Citizens Financial Group Inc (CFG) 2025 Q4 法說會逐字稿

Welcome, and thank you for standing by. (Operator Instructions) Today's conference is being recorded. I would now like to turn the conference over to Kristin Silberberg. Thank you. You may begin.

歡迎，感謝您的耐心等待。（操作說明）今天的會議正在錄音。現在我將把會議交給克里斯汀·西爾伯格。謝謝。你可以開始了。

Thanks, Julie. Good morning, everyone, and thank you for joining us. First, this morning, our Chairman and CEO, Bruce Van Saun; and CFO, Aunoy Banerjee will provide an overview of our fourth quarter and full year results. Brendan Coughlin, our President; and Don McCree, our Chair of Commercial Banking, are also here to provide additional color. We will be referencing our fourth quarter and full year presentation located on our Investor Relations website.

謝謝你，朱莉。各位早安，感謝各位的參與。首先，今天上午，我們的董事長兼執行長 Bruce Van Saun 和財務長 Aunoy Banerjee 將概述我們第四季度和全年的業績。我們的總裁 Brendan Coughlin 和商業銀行主席 Don McCree 也來到現場，為大家帶來更多細節。我們將參考投資者關係網站上發布的第四季和全年業績報告。

After the presentation, we will be happy to take questions. Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations.

演講結束後，我們將樂意回答大家的問題。我們今天的評論將包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致我們的結果與預期有重大差異。

These are outlined for your review in the presentation. We also reference non-GAAP financial measures, so it's important to review our GAAP results in the presentation and the reconciliations in the appendix. And with that, I will hand it over to Bruce.

這些內容已在簡報中列出，供您審閱。我們也參考了非公認會計準則財務指標，因此請務必查看簡報中的公認會計準則結果和附錄中的調節表。然後，我就把它交給布魯斯了。

Thanks, Kristin, and good morning, everyone. Thanks for joining our call today. We were pleased to finish the year with another strong quarter. Our financial results were paced by net interest margin expansion of 7 basis points, strong wealth and capital markets fees, positive operating leverage of 1.3% sequential and 5.2% year-on-year, favorable credit trends, and a robust balance sheet across capital, liquidity and funding. We are executing well on our strategic initiatives.

謝謝克里斯汀，大家早安。感謝您今天參加我們的電話會議。我們很高興以又一個強勁的季度業績為這一年畫上圓滿的句號。我們的財務表現主要得益於淨利差擴大 7 個基點、強勁的財富和資本市場費用、環比增長 1.3% 和同比增長 5.2% 的積極經營槓桿、有利的信貸趨勢以及資本、流動性和融資方面穩健的資產負債表。我們的策略措施執行情況良好。

Our Private Bank finished the year with $14.5 billion in deposits, $10 billion in client assets, and $7.2 billion in loans. The business was 7% accretive to pretax income in 2025, ahead of our 5% target. Importantly, we manage this business to a 25% ROE for the year.

我們的私人銀行年底存款額為 145 億美元，客戶資產為 100 億美元，貸款額為 72 億美元。該業務在 2025 年使稅前收入成長了 7%，高於我們 5% 的目標。重要的是，我們把這項業務的年度淨資產收益率 (ROE) 控制了 25%。

We continue to grow nicely in New York City Metro and our corporate banking expansion into new geographies, verticals and sponsors is delivering good results. We made significant progress in running down noncore assets from $6.9 billion at the beginning of the year to $2.5 billion at the end, which included a sale of a student loan portfolio. Our top 10 programs hit the mark with $100 million-plus run rate benefits in Q4.

我們在紐約都會區持續穩定發展，公司銀行業務拓展到新的地區、垂直領域和贊助商也都取得了良好的成果。我們在削減非核心資產方面取得了重大進展，從年初的 69 億美元降至年末的 25 億美元，其中包括出售學生貸款組合。我們的前 10 個項目在第四季度實現了超過 1 億美元的年化收益。

For the quarter, our EPS was up 8% sequentially and 36% year-over-year. NII is up 9% year-on-year as net interest margin is up 20 basis points and spot loans grew 3%. Fees are up 8% year-on-year, paced by capital markets and wealth. Provision is down $25 million year-on-year as losses reduced on CRE office and credit in general looks good.

本季度，我們的每股盈餘環比成長 8%，年增 36%。淨利息收入年增 9%，淨利差上升 20 個基點，即期貸款成長 3%。費用年增 8%，主要受資本市場和財富管理業的影響。由於商業不動產辦公大樓損失減少，且整體信貸狀況良好，撥備年減 2,500 萬美元。

We retired 3% of our shares in 2025 and delivered an 80% return of capital to shareholders. For the full year, our EPS of $3.86 was up 19% relative to 2024. We hit most of our line items in the beginning of year guide, which is included on slide 31.

我們在 2025 年回購了 3% 的股份，並向股東返還了 80% 的資本。全年來看，我們的每股盈餘為 3.86 美元，比 2024 年成長了 19%。我們在年初的指導方針中完成了大部分項目，該方針包含在第 31 頁幻燈片中。

Our expenses were up 4.6% versus the guide of 4%, given the fee performance beat and associated incentive compensation and our desire to keep building out Private Bank and wealth. We delivered positive operating leverage of around 1.25% for the year.

由於手續費業績超出預期，以及相關的激勵性薪酬，加上我們希望繼續發展私人銀行和財富管理業務，我們的支出比預期的 4% 增長了 4.6%。本年度我們實現了約 1.25% 的正向經營槓桿。

We think -- as we think about 2026, our focus will continue to be strong execution of our strategic initiatives. The biggest new addition will be Reimagine the Bank, which has been launched and is creating real excitement at Citizens. We've included a couple of slides in our presentation on this program.

我們認為－展望 2026 年，我們的重點將繼續放在強力執行我們的策略性舉措。最大的新增項目是“重塑銀行”，該項目已經啟動，並在Citizens銀行引起了真正的轟動。我們在關於這個專案的簡報中加入了幾張投影片。

What I'd like to call out is that the deployment of new technologies and approaches under Reimagine the Bank will deliver meaningful enhancements to customer experience. This will drive some real revenue benefits in addition to the targeted expense efficiency improvements from the program.

我想強調的是，在「重塑銀行」計畫下部署新技術和新方法，將為客戶體驗帶來顯著的提升。除了該計劃旨在提高成本效率外，這將帶來一些實際的收入收益。

This program has around 50 initiatives at the outset, but we will add to this over time, providing further upside. Looking ahead, the macro environment for 2026 should be favorable. We see solid GDP growth, stable unemployment and inflation falling by the end of the year. We project two more Fed rate cuts with the yield curve steepening as the 10-year stays anchored around 4.25%.

該計劃初期包含約 50 項舉措，但隨著時間的推移，我們將增加這些舉措，從而帶來更大的收益。展望未來，2026年的宏觀環境應該會比較有利。我們預計到年底，GDP將保持穩健成長，失業率將保持穩定，通貨膨脹率將下降。我們預期聯準會將降息兩次，殖利率曲線將趨於陡峭，而 10 年期公債殖利率將穩定在 4.25% 左右。

We anticipate the regulatory environment to stay positive. We will look to take some basic steps on stable coins, but we do not see a big lift off and impact in 2026. Notwithstanding several of our peers engaging on acquisitions, our focus for the foreseeable future remains on our attractive organic growth agenda.

我們預計監管環境將保持積極態勢。我們將著手在穩定幣方面採取一些基本措施，但我們預計在 2026 年不會大幅成長和影響。儘管我們的一些同業都在進行收購，但在可預見的未來，我們的重點仍然是我們具有吸引力的內生成長計畫。

With respect to the 2026 outlook, we expect very strong revenue performance, controlled expenses, significant positive operating leverage and lower credit costs. NII growth of 10% to 12% will be paced by strong continuing NIM expansion and solid loan growth, led by Private Bank and C&I.

展望 2026 年，我們預期營收表現將非常強勁，費用將受到控制，營運槓桿作用將顯著增強，信貸成本將降低。淨利息收入成長 10% 至 12% 將得益於淨利差持續強勁擴張和穩健的貸款成長，其中私人銀行和工商銀行將引領這一成長。

Fees will continue to grow off a strong year in 2025. The capital markets backdrop is highly favorable and Citizens is well positioned. Our wealth business is in a great position to grow, both with Private Bank customers as well as branch-based customers.

2025年，費用將繼續在強勁成長的基礎上成長。資本市場環境非常有利，Citizens 處於有利地位。我們的財富管理業務擁有巨大的發展潛力，無論是私人銀行客戶或分行客戶。

Expense growth is projected to be comparable to this year as we seek to maintain the growth rate of the Private Bank. We have been disciplined in ensuring that the Private Bank achieved sustainable growth with attractive returns. To Reimagine the Bank impact in 2026, we'll deliver onetime costs of around $50 million versus benefits of $45 million, which are incorporated in this guidance. We do not intend to break out the onetime costs as notable as we've done in the past.

為維持私人銀行的成長率，預計今年的支出成長將與今年持平。我們一直嚴格把控，確保私人銀行能實現永續成長並獲得可觀的回報。為了重新構想銀行在 2026 年的影響，我們將一次性投入約 5,000 萬美元，而收益則為 4,500 萬美元，這些都已納入本指南中。我們不打算像過去那樣單獨列出一次性成本。

Credit costs will continue to improve as the CRE office portfolio continues to be worked out. We continue to see mix improvements delivering benefits to the charge-off and provision rates over time. We will manage our CET1 ratio to 10.5% to 10.6% throughout 2026. We envision share repurchases of approximately $700 million to $850 million.

隨著商業房地產辦公大樓投資組合的不斷完善，信貸成本將持續改善。我們持續看到產品組合的改善，隨著時間的推移，這將對核銷率和撥備率帶來益處。2026 年全年，我們將把 CET1 比率控制在 10.5% 至 10.6% 之間。我們預計將回購約 7 億美元至 8.5 億美元的股票。

We also are hopeful that the Fed modeling improvements will meaningfully lower our SCB. We've included some slides on our medium-term outlook and how the drag from our legacy swap portfolio will dissipate with time. We remain confident in our ability to achieve our medium-term 16% to 18% ROTCE target.

我們也希望聯準會模型改進能顯著降低我們的SCB（標準成本基準）。我們附上了一些投影片，介紹了我們的中期展望，以及隨著時間的推移，我們遺留的互換投資組合帶來的拖累將如何消散。我們仍有信心實現中期16%至18%的ROTCE目標。

To sum up, we are feeling very good about our positioning for the future. Our strategy rests on a transformed consumer bank, the best positioned super regional commercial bank and the aspiration to have the premier bank-owned Private Bank.

總而言之，我們對未來的發展前景感到非常樂觀。我們的策略是打造一家轉型後的消費銀行、一家地位最穩固的超區域商業銀行，並爭取成為首屈一指的銀行所有製私人銀行。

We continue to make steady progress, and we'll continue to execute with the financial and operating discipline that you've come to expect from us. I'd like to end my remarks by thanking our colleagues for rising to the occasion and delivering a great effort in 2025. We know we can count on you again this year.

我們將繼續穩步前進，並將繼續秉持你們一直以來所期望的財務和營運紀律來執行各項工作。最後，我要感謝各位同事在 2025 年挺身而出，為國家做出巨大貢獻。我們知道今年還能再次依靠你。

And with that, let me turn it over to Aunoy for his debut performance. Aunoy?

接下來，讓我們把舞台交給奧諾伊，讓他為大家帶來他的首秀表演。奧諾伊？

Thanks, Bruce. Good morning, everyone. I am excited to be part of team Citizens and to help execute our well-planned strategy. Now turning to our performance. As Bruce indicated, we delivered strong results in 2025 that were in line with our expectations at the beginning of the year.

謝謝你，布魯斯。各位早安。我很高興能成為 Citizens 團隊的一員，並協助執行我們精心設計的策略。現在來談談我們的表現。正如布魯斯所指出的，我們在 2025 年取得了強勁的業績，與我們年初的預期相符。

The fourth quarter delivered continued good performance, and we are well positioned for 2026. Referencing slides 3 to 7, I will provide some highlights for the full year and the fourth quarter.

第四季業績持續良好，我們為2026年做好了充分準備。參考投影片 3 至 7，我將提供全年和第四季的一些亮點。

First, spending a moment on the full year results. We delivered EPS of $3.86 for 2025, up 19% on an underlying basis and that includes a $0.28, or just over 7% contribution from the Private Bank. Importantly, we also achieved full year positive operating leverage of approximately 125 basis points on an underlying basis.

首先，花點時間回顧一下全年業績。我們預計 2025 年每股收益為 3.86 美元，以基本面計算成長 19%，其中包括私人銀行貢獻的 0.28 美元，略高於 7%。重要的是，我們也實現了全年正經營槓桿，基本面約為 125 個基點。

Net interest income was up 4% as we delivered 13 basis points of margin expansion. Fees were up a strong 11% on an underlying basis, led by record results in both wealth, up 22%, and capital markets, which had a nice pickup in the second half, up 9% year-over-year.

淨利息收入成長 4%，利潤率提高了 13 個基點。基本面費用大幅增加 11%，主要得益於財富管理業務（成長 22%）和資本市場業務（下半年表現良好，年增 9%）的創紀錄業績。

Expenses were managed well, up 4.6% on an underlying basis, reflecting the continued investment in the build-out of the Private Bank and wealth. We also managed credit well, maintaining strong reserve coverage levels with credit losses coming in line with our expectations at the start of the year. We ended the year in a very strong balance sheet position maintaining robust capital, strong liquidity levels and a healthy credit reserve.

支出控制良好，以基本面計算成長了 4.6%，反映了對私人銀行和財富管理業務建設的持續投資。我們對信貸的管理也做得很好，維持了較高的準備金覆蓋率，而信貸損失符合我們年初的預期。年末，我們的資產負債表狀況非常穩健，維持了雄厚的資本、充裕的流動性和健康的信貸儲備。

For the fourth quarter, we generated EPS of $1.13, up 8% linked quarter and 36% year-on-year, and delivered a 12.2% proxy. The Private Bank continues to steadily grow its earnings contribution, adding $0.10 to EPS in Q4, up $0.02 linked quarter.

第四季度，我們實現了每股收益 1.13 美元，環比增長 8%，同比增長 36%，實現了 12.2% 的代理收益。私人銀行的獲利貢獻持續穩定成長，第四季每股收益增加 0.10 美元，比上一季成長 0.02 美元。

Now I will talk to the fourth quarter results in more detail, starting with net interest income on slide 8. Net interest income increased 3% linked quarters, driven by a strong expansion of our net interest margin and a 1% increase in average interest-earning assets. Our net interest margin continues to steadily expand, up 7 basis points this quarter to 3.07%. 3 basis points of the margin expansion was driven by the benefits of noncore runoff and reduced impact from the terminated swaps, what we refer to as time-based benefits.

現在我將更詳細地談談第四季的業績，首先從第 8 頁的淨利息收入開始。淨利息收入較上季成長 3%，主要得益於淨利差的大幅擴大和平均生息資產成長 1%。我們的淨利差持續穩定擴大，本季成長7個基點至3.07%。其中3個基點的成長得益於非核心業務剝離帶來的收益以及終止互換交易影響的降低，我們稱之為基於時間的收益。

The rest was a combination of fixed rate asset repricing and lower funding costs, which was partially offset by lower asset yields. We continue to do a good job optimizing deposits in a competitive environment. Interest-bearing deposit costs were down 15 basis points, while total deposit costs were down 12 basis points. Our cumulative interest-bearing deposit beta is about 48% through the end of the year.

其餘部分則歸因於固定利率資產重新定價和融資成本降低，但部分被資產收益率降低所抵銷。我們在競爭激烈的環境中持續努力優化存款策略。計息存款成本下降了 15 個基點，而總存款成本下降了 12 個基點。截至年底，我們的累計計息存款β值約為48%。

Moving to slide 9. Fees are down 2% linked quarter but up 10% year-over-year on an underlying basis. Our Wealth business delivered another record quarter driven by continued progress in the Private Bank and strength in the retail network, up 5% linked quarter and 31% year-over-year.

切換到第9張投影片。費用較上季下降 2%，但年比實際成長 10%。在私人銀行持續發展和零售網路強勁成長的推動下，我們的財富管理業務又迎來了一個創紀錄的季度，環比增長 5%，同比增長 31%。

These results reflected higher advisory fees with continued positive momentum in fee-based AUM growth, including strong inflow from the conversion of Private Wealth lift outs as well as market appreciation. Capital markets delivered its third best quarter ever, up 16% year-over-year, though down 16% compared with the exceptionally strong third quarter.

這些結果反映出諮詢費上漲，基於費用的資產管理規模成長動能持續向好，包括私人財富資產轉移轉換帶來的強勁資金流入以及市場升值。資本市場迎來了有史以來第三好的季度，年增 16%，但與表現異常強勁的第三季度相比下降了 16%。

Several M&A and equity deals were pushed into '26 given the impacts associated with the government shutdown. As a result, we expect roughly $20 million of related fees to be recognized in the first quarter. Despite deals pushing into '26, our equity underwriting performance was still up nicely linked quarter and up significantly year-over-year.

受政府停擺的影響，多項併購和股權交易被推遲到 2026 年。因此，我們預計第一季將確認約 2000 萬美元的相關費用。儘管交易持續到 2026 年，但我們的股權承銷業績仍然環比增長良好，並且比去年同期大幅增長。

Loan syndication fees were very strong this quarter, driven by refinance activity and bond underwriting fees were solid, although lower than the very strong third quarter. We continue to perform well in the league tables, ranking second in the fourth quarter, and fourth for the full year on both volume and number of deals for middle market sponsored loan syndications. And our deal pipeline across M&A, debt and equity capital markets remains strong.

本季銀團貸款費用非常強勁，主要得益於再融資活動；債券承銷費用也表現穩健，儘管低於非常強勁的第三季。我們在排行榜上繼續表現出色，第四季度排名第二，全年中端市場擔保貸款銀團交易量和交易筆數均排名第四。我們在併購、債務和股權資本市場的交易管道依然強勁。

On slide 10, expenses are up 0.6% on a sequential basis, largely reflecting continued investment in the build-out of the Private Bank and Private Wealth, and higher incentive compensation. Disciplined expense management and strong revenues resulted in approximately 79 basis points of improvement in our efficiency ratio to 62%.

第 10 頁顯示，支出較上季成長 0.6%，主要反映了對私人銀行和私人財富建設的持續投資以及更高的激勵性薪酬。嚴格的費用管理和強勁的收入使我們的效率比率提高了約 79 個基點，達到 62%。

Our TOP 10 program achieved $100 million of pretax run rate benefit exiting the year, and we have launched our Reimagine the Bank initiative, which I will discuss in more detail shortly. On slide 11, average and period-end loans were up 1%, or up 2% excluding the noncore portfolio run-up of roughly $500 million in the quarter.

截至年底，我們的 TOP 10 項目實現了 1 億美元的稅前運行率收益，並且我們已經啟動了「重塑銀行」計劃，我稍後將對此進行更詳細的討論。第 11 頁顯示，平均貸款和期末貸款成長了 1%，如果排除本季非核心投資組合約 5 億美元的成長，則成長了 2%。

We saw solid loan growth across each of the businesses as noncore runoff and balance sheet optimization impacts lessen. The Private Bank delivered solid loan growth again this quarter with period-end loans up about $1.2 billion, driven by a pickup in sponsor line utilization, along with growth in multifamily and residential mortgage.

隨著非核心業務剝離和資產負債表優化帶來的影響減弱，我們看到各業務部門的貸款都實現了穩健成長。本季私人銀行再次實現穩健的貸款成長，期末貸款額增加約 12 億美元，主要得益於發起人信貸額度利用率的提高，以及多戶住宅和房屋抵押貸款的成長。

Commercial loans were up slightly on a spot basis driven by net new money originations in corporate banking and higher commercial line utilization, partially offset by CRE pay-downs. We continued to reduce CRE balances which were down about 4% this quarter and 10% for the year, and retail loans saw some nice growth driven by home equity and mortgage. Next, on slides 12 and 13.

受企業銀行業務新增淨資金和商業信貸額度利用率提高的推動，商業貸款現貨供應量略有上升，但部分被商業房地產貸款償還所抵銷。我們繼續減少商業房地產貸款餘額，本季下降了約 4%，全年下降了 10%，零售貸款在房屋淨值貸款和抵押貸款的推動下實現了良好的成長。接下來，請看第 12 張和 13 張投影片。

We continue to do a good job on deposits with noninterest-bearing balances up 2%, maintaining a steady mix at 22% of the book, even as our total spot deposits increased approximately 2% to $183 billion. Average deposits were also up 2%, or $3.9 billion, driven by growth in the Private Bank, Commercial and Retail.

我們繼續保持良好的存款業務，無息存款餘額增長了 2%，在帳簿中保持了 22% 的穩定比例，即使我們的即期存款總額增長了約 2%，達到 1830 億美元。受私人銀行、商業銀行和零售銀行業務成長的推動，平均存款額也成長了 2%，即 39 億美元。

Private bank deposits reached $14.5 billion at the end of the year, including some larger flows towards the end of the quarter. We continue to focus on optimizing our deposit funding costs, reducing the average rate trade across all businesses, driving interest-bearing deposit costs down 15 basis points linked quarter. This, combined with the growth in noninterest-bearing deposits helped to drive our total deposit cost down 12 basis points. And importantly, our noninterest-bearing and low-cost deposit mix increased to 43%, and our stable retail deposits are 65% of our total deposits, which compares to a peer average of about 55%.

截至年底，私人銀行存款達到 145 億美元，其中包括季度末的一些較大資金流入。我們持續專注於優化存款融資成本，降低所有業務的平均交易利率，使計息存款成本較上季下降 15 個基點。這一點，再加上無利息存款的成長，使我們的總存款成本下降了 12 個基點。更重要的是，我們的無息和低成本存款佔比增至 43%，穩定的零售存款佔總存款的 65%，而同業平均約為 55%。

Moving to credit on slide 14. Credit continues to trend favorably with net charge-offs coming in at 43 basis points, down from 46 basis points in the prior quarter. Nonaccrual loans were down slightly linked quarter driven by a decrease in commercial real estate. Criticized balances also continued to decline.

第 14 頁進入片尾字幕。信貸狀況持續向好，淨沖銷率為 43 個基點，低於上一季的 46 個基點。受商業房地產貸款減少的影響，非應計貸款較上季略有下降。備受詬病的資產負債表也持續下降。

Turning to the allowance for credit losses on slide 15. The allowance was down slightly to 1.53% this quarter as the portfolio mix continues to improve due to noncore runoff, the reduction in the CRE portfolio, and lower loss content front book originations across C&I and retail real estate secured.

接下來我們來看第 15 頁投影片中的信用損失準備金。由於非核心資產剝離、商業房地產投資組合減少以及商業和工業地產及零售地產擔保業務的損失率降低，本季度貸款準備金略微下降至 1.53%，投資組合結構持續改善。

The economic forecast supporting the allowance is relatively stable with the prior quarter. And as we look broadly across the portfolio, the credit outlook looks good. The general office portfolio continues to work out as expected, and we maintain a robust allowance of 10.8% coverage.

支持該補貼的經濟預測與上一季相比相對穩定。從整體來看，整個投資組合的信貸前景良好。一般辦公大樓投資組合繼續按預期運作，我們維持了 10.8% 的穩健撥備覆蓋率。

Importantly, the cumulative charge-off, plus the current reserve, translates to a total expected lifetime loss rate of about 20% against the March '23 loan balance, and that level has been consistent with our view for the past year.

重要的是，累計沖銷加上當前準備金，相當於截至 2023 年 3 月貸款餘額的預期終身總損失率約為 20%，這一水平與我們過去一年的觀點一致。

Moving to slide 16. We maintained excellent balance sheet strength. Our CET1 ratio is 10.6%, and adjusting for the AOCI optout removal, our CET1 ratio increased to 9.5%. We returned a total of $326 million to shareholders in the fourth quarter, with $201 million in common dividends, and $125 million of share repurchases.

切換到第16張投影片。我們保持了良好的資產負債表實力。我們的 CET1 比率為 10.6%，調整 AOCI 選擇退出移除後，我們的 CET1 比率增加到 9.5%。第四季度，我們共向股東返還了 3.26 億美元，其中 2.01 億美元為普通股股息，1.25 億美元為股票回購。

For 2025, we returned $1.4 billion, or 80% of our 2025 earnings to shareholders. We repurchased $600 million of common stock at an average price of $44.55, representing about 3% of outstanding shares at the beginning of the year.

2025 年，我們將 14 億美元（即 2025 年收益的 80%）返還給了股東。我們以平均每股 44.55 美元的價格回購了 6 億美元的普通股，約佔年初流通股的 3%。

Our tangible book value per share increased to $38.07, up $1.34, or 4% sequentially, with full year growth of $5.73 per share, or 18% year-over-year. Moving to slide 17 through 20. We are well positioned to drive strong performance over the medium term with our overall focused strategy. A transformed consumer bank, the best positioned super regional commercial bank, and our aspiration to build the premier bank owned Private Bank and Private Wealth franchise.

我們的每股有形帳面價值增至 38.07 美元，季增 1.34 美元，增幅為 4%；全年每股成長 5.73 美元，較去年同期成長 18%。接下來請看第17至20頁投影片。憑藉我們整體的專注策略，我們有能力在中期內實現強勁的業績成長。一家轉型後的消費銀行，一家地位最穩固的超區域商業銀行，以及我們打造一流的銀行所有權私人銀行和私人財富管理特許經營權的願景。

The Private Bank continues to make excellent progress, as you see on slides 19 and 20. We exceeded our balance sheet targets and delivered full year earnings of $0.28, contributing a little over 7% to EPS in 2025, well ahead of our original projection of 5%.

正如您在幻燈片 19 和 20 中看到的那樣，私人銀行繼續取得優異的進展。我們超額完成了資產負債表目標，全年獲利達到 0.28 美元，預計到 2025 年每股收益將成長 7% 以上，遠超我們最初預測的 5%。

The Private Bank delivered strong deposit growth again this quarter, ending the year at $14.5 billion. Importantly, the overall deposit mix continues to be very attractive, with about 36% in noninterest bearing at the end of the year.

私人銀行本季存款再次強勁成長，全年存款總額達 145 億美元。值得注意的是，整體存款結構仍然非常有吸引力，到年底時，約有 36% 的存款為無利息存款。

We also delivered strong loan growth in the quarter, adding roughly $1 billion of loans to end the year at $7.2 billion. Since the launch of the Private Bank in '23, we have added 10 wealth teams to our platform with more in the pipeline.

本季我們的貸款成長也十分強勁，新增貸款約 10 億美元，使全年貸款總額達到 72 億美元。自 2023 年推出私人銀行以來，我們已在平台上增加了 10 個財富管理團隊，並且還有更多團隊正在籌備中。

We ended the year with $10 billion of total client assets, reflecting the continued strong conversion rates of the Wealth hires. We have more runway here, and we plan to continue adding top quality teams in key geographies.

年底時，我們的客戶總資產達到 100 億美元，這反映了財富管理人才招募持續強勁的轉換率。我們還有更大的發展空間，我們計劃繼續在重點地區增加頂尖團隊。

Given the investments we have made and our plans to further expand the Private Bank in '26, we think deposits can grow to $18 billion to $20 billion, loans in the range of $11 billion to $13 billion, and client assets, $16 billion to $20 billion. We expect this growth will help drive an increase in Private Bank's earnings contribution to mid-teens in the medium term, while maintaining a 20% to 25% ROE profile.

鑑於我們已進行的投資以及我們計劃在 2026 年進一步擴大私人銀行規模，我們認為存款可以增長到 180 億至 200 億美元，貸款可以增長到 110 億至 130 億美元，客戶資產可以增長到 160 億至 200 億美元。我們預計，這一成長將有助於推動私人銀行的獲利貢獻在中期內提高到兩位數以上，同時維持 20% 至 25% 的淨資產收益率。

Moving to slides 21 and 22. We have launched our firm-wide Reimagine the Bank initiative. The objective is to position Citizens for long-term success by embracing a host of new innovative technologies across the bank and simplifying our business model which will reshape our customer experience, and drive a meaningful improvement in productivity and efficiency. Slide 21 will give you a sense for the scope of the effort which spans nearly every part of the bank.

接下來請看第21和22張投影片。我們已啟動全公司範圍內的「重塑銀行」計畫。我們的目標是透過在整個銀行範圍內採用一系列新的創新技術並簡化我們的業務模式，使 Citizens 銀行能夠取得長期的成功，這將重塑我們的客戶體驗，並顯著提高生產力和效率。第 21 張投影片將讓您了解這項工作的範圍之廣，它幾乎涵蓋了銀行的每個部門。

Slide 22 lays out our financial targets for the program. For 2026, we expect to minimize the EPS impact of onetime cost and capital investments by prioritizing initiatives with faster paybacks. There will be about $50 million of front-loaded onetime costs that will be effectively offset by $45 million of benefits to be realized later in the year.

第 22 頁列出了我們專案的財務目標。2026 年，我們預計透過優先考慮回報更快的舉措，最大限度地減少一次性成本和資本投資對每股盈餘的影響。前期將產生約 5,000 萬美元的一次性成本，但這些成本將被今年稍後實現的 4,500 萬美元收益有效抵消。

The program will drive positive net benefits in '27 that we expect will accelerate in '28, and we are targeting fully phased-in pretax run rate benefits of approximately $450 million as we exit 2028. Roughly two thirds of these benefits are tied to expense efficiencies, which equate to about 5% of our full year 2025 expense base.

該計劃將在 2027 年帶來正淨收益，我們預計 2028 年收益將加速成長，我們的目標是到 2028 年底實現約 4.5 億美元的稅前運行率收益。這些收益中約有三分之二與費用效率有關，相當於我們 2025 年全年費用基數的約 5%。

Importantly, we are confident that the financial benefits of Reimagine the Bank will be additive to the 16% to 18% ROTCE targets we expect to achieve in the second half of '27.

重要的是，我們有信心，重塑銀行的財務收益將對我們預計在 2027 年下半年實現的 16% 至 18% 的 ROTCE 目標起到補充作用。

Moving to slide 23. I will take you through our full year '26 outlook, which contemplates a forward curve with two 25 basis points Fed cuts, one in June and another in September, ending the year with Fed funds approaching 3% to 3.25%, and a 10-year treasury rate anchored around 4.25%.

切換到第23張投影片。我將帶您了解我們對 2026 年全年的展望，該展望設想美聯儲兩次降息 25 個基點，一次在 6 月，另一次在 9 月，年底聯邦基金利率將接近 3% 至 3.25%，10 年期國債利率將穩定在 4.25% 左右。

We expect NII to be up 10% to 12% with NIM expanding about 4 to 5 basis points a quarter towards 3.25% in 4Q '26. Loan growth is expected to pick up this year, with spot loans up 3% to 5%, average loans up 2.5% to 3.5%, and overall earning assets up 4% to 5%.

我們預計淨利息收入將成長 10% 至 12%，淨利差將每季擴大約 4 至 5 個基點，到 2026 年第四季達到 3.25%。預計今年貸款成長將加快，其中現貨貸款成長 3% 至 5%，平均貸款成長 2.5% 至 3.5%，整體獲利資產成長 4% 至 5%。

Noninterest income is expected to be up 6% to 8%, driven primarily by wealth and capital markets. We are projecting expenses to be up 4.5% as we are confident in our revenue outlook, and we plan to maintain our investments in growth initiatives.

預計非利息收入將成長 6% 至 8%，主要受財富和資本市場推動。由於我們對收入前景充滿信心，因此預計支出將成長 4.5%，我們計劃繼續增加對成長計畫的投資。

This translates to our 2026 full year operating leverage in excess of 500 basis points. We have provided a walk showing the key components of our '26 expense growth on slide 24. Credit is projected to continue to improve through the year with our outlook for net charge-offs in the mid- to high 30s basis points.

這意味著我們 2026 年全年的營運槓桿將超過 500 個基點。我們在第 24 張投影片中提供了一張圖表，展示了我們 2026 年支出成長的關鍵組成部分。預計信貸狀況將在年內持續改善，淨沖銷額預計在 30 個基點中高段。

Along with these credit trends, the improving credit trends, the portfolio mix will also continue to improve. And finally, we expect to end the year with strong CET1 ratio of 10.5% to 10.6%. We expect to generate a substantial amount of capital, which will put us in an excellent position to push forward with our strategic priorities, while returning a substantial amount of capital to shareholders.

隨著信貸趨勢的改善，投資組合結構也將持續改善。最後，我們預計年底 CET1 比率將維持在 10.5% 至 10.6% 的強勁水準。我們預計將產生大量資金，這將使我們處於有利地位，推進我們的策略重點，同時向股東返還大量資金。

Notwithstanding anticipated strong loan growth, we expect to repurchase $700 million to $850 million in shares this year. Full year 2026 earnings incorporates, a nice lift from the continued growth of the Private Bank.

儘管預計貸款成長強勁，但我們預計今年將回購 7 億至 8.5 億美元的股票。2026 年全年收益包含私人銀行持續成長帶來的可觀收益。

On slide 25, we provide the guide for the first quarter. Note that the first quarter has seasonal impacts on revenue with lower day count impacting net interest income. Taxes on the FICA reset and compensation payouts impacting expenses.

第 25 頁提供了第一季的指導方針。請注意，第一季收入會受到季節性因素的影響，天數較少會影響淨利息收入。FICA重置和補償金支付的稅收會影響支出。

Fees are normally softer in the first quarter, but we are expecting a strong performance from capital markets after incorporating the deals that were pushed from the fourth quarter. Moving to Slides 26 to 28.

通常來說，第一季的費用會比較疲軟，但我們預計，在計入從第四季推遲的交易後，資本市場將表現強勁。接下來看第26至28張投影片。

Looking out over the medium term, we see a clear path to achieving our 16% to 18% ROTCE target in the second half of '27, with further momentum in 2028. Reimagine the Bank benefits will be additive to returns.

展望中期，我們看到一條清晰的道路，可以在 2027 年下半年實現 16% 至 18% 的 ROTCE 目標，並在 2028 年進一步保持成長勢頭。重新構想銀行的益處將與回報疊加。

Expanding our net interest margin is a key driver, which we project to be in the range of 3.30% to 3.50% in 2027 along with the impact of successful execution of our strategic initiatives, improving credit performance and delivering a strong capital return to shareholders.

擴大淨利差是關鍵驅動因素，我們預計到 2027 年，淨利差將達到 3.30% 至 3.50%，同時，成功執行我們的策略舉措、改善信貸表現以及為股東帶來強勁的資本回報也將產生影響。

To wrap up, we delivered a good performance in 2025, in line with our expectations. We have a strong outlook for 2026 with significant margin expansion. Good momentum in Wealth as we continue to grow the Private Bank. And we see our ship coming in on capital markets given the capabilities that we have built over the years.

綜上所述，我們在 2025 年取得了良好的業績，符合我們的預期。我們對2026年充滿信心，預計利潤率將大幅提升。隨著私人銀行業務的持續成長，財富管理業務發展勢頭良好。鑑於我們多年來累積的能力，我們看到了我們在資本市場上的成功。

All of this puts us in a very good position to hit our medium-term 16% to 18% ROTCE target in the second half of '27.

所有這些都使我們處於非常有利的位置，預計在 2027 年下半年實現 16% 至 18% 的中期 ROTCE 目標。

With that, I will hand it back over to Bruce.

這樣，我就把它還給布魯斯了。

Okay. Thanks, Aunoy. And I think, operator, we're ready to open it up for Q&A.

好的。謝謝，奧諾伊。操作員，我認為我們可以開始問答環節了。

(Operator Instructions) Ryan Nash, Goldman Sachs.

（操作說明）瑞安·納什，高盛。

Bruce, I appreciate all the details on the Reimagining the Bank. I think you noted in the slides that this should add 2% on ROTCE. First, maybe just talk about how much of this hits the bottom line versus gets reinvested? And if it is reinvested, what are the areas that you will invest in? And then second, the slide 28 says that you're not incorporating any of these benefits. Does this increase your confidence in getting to the high end? Or do you think this serves more as a hedge in case other parts of the business don't perform? And I have a follow-up.

布魯斯，我非常感謝您提供的關於“重塑銀行”的所有細節。我認為您在幻燈片中提到，這應該會使 ROTCE 增加 2%。首先，或許可以先談談其中有多少直接影響了最終利潤，又有多少被重新投資？如果進行再投資，您會投資哪些領域？其次，第 28 頁投影片顯示，你沒有利用這些好處中的任何一項。這是否增強了你達到高端水準的信心？還是你認為這更多的是一種對沖策略，以防公司其他業務部門表現不佳？我還有一個後續問題。

Yeah. Okay. Garner the space for that follow-up, nice move. So I would say that at this point, the program has taken shape, and we have about 50 work streams, and it's all signed out into a transformation office and people that are running with the ball on those streams, and Brendan is kind of leading the overall effort, he can comment as well.

是的。好的。為後續行動留出空間，漂亮的一步棋。所以我想說，目前該計劃已經初具規模，我們有大約 50 個工作流程，所有這些都已移交給轉型辦公室，由專人負責推進這些工作流程，而 Brendan 則領導著整個工作，他也可以對此發表評論。

So I think at this point, we have kind of quarter-by-quarter visibility into each of those work streams and how the, kind of, implementation costs flow and then how the benefits start to flow. One thing you'll notice there is that over time, the kind of revenue benefit start to pick up as we'll see improved customer experience, resulting in less customer attrition, better usage of our products by the customer base. And we think that's really solid in terms of our ability to forecast that.

所以我覺得目前我們已經能夠按季度了解每個工作流程的進展情況，以及實施成本的流動情況，然後收益又是如何開始產生的。你會注意到，隨著時間的推移，隨著客戶體驗的改善，收入收益會開始增加，從而減少客戶流失，提高客戶群對我們產品的使用率。我們認為，就我們預測這方面的能力而言，這一點非常可靠。

So anyway, the program has taken shape. We're executing it well. As to the question of what do we expect to flow through, I think the first thing is you got to look at the gross number, excluding the implementation cost because implementation costs really are just kind of onetime capital costs in our view.

總之，這個計畫已經初具雛形。我們執行得很好。至於我們預期會有多少資金流入這個問題，我認為首先要看的是總額，不包括實施成本，因為在我們看來，實施成本實際上只是一次性資本成本。

So the run rate will benefit by the full amount. And then I think it's still a bit of an open question as to how much of that flows through. And it kind of depends on kind of where we are at that point in time, and what our investment needs and priorities could be? So do we keep investing at the same pace in the Private Bank? And is it worth investing to keep on that trajectory and to generate more medium-term revenue growth? I think that's a TBD.

因此，運行率將獲得全額收益。至於有多少資金能夠真正流入市場，我認為這仍然是一個懸而未決的問題。這在某種程度上取決於我們當時所處的位置，以及我們的投資需求和優先事項是什麼？那麼，我們是否要繼續以同樣的速度投資私人銀行呢？那麼，為了保持這種發展勢頭並實現中期收入成長，是否值得進行投資？我認為這還有待確定。

So at this point, we're kind of just flagging, here's the numbers. Here's what we think is possible. We have a lot of wood to chop to actually execute this program, but we'll be reporting on it all along. And then we'll have, I think, more visibility into the flow through as time goes by.

所以目前我們只能簡單列出這些數據。我們認為以下情況是有可能的。要真正執行這個項目，我們還有很多工作要做，但我們會全程報道。我認為，隨著時間的推移，我們會對整個流程有更清晰的了解。

If you look historically at all of our top programs, Ryan, we've had a significant flow-through. And so we tend to be very disciplined on the remaining expense base. We have this mindset of continuous improvement. If we want to invest new dollars, try to figure out where to pinch the expense base to self-fund that. So I would expect that the flow-through should be high, but we're not going to make that call at this point. We're just going to give you the contours of what the program could deliver.

瑞恩，如果你回顧我們所有頂尖計畫的歷史，你會發現我們一直保持著很高的人才輸送率。因此，我們在剩餘的開支方面往往非常自律。我們秉持著持續改善的理念。如果我們想追加投資，就要想辦法從哪些方面削減開支，以實現自籌資金。因此，我預期流通量應該很高，但我們現在還不會做出這樣的判斷。我們只想向您概述該計劃可能帶來的成果。

Got it. And then if I look on slide 27, your prior NIM walk had deposit betas in the low to mid-50s. I think now you're saying high 40s. Maybe just talk about what is driving the change? Is it competition or a change in your strategy? And what are some of the offsets that are allowing the NIM to still reach slightly higher levels versus the prior expectations?

知道了。然後，如果我看一下第 27 張投影片，您之前的 NIM 步行測試的存款 beta 值在 50 左右。我想你現在的意思是說40多歲了。或許可以談談是什麼因素促成了這個改變？這是競爭還是你的策略調整？有哪些抵銷因素使得淨利差仍能略高於先前的預期水準？

Yeah. So what I would say is that when the rates first started to fall, the market was very aggressive in trying to recoup some of what happened on the way up. And what's happened since then, I think, is that the market is kind of less aggressive in its pricing actions at this point.

是的。所以我想說的是，當利率開始下降時，市場非常積極地試圖彌補利率上漲過程中造成的損失。我認為，從那以後，市場在定價方面變得不那麼激進了。

And so you could call that maybe a little more competition, or you could just say kind of a decision to share kind of some of those benefits with the customer and not be as aggressive. And so that high 40s to us is really the market.

所以你可以說這是競爭加劇，或者你可以說這是公司決定與客戶分享部分利益，而不是採取激進的策略。所以對我們來說，40多歲才是真正的市價位。

So we're not -- if we move down from mid low to mid-50s to high 40s, I think that's consistent with what we're seeing in the market. And the reason that I still think we're in a very good position to deliver on that NIM walk are several factors contributing to that. But one is our confidence in our net interest -- our noninterest-bearing balance growth which has stayed robust in the Private Bank and in the Consumer Bank, in particular, and stable in the Commercial Bank. And so we, I think, score well on that dimension.

所以，如果我們把價格從50多美元的中低點下調到40多美元，我認為這與我們目前在市場上看到的情況是一致的。我仍然認為我們處於非常有利的位置，能夠實現 NIM 步行活動的目標，這主要有幾個因素促成了這一點。但其中之一是我們對淨利息的信心——我們的非計息餘額成長在私人銀行和消費銀行尤其保持強勁，在商業銀行也保持穩定。所以我覺得，我們在這方面表現不錯。

You know that we're also slightly asset sensitive. And I view as that rates will come down but maybe not as much as feared initially. So I think that is a helpful fact for us as well. And then over time, we've continued to, I think, be very disciplined in our hedging actions. And so we've been adding in hedges at attractive rates.

您也知道我們對資產價格比較敏感。我認為利率會下降，但可能不會像最初擔心的那樣下降那麼多。所以我認為這對我們來說也是一個有用的信息。隨著時間的推移，我認為我們一直都非常自律地採取對沖行動。因此，我們一直以優惠的價格進行對沖交易。

So I think it's a combination of those three things, the kind of noninterest balances, the higher -- a little bit of asset sensitivity and a higher rate outlook, and then these attractive hedging actions that we've taken would offset that beta dropping from where it was to the high 40s.

所以我認為這是這三件事的綜合結果：非利息餘額、較高的資產敏感性、較高的利率前景，以及我們採取的這些有吸引力的對沖措施，這些措施將抵消貝塔係數從之前的水平下降到 40 多。

Erika Najarian, UBS.

瑞銀集團的 Erika Najarian。

Just wanted to ask about the puts and takes on the loan growth guide. It feels like a bit of a, sort of, best-in-class relative to peers. Maybe remind us, Bruce, in terms of where you are in your balance sheet optimization journey? And as we come to a point where rates may come down, talk to us about the push pull in terms of optimizing CRE versus taking advantage of potential refinancing opportunities?

想請教大家對貸款成長指南的看法。感覺它有點像是同類產品中的佼佼者。布魯斯，或許你可以提醒我們一下，你的資產負債表優化計畫目前進展到什麼階段了？當利率可能下降時，請和我們談談在優化商業房地產投資與利用潛在的再融資機會之間存在的權衡取捨？

Yeah. So I'd say our confidence in that loan outlook stems from actually what we're seeing and what we delivered in the second half of the year. So we had -- we have an idiosyncratic growth driver in the Private Bank as they scale up their business. That's something our peer banks don't have. And so that continues at a good clip.

是的。所以我認為，我們對貸款前景的信心實際上來自我們目前所看到的以及我們在今年下半年所取得的成果。因此，隨著私人銀行業務規模的擴大，我們擁有了一種獨特的成長動力。這是我們同業銀行所不具備的。所以，這種趨勢仍在快速發展中。

And then I think the focus of the Commercial Bank in terms of the middle market and our expansion markets, plus some of the private capital and sponsor lines also has been an area of opportunity for us. And then kind of in the consumer bank, we have the market-leading HELOC products and also mortgage. And so we've seen growth across all three of those areas in Q3 and in Q4, and we think that will continue. In kind of prior years, that growth was offset by the accelerated rundown of non-core. But now we have non-core, kind of, at a, kind of, almost at a stub at this point from $14 billion down to like $2.5 billion.

我認為，商業銀行在中端市場和擴張市場的重點，以及一些私人資本和贊助商信貸額度，也為我們提供了一個機會領域。然後，在消費銀行領域，我們擁有市場領先的房屋淨值信用額度產品以及抵押貸款產品。因此，我們在第三季和第四季都看到了這三個領域的成長，我們認為這種成長勢頭將會持續下去。在前幾年，這種成長被非核心業務加速萎縮所抵消。但現在，非核心業務已經從 140 億美元銳減到 25 億美元左右，幾乎只剩下一個斷頭了。

And then we've done a lot of work already on the commercial DSO and on the commercial real estate kind of run down after the Investors acquisition. And so there's a slide in the back, Erika, which you may have seen, or may not have seen, but kind of lays down some of the reductions in the drag from those efforts, which also contributes to positive sentiment on loan growth.

而且，在投資者收購之後，我們已經對商業配電系統 (DSO) 和商業房地產的衰敗做了許多工作。所以，Erika，後面有一張幻燈片，你可能已經看到了，也可能沒有看到，它大致列出了這些努力帶來的阻力減少情況，這也有助於提振人們對貸款增長的積極情緒。

So those are the kind of big things. I'll just maybe flip it over first to Don to talk a little bit about commercial, and then Brendan to talk about the Private Banking consumer.

所以這些都是大事。我先讓唐談談商業方面的問題，然後再讓布倫丹談談私人銀行的客戶。

Yeah. I'll start, Erika, by just talking about the environment. I mean across the board, we're seeing positive sentiment from the client base. So Bruce mentioned the expansion markets, they're growing. So I think New York, California, Florida, they're growing extremely quickly.

是的。艾麗卡，我先從談談環境問題開始吧。我的意思是，總體而言，我們看到了客戶群的正面回饋。所以布魯斯提到了擴張市場，它們正在成長。所以我覺得紐約、加州、佛羅裡達這些城市發展速度非常快。

Those are core middle market relationships with full wallet realization. So not only is loan growth materializing, but we're also seeing it from an ROE standpoint, being a very attractive business. We're seeing, and remember, for most of the last two or three years, the market has been really a refinancing market. I think Aunoy mentioned that. We're seeing new money demand both in our core client base, which is translating into utilization growth.

這些是核心的中端市場關係，能夠實現完全的客戶付費。因此，不僅貸款成長正在實現，而且從淨資產收益率的角度來看，這也是一項非常有吸引力的業務。我們看到，而且要記住，在過去兩三年的大部分時間裡，市場實際上一直是一個再融資市場。我想奧諾伊有提到這一點。我們看到核心客戶群中出現了新的資金需求，轉化為資金利用率的成長。

And we're seeing it powerfully in the sponsor business where the sponsors finally seem to be coming alive, and that will impact not only our capital markets businesses, but also our NBFI lending as we engage with the Private Capital community, both on the PE capital call lines and private capital leveraging line.

我們在發起人業務中看到了這一點，發起人似乎終於活躍起來了，這不僅會影響我們的資本市場業務，還會影響我們的非銀行金融機構貸款業務，因為我們將與私募資本界進行互動，包括私募股權資本募集和私募資本槓桿融資。

So across the Board, pretty strong environment to be operating in. And that should drive higher levels of loan growth. As we look into '26 and beyond, we were probably running close to $1 billion of C&I DSO over the last few years. That really is down to BAU. We're pretty much done with that.

總的來說，這是一個非常有利的經營環境。這將推動貸款成長水準進一步提高。展望 2026 年及以後，過去幾年我們的工商業應收帳款週轉天數可能接近 10 億美元。這其實都歸功於日常業務運作。這件事我們基本上完成了。

If it was going to be $0.5 billion, I'd be surprised. But it will be just a continuous kind of rhythm of cleaning out under returning relationships and replacing of new relationships. And then the change in real estate, we're going to continue to trim the real estate exposures. But we're beginning to turn on the origination engine, and that's both Private Bank and Commercial Bank.

如果是5億美元，我會很驚訝。但這只是一種持續不斷的節奏，不斷清理舊關係，建立新關係。至於房地產市場的變化，我們將繼續減少房地產投資。但我們正在開始啟動貸款發放引擎，這包括私人銀行和商業銀行。

And we will be replacing some of the BSO that's happening with some attractive opportunities as we see them in the marketplace. So what was a pure drag in the past will be a little bit less of a drag in the future, although we'll continue to kind of trend that down. But BSO will become less of a drag in the overall loan growth.

我們將用市場上一些有吸引力的機會來取代一些正在進行的業務服務外包 (BSO)。所以，過去純粹的拖累，未來會減少一些，儘管我們仍會繼續努力降低這個趨勢。但BSO對整體貸款成長的拖累作用將會減少。

On my side, maybe 3 points here. One, similar to Don, the headwind on non-core is reducing. So just give you some numbers around it. Yeah, six, seven quarters ago, we were dealing with $1 billion, $1.1 billion in quarter-on-quarter rundown of non-core that exited Q4 at $0.5 billion, and that's going to continue to minimize as we look forward into 2026. So that's a real positive to see that wrap. It's through the cycle.

就我而言，或許能得3分。一、與唐的情況類似，非核心業務面臨的阻力正在減少。所以，我只需提供一些相關的數據即可。是的，六、七個季度前，我們面臨非核心業務季度環比減少 10 億美元到 11 億美元的局面，而到了第四季度末，這一數字已降至 5 億美元，展望 2026 年，這種情況還將繼續減少。所以看到這個結果真是個好消息。它經歷了一個循環。

And we've seen really strong growth in Private Banking, point number two. And it's been really balanced across private equity, residential lending and multifamily granular, high-quality commercial real estate where we have access to full relationships with Wealth Management.

第二點，我們看到私人銀行業務實現了非常強勁的成長。而且，我們在私募股權、住宅貸款和多戶型優質商業房地產領域都保持了非常平衡的地位，我們與財富管理部門建立了全面的合作關係。

One of the dynamics we were facing early in 2025 is with rates high, there was a lot of cash out in the system with this client base, and they were hesitant to go in and finance things with debt with rates as high as they were.

我們在 2025 年初面臨的一個問題是，由於利率高企，該客戶群的系統中有很多現金流出，他們不願在利率如此之高的情況下透過債務融資。

That is starting to change. And as the rates ease a bit, we expect loan growth to pick up in the Private Bank and our run rate to improve further. So we've got confidence the pace of growth in the Private Bank will continue to accelerate as we look into 2026.

這種情況正在開始改變。隨著利率略有下降，我們預計私人銀行的貸款成長將會加快，我們的貸款運行率也將進一步提高。因此，我們有信心，展望 2026 年，私人銀行的成長速度將持續加快。

And then in consumer, as Bruce mentioned, we're getting $700 million to $800 million in quarter-on-quarter growth in HELOC. We're number one in net balance sheet growth in the United States, number one in originations in the United States and HELOC and a very high credit quality book, with 95% plus of the customers coming with DDA and deep relationship-based banking.

正如 Bruce 所提到的，在消費領域，房屋淨值信用額度 (HELOC) 的季度環比增長了 7 億至 8 億美元。我們在美國淨資產負債表增長排名第一，在美國貸款發放和房屋淨值信用額度貸款方面排名第一，並且擁有非常高的信貸質量，95%以上的客戶都持有活期存款帳戶，並且我們與客戶建立了深厚的以關係為基礎的銀行業務。

We expect that to continue. And candidly, with rates pulling back, but not so far to create through a 5% mortgage rate, at least in the forward outlook, it's really a perfect time period for HELOC, where there's not going to be a ton of mortgage refinancing activity, but huge amounts of equity built up with consumers. So very well positioned to continue to monetize the HELOC capability we've put in place.

我們預計這種情況會持續下去。坦白說，雖然利率有所回落，但還不足以形成 5% 的抵押貸款利率（至少從未來前景來看），這確實是房屋淨值信用額度 (HELOC) 的絕佳時機，因為不會有大量的抵押貸款再融資活動，但消費者卻積累了大量的房屋淨值。因此，我們完全有能力繼續將我們已建立的房屋淨值信用額度（HELOC）功能貨幣化。

And of course, in the second half of last year, we launched the credit card portfolio, which we expect will start to pay some dividends as we get into the 2026, first half and second half with higher yielding, higher-quality balances. So for all those reasons, I feel really good about continued pickup in net loan growth.

當然，去年下半年我們推出了信用卡產品組合，我們預計到 2026 年上半年和下半年，隨著收益率更高、品質更高的餘額的出現，該產品組合將開始帶來一些收益。綜上所述，我對淨貸款成長的持續回升感到非常樂觀。

The other thing I'd just mention wrapping up here is, it's important to look at the net loan growth number. But under the covers, there's a quality story that you need to pay attention to of the balance sheet remixing to deep relationship-based customer lending, higher yielding, higher profitability, both on the balance sheet but also the net customers we're bringing in, moving away from single service to a really, really deep relationship-based bank. So I think we've got confidence on winning on both dimensions, quantity plus quality.

最後我想補充一點，淨貸款成長數字也很重要。但在這背後，有一個值得關注的優質故事：資產負債表重組，轉向以深度關係為基礎的客戶貸款，實現更高的收益和更高的盈利能力，這不僅體現在資產負債表上，也體現在我們吸引的淨客戶數量上，我們正​​在從單一服務轉向一家真正以深度關係為基礎的銀行。所以我認為我們有信心在數量和品質兩個方面都取得勝利。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

I wanted to start on the fee side. Can you expand a little bit on the underlying assumptions in the fees? I mean it feels like the Private Bank is doing well. Capital markets are doing well. Pipelines are strong. You had a survey out recently talking about M&A expanding on the middle market side. There's also been some push out from the fourth quarter into 2026. Just given all of that, it feels like the fee guide is a little conservative. So can you help us with some of the underlying assumptions there?

我想先從收費方面入手。您能否詳細說明一下這些費用背後的基本假設？我的意思是，感覺私人銀行這邊經營得很好。資本市場表現良好。管道系統運作良好。您最近做過一項調查，談到了中端市場併購活動的擴張。也有一些項目從第四季延後到了 2026 年。綜上所述，感覺費用指南有點保守。那麼，您能否幫我們解釋一下其中的一些基本假設呢？

Yeah. So I'll start and others can chime in. But we had a very strong fee year in 2025. So we'll start with that. We were up 11%. And then to guide up next year, 6% to 8% is still kind of good growth on top of very strong growth that we had in '25.

是的。那我先來，其他人可以補充。但我們在 2025 年的收費情況非常強勁。我們就從這裡開始吧。我們領先11%。然後，展望明年，6%到8%的成長預期仍然是一個不錯的成長，這建立在我們2025年非常強勁的成長基礎上。

I'd say, the outlook for '26 is led by the capital markets where not only do we have strong pipelines, we have several things going for us. One is the carryover. So we have about $20 million of fees that carries over, that will close in the first quarter. And then in the first half of 2025, we had kind of soft cut comparisons, I would say, because of the uncertainty in Liberation Day tariffs, there's a lot of pent-up demand to do deals that started to flow again in the second half of the year.

我認為，2026 年的前景主要由資本市場引領，我們不僅擁有強大的專案儲備，還有許多其他有利因素。一是結轉。因此，我們有大約 2000 萬美元的費用結算到下個季度，這些費用將在第一季結算。2025 年上半年，由於解放日關稅的不確定性，我們出現了一些較為溫和的同比數據，有很多被壓抑的交易需求在下半年開始再次湧現。

So again, I think capital markets should have a strong relative year. And again, who knows about the uncertainty in the tariffs. And it seems like Groundhog Day. We might be in that same movie replaying but I think that's one of the reasons why overall, it's good to have a little bit of caution in that guide of 6% to 8%. You just don't know.

所以，我認為資本市場今年應該會有相對強勁的表現。而且，關稅方面的不確定性誰也說不準。感覺就像在重複過同一天。我們可能正在重演同一部電影，但我認為，總的來說，在 6% 到 8% 的指導方針中保持一點謹慎是件好事。你根本不知道。

But at this point, capital markets look like it will have an extremely strong year. Wealth has been having record quarter after record quarter. And that's a twofold benefit. It's not only kind of getting the teams in place of recruiting these lift-outs and then connecting them to the Private Bank relationships, and the Corporate Bank relationships, which creates its own growth dynamic. But then also in the branch-based system, we've got great leadership there, great product set. We're really hitting our stride. So I think Wealth would be other shining star.

但就目前來看，資本市場今年似乎會表現得非常強勁。財富指數連續多個季度創下新高。這是雙重好處。這不僅僅是組建團隊，而是招募這些優秀人才，然後將他們與私人銀行關係和企業銀行關係聯繫起來，從而創造自身的成長動力。但即便在分公司體系中，我們也擁有優秀的領導團隊和優秀的產品組合。我們現在真的漸入佳境了。所以我認為財富會是另一顆閃耀的明星。

Across the rest of the patch, we don't see significant growth in many of the other areas like service charges on deposit accounts, mortgage. Our other income was flattered. We had -- like a moon and the stars aligned for a couple of quarters that might not repeat in 2026. So I think just having a level of conservatism there seems like the way to play it.

在其他方面，我們沒有看到存款帳戶服務費、抵押貸款等許多其他領域顯著增長。我們的其他收入也因此感到受寵若驚。我們經歷了——就像月亮和星星排列成一條直線，持續了幾個季度，而這種景像在 2026 年可能不會再次出現。所以我認為，採取一定程度的保守主義似乎是正確的做法。

Very helpful. And then maybe pivoting over to the capital side. It looks like your buyback guide is a little more front-end loaded. And then you spoke about the fact that you're hopeful that the SCB will come down this year. I guess the question is, how important is the stress test in terms of your comfort level in bringing the CET1 ratio closer to your medium-term targets of like 10% to 10.5%? How quickly can you do that? And where would getting into that range put you in terms of buybacks as you get into the back half of the year?

很有幫助。然後或許會轉向資本方面。看起來你們的回購指南前期內容有點多。然後你提到，你希望SCB今年能夠拆除。我想問的是，壓力測試對於您能否將 CET1 比率提升到 10% 到 10.5% 的中期目標水平有多重要？你能多快做到？那麼，到了下半年，進入該區間後，你的股票回購計畫會處於什麼位置呢？

Sure. Again, I'll take this one. I've been living it on this SCB frustration for years. But we are reasonably optimistic that there's some changes of foot down in Washington with the Fed. And so based on what we know, we think we'll get a better outcome. It remains to be seen, the timing of that implementation.

當然。我還是選這個。多年來，我一直飽受渣打銀行（SCB）帶來的挫折感困擾。但我們相當樂觀地認為，華盛頓方面對聯準會的態度有所轉變。因此，根據我們掌握的信息，我們認為我們會得到更好的結果。該措施何時實施，仍有待觀察。

But to me, it's less an impact directly on where we set our capital targets. It's just been, to almost a scarlet letter, that we have this outsized SCB when our business model is the same as most of our peers, and it just has been mismodeled, and I won't get into all of it, but we've made those points clear to the new folks that are going to be in charge of the stress test.

但對我來說，這與其說是直接影響我們設定資本目標，不如說是影響較小。這就好比一個恥辱的標籤，我們擁有如此龐大的SCB，而我們的商業模式與大多數同行相同，只是模型設計不當。我不會詳述所有細節，但我們已經向即將負責壓力測試的新人員明確說明了這些要點。

So in any case, just falling back into the pack is good for us reputationally even if it doesn't affect exactly how we're going to manage the capital. I would say, the reason that we're still on the high end of that 10% to 10.5% range is just still the amount of uncertainty that's in the environment.

所以無論如何，即使不會直接影響我們如何管理資金，回歸正常水平對我們的聲譽也是有好處的。我認為，我們仍然處於 10% 到 10.5% 範圍的高端的原因，僅僅是因為環境中仍然存在大量的不確定性。

We have an upsurge in our profitability projected but making sure that we get there and that we get the CRE worked out when we feel the environment is in a better place, and we've accomplished some of those aspects, then I think we could be in a position to start to migrate down within that range. But anyway, that's how we think about it.

我們預計盈利能力將大幅提升，但要確保實現這一目標，並在我們認為環境好轉時解決商業地產問題，並且完成其中一些方面，那麼我認為我們就可以開始在這個範圍內向下遷移。總之，我們就是這麼想的。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

This is [George Runi] on for John. Just wanted to revisit the Private Bank rollout specifically. In that $11 billion to $13 billion Private Bank related loans in 2026, can you break down what loan categories within the Private Bank you're seeing growth? Any puts and takes there? And then longer term, how should we think about the loan-to-deposit ratio trending in the Private Bank?

這是喬治·魯尼替約翰主持的節目。我只是想特別回顧一下私人銀行的推出情況。在2026年私人銀行相關貸款總額達到110億至130億美元的情況下，您能否細分一下您認為私人銀行中哪些貸款類別正在成長？有什麼買賣交易嗎？那麼從長遠來看，我們該如何看待私人銀行的存貸比趨勢呢？

Yeah, it's Brendan. I can take that. It's pretty balanced growth. So about a third of it, I would say, is coming from C&I private equity-based lending. We have -- about half of the balance sheet is, I'd say, residential and real estate, so mortgage and granular multifamily commercial real estate, as I mentioned before, tied into deep Wealth Management base clients.

對，是布倫丹。我可以接受。這是相當均衡的成長。所以，我認為其中大約三分之一是來自工商業私募股權貸款。我們資產負債表上大約一半是住宅和房地產，包括抵押貸款和細分的多戶商業地產，正如我之前提到的，這些都與深厚的財富管理客戶群息息相關。

And then there's a smaller portion in sort of other consumers. So our HELOC capabilities are making their way over to these clients, some small credit cards, some specialty unsecured lending loans in the Private Banking portfolio.

還有一小部分是其他類型的消費者。因此，我們的房屋淨值信用額度 (HELOC) 服務正在逐步推廣到這些客戶，包括一些小額信用卡和私人銀行產品組合中的一些特殊無擔保貸款。

The [PLT] partner loans that we're leveraging to convert. Our private equity community into personal Private Banking relationships. So it's pretty broad based, but the largest categories are C&I, granular multifamily, CRE and residential lending mortgage.

我們正在利用[PLT]合作夥伴貸款進行轉換。我們將私募股權社群融入個人私人銀行關係中。所以它的基礎相當廣泛，但最大的類別是商業和工業貸款、細分多戶住宅貸款、商業房地產貸款和住宅抵押貸款。

We expect that to continue as rates to pull back. The traditional personal Private Banking should pick up. That would -- again, going to -- the portfolio will benefit from HELOC and continued residential lending, and as our card portfolio picks up, we have optimism that, that can be a more meaningful player in the Private Bank over time.

我們預計隨著利率回落，這種情況還會持續。傳統個人私人銀行業務應該會有所改善。再次強調，這將使投資組合受益於房屋淨值信用額度和持續的房屋貸款，隨著我們的信用卡組合逐漸增多，我們樂觀地認為，隨著時間的推移，信用卡組合將成為私人銀行中更重要的參與者。

Yeah, I would just add to that, that we've been in business now for a couple of years. We haven't had one -- I'm going to touch wood here when I say this, we haven't had $1 of credit losses, and that historically was the track record of these bankers when they operated on the First Republic platform. So very strong credit discipline, very deep relationships, lending to people that we know well and getting good credit results.

是的，我還要補充一點，我們已經經營幾年了。我們沒有——我必須說，我們一分錢的信貸損失都沒有，而這正是這些銀行家在第一共和銀行平台上運作時的歷史記錄。因此，我們擁有非常嚴格的信貸紀律、非常深厚的客戶關係，只向我們熟識的人放貸，並且獲得了良好的信貸結果。

You asked about the LDR too. Sorry, I didn't answer that. Our 25% ROE is certainly benefiting from a little bit wider loan-to-deposit ratio than we probably would expect in a steady state. And so -- but you can also see in our guide, we don't expect dramatic meaningful changes in the short term. We're going to expect pretty balanced growth across deposits and lending.

你也問過關於長距離耳機的問題。抱歉，我沒有回答這個問題。我們 25% 的 ROE 當然得益於比我們預期在穩定狀態下更高的貸款存款比率。所以——但您也可以在我們的指南中看到，我們預計短期內不會發生劇烈而有意義的變化。我們預計存款和貸款將保持相當均衡的成長。

So we expect a self-funding mechanism here where not only is the LDR led with deposits, but the lendable deposits also fully self-fund the loan growth that we're getting. Having said that, over the medium-term outlook, I would expect the LDR to tighten maybe from in the 60s where we are today into the 80% range potentially. But that's -- if rates pull back. Right now, we still think it's -- it will be in this range of 60% to 70% for the next year to six quarters.

因此，我們預計這裡將出現一種自籌資金機制，不僅貸款存款比率由存款引領，而且可貸存款也將完全自籌資金以滿足我們正在獲得的貸款增長。話雖如此，從中長期來看，我預計貸款比率可能會從目前的 60% 左右收緊到 80% 左右。但前提是利率回落。目前，我們仍然認為——在未來一年到六個季度內，這一比例將保持在 60% 到 70% 的範圍內。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

A bit of a follow-up to some comments you just made. I wanted to ask about the deposit growth assumption. I found it interesting. I think what's driving the higher net outlook, but your earning asset growth is actually a bit above the loan growth on slide 23. So just trying to get a sense of deposit growth assumptions. And obviously, give us the a Private Bank, which is the one piece, but just the overall assumptions there and the confidence in that level?

我來補充一下你剛才的一些評論。我想問一下存款成長假設的問題。我覺得很有趣。我認為推動淨收益預期上升的因素是，你的獲利資產成長實際上略高於第 23 頁幻燈片中的貸款成長。所以，我只是想了解一下存款成長的預期情況。顯然，我們需要一家私人銀行，這是其中的一部分，但我們對這方面的總體假設以及對該水平的信心又如何呢？

Yeah. Well, we don't have a deposit guide here, but I think the expectation, Matt, is that the LDR will stay relatively stable over the course of the year. So we brought it down. You may recall, we were operating back in '23 kind of in the high 80s. We brought it down in '24 into the low 80s.

是的。嗯，我們這裡沒有存款指南，但我認為，馬特，大家的預期是貸款利率在今年內會保持相對穩定。所以我們把它拆了。你可能還記得，我們​​早在 1923 年就開始營運了，當時的產業氛圍大概是 80 年代末期。我們在 2024 年將其降至 80 華氏度左右。

We now have it down into the high 70s, which is a place that I think we can sustain that and feel good about kind of the liquidity position there. And so that's kind of the overall forecast. I don't know, Aunoy, if you want to add anything to that?

現在我們已經將其降至 70 多美元，我認為我們可以維持在這個水平，並且對目前的流動性狀況感到滿意。以上就是整體預測。奧諾伊，我不知道你是否還有什麼要補充的？

Yeah. I think the only other thing to add would be probably our noninterest-bearing deposit growth has been very steady as well, both coming from the Private Bank and as well as the Consumer Bank. We expect that 22% to be in the zone as we go through.

是的。我認為唯一需要補充的是，我們的無利息存款成長也非常穩定，無論是來自私人銀行還是來自消費銀行。我們預計，在整個過程中，將有 22% 的人處於該區域。

The two points I'd add on the noninterest-bearing would be -- we've gone through a period post COVID, three years of consistent headwinds on spending out the excess surplus. 2025 was a year of that kind of running its course and flattening out. We started to see some very modest DDA growth and most benchmarks in the consumer bank. We were number one in our peer set on relative DDA performance versus peer banks. We expect that relative position to continue and move from a flattening to starting to see some very modest DDA growth.

關於不計息債券，我想補充兩點：一是新冠疫情后，我們經歷了三年持續的財政盈餘支出阻力；二是2025年，這種阻力逐漸減弱並趨於平緩。我們開始看到消費銀行的DDA成長非常溫和，大多數基準指標也出現了成長。在同業銀行中，我們的相對DDA表現排名第一。我們預計這種相對地位將繼續保持，並從趨於平穩轉變為開始出現一些非常溫和的DDA成長。

And then the Private Bank you can see our DDA percentage in the high 30s, but it's important to also look at checking with interest, the entirety of the personal banking deposits in the Private Bank are in checking with interest, which is de minimis interest.

然後，您可以看到私人銀行的活期存款百分比在 30% 以上，但同樣重要的是要查看有息支票帳戶，私人銀行的所有個人銀行存款都是有息支票帳戶，而這部分利息微乎其微。

When you add that in, our actual low-cost mix is in the mid-40s, and we expect that range to continue the combination of DDA plus checking with interest. So healthy, healthy growth in the Private Bank and noninterest-bearing, or low interest-bearing, and continued number one performance or top quartile performance in the consumer bank on relative DDA.

加上這些因素，我們實際的低成本組合在 40% 左右，我們預計這一範圍將繼續保持 DDA 加支票帳戶加利息的組合。因此，私人銀行和非計息或低計息業務實現了健康、健康的成長，而消費銀行在相對DDA方面繼續保持第一名或前四分之一的表現。

And then just on the interest earning asset growth, it's kind of 1% to 2% both loan growth and maybe deposit growth. Anything else driving that? I think we've seen more banks point to, kind of, less earning asset growth on loan growth and yours is the opposite. So I was just wondering if there's something else kind of driving that? I think you've expanded your swap business for customers. So I don't know if there's something with trading assets, or a rethinking of how you hedge the balance--?

而就生息資產成長而言，貸款成長和存款成長可能都只有 1% 到 2%。還有其他原因嗎？我認為我們已經看到越來越多的銀行指出，其獲利資產成長低於貸款成長，而你們的情況恰恰相反。所以我想知道是否有其他因素在驅動這種情況？我認為你們已經擴大了面向客戶的換貨業務。所以我不知道這是否與交易資產有關，或者是否需要重新思考如何對沖風險餘額——？

I would say, the spot loans is 3% to 5%, and earning assets kind of 4% to 5%. So there may be a little build in liquidity, we may be adding to the securities book. Part of that is looking at the lendable deposits and the, kind of what we see as growth in the Private Bank deposits, which have a little lower lendability than the consumer deposits do. And so it's really probably just a little mix in where we're building a bit of our liquidity to go match what we're doing in terms of the deposit composition growth.

我認為，現貨貸款利率在 3% 到 5% 之間，而生息資產利率在 4% 到 5% 之間。因此，流動性可能會略有增加，我們可能會增加證券持有量。其中一部分是檢視可貸存款，以及我們看到的私人銀行存款的成長情況，私人銀行存款的可貸性比消費者存款略低。因此，這可能只是我們在增加流動性以匹配存款構成成長方面所做的一些調整。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess just a couple of quick follow-ups. As we think about the 16% to 18% return ROTCE exiting '27, it implies the margin probably being somewhere between around that [3.40%] to [3.50%]. Am I thinking about that correctly?

我想再補充幾個問題。當我們考慮2027年底16%至18%的ROTCE回報率時，這意味著利潤率可能在3.40%左右。[3.50%]。我這樣理解對嗎？

Yeah, I would say -- think of that, Ebrahim, in that zone, Yeah.

是的，我想說──想想看，易卜拉欣，在那種狀態下，是的。

And then -- and beyond that, as we think about the new growth that's coming on the balance sheet. On slide 19 for Private Bank, you called out the 4.1% spread on that growth. I'm just wondering if you had to have a similar number for the entire balance sheet in terms of growth, where would you say that new growth is coming? Is it close to 4%, close to 3%? I would love any color there?

然後——以及更進一步，當我們思考資產負債表上即將出現的新增長時。在私人銀行的第 19 張投影片中，您提到了 4.1% 的成長利差。我只是想知道，如果整個資產負債表的成長數字與此類似，您認為新的成長點在哪裡？接近 4% 還是接近 3%？我喜歡那裡的任何顏色？

Yeah. That's an interesting question. I guess I would say the spread in the Private Bank and the Consumer Bank are relatively higher, the spread in Commercial is relatively lower. Commercial, you're extending credit to build relationships and do the cross-sell to your fee-based complex. So that's a little bit of the dynamics there.

是的。這是一個有趣的問題。我認為私人銀行和消費銀行的利差相對較高，商業銀行的利差也相對較低。在商業領域，你透過提供信貸來建立關係，並向你的收費綜合體進行交叉銷售。這就是其中的一些動態。

Got it. And just one more, Bruce, on the Private Bank. Seven offices, four more to go. Why is that number not larger? Like is it -- is there only so much that you can do from a management bandwidth standpoint? Or do you think once you have these 10 to 15 Private Bank offices you've saturated the opportunity?

知道了。布魯斯，關於私人銀行，我還有一個問題。七個辦事處，還剩四個。為什麼這個數字不更大？比如說——從管理頻寬的角度來看，你能做的事情是不是就只有這麼多？或者你認為一旦有了這 10 到 15 家私人銀行辦事處，機會就飽和了嗎？

Well, I'll start and flip it to Brendan. But I'd say from a bandwidth standpoint, you want to make sure that these offices are really premium locations and premium fit out and premium high-quality people is staffing them.

那我先開始，然後把麥克風交給布倫丹。但從頻寬的角度來看，你需要確保這些辦公室位於黃金地段，擁有高檔的裝修，並且配備了高素質的專業人員。

And so we've done a lot. And we have another big agenda for this year, but we're certainly not done when you get to exhaust the list that we have in front of us for '27. We have a couple more in the pipeline that are straddling between '26 and '27.

所以我們已經做了很多。我們今年還有另一個重要的計劃，但當我們把 2027 年的計劃清單全部列出來時，我們肯定還沒有完成。我們還有幾部影片正在籌備中，上映日期介於 2026 年至 2027 年之間。

And then we have densification of some of our East Coast locations in Florida still in front of us when we look out into '27. So I think ultimately, you could see this number get up to something like 25 or 30, and when we've kind of reached maturity with the private banking locations that we have before we would think about potentially other geographic expansion. But Brendan, I'll flip it to you.

然後，當我們展望 2027 年時，我們還要考慮佛羅裡達州東海岸一些地區的密集化問題。所以我認為最終這個數字可能會達到 25 或 30 左右，當我們現有的私人銀行分行發展成熟後，我們會考慮其他地區的擴張。但是布倫丹，我把機會交給你。

Yeah. Our confidence is clearly increasing every quarter that gets behind us on our ability to drive sustainable growth and high quality. But if you kind of rewind the clock back to four quarters ago, we were very committed to make sure we deliver the profitability profile that we shared with you all before we got too far out over our skis.

是的。每個季度過去後，我們對自身實現永續成長和高品質能力的信心都在不斷增強。但如果你把時間倒回四個季度前，我們當時非常致力於確保實現我們先前與大家分享的獲利目標，以免我們走得太遠。

So we've been very thoughtful in terms of where to put these locations. It's very connected business model, I call it first floor, second floor. First floor being, kind of, retail banking for private banking customers. Second floor being senior RMs and Wealth teams that are not necessarily working the retail branch, but they're bringing in clients. We've got to grow that in a connected way. So -- and we're keeping a very, very high bar on quality. We don't want to grow so fast that we compromise on having best-in-market team.

因此，我們在選擇這些地點時非常謹慎。這是一個環環相扣的商業模式，我稱之為第一層、第二層。一樓主要是針對私人銀行客戶的零售銀行服務。二樓是高階客戶經理和財富管理團隊，他們不一定會在零售分行工作，但他們會招攬客戶。我們必須以相互關聯的方式來發展它。所以——我們對品質的要求非常非常高。我們不希望發展太快，以至於犧牲擁有業界最佳團隊的能力。

So we've got aspirations for more sites. We'll continue to add them as we get the right teams, as we get the right locations. We're starting to think about geographic expansion. We also have to think about filling in the rest of our Citizens footprint. You've got plenty of markets that we have high net worth individuals in today where we don't yet offer the full Private Banking package.

所以我們希望建立更多站點。我們會隨著團隊和地點的調整，繼續增加這些項目。我們開始考慮地域擴張。我們還需要考慮如何填補市民服務的其他空白。目前，我們有許多高淨值客戶所在的市場，但我們尚未提供完整的私人銀行服務。

And so in addition to adding more sites, you may see a handful of very targeted either conversions or dual branded sites with retail and private banking coming online where we can offer the full service of the bank, the full one Citizens in the same market, so -- with commercial partnering as well. So a lot to do. We expect a steady diet of continued openings and opportunistically, we find talent in good locations, we'll upsize our ambition.

因此，除了增加更多網站之外，您可能會看到一些目標明確的轉換網站或零售銀行和私人銀行的雙品牌網站上線，我們可以在同一市場提供完整的銀行服務，完整的 Citizens 服務，以及商業合作。所以有很多事情要做。我們預計會有持續穩定的職缺，一旦在優越的地理位置發現人才，我們將加強招募。

David Chiaverini, Jefferies.

David Chiaverini，傑富瑞集團。

So I wanted to ask about the efficiency ratio outlook. It looks very strong. Mid-50s, medium term versus the 62% in the fourth quarter. Can you talk about what could drive the high end versus the low end of the mid-50s outlook?

所以我想問一下效率比率的前景。它看起來很結實。中期來看，50%左右，而第四季為62%。您能否談談哪些因素可能導致50歲中期預期出現高低兩端？

Yeah. Well, there's a couple of dynamics here that right off the bat, if you overlay the, kind of, termination of these swaps and look at some of the built-in kind of active swaps and fixed asset repricing that we think is pretty assured, you can get from 62% into the high 50s.

是的。嗯，這裡有一些動態因素，首先，如果你把這些互換的終止情況疊加起來，再看看一些我們認為相當有保障的內置主動互換和固定資產重新定價，你就能從 62% 降到 50% 以上。

And if you overlay the RTB that can further take you down into the mid-50s. And then all along, we're trying to run with positive operating leverage even if you strip out the benefit of the NIM expansion. So those are really the three things that are kind of driving you back down to something in the mid-50s. So I think it's a very realistic target.

如果再加上 RTB，價格還能進一步降到 50 多美元。而且，即便剔除淨利差擴張帶來的好處，我們始終也努力實現正的經營槓桿。所以，正是這三件事讓你的體重回落到 50 磅以上左右。所以我認為這是一個非常現實的目標。

And my follow-up is on AI. You've been front-footed on AI versus some of your peers. Can you talk about your AI spend and some of the use cases you're seeing?

我的後續問題是關於人工智慧。在人工智慧領域，你比一些同行走在了前面。能否談談貴公司在人工智慧方面的支出以及您目前看到的一些應用案例？

Yeah. Our AI spend has -- I would call it backwards looking in 2025, has been a combination of very small targeted pilots and learnings and building the right control infrastructure to get ourselves ready for this, including moving completely to the cloud in 2025 and big investments in data.

是的。我們的人工智慧支出——我稱之為回顧 2025 年——是小規模有針對性的試點和學習，以及建立正確的控制基礎設施來為此做好準備的組合，包括在 2025 年完全遷移到雲端以及對資料進行大量投資。

So to actually take the AI capabilities and commercialize it, a lot of foundational things need to be true. So some of this happened in 2025. Candidly, some of this started back in 2020, 2021, where we're really getting some bigger investments in broadening our data capabilities, modernizing the tech stack to put us in a position for this.

因此，要真正將人工智慧能力商業化，許多基礎性條件必須成立。所以其中一些事件發生在 2025 年。坦白說，其中一些工作始於 2020 年和 2021 年，當時我們加大了投資力度，擴大了數據能力，並對技術堆疊進行了現代化改造，使我們具備了應對這種情況的能力。

So enabling investments has been high. Very specific kind of last mile AI investments, I think, have been very relatively modest. But as we turn the page to 2026, the dial turns a little bit. So a couple of the use cases, of course, we highlight them on page, I guess, it's 21 in the deck, and you can look at that, but I'll maybe highlight two or three of them.

因此，扶持性投資一直很高。我認為，針對最後一公里人工智慧的特定投資領域，規模一直都比較有限。但當我們翻到 2026 年時，情況發生了一些變化。當然，我們會在投影片的第 21 頁重點介紹一些用例，您可以查看，但我可能會重點介紹其中兩三個。

The call center, as an example, we think that the combination of modernizing the tech stack for the call center front to back, plus introducing voice AI and other mechanisms, we can get in the range over the medium-term outlook, 50% of our call center calls out of a human answering now. That is something we're very excited about. It's not hopes and dreams. We've seen this in development and an action in smaller firms, tech -- banks and otherwise. So we're leaning in heavily there.

以呼叫中心為例，我們認為，透過對呼叫中心前端到後端的技術堆疊進行現代化改造，再加上引入語音人工智慧和其他機制，我們可以在中期內實現呼叫中心 50% 的電話不再由人工接聽。我們對此感到非常興奮。這不是希望和夢想。我們已經在發展中看到了這一點，並且在規模較小的公司、科技公司（包括銀行和其他公司）中也看到了這種現象。所以我們正大力投入這方面。

Technology development, accelerating productivity of an engineer is a use case that we also have high confidence in that through leveraging AI, we can have a 5 to 10x of productivity with our engineers, that the AI is taking the first crack at writing the code, where developers are now QA/QC-ing seeing the code, adding the last mile and then ultimately having the AI also work on the first round of testing and quality assurement of the code.

技術發展，提高工程師的生產力，是我們有信心透過利用人工智慧將工程師的生產力提高 5 到 10 倍的應用案例。人工智慧會先嘗試編寫程式碼，開發人員現在負責品質保證/品質控制，查看程式碼，完成最後的完善工作，最終讓人工智慧也參與程式碼的第一輪測試和品質保證。

And then maybe lastly on just analytics. Fraud, credit risk. These are tried and true AI use cases that with, particularly in the consumer bank relative to fraud and credit analytics where you're underwriting and decisioning on a cohort basis, leveraging AI to reengineer front to back how we think about credit analytics, portfolio monitoring, fraud detection, model enhancement. These are all very real use cases that are practical in our sites, and we've got reasonable confidence that we can go at them.

最後，也許可以談談數據分析。詐欺、信用風險。這些都是經過實踐檢驗的人工智慧應用案例，尤其是在消費銀行的詐欺和信用分析領域，在以群體為基礎進行核保和決策時，利用人工智慧從頭到尾重新設計我們對信用分析、投資組合監控、詐欺偵測和模型增強的思考方式。這些都是我們網站上非常實際的應用案例，我們有相當大的信心能夠實現它們。

So you'll start to see in the Reimagine the Bank effort there's an overlay of tech spend in addition to our run rate tech spend we're spending on the franchise that will be principally pointed at AI deployment for Reimagine the Bank. So we're carving out a meaningful chunk of overlay for tech spend that will wind up in our depreciation line over time, which is incorporated in our guide relative to the net benefits of Reimagine the Bank.

因此，您將會看到，在「重塑銀行」計畫中，除了我們為該特許經營權投入的日常技術支出外，還有額外的技術支出，這些支出將主要用於「重塑銀行」的人工智慧部署。因此，我們正在為技術支出預留相當一部分額外資金，這些資金最終會隨著時間的推移計入我們的折舊項，這已納入我們關於「重塑銀行」淨收益的指南中。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Bruce, since going public, you've done a very good job of delivering on growing this organization that you head up and clearly, you've done it in this Wealth Management area most recently, the Private Bank. Can you guys share with us the growth that you're planning for this year, the $16 billion to $20 billion of client assets.

Bruce，自從公司上市以來，你一直非常出色地發展壯大你領導的這家機構，而且顯然，你最近在財富管理領域，特別是私人銀行方面，取得了顯著成就。你們能否和我們分享今年的成長計劃，即客戶資產達到 160 億美元至 200 億美元？

How much is that coming existing customers of their portfolios, versus just new customers coming in with you're going to maybe hire more teams? And then I don't know if you can parse, how much of a benefit has this three-year bull market been on this business?

這其中有多少是來自現有客戶的收益，又有多少是來自新客戶的收益（例如，您可能需要招募更多團隊）？那麼，我不知道您是否能分析清楚，這三年的牛市為這家企業帶來了多大的好處？

Yeah. I'm going to flip this to Brendan quickly. But what I would say is that what you're seeing on that Private Bank slide is simply the growth of $6 billion to $10 billion in kind of this lift-out venue that's serving their Private Bank partners. And some of that comes from the continued acquisition of new teams, but the majority is going to come from just the people that are on the platform getting their full book converted in and then growing as they start to serve the Private Bank and private wealth. So that's part of the story.

是的。我這就迅速把這個交給布倫丹。但我想說的是，你在私人銀行幻燈片上看到的，只是為他們的私人銀行合作夥伴提供服務的這種外部管道，其規模增長了 60 億至 100 億美元。其中一部分成長來自不斷收購新團隊，但大部分成長將來自平台上的現有團隊將其全部業務整合到平台上，並在開始服務私人銀行和私人財富的過程中不斷發展壯大。這是故事的一部分。

Beyond that, not shown on this page, we have our branch-based business that is going exceptionally well. And then we have Clarfeld, which was a legacy RIA that we acquired, which is working closely with the Private Bank at this point. But when you add that all together, the kind of AUM, kind of, assets that we have in -- what we refer to as client assets, which concludes transactional balances is about $60 billion and kind of core AUM on that is about half of that. And so that now is a number that's growing very nicely across kind of all those three sectors.

除此之外，本頁未顯示的是我們以分公司為基礎的業務，該業務發展得非常好。然後我們還有 Clarfeld，它是一家我們收購的傳統 RIA 公司，目前正與私人銀行密切合作。但把所有這些加起來，我們擁有的資產管理規模（AUM），也就是我們所說的客戶資產（包括交易餘額）約為 600 億美元，而核心資產管理規模約為其中的一半。因此，目前這三個領域的數字都在穩定成長。

So we have the Private Bank growing. We're finding an ability to rejuvenate Clarfeld growth and then the branch business is running very, very nicely and achieving strong growth. So we're excited that that wealth fee line can continue to hit new records kind of quarter after quarter as it did in 2025. Brendan, you can provide more color?

所以我們的私人銀行業務正在發展壯大。我們有能力重振 Clarfeld 的成長，而且分行業務運作得非常好，實現了強勁成長。因此，我們很高興看到財富管理費用能夠像 2025 年一樣，一個季度又一個季度地創下新紀錄。布蘭登，你能提供更多細節嗎？

Yeah. Sounds good. On the privates, I'll unpack both of them very quickly. On the Private Banking side, just one strategic point to make. It's hard to totally separate the adding of new talent from the referrals coming from the banking teams that we hired, because you need them both in place for either of them to happen.

是的。聽起來不錯。至於私處，我會很快把它們都拆開。在私人銀行業務方面，只有一點點策略要點需要說明。很難將新人才的加入與我們聘請的銀行團隊的推薦完全分開，因為兩者都需要到位才能實現。

And once you get the new talent in, it is true that 80% to 90% of their previous book will follow them over, and we have seen that, and we've actually seen better performance than that on most of our teams that we've lifted out. But they also have new productivity. They're bringing in their own clients on the Wealth side, but then they're referring them back to the bank. So this is a bidirectional referral model.

一旦引進了新人才，他們之前 80% 到 90% 的客戶都會隨之而來，我們已經看到了這一點，而且實際上，在我們提拔的大多數團隊中，他們的表現都比這更好。但它們也帶來了新的生產力。他們在財富管理方面帶來了自己的客戶，但之後又把這些客戶轉回了銀行。所以這是一個雙向推薦模式。

On the banking side, we have seen an acceleration of referrals as we've got high-quality wealth teams on through 2025, we expect that to continue into 2026 at a healthy clip. So as the business gets more granular, as we convert some of the business banking clients into personal banking, have the right wealth teams, we expect a continued acceleration of new business flow coming from that into these new Wealth teams.

在銀行業務方面，我們看到轉介業務加速成長，因為我們擁有高品質的財富管理團隊，並將持續到 2025 年，我們預計這種情況將以良好的速度延續到 2026 年。隨著業務的細分化，隨著我們將一些企業銀行客戶轉化為個人銀行客戶，並擁有合適的財富管理團隊，我們預計這些新財富管理團隊的新業務流量將持續加速成長。

And we expect -- we've been doing one to two teams a quarter of new lift-outs. I would expect us to be in that range over the course of 2026 as well. So a supplement of accelerating referrals, adding new teams, new teams bringing their back books plus new teams, bringing new business and hitting the market hard.

我們預計—我們每季都會有 1 到 2 個團隊進行新的吊掛作業。我預計到 2026 年，我們的數據也將維持在這個範圍內。因此，需要採取以下措施：加快推薦速度，增加新團隊，新團隊帶回他們的客戶群，再加上新團隊，帶來新業務，並大力開拓市場。

On the mass affluent front, about 55% of our fee income, or our AUM I should say, is actually in the branch-based business. And about 60% of our fee income is from the mass affluent business. So that business grew in 2025 by 15% on the AUM side, and 25% on the fee income side. And the effective rate of revenue on the mass affluent business is roughly twice that of the Private Bank. So you're getting significant profitability jaws by growing that business as well.

在大眾富裕客戶方面，我們約 55% 的費用收入（或應該說是我們的資產管理規模）實際上來自分公司業務。我們約 60% 的費用收入來自大眾富裕客戶群。因此，到 2025 年，該業務的資產管理規模增加了 15%，費用收入增加了 25%。而面向大眾富裕階層的業務的實際收益率大約是私人銀行的兩倍。所以，透過發展這項業務，你也能獲得可觀的利潤成長。

We had record referrals coming from our retail bank. We've got an overhaul of talent and our advisers that sit in the branches. We've grown that adviser base by about 50 advisers in 2025. We expect that to continue. So we're seeing sort of all boats rise with the rising tide, the wealth brand that we're building and the capabilities that we're building are coming through in all the client segments.

我們的零售銀行帶來的推薦客戶數量創下了歷史新高。我們對人才和各分支機構的顧問進行了全面改革。到 2025 年，我們的顧問團隊將增加約 50 名顧問。我們預計這種情況會持續下去。所以我們看到，隨著水位上漲，所有的船都隨之上升，我們正在打造的財富品牌和我們正在建立的能力正在所有客戶群中得到體現。

We're getting a real strong uptick from Don's business as the commercial team has more confidence in the teams that we bring on. Your comment about the bull market, it is true. Bull market helps. Market betas helped. About one third of our Private Banking revenue uplift was driven by market betas.

由於商務團隊對我們引進的團隊更有信心，Don 的業務正在強勁成長。你關於牛市的評論是正確的。牛市有利。市場β值起到了作用。我們私人銀行業務收入成長約有三分之一是由市場波動帶來的。

But you can't capture that market beta unless you acquire the customers to begin with. So there's a bit of a virtuous circle here that's happening here as we're getting outsized new customer growth, outsized talent growth, and catching the market beta as it moves from whatever firm they exited over to Citizens. So we feel really pleased with where we're at, and we expect continued positive momentum across all segments.

但如果一開始就沒有獲得客戶，就無法抓住市場機會。所以這裡形成了一個良性循環，我們獲得了超乎尋常的新客戶成長、超乎尋常的人才成長，並且抓住了市場從他們退出的公司轉移到 Citizens 的機會。因此，我們對目前的狀況感到非常滿意，並預計所有業務板塊將繼續保持積極的成長勢頭。

You have another question, Gerard?

傑拉德，你還有其他問題嗎？

As a follow-up, taking a step back, Bruce for a second. Obviously, you've grown the company, and you've painted a very strong organic growth picture for this year, but you've grown in successfully through timely acquisitions, whether it was investors in 2022 with the HSBC branches, as well as JMP.

作為後續，布魯斯退後一步，再說一秒鐘。顯然，你們發展壯大了公司，並為今年描繪了一幅非常強勁的內生成長圖景，但你們也是透過及時的收購而成功發展的，無論是 2022 年收購匯豐銀行分行的投資者，還是收購 JMP。

When you kind of -- with the regulatory environment being very supportive of consolidation, can you give us your big picture view of how you think shaping up in opportunities for Citizens over the next couple of years?

鑑於監管環境非常支持整合，您能否從宏觀角度談談您認為未來幾年Citizens公司將面臨哪些機會？

Yeah. I'd say -- and I said this in my opening prepared remarks that right now, we have such great organic growth opportunities that that's our focus. And so we're not going to run out a knee jerk the windows open, it might close, we should try to hunt around and find a deal to do.

是的。我想說——我在開場白中也說過——目前我們擁有如此巨大的內生成長機會，這就是我們的重點。所以我們不能貿然行動，打開窗戶，它可能會關閉，我們應該四處尋找並達成交易。

I think the better course of action here is make sure that the Private Bank stays on its trajectory, and we really make that a sustainable, great business. That, in effect, was our acquisition. When you look at the accretion that's coming from it. We took a risk and took -- spend some start-up capital and it's working out spectacularly well.

我認為更好的做法是確保私人銀行保持其發展軌跡，並真正使其成為一家可持續發展的優秀企業。實際上，這就是我們的收購過程。當你觀察它所形成的吸積物。我們冒了險，投入了一些啟動資金，結果非常成功。

And then Reimagine the Bank is another big effort that is involving many of our top talent across the bank to make that work. And so just from a pure bandwidth standpoint, we want to make sure that these things are hardening and maturing and on their way to success before we kind of step back and think about anything that would be inorganic.

「重塑銀行」是另一項重大舉措，它匯集了銀行內許多頂尖人才，共同努力實現這一目標。因此，僅從頻寬的角度來看，我們希望確保這些事情正在不斷完善和成熟，並朝著成功的方向發展，然後再退後一步，考慮任何非自然因素。

There might still be opportunities to do. Kind of some of the little -- kind of business line adds that we've done in the past, such as an M&A boutique. We have these lift-outs that we're doing, but that's pretty much where our focus will be this year.

或許還有機會。有點像我們過去做過的一些小型業務拓展，像是併購精品公司。我們正在進行這些提拔作業，但今年我們的重點基本上就在這裡。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

The 16% to 18% back half of next year ROE guide, looking at our numbers and consensus for, you call it, a little bit closer to 15%. I hear you on the SEB that maybe gets you to 50 basis points. And the combination of revenues, credit expenses probably gets you to the low end. Interested in kind of a gut check on our math and also to get firmly into the range, is it about the expense growth rate from Reimagine the Bank moderating? Or is it something else?

明年下半年的 ROE 指引值為 16% 至 18%，但根據我們的數據和共識來看，實際值可能更接近 15%。我明白你的意思，SEB或許能幫你達到50個基點。收入和信貸支出加起來，很可能就只剩下最低額度了。想對我們的計算結果進行一番直觀的檢驗，並確定其是否在合理範圍內，這是否與「重塑銀行」計劃的費用增長率趨於緩和有關？還是另有隱情？

No. I'd say, again, we think we can hit -- get into that low end of that range kind of by the end of the year. It's not a full year forecast for '27, just to be clear. And then when we look out to the next year in '28, that's when we can fully deliver that. So -- so we're on the journey.

不。我再次表示，我們認為到今年年底，我們可以達到——達到該範圍的下限。需要說明的是，這並不是 2027 年全年的預測。展望 2028 年，那時我們才能全面實現這一目標。所以——所以我們踏上了旅程。

We think we made some strides this year. I think the acceleration, again, do the math on what the EPS growth is and is very significant based on this guide. That will make another big step forward in '26 in that ROTCE performance. And then we tend to peak in the fourth quarter of every year. It tends to be a very seasonally high year.

我們認為今年取得了一些進步。我認為加速成長，再次計算每股盈餘成長情況，根據這份指南來看，成長幅度非常顯著。這將使 2026 年 ROTCE 的表現再向前邁出一大步。而且，我們的業績往往會在每年的第四季達到高峰。這往往是季節性高產量的一年。

So our -- like just like this year, we were above the year average with a [12.2%] exit rate in '26. We'll end up -- the fourth quarter will be a higher number than our year average, and then '27, kind of the same thing. So we see a path to getting there. And I think it's really just driving these initiatives, having the NIM continue to expand everything that we put in our guide.

所以，就像今年一樣，我們在 2026 年的退出率高於年度平均水平，為 12.2%。最終，第四季的數字會高於全年平均水平，2027 年的情況也差不多。所以我們看到了實現目標的途徑。我認為這確實推動了這些舉措，讓 NIM 繼續擴展我們指南中的所有內容。

Great. And then just a quick follow-up on reserves. I hear you on the moderating credit costs. If you compare the reserves adjusted for the balance sheet optimization, I guess, where are we relative to CECL day 1?

偉大的。最後，簡單跟進一下儲備狀況。我同意你關於控制信用成本的觀點。如果將根據資產負債表優化調整後的儲備進行比較，我想，我們相對於 CECL 第一天的情況如何？

Yeah. There's a number of things. We had the noncore rundown. We had some loan sales within student. And then we did the investors acquisition. So like there's a whole series and then a lot of BSO. But I think -- no, you correct me if I'm wrong, I think it's about 110-ish would be the CECL day 1. So it actually was mid-40s, 45 or so the original CECL day 1.

是的。有很多事情。我們對非核心業務進行了概述。我們有一些學生貸款銷售。然後我們進行了投資者招募。所以就像有一整套劇集，然後還有很多BSO。但我認為——不，如果我錯了請糾正我，我認為 CECL 第一天的數字應該在 110 左右。所以實際上，CECL 第一天的指數是 40 多度，大概 45 度左右。

But the things that we talk about is really having a very disciplined risk appetite and continuing to improve the overall credit risk profile. We brought that [145] back down to about [110]. And so to have to be in the low 150s at this point, still shows a fair amount of conservatism and a very healthy level of reserves.

但我們真正討論的是要保持非常自律的風險偏好，並不斷改善整體信用風險狀況。我們把[145]降到了大約[110]因此，目前仍需保持在 150 左右的水平，這仍然顯示出相當程度的保守主義和非常健康的儲備水平。

Ken Usdin, Autonomous Research.

Ken Usdin，自主研究。

Just one quick one. Just bringing everything together on the Private Bank, you guys continue to point out slide 24, the impact of the Private Bank on overall expense growth. So 1.8% of the 4.5-ish this year. To your point about where growth is and where growth comes from, do we get this year and get to kind of a lower natural growth incremental rate from the Private Bank? Or do you just kind of see what the opportunity set is as you look further out and potentially then move that to other potential investments?

就一個問題。把所有關於私人銀行的內容匯總起來，你們繼續指出第 24 張投影片，也就是私人銀行對整體支出成長的影響。所以佔今年4.5%左右的1.8%。關於您提到的成長點在哪裡以及成長來自哪裡，我們今年能否實現私人銀行較低的自然成長增量率？或者，您只是放眼未來，看看有哪些機會，然後可能會將這些機會轉移到其他潛在投資上？

I think there's still more build for the Private Bank. And the other thing I would say, Ken, is not only do we have a very robust total revenue growth outlook for '26. We have a similarly robust outlook for '27. So when you think about -- if you're growing your top line around 10% and you grow your expenses at 4.5%, you're delivering massive positive operating leverage.

我認為私人銀行還有更大的發展空間。肯，我還要補充一點，我們不僅對 2026 年的總營收成長前景充滿信心。我們對2027年的前景同樣充滿信心。所以想想看——如果你的收入成長了 10% 左右，而支出增加了 4.5%，那麼你就實現了巨大的正向經營槓桿效應。

And the good news there is these are very prudent targeted investments in terms of building a great Private Banking franchise, continuing to strengthen and invest in the Commercial Bank in these expansion markets and how we're covering private capital.

好消息是，這些都是非常審慎的定向投資，旨在打造一個強大的私人銀行特許經營權，繼續加強和投資這些擴張市場的商業銀行，以及我們如何涵蓋私人資本。

And so -- that seems appropriate to us that we can, kind of, have our cake and eat it too. As long as this really strong revenue outlook continues, and you can deliver big positive operating leverage, big growth in EPS every year, big improvement in ROTCE. And you're not shorting the pot and playing small ball, you're actually continuing to think about ways to grow your business and grow your franchises so that you have a medium term that continues to have a very positive outlook. So that's how we think about it.

所以——在我們看來，這似乎很合適，我們可以魚與熊掌兼得。只要這種強勁的收入前景能夠持續下去，並且能夠實現巨大的正向經營槓桿、每年每股收益的大幅增長以及ROTCE的大幅改善。而且你並沒有縮水投資，而是繼續思考如何發展你的業務和加盟店，從而在中期內保持非常積極的前景。我們就是這麼想的。

Okay. Thanks, Bruce.

好的。謝謝你，布魯斯。

Okay. All right. I think that's all the questions that we have in the queue. So thanks for dialing in today. We really appreciate your interest and your support. Go out and have a great day. Thank you.

好的。好的。我想這就是我們目前要問的所有問題了。感謝您今天撥入電話。我們非常感謝您的關注與支持。出去玩，祝你今天過得愉快。謝謝。

Thank you for your participation participants. You may disconnect at this time.

感謝各位參與者。您現在可以斷開連線了。