使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Hello, and welcome to Citi's First Quarter 2020 Earnings Review with Chief Executive Officer, Mike Corbat; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Elizabeth Lynn, Head of Citi Investor Relations. (Operator Instructions)
您好,歡迎收看花旗 2020 年第一季度與首席執行官 Mike Corbat 的收益回顧;和首席財務官 Mark Mason。今天的電話會議將由花旗投資者關係主管伊麗莎白林恩主持。 (操作員說明)
Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Lynn, you may begin.
另外,提醒一下,今天正在錄製這次會議。如果您有異議,請此時斷開連接。 Lynn 女士,您可以開始了。
Elizabeth Lynn - Interim Head of IR
Elizabeth Lynn - Interim Head of IR
Thank you, operator. Good morning, and thank you all for joining us. On our call today, our CEO, Mike Corbat, will speak first; then Mark Mason, our CFO, will take you through the earnings presentation, which is available for download on our website, citigroup.com. Afterwards, we will be happy to take questions.
謝謝你,運營商。早上好,感謝大家加入我們。在我們今天的電話會議上,我們的首席執行官 Mike Corbat 將首先發言;然後,我們的首席財務官馬克·梅森 (Mark Mason) 將向您介紹收益報告,該報告可在我們的網站 citigroup.com 上下載。之後,我們將很樂意回答問題。
Before we get started, I'd like to remind you that today's presentation may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results, capital and other financial conditions may differ materially from these statements due to a variety of factors, including the precautionary statements referenced in our discussion today as well as those included in our SEC filings, including, without limitation, the Risk Factors section of our 2019 Form 10-K.
在我們開始之前,我想提醒您,今天的演示文稿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。由於各種因素,包括我們今天討論中提到的預防性陳述以及我們提交給美國證券交易委員會的文件中包含的預防性陳述,包括但不限於風險因素部分,實際結果、資本和其他財務狀況可能與這些陳述存在重大差異我們的 2019 年 10-K 表格。
With that said, let me turn it over to Mike.
話雖如此,讓我把它交給邁克。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Thank you, Liz, and good morning, everyone. Today, we reported earnings for the first quarter of 2020. With net income of $2.5 billion, we had earnings per share of $1.05. Our earnings were significantly impacted by the COVID-19 pandemic. We had strong revenue performance as the economic shocks caused by the pandemic weren't felt until late in the quarter, and we continued to show expense discipline. However, as you would expect, credit costs reduced our net income. The significant loan loss reserves we took also reflected the day 2 impact of the new CECL accounting standard.
謝謝你,Liz,大家早上好。今天,我們公佈了 2020 年第一季度的收益。淨收入為 25 億美元,每股收益為 1.05 美元。我們的收入受到 COVID-19 大流行的嚴重影響。由於直到本季度末才感受到大流行造成的經濟衝擊,我們的收入表現強勁,並且我們繼續表現出支出紀律。然而,正如您所預料的那樣,信貸成本減少了我們的淨收入。我們提取的大量貸款損失準備金也反映了新 CECL 會計準則第 2 天的影響。
In our Institutional Clients Group, we had strong performance in our Markets business as we help clients navigate severe volatility. That led to trading revenues that were higher than last year and what is typically a strong quarter for that business as it is. Treasury and Trade Solutions was impacted by the cuts to interest rates, but client engagement stayed very strong throughout the quarter. Investment Banking matched last year's solid performance as we continue to gain share among our target clients. Global Consumer Banking also fared well from a revenue perspective, considering the environment. In the U.S., we had strong revenue growth in cards with branded and retail services, up 7% and 4%, respectively. We grew average deposits 8% with another solid portion acquired digitally. In Asia, we saw a slight revenue decline as the economic impacts of COVID-19 first materialized in that region. In Mexico, revenues rose modestly, excluding a onetime gain from 2019, as the virus had limited impact on that country's economy during the quarter. Our tangible book value per share increased to $71.52 at the end of the quarter, up 9% from a year ago. We ended the quarter with a common equity Tier 1 ratio of 11.2% as our risk-weighted assets increased significantly due to increased client demand.
在我們的機構客戶組中,我們在市場業務方面表現出色,因為我們幫助客戶應對劇烈波動。這導致交易收入高於去年,這對於該業務來說通常是一個強勁的季度。 Treasury and Trade Solutions 受到降息的影響,但整個季度的客戶參與度仍然非常高。隨著我們繼續在目標客戶中獲得份額,投資銀行業務與去年的穩健表現相得益彰。考慮到環境,從收入的角度來看,全球個人銀行業務也表現良好。在美國,我們的品牌卡和零售服務卡收入增長強勁,分別增長 7% 和 4%。我們的平均存款增長了 8%,而另一部分是通過數字方式獲得的。在亞洲,由於 COVID-19 的經濟影響首先在該地區顯現,我們看到收入略有下降。在墨西哥,收入溫和增長,不包括 2019 年的一次性收益,因為該病毒在該季度對該國經濟的影響有限。本季度末,我們的每股有形賬面價值增至 71.52 美元,同比增長 9%。由於客戶需求增加,我們的風險加權資產顯著增加,因此本季度末我們的普通股一級資本比率為 11.2%。
As I've said, this isn't a financial crisis. It's a public health crisis with severe economic ramifications. Although we did have good revenue performance this quarter, we exited the quarter in a dramatically different environment. While we've built significant loan loss reserves, no one knows what the severity or longevity of the virus' impact on the global economy will be. That said, we entered this crisis in a very strong position from a capital, liquidity and balance sheet perspective. We have the resources we need to serve our clients without jeopardizing our safety and soundness.
正如我所說,這不是金融危機。這是一場具有嚴重經濟後果的公共衛生危機。儘管本季度我們確實取得了不錯的收入表現,但我們在一個截然不同的環境中退出了本季度。雖然我們已經建立了大量的貸款損失準備金,但沒有人知道該病毒對全球經濟影響的嚴重程度或持續時間。也就是說,從資本、流動性和資產負債表的角度來看,我們在這場危機中處於非常有利的地位。我們擁有為客戶服務所需的資源,而不會危及我們的安全和穩健。
Now I'd like to take a moment to highlight some of the things that we're doing to help our people, clients and communities, which you can see on Slide 3. I have to say I'm very proud of how our people have responded to this fast-moving situation. We've been very aggressive, shifting to remote working to reduce our people's chances of becoming infected. Where the spread of the virus dictates it, we only have people going to our sites if there's no possible way they can perform their roles remotely. For example, last week in North America Markets and Security Services, 98% of our people worked remotely. And globally, our people have adapted well to this new way of working with over 80% of our colleagues working remotely. The investments we've made in our technology have allowed us to operate very smoothly in a set of circumstances that would have been hard to imagine with such a large share of our workforce working remotely at the same time. Those investments are also helping us to serve our clients through digital and mobile channels, whether it's a consumer depositing a check or a corporate treasurer managing liquidity. Our investments in risk management and controls, while never complete, are also serving us well in the face of a severe economic downturn and large swings across markets, whether in equities, fixed income or commodities.
現在,我想花點時間強調一下我們為幫助我們的員工、客戶和社區所做的一些事情,您可以在幻燈片 3 上看到這些內容。我不得不說,我為我們的員工的表現感到非常自豪已經對這種快速變化的情況做出了反應。我們一直非常積極,轉向遠程工作以減少我們員工被感染的機會。在病毒傳播需要的地方,只有在無法遠程執行任務的情況下,我們才會讓人們訪問我們的站點。例如,上週在北美市場和安全服務部門,我們 98% 的人員遠程工作。在全球範圍內,我們的員工已經很好地適應了這種新的工作方式,我們 80% 以上的同事都在遠程工作。我們在技術方面的投資使我們能夠在一系列情況下非常順利地運營,而在我們如此大比例的員工同時遠程工作的情況下,這是難以想像的。這些投資還幫助我們通過數字和移動渠道為客戶提供服務,無論是消費者存入支票還是企業財務主管管理流動性。我們在風險管理和控制方面的投資雖然從未完成,但在面對嚴重的經濟衰退和市場大幅波動(無論是股票、固定收益還是大宗商品)時也為我們提供了良好的服務。
We've tried to help keep our people financially healthy as well and reduce the stress they're facing. We decided last month to make a onetime payment of $1,000 to employees who make $60,000 or less per year in the U.S. that are making equivalent payments in our international markets, and we've halted new reductions in our workforce for the time being. From a consumer and institutional perspective, we're well positioned to serve the clients and the customer segments we've been focusing on. We know many consumers are facing real struggles, and we're doing our best to support them. We were quick to implement the ways to reduce the burden on our consumer clients and announce additional accommodations last week in the U.S. While we haven't been a large player in small business lending, we're ramping up our efforts so we can support clients who participate in the Payroll Protection Plan, and we have additional consumer relief programs in place in our international consumer franchise. We're working hard to support our corporate clients, many of whom are facing financial pressure. We've been able to support them while keeping within our risk and liquidity limits.
我們也努力幫助我們的員工保持財務健康,並減輕他們面臨的壓力。上個月,我們決定向在美國年收入 60,000 美元或以下的員工一次性支付 1,000 美元,而這些員工在我們的國際市場上支付了同等金額,我們暫時停止了新的裁員計劃。從消費者和機構的角度來看,我們有能力為我們一直關注的客戶和客戶群提供服務。我們知道許多消費者正面臨真正的困境,我們正在盡最大努力支持他們。我們迅速採取措施減輕消費者客戶的負擔,並於上週在美國宣布了額外的便利條件。雖然我們在小企業貸款方面還不是很大的參與者,但我們正在加緊努力,以便為客戶提供支持參加薪資保護計劃的人,我們在我們的國際消費者專營權中實施了額外的消費者救濟計劃。我們正在努力支持我們的企業客戶,他們中的許多人都面臨著財務壓力。我們已經能夠支持他們,同時保持在我們的風險和流動性限制內。
We've also been helping the communities we serve during this extraordinarily difficult time. Partnering with groups like the World Health Organization, Citi's foundations have already committed $30 million to date to support those impacted, and we'll make additional announcements in coming days. We've donated personal protective equipment to hospital workers. And last week, we started using our cafeteria in our headquarters to make meals for food banks. Our people keep coming up with new ways to help, and I couldn't be prouder. And as a bank, we'll do everything we can to support the broader economy. We service a transmission mechanism for policymakers for both fiscal and monetary, which they can use as a bridge to the real economy.
在這個異常困難的時期,我們也一直在幫助我們所服務的社區。花旗基金會與世界衛生組織等組織合作,迄今已承諾提供 3000 萬美元來支持那些受影響的人,我們將在未來幾天發布更多公告。我們向醫院工作人員捐贈了個人防護裝備。上週,我們開始使用總部的自助餐廳為食品銀行做飯。我們的員工不斷想出新的方法來提供幫助,我感到無比自豪。作為一家銀行,我們將竭盡所能支持更廣泛的經濟。我們為政策制定者提供財政和貨幣政策的傳導機制,他們可以將其用作通往實體經濟的橋樑。
Looking forward, there are too many unknowns to count. The path the virus will chart, whether there will be successful interventions, the action government leaders will take to either reopen the economy or put in place measures that will further restrict it. We also have to bear in mind COVID-19 is a new disease, and the medical guidance continues to evolve, as you would expect. But I feel confident in our ability to manage through whatever scenario comes to pass.
展望未來,未知數太多。病毒將走向何方,干預措施是否成功,政府領導人將採取何種行動重新開放經濟或採取進一步限制經濟的措施。我們還必須牢記 COVID-19 是一種新疾病,正如您所期望的那樣,醫學指南在不斷發展。但我對我們應對任何情況的能力充滿信心。
And with that, Mark will go through our presentations, and then we'll be happy to answer your questions.
然後,馬克將完成我們的演示,然後我們很樂意回答您的問題。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Thank you, Mike, and good morning, everyone. Starting on Slide 4. Citigroup reported first quarter net income of $2.5 billion. Results included a $4.9 billion increase in credit reserves this quarter. This reserve increase reflects the impact of changes in our economic outlook due to COVID-19. These bills are larger given the significant impact this change in our economic outlook has on our estimated lifetime losses under the new CECL standard. Revenues of $20.7 billion grew 12% from the prior year primarily reflecting higher markets revenues and the benefit of mark-to-market gains on loan hedges in our Corporate Lending portfolio. Expenses were roughly flat year-over-year, and we were able to deliver positive operating leverage and a 27% improvement in operating margin. Credit costs were $7 billion this quarter.
謝謝邁克,大家早上好。從幻燈片 4 開始。花旗集團報告第一季度淨收入為 25 億美元。結果包括本季度信貸儲備增加 49 億美元。這一儲備增加反映了 COVID-19 對我們經濟前景變化的影響。考慮到我們經濟前景的這種變化對我們在新 CECL 標準下估計的生命週期損失的重大影響,這些賬單更大。收入為 207 億美元,比上年增長 12%,這主要反映了更高的市場收入以及我們的企業貸款組合中貸款對沖按市值計價收益的好處。費用同比基本持平,我們能夠提供積極的經營槓桿,營業利潤率提高 27%。本季度信貸成本為 70 億美元。
Our effective tax rate was 19% for the first quarter, below our full year outlook, reflecting a small benefit associated with stock-based incentive compensation.
我們第一季度的有效稅率為 19%,低於我們的全年預期,反映出與基於股票的激勵薪酬相關的小額收益。
The ultimate economic impact of this health crisis and our performance will continue to evolve over the coming quarters. The impact that we are already seeing varies across our franchise. We saw the earliest impact on consumer behavior in Asia as spending slowed in response to restrictions on travel and other commercial activity. We're seeing the same pattern today here in the U.S. and now beginning in Mexico, which is likely to put pressure on loan balances. However, deposit growth remains strong across regions, and we're leveraging digital channels to engage with our clients.
這場健康危機的最終經濟影響和我們的業績將在未來幾個季度繼續發展。我們已經看到的影響在我們的特許經營中各不相同。由於旅行和其他商業活動受到限制,支出放緩,我們看到了對亞洲消費者行為的最早影響。我們今天在美國看到了同樣的模式,現在在墨西哥也開始出現,這可能會給貸款餘額帶來壓力。然而,各地區的存款增長依然強勁,我們正在利用數字渠道與客戶互動。
The rate environment has changed significantly. Our accrual businesses reflect the impact of the 3 U.S. rate cuts seen last year as well as some impact from additional cuts seen this quarter in response to the crisis with an expectation for a more pronounced impact going forward. Although I would note that this is being partially offset in areas like TTS, where clients are moving volumes towards us as a stable partner of choice. A similar dynamic is playing out in markets, where we are also seen as a counterparty of choice. Additionally, we are seeing higher corporate loan volumes, reflecting drawdowns and new facilities given our clients' response to the crisis. And finally, our performance in Investment Banking reflects the market volatility we've seen as well as the uncertainty that remains on the corporate side.
利率環境發生了顯著變化。我們的應計業務反映了美國去年 3 次降息的影響,以及本季度為應對危機而進一步降息的一些影響,預計未來會產生更顯著的影響。儘管我會注意到,這在 TTS 等領域被部分抵消了,在這些領域,客戶正在將我們作為穩定的合作夥伴選擇。類似的動態正在市場上演,我們也被視為首選的交易對手。此外,我們看到公司貸款量增加,反映了客戶對危機的反應導致的提款和新貸款。最後,我們在投資銀行業務方面的表現反映了我們所看到的市場波動以及企業方面仍然存在的不確定性。
From the onset, we've been focused on our employees and our clients and ensuring we maintain balance sheet strength to serve them through this uncertainty. As of March 31, our CET1 capital ratio was 11.2%, below our stated target of 11.5%, given our efforts to support our clients through this period. Additionally, we had over $800 billion in available liquidity to help support our client. And including the $4.1 billion transition impact as we adopted CECL at the beginning of the year as well as the additional reserves taken this quarter, credit reserves stand at roughly $23 billion with a reserve ratio of 2.9% on funded loans. With the level of capital, liquidity and the reserves we hold today, plus significant pre-provision earnings power, we are operating from a position of strength. We're combining this financial strength with operational resiliency given investments in our people, operations and technology, along with digital capabilities, which allow us to partner with and support our clients as we all manage through this crisis.
從一開始,我們就一直專注於我們的員工和客戶,並確保我們保持資產負債表的實力,為他們度過這種不確定性。截至 3 月 31 日,我們的 CET1 資本比率為 11.2%,低於我們既定的 11.5% 目標,因為我們在此期間努力為客戶提供支持。此外,我們擁有超過 8000 億美元的可用流動資金來幫助支持我們的客戶。包括我們在年初採用 CECL 時產生的 41 億美元的過渡影響以及本季度提取的額外準備金,信貸準備金約為 230 億美元,融資貸款的準備金率為 2.9%。憑藉我們今天持有的資本、流動性和儲備水平,加上撥備前的強大盈利能力,我們的運營處於有利地位。鑑於對我們的人員、運營和技術以及數字能力的投資,我們將這種財務實力與運營彈性相結合,這使我們能夠在我們共同應對這場危機的過程中與客戶合作並為他們提供支持。
Turning now to each business. Slide 5 shows the results for Global Consumer Banking in constant dollars. Revenues grew 2% as growth in North America was partially offset by lower revenues in Asia, reflecting the initial impact of COVID-19 on customer behavior. Expenses were roughly flat, allowing us to deliver positive operating leverage and 5% improvement in operating margin. Total credit costs of $4.8 billion were up significantly from last year, including a reserve build of approximately $2.8 billion primarily related to the impact of changes in our economic outlook.
現在轉向每個業務。幻燈片 5 以不變美元顯示全球消費者銀行業務的結果。收入增長 2%,因為北美的增長部分被亞洲收入的下降所抵消,反映了 COVID-19 對客戶行為的初步影響。費用大致持平,使我們能夠提供積極的經營槓桿和 5% 的營業利潤率提高。總信貸成本為 48 億美元,較去年大幅增加,其中包括約 28 億美元的準備金建設,主要與我們經濟前景變化的影響有關。
Slide 6 shows the results for North America Consumer in more detail. First quarter revenues of $5.2 billion were up 4% from last year. Although the impact of COVID-19 has only been felt in North America in recent weeks, we have leveraged our experience in Asia to inform our response strategy. We're one of the first banks in the U.S. to provide assistance to help impacted customers starting in early March. We have since expanded that support and continue to evaluate whether additional support is needed. In addition, the enhancements we have made to our digital capabilities have prepared us to better respond and continue serving our customers as they manage through this crisis. Digital deposit sales remained strong this quarter at $1.6 billion. We continue to drive mobile adoption of 13% year-over-year. We made changes to allow our customers to use self-service channels for more transactions, including increased limits for ATM withdrawals, mobile check deposits and sale transactions. And we've continued to launch new digitally-led value propositions, such as Citi Wealth Builder, a new digital investment platform for clients in the emerging affluent segment. These capabilities are allowing us to remain engaged with our clients, even as roughly 40% of our branches in the U.S. are now temporarily closed, driven by lower customer traffic, particularly in urban areas.
幻燈片 6 更詳細地顯示了北美消費者的結果。第一季度收入為 52 億美元,比去年增長 4%。儘管最近幾週才在北美感受到 COVID-19 的影響,但我們已利用我們在亞洲的經驗來製定我們的應對策略。從 3 月初開始,我們是美國首批為受影響客戶提供援助的銀行之一。此後,我們擴大了這種支持,並繼續評估是否需要額外的支持。此外,我們對數字能力的增強使我們能夠更好地應對並繼續為客戶提供服務,幫助他們度過這場危機。本季度數字存款銷售額保持強勁,達到 16 億美元。我們繼續推動移動採用率同比增長 13%。我們進行了更改,以允許我們的客戶使用自助服務渠道進行更多交易,包括提高 ATM 取款、移動支票存款和銷售交易的限額。我們繼續推出新的以數字為主導的價值主張,例如 Citi Wealth Builder,這是一個面向新興富裕階層客戶的新數字投資平台。這些能力使我們能夠與客戶保持聯繫,即使我們在美國的大約 40% 的分支機構現在因客戶流量減少而暫時關閉,尤其是在城市地區。
Turning now to the businesses. Branded Cards revenue of $2.3 billion grew 7% year-over-year, driven by 5% loan growth and continued spread expansion with net interest revenue as a percentage of loans improved to 933 basis points this quarter. Client engagement remained strong through February with purchase sales growth of roughly 10% for the first 2 months of the quarter. However, as seen across the industry, purchase sales declined significantly in late March with the implementation of more extensive lockdowns in many states. Categories like travel and entertainment have seen the biggest impact, while there has been some offset from higher spending on essentials as well as higher online sales. So in total, we grew purchase sales 3% in Branded Cards in the first quarter, but the trend line over the past month would indicate a significant decline in purchase activity in the second quarter, which is expected to impact loan growth. Retail banking revenues of $1.1 billion were largely unchanged year-over-year as the benefit of stronger deposit volumes and an improvement in mortgage revenues were offset by lower deposit spreads. Our deposit momentum continued to improve with average deposits of 8%.
現在轉向企業。品牌卡收入為 23 億美元,同比增長 7%,這得益於 5% 的貸款增長和利差持續擴大,本季度淨利息收入佔貸款的百分比提高至 933 個基點。整個 2 月,客戶參與度保持強勁,本季度前兩個月的採購銷售額增長了約 10%。然而,正如整個行業所見,隨著許多州實施更廣泛的封鎖措施,3 月下旬採購銷售額大幅下降。旅遊和娛樂等類別的影響最大,但必需品支出增加以及在線銷售額增加有所抵消。因此,總的來說,第一季度我們的品牌卡購買銷售額增長了 3%,但過去一個月的趨勢線表明第二季度購買活動顯著下降,預計這將影響貸款增長。零售銀行業務收入為 11 億美元,同比基本持平,這是因為存款量增加和抵押貸款收入增加的好處被較低的存款利差所抵消。我們的存款勢頭繼續改善,平均存款率為 8%。
As I noted earlier, digital deposit sales remained strong this quarter, even as we continue to adjust pricing given the current rate environment. We also saw strong engagement with existing clients, driving balanced growth across deposit products, including checking. While AUMs declined by 6% due to market movements, we drove continued growth in Citigold households and investment fees during the quarter, and mortgage revenues grew as a result of increased refinancing activity. Finally, retail services revenues of $1.7 billion were up 4% year-over-year, reflecting lower partner payments and higher average loan. Purchase sales were down 3% year-over-year in the first quarter, again, including significant pressure in late March driven by reduced client activity and store closures at some of our partners. This is expected to have an impact on new account acquisitions and loan balances as we move through the year. Total expenses for North America consumer were down 1% year-over-year as efficiency savings more than offset investment spending and volume-related costs.
正如我之前提到的,本季度數字存款銷售依然強勁,即使我們在當前利率環境下繼續調整定價。我們還看到了與現有客戶的密切互動,推動了包括支票在內的各種存款產品的平衡增長。儘管資產管理規模因市場波動而下降了 6%,但我們在本季度推動了 Citigold 家庭和投資費用的持續增長,抵押貸款收入因再融資活動的增加而增長。最後,零售服務收入為 17 億美元,同比增長 4%,反映出合作夥伴付款減少和平均貸款增加。第一季度的採購銷售額再次同比下降 3%,其中包括 3 月下旬由於客戶活動減少和我們的一些合作夥伴關閉商店而造成的巨大壓力。預計這將對我們今年的新賬戶收購和貸款餘額產生影響。北美消費者的總支出同比下降 1%,因為效率節省超過了投資支出和與數量相關的成本。
Turning to credit. Total credit cost of $3.9 billion increased significantly from last year. We built roughly $2.4 billion in reserves this quarter, reflecting the impact of changes in our economic outlook. And net credit losses grew by 8% year-over-year, reflecting loan growth and seasoning in both cards portfolio. Our NCL rates in U.S. Branded Cards and Retail Services were 346 and 553 basis points, respectively, consistent with the uptick we typically see in the first quarter. Historically, we've seen higher NCL rates in the first half versus the second half of the year. However, given the rapidly changing economic environment due to COVID-19, we are likely to see increased pressure on NCL rates in the back half of 2020, consistent with the reserve actions we took this quarter.
轉向信貸。總信貸成本為 39 億美元,較去年大幅增加。本季度我們建立了大約 24 億美元的儲備,反映了我們經濟前景變化的影響。淨信貸損失同比增長 8%,反映了兩種卡組合的貸款增長和調整。我們在美國品牌卡和零售服務中的 NCL 利率分別為 346 和 553 個基點,與我們在第一季度通常看到的上升趨勢一致。從歷史上看,我們看到上半年的 NCL 利率高於下半年。然而,鑑於 COVID-19 導致經濟環境迅速變化,我們可能會看到 2020 年下半年 NCL 利率的壓力增加,這與我們本季度採取的準備金行動一致。
On Slide 7, we show results for International Consumer Banking in constant dollars. In Asia, revenues declined 1% year-over-year in the first quarter. Despite the early emergence of COVID-19 in the region, we saw strong investment in FX revenues through most of the quarter. This was offset by lower purchase sales activity and loan balances in our card business, driven by restrictions on movement and changes in customer behavior. We also saw an impact on customer acquisitions in products like insurance, which rely more heavily on face-to-face engagement. However, average deposit growth remained strong at 8% this quarter, and we continue to drive digital engagement across the franchise. Today, we are seeing some early signs of a pickup in activity in China as movement restrictions have eased over the past week or so, but that is a small consumer business for us, and of course, many other markets are still in an earlier stage of managing through the crisis.
在幻燈片 7 中,我們以不變美元顯示國際消費者銀行業務的結果。在亞洲,第一季度收入同比下降 1%。儘管該地區早期出現了 COVID-19,但我們在本季度的大部分時間裡看到了對外匯收入的強勁投資。這被我們的卡業務的採購銷售活動和貸款餘額減少所抵消,這是由於行動限制和客戶行為的變化所致。我們還看到了對保險等產品的客戶獲取的影響,這些產品更依賴於面對面的參與。然而,本季度平均存款增長率保持在 8% 的強勁水平,我們將繼續推動整個特許經營的數字參與。今天,隨著過去一周左右行動限制的放鬆,我們看到了中國活動回升的一些早期跡象,但這對我們來說是一個小的消費者業務,當然,許多其他市場仍處於早期階段管理度過危機。
Turning to Latin America, total consumer revenues were largely unchanged year-over-year and grew 3%, excluding a residual gain last year on the sale of our asset management business. Similar to other regions, we saw good growth in deposits in Mexico this quarter with average balances up 4%, and we're also benefiting from improved spreads in card. However, we continued to see pressure on overall loan growth. And while we haven't yet seen the full impact from COVID-19 in Mexico, we did see a slowdown in purchase sales in March, which is expected to continue as customer behavior will likely follow the pattern we've seen in other regions.
談到拉丁美洲,消費者總收入同比基本保持不變,增長 3%,不包括去年出售我們資產管理業務的剩餘收益。與其他地區類似,本季度我們看到墨西哥的存款增長良好,平均餘額增長 4%,我們也受益於信用卡利差的改善。然而,我們繼續看到整體貸款增長的壓力。雖然我們還沒有看到 COVID-19 在墨西哥的全面影響,但我們確實看到 3 月份的採購銷售放緩,預計這種情況將持續下去,因為客戶行為可能會遵循我們在其他地區看到的模式。
In total, operating expenses for our international business were up 3% in the first quarter, driven by Mexico, reflecting investments as well as episodic items, partially offset by efficiency savings. And cost of credit increased to $939 million primarily driven by the impact of changes in our economic outlook.
總的來說,在墨西哥的推動下,我們國際業務的運營費用在第一季度增長了 3%,反映了投資和偶發項目,部分被效率節約所抵消。信貸成本增加到 9.39 億美元,這主要是由於我們經濟前景變化的影響。
Slide 8 provides additional detail on Global Consumer credit trend, which shows the seasonality we typically see in the first quarter. Overall, we have not seen a pronounced impact from COVID-19 on our credit statistics, but it is still early. We do anticipate rising unemployment and therefore higher loss rate than originally expected for this year. However, it is unclear what benefit the historic $2 trillion relief package as well as our own customer relief efforts will have in helping to mitigate some of the potential stress on consumers. I would also note that we are taking appropriate actions to manage new and existing credit exposures, including investments in our operation. And importantly, as I've noted on prior calls, we feel good about the quality of our consumer credit portfolios, both relative to the industry as well as Citi's historical risk exposures. If you look at our U.S. card portfolios as an example, the FICO distributions of our outstanding loans and open-to-buy exposures, skew much more towards the higher end than before the 2008 crisis. And as a result, when we stress today's card portfolios to the same level as 2008, our pro forma loss rates are 25% to 30% lower than experienced in the last crisis.
幻燈片 8 提供了有關全球消費信貸趨勢的更多詳細信息,它顯示了我們通常在第一季度看到的季節性。總體而言,我們還沒有看到 COVID-19 對我們的信用統計數據產生明顯影響,但現在還為時過早。我們確實預計今年失業率將上升,因此損失率將高於最初預期。然而,尚不清楚歷史性的 2 萬億美元救助計劃以及我們自己的客戶救助工作將有助於減輕消費者的一些潛在壓力。我還要指出,我們正在採取適當的行動來管理新的和現有的信用風險,包括對我們業務的投資。重要的是,正如我在之前的電話會議上指出的那樣,我們對我們的消費信貸投資組合的質量感覺良好,無論是相對於行業還是花旗的歷史風險敞口。以我們的美國信用卡投資組合為例,我們未償貸款和公開購買敞口的 FICO 分佈比 2008 年危機前更傾向於高端。因此,當我們將今天的信用卡投資組合強調到與 2008 年相同的水平時,我們的預計損失率比上次危機時低 25% 到 30%。
In Asia, as you can see from our credit metrics, we maintain a very low-risk portfolio targeted at high-quality consumers in both our unsecured and mortgage portfolio, where our average LTV is less than 50%. In Mexico, we clearly serve a wider range of clients compared to our other region given our national footprint. However, we generally target a higher-quality segment than our local peers. The credit profile of our clients has improved over time as we have remained disciplined and tightened our lending criteria since the crisis, which is reflected in our more stable NCL rates over the past few years. We generate strong margins in Mexico as well with a net credit margin in cards, for example, of roughly 20%. That said, clearly, the impact of COVID-19 is not fully known at this point, and we remain vigilant in managing the portfolio.
在亞洲,正如您從我們的信用指標中看到的那樣,我們在我們的無抵押和抵押貸款投資組合中維持針對高質量消費者的極低風險投資組合,我們的平均 LTV 低於 50%。鑑於我們在全國的足跡,與其他地區相比,我們在墨西哥顯然服務於更廣泛的客戶。然而,我們通常瞄準比本地同行更高質量的細分市場。我們客戶的信用狀況隨著時間的推移而改善,因為自危機以來我們一直保持紀律並收緊我們的貸款標準,這反映在我們過去幾年更穩定的 NCL 利率上。我們在墨西哥產生了可觀的利潤率,例如,信用卡的淨信貸利潤率約為 20%。也就是說,很明顯,目前尚不完全了解 COVID-19 的影響,我們在管理投資組合方面保持警惕。
Turning now to the Institutional Clients Group on Slide 9. Revenues of $12.5 billion increased 25% in the first quarter as strong performance in fixed income and equity markets as well as the private bank was partially offset by lower revenues in TTS and Corporate Lending. The quarter also benefited from the impact of $816 million of mark-to-market gains on loan hedges as credit spreads widened during the quarter. Total banking revenues of $5.2 billion decreased 6%. Treasury and Trade Solutions revenues of $2.4 billion were down 5% as reported and 2% in constant dollars as strong client engagement and solid growth in deposits were more than offset by the impact of lower interest rates. Our global footprint enables us to have a unique relationship with our clients. Given the breadth of that relationship, we are playing a pivotal role in helping our clients navigate through this unprecedented time.
現在轉到幻燈片 9 上的機構客戶組。第一季度的收入為 125 億美元,增長了 25%,這是因為固定收益和股票市場以及私人銀行的強勁表現被 TTS 和企業貸款收入的減少部分抵消了。本季度還受益於 8.16 億美元的貸款對沖按市值計價收益的影響,因為本季度信用利差擴大。銀行業總收入為 52 億美元,下降 6%。財資和貿易解決方案的收入為 24 億美元,據報導下降了 5%,按固定美元計算下降了 2%,因為強勁的客戶參與和穩健的存款增長被較低利率的影響所抵消。我們的全球足跡使我們能夠與客戶建立獨特的關係。鑑於這種關係的廣度,我們在幫助我們的客戶度過這個前所未有的時期方面發揮著舉足輕重的作用。
We continue to see robust underlying business drivers in TTS, including 24% growth and end-of-period deposits in constant dollars as well as 6% growth in cross-border flow. And we continue to see the benefit of our investment in technology given the accelerated adoption of digital tools. In March, while we as well as most of our clients, were working remotely, we opened close to 1,000 accounts digitally, 3x the number we opened digitally in March of last year. We have also seen rapid growth in CitiDirect users, up 25% year-over-year in the quarter to over 580,000 users. And within that, active mobile users increased tenfold this year. But as we exited the quarter, we did see the full pressure of the lower-rate environment begin to take hold with revenues down 9% year-over-year in the month of March on a reported basis.
我們繼續看到 TTS 強勁的潛在業務驅動力,包括 24% 的增長和以固定美元計算的期末存款,以及 6% 的跨境流量增長。鑑於數字工具的加速採用,我們繼續看到我們在技術上的投資所帶來的好處。 3 月份,雖然我們和我們的大多數客戶都在遠程工作,但我們以數字方式開設了近 1,000 個賬戶,是去年 3 月份以數字方式開設的數量的 3 倍。我們還看到 CitiDirect 用戶的快速增長,本季度同比增長 25% 至超過 580,000 名用戶。其中,活躍的移動用戶今年增長了十倍。但當我們退出本季度時,我們確實看到低利率環境的全部壓力開始顯現,據報導,3 月份收入同比下降 9%。
Investment Banking revenues of $1.4 billion were largely unchanged from last year, outperforming the market wallet as growth in M&A and equity underwriting were offset by a decline in debt underwriting. However, I would note that investment-grade debt underwriting was up double digits year-over-year as we helped our clients source liquidity in this evolving environment. Private Bank revenues of $949 million grew 8%, driven by increased capital markets activity as we supported our clients through turbulent market conditions, and higher lending and deposit volumes, partially offset lower deposit spreads, reflecting the impact of lower interest rates.
投資銀行業務收入為 14 億美元,與去年基本持平,表現優於市場,因為併購和股票承銷的增長被債務承銷的下降所抵消。但是,我要指出的是,由於我們幫助客戶在這種不斷變化的環境中獲得流動性,投資級債務承銷同比增長了兩位數。私人銀行收入為 9.49 億美元,增長 8%,這是由於我們在動蕩的市場條件下為客戶提供支持而資本市場活動增加,以及更高的貸款和存款量,部分抵消了較低的存款利差,這反映了較低利率的影響。
Corporate Lending revenues of $448 million were down 40% primarily reflecting an adjustment to the residual value of the lease financing as well as other marks on the portfolio. And while average loans were roughly flat, we did see a meaningful increase in end-of-period loans this quarter, reflecting the drawdowns and new facilities that I mentioned earlier as we continue to support our clients. Total Markets and Securities Services revenues of $6.5 billion increased 37% from last year. Fixed income revenues of $4.8 billion grew 39% year-over-year with growth across rates and currencies and commodity.
企業貸款收入為 4.48 億美元,下降 40%,主要反映了對租賃融資剩餘價值以及投資組合中其他標記的調整。雖然平均貸款大致持平,但本季度我們確實看到期末貸款顯著增加,反映了我之前提到的提款和新貸款,因為我們繼續支持我們的客戶。市場和證券服務總收入為 65 億美元,比去年增長 37%。固定收益收入為 48 億美元,同比增長 39%,利率、貨幣和大宗商品均有增長。
As volatility, volumes and spreads reached record levels, we actively made markets during this turbulent period for both corporate and investor clients. Equity revenues of $1.2 billion were up 39% versus last year, reflecting a strong performance in derivatives, including an increase in client activity due to higher volatility. And finally, in Securities Services, revenues were up 1% on a reported basis and 5% in constant dollars driven by higher client activity and deposit volume, partially offset by lower spread. Total operating expenses of $5.8 billion increased 3% year-over-year as efficiency savings were more than offset by higher compensation costs, continued investments and volume-driven growth. Total credit costs of $2 billion were up significantly from last year.
隨著波動性、交易量和價差達到創紀錄水平,我們在這個動盪時期積極為企業和投資者客戶做市。股票收入為 12 億美元,比去年增長 39%,反映了衍生品的強勁表現,包括由於波動性增加導致客戶活動增加。最後,在證券服務方面,由於客戶活動和存款量增加,收入在報告基礎上增長了 1%,按固定美元計算增長了 5%,部分被利差降低所抵消。總運營費用為 58 億美元,同比增長 3%,因為效率節省被更高的薪酬成本、持續投資和數量驅動的增長所抵消。總信貸成本為 20 億美元,較去年大幅上升。
We built roughly $1.9 billion in reserves this quarter. The increase in reserves primarily reflected the impact of changes in the economic outlook as well as some downgrades, along with volume growth in the portfolio. As of quarter end, our funded reserve ratio was 81 basis points, including a funded reserve ratio of roughly 2% on the non-investment-grade portion. We provide more details on the corporate portfolio in the appendix to our earnings presentation.
本季度我們建立了大約 19 億美元的儲備金。儲備的增加主要反映了經濟前景變化和一些降級的影響,以及投資組合的數量增長。截至季度末,我們的存款準備金率為 81 個基點,其中非投資級部分的存款準備金率約為 2%。我們在收益報告的附錄中提供了有關公司投資組合的更多詳細信息。
Total nonaccrual loans increased sequentially this quarter, but the ratio of nonaccrual to total corporate loans remained low at 57 basis points. Overall, we feel good about our corporate credit quality. And like consumer, we remain vigilant in managing the portfolio and reserve levels relative to the stresses we see out there today.
本季度非應計貸款總額環比增加,但非應計貸款佔企業貸款總額的比率仍處於 57 個基點的低位。總體而言,我們對我們的企業信用質量感覺良好。和消費者一樣,我們在管理投資組合和儲備水平方面保持警惕,以應對我們今天看到的壓力。
Slide 10 shows the results for Corporate/Other. Revenues of $73 million declined significantly from last year, reflecting the wind down of legacy assets, the impact of lower rates as well as marks on legacy securities as spreads widened during the quarter. Expenses were down 24% as the wind down of legacy assets was partially offset by higher infrastructure costs as well as incremental costs associated with COVID-19, including a special compensation award granted to roughly 75,000 employees who are being most directly impacted by COVID-19. And the pretax loss was $535 million this quarter, higher than our previous outlook, reflecting loan loss reserves on our legacy portfolio, marks on security, the impact of lower rates as well as the special compensation award.
幻燈片 10 顯示了公司/其他的結果。 7300 萬美元的收入較去年大幅下降,反映了遺留資產的減少、較低利率的影響以及本季度利差擴大對遺留證券的影響。費用下降了 24%,因為遺留資產的減少部分被更高的基礎設施成本以及與 COVID-19 相關的增量成本所抵消,包括授予約 75,000 名受 COVID-19 最直接影響的員工的特別補償金.本季度稅前虧損為 5.35 億美元,高於我們之前的預期,反映了我們遺留投資組合的貸款損失準備金、證券標記、較低利率的影響以及特別補償獎勵。
Slide 11 shows our net interest revenue and margin trend. In constant dollars, total net interest revenue of $11.5 billion this quarter declined slightly year-over-year as the impact of lower rates was mostly offset by loan growth and an extra day, along with higher trading-related NIR. On a sequential basis, net interest revenue declined by roughly $330 million, reflecting the lower rate environment, 1 fewer day in the quarter and the adjustment in Corporate Lending that I mentioned earlier. And net interest margin declined 15 basis points sequentially with lower net interest revenues driving roughly half of the decline and the remainder reflecting growth in the balance sheet.
幻燈片 11 顯示了我們的淨利息收入和利潤率趨勢。按不變美元計算,本季度總淨利息收入為 115 億美元,同比略有下降,因為較低利率的影響大部分被貸款增長和額外的一天以及與交易相關的更高的 NIR 所抵消。按順序計算,淨利息收入下降了約 3.3 億美元,反映了較低的利率環境、本季度減少 1 天以及我之前提到的企業貸款調整。淨息差環比下降 15 個基點,淨利息收入下降約佔下降的一半,其餘部分反映資產負債表的增長。
Turning to noninterest revenue. In the first quarter, healthy business performance for most of the quarter as well as a strong pickup in trading activity in March drove a significant increase in noninterest revenue. As we look to the second quarter, we expect both net interest revenues and noninterest revenues to decline, reflecting the full quarter impact of lower rates as well as a much more pronounced impact from COVID-19.
轉向非利息收入。在第一季度,本季度大部分時間的業務表現良好以及 3 月份交易活動的強勁回升推動了非利息收入的顯著增長。展望第二季度,我們預計淨利息收入和非利息收入都將下降,反映出較低利率對整個季度的影響以及 COVID-19 帶來的更為明顯的影響。
On Slide 12, we show our key capital metrics. During the quarter, our CET1 capital ratio declined to 11.2% driven mostly by the increase in risk-weighted assets. The increase in RWA reflected our support to our customers as well as increased market volatility and widening credit spreads. Our supplementary leverage ratio was 6%, and our tangible book value per share grew by 9% to $71.52, driven by net income and the reduced share count.
在幻燈片 12 上,我們展示了我們的關鍵資本指標。本季度,我們的 CET1 資本比率下降至 11.2%,這主要是由於風險加權資產的增加。 RWA 的增加反映了我們對客戶的支持以及市場波動加劇和信用利差擴大。在淨收入和股份數量減少的推動下,我們的補充槓桿率為 6%,每股有形賬面價值增長 9% 至 71.52 美元。
In summary, the environment changed dramatically this quarter, but we continue to operate well in a challenging environment. We ended the period with a strong capital and liquidity position. We certainly saw the impact of slower global growth and macro uncertainty on our top line results as we exited the quarter, but we feel good about our ability to manage risk through this cycle. We remain disciplined in our target client strategy and feel strongly that our focus on these higher-quality, more resilient segments is the right strategy in any economic environment.
總而言之,本季度環境發生了巨大變化,但我們在充滿挑戰的環境中繼續保持良好運營。我們以強勁的資本和流動性狀況結束了這一時期。當我們退出本季度時,我們當然看到了全球增長放緩和宏觀不確定性對我們的收入結果的影響,但我們對我們在這個週期中管理風險的能力感到滿意。我們在我們的目標客戶戰略中保持自律,並強烈認為我們專注於這些更高質量、更具彈性的細分市場是任何經濟環境中的正確戰略。
Looking to the second quarter and the rest of 2020, let me remind you that we are all operating with a great deal of uncertainty today, and our performance will continue to evolve over the coming quarters.
展望第二季度和 2020 年剩餘時間,讓我提醒您,今天我們都在充滿不確定性的情況下運營,我們的業績將在未來幾個季度繼續發展。
With that said, given the adverse impact of COVID-19, we no longer expect to deliver the RoTCE of 12% to 13% for the full year. Based on what we are seeing today, on the top line, we expect the revenue trend in the latter part of March and the beginning of April, characterized by COVID-related lower level of activity, particularly in banking and our consumer franchise, will continue through much of the second quarter. And in our Markets business, revenue should reflect the broader industry. The first quarter is typically the strongest quarter. And clearly, this year was particularly strong, so we would expect some normalization in activity levels here. And finally, we will see the more pronounced impact of the lower rate environment on the top line.
話雖如此,鑑於 COVID-19 的不利影響,我們不再期望全年實現 12% 至 13% 的 RoTCE。根據我們今天所看到的情況,最重要的是,我們預計 3 月下旬和 4 月初的收入趨勢將繼續,其特點是與 COVID 相關的活動水平較低,尤其是在銀行業和我們的消費者特許經營領域。在第二季度的大部分時間裡。在我們的市場業務中,收入應該反映更廣泛的行業。第一季度通常是最強勁的季度。顯然,今年特別強勁,因此我們預計這裡的活動水平會出現一些正常化。最後,我們將看到較低利率環境對收入的更顯著影響。
On the expense side, there are a couple of things that are important to consider as we think about running the franchise and managing our expenses. Including the uncertainty of the impact of COVID-19, how do we continue to protect our employees who are on the frontline and how do we ensure that we are able to help our customers manage through this. And from this standpoint, we're being thoughtful about where we need to deploy resources to ensure we can deliver for our customers in a period where roughly 80% of our workforce is working remotely. Here, we feel good about the investments we've made over the last few years in technology. These investments are allowing us to manage through this period and support our customers and clients through digital means.
在費用方面,當我們考慮經營特許經營權和管理我們的費用時,有幾件重要的事情需要考慮。包括 COVID-19 影響的不確定性,我們如何繼續保護我們在前線的員工,以及我們如何確保我們能夠幫助我們的客戶度過難關。從這個角度來看,我們正在考慮需要在哪裡部署資源,以確保我們能夠在大約 80% 的員工遠程工作的時期內為客戶提供服務。在這裡,我們對過去幾年在技術方面所做的投資感到滿意。這些投資使我們能夠度過這段時期,並通過數字方式為我們的客戶和客戶提供支持。
However, I would also note that during these unprecedented times, we are also exploring all opportunities to operate as efficiently as possible and potentially repay certain investments we would have otherwise made in order to offset some of the headwinds created by COVID-19. We would also expect to see a natural reduction in some volume-related expenses, including T&E, meetings and event costs. So again, there's a lot of uncertainty today, but we will have more to say on both the top line impact as well as these efficiency efforts in the coming months as the impact of COVID-19 is better understood. But that should hopefully give you a sense of how we're thinking about the environment and our pre-provision earnings power.
但是,我還要指出,在這些前所未有的時期,我們也在探索所有機會,以盡可能高效地運營,並有可能償還我們原本為抵消 COVID-19 造成的一些不利因素而進行的某些投資。我們還希望看到一些與數量相關的費用自然減少,包括 T&E、會議和活動費用。因此,今天再次存在很多不確定性,但隨著人們更好地了解 COVID-19 的影響,我們將在未來幾個月對頂線影響以及這些效率努力發表更多看法。但這應該能讓你了解我們是如何考慮環境和我們預撥備盈利能力的。
Turning to credit. Looking ahead to the second quarter and the remainder of 2020, we do expect a higher level of losses given our current outlook. And as our outlook continues to evolve, it is also reasonable to expect additional increases in credit reserves if our outlook deteriorates further. However, given the credit quality of our portfolio, we remain confident in our ability to maintain our overall strength and stability as well as continue to support our customers and win new business. Undoubtedly, every company around the world will feel an economic impact from this unprecedented situation. But we are confident that Citi will emerge in a position of strength, having demonstrated that we lived up to our stated objective to be an indisputably strong and stable institution, and having shown that we stood by our clients and supported our customers and employees ring this very difficult time.
轉向信貸。展望第二季度和 2020 年剩餘時間,鑑於我們目前的展望,我們確實預計虧損水平會更高。隨著我們的前景不斷演變,如果我們的前景進一步惡化,預計信貸儲備會進一步增加也是合理的。然而,鑑於我們投資組合的信用質量,我們對保持整體實力和穩定性以及繼續支持我們的客戶和贏得新業務的能力充滿信心。毫無疑問,世界各地的每家公司都會從這種前所未有的情況中感受到經濟影響。但我們相信花旗將處於強勢地位,證明我們實現了我們既定的目標,成為一家無可爭辯的強大和穩定的機構,並表明我們站在我們的客戶身邊,支持我們的客戶和員工。非常困難的時候。
With that, Mike and I are happy to take any questions.
有了這個,邁克和我很樂意回答任何問題。
Operator
Operator
(Operator Instructions) Your first question is from the line of Glenn Schorr with Evercore.
(操作員說明)您的第一個問題來自 Evercore 的 Glenn Schorr。
Glenn Paul Schorr - Senior MD & Senior Research Analyst
Glenn Paul Schorr - Senior MD & Senior Research Analyst
Curious if you could give us a little bit more of the assumptions behind the reserve build. And because card is a little bigger for you guys, I'm curious if you could talk about the reserves on how you think about it from a branded versus retail services partner card perspective?
很好奇您是否可以向我們提供更多儲備金構建背後的假設。因為卡對你們來說有點大,我很好奇你是否可以從品牌卡與零售服務合作夥伴卡的角度談談你如何看待它的儲備金?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Sure. Glenn, so you can turn to Page 20, we've broken out some additional details here, and you can see we started or ended the year, I should say, with about $14 billion in reserves. You're right. The lion's share of that is in cards and split between branded and retail. And our focus, obviously, is -- tends to be on the higher FICO-scored clients, and that skew certainly the case in cards and tends to be higher on Retail Services but not quite as high as on the cards side. And so that's going to impact a little bit the split between the two.
當然。格倫,所以你可以翻到第 20 頁,我們在這裡列出了一些額外的細節,你可以看到我們在今年開始或結束時,我應該說,有大約 140 億美元的儲備。你說得對。其中最大的份額是卡片,並在品牌和零售之間分配。顯然,我們的重點是 - 傾向於關注 FICO 評分較高的客戶,而且這種情況肯定會出現在卡片中,並且在零售服務方面往往更高,但不如卡片方面那麼高。因此,這將對兩者之間的分歧產生一點影響。
You can see in terms of the day 1 impact that was about $4.1 billion, we talked about that on the last call, and we built another $4.9 billion. So that gets us to a total reserve balance of almost $23 billion. What I'd point out is the cards piece obviously is at roughly $9.5 billion, but again -- I mean, 9.5%, excuse me, of LLR to loans. But again, we tend to think of this as a higher-quality book.
你可以看到第一天的影響約為 41 億美元,我們在上次電話會議上談到了這一點,我們又增加了 49 億美元。因此,這使我們的儲備金餘額總額達到近 230 億美元。我要指出的是,卡片部分顯然約為 95 億美元,但再次 - 我的意思是,9.5%,對不起,LLR 到貸款。但同樣,我們傾向於認為這是一本質量更高的書。
In terms of the factors that become important, there are a host of variables that we run through our model as well as combined with severity of a recession, probability of a recession. I would say that they're 2 most critical as it relates to cards, and again, they're all important in understanding how they work together becomes important. But 2 very important ones become, obviously, GDP and unemployment and how that affects the underlying behavior of the consumer in each of those instances. Obviously, the Retail Services, there are partners that we have that are more directly impacted by the COVID-19 situation, but we also have the $2 trillion relief or stimulus that's been introduced and a little bit unclear as to how that ultimately plays out and impacts the behavior. So lots of puts and takes going through the model. Those economic assumptions change kind of straight through the end of the quarter. But the short of it is that, based on our outlook as of then, this additional build of $2.4 billion for cards was the appropriate amount for us to take.
就變得重要的因素而言,我們在模型中運行了許多變量,並結合了經濟衰退的嚴重程度、經濟衰退的可能性。我會說它們是 2 最關鍵的,因為它與卡片有關,而且它們都很重要,因為它們對於理解它們如何協同工作變得很重要。但是,很明顯,兩個非常重要的因素變成了 GDP 和失業率,以及這在每種情況下如何影響消費者的基本行為。顯然,零售服務,我們有一些合作夥伴更直接地受到 COVID-19 情況的影響,但我們也有 2 萬億美元的救濟或刺激措施已經出台,但最終如何發揮作用尚不清楚影響行為。如此多的投入和投入通過模型。這些經濟假設會在本季度末直接發生變化。但簡而言之,根據我們當時的展望,這筆額外增加的 24 億美元的卡片金額對我們來說是合適的。
Glenn Paul Schorr - Senior MD & Senior Research Analyst
Glenn Paul Schorr - Senior MD & Senior Research Analyst
Okay. That's a very helpful slide. Maybe just one follow-up on -- I'm curious of your view because you're in the midst of all of it of how much has the financial plumbing been improved by some of the government actions? And then where -- most importantly, where you see that we need the most improvement, less to come on the plumbing, things like money markets, CP, I'm talking about?
好的。這是一張非常有用的幻燈片。也許只是一個後續行動——我很好奇你的觀點,因為你正處於所有這些之中,政府的一些行動在多大程度上改善了金融管道?然後在哪裡 - 最重要的是,你看到我們需要最大改進的地方,而不是管道,比如貨幣市場,CP,我在說什麼?
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Glenn, I would say that the actions that we've seen out of the combination of the fed and the treasury are truly extraordinary, not just in terms of the volume of dollars and programs, but I think the breadth that's there and the speed at which they've implemented them, and whether it's been the CP facility, the money market liquidity facility, the repo facilities, the broader corporate pieces, the SBA loans and now not something that's being talked about that much but is this Main Street program that's there.
格倫,我想說的是,我們從美聯儲和財政部的結合中看到的行動確實非同尋常,不僅僅是在美元和計劃的數量方面,而且我認為那裡的廣度和速度他們已經實施了哪些,無論是 CP 工具、貨幣市場流動性工具、回購工具、更廣泛的公司部分、SBA 貸款,現在不是人們談論的那麼多,但這個 Main Street 計劃是那裡。
And I think from a plumbing perspective, your question is a good one because, obviously, the real economy doesn't have direct access to the fed or to the treasury. And I think it's the banks and in particular, the big banks' role, one of many roles that we play to be that transmission mechanism between fiscal monetary and the real economy. And I think you can just see, in terms of in the early days how the markets were trading, a lot of the fears and concerns that were there and whether it was the early fears of draws, whether it was the early fears of money funds and being able to get liquidity across the board. And I think the programs have gone a long way. I think there's still a few things out there that probably need some work. Certainly, as an institution, as an industry, we're in constant dialogue with the fed and the treasury on those. And again, as I suspect, as those things create challenges, it's likely that we will see a reaction come out of those bodies to be able to address it. So I think the plumbing is actually working pretty well.
而且我認為從管道的角度來看,你的問題是一個很好的問題,因為很明顯,實體經濟無法直接訪問美聯儲或財政部。我認為這是銀行,尤其是大銀行的角色,我們扮演的眾多角色之一是財政貨幣與實體經濟之間的傳導機制。我想你可以看到,就早期市場的交易情況而言,存在很多恐懼和擔憂,無論是早期對平局的恐懼,還是對貨幣基金的早期恐懼並能夠全面獲得流動性。我認為這些計劃已經走了很長一段路。我認為還有一些事情可能需要一些工作。當然,作為一個機構,作為一個行業,我們一直在與美聯儲和財政部就這些問題進行對話。而且,正如我懷疑的那樣,由於這些事情會帶來挑戰,我們很可能會看到這些機構做出反應,以便能夠解決它。所以我認為管道實際上工作得很好。
That in spite of working remotely, and the numbers that Mark and I spoke to, we had, in late March, record volumes of trading, in terms of settlement, clearing, margin, margining in the system. And again, most of that done remotely and we all would have said to each other, 6, 9, 12 months ago, we're going to model for this type of stress, we probably all would have been skeptical in terms of how the system performs. So I'm proud of how we've performed, and I'm quite pleased so far how the system has performed.
儘管遠程工作,以及馬克和我交談過的數字,但在 3 月下旬,我們在系統中的結算、清算、保證金、保證金方面的交易量創下了紀錄。再一次,大部分都是遠程完成的,我們都會在 6、9、12 個月前互相說,我們將為這種類型的壓力建模,我們可能都會懷疑系統執行。因此,我為我們的表現感到自豪,並且到目前為止,我對系統的表現感到非常滿意。
Operator
Operator
Your next question is from the line of Erika Najarian with Bank of America.
你的下一個問題來自美國銀行的 Erika Najarian。
Erika Najarian - MD and Head of US Banks Equity Research
Erika Najarian - MD and Head of US Banks Equity Research
I just want to -- I wanted to clarify your statement on card losses. So just wanted to make sure I interpret it correctly, you said that the losses today, the cumulative losses today, could be 20% lower than the global financial crisis experience. And when I look back at the regulatory data, '09 and 2010 would add up to a 20% loss rate. So I wanted just to make sure we were interpreting that correctly, that we could see losses of 15% to 16% in card in the cumulative loss scenario, which is about in line with both the company-run DFAST and the Fed stress test.
我只是想——我想澄清一下你關於卡片損失的陳述。所以只是想確保我解釋正確,你說今天的損失,今天的累計損失,可能比全球金融危機的經歷低 20%。當我回顧監管數據時,09 年和 2010 年的損失率加起來將達到 20%。所以我只是想確保我們的解釋是正確的,在累積損失情況下我們可以看到卡損失 15% 到 16%,這與公司運行的 DFAST 和美聯儲壓力測試一致。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Okay. Sure. I mean, yes, what I said was that if you take the cards portfolio we have today, which is of a better quality than it was back in '08, and you were to stress it for the '08 financial crisis that, yes, our pro forma loss rates would be 25% to 30% lower than what we experienced in the last crisis. That is -- that's what I said.
好的。當然。我的意思是,是的,我說的是,如果你拿我們今天的卡片組合來說,它的質量比 08 年的時候要好,而且你要為 08 年的金融危機強調,是的,我們的備考損失率將比我們在上次危機中經歷的損失率低 25% 到 30%。那就是——這就是我所說的。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
And I think, to be clear, that's not a prediction. It's just a level setting based on historic data.
我認為,需要明確的是,這不是預測。這只是基於歷史數據的級別設置。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Yes.
是的。
Erika Najarian - MD and Head of US Banks Equity Research
Erika Najarian - MD and Head of US Banks Equity Research
Got it. And one of your peers noted in a call yesterday that they were comfortable going below their regulatory minimum of 10.5% to service clients. And I'm wondering what Citi's stance is on going below that 10% bright line, especially since that's where the automatic distributions on dividend and other payouts kick in?
知道了。你的一位同行在昨天的電話中指出,他們願意以低於 10.5% 的監管最低標準來為客戶提供服務。我想知道花旗對低於 10% 明線的立場是什麼,特別是因為這是股息和其他支出的自動分配開始的地方?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Yes, why don't I start, Mike? Or...
是的,我為什麼不開始呢,邁克?或者...
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Sure. Go ahead.
當然。前進。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Look, I think our view is we are clearly living in an uncertain period of time. The crisis we're facing is unprecedented. And if I think about our objectives, primary objective, ensuring the safety and well-being of our employees; second to that or in addition to that, ensuring that we are positioned to serve our clients, our customers and to play an important role in stabilizing the economy. And so when I think about the combination of those things, we want to be there for our clients, and I think we're expected to be there for our clients in a period like this. And you've seen our CET1 ratio drop to 11.2% this quarter. And as the needs of our clients evolve, we're going to be there for them. And if that means that our ratio takes more pressure, then we'll manage through that. If we were to drop below the 10% you referenced, there's still plenty of room between that and the use of the buffer that the regulators have authorized. And so we're managing it thoughtfully, diligently, but in the context of those priorities that I mentioned.
看,我認為我們的觀點是我們顯然生活在一個不確定的時期。我們面臨的危機是前所未有的。如果我考慮我們的目標,主要目標,確保我們員工的安全和福祉;其次或除此之外,確保我們能夠為我們的客戶和客戶提供服務,並在穩定經濟方面發揮重要作用。因此,當我考慮這些事情的結合時,我們希望為我們的客戶服務,我認為我們應該在這樣的時期為我們的客戶服務。你已經看到本季度我們的 CET1 比率下降到 11.2%。隨著客戶需求的發展,我們將竭誠為他們服務。如果這意味著我們的比率承受更多壓力,那麼我們將設法解決這個問題。如果我們要降到你提到的 10% 以下,那麼在這與使用監管機構授權的緩衝區之間仍有很大的空間。因此,我們正在認真、勤奮地管理它,但在我提到的那些優先事項的背景下。
Operator
Operator
Your next question is from the line of Betsy Graseck with Morgan Stanley.
你的下一個問題來自摩根士丹利的 Betsy Graseck。
Betsy Lynn Graseck - MD
Betsy Lynn Graseck - MD
Question on -- as it relates to the use of that capital, part of it is coming from the drawdowns. And I wanted to understand how you think your clients are going to be using those drawdowns? Do you expect them to persist for many quarters, many years? Or do you think that we will, over the next 12 months, see some pay down of that through terming out in the capital markets?
問題是——因為它與該資本的使用有關,其中一部分來自提款。我想了解您認為您的客戶將如何使用這些提款?你希望他們持續很多個季度,很多年嗎?還是您認為我們會在接下來的 12 個月內通過在資本市場上的終止來看到一些回報?
And maybe also give us a sense as to the associated deposits, how much of the drawdowns came back into your liquidity via the deposits? And persistency there as well would be helpful.
也許還可以讓我們了解相關存款,有多少提款通過存款返回到您的流動性中?堅持下去也會有幫助。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Yes. So Betsy, I would say, kind of looking at the numbers, we had roughly right around about $30 billion, $32 billion worth of draws in the first quarter. So somewhere 10%, 11%, 12% of our outstanding, but unfunded. So I wouldn't call that an overly meaningful number. And I think going back to my earlier comment to Glenn, I think that the extraordinary actions taken in the CP facilities, in terms of some of the corporate facilities, some of the SBA or probably more likely the Main Street lending facilities alleviates a lot of that pressure.
是的。所以 Betsy,我想說,看看這些數字,我們在第一季度大約有大約 300 億美元、320 億美元的抽獎。所以我們有 10%、11%、12% 的優秀但沒有資金的地方。所以我不會稱之為一個意義過大的數字。我想回到我之前對格倫的評論,我認為在 CP 設施中採取的非凡行動,在一些公司設施、一些 SBA 或更可能是主街貸款設施方面,減輕了很多那種壓力。
I think we saw 2 things there. There were clearly those industries that were under stress and those were pretty easily identifiable, along the list that Mark had described. And then I think there were those that just believed that it was a good time to bring in liquidity. And I think as the Fed programs and the Treasury programs came into place, the bond markets reopened, you saw record issuance of debt in the late first quarter. And again, when you look at our portfolio, it's predominantly an investment-grade portfolio, and that investment-grade portfolio in times with those programs in place has access to the capital markets, and so we saw people shift there.
我想我們在那裡看到了兩件事。很明顯,有些行業處於壓力之下,而且這些行業很容易識別,正如馬克所描述的那樣。然後我認為有些人只是認為現在是引入流動性的好時機。而且我認為,隨著美聯儲計劃和財政部計劃的實施,債券市場重新開放,你會看到第一季度末創紀錄的債券發行量。再一次,當你看我們的投資組合時,它主要是投資級投資組合,而投資級投資組合在這些項目到位的時候可以進入資本市場,所以我們看到人們轉移到那裡。
Obviously, something we're paying attention to. We're in constant dialogue with our clients. But again, I think, certainly, coming into the second quarter, we've actually seen really de minimis draws on the facilities. And I think, in our dialogues, we don't see or feel that pressure right now.
顯然,我們正在關註一些事情。我們一直在與客戶對話。但是,我想,當然,進入第二季度,我們實際上已經看到了對設施的真正微不足道的利用。我認為,在我們的對話中,我們現在沒有看到或感受到這種壓力。
Betsy Lynn Graseck - MD
Betsy Lynn Graseck - MD
Got it. And then on the deposit side, can you give us a sense as to the percentage of the draws that went into deposits and how you think about the persistency of those deposits as well?
知道了。然後在存款方面,您能否告訴我們存款中提款的百分比以及您如何看待這些存款的持久性?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Let me comment a little bit more broadly on the deposits. So the ICG deposits that we saw come in, in the month of March, were about $92 billion. So deposits grew pretty significantly just in the month of March. And if I break that down, about 1/3 of that were from corporate clients that built liquidity through draws or issuance. And it's not necessarily just liquidity, or just draws from us, but about 1/3 of it, we would attribute as being tied towards that increase in liquidity draws or issuances that they've done. About 1/3 were from broker-dealers and clearing houses and financial institutions as they bolstered kind of their liquidity buffers, and then 1/3 were from investor clients derisking and moving to cash.
讓我更廣泛地評論一下存款。因此,我們在 3 月份看到的 ICG 存款約為 920 億美元。因此,僅在 3 月份,存款就出現了相當顯著的增長。如果我將其分解,其中約 1/3 來自通過提款或發行建立流動性的公司客戶。而且它不一定只是流動性,或者只是從我們那裡提取,但大約 1/3,我們認為與他們所做的流動性提取或發行的增加有關。大約 1/3 來自經紀自營商、清算所和金融機構,因為它們增強了流動性緩衝,然後 1/3 來自投資者客戶去風險並轉向現金。
And so that gives you a little bit of a sense for the mix. We obviously look at the persistency of the deposits, and some of those are certainly operating deposits. And I think part of what will inform the view to some extent is, as Mike described, the additional channels that are now available for clients to access additional liquidity as needed, but also how long this persists. And there's a fair amount of uncertainty, as you heard us reference, as to how long this crisis we're managing through persists. So hopefully, that gives you a sense.
所以這讓你對混合有了一點感覺。我們顯然是看存款的持久性,其中一些肯定是經營性存款。正如邁克所描述的那樣,我認為在某種程度上會影響這種觀點的部分原因是,現在客戶可以根據需要獲得更多流動性的額外渠道,以及這種情況會持續多久。正如你聽到我們提到的那樣,關於我們正在管理的這場危機持續多久,存在相當大的不確定性。所以希望這能給你一種感覺。
Betsy Lynn Graseck - MD
Betsy Lynn Graseck - MD
Got it. And the fact that the drawdowns have slowed dramatically, de minimis in your words, Mike, the pressure I would expect going forward on CET1 is going to pull back as well. So maybe you could give us a sense as to how you're thinking about that? And then in the context of how you're thinking about the dividend.
知道了。事實上,縮減已經顯著放緩,用你的話來說是微不足道的,邁克,我預計在 CET1 上前進的壓力也會回落。那麼也許您可以告訴我們您是如何考慮的?然後在你如何考慮股息的背景下。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Sure. So I think, as Mark described, the way we thought about -- you saw us kind of put our balance sheet to use, and you saw the CET1 move from the 11.8% to the 11.2%, clearly leaving us lots of room, lots of buffer. And again, we're early in this. We don't know and -- where this will go, but our gut or how we're thinking about this is this recovery is going to be uneven. I would say that, as a team, we've pretty well discounted a uniform v-shaped recovery. The question is it U-shaped, is it W-shaped or parts of it L-shaped. And I think we want to retain a lot of flexibility and capacity to be able to step into the situations that count.
當然。所以我認為,正如馬克所描述的,我們的思考方式——你看到我們有點使用我們的資產負債表,你看到 CET1 從 11.8% 上升到 11.2%,顯然給我們留下了很大的空間,很多緩衝區。再說一遍,我們還處於早期階段。我們不知道——這將走向何方,但我們的直覺或我們的想法是,這種複蘇將是不平衡的。我想說的是,作為一個團隊,我們已經很好地排除了統一的 V 型複蘇。問題是它是 U 形,是 W 形還是部分 L 形。而且我認為我們希望保留很大的靈活性和能力,以便能夠介入重要的情況。
And again, I think, as we said, that includes 2 roles, one is how do we use our own balance sheet, and then how do we actually use and bring to life a lot of these programs and continued programs that are being put out there by the Fed and the Treasury. So in the right situations, we're prepared to let that ratio go down. We're in conversations with our Board. We are in conversations with our regulator. And I think, Mark said, we feel that we've got a lot of capacity in terms of capital and things that we can do before we get near triggering any conversations around dividend. But again, we're going to -- we'll treat that as a time when it comes. But to be clear, in our capacity here and the way we're looking at things, we remain committed to paying our dividend.
再一次,我認為,正如我們所說,這包括兩個角色,一個是我們如何使用我們自己的資產負債表,然後是我們如何實際使用和實施許多這些計劃和正在推出的持續計劃由美聯儲和財政部負責。所以在適當的情況下,我們準備讓這個比率下降。我們正在與我們的董事會進行對話。我們正在與我們的監管機構進行對話。我認為,馬克說,我們覺得我們在資本方面有很多能力,在我們接近觸發任何關於股息的對話之前我們可以做的事情。但是,我們將再次——我們將把它視為它到來的時候。但需要明確的是,以我們在這裡的能力和我們看待事物的方式,我們仍然致力於支付我們的紅利。
Operator
Operator
Your next question is from the line of Ken Usdin with Jefferies.
你的下一個問題來自 Jefferies 的 Ken Usdin。
Kenneth Michael Usdin - MD and Senior Equity Research Analyst
Kenneth Michael Usdin - MD and Senior Equity Research Analyst
A couple more questions on the card business, if you don't mind. So just if you kind of separate the branded cards from the retail services and just -- can you help us talk about just what you're seeing, relatively speaking, in terms of -- we can see it in the rate of change that happened in the first quarter, but would you expect divergence in either spend trends, volume balances and credit as this evolves? Or any color you can help us with there?
如果您不介意的話,還有幾個關於卡業務的問題。因此,如果你將品牌卡與零售服務分開,你能幫我們談談你所看到的嗎,相對而言,我們可以從發生的變化率中看到它在第一季度,但隨著情況的發展,您是否預計支出趨勢、交易量餘額和信貸會出現分歧?或者你可以在那裡幫助我們的任何顏色?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Sure. Why don't I start just in terms of the spend? And so in the quarter, if I think about kind of the last week of March, the card spend activity, just broadly for us, was down about 30%, U.S. spend by category, down a total of 30%. The big categories, if you will, impacted are not going to be of any surprise to you: travel, down 75%; dining and entertainment, down some 60%; discretionary retail, which would include apparel, the department stores, et cetera, down 50%; essentials were up 10%. And so as you would -- as I think you would expect, and again, that got us to a total of down about 30% in just the last week. We all have seen what has continued to happen over the past couple of weeks. And so I would expect -- we would expect there to be continued pressure on purchase sale volumes through most of the second quarter, in light of the way this is persisting. And that should play out as well on, ultimately, loan volumes and we should expect to see some top line pressure there.
當然。為什麼我不從花費開始呢?因此,在本季度,如果我考慮一下 3 月的最後一周,對我們來說,信用卡支出活動下降了約 30%,美國按類別劃分的支出總共下降了 30%。如果您願意,受影響的大類別不會讓您感到意外:旅遊,下降 75%;餐飲娛樂,下降約60%;非必需品零售,包括服裝、百貨商店等,下降 50%;必需品上漲了 10%。正如你所願——正如我認為你所期望的那樣,這再次使我們在上週總共下跌了約 30%。我們都看到了過去幾周繼續發生的事情。因此,我預計——鑑於這種情況持續存在的方式,我們預計在第二季度的大部分時間裡,採購量將繼續面臨壓力。這最終也會對貸款量產生影響,我們應該會看到一些頂線壓力。
Similarly, as you've referenced, we have a large retail services business, and we have partner clients who we advise in that regard, and we've been working with them to help drive sales digitally. But obviously, the shutdown of most of the economy and the stay-at-home orders as well as the temporary store closures across most of the country will certainly impact our partners and our results, including a slowdown in new customer acquisitions as well as, again, a lower purchase sales volumes -- volume through that part of our business.
同樣,正如您所提到的,我們有一個大型零售服務業務,我們有合作客戶在這方面提供建議,我們一直在與他們合作以幫助推動數字銷售。但顯然,大部分經濟體的停擺、居家令以及全國大部分地區的臨時商店關閉肯定會影響我們的合作夥伴和我們的業績,包括新客戶獲取的放緩以及,再次,較低的採購量——通過我們業務的那一部分的數量。
That said, we've got a number of partners who do operate -- or large partners, I should say, who do operate as essential resources to the economy. And while they'll have lower store traffic, they will be able to continue to kind of serve. And ultimately, as I said, we would expect the second quarter to have some of that top line pressure play through, and over the course of the year, to see a pickup in NCLs, subject to, of course, how things like the $2 trillion relief package and some of the other customer relief offerings that we put out take hold.
也就是說,我們有許多合作夥伴在運營——或者我應該說是大型合作夥伴,他們確實作為經濟的重要資源運營。雖然他們的商店客流量會減少,但他們將能夠繼續提供服務。最終,正如我所說,我們預計第二季度將承受一些頂線壓力,並且在這一年中,NCL 將出現回升,當然,這取決於 2 美元的情況萬億美元的救助計劃和我們推出的其他一些客戶救助計劃。
Kenneth Michael Usdin - MD and Senior Equity Research Analyst
Kenneth Michael Usdin - MD and Senior Equity Research Analyst
Yes. And just a follow-up. And should and if balances come down, just given that card is such a bigger part of your balance sheet, is there a positive offset that comes through with regard to the reserving needs? Just wondering how card, specifically for you guys and that in and out with regards to spend and outstandings, informs how the ins and outs of card reserve builds, if that's a fair question.
是的。只是一個跟進。如果餘額下降,考慮到該卡在您的資產負債表中所佔的比例如此之大,那麼在準備金需求方面是否會產生積極的抵消?只是想知道,如果這是一個公平的問題,特別是針對你們的卡片以及關於支出和未償付的卡片如何告知卡片儲備的來龍去脈。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Yes. So I mean, if you think about CECL and how it works in the idea of building expected lifetime losses in any given quarter, there are a number of factors that come into play. So your probability of recession, your severity of recession, our view on the important economic variables and how they're going to play out as well as balances. And so as the balances shift and the mix and makeup of those balances shift, that's going to have an impact on what we would expect in the way of those lifetime losses and, therefore, what we would expect in the way of how that reserve balance would move.
是的。所以我的意思是,如果你考慮 CECL 以及它如何在任何給定季度建立預期生命週期損失的想法中發揮作用,就會有許多因素在起作用。所以你的經濟衰退的可能性,你的經濟衰退的嚴重程度,我們對重要經濟變量的看法以及它們將如何發揮作用以及平衡。因此,隨著餘額的變化以及這些餘額的組合和構成的變化,這將對我們對這些終生損失的預期產生影響,因此,我們對儲備餘額的預期也會產生影響會移動。
Operator
Operator
Your next question is from the line of Matt O'Connor with Deutsche Bank.
你的下一個問題來自德意志銀行的 Matt O'Connor。
Matthew D. O'Connor - MD in Equity Research
Matthew D. O'Connor - MD in Equity Research
Good morning. So in the U.S., there's obviously a lot of effort underway to kind of soften the blow to the consumer as we think about credit losses. There's the fiscal help, there's payment deferrals. Maybe you could just talk about kind of what's going on in Mexico and Asia in some of your bigger markets there in terms of things that might soften the blow for the consumer. And is it as meaningful as kind of what we're seeing here? Or how do you factor that into your thought process on potential losses?
早上好。因此在美國,當我們考慮信貸損失時,顯然正在努力減輕對消費者的打擊。有財政幫助,有付款延期。也許你可以談談墨西哥和亞洲一些更大市場正在發生的事情,這些事情可能會減輕對消費者的打擊。它和我們在這裡看到的一樣有意義嗎?或者你如何將其納入你對潛在損失的思考過程?
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Yes. Matt, I think that's a great question. And I think as you think about or as we think about all the places we come to work, I think we've got to use a series of lenses to really look at where these countries and these economies are. I would say, one is that you've got to look first at the health crisis response. Have the governments taken it seriously? Have they put measures? Have they put social distancing? Have they put stay-in-place types of things? And what's the trajectory of that look like?
是的。馬特,我認為這是一個很好的問題。我認為,當你想到或我們想到我們工作的所有地方時,我認為我們必須使用一系列鏡頭來真正了解這些國家和經濟體的位置。我想說的是,一個是你必須首先關注健康危機應對措施。政府認真對待了嗎?他們有沒有採取措施?他們有保持社交距離嗎?他們是否放置了固定類型的東西?它的軌跡是什麼樣的?
I think the second piece is around what you see in terms of both monetary and fiscal response, and not just what's been to date, but what's been the capacity of those economies to be able to implement those and more things, potentially, into the future.
我認為第二部分是關於你在貨幣和財政反應方面看到的情況,而不僅僅是迄今為止的情況,而是這些經濟體能夠在未來實施這些和更多事情的能力.
And I think the third important piece that we look at is the underlying demographics of the economy. As an example, do they have big exposures? Or are they dependent on oil exports or other commodities or other types of things where there's concentrations around that? And so I would say that it's not by region, it is really, and we are taking really a country-by-country approach of what that is. And I think you've seen it all over the map in terms of very strong responses out of the U.S., out of Japan. You've seen some responses out of Europe. And I think you've seen some of those that are slower.
我認為我們要看的第三個重要部分是經濟的基本人口統計數據。例如,他們有很大的風險敞口嗎?或者他們是否依賴於石油出口或其他商品或其他類型的東西?所以我想說這不是按地區劃分的,它確實是,我們正在真正採取逐個國家的方法。而且我認為你已經在美國和日本以外的非常強烈的反應中看到了這一點。你已經看到了歐洲的一些回應。而且我認為您已經看到了其中一些速度較慢的。
In particular to your question on Mexico, is we know the President has labeled himself a fiscal hawk, and I think he has been reluctant to use any type of outsized spending to go at this crisis to date. And obviously, we're watching that carefully. We've tried to be pretty prudent in terms of our credit standards there and the things that we're doing, and we're obviously watching it closely.
特別是關於你關於墨西哥的問題,我們是否知道總統給自己貼上了財政鷹派的標籤,我認為他迄今為止一直不願使用任何類型的超額支出來應對這場危機。顯然,我們正在仔細觀察。就我們在那裡的信用標準和我們正在做的事情而言,我們試圖非常謹慎,而且我們顯然正在密切關注它。
Matthew D. O'Connor - MD in Equity Research
Matthew D. O'Connor - MD in Equity Research
Okay. And I just want to follow-up on that. I mean, remind us, I think your targeted customer base in Mexico is much higher than, say, the broad-based customers. So maybe just remind us about some of the credit metrics in the card portfolio in Mexico specifically.
好的。我只想跟進。我的意思是,提醒我們,我認為您在墨西哥的目標客戶群比廣泛的客戶群要高得多。所以也許只是提醒我們墨西哥卡組合中的一些信用指標。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Mark, do you want to...
馬克,你想...
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
I don't have the credit metrics available. What I would say is that, while we do appeal to the broader population there, we do tend to focus on the higher end, certainly, relative to our peer players in that Mexico market. And so we do skew to the higher end in terms of the credit profile, they have a different system than the FICO system per se. And we actually have been very closely monitoring, as you've seen over the past number of quarters. Our loan volumes have, in fact, trended lower than that of the broader industry as we've been quite vigilant about focus and staying inside of our risk parameters, which again, do skew higher than most of the peers in that country.
我沒有可用的信用指標。我要說的是,雖然我們確實吸引了那裡更廣泛的人群,但我們確實傾向於專注於更高端,當然,相對於我們在墨西哥市場的同行參與者。因此,我們確實在信用狀況方面偏向高端,他們的系統與 FICO 系統本身不同。正如您在過去幾個季度中看到的那樣,我們實際上一直在密切關注。事實上,我們的貸款量趨勢低於更廣泛的行業,因為我們一直對重點保持警惕並保持在我們的風險參數之內,這再次比該國的大多數同行偏斜。
Operator
Operator
Your next question is from the line of Mike Mayo with Wells Fargo Securities.
你的下一個問題來自富國銀行證券公司的 Mike Mayo。
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Sorry, if I missed part of this. In terms of additional reserve builds ahead, another $5 billion in the second or third quarter? Yes, no, maybe?
抱歉,如果我錯過了其中的一部分。就未來的額外儲備建設而言,第二季度或第三季度再增加 50 億美元?是的,不,也許吧?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Mike, let me make a couple of comments to that. One, again, a lot of uncertainty here, dealing with a significant crisis, as you well know. Even as we have closed out this quarter, the variables that we look at, continue to shift meaningfully. I would expect that, with that as a backdrop, and again, subject to a lot of things, including how customers respond to the relief programs that are out there, so on and so forth, that we would see additional builds in the second quarter.
邁克,讓我對此發表一些評論。一,再次,這裡有很多不確定性,處理重大危機,正如你所知道的。即使我們已經結束了本季度,我們看到的變量仍在繼續發生有意義的變化。我希望,以此為背景,並再次受到很多因素的影響,包括客戶對現有救濟計劃的反應等等,我們將在第二季度看到更多的構建.
And that's kind of where we are. I mean, I'm not going to -- we've got the rest of the quarter to play out. We've got analysis and models that we have to do. We have consumers that have to respond to much of the stimulus that's out there. We've got to understand how it continues to impact the different businesses that we're in. It's way too early to give you any sense for what that number is.
這就是我們所處的位置。我的意思是,我不會——我們還有本季度剩下的時間要打完。我們有我們必須做的分析和模型。我們的消費者必須對現有的大部分刺激措施做出反應。我們必須了解它如何繼續影響我們所從事的不同業務。現在讓你知道這個數字是多少還為時過早。
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Okay. And what lessons have you learned from Asia? I mean, the virus was there first. You should have a little more of a head start than other banks that don't have that experience. And what are you seeing in terms of volumes and credit losses and your ability to work with the clients?
好的。您從亞洲學到了什麼教訓?我的意思是,病毒首先出現。與沒有這種經驗的其他銀行相比,您應該有更多的先機。您在交易量和信用損失以及與客戶合作的能力方面看到了什麼?
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Yes. So I think that...
是的。所以我認為...
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Yes. So I mean -- go ahead, Mike, sorry.
是的。所以我的意思是 - 繼續,邁克,對不起。
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
I would say that, in some ways, Mike, we, if you want to call it that, have been fortunate to have lived that. And I think we took a lot of lessons that I think you saw in our actions, in terms of the moves we took, in terms of getting people remotely, getting people home, the types of client engagement. And I would say lesson one that we're watching very closely is the resurgence of cases as people start to come back in. And so I think we've got to be very mindful about how and when or when and how we, in fact, do that.
我要說的是,在某些方面,邁克,如果你想這麼說的話,我們很幸運能過上那樣的生活。而且我認為我們吸取了很多教訓,我認為你在我們的行動中看到了,就我們採取的行動而言,在讓人們遠程、讓人們回家、客戶參與的類型方面。我要說的是,我們正在密切關注的第一課是,隨著人們開始重返家園,案件捲土重來。所以我認為我們必須非常注意我們實際上是如何以及何時或何時以及如何, 去做。
You saw us in very early March go, I think, as the first U.S. bank to go out and engage around, in particular, our consumer customers in terms of opening up channels and talking about some forbearances and some forgiveness on fees and other things to get them engaged. And I think, to Mark's point, and you can see it in the credit numbers that, so far, relatively benign. And we've been putting programs in place in most, if not all, of our Asian countries in terms of similar types of forbearance programs and really trying to engage around that.
你在三月初看到我們,我認為,作為第一家走出去並與我們的消費者客戶進行接觸的美國銀行,特別是在開放渠道和談論一些寬容和一些費用和其他事情方面的寬恕讓他們訂婚。而且我認為,就馬克的觀點而言,你可以在到目前為止相對良性的信用數字中看到它。我們一直在大多數(如果不是全部)亞洲國家實施類似類型的寬容計劃,並真正努力參與其中。
So it's early, but again, you could -- you can see the numbers that were probably 60 days in or so, that we probably had a reasonably full February and March in terms of COVID in terms of Asia. But again, we're watching the numbers closely, but it's around the engagement and the programs. And some of it was dusting off the playbooks from '08 and some of the things in between.
所以現在還早,但是你可以再次看到 - 你可以看到大約 60 天的數字,就亞洲的 COVID 而言,我們可能在 2 月和 3 月度過了一個相當完整的時期。但同樣,我們正在密切關注這些數字,但它是圍繞參與度和計劃進行的。其中一些是從 08 年的劇本和介於兩者之間的一些東西中除塵。
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
And if I can just follow-up. You talked about the resurgence of cases when people come back in, in Asia. I mean are your employees coming back yet? Are you seeing this? Or is this just third-party medical advice that you're receiving? Are you seeing this firsthand? And when do you plan to open Asia back up, Citi Asia? I mean, how many people are working remote? How many people are in the office?
如果我可以跟進。你談到當人們回到亞洲時,病例會捲土重來。我的意思是你的員工回來了嗎?你看到了嗎?或者這只是您收到的第三方醫療建議?你是親眼所見嗎?花旗亞洲,你計劃什麼時候重新開放亞洲?我的意思是,有多少人在遠程工作?辦公室裡有多少人?
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Yes. You may have missed it, but we've talked a little bit earlier, Mike, in terms of the unevenness of this, that when you think of this virus, that it's not only uneven in terms of pacing in terms of where we are in the world. We've got at least a 2 to 3 span just in the United States in terms of where the virus is. And within Asia, we've seen probably the most concerted efforts to get people back in, in terms of China. And I would say we are largely back there. I think the last numbers I looked at, as of yesterday, we were about 2/3 back in terms of Hong Kong, and I would say most of the rest of the region at lower levels than that.
是的。你可能已經錯過了,但邁克,我們之前已經談過它的不平衡性,當你想到這種病毒時,它不僅在我們所處的位置方面不平衡世界。就病毒的位置而言,我們在美國至少有 2 到 3 個跨度。在亞洲,就中國而言,我們可能已經看到了讓人們返回的最一致的努力。我想說我們基本上回到了那裡。我想我看到的最後一個數字,截至昨天,我們在香港方面落後了大約 2/3,我想說該地區其他大部分地區的水平都低於這個水平。
And so we're taking a very specific or very site-by-site view in terms of how we bring people back. So first criteria is where is the virus in its trajectory. Second criteria is what are the things that happen at a site that are very difficult to replicate in a remote environment. And then in terms of addressing that, what's the safest way we can begin to bring people back. So I think that...
因此,我們在如何讓人們回歸方面採取了非常具體或非常逐個站點的觀點。因此,第一個標準是病毒在其軌跡中的位置。第二個標準是在一個站點發生的事情有哪些是很難在遠程環境中復制的。然後就解決這個問題而言,我們可以開始讓人們回來的最安全方法是什麼。所以我認為...
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
Michael Lawrence Mayo - MD, Head of U.S. Large-Cap Bank Research & Senior bank Analyst
That's pretty remarkable, 2/3 back in Hong Kong. So that's cautiously optimistic for what they had here or don't read too much?
這非常了不起,2/3 回到了香港。所以這是對他們在這裡擁有的東西持謹慎樂觀態度還是沒有讀太多書?
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
Again, I think it's place-by-place. So I think we've -- we're taking kind of site-by-site and -- but at the same time, understand, and again, you probably missed this part of it, we're absolutely open for business. We're just working differently. And if you look at the things that we've accomplished just in the month of March, it's not that we're not at work. As an example, yesterday, we had over 180,000 people accessing our systems remotely. At one time, our peak surge was 132,000 of those people on simultaneously. You think about the things that have accomplished, Mark and his finance team closed the quarter on a $2 trillion balance sheet. You look at the submission of CCAR. You look at all the things, the remediation efforts, the small business programs all being applied remotely. So again, it's going to be bespoke in terms of how we do it, as Mark said, with an eye towards making sure we keep our people safe. And at the same time, doing everything we can do to service our customers and clients through this extraordinary time, and it's going to be case by case.
同樣,我認為這是逐個地方的。所以我認為我們已經——我們正在逐個站點進行——但與此同時,理解,你可能錯過了這一部分,我們絕對對業務開放。我們只是工作方式不同。如果你看看我們在 3 月份所取得的成就,這並不是說我們沒有在工作。例如,昨天,我們有超過 180,000 人遠程訪問我們的系統。有一段時間,我們的高峰期有 132,000 人同時在線。想想已經完成的事情,馬克和他的財務團隊以 2 萬億美元的資產負債表結束了本季度。你看CCAR的提交。你看看所有的事情,補救工作,小企業項目都在遠程應用。因此,正如馬克所說,它將再次根據我們的工作方式進行定制,著眼於確保我們的人員安全。同時,盡我們所能在這個非常時期為我們的客戶和客戶提供服務,這將視具體情況而定。
Operator
Operator
Your next question is from the line of Saul Martinez with UBS.
你的下一個問題來自瑞銀集團的 Saul Martinez。
Saul Martinez - MD & Analyst
Saul Martinez - MD & Analyst
A couple of CECL questions, so please bear with me. But first, I want to get your perspective on DFAST stress losses and whether you think it's a good reference point to judge reserve adequate you see under CECL because we do get a lot of questions asking why allowance levels are so much below what the 9-quarter stress losses are in the severely adverse scenario and the adverse scenario. And I think that's true for you guys.
幾個 CECL 問題,所以請耐心等待。但首先,我想了解您對 DFAST 壓力損失的看法,以及您是否認為這是一個很好的參考點來判斷您在 CECL 下看到的準備金是否足夠,因為我們確實收到了很多問題,問為什麼津貼水平遠低於 9-季度壓力損失分別處於嚴重不利情景和不利情景。我認為你們也是如此。
And my personal view is that DFAST is a useful data point, but that there are fundamental differences, obviously, beyond the differences in the economic scenarios used. The point of DFAST is to estimate loss-absorbing capacity in a severe downturn and maybe estimates are going to be on the conservative end of losses, whereas under CECL, these are point-in-time estimates that are your best guesses of what your losses will be over the life of the loans under an economic scenario.
而我個人的看法是,DFAST 是一個有用的數據點,但除了所使用的經濟場景的差異之外,顯然存在根本差異。 DFAST 的重點是估計嚴重衰退時的損失吸收能力,並且估計可能會處於損失的保守端,而在 CECL 下,這些是時間點估計,是您對損失的最佳猜測將超過經濟情景下的貸款期限。
So let alone a lot of methodological differences in terms of how you calculate those things in terms of things like weighted average remaining life or whatever it is. But I'm curious if you have a perspective in whether you think the stress losses should be sort of a reference point or how useful they are to measure whether a given bank or your bank has adequate reserves?
因此,就如何根據加權平均剩餘壽命之類的東西來計算這些東西而言,更不用說很多方法上的差異了。但我很好奇,您是否認為壓力損失應該是某種參考點,或者它們在衡量給定銀行或您的銀行是否有足夠準備金方面有多大用處?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Look, I think you said a lot there, I think that it is a reference point. I think you've highlighted some meaningful differences in the approaches and perspectives, everything from the modeling, the assumptions, et cetera, et cetera. And so I think it does serve as a reference point, but I think what we're experiencing now and even as we submitted the plan from a CCAR point of view is that, that's a scenario. It certainly is a stress scenario. But we're now living through a real-life stress situation. And I think that scenario is meant to -- those scenarios are meant to inform a firm's ability to withstand stress, but we've got a real test here that has put us and, I think, the industry in a position where we are constantly modeling and demonstrating our ability to withstand real-time pressures in the prospect of real-life losses.
看,我覺得你在那裡說了很多,我認為這是一個參考點。我認為您已經強調了方法和觀點方面的一些有意義的差異,包括建模、假設等方面的所有內容。所以我認為它確實可以作為一個參考點,但我認為我們現在所經歷的,甚至當我們從 CCAR 的角度提交計劃時,這只是一個場景。這當然是一個壓力場景。但我們現在生活在現實生活中的壓力情況下。而且我認為這種情況是為了 - 這些情況是為了告知公司承受壓力的能力,但我們在這裡進行了真正的測試,使我們和我認為整個行業處於我們不斷建模並展示我們在現實生活中可能遭受損失的情況下承受實時壓力的能力。
Now with that said, CECL, a new approach, I think that the timing is interesting in that we get to see a -- we see a meaningful shift between transition and day 1, which I would think in a normal environment you wouldn't see that type of dramatic shift. But again, that's informed by a view, a forward-looking view of what is now a crisis and a stressed environment. And so that magnitude of the change that we see in the day 2 is a direct byproduct of that.
話雖如此,CECL 是一種新方法,我認為時機很有趣,因為我們可以看到 - 我們看到過渡和第一天之間發生有意義的轉變,我認為在正常環境中你不會看到那種戲劇性的轉變。但同樣,這是基於一種觀點,一種對現在的危機和壓力大的環境的前瞻性觀點。因此,我們在第二天看到的變化幅度是它的直接副產品。
And I think what we'll see is that continues to -- that what we do in the way of forward reserves will continue to be informed by that. And what we ultimately experience in losses, however, will be informed by how much of the uncertainty that I talked to plays out.
而且我認為我們將看到的是繼續 - 我們在遠期儲備方面所做的事情將繼續受到這種影響。然而,我們最終在損失中所經歷的,將取決於我談到的不確定性在多大程度上發揮作用。
So again, no stress scenario that's been created thus far would have contemplated the amount of fiscal response and monetary response that we've seen in short order. And so that's not modeled. And how customers or consumers react to that is not part of any CCAR or DFAST model that we would have run. How that offsets the impact of unemployment or, ultimately, losses is completely unclear. And so there's a fair amount -- yes, it's a data point, but there's a fair amount of uncertainty and now differences, I would expect, in light of now managing through a real-life scenario.
因此,到目前為止,沒有任何壓力情景會考慮到我們在短期內看到的財政反應和貨幣反應的數量。所以這不是模型。客戶或消費者對此的反應不屬於我們運行的任何 CCAR 或 DFAST 模型。這如何抵消失業或最終損失的影響尚不清楚。所以有相當多的——是的,這是一個數據點,但有相當多的不確定性和現在的差異,我希望,鑑於現在通過現實生活場景進行管理。
Saul Martinez - MD & Analyst
Saul Martinez - MD & Analyst
That's helpful. If I could follow-up, you guys use one scenario, most large banks use multiple scenarios in calculating their reserves. But -- sorry if I missed this, but can you just outline the sort of big picture, some of the big picture assumptions you're using, whether it's global growth or U.S. growth or unemployment, that underlie that scenario?
這很有幫助。如果我可以跟進,你們使用一種情況,大多數大型銀行在計算準備金時使用多種情況。但是 - 抱歉,如果我錯過了這一點,但是你能否概述一下那種大局,你正在使用的一些大局假設,無論是全球增長還是美國增長或失業率,都是這種情況的基礎?
And I guess, as sort of an adjunct to that, does using one scenario create more volatility? Because if you use scenario analysis, you can kind of calibrate between different outcomes, whereas it's more of a big change, if you change your outlook. It's just one scenario to another, in your case, as opposed to just maybe a grade of different outcomes if you were to use sort of a weighted average scenario analysis that most banks use. Does it -- do you think it creates more volatility and more chunks in releases than you otherwise would have?
我想,作為一種附屬物,使用一種情景是否會產生更大的波動性?因為如果你使用情景分析,你可以在不同的結果之間進行校準,而如果你改變你的前景,那將是一個更大的變化。如果您要使用大多數銀行使用的某種加權平均情景分析,就您的情況而言,這只是一種情景與另一種情景的對比,而不是可能只是不同結果的等級。是嗎——您是否認為它會在發布中產生比其他情況下更大的波動性和更多的塊?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Yes. So we do use a model approach, where we use a scenario. But what I would say is that, that scenario is informed by kind of a further management adjustment and the factors that are considered are not only thousands of variables, like GDP and unemployment and many, many, many other stats, given the nature of the business that we do, but also the probability of recession and the severity of a recession. And we can toggle in our management adjustment degrees of severity that we would expect in a recession, whether that's 25%, 50%, 75% and 100% in terms of the severity relative to a '08 recession or whatever the case might be. So while we do use a model in one scenario, there is flex there, if you will, in terms of ensuring that we capture what we think best reflects the forward view of the economic outlook in our analysis.
是的。所以我們確實使用模型方法,我們使用場景。但我要說的是,這種情況是由一種進一步的管理調整所決定的,考慮到的性質,考慮的因素不僅僅是成千上萬的變量,比如 GDP 和失業率,還有許多很多其他統計數據。我們所做的業務,還有經濟衰退的可能性和經濟衰退的嚴重程度。我們可以切換我們在經濟衰退中預期的管理調整嚴重程度,無論是相對於 08 年經濟衰退或任何情況的嚴重程度而言是 25%、50%、75% 和 100%。因此,雖然我們確實在一種情況下使用了一個模型,但如果你願意的話,在確保我們在分析中捕捉到我們認為最能反映經濟前景的前瞻性觀點方面存在靈活性。
And in terms of as we -- as I may have mentioned, I think I mentioned earlier, at some point, you've got to put a stake in the ground at the end of the quarter and look at the assumptions that we have to work with in terms of those thousands of variables and certainly the key ones that I mentioned. And this quarter, in particular, we've seen things continue to move. And so even the view that we would have taken at the end of the quarter, around many of those metrics, they have -- the outlook on them has continued to shift. And so we find ourselves running various scenarios to understand the impact on our ratios and on our estimated losses, including ranges of unemployment from 10% to 15% and GDP declines from 20% to 40%. And we're constantly kind of running those scenarios to understand the implications on our CET1 ratio and other important metrics that are required to properly run and manage and plan at the firm.
就我們而言 - 正如我可能已經提到的,我想我之前提到過,在某個時候,你必須在本季度末投入實地並看看我們必須的假設處理成千上萬的變量,當然還有我提到的關鍵變量。特別是本季度,我們看到事情繼續發生變化。因此,即使我們在本季度末會圍繞其中許多指標採取的觀點,他們也有 - 對它們的前景繼續發生變化。因此,我們發現自己正在運行各種情景,以了解對我們的比率和估計損失的影響,包括失業率從 10% 到 15% 以及 GDP 下降從 20% 到 40%。我們一直在運行這些場景,以了解對我們的 CET1 比率和在公司正確運行、管理和規劃所需的其他重要指標的影響。
Operator
Operator
Your next question is from the line of Brian Kleinhanzl with KBW.
您的下一個問題來自 KBW 的 Brian Kleinhanzl。
Brian Matthew Kleinhanzl - Director
Brian Matthew Kleinhanzl - Director
Great. Mark, just a quick question first on the ICG and the reserve coverage there. I hear that you said that you're comfortable with it, but if you kind of look at the reserve that you have against the total exposure, it's about an 80 basis points against all of the exposures. But yet, you're looking at non-investment-grade being 21% of the portfolio. So what kind of metrics are you keying on to get comfort there? It doesn't seem like it takes a large amount of delinquencies all of a sudden to have a large increase in losses.
偉大的。馬克,首先是關於 ICG 和那裡的儲備金覆蓋範圍的快速問題。我聽說你說你對此感到滿意,但如果你看一下你對總風險敞口的準備金,它對所有風險敞口大約有 80 個基點。但是,您看到的是非投資級債券佔投資組合的 21%。那麼,您要依靠什麼樣的指標來獲得舒適感呢?似乎並不需要一下子大量拖欠,損失就會大幅增加。
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Look, we've got -- there are a series of metrics that we use in the case of the ICG. GDP is an important metric. Obviously, a view on downgrades is an important metric, a view on energy prices, oil prices is an important metric. And as you -- we don't have the entire portfolio parsed here, but that 81 basis points is going to be a mix of where we feel as though we need to have more reserves. And so one example is that when you -- we've built additional reserves, and you can look at kind of our reserve ratio for the energy sector, for example, and that's closer to 2%, 2.1% in terms of the funded reserve ratio. And so I highlight that as just a simple example of, obviously, they're going to be some higher, some lower.
看,我們有-- 我們在 ICG 案例中使用了一系列指標。 GDP是一個重要指標。顯然,對降級的看法是一個重要指標,對能源價格、油價的看法是一個重要指標。正如你一樣 - 我們沒有在這裡解析整個投資組合,但這 81 個基點將是我們認為我們需要擁有更多儲備的地方的組合。一個例子是,當你——我們已經建立了額外的儲備,你可以看看我們對能源部門的準備金率,例如,它接近 2%,就資金儲備而言是 2.1%比率。所以我強調這只是一個簡單的例子,很明顯,它們會更高一些,更低一些。
And in terms of the broader non-investment-grade, similar to that example I just gave you, the broader non-investment-grade bucket is closer to 2% in terms of the reserve ratio. So again, I can understand the question, given the 81 basis points, but we, obviously, are using good judgment as we look through the different risk profile of the portfolio.
就更廣泛的非投資級而言,類似於我剛才給你的例子,更廣泛的非投資級桶在準備金率方面接近 2%。因此,鑑於 81 個基點,我再次理解這個問題,但顯然,我們在審視投資組合的不同風險狀況時正在使用良好的判斷力。
Brian Matthew Kleinhanzl - Director
Brian Matthew Kleinhanzl - Director
And then with regard to the guidance that you're giving about how March and April could trend out through the rest of the quarter, I mean, if you can just give an update on kind of -- I'm sorry if you gave it already, but how purchase sales were trending in April and how the revenues in TTS were trending in April? I mean, you said March, they were down 9% in TTS, has that gotten worse in April?
然後關於你給出的關於 3 月和 4 月如何在本季度剩餘時間裡呈現趨勢的指導,我的意思是,如果你能提供一些更新——如果你給出了,我很抱歉已經,但是 4 月份的採購銷售趨勢如何以及 4 月份 TTS 的收入趨勢如何?我的意思是,你說 3 月份,他們的 TTS 下降了 9%,4 月份情況變得更糟了嗎?
Mark A.L. Mason - CFO
Mark A.L. Mason - CFO
Sure. I don't have the spend activity at hand as I look here for April. I'm not sure if you caught what I said earlier, but the card spend activity towards the end of March, the last week in March, is -- has been around 30% -- down 30% with a mix across the difference -- across the differences in the different categories.
當然。當我四月份在這裡尋找時,我手頭沒有支出活動。我不確定你是否聽懂了我之前所說的,但到 3 月底,也就是 3 月的最後一周,信用卡消費活動是——一直在 30% 左右——下降了 30%,兩者之間存在混合—— - 跨越不同類別的差異。
In terms of TTS, again, I don't have the April stats. We did see kind of pressure in the month of March, and what I was referencing there was the rate pressure playing through in terms of commercial card activity, just as another proxy for spend similar to the retail card or consumer card spend levels, that was down pretty meaningfully, which says a lot about our corporate client base. In terms of T&E, commercial card spend was down almost 60% and kind of B2B, business-to-business, commercial productivity was down some 19% in the month of March.
同樣,就 TTS 而言,我沒有 4 月份的統計數據。我們確實在 3 月份看到了某種壓力,我指的是商業卡活動方面的利率壓力,就像另一個類似於零售卡或消費卡支出水平的支出指標,即非常有意義地下降,這充分說明了我們的企業客戶群。在 T&E 方面,商業卡支出下降了近 60%,B2B、企業對企業、商業生產力在 3 月份下降了約 19%。
And so look, likely, those trends continue. However, I would kind of just note that we continue to see very good engagement with our TTS client base, and we see that in the higher volumes that we saw in Q1. We expect that, that will continue. We see that in the new accounts that we're opening with them, we would expect for that to continue, including utilizing many of our digital capabilities there. And frankly, as this continues to evolve, with all of the uncertainty that it comes with, we would expect that we're going to be a critical partner to these large multinational clients as they think about what the new norm looks like. And so the metrics will move, the top line will move in light of the rate environment. But I think those underlying drivers, if you will, say a lot about what the future prospects are for the firm here. Mike, do you want to comment on...
所以看起來,這些趨勢可能會繼續下去。但是,我想指出的是,我們繼續看到與 TTS 客戶群的良好互動,並且我們在第一季度看到的更高數量中看到了這一點。我們預計,這將繼續下去。我們看到,在我們與他們開設的新賬戶中,我們希望這種情況能夠繼續下去,包括在那裡利用我們的許多數字功能。坦率地說,隨著這種情況的不斷發展,以及隨之而來的所有不確定性,我們希望我們將成為這些大型跨國客戶的重要合作夥伴,因為他們正在考慮新規範的樣子。因此,指標會發生變化,頂線會根據利率環境發生變化。但我認為這些潛在的驅動因素,如果你願意的話,可以說很多關於這裡公司的未來前景。邁克,你想評論...
Michael L. Corbat - CEO & Executive Director
Michael L. Corbat - CEO & Executive Director
If I can, just quickly, Mark, before we close out here. I just want to go back to Mike's question, and apologize for having flipped my numbers. We've got, globally, over 80% of our staff working remotely. And the number in Hong Kong is that we've got about 1/3 back and 2/3 still working remotely. So Mike, I apologize for getting that one inverted.
如果可以的話,馬克,快點,在我們結束之前。我只想回到邁克的問題,並為翻轉我的號碼而道歉。在全球範圍內,我們有超過 80% 的員工在遠程工作。香港的數字是,我們有大約 1/3 的人回來了,還有 2/3 的人仍在遠程工作。所以邁克,我為把那個倒置而道歉。
Operator, with that, I think that concludes the call.
接線員,我想就此結束通話。
Elizabeth Lynn - Interim Head of IR
Elizabeth Lynn - Interim Head of IR
Thank you all for joining us today. Please feel free to reach out to us in Investor Relations if you have any follow-up questions. Thank you, and have a good day.
感謝大家今天加入我們。如果您有任何後續問題,請隨時通過投資者關係與我們聯繫。謝謝你,有一個美好的一天。
Operator
Operator
This concludes today's conference call. Thank you for calling. You may now disconnect.
今天的電話會議到此結束。感謝您打電話。您現在可以斷開連接。