不太願意通過債務市場獲得融資，因此我們看到貸款有所增加。在美國個人銀行業務中，我們在過去幾個季度的兩項信用卡業務中看到的積極推動因素轉化為本季度穩健的收入增長，最顯著的是品牌卡增長了 10%。

And you can see how resilient the consumer is in the U.S. through the elevated payment rates and the low level of credit losses. They have, however, shifted their spend far more to travel and entertainment, which are now outpacing 2019 levels.

通過提高支付率和低水平的信用損失，您可以看到美國消費者的彈性。然而，他們將支出更多地轉移到了旅行和娛樂上，現在已經超過了 2019 年的水平。

While volatility can be an opportunity for our trading desks, lower asset prices are a headwind for wealth management. Asia again was hit harder than other regions, leading to flat year-over-year wealth management revenues overall. That said, we continue to execute our wealth strategy across a number of fronts, including building our base of client advisers, expanding our Private Bank physical footprint to reach 20 countries with the additions of Germany and France, and increasing referrals from our branch network in the U.S. So the underlying strategic drivers for the long-term growth of this business continue to advance.

雖然波動性可能是我們交易部門的機會，但較低的資產價格是財富管理的逆風。亞洲再次受到比其他地區更大的打擊，導致整體財富管理收入同比持平。也就是說，我們繼續在多個方面執行我們的財富戰略，包括建立我們的客戶顧問基礎，將我們的私人銀行實體足跡擴大到 20 個國家，並增加德國和法國，以及增加來自我們在因此，該業務長期增長的潛在戰略驅動力繼續推進。

Overall, while we did have a slight build in reserves given the increasing possibility of a recession, we are operating from a position of strength. Our capital, liquidity, credit quality and reserve levels are strong, and our diversified business mix also positions us well for the choppy waters on the horizon.

總體而言，儘管鑑於經濟衰退的可能性增加，我們的儲備確實略有增加，但我們正處於強勢地位。我們的資本、流動性、信用質量和儲備水平都很強，我們多元化的業務組合也使我們在即將到來的波濤洶湧的水域中處於有利地位。

Well, while the world has changed since we presented our Investor Day to you in March, our strategy has not. We have continued to execute it with discipline and with urgency. The quarterly report card on Slide 3 should help you hold us accountable for our progress. We are laser-focused on the long-term goals we set out in March, and I see this quarter's performance as validating that we are indeed on the right path.

好吧，雖然自從我們在 3 月份向您展示投資者日以來，世界已經發生了變化，但我們的戰略卻沒有改變。我們繼續以紀律和緊迫的方式執行它。幻燈片 3 上的季度報告卡應該可以幫助您讓我們對我們的進步負責。我們專注於我們在 3 月份設定的長期目標，我認為本季度的表現證明我們確實走在正確的道路上。

Simplifying the firm is a high priority, and we made good progress executing on our divestitures, such as closing the sale of Australia during the quarter. We're well into the sales process in Mexico, working through the regulatory and legal dynamics that can be expected in a transaction of this nature.

簡化公司是當務之急，我們在資產剝離方面取得了良好進展，例如在本季度完成了澳大利亞的銷售。我們已經深入了解墨西哥的銷售流程，處理此類交易中可能出現的監管和法律動態。

In terms of Russia, we continue to shrink the size of our business and take steps to reduce our financial exposure. Given the complex environment, we are considering the full range of possibilities to exit our Consumer & Commercial Banking businesses, including portfolio sales. As divestitures such as Australia progress, we are beginning to eliminate stranded costs and simplify our model. And this discipline is critical to ensuring we have the resources to invest in the businesses where we want to gain or maintain a competitive advantage and to ensure the success of our transformation.

在俄羅斯方面，我們繼續縮小業務規模，並採取措施減少我們的財務風險。鑑於復雜的環境，我們正在考慮退出我們的消費者和商業銀行業務的各種可能性，包括投資組合銷售。隨著澳大利亞等資產剝離的進展，我們開始消除擱淺成本並簡化我們的模型。這一紀律對於確保我們有資源投資於我們想要獲得或保持競爭優勢的業務以及確保我們的轉型成功至關重要。

To that point, we were particularly pleased that our AML consent order was lifted by the OCC in April. We are committed to ensuring our technology, controls and processes are up to the standards our regulators expect of us and we expect of ourselves.

在這一點上，我們特別高興的是，OCC 在 4 月取消了我們的 AML 同意令。我們致力於確保我們的技術、控制和流程符合監管機構對我們的期望以及我們對自己的期望。

Let me end on capital. We increased our CET1 ratio to 11.9% this quarter whilst returning $1.3 billion in capital, including a rather modest level of buybacks. Our tangible book value per share now exceeds $80. Despite the strength of our balance sheet and reserves, our stress capital buffer is set to increase to 4% in the fourth quarter as a result of this year's stress test scenario. So over the near term, we plan to build to a CET1 ratio of approximately 13%, including our 100 basis point management buffer. Over the medium term, our CET1 target remains at 11.5% to 12%.

讓我結束資本。本季度我們將 CET1 比率提高到 11.9%，同時返還了 13 億美元的資本，其中包括相當適度的回購。我們的每股有形賬面價值現在超過 80 美元。儘管我們的資產負債表和儲備實力強勁，但由於今年的壓力測試情景，我們的壓力資本緩衝將在第四季度增加到 4%。因此，在短期內，我們計劃建立大約 13% 的 CET1 比率，包括我們 100 個基點的管理緩衝。中期內，我們的 CET1 目標保持在 11.5% 至 12%。

We are prioritizing our dividend and are pausing our share repurchases as we build capital. We have a management buffer, which we can use to help ensure a smooth path to our required levels, and Mark will walk you through our approach in a few minutes. We will generate significant capital given our earnings power and the completion of pending divestitures. We know how important buybacks are to shareholder value creation, in particular when we are trading at these levels, and are committed to restarting them as soon as it is prudent to do so.

我們正在優先考慮我們的股息，並在我們建立資本時暫停我們的股票回購。我們有一個管理緩衝區，我們可以使用它來幫助確保順利達到我們所需的水平，Mark 將在幾分鐘內引導您完成我們的方法。鑑於我們的盈利能力和未決資產剝離的完成，我們將產生大量資本。我們知道回購對股東價值創造有多麼重要，特別是當我們在這些水平上交易時，並致力於在謹慎的情況下盡快重啟它們。

We will make every effort to optimize our capital, especially in businesses such as Markets. So we balance the needs of our clients, our investors and our regulators. Overall, in a challenging macro and geopolitical environment, our team delivered solid results, and the bank is in a very strong position to weather uncertain times whilst playing to our strengths. I'm confident about the path ahead, and I'm pleased with our early progress.

我們將盡一切努力優化我們的資本，特別是在市場等業務中。因此，我們平衡了客戶、投資者和監管機構的需求。總體而言，在充滿挑戰的宏觀和地緣政治環境中，我們的團隊取得了穩健的業績，銀行處於非常有利的地位，可以在發揮我們的優勢的同時度過不確定的時期。我對未來的道路充滿信心，我對我們的早期進展感到高興。

Now I'd like to turn it over to Mark, and then we'd be delighted, as always, to take your questions.

現在我想把它交給馬克，然後我們會一如既往地很高興回答你的問題。

Thank you, Jane, and good morning, everyone. I'm going to start with the firm-wide financial results, focusing on year-over-year comparisons for the second quarter, unless I indicate otherwise; then spend a little more time on expenses, capital and Russia; and then turn to the results of each segment and end with 2022 guidance.

謝謝你，簡，大家早上好。除非我另有說明，否則我將從公司範圍內的財務業績開始，重點關注第二季度的同比比較；然後多花一點時間在開支、資金和俄羅斯上；然後轉向每個部分的結果，並以 2022 年的指導結束。

On Slide 4, we show financial results for the full firm. As Jane mentioned earlier, in the second quarter, we reported net income of $4.5 billion and EPS of $2.19 with an RoTCE of 11.2% or $19.6 billion of revenues. In the quarter, total revenues increased 11% with growth in both net interest income as well as noninterest revenues. Net interest income grew 14% driven by higher rates as well as strong volumes across ICG and PBWM. Noninterest revenue grew 5% driven by fixed income and services, which more than offset lower noninterest revenue in Investment Banking and PBWM.

在幻燈片 4 中，我們展示了整個公司的財務業績。正如 Jane 之前提到的，在第二季度，我們報告的淨收入為 45 億美元，每股收益為 2.19 美元，RoTCE 為 11.2%，即收入為 196 億美元。本季度總收入增長 11%，淨利息收入和非利息收入均增長。在 ICG 和 PBWM 的高利率以及強勁的交易量的推動下，淨利息收入增長了 14%。在固定收益和服務的推動下，非利息收入增長了 5%，這足以抵消投資銀行和 PBWM 非利息收入的下降。

Total expenses of $12.4 billion increased 8%, largely driven by transformation, business-led investments and volume-related expenses. On a year-to-date basis, expenses were up 12%, but excluding divestiture-related impacts were up 9%, also driven by the factors I just mentioned. Cost of credit was $1.3 billion driven by net credit losses of $850 million and an ACL build of approximately $400 million. At the end of the quarter, we had approximately $18.3 billion in total reserves with a reserve-to-funded loan ratio of 2.44% and are well capitalized with a CET1 ratio of 11.9%.

124 億美元的總支出增長了 8%，主要受轉型、業務主導的投資和與數量相關的支出的推動。年初至今，費用增長了 12%，但不包括與資產剝離相關的影響，增長了 9%，這也是我剛才提到的因素的推動。信貸成本為 13 億美元，由 8.5 億美元的淨信貸損失和約 4 億美元的 ACL 建設推動。在本季度末，我們的總準備金約為 183 億美元，準備金與融資貸款的比率為 2.44%，資本充足，CET1 比率為 11.9%。

On Slide 5, we show an expense walk for the second quarter with the key underlying drivers. As I mentioned earlier, expenses increased by 8%. 3% of the increase was driven by transformation investments with about 2/3 related to risk, controls, data and the finance programs. And approximately 25% of the investments in those programs are related to technology. And as of today, we have over 9,000 people dedicated to the transformation. About 2% of the expense increase was driven by business-led investments as we continue to hire commercial and investment bankers as well as client advisers in wealth. And we continue to invest in the client experience as well as front-office onboarding and platforms.

在幻燈片 5 中，我們展示了第二季度的主要潛在驅動因素的支出情況。正如我之前提到的，費用增加了 8%。 3% 的增長是由轉型投資推動的，其中約 2/3 與風險、控制、數據和財務計劃相關。這些項目中大約 25% 的投資與技術有關。截至今天，我們有 9,000 多人致力於轉型。隨著我們繼續聘請商業和投資銀行家以及財富方面的客戶顧問，大約 2% 的費用增長是由業務主導的投資推動的。我們將繼續投資於客戶體驗以及前台入職和平台。

2% was due to higher revenue and volume-related expenses, largely in Markets and cards. And approximately 1% was driven by compensation as well as other risk and control investments, partially offset by productivity savings and the impact of foreign exchange translation. Across all these buckets, we continue to invest in technology, which is up 14% for the quarter.

2% 是由於較高的收入和與數量相關的費用，主要是在市場和卡片方面。大約 1% 是由薪酬以及其他風險和控制投資推動的，部分被生產力節省和外匯兌換的影響所抵消。在所有這些方面，我們繼續投資於技術，本季度增長了 14%。

Before we move on from expenses, we wanted to provide some tangible examples of what we are working on regarding our transformation and some of the benefits we expect to see over time. The transformation is designed to improve our governance and processes, enhance our policies and leverage technology to strengthen our controls. We've been actively investing in technology to improve automation and hiring people to stand up these efforts.

在我們從開支開始之前，我們想提供一些具體的例子來說明我們正在努力進行的轉型以及隨著時間的推移我們期望看到的一些好處。轉型旨在改善我們的治理和流程，加強我們的政策並利用技術來加強我們的控制。我們一直在積極投資技術以提高自動化水平，並僱用人員來支持這些努力。

To this end, we are enhancing our risk management processes and capabilities across a number of areas. For example, in Banking, we've gone live with a new platform and now begun to consolidate our 37 loan processing systems to 1 loan servicing platform. And we have continued to build out our infrastructure to enhance our stress testing capabilities across the firm, particularly useful in this market.

為此，我們正在多個領域加強我們的風險管理流程和能力。例如，在銀行業，我們啟用了一個新平台，現在開始將我們的 37 個貸款處理系統整合到 1 個貸款服務平台。我們繼續建設我們的基礎設施，以增強我們在整個公司的壓力測試能力，這在這個市場上特別有用。

Given the power and importance of data, we are redesigning our data governance and data organization, which will help us improve the timeliness and quality of our data. These foundational data-related changes will allow us to simplify and improve client onboarding and deepening, product development as well as enhance our data analytics for every function.

鑑於數據的力量和重要性，我們正在重新設計我們的數據治理和數據組織，這將有助於我們提高數據的及時性和質量。這些與數據相關的基礎變化將使我們能夠簡化和改進客戶入職和深化、產品開發以及增強我們對每個功能的數據分析。

And we are streamlining our financial planning process to allow for multiple scenarios with greater frequency, including more agile capital planning. And we signed with a major software provider to begin a multiyear process of modernizing and moving our 16 ledger platforms deployed across 121 instances to 1 cloud-based ledger. And while we are in the early stages of these initiatives, we expect the efficiencies from these investments to be key in helping us meet our Investor Day commitments.

我們正在簡化我們的財務規劃流程，以允許更頻繁的多種場景，包括更靈活的資本規劃。我們與一家主要軟件提供商簽約，開始了一項多年的現代化進程，將我們部署在 121 個實例中的 16 個分類帳平台遷移到 1 個基於雲的分類帳。雖然我們處於這些舉措的早期階段，但我們預計這些投資的效率將成為幫助我們履行投資者日承諾的關鍵。

On Slide 6, we show net interest income, loans and deposits. In the second quarter, net interest income increased by approximately $1.1 billion on a sequential basis driven by higher rates, day count, growth in loans as well as the impact of the European dividend season on our Markets business. On a year-over-year basis, net interest income increased by approximately $1.5 billion driven by higher interest rates as well as volumes across businesses. And we grew average loans by approximately 3% in ICG, mainly in trade finance, and 4% in PBWM.

在幻燈片 6 上，我們顯示了淨利息收入、貸款和存款。在第二季度，由於利率上升、天數、貸款增長以及歐洲股息季節對我們市場業務的影響，淨利息收入環比增加了約 11 億美元。在利率上升和業務量增加的推動下，淨利息收入同比增長約 15 億美元。 ICG 的平均貸款增長了約 3%，主要是貿易融資，PBWM 的平均貸款增長了 4%。

Legacy franchises loans declined, largely driven by the reclassification of loans to held for sale. And sequentially, the gross yield on our loans increased by 35 basis points, and the cost of our interest-bearing deposits increased by 20 basis points.

傳統特許經營貸款下降，主要是由於將貸款重新分類為持有待售。依次，我們的貸款總收益率增加了 35 個基點，我們的有息存款成本增加了 20 個基點。

On Slide 7, we show our summary balance sheet and key capital and liquidity metrics. We maintained a very strong balance sheet. Of our $2.4 trillion of assets, about 22% or $531 billion are high-quality liquid assets, or HQLA, and we maintained total liquidity resources of approximately $964 billion. Our end-of-period deposits increased by 1%, largely driven by TTS and wealth. On a sequential basis, deposits decreased by 1%, including the impact of seasonality in wealth.

在幻燈片 7 中，我們展示了我們的匯總資產負債表以及關鍵資本和流動性指標。我們保持了非常強勁的資產負債表。在我們 2.4 萬億美元的資產中，約 22% 或 5,310 億美元是優質流動資產，即 HQLA，我們的總流動性資源保持在約 9,640 億美元。我們的期末存款增加了 1%，主要受 TTS 和財富的推動。存款環比下降 1%，包括財富的季節性影響。

From an RWA perspective, we saw both advanced and standardized RWA come down both year-over-year and sequentially as we continue to optimize RWA. We ended the quarter with a standardized CET1 ratio of approximately 11.9%, and standardized remains the binding requirement. And our tangible book value per share was $80.25, up 3%.

從 RWA 的角度來看，隨著我們繼續優化 RWA，我們看到高級和標準化的 RWA 同比和環比均有所下降。我們以大約 11.9% 的標準化 CET1 比率結束了本季度，標準化仍然是具有約束力的要求。我們的每股有形賬面價值為 80.25 美元，增長 3%。

On Slide 8, we show a sequential CET1 ratio walk to provide more detail on the drivers this quarter and our goals over the next few quarters. First, we generated $4.3 billion of net income to common, which added 34 basis points. Second, we returned $1.3 billion in the form of dividends and buybacks, which drove a reduction of about 10 basis points. Third, the interest rate impact on AOCI through our investment portfolio drove a 12 basis point reduction. Fourth, the decrease in disallowed DTA drove a 5 basis point increase. And finally, the remainder was driven by a combination of our net RWA optimization efforts as well as the 12 basis point benefit from the closing of the Australia sale.

在幻燈片 8 上，我們展示了連續的 CET1 比率步行，以提供有關本季度驅動因素和未來幾個季度目標的更多詳細信息。首先，我們為普通股創造了 43 億美元的淨收入，增加了 34 個基點。其次，我們以股息和回購的形式返還了 13 億美元，這導致減少了約 10 個基點。第三，通過我們的投資組合對 AOCI 的利率影響降低了 12 個基點。第四，不允許的 DTA 減少推動了 5 個基點的增長。最後，其餘部分是由我們的淨 RWA 優化工作以及澳大利亞銷售結束帶來的 12 個基點收益共同推動的。

We ended the quarter with a CET1 ratio of 11.9%, 50 basis points higher than the first quarter and well above the regulatory requirement of 10.5%. We expect our regulatory requirement to increase to 11.5% in October of 2022 to account for the increase in our stress capital buffer from 3% to 4%. In January, our regulatory requirement will increase to 12% as a result of an increase in our G-SIB surcharge.

我們在本季度末的 CET1 比率為 11.9%，比第一季度高 50 個基點，遠高於 10.5% 的監管要求。我們預計我們的監管要求將在 2022 年 10 月增加到 11.5%，以說明我們的壓力資本緩衝從 3% 增加到 4%。 1 月份，由於我們的 G-SIB 附加費增加，我們的監管要求將增加到 12%。

A combination of our earnings generation, closing of divestitures and continued RWA optimization efforts will be important tools as we manage towards our CET1 requirement. And our management buffer, which was designed to temporarily address volatility, will allow us to build gradually while continuing to support our clients.

在我們實現 CET1 要求的過程中，我們的創收、資產剝離的結束和持續的 RWA 優化工作將成為重要的工具。我們的管理緩衝區旨在暫時解決波動問題，這將使我們能夠在繼續支持客戶的同時逐步建立。

Given all that, we do expect to build to a CET1 target of approximately 13% by midyear 2023, which accounts for the increased regulatory requirement and assumes a 100 basis point management buffer. However, consistent with what we said at Investor Day, our medium-term target remains at 11.5% to 12%. And while we are pausing buybacks for now, as I've said before, we remain committed to returning excess capital to our shareholders over time.

鑑於這一切，我們確實預計到 2023 年年中將達到約 13% 的 CET1 目標，這說明監管要求增加並假設管理緩衝為 100 個基點。然而，與我們在投資者日所說的一致，我們的中期目標仍為 11.5% 至 12%。正如我之前所說，雖然我們現在暫停回購，但我們仍然致力於隨著時間的推移將多餘的資本返還給我們的股東。

On Slide 9, we provide an update on our exposure to Russia. In 2Q, we reduced our exposure by $3.1 billion in local currency terms, which was more than offset by the ruble appreciation. As of today, the mix of our exposure has changed and is now reflecting a higher proportion of stronger credit names. Additionally, our net investment in our Russian entity is now approximately $1.2 billion, up from about $700 million due to the ruble appreciation.

在幻燈片 9 上，我們提供了我們對俄羅斯的了解的最新情況。在第二季度，我們以當地貨幣計算減少了 31 億美元的敞口，這被盧布升值所抵消。截至今天，我們的敞口組合發生了變化，現在反映了更高比例的實力雄厚的信用名稱。此外，由於盧布升值，我們對俄羅斯實體的淨投資現在約為 12 億美元，高於約 7 億美元。

As a result of the actions that we've taken to reduce our risk, we now believe that under a range of severe stress scenarios our potential capital impact is estimated to be approximately $2 billion, down from the $2.5 billion to $3 billion last quarter.

由於我們為降低風險而採取的行動，我們現在認為，在一系列嚴重壓力情景下，我們的潛在資本影響估計約為 20 億美元，低於上一季度的 25 億美元至 30 億美元。

On Slide 10, we show the results for our Institutional Clients Group. Revenues increased by 20%, largely driven by TTS, Markets, Securities Services as well as a gain on loan hedges, partially offset by a decrease in Investment Banking revenues. Expenses increased 10% driven by transformation, business-led investments and volume-related expenses, partially offset by productivity savings. Cost of credit was a benefit of $202 million with a net ACL release of $220 million and net credit losses of only $18 million. The release was largely driven by a reduction in Russia-related risk, partially offset by a build due to increased global macro uncertainty. This resulted in net income of approximately $4 billion, up 16%.

在幻燈片 10 上，我們展示了機構客戶組的結果。收入增長了 20%，主要受 TTS、市場、證券服務以及貸款對沖收益的推動，但部分被投資銀行業務收入的下降所抵消。在轉型、業務主導的投資和與數量相關的費用的推動下，費用增加了 10%，但部分被生產力節省所抵消。信貸成本帶來了 2.02 億美元的收益，淨 ACL 釋放為 2.2 億美元，淨信貸損失僅為 1800 萬美元。這一釋放主要是由於與俄羅斯相關的風險降低，但部分被全球宏觀不確定性增加導致的增長所抵消。這導致淨收入約為 40 億美元，增長 16%。

We grew average loans by 3%, largely driven by TTS loans, which were up 17%. Average deposits grew 1% driven by the deepening of existing client relationships and new client acquisitions. And ICG delivered an RoTCE of 16.6%.

我們的平均貸款增長了 3%，主要受 TTS 貸款的推動，增長了 17%。受現有客戶關係深化和新客戶收購的推動，平均存款增長 1%。 ICG 的 RoTCE 為 16.6%。

On Slide 11, we show revenue performance by business and the key drivers we laid out at Investor Day, which we will show you each quarter. In services, we continue to see a very strong new client pipeline and deepening with our existing clients and expect that momentum to continue. In Treasury and Trade Solutions, revenues were up 33% driven by 42% growth in net interest income as well as 17% growth in NIR as we saw a strong growth with both mid- and large corporate clients. And we continue to see healthy underlying drivers in TTS that indicate continued strong client activity with U.S. dollar clearing volumes up 2%, cross-border flows up 17% and commercial card volumes up 61%.

在幻燈片 11 上，我們按業務顯示收入表現以及我們在投資者日列出的主要驅動因素，我們將在每個季度向您展示。在服務方面，我們繼續看到一個非常強大的新客戶渠道，並與我們現有的客戶一起深化，並預計這種勢頭將繼續下去。在資金和貿易解決方案方面，由於我們看到大中型企業客戶的強勁增長，淨利息收入增長 42% 以及 NIR 增長 17% 推動了收入增長 33%。我們繼續在 TTS 中看到健康的潛在驅動因素，這表明客戶活動持續強勁，美元清算量增長 2%，跨境流量增長 17%，商業卡交易量增長 61%。

Again, these metrics are indicators of client activity and fees and on a combined basis drive approximately 50% of total TTS fee revenue. Securities Services revenues grew 16% as net interest income grew 41% driven by higher interest rates across currencies. And NIR grew 8%, largely reflecting elevated activity levels in issuer services.

同樣，這些指標是客戶活動和費用的指標，加起來約佔 TTS 費用總收入的 50%。證券服務收入增長了 16%，淨利息收入增長了 41%，這是由於各種貨幣的利率上升。 NIR 增長了 8%，主要反映了發行人服務活動水平的提高。

Overall markets revenues were up 25%. The macro environment played to our strengths with the volatility leading to elevated corporate client activity. Fixed Income Markets revenues were up 31% driven by FX, rates and commodities due to active engagement with our corporate clients as we help them manage risk associated with volatile markets. Equity markets revenues were up 8% driven by strong equity derivative performance, partially offset by less client activity in cash and a net decrease in prime balances as lower asset valuations more than offset new client balance.

整體市場收入增長了 25%。宏觀環境發揮了我們的優勢，波動導致企業客戶活動增加。由於我們幫助企業客戶管理與動盪市場相關的風險，因此與我們的企業客戶積極合作，使固定收益市場收入增長了 31%。在強勁的股票衍生品表現的推動下，股票市場收入增長了 8%，但部分被客戶現金活動減少和主要餘額淨減少所抵消，因為資產估值下降超過了新客戶餘額的抵消。

Banking revenues, excluding gains and losses on loan hedges, were down 28% driven by Investment Banking as heightened geopolitical uncertainty and the overall macro backdrop impacted client activity, partially offset by higher revenue in corporate lending. So we feel very good about the progress we are making here as we continue to deepen existing client relationships as well as acquire new clients.

由於地緣政治不確定性加劇和整體宏觀背景影響客戶活動，銀行業務收入（不包括貸款對沖損益）下降了 28%，部分被企業貸款收入增加所抵消。因此，隨著我們繼續深化現有客戶關係並獲得新客戶，我們對我們在這裡取得的進展感到非常滿意。

Now turning to Slide 12, we show the results for our Personal Banking & Wealth Management business. Revenues were up 6% as net interest income growth was partially offset by a decline in noninterest revenue, largely driven by partner payments in retail services. Expenses were up 12% driven by transformation, business-led investments and higher volume-driven expenses, partially offset by productivity savings. Cost of credit of $1.4 billion was up as we added reserves given the increase in overall uncertainty in the macro environment compared to a net ACL release last year. And NCLs were down 19% as we continue to see strong credit performance across portfolios.

現在轉到幻燈片 12，我們展示了我們的個人銀行和財富管理業務的結果。收入增長 6%，因為淨利息收入增長部分被非利息收入的下降所抵消，這主要是由零售服務中的合作夥伴付款推動的。在轉型、業務主導的投資和更高的數量驅動費用的推動下，費用增長了 12%，但部分被生產力節省所抵消。鑑於宏觀環境的整體不確定性與去年的淨 ACL 釋放相比增加，我們增加了準備金，信貸成本增加了 14 億美元。由於我們繼續看到整個投資組合的強勁信貸表現，NCL 下降了 19%。

Average loans grew 4% driven by strong growth in Branded Cards as well as growth across Retail Services and wealth. Average deposits grew 6% driven by growth across retail and wealth. We continue to maintain a strong reserve-to-loan ratio of 7.5% in our U.S. Cards businesses. And PBWM delivered an RoTCE of 6.8%. While a low return, this was driven by the ACL build and an increase in expenses in the quarter.

受品牌卡強勁增長以及零售服務和財富增長的推動，平均貸款增長 4%。在零售和財富增長的推動下，平均存款增長了 6%。我們繼續在美國卡業務中保持 7.5% 的強勁準備金與貸款比率。 PBWM 的 RoTCE 為 6.8%。雖然回報率很低，但這是由 ACL 構建和本季度費用增加推動的。

On Slide 13, we show PBWM revenues by product as well as key business drivers and metrics. Branded Cards revenues were up 10% driven by higher interest on higher loan balances. We are seeing encouraging underlying drivers with new accounts and card spend volumes both up 18% and average loans up 11%. Retail Services revenues were up 7%, also driven by higher interest on higher loan balances, partially offset by higher partner payments. So despite payment rates remaining elevated, the investments we have been making have driven growth in interest-earning balances of 3% in Branded Cards and 2% in Retail Services, and we believe we will continue to grow these balances in the second half of the year.

在幻燈片 13 上，我們按產品以及關鍵業務驅動因素和指標顯示 PBWM 收入。品牌卡收入增長了 10%，這是由於較高的貸款餘額帶來的更高的利息。我們看到令人鼓舞的潛在驅動因素，新賬戶和信用卡消費量均增長 18%，平均貸款增長 11%。零售服務收入增長了 7%，這也得益於較高的貸款餘額利息增加，部分被較高的合作夥伴付款所抵消。因此，儘管支付率仍然較高，但我們一直在進行的投資推動了品牌卡的 3% 和零售服務的 2% 的生息餘額增長，我們相信我們將在下半年繼續增長這些餘額年。

Retail Banking revenues were up 6%, primarily driven by deposit spreads and volumes. Wealth revenues were flat as investment fee headwinds offset NII growth driven by deposits and loan volumes. Excluding Asia, revenues were up 4%. We're starting to see the leading indicators pick up with average deposits up 7% and client advisers up 8%. And we are seeing strong new client acquisitions, having added 800 Private Bank clients and over 50,000 Citigold clients since last year.

零售銀行業務收入增長 6%，主要受存款利差和交易量的推動。財富收入持平，因為投資費用逆風抵消了存款和貸款量推動的 NII 增長。不包括亞洲，收入增長了 4%。我們開始看到領先指標回升，平均存款增長 7%，客戶顧問增長 8%。而且我們看到了強勁的新客戶收購，自去年以來增加了 800 家私人銀行客戶和超過 50,000 家花旗銀行客戶。

On Slide 14, we show results for legacy franchises. Revenues declined 15%, largely driven by the closing of the Australia consumer sale, the Korea wind down and muted investment activity in Asia. And as we mentioned, this quarter, we closed the sale of the Australia consumer business, which was a benefit of up to $1.5 billion of capital.

在幻燈片 14 上，我們展示了傳統特許經營權的結果。收入下降了 15%，主要是由於澳大利亞消費者銷售的結束、韓國的倒閉和亞洲的投資活動減弱。正如我們所提到的，本季度，我們完成了澳大利亞消費者業務的出售，這帶來了高達 15 億美元的資本收益。

On Slide 15, we show results for Corporate/Other. Revenues increased largely driven by higher net revenue from the investment portfolio, and expenses were down.

在幻燈片 15 上，我們展示了企業/其他的結果。收入增長主要受投資組合淨收入增加的推動，而費用下降。

On Slide 16, we briefly touch on the full year 2022 outlook. At this point, we continue to expect full year revenues to be up in the low single-digit range. Relative to Investor Day, the rate curve is certainly giving us a tailwind from an NII perspective, and Markets revenues are up for the first half of the year. However, as we mentioned earlier, we are seeing much lower levels of Investment Banking activity, and this will likely continue for the remainder of the year.

在幻燈片 16 中，我們簡要介紹了 2022 年的全年展望。在這一點上，我們繼續預計全年收入將在低個位數範圍內上升。相對於投資者日，從 NII 的角度來看，利率曲線無疑給我們帶來了順風，並且市場收入在今年上半年有所增長。然而，正如我們之前提到的，我們看到投資銀行活動的水平要低得多，而且這種情況可能會持續到今年餘下的時間。

In terms of expenses, we still expect to grow expenses by 7% to 8%, excluding the impact of divestitures. While we are seeing some impact from inflation, we believe the efficiencies that we're executing against and the impact of foreign exchange translation should offset these headwinds.

在費用方面，我們仍預計費用將增長 7% 至 8%，不包括資產剝離的影響。雖然我們看到了通貨膨脹的一些影響，但我們認為我們正在執行的效率和外匯兌換的影響應該會抵消這些不利因素。

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

話雖如此，簡和我很樂意回答你的問題。

(Operator Instructions) Our first question will come from John McDonald with Autonomous Research.

（操作員說明）我們的第一個問題將來自 Autonomous Research 的 John McDonald。

Mark, was hoping that maybe you could unpack the guidance for 2022 a little bit more. It seems like you've got more good guys than bad guys maintain the guidance. But maybe within that, could you give us a little bit more color on what you're expecting on net interest income, where the trends seem strong and then maybe what you're assuming for markets in the back half of the year?

馬克，希望你能多解開 2022 年的指南。看起來你有比壞人更多的好人來維持指導。但也許在此範圍內，您能否就您對淨利息收入的預期、趨勢似乎強勁的情況以及您對下半年市場的假設提供更多的色彩？

Yes. Thank you, John. As you said, we have seen the benefit certainly in the quarter here of the pickup in rates. And certainly, all indicators are that the rate increases will likely continue through the balance of the year. And as you've heard me say before, I do expect that we will see continued growth in loans, particularly on the card side. And we saw some of that start to play in sooner than expected because I had talked about it being in the back half of the year. We saw some of that even here in the second quarter. So we do continue to think we'll get some lift there.

是的。謝謝你，約翰。正如你所說，我們已經看到了本季度利率上升的好處。當然，所有指標都表明利率上調可能會持續到今年餘下時間。正如你之前聽到我所說的，我確實預計我們將看到貸款持續增長，尤其是在信用卡方面。我們看到其中一些比預期更早開始發揮作用，因為我曾談到它是在今年下半年。即使在第二季度，我們也看到了其中的一些。所以我們仍然認為我們會在那裡得到一些提升。

We also expect to see continued momentum on the services side, both in TTS and likely in Securities Services as well. And that growth is more than just rates, but certainly a portion of that does come from rates as well. Where the pressure is going to come is in the noninterest revenue, and we saw that certainly in the quarter here on the Investment Banking side. We saw that obviously in some of the wealth businesses, particularly in Asia. And that's where some of the offset is that we'd expect against that NII momentum.

我們還預計在 TTS 和證券服務方面的服務方面將繼續保持勢頭。這種增長不僅僅是利率，但肯定有一部分來自利率。壓力將來自非利息收入，我們在本季度的投資銀行業務方面肯定會看到這一點。我們在一些財富業務中明顯看到了這一點，尤其是在亞洲。這就是我們預計 NII 勢頭的一些抵消。

Now the reality, I think, is that we'll have to see how this plays out as it relates to markets. All the uncertainty that's out there in the environment thus far have played -- has played to our favor given our focus on corporate clients and what have you. But I'd tell you that as I look at the full year, based on what we know now and with the uncertainty that's out there, I continue to feel comfortable with that guidance probably to the higher end of that low single-digit growth that I've talked about.

我認為，現在的現實是，我們必須看看它與市場的關係如何。到目前為止，環境中存在的所有不確定性都已經發揮了作用——考慮到我們專注於企業客戶和你有什麼，這對我們有利。但我會告訴你，當我回顧全年時，根據我們現在所知道的以及存在的不確定性，我繼續對這一指導感到滿意，可能是低個位數增長的高端，即我談過。

Okay. And then maybe as a follow-up, just remind us where you are on net interest income sensitivity. You've updated the way, I think, you look at it relative to peers and relative to rates. Just remind us where you are on that and what kind of deposit pricing assumptions are embedded in that.

好的。然後也許作為後續行動，請提醒我們您對淨利息收入的敏感性。我認為，您已經更新了相對於同行和相對於利率的方式。只需提醒我們您在哪里以及其中嵌入了什麼樣的存款定價假設。

Sure. So important to kind of just level set, John. Great question. We got to think there are a couple of drivers that kind of come into play when we think about the sensitivity. So one is obviously the mix. And so in our case, we've got about 2/3 of our deposits are wholesale, about 1/3 are consumer. We've got obviously 70% of ours are in U.S.-denominated and the rest are kind of non-U.S. And that mix is important when you think about betas, when you think about sensitivity and how they play out, particularly in a rising rate environment at the pace that we've seen, and that pace varies for both the U.S. versus the non-U.S. currencies. And so that's all going to be a factor in kind of how we think about it.

當然。約翰，對於一種公平的水平設置非常重要。好問題。當我們考慮敏感性時，我們必須認為有幾個驅動因素會發揮作用。所以一個顯然是混合的。所以在我們的例子中，我們有大約 2/3 的存款是批發的，大約 1/3 是消費者的。顯然，我們有 70% 以美國計價，其餘的則以非美國計價。當您考慮 beta 時，當您考慮敏感性以及它們如何發揮作用時，這種組合很重要，特別是在利率上升的情況下環境以我們所看到的速度進行，並且這種速度因美國貨幣與非美國貨幣而異。所以這一切都將成為我們思考它的一個因素。

You're right. In our disclosure, we forecast our IRE disclosure based on a runoff balance sheet assumption. And what I've been describing the past couple of quarters an approach -- is an approach that's more consistent with peers, which assumes a static balance sheet. And under that analysis, if we were to look at an assumption for 100 basis points parallel shift in rates, cross-currencies, we think that would generate roughly a $2.5 billion increase in NII.

你是對的。在我們的披露中，我們根據徑流資產負債表假設預測我們的 IRE 披露。我在過去幾個季度一直在描述一種方法——一種與同行更一致的方法，它假設一個靜態資產負債表。根據該分析，如果我們假設利率、交叉貨幣平行變化 100 個基點，我們認為這將產生大約 25 億美元的 NII 增長。

Now for us, that's going to skew towards non-U.S. dollars. About 80% of that would be non-U.S. dollar, about 20% U.S. dollar. And that shift is in part because we've seen already a significant increase in the U.S. We've seen some increase in non-U.S. but nowhere near the magnitude that we've seen in the U.S. So I'll stop there. Hopefully, that addresses your question.

現在對我們來說，這將傾向於非美元。其中大約 80% 是非美元，大約 20% 是美元。這種轉變的部分原因是我們已經看到美國已經有了顯著增長。我們已經看到非美國的增長有所增加，但遠不及我們在美國看到的幅度。所以我會停在那裡。希望這能解決您的問題。

Our next question will come from Glenn Schorr with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Glenn Schorr。

Mark, I wonder if you could just elaborate on the headwinds in noninterest revenue within PBWM and Retail Services. It sounds to me like you extended a contract for a partner or something like that. And then maybe bigger picture in cards, you just mentioned rising card loans. We all want rising loans. But in the backdrop and the economic outlook we're facing, how do you decipher what's good rise in card loans versus a little concerning rise in card loans?

馬克，我想知道您是否可以詳細說明 PBWM 和零售服務中非利息收入的不利因素。在我看來，你為合作夥伴或類似的東西延長了合同。然後也許是更大的卡片，你剛剛提到了卡片貸款的增加。我們都希望增加貸款。但是在我們所面臨的背景和經濟前景中，您如何解讀信用卡貸款的良好增長與信用卡貸款的略微增長？

Sure. Let me take the first -- take them in that order. So on the Retail Services side, it has nothing to do with kind of an extension of a contract or anything like that. What I'm describing is that it is a partner business that we have there in Retail Services. And what that means is that there's a sharing of the profits associated with the business that we generate.

當然。讓我拿第一個——按順序拿。因此，在零售服務方面，它與合同延期或類似的事情無關。我所描述的是，這是我們在零售服務領域的合作夥伴業務。這意味著我們可以分享與我們產生的業務相關的利潤。

And so what happens is in this rising rate environment, we've seen -- and the activity from a volume point of view, we've seen an increase in the net interest income that we've generated. And what that means is that there's more, fortunately, more profits to share with our partners. The sharing of those profits play through the noninterest revenue line. So it comes out of -- comes out as a fee of the contra revenue as we share those with clients. So that's the driver of the swing that you see happening there or the pressure that we have in PBWM as it relates to Retail Services.

因此，在這種利率上升的環境中，我們已經看到 - 從交易量的角度來看，我們已經看到我們產生的淨利息收入有所增加。這意味著有更多，幸運的是，更多的利潤可以與我們的合作夥伴分享。這些利潤的分享通過非利息收入線發揮作用。所以它來自 - 當我們與客戶分享這些收入時，它作為對沖收入的費用。這就是你看到那裡發生的波動的驅動因素，或者我們在 PBWM 中與零售服務相關的壓力。

In terms of the cards growth, the cards growth, we feel very good about it. There certainly is an environmental dynamic that's playing out as it relates to consumers and corporates. But what I would say is that you've also heard us describing more marketing spend, more advertising spend, more acquisitions, 18% growth in acquisitions. We've been targeting growing our customer base there while staying within our risk appetite. The parameters that we've set have been very disciplined about. And that started to pay off. And that is part of what I described in terms of the loan growth that is materializing.

在卡牌增長方面，卡牌增長，我們感覺很好。當然，與消費者和企業相關的環境動態正在發揮作用。但我想說的是，你也聽說過我們描述了更多的營銷支出、更多的廣告支出、更多的收購，收購增長了 18%。我們一直致力於擴大我們的客戶群，同時保持我們的風險偏好。我們設置的參數非常嚴格。這開始得到回報。這就是我所描述的正在實現的貸款增長的一部分。

There's nothing that we see of significance as we grow these loans that would suggest, one, that they're outside of the focus that we've had to date because they're not, nor that there's any material risk in terms of outsized losses. If you look at our loss rates, our loss rates are -- for Branded Cards, 1.5%; Retail Services, 2.6%. Those are 50% of what we would normally -- what we used to describe as a normal loss rate, NCL rate, through a cycle. And so we feel very good about the loans that we're growing. There's obviously risk, but we also feel very good about the reserves that we have.

當我們增加這些貸款時，我們認為沒有什麼重要的事情可以表明，第一，它們超出了我們迄今為止必須關注的重點，因為它們不是，而且在巨額損失方面也不存在任何重大風險.如果您查看我們的丟失率，我們的丟失率是—— 對於品牌卡，1.5%；零售服務，2.6%。這些是我們通常情況下的 50%——我們曾經將其描述為一個週期內的正常損失率，即 NCL 率。所以我們對我們正在增長的貸款感覺非常好。顯然存在風險，但我們也對我們擁有的儲備感到非常滿意。

(Operator Instructions) Our next question will come from Erika Najarian with UBS.

（操作員說明）我們的下一個問題將來自瑞銀的 Erika Najarian。

My first question is actually a follow-up to John's question, Mark. I think that it's always been more challenging to forecast net interest income for Citigroup. And the net interest income and net interest margin certainly surprised to the upside. So I guess let me reask the question. Appreciate the $2.5 billion for each 100 basis point parallel shift. But as we think about the U.S. forward curve, how should we think about the trajectory of net interest income from that 10.58 from here? And clearly, as we think about a deposit base that's 2/3 wholesale, how should we think about both deposit flow, deposit growth and deposit beta as we think about the second half of the year? In other words, does the rate of change quarter-over-quarter accelerate, flatten out or decelerate?

我的第一個問題實際上是約翰的問題的後續問題，馬克。我認為預測花旗集團的淨利息收入總是更具挑戰性。而淨利息收入和淨息差肯定出乎意料的上行。所以我想讓我重新提出這個問題。欣賞每 100 個基點的平行轉移所帶來的 25 億美元。但是當我們考慮美國的遠期曲線時，我們應該如何考慮從 10.58 開始的淨利息收入軌跡？很明顯，當我們考慮 2/3 的批發存款基礎時，在考慮下半年時，我們應該如何考慮存款流量、存款增長和存款貝塔？換句話說，季度環比變化率是加速、趨於平緩還是減速？

There's a lot there. But I mean, I think what I'd say is a couple of things. One is we've obviously seen a rapid increase in rates. And that the speed at which rates increases matters a lot as it relates to the betas. And so -- particularly on the wholesale corporate side. And so we have seen betas increase there. They're probably at about to slightly a little bit better than we would have expected. But we would expect that momentum to continue in the back half of the year given the forecast for continued rate increases.

那裡有很多。但我的意思是，我想我想說的是幾件事。一是我們顯然已經看到了利率的快速增長。利率上升的速度與貝塔有關，因此很重要。等等 - 特別是在批發公司方面。所以我們看到那裡的貝塔增加了。它們可能比我們預期的要好一點點。但鑑於對利率持續上漲的預測，我們預計這一勢頭將在下半年繼續。

The other thing that I'd point out, just giving you a point around the ability to forecast from a Citi point of view, If you look at the first half of the year, we did about -- I think it was $1.8 billion or so over the prior year ex Markets. So NII, ex Markets, 1.8 billion year-over-year first half. To give you a bit more guidance on how we're thinking about it in light of the rate curve and in light of our mix, I'd tell you that I expect about another $1.8 billion or so in the back half. So that's probably year-over-year, 8-ish percent or so, 4% on a full year basis based on, again, our mix our assumption around betas and our current assumptions around how the curve would likely play out. Let me pause there and see if Jane wants to add anything to that.

我要指出的另一件事，只是從花旗的角度給你一個關於預測能力的觀點，如果你看看今年上半年，我們做了大約 - 我認為它是 18 億美元或所以在上一年（除市場外）。因此，除市場外的 NII 上半年同比增長 18 億美元。為了給你更多關於我們如何根據利率曲線和我們的組合來考慮它的指導，我會告訴你，我預計後半部分還會有 18 億美元左右。因此，這可能是同比增長 8% 左右，全年增長 4%，這再次基於我們對 beta 的假設和我們目前對曲線可能如何發揮的假設的混合。讓我暫停一下，看看簡是否想在其中添加任何內容。

Yes. I'd also add in our institutional deposits account for about 65% of Citi's deposit base, but 55% of them are operational deposits. And the TTS deposits have increased by $134 billion since pre-COVID, but the operational deposits increased by $141 billion and the nonoperating decreased. So with QT on the horizon, we would certainly expect the amounts of deposits in the system to shrink. We anticipate this would primarily impact nonoperating balances. And I think we feel very good about the stickiness of the deposit base you've got and particularly internationally, where these are operating accounts in -- that are extremely sticky, frankly, in all environments.

是的。我還要補充一下，我們的機構存款約佔花旗存款基礎的 65%，但其中 55% 是運營存款。自 COVID 之前以來，TTS 存款增加了 1340 億美元，但經營存款增加了 1410 億美元，非經營存款減少了。因此，隨著 QT 的出現，我們當然希望系統中的存款量會減少。我們預計這將主要影響非經營餘額。而且我認為我們對您所擁有的存款基礎的粘性感到非常滿意，特別是在國際上，這些都是運營賬戶 - 坦率地說，在所有環境中都非常粘性。

Good point.

好點子。

And just my follow-up question is that was really an impressive capital build this quarter, particularly since it's been an issue with investors since -- especially since the SCB came out. I think a piece that we may be missing as we think about the continued build to 13% is sort of what the CET1 benefit is from Slide 19. So similar to the sort of the, I guess, it was 12 basis points that -- accreted from the Australia sale, is there any way you could give us a range on -- as the deals close for the Philippines, Thailand, Bahrain, Malaysia in the second half of the year, how that could boost your CET1 and get you closer to that 13% bogey?

我的後續問題是，這確實是本季度令人印象深刻的資本積累，特別是因為自那以來它一直是投資者的問題 - 特別是自從 SCB 出現以來。我認為，當我們考慮持續增長到 13% 時，我們可能會遺漏一個部分，這有點像幻燈片 19 中的 CET1 好處。我猜，與那種類似的，是 12 個基點——從澳大利亞的銷售中增加，你有什麼辦法可以給我們一個範圍 - 隨著菲律賓、泰國、巴林、馬來西亞的交易在下半年結束，這如何能提高你的 CET1 並讓你更接近對那 13% 的忌諱？

Yes. I guess let me kind of answer it in a more fulsome way, if you don't mind, and then I'll certainly make sure that I give you a sense for the contribution of what we expect from divestitures to the capital impact. So again, there are a couple of drivers that are going to be important to us building to ultimately the 13% for as long as that is in place given the SCB. One is obviously the income generation. And we had a very strong quarter as it relates to income generation. I feel good about the back half of the year, as I've just given you some guidance on.

是的。如果您不介意，我想讓我以一種更豐富的方式回答它，然後我一定會確保讓您了解我們對資產剝離的預期對資本影響的貢獻。再說一次，只要考慮到 SCB，有幾個驅動因素對我們最終達到 13% 的目標很重要。一顯然是創收。我們有一個非常強勁的季度，因為它與創收有關。今年下半年我感覺很好，因為我剛剛給了你一些指導。

The other is, don't forget, we've had 160 basis points on the 2-year since the beginning of the year to the end of the first quarter in terms of rate increases, another 60 in the second quarter. And there's going to be -- there were AOCI impacts from that, 34 in the first quarter. And as we point out here, another 12 in the second. There's a pull to par that we expect to start to play out and continue to play out in the balance of the year. That's going to be an important factor.

另一個是，別忘了，從年初到第一季度末的兩年間，我們加息了 160 個基點，第二季度又增加了 60 個基點。並且會有 - AOCI 影響，第一季度有 34 次。正如我們在這裡指出的那樣，第二個中還有 12 個。我們預計將開始發揮並在今年餘下時間繼續發揮作用。這將是一個重要因素。

The third, as you've heard us mention is we've been working very hard to optimize our RWA, and we'll continue to do that. We paused the buybacks. That's a factor. And then as you mentioned, the divestitures to close to $1.5 billion or so in Australia, I've talked about in the past about $4 billion for the year in terms of capital impact. I'm at about $3.5 billion with Australia is what I'm currently expecting. And so a little bit less than what I talked about before, in part because of some of the movement in terms of the timing of some of these closings. Still feel good about it. Just it's a difficult market that we're managing through. So that $3.5 billion total should give you a sense for how that translates into a CET1 impact that we're expecting, at least through the balance of this year. And obviously, there'll be more to come as we continue to close out and -- sign and close out some of the remaining deals.

第三，正如您聽到我們提到的那樣，我們一直在努力優化我們的 RWA，我們將繼續這樣做。我們暫停了回購。這是一個因素。然後正如你所提到的，在澳大利亞，資產剝離接近 15 億美元左右，我在過去談到了大約 40 億美元的資本影響。我在澳大利亞的資產約為 35 億美元，這是我目前的預期。所以比我之前談到的要少一點，部分原因是在一些關閉的時間方面發生了一些變化。感覺還是不錯的。只是這是一個我們正在管理的困難市場。因此，這 35 億美元的總額應該讓您了解這如何轉化為我們預期的 CET1 影響，至少在今年餘下時間是這樣。顯然，隨著我們繼續結束交易，還會有更多交易——簽署並結束一些剩餘的交易。

Yes. I mean I rather suspect that at the end of all of this, we're going to have an overabundance of capital. And I really feel good that Citi is already very well positioned for any environment. And as Mark said, we have a confluence of various factors going on at the moment, some of which are temporary, that are causing this rapid buildup of capital for the industry.

是的。我的意思是，我相當懷疑在這一切結束時，我們將擁有過多的資本。我真的很高興花旗已經為任何環境做好了準備。正如馬克所說，我們目前正在發生各種因素的匯合，其中一些是暫時的，導致該行業資本迅速積累。

But I think we're extremely well positioned for what lies ahead in terms of strong capital ratios, total liquidity resources. Portfolio credit quality is extremely high, well reserved. And so we are very much looking forward to resuming share buybacks, as I said, once we've achieved this build, particularly given where we're trading. And I want you to hear loud and clear that commitment.

但我認為我們在強勁的資本比率和總流動性資源方面處於非常有利的位置。投資組合信用質量極高，儲備充足。因此，正如我所說，一旦我們實現了這一目標，特別是考慮到我們的交易地點，我們非常期待恢復股票回購。我希望你能大聲而清晰地聽到這一承諾。

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

我們的下一個問題將來自富國銀行證券公司的 Mike Mayo。

I'm trying to figure out if you're lucky or smart, and the reason I say that is at your Investor Day, I mean, right up front, you said you have 5 core interconnected businesses led by services, led by TTS. And then a few months later, you have your best quarter in a decade. And it just seems so coincidental that you highlight that as a growth area and then just a couple of quarters later, boom, here we are. So how much of that TTS growth is simply because of one-off factors? How much of it is due to a higher baseline because of, say, interest rates? And how much of that is due to market share gains? And just remind us what TTS and Securities Services is again because I think you got everyone's attention with this quarter.

我想弄清楚你是幸運還是聰明，我之所以這麼說是在你的投資者日，我的意思是，在前面，你說你有 5 個以服務為主導的核心互聯業務，由 TTS 領導。幾個月後，你迎來了十年來最好的一個季度。看起來很巧合，你強調它是一個增長領域，然後僅僅幾個季度之後，繁榮，我們來了。那麼，有多少 TTS 增長僅僅是因為一次性因素呢？其中有多少是由於利率等原因導致的較高基準？其中有多少是由於市場份額的增長？再次提醒我們什麼是 TTS 和證券服務，因為我認為您在本季度引起了所有人的關注。

So why don't I kick off and then I'll pass it to Mark. And it's a danger here of how long you have, Mike, because there's a lot to talk about. So I would encourage you to sit at the beach this weekend and have an excellent read of the supplement because we've provided you with a lot of good facts and proof points and information both around the services businesses and the others about the early progress on the strategy.

那我為什麼不開始，然後我會把它傳給馬克。邁克，你有多久是危險的，因為有很多事情要談。因此，我鼓勵您本週末坐在海灘上好好閱讀該補充材料，因為我們為您提供了很多關於服務業務和其他有關早期進展的良好事實、證明點和信息策略。

TTS was able to fire, as I said, on all cylinders this quarter. About 2/3 of the performance was driven by business actions and 1/3 was by rates. And as Mark said, very active management of the deposit base, beta discipline across all the regions. And the NIR growth that you saw was driven by cards, by payments, by receivables and by trade.

正如我所說，本季度 TTS 能夠在所有氣瓶上開火。大約 2/3 的業績是由業務行為驅動的，1/3 是由費率驅動的。正如馬克所說，存款基礎的管理非常積極，所有地區的測試紀律。你看到的 NIR 增長是由卡、支付、應收賬款和貿易推動的。

When you look in the strategic drivers we laid out at Investor Day this quarter, cross-border transaction value, up 17% year-over-year; clearing volume, up 2% in U.S. dollar; commercial comp spend, up 62% as that business recovered; average trade loan balances, up 14%; average deposit balances, up 2%. So that 2/3 that was not rates-related has a very broad and substantive set of drivers behind it that, as Mark said, puts us into a very strong position for continued momentum here.

當您查看我們在本季度投資者日制定的戰略驅動因素時，跨境交易價值同比增長 17%；清算量，以美元計增長 2%；商業補償支出，隨著業務的複蘇，增長了 62%；平均貿易貸款餘額增長 14%；平均存款餘額增長 2%。因此，與利率無關的 2/3 背後有一組非常廣泛和實質性的驅動因素，正如馬克所說，這使我們處於非常有利的位置，可以繼續保持勢頭。

This level of year-over-year growth is very pleasing, but we would expect to see it revert to the medium-term guidance we gave you at Investor Day over time. But this was across the board, all elements firing. And I will give a shout-out to Shahmir, the Head of TTS, as well as to our Securities Services team. But he has really instituted a culture of intensity, of tremendous focus, of discipline in how he is running the business as well. And I think that is also a contributing factor to the confidence that you're hearing from us about this. Mark, do you want to explain what TTS and Securities Services is?

這種同比增長水平非常令人愉悅，但我們希望隨著時間的推移，它會恢復到我們在投資者日為您提供的中期指導。但這是全面的，所有元素都在開火。我要向 TTS 負責人 Shahmir 以及我們的證券服務團隊大聲疾呼。但他確實在經營企業的方式上建立了一種高度集中、高度專注和紀律嚴明的文化。我認為這也是你從我們那裡聽到的關於這件事的信心的一個因素。馬克，你想解釋一下什麼是 TTS 和證券服務嗎？

Again, as you've heard us describe, the TTS franchise is core to our business. It provides obviously a network to the large multinational clients in over 90 countries. We manage the full swath of their working capital and cash management needs. We also provide trade financing for them and the vendors and partners. And this is essentially, in many ways, what differentiates our franchise from others. And not only is it in and of itself a core growing, high-returning business but is one of the businesses that is well connected to the rest of the franchise when you think about the Markets business that we have and the FX that we manage on behalf of clients.

同樣，正如您聽到我們描述的那樣，TTS 特許經營權是我們業務的核心。它顯然為 90 多個國家的大型跨國客戶提供了一個網絡。我們管理他們的全部營運資金和現金管理需求。我們還為他們以及供應商和合作夥伴提供貿易融資。在許多方面，這本質上是我們的特許經營權與其他特許經營權的區別。它本身不僅是一項核心增長、高回報的業務，而且當您考慮我們擁有的市場業務和我們管理的外匯業務時，它還是與其他特許經營業務密切相關的業務之一代表客戶。

And so -- and this is a particularly relevant time for us to be engaged with those partners as they manage through supply chain issues. And we're there to again help them work through those things and provide them alternatives to their production and operations and similar-type services we provide to our investor client base from a Securities Services point of view.

所以——對於我們來說，這是一個特別重要的時刻，可以與這些合作夥伴合作，因為他們通過供應鏈問題進行管理。我們將再次幫助他們解決這些問題，並為他們提供生產和運營的替代方案，以及我們從證券服務的角度為我們的投資者客戶群提供的類似服務。

Look, the strategy here did not start with Investor Day. That is -- we obviously spent time with you talking about that. But this has been a part of the franchise that we've been investing in on an ongoing basis. And it's important that we continue to do that, investments in technology, investments in onboarding of new clients and the services we provide and enhanced digital capabilities and the operations. So all of those things and some of that, what you see here is those investments starting to pay off.

看，這裡的策略並不是從投資者日開始的。那就是——我們顯然花了一些時間和你討論這個問題。但這一直是我們持續投資的特許經營權的一部分。重要的是我們繼續這樣做，投資於技術，投資於新客戶的入職和我們提供的服務以及增強的數字能力和運營。所以所有這些和其中的一些，你在這裡看到的是那些投資開始得到回報。

And the same is exactly true in Securities Services. So I think -- the answer to your question is no, we're just being very disciplined.

證券服務也是如此。所以我認為 - 你的問題的答案是否定的，我們只是非常自律。

Yes. Well said.

是的。說得好。

(Operator Instructions) Our next question will come from Ken Usdin with Jefferies.

（操作員說明）我們的下一個問題將來自 Ken Usdin 和 Jefferies。

Just a follow-up on the RWA. When you talk about the premium of the $3.5 billion and -- can you help us just discern between what is a numerator impact and what's the RWA impact of the sales that have been announced? And just as a related -- just how far are you through the RWA optimization efforts?

只是對 RWA 的跟進。當您談到 35 億美元的溢價時，您能否幫助我們區分什麼是分子影響和已宣布的銷售額的 RWA 影響？就像相關的一樣——你在 RWA 優化工作中走了多遠？

Thank you. The $3.5 billion I referenced is all capital. So all numerator impact is what I'm describing. It's both the -- any premium that we get or impact, gain from sale as well as the RWA that we have allocated as part of that business. And so that all kind of flows through from a numerator point of view.

謝謝你。我提到的 35 億美元都是資本。所以所有的分子影響都是我所描述的。這既是我們獲得或影響的任何溢價，從銷售中獲得的收益，也是我們作為該業務的一部分分配的 RWA。因此，從分子的角度來看，所有種類的流量都會流過。

In the case of Australia, for example, that would include both the RWA that we had attributed to that business as well as the CTA impact coming back into capital. So remember, we took a hit when we signed the deal associated with the CTA. I kept communicating that, that would neutralize at -- when the deal was closed. In fact, it did and that contributes to the roughly $1.5 billion there.

例如，以澳大利亞為例，這將包括我們歸因於該業務的 RWA 以及 CTA 對資本的影響。所以請記住，當我們簽署與 CTA 相關的交易時，我們受到了打擊。我一直在溝通，這將在交易完成時中和。事實上，它確實做到了，並且貢獻了大約 15 億美元。

In terms of RWA optimization efforts, it's a continuous effort. We are constantly working through the balance sheet to make sure that it's allocated to clients who generate the highest prospect for growth and leverage the breadth of the franchise, and we're going to continue to do that. And I think we -- the team did a very good job in ICG and particularly in Markets this quarter in making sure that we made progress against the revenue to RWA metric that they've been using, which is a proxy for returns. They worked very closely with clients to manage the recycling of trading inventory in an optimal way to optimize collateral positions that -- and postings that we have to increase initial margins on derivative trading where that makes sense. And so they've been actively working the balance sheet, and we're going to continue to do that. We want to be there to serve our clients, but we want to make sure that we are generating an appropriate return for the use of capital.

就 RWA 優化工作而言，這是一項持續的工作。我們一直在處理資產負債表，以確保將其分配給能夠產生最高增長前景並利用特許經營廣度的客戶，我們將繼續這樣做。而且我認為我們 - 團隊在 ICG 方面做得非常好，特別是在本季度的市場方面，確保我們在他們一直使用的 RWA 指標的收入方面取得了進展，這是回報的代表。他們與客戶密切合作，以最佳方式管理交易庫存的回收，以優化抵押品頭寸 - 並發布我們必須在有意義的情況下增加衍生品交易的初始保證金。所以他們一直在積極處理資產負債表，我們將繼續這樣做。我們希望在那里為我們的客戶服務，但我們希望確保我們為資本的使用產生適當的回報。

And it's part of the shift that we're -- we've been instituting Paco and Andy in Markets and across ICG and across the firm in our commitment to our shareholders to be more returns-focused and to be managing the business differently that way. This is a very obvious example of that because it's multidimensional.

這是我們轉變的一部分——我們一直在市場、ICG 和整個公司建立 Paco 和 Andy，以履行我們對股東的承諾，更加註重回報並以不同的方式管理業務.這是一個非常明顯的例子，因為它是多維的。

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

我們的下一個問題將來自美國銀行的 Ebrahim Poonawala。

I guess just around capital, Mark, just a 2-part question. One, are we -- am I hearing you right that you're not going to leave the door open for buybacks until you get to 13%? Appreciating what Jane said about some of the transitory impact from AOCI. Why not be a bit more opportunistic? And just tied to that, what's the risk that some of these deals get pushed out? I see Slide 19 where you've extended the time line for a few deals. Given just the macro backdrop, like is that a real risk? Or do you feel pretty good about the updated time lines?

我想就在資本附近，馬克，只是一個兩部分的問題。第一，我們是否 - 我是否聽錯了，在您達到 13% 之前，您不會為回購敞開大門嗎？讚賞簡所說的 AOCI 的一些暫時影響。為什麼不更加投機取巧呢？與此相關的是，其中一些交易被推遲的風險是什麼？我看到幻燈片 19，您在其中延長了一些交易的時間線。僅考慮宏觀背景，這是一個真正的風險嗎？或者你對更新的時間線感覺很好？

Yes. Sure. So look, I mean, we are obviously going to take it quarter by quarter as it relates to buybacks and from a capital point of view. Again, without going through all of the things that reflect the environment that we're in, you can see the uncertainty that's out there. Obviously, the capital requirements with this SCB for the industry are higher. That's unfortunate. We feel as though the right amount of capital was in the industry already. We've got to manage to that. It's the right requirement. We're going to do that.

是的。當然。所以看，我的意思是，我們顯然會一個季度一個季度地處理它，因為它與回購有關，並且從資本的角度來看。同樣，無需經歷所有反映我們所處環境的事物，您就會看到存在的不確定性。顯然，該SCB對該行業的資本要求更高。那真不幸。我們覺得這個行業已經有了適量的資本。我們必須設法做到這一點。這是正確的要求。我們要這樣做。

But we'll -- SCB gives us the opportunity to take those decisions quarter-by-quarter. We're pausing for now. And next year, there'll be another DFAST process, and there'll be an SCB that comes out of that. And frankly, we should have the strength of higher PPNR that we've been generating to help contribute to what that outcome looks like. So we'll take that quarter-by-quarter.

但我們將——SCB 讓我們有機會逐季度做出這些決定。我們現在暫停。明年，將會有另一個 DFAST 流程，並且會產生一個 SCB。坦率地說，我們應該擁有我們一直在產生的更高 PPNR 的力量，以幫助促成這一結果。因此，我們將按季度計算。

In terms of risk related to divestitures, again, we did highlight we're being very, very transparent with you all and with the world. And we do see some delays that we highlighted from our original schedule that's in the back of the presentation there. But we feel very good about getting to closure there, and it's not an if, it's a win. And we feel like we're on track with the schedule that we've highlighted for you.

在與資產剝離相關的風險方面，我們確實強調了我們對你們所有人和全世界都非常、非常透明。我們確實看到了我們在演示文稿後面的原始時間表中強調的一些延遲。但是我們對在那里關閉感覺非常好，這不是如果，這是一場胜利。我們覺得我們正在按照我們為您強調的時間表進行。

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

我們的下一個問題將來自摩根士丹利的 Betsy Graseck。

One more capital question. So on Slide 8, you do give the medium-term outlook here for what you see as your long-term goals for capital, the 11.5 to 12. And so implicit within that is an expectation that your [regimen] would fall to somewhere 200 basis points or so. And I get that the exits will be part of that. Is there a sense you can tell us, as you get more simplified, what the SCB benefit would be? I thought it was something like 25 basis points, but I must be off there.

還有一個資本問題。因此，在幻燈片 8 中，您確實在此處給出了您認為的長期資本目標的中期展望，即 11.5 至 12。因此，其中隱含的是您的 [方案] 將下降到 200 左右的預期基點左右。我知道出口將是其中的一部分。隨著您變得更加簡化，您是否可以告訴我們，SCB 的好處是什麼？我認為這大約是 25 個基點，但我必須離開那裡。

Yes. Look, I mean, the 11.5 to 12 is consistent with what we talked about at Investor Day. And the medium term, as you know, Betsy, for us is 3 to 5 years. We've got a couple of things that we're working through, not the least of which are the divestitures. They will certainly contribute to that, but so will some of the other things that I've mentioned, including utilization of the DTA, the AOCI pullback and things of that sort. The divestitures certainly will help from an SCB point of view, but I think the stronger performance that we're seeing will aid in that as well.

是的。看，我的意思是，11.5 到 12 與我們在投資者日討論的一致。如你所知，Betsy，對我們來說，中期是 3 到 5 年。我們正在處理一些事情，其中最重要的是資產剝離。他們肯定會為此做出貢獻，但我提到的其他一些事情也會如此，包括 DTA 的利用、AOCI 回調和類似的事情。從 SCB 的角度來看，剝離肯定會有所幫助，但我認為我們所看到的更強勁的表現也將對此有所幫助。

And importantly, the mix change that we expect to come from executing on our strategy, a mix towards more sustainable, predictable earnings, earnings that are coming from some of the areas of growth that we demonstrated this quarter like TTS and Securities Services, et cetera, et cetera. So there's time there. There's obviously a management buffer component of that, that I think is certainly an important factor in consideration as we evolve our mix.

重要的是，我們期望通過執行我們的戰略來改變組合，轉向更可持續、可預測的收益，收益來自我們本季度展示的一些增長領域，如 TTS 和證券服務等，等等。所以有時間。顯然，其中有一個管理緩衝部分，我認為這肯定是我們發展組合時需要考慮的一個重要因素。

And then there's the G-SIB score. With not only a reduction in the divestitures that will impact peak-to-trough losses, there's also deposits that will go away with those and balance sheet evolution that will contribute to the reduction in G-SIB score as well.

然後是 G-SIB 分數。不僅減少會影響峰谷損失的資產剝離，還有存款將隨之消失，資產負債表的演變也將有助於降低 G-SIB 分數。

Yes. Let me just underline a couple of points. When we built our strategy, it wasn't only to generate greater returns, but it was to lower our capital requirements over time, as Mark said. And you can see how we're executing that both in terms of the shift in mix and the divestitures. Obviously, we don't control the regulatory capital framework. But we're not managing for short-term shifts in SCB. As you know, the banks experienced considerable variability in the SCB each year. It's very much depending on the scenario chosen. So that's why we continue with our commitment and confidence around the medium term.

是的。讓我強調幾點。正如馬克所說，當我們制定戰略時，不僅要產生更大的回報，還要隨著時間的推移降低我們的資本要求。你可以看到我們在組合轉變和資產剝離方面是如何執行的。顯然，我們無法控制監管資本框架。但我們並沒有應對 SCB 的短期變化。如您所知，銀行在 SCB 中每年都經歷了相當大的變化。這在很大程度上取決於選擇的場景。所以這就是為什麼我們在中期繼續我們的承諾和信心。

Our next question will come from Steven Chubak with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Steven Chubak。

So I had a follow-up question for Mark on NII. As the Fed continues down the path of balance sheet normalization, I just wanted to clarify whether that $1.8 billion increase in NII you said for the back half assumes stable deposits or some QT-related attrition. And within ICG specifically, are there any insights you can share on what drove the increase in Markets NII and how that should traject this given the historical liability sensitivity within the Markets business?

所以我在 NII 上向 Mark 提出了一個後續問題。隨著美聯儲繼續沿著資產負債表正常化的道路前進，我只是想澄清一下你所說的後半部分 NII 增加 18 億美元是假設存款穩定還是一些與 QT 相關的減員。特別是在 ICG 內部，您是否可以分享任何關於推動 Markets NII 增長的見解，以及鑑於 Markets 業務中的歷史責任敏感性，應該如何應對這一增長？

On the first point, when I think about the back half of the year in quantitative tightening, I do expect that we will see some continued deposit growth as I mentioned earlier. The pressure from quantitative tightening, I think, will certainly play out over time. But again, our focus is on growing the operating deposits that we have with clients. And we think we've got good traction and ability to continue momentum with those operating deposits. And again, they put us in a position to really broaden the relationship with both those multinational clients as well as with some of our commercial clients where we've been getting good growth in and momentum from.

關於第一點，當我想到下半年的量化緊縮時，我確實預計我們會看到一些持續的存款增長，正如我之前提到的。我認為，量化緊縮帶來的壓力肯定會隨著時間的推移而顯現出來。但同樣，我們的重點是增加我們與客戶的經營存款。而且我們認為我們有很好的牽引力和能力來繼續這些運營存款的勢頭。再一次，他們使我們能夠真正擴大與那些跨國客戶以及我們的一些商業客戶的關係，我們從中獲得了良好的增長和動力。

So yes, likely to be an impact across the industry, but we believe we can get some continued momentum, particularly on the operating deposits that we have with clients. In terms of Markets NII, I mean, you've got the European dividend that plays out in the second quarter. So that obviously is a factor there.

所以是的，可能會對整個行業產生影響，但我們相信我們可以獲得一些持續的動力，特別是在我們與客戶的經營存款方面。就市場 NII 而言，我的意思是，你已經獲得了第二季度的歐洲紅利。所以這顯然是一個因素。

And again, I'd point you to when we talk about Markets, I really like to talk about total revenues because the nature of the security and the trading and the activity that we do there can have an impact on NII and NIR. And what really matters is the total revenues that we're driving and generating out of that franchise. And as you can see, we did 25% growth in Markets revenue year-over-year. So a very good quarter for the Markets team for sure.

再說一次，當我們談論市場時，我真的很喜歡談論總收入，因為安全性和交易的性質以及我們在那裡進行的活動可能會對 NII 和 NIR 產生影響。真正重要的是我們從該特許經營中推動和產生的總收入。正如你所看到的，我們的市場收入同比增長了 25%。因此，對於市場團隊來說，這是一個非常好的季度。

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

我們的下一個問題將來自德意志銀行的 Matt O'Connor。

Can you elaborate on your comment about why the Russia exposure is kind of less of a risk or it's a better mix than it was a few months ago? And then maybe related to that, quantify how much of the $8.4 billion is to subsidiaries of MNCs, which does seem like it would be much, much lower risk.

您能否詳細說明一下為什麼俄羅斯的風險敞口比幾個月前的風險要小，或者是更好的組合？然後可能與此相關，量化這 84 億美元中有多少是跨國公司的子公司，這看起來確實風險要低得多。

Sure. So look, the -- what we've been doing very actively since the beginning of the year, and certainly in the quarter as well, has been working -- we've been working to bring down our exposure in Russia and specifically with the clients that we serve there. And so that direct exposure on -- in a local currency dials, we brought down by some $900 million or so in the quarter. We brought down and reduced the cash and deposits that we have by another $1.7 billion or so and then continued to bring down third-party related exposure by another $400 million. And that's been through working with clients to pay those exposures and loans down, and in some instances, giving them incentives to do so and incentives to move their deposits out as well. So very active engagement from the team as it relates to that.

當然。所以看，我們自今年年初以來一直非常積極地做的事情，當然在本季度也是如此，我們一直在努力降低我們在俄羅斯的曝光率，特別是與我們在那裡服務的客戶。因此，直接敞口——以當地貨幣計，我們在本季度減少了大約 9 億美元左右。我們將我們擁有的現金和存款再減少 17 億美元左右，然後繼續將第三方相關風險敞口再減少 4 億美元。這是通過與客戶合作來償還這些風險和貸款，在某些情況下，給予他們這樣做的動力以及將存款轉移出去的動力。與此相關的團隊非常積極地參與其中。

What's happened with that is the mix of the exposure that we have or that remains has skewed towards the higher-quality names and towards the global subsidiaries that we have in the country. And so with that mix shift to better quality names and the reduction in exposure, that's allowed for us to take down the reserves that we had related to the direct exposure in the quarter. And so that has been, I think, good -- very good progress in terms of that reduction. It gets overshadowed a bit with the ruble impact, but we've made good progress and we're going to continue to actively do that.

所發生的情況是，我們擁有或仍然存在的曝光混合偏向於更高質量的名稱和我們在該國擁有的全球子公司。因此，隨著這種組合轉向質量更好的名稱和風險敞口的減少，這使我們能夠減少與本季度直接風險敞口相關的儲備。因此，我認為，在減少方面取得了很好的進展。盧布的影響使它有點黯然失色，但我們已經取得了良好的進展，我們將繼續積極地這樣做。

Approximately -- Jane, do you want to jump in on that?

大約—— 簡，你想插話嗎？

Yes. Yes -- no, I was going to jump in, in terms of just sort of overall -- let's be very clear. We are systematically crunching down the size of our franchise. And as Mark says, the severe stress loss scenario is probably the best indicator of that, which is now around about the $2 billion and materially reduced them. And we completely change the nature of our exposure. Particularly when you think about today, most of our clients are multinationals. Many of the exposures there have parent guarantees against them, which is very helpful.

是的。是的 - 不，我打算加入，就整體而言 - 讓我們非常清楚。我們正在系統地縮減我們的特許經營規模。正如馬克所說，嚴重的壓力損失情景可能是最好的指標，現在大約是 20 億美元，並大大減少了它們。我們完全改變了我們曝光的性質。特別是當你想到今天，我們的大多數客戶都是跨國公司。那裡的許多風險敞口都有針對他們的父母擔保，這非常有幫助。

What are we doing with them? Many of them that -- we're helping them with their exits from the countries. And that obviously, as you can all appreciate, take some time. So for those that are able to exit swiftly, it's -- that's another factor that can help us reduce down our exposure presence, and indeed, our operations.

我們在用他們做什麼？他們中的許多人——我們正在幫助他們離開這些國家。顯然，正如你們都知道的那樣，需要一些時間。因此，對於那些能夠迅速退出的人來說，這是另一個可以幫助我們減少曝光率的因素，事實上，我們的運營。

There are also others though that it is harder. I think we've all seen how difficult it is to disconnect the Russian economy from the West in a couple of key sectors, in particular food and in particular energy. And as you can imagine, given the nature of our bank, we've been in the middle of some of those flows that are essential for the West and the multinationals that are supporting it.

還有其他的，雖然它更難。我想我們都看到了在幾個關鍵領域，尤其是食品和能源領域，讓俄羅斯經濟與西方脫節是多麼困難。正如你可以想像的那樣，鑑於我們銀行的性質，我們一直處於對西方和支持它的跨國公司至關重要的一些流動之中。

And so you get a -- you have a bit of a blended story here in terms of -- yes, we're helping those that can exit, but we're also still playing the role that we have to and have been asked to in maintaining some of those flows. We anticipate that they will continue to reduce over time as the energy and food security issues get addressed. But it's a complex environment. And bottom line, you can hear us, we're pleased with how this has been managed by our teams.

所以你得到一個 - 你在這裡有一個混合的故事 - 是的，我們正在幫助那些可以退出的人，但我們仍然在扮演我們必須和被要求扮演的角色在維持其中一些流量。我們預計，隨著能源和糧食安全問題得到解決，它們將隨著時間的推移而繼續減少。但這是一個複雜的環境。最重要的是，您可以聽到我們的聲音，我們對我們團隊的管理方式感到滿意。

Our next question will come from Gerard Cassidy with RBC.

我們的下一個問題將來自 RBC 的 Gerard Cassidy。

Mark, can you share with us -- both of you addressed in your opening remarks about the impact the market conditions had on Investment Banking, and your peers have seen it as well. If the market conditions remain this way in the second half of the year and into 2023, just for Investment Banking, not Markets, your trading business, do you guys -- when do you guys have to take a sharper pencil to the expenses in that division? Or do you just let it run?

馬克，你能和我們分享一下嗎——你們在開場白中談到了市場狀況對投資銀行業務的影響，你們的同行也看到了這一點。如果市場狀況在今年下半年和 2023 年保持這種狀態，那麼僅針對投資銀行業務，而不是針對您的交易業務的市場，你們 - 你們什麼時候需要更鋒利的鉛筆來計算其中的費用分配？或者你只是讓它運行？

Maybe I kick off and then pass it over to Mark. Look, strategic advice is central to the vision to being the preeminent banking partner for multinational firms. We are continuing to strategically invest in talent and in the platform. You can expect us to continue doing so with a particular focus on the tech, health care and financial services sectors because those are ones where it is a decade-long shift that we're going to see in their importance.

也許我開始了，然後把它交給馬克。看，戰略建議對於成為跨國公司卓越的銀行合作夥伴的願景至關重要。我們將繼續對人才和平台進行戰略性投資。你可以期待我們繼續這樣做，特別關注科技、醫療保健和金融服務領域，因為這些領域的重要性將持續十年。

And I've -- we've brought in some very strong bankers there. It always takes a few years to build share, build out the client relationships and to see the full fruits of those investments. We're also focused on the broader opportunity by leveraging investments in Commercial Banking, I'm sure Mark will talk about that as well, and in Markets and the connectivity there.

我已經 - 我們在那裡引進了一些非常強大的銀行家。建立份額、建立客戶關係並看到這些投資的全部成果總是需要幾年的時間。我們還通過利用對商業銀行的投資來關注更廣泛的機會，我相信馬克也會談到這一點，以及市場和那裡的連通性。

So I think you're going to see us take a strategic look at this on a long-term look rather than just a shooting from the hip on the expenses side because we're building the firm for the long term here. We'll certainly be incredibly disciplined around expenses. You've seen that with us this quarter. We've talked about what we'll do on expenses across the board and the firm as we become simpler in tackling stranded costs, our organization structure, et cetera. But we're very serious about the investments that we're making into some of the core talent in these areas. And you shouldn't be expecting us to make any significant material shifts, right or left on this one. We're deadly serious. Mark?

所以我認為你會看到我們從長遠的角度來戰略性地看待這個問題，而不僅僅是在費用方面從臀部射擊，因為我們在這里長期建立公司。我們肯定會在開支方面受到難以置信的約束。您在本季度與我們一起看到了這一點。隨著我們在處理擱淺成本、我們的組織結構等方面變得更加簡單，我們已經討論了我們將如何處理整個董事會和公司的費用。但我們非常重視對這些領域的一些核心人才的投資。而且你不應該期望我們在這一次上做出任何重大的重大轉變，無論是向右還是向左。我們是認真的。標記？

Jane, I think that's well said. The only thing I'd add is that the business is capital-light and is high-returning through the cycle, and so we see a lot of value there. We want to be prepared to ramp up when activity starts again. And as you said, it's quite strategic for us.

簡，我覺得說得好。我唯一要補充的是，該業務是輕資本並且在整個週期中具有高回報，因此我們在那裡看到了很多價值。我們希望在活動再次開始時做好準備。正如你所說，這對我們來說非常具有戰略意義。

Since you kind of wound me up on the Commercial Banking activity, I have to jump at it. We had, as you know, Jane, a very strong quarter in Commercial Banking. When I look at the revenue momentum there, just kind of leveraging the breadth of the franchise, we're probably up 25% to 30% in revenues in that part of the business. And I know that's part of our -- as you know, that's part of our core growth strategy that we talked about at Investor Day. So good momentum in that part of the franchise as well.

既然你讓我對商業銀行業務產生了興趣，我必須跳起來。如您所知，我們在商業銀行業務中擁有非常強勁的季度簡。當我查看那裡的收入勢頭時，只是利用特許經營的廣度，我們在這部分業務中的收入可能增長了 25% 到 30%。我知道這是我們的一部分——如你所知，這是我們在投資者日討論的核心增長戰略的一部分。在特許經營的那部分也有很好的勢頭。

And obviously, they're having benefits for our Investment Banking colleagues as well.

顯然，他們也為我們的投資銀行同事帶來了好處。

Those synergies, yes.

那些協同作用，是的。

Important synergies, yes.

重要的協同作用，是的。

Our next question will come from Vivek Juneja with JPMorgan.

我們的下一個問題將來自摩根大通的 Vivek Juneja。

Jane, a question for you on Mexico. Given the comments of the Mexican President, would that limit the price that a buyer would be willing to pay? And what's your sort of minimum price that you're willing to accept? And if -- what's plan B if the prices being bid don't meet that hurdle?

簡，關於墨西哥的問題。鑑於墨西哥總統的評論，這會限制買家願意支付的價格嗎？你願意接受的最低價格是多少？如果——如果出價沒有達到這個障礙，那麼計劃 B 是什麼？

Oh, Vivek, I'm not going to answer your question. But I'll give you a few comments on Mexico nonetheless. So we're pleased with the interest in our Mexican franchise based on the discussions with the buyers. And it's -- the franchise is performing well. It's more than maintaining its value. It's contributing nicely to our financial results. But it's still very early in this process. So when we have news for you, we will obviously convey that to you swiftly.

哦，Vivek，我不會回答你的問題。但我還是要對墨西哥發表一些評論。因此，根據與買家的討論，我們對墨西哥特許經營權的興趣感到滿意。這是 - 特許經營權表現良好。這不僅僅是保持其價值。它對我們的財務業績做出了很好的貢獻。但在這個過程中還很早。因此，當我們有消息要告訴您時，我們顯然會迅速將其傳達給您。

But it's early days. And as you'd expect, with the transaction of this nature, we need to work through a variety of regulatory and legal proceedings. We're actively doing so. We're working hard on separating our market-leading institutional franchise, which is a key part of our global network, taking the time necessary to do that the right way. And we have a variety of different options that we can always look at. But it's far too early in the process here to speculate. But so far, so good.

但現在還為時過早。正如您所料，對於這種性質的交易，我們需要通過各種監管和法律程序。我們正在積極這樣做。我們正在努力分離我們市場領先的機構特許經營權，這是我們全球網絡的關鍵部分，並花時間以正確的方式做到這一點。我們有各種不同的選擇，我們可以隨時查看。但現在推測這個過程還為時過早。但到目前為止，一切都很好。

Our next question will come from Andrew Lim with Societe Generale.

我們的下一個問題將來自法國興業銀行的 Andrew Lim。

I guess I'd like to have a better view from you on your outlook on recession. It is difficult to reconcile how investors feel about recession, which is obviously quite negative and seemingly a lot more negative than it was about a quarter ago. But when we look at you and some of your peers, the delta on the recession outlook seems only a little bit worse than it was 1 quarter ago. So I was just wondering how you think about recession because some of the investors that we talk to, they look at the savings ratio, it's better pre-pandemic levels. They look at mortgage affordability, and it's really quite dire. And the perception that you have is obviously perhaps inconsistent with the way you were looking at recession. So perhaps you can give us a bit of color as to how you're thinking about things.

我想我想從你那裡更好地了解你對經濟衰退的看法。很難調和投資者對衰退的看法，這顯然是相當消極的，而且似乎比大約一個季度前要消極得多。但是，當我們觀察您和您的一些同行時，經濟衰退前景的變化似乎只比 1 季度前差一點。所以我只是想知道你如何看待衰退，因為我們採訪的一些投資者，他們看儲蓄率，這是更好的大流行前水平。他們著眼於抵押貸款的負擔能力，這真的很可怕。你的看法顯然可能與你看待經濟衰退的方式不一致。所以也許你可以給我們一些關於你如何思考事情的顏色。

Yes. I'll kick it off, pass it to Mark. Look, as we've talked about, the current macro environment is kind of shaped by the 3 Rs: Russia, rates and recession. And it depends where in the world you are as to which one is prevailing. In the U.S., we're more concerned about rates and imminent recession. The consumer and the corporate are healthy. The labor market is exceedingly tight. We are increasingly concerned about the possibility of a recession next year. But I think what you're hearing from us quite loud and clear is that we think the economy is quite well positioned to withstand it.

是的。我會開始的，把它傳給馬克。看，正如我們所談到的，當前的宏觀環境在某種程度上是由 3 Rs 塑造的：俄羅斯、利率和經濟衰退。這取決於你在世界上哪個地方占主導地位。在美國，我們更擔心利率和即將到來的衰退。消費者和企業都很健康。勞動力市場異常緊張。我們越來越擔心明年經濟衰退的可能性。但我認為你從我們那裡聽到的非常響亮而明確的是，我們認為經濟已經做好了承受它的準備。

Europe, different story. Fragility of their energy supply to any further shocks makes it more vulnerable, and it's kind of at the center of the storm. So we do believe that the continent is heading into a recession under the most likely scenario and could be as early as this fall.

歐洲，不同的故事。他們的能源供應對任何進一步衝擊的脆弱性使其更加脆弱，並且它處於風暴的中心。因此，我們確實認為，在最有可能的情況下，非洲大陸正在走向衰退，最早可能在今年秋天。

In Asia, concerned, largely focused around China and its COVID -- Zero COVID policy. The economy is bouncing back, but you could have another wave that could be more problematic there. So you put all these different factors. So it's a little bit depends on where in the world that you are.

在亞洲，關注的焦點主要集中在中國及其COVID--零COVID政策。經濟正在反彈，但你可能會遇到另一波可能會帶來更多問題的浪潮。所以你把所有這些不同的因素放在一起。所以這有點取決於你在世界的哪個地方。

When I think about Citi, look, we're prepared for a variety of scenarios. We are absolutely ready. We run stress tests all the time given the unique set of risks facing the global economy right now. We have a set of playbooks honed over many years that can get instituted as necessary. And what matters for a bank heading into recession? Capital, liquidity, credit quality and reserves. And we feel very good about all 4 of them. Very strong capital ratios, as you've seen, ending 2Q. Total liquidity resources just shy of $1 trillion. Over 80% of our corporate exposures are investment-grade. Our consumer clients are heavily prime.

當我想到花旗時，看，我們已經為各種情況做好了準備。我們完全準備好了。鑑於目前全球經濟面臨的一系列獨特風險，我們一直在進行壓力測試。我們有一套經過多年磨練的劇本，可以根據需要製定。對於一家陷入衰退的銀行來說，什麼才是最重要的？資本、流動性、信用質量和儲備。我們對他們四個都感覺很好。如您所見，截至第二季度的資本比率非常強勁。總流動性資源接近 1 萬億美元。我們超過 80% 的企業風險敞口屬於投資級別。我們的消費者客戶非常重要。

And let's just talk a little bit about the ICG NCL this quarter. When you look at the numbers, it was $18 million only. The health of the corporate is entering into the choppy waters is extremely strong. And we have -- we've got a very well reserve-to-funded loan ratio of 2.44. So we have a lot of flexibility here. We have a severe recession, I think you'll see certain actions taken, another one being slower. But as a bank, we're ready for a whole variety of different scenarios. Mark?

讓我們稍微談談本季度的 ICG NCL。當你查看數字時，它只有 1800 萬美元。企業的健康正在進入波濤洶湧的水域是非常強大的。我們有 - 我們的準備金與融資貸款比率非常好，為 2.44。所以我們在這裡有很大的靈活性。我們有嚴重的衰退，我想你會看到採取了某些行動，而另一種行動則更慢。但作為一家銀行，我們已經為各種不同的場景做好了準備。標記？

Yes. Jane, just to your point on reserves, just in the quarter, you saw we took a reserve build. That reserve build was in part driven by our view on the potential for some downside in light of everything that we're seeing and the concerns around recession. So we did take a bit of a build from a CECL point of view on reserves. And as Jane mentioned, we feel very good about our reserve levels and the $18 billion that we have associated with our franchise.

是的。簡，就您的儲備而言，就在本季度，您看到我們進行了儲備建設。鑑於我們所看到的一切以及對經濟衰退的擔憂，我們認為可能會出現一些下行空間，從而推動了儲備的增加。因此，我們確實從 CECL 的角度對儲備進行了一些構建。正如簡所提到的，我們對我們的儲備水平以及與我們的特許經營權相關的 180 億美元感覺非常好。

Yes. I think the consumer, it's just an unusual situation to be entering into this choppy environment when you have a consumer with strong health and such a tight labor market, and I think that's where you hear so many of us. Not so much concerned about an imminent recession in the States.

是的。我認為消費者，當您擁有健康狀況良好且勞動力市場如此緊張的消費者時，進入這種動蕩的環境只是一種不尋常的情況，我認為這就是您聽到我們這麼多人的地方。不太擔心美國即將陷入衰退。

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

我們的下一個問題將來自富國銀行證券公司的 Mike Mayo。

Can you hear me?

你能聽到我嗎？

Yes, we can, Mike.

是的，我們可以，邁克。

Look, to regain investor credibility, you've mentioned meeting various proof points. And can you remind us which proof points you've met, but which proof points we should hold you accountable to looking ahead in the next quarter and year?

看，為了恢復投資者的信譽，你提到了滿足各種證明點。您能否提醒我們您遇到了哪些證明點，但我們應該讓您對下一季度和下一年度的展望負責？

Okay. I think you hold us accountable for all the different proof points we laid out. We were -- we went through a very thoughtful process to come up with the different KPIs for the strategy. And those are transparently put into the materials. We're trying to make it as shareholder- and investor-friendly as possible in that respect. And we -- as you can see this quarter, the drivers exceeded expectations in some places. There were headwinds in others. We laid them out very clearly.

好的。我認為您要求我們對我們提出的所有不同證明點負責。我們是——我們經歷了一個非常周到的過程來為該戰略提出不同的 KPI。那些被透明地放入材料中。在這方面，我們正努力使其盡可能對股東和投資者友好。我們——正如你在本季度看到的那樣，驅動因素在某些地方超出了預期。其他人也遇到了逆風。我們非常清楚地列出了它們。

You saw -- as we talked about services, so I don't need to cover that one again. In Markets, we talked about optimizing RWA, driving the business for stronger capital productivity, also driving more of the Alpha trade solution business, you see that. Personal Banking returning to IEB and revenue growth on customer acquisition, purchase sales being important metrics.

你看到了——當我們談到服務時，所以我不需要再討論那個了。在 Markets 中，我們談到了優化 RWA，推動業務提高資本生產力，同時推動更多 Alpha 交易解決方案業務，你看。個人銀行業務重回 IEB，客戶獲取收入增長，購買銷售是重要指標。

Investment Banking, it's progress on key hires and -- that we've been making. That's obviously been a tough market to do so, but I mean, pleased with the talent that we've brought in and delighted with the talent that we have. Wealth was more challenged with lockdowns in Asia understandably, slowing some progress on client acquisitions and some of the key strategy drivers there. But synergies, more disciplined, tighter processes reinforced by additional metrics on the scorecard, you'll be hearing us talking more and more about the delivery of those synergies.

投資銀行業務，這是關鍵招聘方面的進展，而且我們一直在努力。這顯然是一個艱難的市場，但我的意思是，對我們引進的人才感到高興，並對我們擁有的人才感到高興。可以理解，由於亞洲的封鎖，財富面臨更大的挑戰，這減緩了客戶收購的一些進展以及那裡的一些關鍵戰略驅動因素。但是，協同效應、更嚴格、更嚴格的流程通過計分卡上的其他指標得到加強，你會聽到我們越來越多地談論這些協同效應的交付。

So it's not really any difference from exactly what we laid out on Investor Day, right? We've laid out a strategy we have a lot of conviction around. We've laid out the different metrics to hold us accountable to, and it should provide you a sense of progress along the way. And we've also talked about what we're doing to get this cultural change of accountability, of urgency, of intensity and excellence. And we'll give you as many different indicators of where that's working well and where it's not as we go along.

因此，這與我們在投資者日所展示的內容並沒有什麼不同，對吧？我們已經制定了一項我們深信不疑的戰略。我們已經制定了不同的指標來讓我們負責，它應該讓您在此過程中感受到進步。我們還談到了我們正在做些什麼來實現這種問責制、緊迫性、強度和卓越性的文化變革。我們將為您提供盡可能多的不同指標，說明哪些方面運作良好，哪些方面表現不佳。

If I can just add one thing to that, Jane. And Mike, I think you got to keep in mind that this is a very strong quarter for us. We feel very good about it, but it's just a quarter.

如果我可以添加一件事，簡。邁克，我認為你必須記住，這對我們來說是一個非常強勁的季度。我們對此感覺很好，但這只是四分之一。

Yes.

是的。

Right? And we talked about at Investor Day a long-term strategy, and we gave you a sense for medium-term targets. And those things are going to be things that you hold us accountable between now and then, right? And so this is 1 quarter. We feel great about it. We're certainly glad that you're recognizing it, but there's a lot more wood to chop. We're making a lot of investments in the franchise that we know are going to pay dividends in the future. And we look forward to kind of talking through continued progress in these KPIs. It won't always be a straight line, but we remain confident that we're going to get there.

正確的？我們在投資者日討論了長期戰略，我們讓你了解了中期目標。從現在到那時，這些事情將是你讓我們負責的事情，對吧？所以這是 1 個季度。我們對此感覺很好。我們當然很高興您能認出它，但要砍伐的木頭要多得多。我們正在對特許經營權進行大量投資，我們知道這些投資將在未來獲得紅利。我們期待通過這些 KPI 的持續進展進行討論。這並不總是一條直線，但我們仍然相信我們會到達那裡。

Yes. And we fully recognize the magnitude of what we have to do, and we're determined to get this done.

是的。我們完全認識到我們必須做的事情的重要性，我們決心完成這項工作。

Our next question will come from Vivek Juneja with JPMorgan.

我們的下一個問題將來自摩根大通的 Vivek Juneja。

Mark, your 8% NII growth for full year, is there something in the second quarter that was unusually high that we should not carry forward? I'm just trying to reconcile that with the guide that you've given because if we just take that forward, it would be above the 8%. So trying to reconcile what's the difference.

馬克，你全年 8% 的 NII 增長，第二季度有什麼異常高的東西我們不應該發揚光大嗎？我只是想把它與你給出的指南相協調，因為如果我們把它向前推進，它會超過 8%。所以試圖調和有什麼不同。

Look, I mean, each of the quarters obviously have different dynamics, different rate moves, different volume -- levels of volume growth and what have you. And so there's certainly different volume levels between quarter 1 and quarter 2. And I described kind of how rates would move between the quarters as well. And so to simplify it and because there is appropriate interest in how we think about it on an ex Markets basis, I just gave you the annualization of the half and what it would mean for the full year. So nothing that I would point out beyond what you would notice, which is differences in rates and volumes across the businesses.

看，我的意思是，每個季度顯然都有不同的動態、不同的利率變動、不同的交易量——交易量增長水平以及你有什麼。因此，第 1 季度和第 2 季度之間肯定存在不同的交易量水平。我還描述了利率在兩個季度之間的變動情況。因此，為了簡化它，並且因為我們對在前市場的基礎上如何考慮它有適當的興趣，我只是給了你一半的年化以及它對全年的意義。因此，除了您會注意到的以外，我沒有什麼要指出的，那就是各個業務的費率和數量的差異。

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

目前沒有其他問題。我現在將把電話轉給 Jen Landis 做閉幕詞。

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

感謝大家參加今天的電話會議。如果您有任何後續問題，請聯繫 IR。祝你有美好的一天。謝謝你。