花旗銀行 (C) 2022 Q3 法說會逐字稿

Hello, and welcome to Citi's Third Quarter 2022 Earnings Call with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions)

您好，歡迎參加花旗 2022 年第三季度財報電話會議，首席執行官簡·弗雷澤 (Jane Fraser)；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）

Also as a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

另外提醒一下，今天正在錄製此電話。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. With that, I'll turn it over to Jane.

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

Thank you, Jen, and thanks, everyone, for joining us today. Well, we are certainly still living through interesting times. And overall, I am pleased with how our bank is navigating through them. As you'll hear from me shortly, we continue to focus intensely on executing our strategy and our transformation as we outlined at Investor Day, whilst supporting our clients in this complex environment.

謝謝你，Jen，也謝謝大家今天加入我們。好吧，我們當然仍然生活在有趣的時代。總的來說，我對我們的銀行如何通過它們感到滿意。正如您很快就會聽到我的消息，我們將繼續專注於執行我們在投資者日概述的戰略和轉型，同時在這個複雜的環境中為我們的客戶提供支持。

So before I get into the quarter, let me highlight some observations about what we see going on around the world, given our unique vantage point. The global macro outlook that we shared with you over the last couple of quarters has been borne out. There is accumulating evidence of slowing global growth, and we now expect to experience rolling country level recession starting this quarter.

因此，在我進入本季度之前，讓我強調一些關於我們在世界各地看到的情況的觀察，鑑於我們獨特的優勢。我們在過去幾個季度與您分享的全球宏觀前景已經得到證實。越來越多的證據表明全球增長放緩，我們現在預計從本季度開始將經歷國家層面的滾動衰退。

The severity and timing of these recessions depend where in the world you are. Although persistently high inflation is driving a global softening of consumer demand for goods. In the Eurozone in the U.K., the supply shocks are most severe. Growth prospects have deteriorated sharply, and headline inflation is running at nearly 10%. All eyes are on this winter's weather forecast and the energy supply.

這些衰退的嚴重程度和時間取決於你在世界的哪個地方。儘管持續的高通脹正在推動全球消費者對商品的需求疲軟。在英國的歐元區，供應衝擊最為嚴重。增長前景急劇惡化，總體通脹率接近 10%。所有的目光都集中在今年冬天的天氣預報和能源供應上。

The U.S. economy, however, remains relatively resilient. So while we are seeing signs of economic slowing, consumers and corporates remain healthy as our very low net credit losses demonstrate, supply chain constraints are easing, the labor market remains strong. So it is all a question of what it takes to truly tame persistently high core inflation. Now history would suggest that, that will be quite a lot and for some time. Therefore, we could well see a mild recession in the second half of '23. We believe the U.S. economy is well positioned to expand it all else being equal in the geopolitical arena, that is.

然而，美國經濟仍然相對具有彈性。因此，雖然我們看到經濟放緩的跡象，但消費者和企業仍然健康，正如我們非常低的淨信貸損失所表明的那樣，供應鏈限制正在緩解，勞動力市場依然強勁。因此，真正馴服持續居高不下的核心通脹，這完全是一個問題。現在歷史會表明，這將是相當多的一段時間。因此，我們很可能會在 23 年下半年看到溫和的衰退。我們認為，美國經濟處於有利地位，可以在地緣政治舞台上以同等條件擴張它。

Finally, in Asia, we continue to be concerned with China's COVID lockdowns, which took a bigger bite out of economic activity than anticipated, exacerbated by a lack of intensified macro stimulus. It is geopolitical risks and rates that dominate discussions with our corporate clients worldwide. And I'd say we're more focused on market liquidity generally and counterparty risk than our credit risk in the near term. Nonetheless, we are planning conservatively, and we are prepared for all environments.

最後，在亞洲，我們繼續關注中國的新冠疫情封鎖措施，這種封鎖措施對經濟活動的影響比預期的要大，而且由於缺乏強化的宏觀刺激措施而加劇。地緣政治風險和利率主導著我們與全球企業客戶的討論。我想說的是，我們在短期內更關注市場流動性和交易對手風險，而不是信用風險。儘管如此，我們正在保守地進行規劃，並為所有環境做好了準備。

Against this backdrop, today, we reported net income of $3.5 billion, EPS of $1.63 and an RoTCE of 8.2%. We grew revenues by 6%, including a gain on sale of our consumer business in the Philippines. While we had excellent performance in some areas, our results could have been better in a few others. Services delivered another very strong quarter. TTS saw revenues up 40% year-over-year with growth in each business and in fees. Key drivers of our strategy such as wallet share, trade loan originations and cross-border transactions are all trending strongly in the right direction and are ahead of our plan.

在這種背景下，今天，我們報告了 35 億美元的淨收入，1.63 美元的每股收益和 8.2% 的 RoTCE。我們的收入增長了 6%，其中包括出售我們在菲律賓的消費者業務的收益。雖然我們在某些領域表現出色，但在其他一些領域我們的結果可能會更好。服務提供了另一個非常強勁的季度。隨著各項業務和費用的增長，TTS 的收入同比增長 40%。我們戰略的關鍵驅動因素，例如錢包份額、貿易貸款發放和跨境交易，都在朝著正確的方向發展，並且超出了我們的計劃。

Security Services was up 15% despite assets under custody being impacted by the declines in equity markets. We have onboarded over $1 trillion in AUC and AUA since the beginning of the year and we're seeing good momentum in issuer services, in particular. Markets, on the other hand, came in lower with revenues down 7%. In fixed income, we matched last year's particularly good showing through our long-standing strength in FX, offsetting a weaker quarter in spread products. In equities, reduced activity in derivatives, which is a core part of our platform, led to lower revenues compared to last year's exceptional performance. And we continued to optimize RWA in market consistent with our strategy.

儘管託管資產受到股票市場下跌的影響，安全服務業務仍增長了 15%。自今年年初以來，我們的 AUC 和 AUA 已超過 1 萬億美元，尤其是在發行人服務方面，我們看到了良好的勢頭。另一方面，市場表現不佳，收入下降 7%。在固定收益方面，我們通過我們在外匯方面的長期實力與去年特別好的表現相匹配，抵消了價差產品疲軟的季度。在股票方面，與去年的出色表現相比，作為我們平台核心部分的衍生品活動減少導致收入下降。我們繼續按照我們的戰略優化市場風險加權資產。

Banking was the business most adversely impacted by the macro environment across the industry with geopolitics and fears of recession significantly reducing deal flows and the appetite for M&A. We continue to invest in building out our teams for long-term growth opportunities, including health care, technology and energy. And I'm really pleased with the high caliber bankers who are attracted to both our platform and our culture.

銀行業是受整個行業宏觀環境影響最大的業務，地緣政治和對經濟衰退的擔憂顯著減少了交易流量和併購意願。我們將繼續投資建設我們的團隊，以獲得長期增長機會，包括醫療保健、技術和能源。我對那些被我們的平台和文化所吸引的高素質銀行家感到非常高興。

The environment for wealth management continued to be less than ideal. Our revenues were down only slightly and meaningfully up outside of Asia. Our strategy to capture the synergies with our businesses, such as the wealth referral initiatives between commercial banking, retail banking and investment banking is progressing well. We also continue to steadily attract new clients and increase the ranks of our client advisers, as you will see in our KPIs. Nonetheless, we are slowing the pace of some of the investments in this business given the environment. U.S. Personal Banking further solidified its growth trajectory. Card sales, ANR, interest-earning balances and customer acquisition all saw good growth and we continued to increase digital uptake.

財富管理環境仍不理想。在亞洲以外，我們的收入僅略有下降且顯著上升。我們與業務取得協同效應的策略，例如商業銀行、零售銀行和投資銀行之間的財富推薦計劃進展順利。正如您將在我們的 KPI 中看到的那樣，我們還將繼續穩步吸引新客戶並增加客戶顧問的隊伍。儘管如此，鑑於環境，我們正在放慢對該業務的一些投資步伐。美國個人銀行業務進一步鞏固了其增長軌跡。卡銷售、ANR、生息餘額和客戶獲取都出現了良好的增長，我們繼續增加數字化吸收。

Retail Services joined Branded cards in having double-digit revenue growth this quarter. Retail Banking also grew contributing to a 10% overall revenue increase for the business. As you can see in the presentation, our cost of credit reflects the quality of our loan portfolio in both ICG and PBWM. There were effectively no credit losses in ICG, and U.S. consumer NCLs remain well below the pre-COVID levels.

零售服務與品牌卡一起在本季度實現了兩位數的收入增長。零售銀行業務的增長也為該業務的整體收入增長做出了 10% 的貢獻。正如您在演示文稿中所見，我們的信貸成本反映了我們在 ICG 和 PBWM 中的貸款組合的質量。 ICG 實際上沒有信用損失，美國消費者 NCL 仍遠低於 COVID 之前的水平。

Consumer loan growth together with the worsening of our macroeconomic assumptions drove a modest ACL build this quarter. While our expenses are elevated as we continue to invest in our businesses, and in our transformation, we are managing them closely, and we remain on track to meet the full year guidance.

消費貸款增長以及我們宏觀經濟假設的惡化推動了本季度 ACL 的適度增長。雖然隨著我們繼續投資於我們的業務和轉型，我們的費用有所增加，但我們正在密切管理它們，我們仍有望實現全年指導。

As you know, the transformation is a multiyear effort, and we're committed to meeting the expectations of our regulators given the paramount importance of safety and soundness. We continue to be in constructive dialogues with them and are updating our execution plans as appropriate. Stepping back, I'm generally pleased with the advances we're making in the key drivers of the strategy we laid out for you in March, and these are laid out on Page 3.

如您所知，轉型是一項多年的努力，鑑於安全性和穩健性至關重要，我們致力於滿足監管機構的期望。我們將繼續與他們進行建設性對話，並酌情更新我們的執行計劃。退一步說，我總體上對我們在 3 月份為您制定的戰略的關鍵驅動因素方面取得的進展感到滿意，這些都在第 3 頁列出。

We're seeing good momentum in realizing client synergies and in attracting talent to grow the franchise. In terms of simplification, we continue to make progress on the divestitures of our international consumer businesses and the elimination of their associated stranded costs. We closed the sale of the Philippines during the third quarter and are on track to close Bahrain, Malaysia and Thailand during the fourth quarter.

我們在實現客戶協同效應和吸引人才以發展特許經營權方面看到了良好的勢頭。在簡化方面，我們繼續在剝離我們的國際消費業務和消除相關的擱淺成本方面取得進展。我們在第三季度完成了對菲律賓的銷售，並有望在第四季度關閉巴林、馬來西亞和泰國。

We also announced the wind down of our consumer franchise in the U.K. to focus fully on the wealth franchise there. I would also note, we're ahead of our plan in our Korean consumer wind down. We continued to shrink our operations in and exposure to Russia. To be clear, our intention is to wind down our presence in that country.

我們還宣布關閉我們在英國的消費者專營權，以完全專注於那裡的財富專營權。我還要指出，我們在韓國消費者的減少中領先於我們的計劃。我們繼續縮減在俄羅斯的業務和在俄羅斯的業務。需要明確的是，我們的意圖是減少我們在那個國家的存在。

In August, we announced the wind down of our consumer and local commercial banking businesses. While we have been supporting our multinational clients in Russia, we are now informing them that we will be ending nearly all of the institutional banking services we offer by the end of the first quarter of next year. At that point, our only operations in Russia will be those necessary to fulfill our remaining legal and regulatory obligations.

8 月，我們宣布關閉我們的消費者和本地商業銀行業務。雖然我們一直在為我們在俄羅斯的跨國客戶提供支持，但我們現在通知他們，我們將在明年第一季度末結束我們提供的幾乎所有機構銀行服務。屆時，我們在俄羅斯的唯一業務將是履行我們剩餘的法律和監管義務所必需的業務。

Turning to capital. We returned $1 billion to our shareholders through common dividends during the quarter, while buybacks continue to be on hold. We will keep evaluating that decision on a quarterly basis as due to increasing regulatory requirements, we build our CET1 ratio to 13% or so by mid next year, and that includes a management buffer of 100 basis points.

轉向資本。我們在本季度通過共同股息向股東返還了 10 億美元，而回購繼續被擱置。我們將繼續按季度評估該決定，因為由於監管要求不斷提高，我們將在明年年中將我們的 CET1 比率提高到 13% 左右，其中包括 100 個基點的管理緩衝。

We ended the quarter at a CET1 ratio of 12.2% as we actively managed our RWA usage throughout our lines of business. Lastly, our tangible book value per share increased to $80.34. So the bottom line is that while the environment is a challenging one, and we expect it will remain so, we continue to focus relentlessly on executing the strategy we presented to you at our Investor Day and on making steady progress.

我們以 12.2% 的 CET1 比率結束本季度，因為我們在整個業務線中積極管理 RWA 的使用。最後，我們的每股有形賬面價值增加到 80.34 美元。因此，底線是，儘管環境充滿挑戰，我們預計仍將如此，但我們將繼續不懈地專注於執行我們在投資者日向您展示的戰略並取得穩步進展。

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，我們將一如既往地很高興回答您的問題。

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 third quarter, unless I indicate otherwise, and spend a little more time on expenses, credit and capital. Then I will turn to the results of each segment and end with full year 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，重點關注第三季度的同比比較，並在費用、信貸和資本上花更多的時間。然後我將轉向每個部分的結果，並以 2022 年全年指導結束。

On Slide 4, we show financial results for the full firm. In the third quarter, we reported net income of $3.5 billion and EPS of $1.63, with an RoTCE of 8.2% on $18.5 billion of revenues. Embedded in these results are pretax divestiture-related impacts of approximately $520 million, largely driven by a gain on the sale of the Philippines consumer business. Excluding divestiture-related impacts, EPS and RoTCE would have been $1.50 and 7.5%, respectively.

在幻燈片 4 中，我們展示了整個公司的財務業績。第三季度，我們報告淨收入為 35 億美元，每股收益為 1.63 美元，收入為 185 億美元，RoTCE 為 8.2%。這些結果中包含約 5.2 億美元的稅前資產剝離相關影響，主要是由於出售菲律賓消費者業務的收益。排除與資產剝離相關的影響，EPS 和 RoTCE 分別為 1.50 美元和 7.5%。

In the quarter, total revenues increased 6% on a reported basis. Excluding divestiture-related impacts, revenues were down 1% as growth in net interest income was more than offset by lower noninterest revenues. Net interest income grew 18%, driven by the impact of higher interest rates across the firm and strong loan growth in PBWM.

在報告的基礎上，本季度的總收入增長了 6%。排除與資產剝離相關的影響，收入下降了 1%，因為淨利息收入的增長被非利息收入的下降所抵消。淨利息收入增長了 18%，這是由於整個公司的利率上升以及 PBWM 的強勁貸款增長的影響。

Noninterest revenues were down 12% on a reported basis and 28% excluding divestiture-related impacts, largely reflecting declines in investment banking, markets, and investment revenues in wealth. Total expenses of $12.7 billion increased 8% and 7%, excluding divestiture-related impacts, largely driven by transformation, inflation and other risk and control initiatives.

非利息收入在報告的基礎上下降了 12%，不包括與資產剝離相關的影響下降了 28%，主要反映了投資銀行業務、市場和財富投資收入的下降。 127 億美元的總支出增長了 8% 和 7%，不包括與資產剝離相關的影響，主要受轉型、通貨膨脹和其他風險和控制舉措的推動。

Cost of credit was $1.4 billion, driven by net credit losses of approximately $900 million and an ACL build of approximately $500 million primarily driven by loan growth in PBWM. At the end of the quarter, we had $18.7 billion in total reserves with a reserve to funded loan ratio of approximately 2.5%.

信貸成本為 14 億美元，主要由約 9 億美元的淨信貸損失和約 5 億美元的 ACL 建設推動，主要受 PBWM 貸款增長的推動。在本季度末，我們的總準備金為 187 億美元，準備金與融資貸款的比率約為 2.5%。

On Slide 5, we show net interest income, loans and deposits. In the third quarter, total net interest income increased by approximately $600 million on a sequential basis and approximately $1.9 billion on a year-over-year basis across the firm, driven by higher interest rates, management of deposit repricing and loan growth in PBWM. Average loans were down by approximately 2%, largely driven by the impact of foreign exchange translation and lower balances in legacy franchises.

在幻燈片 5 中，我們顯示了淨利息收入、貸款和存款。在第三季度，在利率上升、存款重定價管理和 PBWM 貸款增長的推動下，整個公司的總淨利息收入環比增長約 6 億美元，同比增長約 19 億美元。平均貸款下降約 2%，主要是受外匯折算和傳統特許經營權餘額減少的影響。

Excluding FX, loans were largely flat. And average deposits were down by approximately 2%, largely driven by declines in legacy franchises and the impact of foreign exchange translation, partially offset by the issuance of institutional CDs as we continue to diversify the funding profile of the bank. Excluding FX, deposits were up roughly 1%. And sequentially, our net interest margin increased by 7 basis points.

不包括外匯，貸款基本持平。平均存款下降了約 2%，主要是由於傳統特許經營權的下降和外匯兌換的影響，部分被發行機構 CD 所抵消，因為我們繼續使銀行的資金狀況多樣化。不包括外匯，存款增長約 1%。隨後，我們的淨息差增加了 7 個基點。

On Slide 6, we show an expense walk for the third quarter with the key underlying drivers. As I mentioned earlier, expenses increased by 8% and 7%, excluding the impact of divestitures. 2% of the increase was driven by transformation investments with about 2/3 related to the risk, controls, data and finance programs and approximately 25% of the investments in those programs are related to technology.

在幻燈片 6 中，我們展示了第三季度的主要潛在驅動因素的支出情況。正如我之前提到的，不包括資產剝離的影響，費用分別增長了 8% 和 7%。 2% 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，這些計劃中約 25% 的投資與技術相關。

As of today, we have over 10,000 people dedicated to the transformation. About 1% 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. 1% was due to higher volume-related expenses across both PBWM and ICG, and approximately 3% was driven by other risk and control investments and inflation, partially offset by productivity savings and the impact of foreign exchange translation.

截至今天，我們有超過 10,000 人致力於轉型。大約 1% 的費用增長是由業務主導的投資推動的，因為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，我們繼續投資於客戶體驗以及前台入職和平台。 1% 是由於 PBWM 和 ICG 與數量相關的費用增加，大約 3% 是由其他風險和控制投資以及通貨膨脹推動的，部分被生產力節省和外匯兌換的影響所抵消。

Across all these buckets, we continue to invest in technology, including systems and hiring people, resulting in our technology-related spend of approximately 16% for the quarter. On Slide 7, we show key consumer and corporate credit metrics. Over the last several years, we have been disciplined with our loan growth and consistent with our risk appetite framework.

在所有這些方面，我們繼續投資於技術，包括系統和招聘人員，導致本季度我們與技術相關的支出約為 16%。在幻燈片 7 中，我們展示了關鍵的消費者和企業信用指標。在過去的幾年裡，我們一直在遵守我們的貸款增長並與我們的風險偏好框架保持一致。

This framework includes credit risk limits that consider concentrations, including country, industry, credit rating and in the case of consumer, FICO scores. And importantly, these limits apply across the firm in aggregate and we continuously analyze our portfolios and concentrations under a range of stress scenarios. As a result, we feel very good about our asset quality and reserve levels.

該框架包括考慮集中度的信用風險限制，包括國家、行業、信用評級以及消費者的 FICO 分數。重要的是，這些限制總體上適用於整個公司，我們會在一系列壓力情景下不斷分析我們的投資組合和集中度。因此，我們對我們的資產質量和儲備水平感到非常滿意。

As I mentioned earlier, our reserves to funded loan ratio was approximately 2.5%. And within that, PBWM and U.S. Cards is 3.7% and 7.5%, respectively, both right around day 1 CECL levels. In PBWM, the majority of our card portfolios skew towards higher FICO customers. And while we have started to see signs of normalization in both portfolios, NCL rates continue to be less than half of pre-COVID levels.

正如我之前提到的，我們的準備金與融資貸款的比率約為 2.5%。其中，PBWM 和 U.S. Cards 分別為 3.7% 和 7.5%，均在第一天 CECL 水平附近。在 PBWM 中，我們的大部分卡組合都傾向於更高 FICO 的客戶。雖然我們已經開始看到兩個投資組合的正常化跡象，但 NCL 利率仍然不到 COVID 之前水平的一半。

In our ICG portfolio, of our total exposure, over 80% is investment grade and nonaccrual loans remain low and are in line with pre-pandemic levels at about 40 basis points of total loans. So we are well reserved for a variety of scenarios, and we continuously evaluate our scenarios to reflect the evolving macro environment.

在我們的 ICG 投資組合中，在我們的總敞口中，超過 80% 是投資級的，非應計貸款仍然很低，與大流行前的水平一致，約佔總貸款的 40 個基點。因此，我們為各種場景做好了準備，我們不斷評估我們的場景以反映不斷變化的宏觀環境。

On Slide 8, 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 23% or $557 billion are high-quality liquid assets, or HQLA, and we maintained total liquidity resources of approximately $967 billion. The combination of earnings generation, capital from exits and RWA optimization drove our CET1 ratio up by about 25 basis points to approximately 12.2% on a standardized basis, which remains our binding constraint. And our tangible book value per share was $80.34, up 2% from a year ago.

在幻燈片 8 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 23% 或 5570 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 9670 億美元。收益產生、退出資本和 RWA 優化的組合推動我們的 CET1 比率上升約 25 個基點，達到標準化基礎上的約 12.2%，這仍然是我們的約束性約束。我們的每股有形賬面價值為 80.34 美元，比一年前增長 2%。

On Slide 9, we show a sequential CET1 walk to provide more detail on the drivers this quarter and our target over the next few quarters. First, we generated $3.2 billion of net income to common which added 27 basis points. Second, we returned $1 billion in the form of common dividends, which drove a reduction of about 8 basis points. Third, the interest rate impact on AOCI through our AFS investment portfolio drove a 5 basis point reduction. Fourth, changes in the DTA drove a 3 basis point reduction. And finally, the remaining 14 basis point increase was largely driven by net RWA optimization.

在幻燈片 9 上，我們展示了 CET1 的連續步行，以提供有關本季度驅動程序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 32 億美元的淨收入，增加了 27 個基點。其次，我們以普通股息的形式返還了 10 億美元，這導致減少了約 8 個基點。第三，通過我們的 AFS 投資組合對 AOCI 的利率影響降低了 5 個基點。第四，DTA 的變化推動了 3 個基點的下降。最後，其餘 14 個基點的增長主要是由淨 RWA 優化推動的。

In light of our increasing regulatory capital requirement, we ended the quarter with a 12.2% CET1 ratio, 25 basis points higher than last quarter. Importantly, 12.2% is above our current regulatory requirement of 11.5% as of October 1 and above 12%, which will be our regulatory requirement as of January 1 of next year. As we said last quarter, we continue to gradually build to a CET1 target of approximately 13% by midyear 2023, which includes the current 4% SCB and a 100 basis point management buffer.

鑑於我們不斷增加的監管資本要求，我們在本季度末的 CET1 比率為 12.2%，比上一季度高 25 個基點。重要的是，12.2% 高於我們目前的監管要求，即截至 10 月 1 日的 11.5% 和 12%，這將是我們截至明年 1 月 1 日的監管要求。正如我們上個季度所說，我們將繼續逐步建立到 2023 年年中約 13% 的 CET1 目標，其中包括目前 4% 的 SCB 和 100 個基點的管理緩衝。

On Slide 10, we show the results for our Institutional Clients Group, revenues were down 5% as strong growth in services was more than offset by lower revenues across markets and banking. Expenses increased 10% driven by transformation, business-led investments and volume-related expenses, partially offset by productivity and foreign exchange translation. Cost of credit was driven by a reserve build of $86 million.

在幻燈片 10 中，我們展示了機構客戶組的結果，收入下降了 5%，因為服務的強勁增長被市場和銀行業收入的下降所抵消。在轉型、業務主導的投資和與數量相關的費用的推動下，費用增長了 10%，但部分被生產力和外匯折算所抵消。信貸成本由 8600 萬美元的儲備金推動。

While deterioration in certain macro variables did lead to a build, it was mostly offset by the release of a COVID-19 related uncertainty reserve and a release related to direct exposures in Russia. This resulted in net income of approximately $2.2 billion, down 30%. Average loans were up 1%, driven by 9% growth in TTS loans, partially offset by the impact of foreign exchange translation. Average deposits were down 2%, also largely driven by foreign exchange translation. And ICG delivered an RoTCE of 9%.

雖然某些宏觀變量的惡化確實導致了增長，但它主要被與 COVID-19 相關的不確定性儲備的釋放和與俄羅斯直接暴露相關的釋放所抵消。這導致淨收入約為 22 億美元，下降 30%。受 TTS 貸款增長 9% 的推動，平均貸款增長 1%，但部分被外匯換算的影響所抵消。平均存款下降 2%，這也主要受外匯兌換的推動。 ICG 提供了 9% 的 RoTCE。

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.

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。

In Treasury and Trade Solutions, revenues were up 40%, driven by 61% growth in net interest income as well as 8% growth in NIR across all client segments. We continue to see healthy underlying drivers in TTS that indicate consistently strong client activity with U.S. dollar clearing volumes up 2%, cross-border flows up 10%, commercial card volumes up roughly 50% and average loans up 9%.

在資金和貿易解決方案方面，收入增長了 40%，這得益於淨利息收入增長 61% 以及所有客戶群的 NIR 增長 8%。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%，跨境流動增長 10%，商業卡交易量增長約 50%，平均貸款增長 9%。

So while the rate environment drove about 40% of the growth this quarter, business actions drove the remaining 60%. This includes continuing to manage deposit repricing and deepening with existing clients and significant new client wins across all client segments. Through the first half of the year, based on the industry data that we see, we estimate that we gained over 60 basis points of share with large corporate clients. And client wins are up approximately 20% across all segments, including wins with financial institutions which are up almost 50%. These include marquee transactions where we are serving as the client's primary operating bank.

因此，雖然利率環境推動了本季度約 40% 的增長，但商業行為推動了剩餘的 60%。這包括繼續管理與現有客戶的存款重新定價和深化，以及在所有客戶群中贏得重要的新客戶。今年上半年，根據我們看到的行業數據，我們估計我們在大型企業客戶中獲得了超過 60 個基點的份額。在所有細分市場中，客戶贏得的次數增加了約 20%，其中金融機構的贏得次數增加了近 50%。其中包括我們作為客戶主要運營銀行的大型交易。

In addition, so far this year, we have onboarded approximately 5,800 suppliers, and we recently launched our innovative suite product in the in the U.S. and Asia which allows clients to connect their liquidity and funding to their operating flows 7 days a week. In Securities Services, revenues grew 15% as net interest income grew 73%, driven by higher interest rates across currencies, partly offset by a 6% decrease in noninterest revenue due to the impact of market valuations.

此外，今年到目前為止，我們已經加入了大約 5,800 家供應商，我們最近在美國和亞洲推出了我們的創新套件產品，使客戶能夠每週 7 天將他們的流動性和資金與其運營流程聯繫起來。在證券服務方面，收入增長了 15%，淨利息收入增長了 73%，這主要是受各幣種利率上升的推動，但部分被市場估值影響導致的非利息收入下降 6% 所抵消。

We continue to be pleased with the execution in Securities Services as we onboarded approximately $1 trillion of assets under custody and administration so far this year from significant client wins, and we feel very good about the pipeline of new deals. And we estimate that we have gained about 60 basis points of share in Securities Services through the first half of this year, including in our home market.

我們繼續對證券服務的執行感到滿意，因為今年迄今為止，我們從重大客戶中獲得了大約 1 萬億美元的託管和管理資產，我們對新交易的管道感到非常滿意。我們估計，到今年上半年，我們在證券服務中的份額增加了約 60 個基點，包括在我們的國內市場。

As a reminder, the services businesses are central to our strategy and are two of our higher returning businesses with strong linkages across the firm. Markets revenues were down 7%, largely driven by spread products, equities and RWA actions as we continue to focus on returns. Fixed Income Markets revenues were up 1% as strength in rates and FX was largely offset by continued headwinds in spread products.

提醒一下，服務業務是我們戰略的核心，是我們回報率較高的兩項業務，在整個公司內都有很強的聯繫。市場收入下降了 7%，主要是由於我們繼續專注於回報，因此價差產品、股票和風險加權資產行動。固定收益市場的收入增長了 1%，原因是利率和外彙的強勢在很大程度上被價差產品的持續逆風所抵消。

And through the first half of the year, we gained approximately 40 basis points of share. Equity markets revenues were down 25%, primarily reflecting reduced client activity in equity derivatives relative to a very strong quarter last year. The actions we took to optimize RWA in markets are in line with the strategy we discussed at Investor Day, and we are making solid progress on our revenue to RWA targets so far this year.

在今年上半年，我們獲得了大約 40 個基點的份額。股票市場收入下降了 25%，主要反映了與去年非常強勁的季度相比，股票衍生品的客戶活動減少。我們為優化市場風險加權資產而採取的行動符合我們在投資者日討論的戰略，今年到目前為止，我們在實現風險加權資產目標的收入方面取得了堅實的進展。

And finally, banking revenues, excluding gains and losses on loan hedges, were down 49%, driven by investment banking as heightened macro uncertainty and volatility continue to impact client activity. Also embedded in the results is an impact of approximately $110 million related to marks on loan commitments and losses on loan sales. So overall, while the market environment remains challenging, we feel good about the progress we are making as we continue to deepen existing client relationships as well as acquire new clients.

最後，由於宏觀不確定性和波動性加劇繼續影響客戶活動，受投資銀行業務的推動，不包括貸款對沖損益的銀行收入下降了 49%。結果中還包含大約 1.1 億美元的影響，與貸款承諾的標記和貸款銷售的損失有關。因此，總體而言，儘管市場環境仍然充滿挑戰，但隨著我們繼續深化現有客戶關係並獲得新客戶，我們對所取得的進展感到滿意。

Now turning to Slide 12. We show the results for our Personal Banking & Wealth Management business. Revenues were up 6% as net interest income grow was partially offset by a decline in noninterest revenue driven by lower investment fee revenue in wealth and higher partner payments in retail services. Expenses were up 13%, driven by transformation, other risk and control initiatives business-led investments and volume-driven expenses, partially offset by productivity savings.

現在轉到幻燈片 12。我們展示了個人銀行和財富管理業務的結果。收入增長 6%，因為淨利息收入的增長部分被非利息收入的下降所抵消，這是由於財富投資費收入減少和零售服務合作夥伴付款增加所致。在轉型、其他風險和控制計劃業務主導的投資和數量驅動的費用的推動下，費用增長了 13%，但部分被生產力節省所抵消。

Cost of credit was $1.1 billion which included a reserve build primarily driven by card volume growth. NCLs were 13% higher year-over-year from near historically low levels, reflecting normalization, particularly in retail services. Overall, we continue to see strong credit performance across portfolios. Average loans grew 5%, driven by strong growth across branded cards, retail services and retail banking.

信貸成本為 11 億美元，其中包括主要由卡數量增長推動的儲備金。 NCL 從接近歷史低位同比增長 13%，反映了正常化，尤其是在零售服務方面。總體而言，我們繼續看到投資組合的強勁信貸表現。受品牌卡、零售服務和零售銀行業務強勁增長的推動，平均貸款增長 5%。

Average deposits grew 1%, driven by growth across retail and wealth, partially offset by foreign exchange translation. PBWM delivered an RoTCE of 9.7%. 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 net interest income.

受零售和財富增長的推動，平均存款增長 1%，但部分被外匯兌換所抵消。 PBWM 的 RoTCE 為 9.7%。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。受淨利息收入增加的推動，品牌卡收入增長了 10%。

We continue to see strong underlying drivers with new account acquisitions up 10%, card spend volumes up 14% and average loans up 12%. Retail services revenues were up 12%, also driven by higher net interest income, partially offset by higher partner payments. So despite payment rates remaining elevated, the investments we've been making contributed to growth in interest-earning balances of 9% in branded cards and 7% in retail services, and we expect to continue to grow these balances in the fourth quarter.

我們繼續看到強勁的潛在驅動因素，新賬戶獲取量增長 10%，卡消費量增長 14%，平均貸款增長 12%。零售服務收入增長 12%，這也受到淨利息收入增加的推動，部分被合作夥伴支付的增加所抵消。因此，儘管支付率仍然很高，但我們一直在進行的投資推動了品牌卡的生息餘額增長了 9%，零售服務的生息餘額增長了 7%，我們預計這些餘額將在第四季度繼續增長。

Retail banking revenues were up 2%, primarily driven by interest rates and deposit growth. Wealth revenues were down 2% as investment fee headwinds, particularly in Asia, more than offset net interest income growth. Excluding Asia, revenues were up 4%. Client advisers were up 5%, and we are seeing net new investment inflows and strong new client acquisitions across our wealth business with new clients in ultra-high net worth and Wealth at Work of 7% and 27%, respectively, for the quarter.

零售銀行業務收入增長 2%，主要受利率和存款增長的推動。財富收入下降 2%，原因是投資費逆風，尤其是在亞洲，抵消了淨利息收入的增長。不包括亞洲，收入增長了 4%。客戶顧問增長了 5%，我們看到整個財富業務的淨新投資流入和強勁的新客戶收購，本季度超高淨值和工作財富的新客戶分別為 7% 和 27%。

And we're also leveraging our retail network, which has driven almost 50,000 wealth referrals so far this year. While the environment continues to remain challenging, we are seeing strong underlying business drivers as we execute against our strategy.

我們還在利用我們的零售網絡，該網絡今年迄今已推動近 50,000 次財富推薦。儘管環境仍然充滿挑戰，但我們在執行戰略時看到了強大的潛在業務驅動力。

On Slide 14, we show results for legacy franchise. Revenues increased 66%, primarily driven by the Philippines gain on sale in the quarter and the absence of the Australia loss on sale in the prior year period. Excluding these items, revenues were down about 12% and largely due to the loss of revenues from the Australia and Philippines closing as well as the impact of the Korea wind down. Expenses increased 6%, driven by divestiture impacts in Asia and Mexico. Loans and deposits decreased as a result of the reclassification of signed exits to other assets and other liabilities, the closing of the Philippine sale and the impact of the Korea wind down.

在幻燈片 14 上，我們展示了傳統特許經營的結果。收入增長了 66%，主要是由於菲律賓在本季度的銷售收益以及去年沒有澳大利亞的銷售虧損。不包括這些項目，收入下降了約 12%，主要是由於澳大利亞和菲律賓關閉的收入損失以及韓國倒閉的影響。由於亞洲和墨西哥的資產剝離影響，費用增加了 6%。貸款和存款的減少是由於將已簽署的退出重新分類為其他資產和其他負債、菲律賓出售的結束以及韓國退出的影響。

On Slide 15, we show results for Corporate/Other. Revenues increased, largely driven by higher net revenue from the investment portfolio, partially offset by the mark-to-market on certain derivative transactions and expenses were down.

在幻燈片 15 上，我們展示了企業/其他的結果。收入增加，主要受投資組合淨收入增加的推動，部分被某些衍生品交易的盯市和費用下降所抵消。

On Slide 16, I'll briefly touch on our full year 2022 outlook. With one quarter remaining in the year, we continue to expect full year revenues to be up in the low single-digit range, excluding divestiture-related impacts. And within that, we continue to see a shift with higher net interest income, offset by lower noninterest revenue. So for the fourth quarter, we expect net interest income, excluding markets to be up in the range of $1.5 billion to $1.8 billion year-over-year. Clearly, where we land within that range will be a function of a number of factors, including rates, loans and deposit volumes, deposit betas and currency impacts.

在幻燈片 16 上，我將簡要介紹我們對 2022 年全年的展望。今年還剩一個季度，我們繼續預計全年收入將在低個位數範圍內增長，不包括與資產剝離相關的影響。在此範圍內，我們繼續看到淨利息收入增加的轉變，被非利息收入減少所抵消。因此，對於第四季度，我們預計不包括市場的淨利息收入將同比增長 15 億美元至 18 億美元。顯然，我們在該範圍內的位置將取決於多種因素，包括利率、貸款和存款量、存款貝塔係數和貨幣影響。

Regarding full year expenses, we continue to expect expenses to grow by 7% to 8%, excluding divestiture-related impacts. In terms of cost of credit, it will be a function of the evolution of the macro environment, normalization that we continue to expect in the cards businesses and loan growth. And keep in mind that loan growth tends to be higher in the fourth quarter versus the third given typical holiday spending.

關於全年支出，我們繼續預計支出將增長 7% 至 8%，不包括與資產剝離相關的影響。就信貸成本而言，這將取決於宏觀環境的演變、我們繼續預期卡業務的正常化和貸款增長。請記住，鑑於典型的假期支出，第四季度的貸款增長往往高於第三季度。

Before we move to Q&A, I'd like to end with a few key points. We continue to execute on the strategy that we laid out at Investor Day. We are seeing solid momentum in the underlying drivers of the majority of our businesses. And as we said at Investor Day, the financial path will not be linear, but we are confident we can achieve our medium-term targets in a variety of scenarios. And with that, Jane and I would be happy to take your questions.

在進行問答之前，我想以幾個關鍵點結束。我們將繼續執行我們在投資者日制定的戰略。我們看到我們大部分業務的潛在驅動力都表現出強勁的勢頭。正如我們在投資者日所說，財務路徑不會是線性的，但我們有信心在各種情況下實現我們的中期目標。有了這個，簡和我很樂意回答你的問題。

(Operator Instructions) Our first question will come from Glenn Schorr with Evercore.

（操作員說明）我們的第一個問題將來自 Evercore 的 Glenn Schorr。

So definitely a good performance out of TTS, rates helped a ton, but I see loan growth and fees, and I heard your comments about growth across all client segments. I wonder if we could pull back the onion -- peel back the onion -- drop and talk about those two in separate pieces. One is 61% year-on-year NII, how do betas factor in and go forward over the next year in terms of higher rates and how that factors through? And then two, what specifically it's growing within TTS across those client segments to drive that high single-digit growth?

所以絕對是 TTS 的良好表現，利率幫助了很多，但我看到了貸款增長和費用，我聽到了你對所有客戶群增長的評論。我想知道我們是否可以拉回洋蔥——剝洋蔥——放下並分開討論這兩個。一個是 61% 的 NII 同比，貝塔係數如何在更高的利率方面影響並在明年繼續前進，以及這些因素是如何通過的？然後是兩個，在 TTS 中，這些客戶細分市場的具體增長是什麼，以推動高個位數的增長？

Glenn, why don't I take that and kind of take it in 2 pieces, the 2 pieces that you laid out. So as you know, Glenn, when we think about our business just in aggregate, there's obviously a split between the institutional and the consumer side. Our TTS business, which is on the institutional side, and these corporate clients, they tend to have higher betas in general than obviously, the retail banking side. What we've seen is that the betas have been increasing. They are still running lower than what we had expected. But again, they have been increasing. And with continued expected rate increases, I would expect that those betas will continue to rise in the coming quarters. We have been actively managing deposit pricing and repricing with our clients on an ongoing basis.

格倫，我為什麼不把它分成兩部分，你佈置的兩部分。如你所知，格倫，當我們從整體上考慮我們的業務時，機構和消費者之間顯然存在分歧。我們在機構方面的 TTS 業務和這些企業客戶的貝塔係數通常比零售銀行方面的要高。我們看到的是，beta 一直在增加。它們的運行速度仍然低於我們的預期。但同樣，它們一直在增加。隨著預期利率的持續上升，我預計這些貝塔係數將在未來幾個季度繼續上升。我們一直在積極地管理存款定價，並與我們的客戶持續進行重新定價。

You know that this is more than just a deposit-taking business. This is a business where we are looking to manage the operating accounts of our clients and bring the breadth of what we offer in our franchise to them. And so those -- that's the type of conversation we've been having with them, and we'll continue to do that with an eye towards growing the volume of deposits with both the existing as well as with new clients.

您知道這不僅僅是一項存款業務。這是一項業務，我們希望管理客戶的運營賬戶，並將我們在特許經營中提供的廣泛服務帶給他們。所以那些 - 這就是我們一直與他們進行的對話類型，我們將繼續這樣做，著眼於增加現有客戶和新客戶的存款量。

And so we, again, expect to see betas rise but also expect to see continued contribution to the NII. The other aspect of your question is what else has been driving the activity. I mentioned a couple of those things. So it's not just deepening with existing clients, but it's also onboarding new clients. We've seen cross-border transaction value up about 10%. The commercial card spend is up meaningfully. Trade originations are up 27%. And so a lot of active engagement with our clients. We've been winning new mandates. We've seen an uptick in client wins, up about 20%, and we've been gaining share across those client segments.

因此，我們再次期望看到 beta 上升，但也期望看到對 NII 的持續貢獻。您問題的另一個方面是還有什麼推動了這項活動。我提到了其中的幾件事。因此，這不僅是與現有客戶的深化，而且還包括新客戶的加入。我們已經看到跨境交易價值增長了約 10%。商務卡消費顯著增加。貿易來源增加了 27%。因此，我們與客戶進行了很多積極的互動。我們一直在贏得新的授權。我們已經看到客戶贏得率上升了約 20%，並且我們一直在這些客戶群中獲得份額。

And so hopefully, that gives you a little bit of examples of where the benefits or momentum is coming from on the NIR side. The NIR growth of 8% is driven really by the cards, the payments and receivables as well as trade.

希望這能給你一些例子，說明 NIR 方面的好處或動力來自哪裡。 8% 的 NIR 增長實際上是由卡、支付和應收賬款以及貿易推動的。

And I'd just jump in and say, I think there's a bit of a miss at the moment that the global environment is detrimental to activity. We see quite the opposite. Volatility is something in which we're very active in helping our multinational clients around the world manage the local footprint we have and the global network we have is a tremendous asset right now, so we're seeing a lot of positive momentum, which may not always be intuitive to everyone, but I think it's what makes the network, the crown jewel of Citi.

我只想跳進去說，我認為目前全球環境對活動有害，這有點錯過了。我們看到的恰恰相反。波動性是我們非常積極地幫助我們在世界各地的跨國客戶管理我們擁有的本地足蹟的事情，我們擁有的全球網絡現在是一項巨大的資產，因此我們看到了很多積極的勢頭，這可能對每個人來說並不總是很直觀，但我認為這就是使網絡成為花旗皇冠上的明珠的原因。

No doubt. I appreciate all that. A quick one on markets. Not quite as good as -- years, but that comes and goes. I know that's a function of last year was really strong. It's a function of mix in any given quarter. What I really want to focus on is your comments on RWA optimization, what specifically are you doing?

毫無疑問。我很感激這一切。市場上的快速產品。不如 - 年，但它來了又去。我知道那是去年的一個功能非常強大。這是任何給定季度的混合函數。我真正想關注的是您對 RWA 優化的評論，您具體在做什麼？

I know it's the banking book, but I did see you taking down your capital, call it redemption facility line. But in markets, what are you pulling back on RWA, just which pieces of that business you find that interesting?

我知道這是銀行賬簿，但我確實看到你拿走了你的資本，稱之為贖回便利線。但在市場上，您在 RWA 上有何迴避，您覺得該業務的哪些部分很有趣？

Sure. So Glen, you'll remember at Investor Day, we talked not only about RWA optimization broadly, but specifically as it relates to markets. And we talked about the idea of increasing our revenue to RWA ratio for markets to about 5.5% over the course of that Investor Day period.

當然。所以格倫，你會記得在投資者日，我們不僅廣泛地討論了 RWA 優化，而且特別是因為它與市場有關。我們談到了在投資者日期間將我們的市場收入與 RWA 比率提高到 5.5% 左右的想法。

So we've been actively working across the markets business in equities, in fixed income and spread products and looking for opportunities where there are low returning uses of RWA to either increase the returns on that or to actually kind of exit it. And that includes a host of different structures. It includes working with clients to post additional collateral in some instances and other types of structures like that, that improved the RWA, including hedging and like I said, posting collateral and taking a look at margin that we have and ensuring that we are, in fact, getting the most for that use of RWA.

因此，我們一直在股票、固定收益和利差產品的市場業務中積極開展工作，並尋找回報率較低的 RWA 用途的機會，以增加回報或實際退出。這包括許多不同的結構。它包括與客戶合作在某些情況下發布額外的抵押品以及類似的其他類型的結構，從而改善風險加權資產，包括對沖，就像我說的那樣，發布抵押品並查看我們擁有的保證金並確保我們在事實上，充分利用 RWA。

Our next question will come from John McDaniel -- McDonald with Autonomous Research.

我們的下一個問題將來自 John McDaniel——Autonomous Research 的 McDonald。

Mark, I wanted to just clarify what I think the expense guide is for fourth quarter. It seems like the guidance for the full year implies a fourth quarter step-up to maybe 12.8% and change from 12, 7.5% this quarter.

馬克，我想澄清一下我認為第四季度的費用指南是什麼。似乎全年的指導意味著第四季度可能會上升到 12.8%，並從本季度的 12、7.5% 變化。

Is that the right read, a little bit of a step-up in the fourth quarter? And is that just a pull-through of investments? And what would be driving that?

這是正確的閱讀方式，在第四節有所提升嗎？這只是投資的拉動嗎？是什麼推動了這一點？

Yes. So again, the guidance on full year expenses hasn't changed. It's the 7%, 8% ex the impact of divestitures that would imply a bit of an uptick there. It is on the heels of the continued investments that we're making and that's flowing through as well as how we -- how revenues kind of play out and the associated compensation activity that goes along with that. So nothing extraordinary and consistent with the guidance given.

是的。同樣，全年費用的指導沒有改變。除去資產剝離的影響，這 7% 和 8% 意味著那裡會有一點上升。這是在我們正在進行的持續投資以及我們如何 - 收入如何發揮以及隨之而來的相關補償活動之後進行的。所以沒有什麼特別的和與給出的指導一致的。

Okay. And I know it's too early to give formal guidance for next year. But if we look at the Investor Day slides, it seems to imply that expenses go up for a few years until you get to the medium term. Is that the right read? And when I annualize where you'll be exiting the fourth quarter here, implies that at $51 billion or so next year as a starting point. I mean is it fair when I read the Investor Day slides and think about your investments that directionally expenses probably do go up next year?

好的。我知道現在給出明年的正式指導還為時過早。但是，如果我們看一下投資者日的幻燈片，這似乎意味著費用會在幾年內上漲，直到您進入中期。這是正確的閱讀方式嗎？當我每年計算你將在哪裡退出第四季度時，這意味著明年將在 510 億美元左右作為起點。我的意思是，當我閱讀投資者日幻燈片並考慮您的投資時，定向支出可能會在明年增加，這是否公平？

John, I'd say, as you know, right, we'll give guidance for 2023 next quarter. But I think if you think back to the Investor Day and you think about some of the things that, that we just commented on with regard to our services business, we'd expect to see continued tailwinds as it relates to net interest income.

約翰，我想說，正如你所知，對，我們將在下個季度為 2023 年提供指導。但我認為，如果您回想投資者日並考慮我們剛剛就我們的服務業務發表評論的一些事情，我們預計會看到與淨利息收入相關的持續順風。

We would expect to get to the heart of your question that we will continue to invest in the franchise that -- in the transformation, excuse me, that, that would obviously peak and then we would start to see the benefits start to play out from that in that medium-term period. And so yes, you can probably expect some type of a tick up, but I'll give you more details on that when we talk about the '23 outlook in the next quarter.

我們希望能夠觸及您問題的核心，即我們將繼續投資於特許經營權——在轉型中，對不起，那顯然會達到頂峰，然後我們將開始看到收益開始發揮作用在那個中期期間。所以是的，你可能會期待某種類型的上漲，但當我們談論下個季度的 23 年展望時，我會為你提供更多細節。

Our next question will come from Erika Najarian with UBS.

我們的下一個問題將來自瑞銀的 Erika Najarian。

I just wanted to take a step back. Your 11% to 12% medium-term RoTCE target had contemplated an 11.5% to 12% CET1 versus the 13% that you're targeting to by midyear next year, also that you laid out on that same slide that you're targeting 2% Fed funds over the medium term, which seems kind of cute right now.

我只是想退後一步。你的 11% 到 12% 的中期 RoTCE 目標已經考慮到 11.5% 到 12% 的 CET1，而你在明年年中的目標是 13%，而且你在同一張幻燈片上列出了你的目標 2中期聯邦基金的百分比，現在看起來有點可愛。

So I guess I'm wondering, your confidence and you said you're confident you could hit medium-term targets even with this creep in capital. Is it really that shift in the rate environment that's helping you get there despite the higher denominator?

所以我想我想知道，你的信心，你說你有信心即使在資本出現這種蠕變的情況下也能達到中期目標。儘管分母更高，利率環境的轉變是否真的可以幫助您實現目標？

So thank you for the question. Look, I think there are a couple of things to kind of think back on that still hold true, which is the strategy that we've built, I think, is a resilient strategy and it really spoke to top line momentum that we expected not just through rate increases, but also through share gains and also through the business-led investments that we're making and better leveraging the synergies and linkages across the franchise.

所以謝謝你的問題。看，我認為有幾件事需要回想起來仍然適用，這是我們建立的戰略，我認為，是一個有彈性的戰略，它確實說明了我們預期不會的頂線勢頭不僅通過加息，還通過股票收益以及我們正在進行的以業務為主導的投資，並更好地利用整個特許經營權的協同效應和聯繫。

All of those things still hold true to the top line. You're right, the Fed funds assumption has changed. Back in March, I think we all were looking at a Fed funds rate at the end of the year that was closer to 1.5% or so. And so now here we are with the hikes that we've seen and looking at something certainly north of 4%, 4.5%. And so that's changed meaningfully. But there are a number of other drivers that contribute to achieving that return, including -- it's the medium term, so call it 3 to 5 years, I think, is how we characterized it and starting to see some of the benefits from the transformation investments that we're making.

所有這些事情仍然適用於頂線。你是對的，聯邦基金假設已經改變。早在三月份，我想我們都在關注年底的聯邦基金利率接近 1.5% 左右。所以現在我們看到了我們已經看到的加息，並且看到了肯定在 4%、4.5% 以上的東西。所以這發生了有意義的變化。但是還有許多其他驅動因素有助於實現這種回報，包括——這是中期，所以我認為，我們稱之為 3 到 5 年，這是我們描述它的方式，並開始看到轉型帶來的一些好處我們正在進行的投資。

To your point on capital, we are building to the 13%. Remember, that is a by-product of a 4% SCB for this particular CCAR cycle and the strategy that we described includes a mix in our shift of revenues and earnings over time, a mix towards more stable PPNR and more fee revenues that will contribute to, I think, a balance sheet and a mix that is -- that generates fewer losses -- stress losses than our balance sheet might today.

就您的資本而言，我們正在建設 13%。請記住，這是這個特定 CCAR 週期的 4% SCB 的副產品，我們描述的策略包括隨著時間的推移收入和收益的轉變、更穩定的 PPNR 和更多的費用收入的組合，這將有助於我認為，資產負債表和組合——產生更少的損失——壓力損失比我們今天的資產負債表可能。

So the contribution of those things, we think, will drive that return target that we've set, and we still remain confident about that. Now with that said, there are unknowns that are out there. I just spoke to many of the [nobles]. And so what happens with further capital requirements and the current regulatory regime and what have you, it's hard to predict. But we'll manage to that as we learn and know more about it.

因此，我們認為，這些東西的貢獻將推動我們設定的回報目標，我們仍然對此充滿信心。話雖如此，但仍有未知數。我剛剛和許多[貴族]交談過。因此，進一步的資本要求和當前的監管制度會發生什麼，你有什麼，很難預測。但隨著我們對它的了解和了解，我們會設法做到這一點。

Got it. And my follow-up question is given Citi's valuation on book, I think your current and prospective shareholders are waiting for buybacks to potentially return. I guess a two-part question here. Number one, especially if you think you could stabilize your PPNR in the stress test, why 100 basis point management buffer versus one of your peers at 50 that reported today?

知道了。我的後續問題是花旗的賬面估值，我認為你的當前和潛在股東正在等待回購可能回歸。我想這裡有一個兩部分的問題。第一，特別是如果你認為你可以在壓力測試中穩定你的 PPNR，為什麼 100 個基點的管理緩衝與今天報告的 50 個同行相比呢？

And secondarily, as we think about the return of buybacks, I imagine that once you hit that 13%, the buybacks could return. But how does the mandated sale potentially impact the timing, as I recall, there's a currency translation adjustment that could be negative upfront at announcement to CET1, but you get that all back during close. So I guess the real big question here is how should we think about -- what are the mile markers for the return of buyback activity at Citi?

其次，當我們考慮回購的回報時，我想一旦你達到 13%，回購可能會回來。但是，我記得，強制銷售對時間的潛在影響是什麼，在 CET1 公告時，貨幣轉換調整可能是負的，但在收盤時你會得到所有的回報。所以我想這裡真正的大問題是我們應該如何思考——花旗回購活動回歸的里程標記是什麼？

Okay. Thank you, Erika. There's a lot there to unpack, so if I forget anything, just please remind me. But I'll start at the beginning, which is I know where we trade in terms of book value. And I'd love to be in a position where we were buying back given that valuation.

好的。謝謝你，埃里卡。有很多東西要解壓，所以如果我忘記了什麼，請提醒我。但我將從頭開始，即我知道我們的賬面價值在哪裡交易。鑑於估值，我很想處於我們回購的位置。

With that said, we're going to take it quarter by quarter, as I think you've heard us say and evaluate what buyback decisions and capital actions make the most sense in light of the environment that we're managing through, we're clearly managing through an uncertain environment. We do -- as I just said and as you kind of mentioned as well, we do see our business mix shifting over time on the heels of our strategy.

話雖如此，我們將一個季度一個季度地採取它，因為我認為您已經聽到我們說，並根據我們正在管理的環境評估哪些回購決策和資本行動最有意義，我們'重新明確地在不確定的環境中進行管理。我們確實這樣做了——正如我剛才所說，正如你所提到的，我們確實看到我們的業務組合隨著我們的戰略而隨著時間的推移而發生變化。

I do think that over time, that will contribute, as I said, to the capital requirements that we have, but that's over the medium term. And we do still see a fair amount of volatility in the stress capital buffer. And part of the reason that we have the management buffer is to deal not only with that uncertainty in the SCB, but also in interest rates.

正如我所說，我確實認為隨著時間的推移，這將有助於我們擁有的資本要求，但這是在中期。我們仍然看到壓力資本緩衝存在相當大的波動。我們擁有管理緩衝的部分原因不僅在於應對 SCB 的不確定性，還在於應對利率方面的不確定性。

And we're seeing volatility in both, frankly. And so we'll continue to evaluate the management buffer as well to see what makes sense as we move towards that medium term. In terms of the Mexico transaction, you're right in terms of we have mentioned before, the CTA component to that. That is a timing difference. We have factored that in to the path to our 13% by middle of next year and factor that into achieving the longer-term targets that we set for ourselves.

坦率地說，我們看到兩者都存在波動。因此，我們還將繼續評估管理緩衝區，看看在我們邁向中期時什麼是有意義的。就墨西哥交易而言，就我們之前提到的 CTA 組件而言，您是對的。那是時間上的差異。我們已將這一因素納入到明年年中實現 13% 的目標，並將其納入我們為自己設定的長期目標。

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, I look at the global network as a curse and a blessing. I guess the curse part is simply the complexity and the expenses. And Mark, you said expenses should go up higher next year. You're not going to tell us for a few more months, but I'm just wondering when you think you can grow revenues faster than expenses. I get it's not new news, the revenues and expenses. You got it and you're within that range. It just do we have to wait a year or 3 years or how long for that complexity to get more simplified so revenues can catch up to that expense growth?

看，我將全球網絡視為詛咒和祝福。我想詛咒部分只是複雜性和費用。馬克，你說明年的開支應該會更高。再過幾個月你不會告訴我們，但我只是想知道你什麼時候認為收入增長速度可以快於支出增長速度。我知道這不是新消息，收入和支出。你明白了，你在那個範圍內。只是我們必須等待一年或三年，或者需要多長時間才能讓這種複雜性變得更加簡化，以便收入能夠趕上費用增長？

And then on the blessing side, Mark, you mentioned, you said gain share in those clients segments, I thought that was little vague. I mean you talked about trade, you talked about other activities connecting multinational corporations in the spirit of volatility, so if you could a little more meat on the bone as far when you talk about market share and those -- there's tailwinds on the revenues while you have the headwinds on the expenses from the global network.

然後在祝福方面，馬克，你提到，你說在這些客戶群中獲得份額，我認為這有點含糊。我的意思是你談到了貿易，你談到了以波動的精神連接跨國公司的其他活動，所以當你談到市場份額和那些時，如果你能多一點肉，那麼收入就會有順風，而您對全球網絡的費用有不利影響。

Hey, Mike, it's Jane, jumping in because I do want to talk a bit about your point on the global network here. I have to tell you, I'm hard pressed to find a negative to the global network. We start off with the vision for the bank that we laid out in March. It is to be the preeminent banking partner for clients with cross-border needs. Who are those clients? It is 5,000 multinationals and their subsidiaries, it's institutional investors and the ultra-high net worth clients with a heavy tilt to family offices. And we serve them on FX, on liquidity management, on their payroll, on their supply chain as well as strategic advice, financing, et cetera.

嘿，邁克，我是簡，因為我確實想在這裡談談你在全球網絡上的觀點。我必須告訴你，我很難找到對全球網絡的負面影響。我們從三月份制定的銀行願景開始。為有跨境需求的客戶提供卓越的銀行合作夥伴。那些客戶是誰？它是 5,000 家跨國公司及其子公司，是機構投資者和重度向家族辦公室傾斜的超高淨值客戶。我們為他們提供外匯、流動性管理、工資單、供應鏈以及戰略建議、融資等方面的服務。

That's $4 trillion in daily volume, 80% of that credit portfolio is investment grade. So when we're looking at it, it's the multinational to take a higher risk country. It's the client base we're serving there are the global multinationals much more than the local players. And so this is not a -- this is a relatively simple, high returning, very well growing as we're seeing at the moment, capability that is exceedingly hard to replicate.

那是每天 4 萬億美元的交易量，80% 的信貸組合是投資級的。因此，當我們看到它時，跨國公司承擔了更高風險的國家。我們所服務的客戶群是全球跨國公司，而不是本地公司。所以這不是——這是一個相對簡單、高回報、發展良好的能力，正如我們目前所看到的那樣，是一種極難復制的能力。

So let me pass over to Mark in terms of what are some of the examples of different areas of the drivers of growth? This is, as I said at the beginning, this is a crown jewel. It's not a source of complexity for the bank.

那麼，讓我把關於增長驅動力的不同領域的一些例子轉給馬克？正如我一開始所說，這是一顆皇冠上的明珠。這不是銀行複雜性的來源。

So Mike, I'd say a couple of things. One, what I said was that we continue to gain share, and I referenced specifically about 60 basis points of share with large corporate clients. And we obviously -- or not obviously, we're also winning mandates and gaining share with other client segments as well.

所以邁克，我想說幾件事。一，我說的是我們繼續獲得份額，我特別提到了與大型企業客戶的份額約為 60 個基點。而且我們顯然 - 或者不明顯，我們也贏得了授權並獲得了與其他客戶群的份額。

You know that the Commercial Banking client segment is one that we are focused on, given the strength of our platform and its applicability to those sized clients as well. I mentioned that our wins are up and specifically, they're up 20%, the mandates that we're winning across all client segments. And that specifically with FIs, they're up almost 50%. So hopefully, that gives you some sense of where the revenue growth is coming from. The takeaway there is it's both existing as well as new clients as we kind of continue to build out the platform and build out our capabilities to reach them.

您知道，鑑於我們平台的實力及其對這些規模客戶的適用性，我們專注於商業銀行客戶群。我提到我們的勝利在上升，特別是上升了 20%，這是我們在所有客戶群中贏得的授權。尤其是金融機構，它們上漲了近 50%。因此，希望這能讓您了解收入增長的來源。那裡的要點是它既有現有客戶，也有新客戶，因為我們會繼續構建平台並增強我們接觸他們的能力。

So the second part of your question was around expenses and expenses growing and when will we have top line growth that exceeds the expense growth. And I'd remind you that the work we're doing on the transformation as well as the business-led investments are multiyear almost by definition and important in order to derive savings in our structural cost base over time. And at Investor Day, I think I pointed to by the time we got to that medium-term period, we would see our operating efficiency go down to less than 60%.

因此，您問題的第二部分是關於費用和費用增長的，以及我們什麼時候會有超過費用增長的收入增長。我要提醒您，我們在轉型方面所做的工作以及以業務為主導的投資幾乎按照定義是多年的，並且對於隨著時間的推移在我們的結構成本基礎上節省成本很重要。在投資者日，我想我指出，當我們進入那個中期階段時，我們的運營效率會下降到不到 60%。

I think we've been very deliberate about trying to give you guidance and update you on guidance for the full year and along the way and we'll be consistent in that discipline. And I can certainly give you more color on '23, as I mentioned earlier to John, the next -- in the next quarter.

我認為我們一直非常謹慎地嘗試為您提供指導，並在全年和整個過程中為您提供最新的指導，我們將在這方面保持一致。我當然可以在 23 年給你更多的色彩，正如我之前對約翰提到的，下一個 - 在下一個季度。

I guess one clarification. When you say you've gained 60 basis points of share with large corporate clients, what do you mean by share, share of what?

我想一個澄清。當你說你在大企業客戶中獲得了 60 個基點的份額，你所說的份額是什麼意思，份額是什麼？

Yes, of wallet, 60 basis points, not 50, 60. So market share with them.

是的，錢包是 60 個基點，而不是 50、60。所以市場份額與他們有關。

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 one, just, Mark, I wanted to clarify your NII guide for 1.5 to 1.8, is just total NII, right? It's not ex markets or anything.

我想一個，只是，馬克，我想澄清你的 1.5 到 1.8 的 NII 指南，只是總 NII，對嗎？這不是前市場或任何東西。

It is ex markets.

這是前市場。

It is ex markets. Any perspective or view on where you see markets heading in fourth quarter, just given what's happened with the rate backdrop?

這是前市場。鑑於利率背景發生了什麼，您對第四季度市場走向有何看法或看法？

I don't -- very intentionally don't forecast markets NII in a rising rate environment, you would normally see the markets NII come down. It tends to be liability sensitive. But we tend to focus on, as you probably heard me say a number of times, total revenues for this business. And I guess what I'd highlight is that in periods of uncertainty and lots of market volatility, our businesses tend to perform well.

我不 - 非常故意地不預測市場 NII 在利率上升的環境中，你通常會看到市場 NII 下降。它往往對責任敏感。但是，正如您可能多次聽到我所說的那樣，我們傾向於關注這項業務的總收入。我想我要強調的是，在不確定性和大量市場波動的時期，我們的業務往往表現良好。

And so we'll see how the fourth quarter plays out. There's obviously some seasonality to it that has taken place historically. And so we have to kind of factor all those things in, but we'll have to see how it further evolves.

所以我們將看看第四節的表現。顯然，它在歷史上已經發生了一些季節性。所以我們必須把所有這些因素都考慮進去，但我們必須看看它是如何進一步發展的。

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。

Just two things. One, just another question on the expense side. I just wanted to follow up with regard to -- Mark, I think on the stranded costs that you had talked about at the Barclays conference. And I'm wondering if I got the message right there, which is when you exit the consumer businesses, there's 25% that is generally managed through a TSA. So it's a service agreement and that expense will come off over time. And then there's another 25%, which is likely not to come off. Is that fair? Or is there a different message that I'm missing on that?

只是兩件事。一，只是費用方面的另一個問題。我只是想跟進——馬克，我想你在巴克萊會議上談到的擱淺成本。我想知道我是否得到了消息，即當你退出消費者業務時，通常有 25% 是通過 TSA 管理的。所以這是一個服務協議，隨著時間的推移，費用會減少。然後還有另外 25%，很可能不會下降。這公平嗎？或者我是否缺少其他信息？

Yes, that's not fair. But I appreciate the add more clarity. So I bucket into 3 buckets. So one is when we do these transactions, both Jane and I have deep experience in this. We tend to see about half of the costs go away to the buyer, so when we do the transaction, when we do the sale.

是的，這不公平。但我很欣賞增加的清晰度。所以我把桶分成3個桶。一個是當我們進行這些交易時，簡和我在這方面都有很深的經驗。我們傾向於看到大約一半的成本由買方承擔，所以當我們進行交易時，當我們進行銷售時。

As you pointed out, about 25% is often in place as part of a transition service agreement. And so there's revenues that we get paid to offset that expense until things have totally transitioned and then that goes away. And then the third bucket is what I call potentially stranded cost and what Jane calls not stranded call, right?

正如您所指出的，大約 25% 通常作為過渡服務協議的一部分到位。因此，我們可以獲得收入來抵消這筆費用，直到事情完全轉變，然後這種情況就消失了。然後第三個桶是我所說的潛在擱淺成本和簡所說的非擱淺電話，對嗎？

And that is -- I say potentially because their regional expenses that get allocated to countries, for example, they're global expenses that get allocated to the region and to the countries, for example, and what we have to do and what we're doing is we're attacking what would otherwise be stranded cost.

那就是 - 我說可能是因為它們分配給國家的區域費用，例如，它們是分配給該地區和國家的全球費用，以及我們必須做什麼以及我們做什麼正在做的是我們正在攻擊否則會被擱淺的成本。

And we're attacking that by telling each of the functions in the business, and here's your portion of that 25% and come back and tell me how you're going to rethink your org structure, simplify your processes in order to drive that cost out of the company, right? And so that's what we've been doing. Remember, the expense base here is probably $7 billion. So you can break down kind of the population that we're talking about.

我們通過告訴業務中的每個職能部門來解決這個問題，這是你那 25% 的部分，然後回來告訴我你將如何重新考慮你的組織結構，簡化你的流程以提高成本離開公司對吧？這就是我們一直在做的事情。請記住，這裡的支出基數可能是 70 億美元。所以你可以分解我們正在談論的人群。

We've already stood up a team to work with each of the businesses and each of the functions around getting in front of that cost, so that we can drive that down over the near-term period of time.

我們已經建立了一個團隊，與每個業務和每個職能部門合作，以解決該成本，以便我們可以在短期內降低成本。

And there's a Scotsman, I just can't help myself but jump in here. I think as Mark -- spotting at Mark here, Mark and I are both pretty maniacally focused around this. But I'd say at the moment, we've had a couple of the divestitures closed. We have another 3 next quarter, and this continues on.

還有一個蘇格蘭人，我忍不住跳了進去。我認為作為馬克——在這裡看到馬克，馬克和我都非常瘋狂地專注於這一點。但我現在要說的是，我們已經完成了一些資產剝離。下個季度我們還有 3 個，而且這種情況還在繼續。

We already started on Australia and the Philippines and getting those expenses down, as Mark said. There is going to be, and we will not be shy in capturing as an opportunity to simplify our organization further next year when we have more of the divestitures closed and streamlining more of our regional management structures, more of the expenses at the global level.

正如馬克所說，我們已經開始在澳大利亞和菲律賓開展業務並降低這些費用。明年我們將有更多的資產剝離並精簡更多的區域管理結構和更多的全球開支，我們會毫不猶豫地抓住機會進一步簡化我們的組織。

So there is more to come on that, and we'll be looking to do that as I indicated at Investor Day that will be an important part once more of the divestitures are closed, starting in '23, going into '24.

所以還有更多的事情要做，正如我在投資者日所指出的那樣，一旦從 23 年開始到 24 年，剝離資產再次關閉，我們將尋求這樣做。

Right. So you were -- Mark's potentially stranded costs, and Jane, you are no stranded cost. The no stranded cost is in the guide medium term?

正確的。所以你是——馬克的潛在擱淺成本，簡，你沒有擱淺成本。無擱淺成本在引導中期？

In terms of the time to get it out, is that -- yes.

就發布它的時間而言，是 - 是的。

Yes. And I think as Mark talks about expenses, you've got to look at the various different dynamics that are going on. So yes, we've got investments into the transformation at the moment. Many of those translate into better efficiency as well as a safer, stronger firm the divestitures translate into lower cost, but also we eliminate the stranded costs, and we simplify the organization. You've got a number of different factors that we will make completely transparent to you at play in our expense base from a more structural dimension in the quarters ahead.

是的。我認為當馬克談到費用時，你必須看看正在發生的各種不同的動態。所以，是的，我們目前已經對轉型進行了投資。其中許多轉化為更高的效率以及更安全、更強大的公司，剝離轉化為更低的成本，而且我們消除了擱淺成本，我們簡化了組織。您有許多不同的因素，我們將在未來幾個季度從更加結構性的角度對我們的費用基礎完全透明。

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 guys talk about the pace of addressing some of the regulatory issues out there? On the one hand, you got out of the AML consent order earlier this year, which I think was a very big positive. But on the other hand, there was an article last month, suggesting regulators want you to go faster. And I think we all know regulators always want things to go faster on these issues, but I did want to ask the question.

你們能談談解決一些監管問題的步伐嗎？一方面，您在今年早些時候退出了反洗錢同意令，我認為這是一個非常大的積極因素。但另一方面，上個月有一篇文章暗示監管機構希望你走得更快。我想我們都知道監管機構總是希望在這些問題上進展得更快，但我確實想問這個問題。

Yes. We all want things to go faster, both our clients, our shareholders, the management team, regulators, the Board, all. So I think we're fully aligned there. Maybe if I take a step back on this one. Transformation is our #1 priority. It will be a multiyear journey and prioritizing safety and soundness is a very important global bank is a nonnegotiable for all of us. Where are we?

是的。我們都希望事情進展得更快，我們的客戶、股東、管理團隊、監管機構、董事會等等。所以我認為我們在那裡完全一致。也許如果我退後一步。轉型是我們的第一要務。這將是一個多年的旅程，優先考慮安全和穩健是一家非常重要的全球銀行，對我們所有人來說都是不容談判的。我們在哪？

I think we were delighted to see the AML consent order get closed with the OCC. We continue to work on the regulatory orders we have. I have to say we have constant and constructive engagement with our regulators that personally, I find them to be very helpful and essential to our success. We have got a lot to get done. As you can see from the hiring numbers, we've been investing heavily in the talent and the resources that we need.

我認為我們很高興看到 AML 同意令與 OCC 達成一致。我們將繼續處理我們擁有的監管命令。我不得不說，我們與監管機構一直保持著建設性的接觸，我個人認為他們對我們的成功非常有幫助和必不可少。我們有很多事情要做。正如您從招聘數字中看到的那樣，我們一直在大力投資於我們需要的人才和資源。

As we've also said, this is not only going to benefit our safety and soundness, but also in terms of our client, excellence in delivery and ultimately, for our shareholders as well. I think the foundation that we need for this is largely in place. And so Mark and I and frankly, the whole management team, we're very focused on continuing to execute on the various plans we submitted and the overall transformation of Citi from a strategic and another dimension. We obviously can't give more details than that because this is confidential supervisory information, but I hope that gives you a good feel.

正如我們也說過的，這不僅有利於我們的安全和穩健，而且有利於我們的客戶、卓越的交付，最終也有利於我們的股東。我認為我們需要的基礎基本上已經到位。所以馬克和我，坦率地說，整個管理團隊，我們非常專注於繼續執行我們提交的各種計劃以及花旗從戰略和另一個維度的整體轉型。我們顯然不能提供比這更多的細節，因為這是機密的監管信息，但我希望這能給您帶來良好的感覺。

And I guess when you say the foundation is largely in place, like what are some of the things that are missing? Or is it just a matter of, say, executing on the divestiture?

我猜當你說基礎基本到位時，比如缺少哪些東西？還是只是執行資產剝離的問題？

Yes, it's timing. So some of the areas, for example, where we're making technology investments, those ones where we've had fragmented technology platforms, we're migrating them into a single platform or into an industry standard where we've not been on one that we -- that is going in pace for the future. Those things take some time to put in place.

是的，是時候了。所以一些領域，例如，我們進行技術投資的領域，那些我們擁有分散的技術平台的領域，我們正在將它們遷移到一個單一的平台或一個我們沒有參與過的行業標準中我們 - 這正在為未來發展。這些東西需要一些時間才能落實到位。

But you can see from the investments we've made, both headcount and the shift from consulting to much more of our own people. You'll see the technology increase in that shift as well. So some of that is just a natural progression you'd expect over time.

但你可以從我們所做的投資中看到，包括員工人數以及從諮詢轉向更多我們自己的員工。在這種轉變中，您也會看到技術的進步。因此，其中一些只是您隨著時間的推移所期望的自然進展。

Our next question will come from Jim Mitchell with Seaport Global.

我們的下一個問題將來自 Seaport Global 的 Jim Mitchell。

Maybe just on deposits and behavior. You guys clearly have a different mix by geography and by business. Deposits ex currency were up 1%. Your peers were down close to 3%. So how do we think about deposit behavior going forward given your mix of geography and business? Is it just the overseas rate hikes have been behind the curve versus the U.S., but we'll start to see more deposit outflows over there? Or do you think your deposits can hold up a little better.

也許只是存款和行為。你們顯然有不同的地域和業務組合。除貨幣外的存款增長了 1%。你的同行下降了近 3%。那麼，鑑於您的地理和業務組合，我們如何看待未來的存款行為？是否只是海外加息落後於美國，但我們將開始看到更多的存款外流？或者你認為你的存款可以保持得更好一點。

Yes, it's a great question, and so why don't I take that? So a couple of things, and you started to allude to it. The first is that when you think about our business, you've got about between ICG and our PBWM business of 65%, 35% split in terms of the deposits. You also have a U.S. dollar-denominated versus non-U.S. dollar-denominated split that is pretty meaningful as well. And then to your point, we've got different currencies and different rate hikes by different central banks around the world. And that then is juxtaposed against different beta behavior from customers. And so on the whole -- on the ICG side, we tend to see higher betas. And obviously, with rates increasing at a more rapid pace, we expect those to get closer to our expectations in the near term.

是的，這是一個很好的問題，那我為什麼不接受呢？所以有幾件事，你開始提到它。首先，當您考慮我們的業務時，您在 ICG 和我們的 PBWM 業務之間有 65% 的份額，35% 的存款份額。你還有一個以美元計價的與非美元計價的拆分，這也很有意義。然後就你的觀點而言，我們有不同的貨幣和世界各地不同中央銀行的不同加息。然後將其與客戶的不同測試行為並列。等等——在ICG 方面，我們傾向於看到更高的beta。顯然，隨著利率以更快的速度增長，我們預計這些利率將在短期內更接近我們的預期。

We're starting to see many more hikes around the globe or outside of the U.S. And so again, we expect to see betas which move at a -- or operate at a much lower pace level outside of the U.S. but start to tick up. And so over time, I think we will see continued tailwinds from an NII as the differences between U.S. and non-U.S. activity play out. And so that should play to our -- has played to our benefit, I think, and should continue to play to our benefit.

我們開始在全球或美國以外看到更多的加息。因此，我們再次希望看到貝塔在美國以外的地區以 - 或以低得多的速度運行，但開始上升。因此，隨著時間的推移，我認為隨著美國和非美國活動之間的差異逐漸顯現，我們將看到 NII 的持續順風。因此，這應該對我們有利——我認為已經對我們有利，並且應該繼續對我們有利。

If you think about what I've talked about before in terms of our IRE, our interest rate exposure and the cash flow approach that we are moving towards taking, in some ways, it captures exactly that point. And so this is -- if you see a 100 basis point move in the curve cross currencies, we're looking at as much as a $2.2 billion increase. And when you look at that increase, it skews more heavily towards the non-U.S. dollar than the U.S. dollar. And that is in part because of the different moves in rate curves by currency as well as the different betas by client type in U.S. versus non-U.S.

如果您考慮一下我之前在我們的 IRE、我們的利率風險敞口和我們正在採取的現金流方法方面談到的內容，在某些方面，它恰好抓住了這一點。所以這是 - 如果你看到曲線交叉貨幣波動 100 個基點，我們預計將增加 22 億美元。當你看到這種增長時，它更傾向於非美元而不是美元。這部分是因為不同貨幣的利率曲線變動不同，以及美國與非美國客戶類型不同的貝塔係數。

Right. Right. Okay. That's really helpful. And then maybe just a second question just on the impact in the fourth quarter. You have your best closing on 3 divestitures. How do we think about the P&L and capital impact of that in the fourth quarter?

正確的。正確的。好的。這真的很有幫助。然後也許只是關於第四季度影響的第二個問題。您在 3 次資產剝離方面取得了最好的成績。我們如何看待第四季度的損益和資本影響？

I think I talked about the idea of the divestitures contributing close to $3 billion for the full year, $3.1 or so billion in terms of the capital impact for the full year 2022. The combination of Australia and the Philippines gets us to about $2.1 billion or so. And so the balance of the divestitures that we've scoped out for the fourth quarter should close that gap, Thailand, Malaysia, Bahrain, the signing of China, et cetera, should close that gap to getting us to that $3.1 billion. With most of that is skewing towards the first 3, Thailand, Malaysia, Bahrain.

我想我談到了資產剝離為全年貢獻近 30 億美元的想法，就 2022 年全年的資本影響而言，為 3.1 億美元左右。澳大利亞和菲律賓的合併使我們達到約 21 億美元或所以。因此，我們為第四季度確定的資產剝離餘額應該可以縮小這一差距，泰國、馬來西亞、巴林、中國的簽署等等，應該可以縮小這一差距，使我們達到 31 億美元。其中大部分傾向於前三名，即泰國、馬來西亞、巴林。

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。

Jane, you talked about your global footprint and the strength that gives you as an organization. And so maybe this question is very appropriate for Citigroup, which is the following. You guys have a real good window into the global financial markets. And there's been some disruption out there, we all know about what's going on in the U.K. pension funds. You had the Swiss National Bank come into the New York Fed this week for $6.3 billion of currency swaps. We know there's a large broker having challenges over there.

簡，你談到了你的全球足跡以及作為一個組織賦予你的力量。所以也許這個問題非常適合花旗集團，如下。你們有一個真正了解全球金融市場的好窗口。那裡發生了一些混亂，我們都知道英國養老基金的情況。本週，瑞士國家銀行進入紐約聯儲，進行 63 億美元的貨幣互換。我們知道那裡有一家大型經紀人面臨挑戰。

So can you guys give us a flavor, what are you seeing from a stress standpoint. What are the liquidity metrics that you're watching to see if some other stresses pop up how the global financial markets will handle that.

所以你們能給我們一個味道，從壓力的角度來看，你看到了什麼。您正在觀察哪些流動性指標，看看是否會出現其他壓力，全球金融市場將如何應對。

Yes. It's a very good question. It's one we spend a lot of time on. And I think as Mark alluded, we're constantly doing different stress tests on the market, on clients on different areas. And as I said at the -- just in the opening remarks, we're more focused on the liquidity in the market at the moment and the impact on some counterparties much more than we are on our credit risk -- that could change over time, depending particularly what happens from a tail risk on the geopolitics here.

是的。這是一個很好的問題。這是我們花費大量時間的一個。我認為正如馬克所暗示的那樣，我們不斷地對市場、不同領域的客戶進行不同的壓力測試。正如我在開場白中所說的那樣，我們現在更關注市場的流動性以及對某些交易對手的影響，而不是我們對信用風險的影響——這可能會隨著時間而改變，尤其取決於這里地緣政治的尾部風險會發生什麼。

What are we seeing going on? I think a lot of the focus is in Europe. Right now, which is sort of at the center of the storm. We're seeing some areas where there could be energy supply constraints are impacting some clients. So we're watching industrial production moved to the U.S., for example, which are the places where the cost of production is lower, a potential buffer for some of the slowdown in U.S. manufacturing and the like because the demand for goods softened, for example.

我們看到了什麼？我認為很多焦點都在歐洲。現在，它處於風暴的中心。我們看到一些可能存在能源供應限制的領域正在影響一些客戶。因此，我們正在觀察工業生產轉移到美國，例如，這些地方的生產成本較低，是美國製造業放緩的潛在緩衝等，因為對商品的需求疲軟，例如.

We're seeing areas where clients on the collateral front, where there's a situation of intense volatility that hits or a surprise drop as we saw in gilts is having an impact on liquidity and therefore, margining, which is what happens and has been happening with the U.K. pension funds with the derivatives. So a lot of the areas we look at is what's the collateral behind different institutions as we have done with the commodity players earlier on in the year, we've been looking at some of the LDIs at the moment. And as we see different stresses, we're jumping on it.

我們看到客戶在抵押品方面，出現劇烈波動或意外下跌的情況，正如我們在金邊債券中看到的那樣，對流動性產生影響，因此，保證金，這就是正在發生的事情，並且一直在發生英國養老基金及其衍生品。因此，我們關注的很多領域是不同機構背後的抵押品，就像我們今年早些時候對大宗商品參與者所做的那樣，我們目前一直在關註一些 LDI。當我們看到不同的壓力時，我們正在接受它。

I think the central banks are also ready to jump in as needed and certainly attuned to the importance of agility in these situations as well. As our large global institutions like ourselves as to how do we help support the market, the benefit for our bank is because we're in a strong position on all of our capital on liquidity, on balance sheet and the credit portfolio, as you can see, is extraordinary at the moment, 0 losses in ICG this quarter. Again, we're in a position to be able to jump in and play an important role. But it's a bit of whack-a-mole, I would say.

我認為中央銀行也準備好根據需要介入，當然也意識到在這些情況下敏捷的重要性。由於我們的大型全球機構喜歡我們如何幫助支持市場，我們銀行的好處是因為我們在流動性、資產負債表和信貸組合方面的所有資本都處於強勢地位，正如您可以做到的那樣看，目前是非同尋常的，本季度 ICG 0 虧損。同樣，我們處於能夠參與並發揮重要作用的位置。但我會說，這有點打地鼠。

Very good. And then, Mark, just as a follow-up. You touched on your investment banking numbers and your markets numbers. And yes, investment banking for everybody has been a struggle, obviously, this year. Your advisory numbers actually were better than your peers on a year-over-year basis in terms of growth, but DCM was quite a bit weaker. Can you kind of give us a little more color there? And also, how do the pipelines look going into the fourth quarter?

很好。然後，馬克，作為後續行動。你談到了你的投資銀行數據和市場數據。是的，顯然，今年每個人的投資銀行業務都是一場鬥爭。就增長而言，您的諮詢數字實際上比您的同行要好，但 DCM 卻要弱一些。你能給我們多一點顏色嗎？此外，管道進入第四季度的情況如何？

Yes, sure. So look, as we've all seen, the wallets have been under meaningful pressure year-over-year down more than 50%. We did show some strong performance in parts of the business. We've been hiring, frankly, as Jane has mentioned before and filling in gaps that we have across the portfolio in health care, tech, energy, et cetera, and feel good about that and are seeing benefits from having made those hires.

是的，當然。所以看，正如我們所見，錢包一直承受著巨大的壓力，同比下降超過 50%。我們確實在部分業務中表現出強勁的表現。坦率地說，正如簡之前提到的那樣，我們一直在招聘，並填補了我們在醫療保健、科技、能源等領域的投資組合中的空白，並且對此感覺良好，並且看到了這些招聘帶來的好處。

DCM is really more of a function of low deal volume pretty much across the board. And there really isn't a whole lot more to it than that. But as you know, investment banking is part of the strategy that we discussed at Investor Day and a key part of that and we'll continue to invest in it and ensure we're getting the productivity out of it that the investment warrants, but really not a whole lot more in DCM beyond the low deal volume across the board.

DCM 實際上更像是一個低交易量的功能，幾乎是全面的。真的沒有比這更多的了。但如您所知，投資銀行業務是我們在投資者日討論的戰略的一部分，也是其中的關鍵部分，我們將繼續投資並確保我們從中獲得投資所需的生產力，但除了全面的低交易量之外，DCM 真的沒有更多。

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。

Couple of questions for you. Firstly, Mark, I just want to clarify, you said NII ex markets to be up $1.5 billion to $1.8 billion year-on-year in the fourth quarter. You were up $1.9 billion year-on-year in the third quarter. Given that there have been more rate hikes during the quarter and even later in the quarter, any color on what's driving that slightly lower NII accretion rather than actually being up at a faster pace?

幾個問題給你。首先，馬克，我只是想澄清一下，你說第四季度 NII 除市場同比增長 15 億美元至 18 億美元。第三季度同比增長 19 億美元。鑑於本季度甚至本季度後期加息次數較多，有什麼顏色可以說明是什麼推動了 NII 增長略低而不是實際上以更快的速度增長？

Yes. Again, the important factors here include volume, what we see in both the loan volume, the deposit volume and obviously, betas and how betas play out, and we talked about the idea that with the higher frequency and level of rate increases, that's going to put pressure on the beta in terms of seeing it increase across the board.

是的。同樣，這裡的重要因素包括數量，我們在貸款量，存款量中看到的，顯然，貝塔以及貝塔如何發揮作用，我們談到了隨著加息頻率和水平的提高，這種情況正在發生在看到它全面增加方面對測試版施加壓力。

And then the third factor is rates and what happens with the rates and the timing for which that happens, right? When that happens, matters in the quarter in terms of whether you see that benefit in it or in subsequent quarters. And so those are the factors that drive that range that I've given you.

然後第三個因素是利率以及利率會發生什麼以及發生的時間，對嗎？發生這種情況時，就您是否在該季度或隨後的季度中看到該收益而言，該季度很重要。所以這些是推動我給你的範圍的因素。

And it's across both the PBWM portfolio as well as how it plays out in TTS. And given the world we're managing through quantitative tightening and the like. And I think the other factor is obviously FX and how that plays out. So those are the main drivers, Vivek, and the range reflects any variety of ways that they could play out in the quarter.

它涵蓋了 PBWM 產品組合以及它在 TTS 中的表現。考慮到我們正在通過量化緊縮等方式管理的世界。我認為另一個因素顯然是 FX 以及它是如何發揮作用的。所以這些是主要的驅動因素，Vivek，範圍反映了他們在本季度可以發揮的各種方式。

Okay. Completely different question for both of you. Security services, you talked about $1 trillion in new business wins seems to be doing really well. Any color, if you can remind us on which client segments you're seeing this in? And I remember you're saying on the call that it's domestic also, but any more color into where you're growing and where you're seeing all this.

好的。你們兩個完全不同的問題。安全服務，您談到 1 萬億美元的新業務贏利似乎做得非常好。任何顏色，如果你能提醒我們你在哪些客戶群中看到這個？而且我記得你在電話會議上說它也是國內的，但是你正在成長的地方和你看到這一切的地方沒有更多的色彩。

We're seeing this in a number of different areas that the one that is most material was the win we had with BlackRock in a particularly sizable percentage of business there here in the states and in particularly important and accurate and attractive part of the Securities Services business as well.

我們在許多不同的領域都看到了這一點，其中最重要的是我們與貝萊德在各州的相當大比例的業務中取得的勝利，以及證券服務中特別重要、準確和有吸引力的部分業務也是如此。

But we have been winning some sizable business across the board. And part of -- a part of this, I think, comes from the fact that we're able to link the pre and post trade together to drive a lot of efficiencies for our clients and bring some insights that some of the other players are not able to do in helping them manage and get competitive advantage in their businesses. So we're an attractive one from that. Mark, anything else to add?

但我們一直在全面贏得一些可觀的業務。我認為，部分原因是我們能夠將交易前和交易後聯繫在一起，從而為我們的客戶提高效率，並帶來一些其他參與者的見解無法幫助他們管理和獲得業務競爭優勢。所以我們是一個有吸引力的人。馬克，還有什麼要補充的嗎？

I mean we're very pleased with the growth here and the win mandates that we've been seeing across the board, but particularly in the U.S., as Jane highlights. And some of it is a rate benefit, but a good portion of it is again, those new mandates, those new additional assets that we're bringing in.

我的意思是，正如簡所強調的那樣，我們對這裡的增長和我們一直在全面看到的獲勝任務感到非常滿意，尤其是在美國。其中一些是利率收益，但其中很大一部分再次是那些新的任務，我們引入的那些新的額外資產。

The final point that I'd make on it is that, and I'd reiterate it, I guess, is that this is not only one of our businesses that's growing quite rapidly, but it's also a high returning business for us as well. And so consistent with the strategy that we talked about at Investor Day and one that reflects linkages across the franchise, and so we feel very good about that.

我要說的最後一點是，我想我要重申的是，這不僅是我們發展迅速的業務之一，而且對我們來說也是一項高回報的業務。這與我們在投資者日討論的策略以及反映整個特許經營權的聯繫的策略如此一致，因此我們對此感覺非常好。

Our next question will come from Ken Usdin with Jefferies.

我們的下一個問題將來自 Ken Usdin 和 Jefferies。

Just two quick ones. Mark, you talked about the capital impact of the legacy exits. Is there a way you can dimension how much in the fourth quarter from revenues and NII perspective comes out from the legacy?

只有兩個快速的。馬克，你談到了遺留退出的資本影響。有沒有辦法從收入和 NII 的角度來衡量第四季度有多少來自遺產？

I do not have that in front of me, Ken. I can -- I guess if we -- I've got a page in here that reflects the -- Page 22 reflects some of the size of the exit markets, but I do not have that in front of me. I'd have to circle back with you, Ken.

我面前沒有那個，肯。我可以 - 我想如果我們 - 我在這裡有一個頁面反映了 - 第 22 頁反映了退出市場的一些規模，但我面前沒有這個。我不得不和你一起轉圈，肯。

Okay. I would assume that's been a part of the prior question about NII trajectory, right? There's a negative impact embedded in that in the fourth quarter as well, right? That's just part of the movement forward.

好的。我認為這是關於 NII 軌蹟的先前問題的一部分，對嗎？第四季度也有負面影響，對吧？這只是前進運動的一部分。

Yes, that is reflected in the NII guidance, but the major drivers are largely what I referenced. But yes, it would be reflected in.

是的，這反映在 NII 指南中，但主要驅動因素主要是我所引用的。但是，是的，它會反映在。

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。

As a follow-up, why is Citi still banking in Russia when seemingly every other major American company or most of them are out of Russia.

作為後續行動，當其他所有美國大公司或大多數公司似乎都在俄羅斯之外時，為什麼花旗仍然在俄羅斯開展業務。

Mike, as I mentioned in my earlier remarks, we are now informing our multinational clients who are operating in Russia. So these are the U.S., European and Asian core multinationals or the franchise that we are ending nearly all of the institutional banking services.

邁克，正如我在之前的講話中提到的，我們現在正在通知在俄羅斯經營的跨國客戶。因此，這些是美國、歐洲和亞洲的核心跨國公司，或者是我們正在終止幾乎所有機構銀行服務的特許經營權。

We offer them by the end of the first quarter of 2023, the cost of which I would add is not material. And so at that point, our only operations in Russia will be those necessary to fulfill our remaining legal and regulatory operations there. It's been very important for those multinationals that we've helped support them as they look at exiting the country and their payroll and other elements as they do so, so they've been able to wind down or exit and a few of those who have remained. But we will be, as I said at the very beginning, our intention here is to wind down our operation in the country.

我們在 2023 年第一季度末之前提供它們，我要添加的成本並不重要。因此，到那時，我們在俄羅斯的唯一業務將是履行我們在那裡剩餘的法律和監管業務所必需的業務。對於那些考慮退出該國及其工資單和其他因素的跨國公司而言，我們幫助他們提供支持非常重要，因此他們已經能夠放鬆或退出，其中一些已經留下了。但是，正如我一開始所說，我們的目的是結束我們在該國的業務。

And then just if you could remind us, you mentioned more dispositions in the fourth quarter. So after 2022, what's left as far as the dispositions that you had mentioned? And how are you tracking with your plan?

然後，如果您可以提醒我們，您在第四季度提到了更多的處置。那麼2022年之後，你剛才提到的那些配置還剩下什麼？您如何跟踪您的計劃？

We -- I mean, we are -- we feel very good about how we track with the plan. Obviously, Mexico is left. We've got Vietnam, India, Taiwan. And there's one I missed -- Indonesia, I think, is what I'm missing. So those are the ones that are left and then China, right? So those are the ones that are left in the balance of 20 -- or beyond 2022.

我們 - 我的意思是，我們 - 我們對我們如何跟踪計劃感覺非常好。顯然，墨西哥已經離開了。我們有越南、印度、台灣。還有一個我錯過了——我想，印度尼西亞就是我錯過的地方。那麼剩下的就是那些，然後是中國，對吧？所以這些是剩下的 20 人——或 2022 年以後。

And I think those ones again, a couple of them have been rather than ones that use -- you have a legal day 1, legal day 2 on. It's all close in one go on both, which is why a couple of them are later than we had originally thought. But they're going well. And the work around them and around the stranded costs that relate to them, as we talked earlier, is also going nicely. So we're pleased with the pace, and we are acting on these with urgency, Mike, as you would expect.

而且我再次認為那些，其中一些已經而不是那些使用 - 你有一個合法的第 1 天，第 2 天。兩者都一口氣接近，這就是為什麼其中一些比我們最初想像的要晚。但他們進展順利。正如我們之前所說，圍繞它們以及與它們相關的擱淺成本的工作也進展順利。因此，我們對進度感到滿意，並且正如您所期望的那樣，邁克，我們正在緊急採取行動。

Thank you. There are no further questions at this time. I'll now turn the call back over to Jen Landis for closing remarks.

謝謝你。目前沒有其他問題。我現在將電話轉回給 Jen Landis 以完成結束語。

Thank you, everyone, for joining us today. If you have any follow-up questions, please reach out to the IR team. Thank you.

謝謝大家，今天加入我們。如果您有任何後續問題，請聯繫 IR 團隊。謝謝你。

Thank you. This concludes Citi's Third Quarter 2022 Earnings Call. You may now disconnect.

謝謝你。花旗 2022 年第三季度財報電話會議到此結束。您現在可以斷開連接。