高盛 (GS) 2022 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs Second Quarter 2022 Earnings Conference Call. This call is being recorded today, July 18, 2022. Thank you. Ms. Halio, you may begin your conference.

早上好。我叫凱蒂，今天我將成為您的會議主持人。我想歡迎大家參加高盛 2022 年第二季度收益電話會議。今天，即 2022 年 7 月 18 日，此電話正在錄音。謝謝。 Halio 女士，你可以開始你的會議了。

Good morning. This is Carey Halio, Head of Investor Relations at Goldman Sachs. Welcome to our Second Quarter Earnings Conference Call. Today, we will reference our earnings presentation, which can be found on the Investor Relations page of our website at www.gs.com. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation.

早上好。我是高盛投資者關係主管凱里·哈利奧。歡迎來到我們的第二季度收益電話會議。今天，我們將參考我們的收益報告，該報告可在我們網站 www.gs.com 的投資者關係頁面上找到。請注意，有關前瞻性陳述和非公認會計原則措施的信息出現在收益發布和演示文稿中。

This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. I'm joined today by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman. Let me pass the call to David.

此音頻廣播是 Goldman Sachs Group, Inc. 的版權材料，未經我們同意不得複制、複製或轉播。今天，我們的董事長兼首席執行官大衛·所羅門 (David Solomon) 加入了我的行列；和我們的首席財務官丹尼斯·科爾曼。讓我把電話轉給大衛。

Thanks, Carey, and good morning, everybody. Thank you all for joining us. I'm pleased with our performance this quarter. There's no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence.

謝謝，凱莉，大家早上好。感謝大家加入我們。我對我們本季度的表現感到滿意。毫無疑問，市場環境變得更加複雜，宏觀經濟條件和地緣政治的結合正在對資產價格、市場活動和信心產生重大影響。

We see inflation deeply entrenched in the economy, and what's unusual about this particular period is that both demand and supply are being affected by exogenous events, namely the pandemic and the war in Ukraine. In my dialogue with CEOs operating big global businesses, they tell me that they continue to see persistent inflation in their supply chains. Our economists, meanwhile, say there are signs that inflation will move lower in the second half of the year. The answer is uncertain, and we will all be watching it very closely.

我們看到通貨膨脹在經濟中根深蒂固，這個特殊時期的不同尋常之處在於需求和供應都受到外來事件的影響，即大流行和烏克蘭戰爭。在我與經營大型全球企業的 CEO 的對話中，他們告訴我，他們繼續看到供應鏈中持續存在通貨膨脹。與此同時，我們的經濟學家表示，有跡象表明通脹將在下半年走低。答案是不確定的，我們都將密切關注。

Given all of this, we are seeing shifts in monetary policy, and those shifts will continue to tighten economic conditions. I expect there's going to be more volatility and there's going to be more uncertainty. And in light of the current environment, we will manage all our resources cautiously and dynamically. Our risk management culture and capabilities should help us navigate this environment for our clients and for the firm.

鑑於所有這些，我們正在看到貨幣政策的轉變，而這些轉變將繼續收緊經濟狀況。我預計會有更多的波動性和更多的不確定性。並且根據當前環境，我們將謹慎、動態地管理我們所有的資源。我們的風險管理文化和能力應該幫助我們為客戶和公司駕馭這種環境。

That said, there is nothing about this environment that changes our strategy, and we are committed to our medium-term targets. We have a strong client franchise, and we remain focused on providing differentiated service. We benefit from the diversity of our businesses and our global footprint. In light of the environment, we are certainly taking deliberate action on capital and expenses but we will also continue to invest to strengthen and grow our firm.

也就是說，這種環境不會改變我們的戰略，我們致力於實現我們的中期目標。我們擁有強大的客戶特許經營權，我們仍然專注於提供差異化服務。我們受益於我們業務的多樣性和我們的全球足跡。鑑於環境，我們當然會在資本和開支方面採取慎重的行動，但我們也將繼續投資以加強和發展我們的公司。

Let me now turn to our financial results. In the second quarter, we produced net revenues of $11.9 billion and generated earnings per share of $7.73 and an ROE of 10.6% and an ROTE of 11.4%. Our book value per share finished the quarter at $302, up 14% year-over-year and 3% quarter-over-quarter. In Investment Banking, we remain the #1 adviser in M&A and equity capital markets. And though capital markets activity has declined, our client dialogue and engagement continues to be strong.

現在讓我談談我們的財務業績。第二季度，我們的淨收入為 119 億美元，每股收益為 7.73 美元，ROE 為 10.6%，ROTE 為 11.4%。我們本季度的每股賬面價值為 302 美元，同比增長 14%，環比增長 3%。在投資銀行領域，我們仍然是併購和股權資本市場的第一顧問。儘管資本市場活動有所下降，但我們的客戶對話和參與度依然強勁。

This quarter, again, reaffirmed our strategy to be global, broad and deep in our leading global markets franchise. Each week, clients turn to us for our market expertise and execution in a dynamic and uncertain environment. Our strong performance this quarter demonstrates the diversification of our businesses across this segment. I'm very proud of the fact that we have consistently executed on our strategy to improve our market share as we help our clients manage risk and meet their financing needs.

本季度再次重申了我們的戰略，即在我們領先的全球市場特許經營中實現全球化、廣泛和深入。每週，客戶都會向我們尋求我們在動態和不確定環境中的市場專業知識和執行力。我們本季度的強勁表現表明我們在該領域的業務多元化。我為我們始終如一地執行我們的戰略以提高我們的市場份額而感到非常自豪，因為我們幫助我們的客戶管理風險並滿足他們的融資需求。

In this environment, our on-balance sheet investments faced significant headwinds after achieving record-high net revenues in 2021. Our management and other fees were resilient as we remain focused on growing fee-based revenue streams across our Asset Management, Wealth Management segments and further reducing our on-balance sheet investments as markets allow. And in Consumer, we are prudently expanding our platform to serve individuals digitally, both organically and through partnerships.

在這種環境下，我們的資產負債表投資在 2021 年實現創紀錄的淨收入後面臨重大阻力。我們的管理和其他費用具有彈性，因為我們仍然專注於在資產管理、財富管理和在市場允許的情況下進一步減少我們的資產負債表投資。在消費者方面，我們正在謹慎地擴展我們的平台，以有機方式和通過合作夥伴關係以數字方式為個人提供服務。

Before turning it over to Denis, let me spend a minute on capital, particularly in light of the recent Federal Reserve stress test results. I was glad to see the improvement in our stress capital buffer, especially because the test this year was more challenging than in the past. This is a reflection of the progress we are making in our strategic evolution. That said, we will advance our efforts to improve the capital density of our businesses in order to reduce our capital requirements over time.

在把它交給丹尼斯之前，讓我花一點時間談談資本，特別是考慮到最近的美聯儲壓力測試結果。我很高興看到我們的壓力資本緩衝有所改善，特別是因為今年的測試比過去更具挑戰性。這反映了我們在戰略演進中取得的進展。也就是說，我們將繼續努力提高我們業務的資本密度，以便隨著時間的推移減少我們的資本需求。

Following the stress test results, our Board of Directors also declared a 25% increase in our quarterly dividend to $2.50 per share. This follows an increase of 60% in 2021, and over 50% in 2019. In addition, with regard to our G-SIB buffer, while we made a conscious decision to grow our balance sheet to support client activity over the last 3 years, it is our current plan to target a 3% G-SIB surcharge. This intention is driven by the recent operating environment as well as client needs. Should these change, we will naturally reevaluate.

在壓力測試結果之後，我們的董事會還宣布將我們的季度股息增加 25% 至每股 2.50 美元。在此之後，2021 年增長了 60%，2019 年增長了 50% 以上。此外，關於我們的 G-SIB 緩衝，雖然我們有意識地決定擴大資產負債表以支持過去 3 年的客戶活動，我們目前的計劃是針對 3% 的 G-SIB 附加費。這一意圖是由最近的運營環境以及客戶需求驅動的。如果這些變化，我們自然會重新評估。

In closing, I remain confident in our ability to navigate the market environment, serve our clients and create long-term value for shareholders. Despite the uncertainty we face, we continue to drive this organization forward by executing our client-oriented strategy and delivering accretive returns consistent with our targets over time. I'll now turn it over to Denis to cover our financial results for the quarter in more detail.

最後，我對我們駕馭市場環境、服務客戶和為股東創造長期價值的能力充滿信心。儘管我們面臨不確定性，但我們通過執行以客戶為導向的戰略並隨著時間的推移提供與我們的目標一致的增值回報，繼續推動該組織向前發展。我現在將把它交給丹尼斯，以更詳細地介紹我們本季度的財務業績。

Thank you, David. Good morning. Let's start with our results on Page 2 of the presentation. In the second quarter, we generated net revenues of $11.9 billion and net earnings of $2.9 billion, resulting in earnings per share of $7.73. We reposted a return on common equity of 10.6% and return on tangible equity of 11.4%.

謝謝你，大衛。早上好。讓我們從演示文稿第 2 頁上的結果開始。在第二季度，我們產生了 119 億美元的淨收入和 29 億美元的淨收益，每股收益為 7.73 美元。我們重新發布了 10.6% 的普通股回報率和 11.4% 的有形股本回報率。

Turning to performance by segment, starting on Page 3. Investment Banking generated revenues of $2.1 billion, down 41% versus a year ago. Financial Advisory revenues were $1.2 billion. Our global M&A franchise remained strong as we closed over 115 deals for approximately $380 billion of deal volume in the quarter, further strengthening our #1 league table position.

從第 3 頁開始按部門劃分業績。投資銀行業務產生的收入為 21 億美元，與一年前相比下降了 41%。財務諮詢收入為 12 億美元。我們在本季度完成了超過 115 筆交易，交易額約為 3800 億美元，我們的全球併購業務依然強勁，進一步鞏固了我們排名第一的地位。

Equity underwriting net revenues were $131 million. Industry volumes remain muted given the ongoing market volatility. Despite this, we remain ready to deliver for our clients once the market backdrop for equity issuance improves. Debt underwriting net revenues were $457 million, where we saw lower levels of market activity amid sharp rate increases in the quarter.

股票承銷淨收入為 1.31 億美元。鑑於持續的市場波動，行業交易量仍然低迷。儘管如此，一旦股票發行的市場環境改善，我們仍準備好為我們的客戶提供服務。債務承保淨收入為 4.57 億美元，在本季度利率大幅上漲的情況下，我們看到市場活動水平較低。

While our investment Banking backlog is down from the peak levels last year, it is still higher than it has been at any point in our history prior to 2021. We feel good about the quality of our backlog based on our healthy levels of strategic dialogue that span from technology and innovation to defensive repositioning of client portfolios, but we may see some softening if the challenging market environment persists.

儘管我們的投資銀行業務積壓從去年的峰值水平有所下降，但仍高於 2021 年之前我們歷史上的任何時候。基於我們健康的戰略對話水平，我們對積壓的質量感到滿意從技術和創新到客戶投資組合的防禦性重新定位，但如果充滿挑戰的市場環境持續存在，我們可能會看到一些軟化。

Revenues from corporate lending were $352 million, up 121% versus a year ago driven by hedge gains associated with our relationship lending book that more than offset approximately $225 million in marks on certain commitments from our acquisition financing activities.

來自企業貸款的收入為 3.52 億美元，與一年前相比增長 121%，這是由於與我們的關係貸款賬簿相關的對沖收益超過了我們收購融資活動的某些承諾的約 2.25 億美元馬克。

We saw continued growth in our Transaction Banking business. The platform now serves nearly 400 clients and has roughly $65 billion in deposits at the end of the second quarter, generating approximately $175 million in revenues year-to-date.

我們看到我們的交易銀行業務持續增長。該平台現在為近 400 名客戶提供服務，截至第二季度末的存款約為 650 億美元，年初至今的收入約為 1.75 億美元。

Moving to Global Markets on Page 4. Segment net revenues were $6.5 billion in the quarter, up 32% year-on-year. Growth in the quarter was driven by significantly higher client activity as we facilitated risk intermediation for clients amid a volatile market.

轉向全球市場，第 4 頁。該季度的部門淨收入為 65 億美元，同比增長 32%。本季度的增長是由顯著增加的客戶活動推動的，因為我們在動蕩的市場中為客戶提供了風險中介服務。

Looking at FICC on Page 5. Revenues were $3.6 billion in the second quarter. In FICC intermediation, we saw a 50% increase in revenues, with 3 of our 5 FICC intermediation businesses posting higher net revenues versus the prior year, reflecting the strength and breadth of our diversified franchise.

查看第 5 頁的 FICC。第二季度的收入為 36 億美元。在 FICC 中介方面，我們的收入增長了 50%，我們 5 家 FICC 中介業務中有 3 家的淨收入高於上一年，這反映了我們多元化特許經營權的實力和廣度。

Our macro franchise remained incredibly active as we help clients navigate rising rates, tightening monetary policies and continued volatility across commodities. This drove strong growth in net revenues in rates, commodities and currencies. And while revenues were lower year-on-year in credit and mortgages, clients remain engaged. Meanwhile, in FICC financing, we saw considerable strength in mortgage lending and repo activity, which helped deliver record results.

我們的宏觀業務仍然非常活躍，因為我們幫助客戶應對利率上升、貨幣政策收緊和大宗商品的持續波動。這推動了利率、商品和貨幣淨收入的強勁增長。儘管信貸和抵押貸款的收入同比下降，但客戶仍然參與其中。與此同時，在 FICC 融資方面，我們看到抵押貸款和回購活動相當強勁，這有助於實現創紀錄的業績。

Moving to Equities. Net revenues in the second quarter were a solid $2.9 billion. Equities intermediation revenues fell 2% year-over-year due to a more challenging market-making environment. Activity was also impacted by lower levels of primary issuance volumes. Equities financing revenues of $1.1 billion rose 38% versus a year ago and 14% versus the first quarter.

轉向股票。第二季度的淨收入為 29 億美元。由於做市環境更具挑戰性，股票中介收入同比下降 2%。活動也受到初級發行量水平較低的影響。股票融資收入為 11 億美元，比去年同期增長 38%，比第一季度增長 14%。

Increased volatility across global equity markets drove higher demand for various forms of financing from our clients. Growth in equities financing, coupled with record performance in FICC financing, is a reflection of our strategy to grow client financing activities, which represented nearly 30% of our overall Global Markets revenues this quarter.

全球股市波動加劇，推動了客戶對各種形式融資的更高需求。股票融資的增長，加上 FICC 融資的創紀錄表現，反映了我們發展客戶融資活動的戰略，這占我們本季度全球市場總收入的近 30%。

Moving to Asset Management on Page 6. Asset Management net revenues of $1.1 billion were materially lower than the second quarter of last year. Growth in management and incentive fees was more than offset by net losses from our on-balance sheet investment portfolio.

轉到第 6 頁的資產管理。資產管理 11 億美元的淨收入大大低於去年第二季度。管理費和激勵費的增長被我們資產負債表上投資組合的淨虧損所抵消。

Management and other fees totaled $1 billion, up 39% year-over-year. This increase was driven by the roll-off of fee waivers on money market funds and the addition of $305 billion of incremental AUS from the recently-completed acquisition of NNIP, which contributed roughly $170 million of management and other fees this quarter.

管理和其他費用總計 10 億美元，同比增長 39%。這一增長是由於貨幣市場基金費用減免的減少以及最近完成的 NNIP 收購增加了 3,050 億美元的增量 AUS，這在本季度貢獻了大約 1.7 億美元的管理和其他費用。

Equity investments generated losses of $221 million, driven by sharp market declines during the quarter. More specifically, on our public equity portfolio, we experienced roughly $660 million of net losses, reducing the value of the portfolio to approximately $2.8 billion at quarter end.

由於本季度市場急劇下跌，股權投資產生了 2.21 億美元的損失。更具體地說，在我們的公共股票投資組合中，我們經歷了大約 6.6 億美元的淨虧損，使投資組合的價值在季度末降至約 28 億美元。

In our private portfolio, we produced approximately $440 million of net revenues. We generated event-driven gains of over $380 million from various positions across the portfolio. Additionally, we had operating revenues of approximately $165 million related to our consolidated investment entities. These revenues were partially offset by approximately $100 million of marks, particularly in the technology and consumer sectors.

在我們的私人投資組合中，我們產生了大約 4.4 億美元的淨收入。我們從投資組合的各個職位中獲得了超過 3.8 億美元的事件驅動收益。此外，我們的合併投資實體的營業收入約為 1.65 億美元。這些收入被大約 1 億美元的馬克部分抵消，特別是在技術和消費領域。

We remain focused on our strategy of migrating our alternatives business to more third-party funds, and in the second quarter, we raised over $20 billion of commitments. We also harvested over $1 billion of on-balance sheet equity investments. The pace of our realizations this quarter was influenced by both macro and micro drivers with persistent volatility in equity markets, making it more difficult to harvest assets.

我們仍然專注於將替代業務轉移到更多第三方基金的戰略，在第二季度，我們籌集了超過 200 億美元的承諾。我們還收穫了超過 10 億美元的資產負債表內股權投資。我們本季度的實現速度受到宏觀和微觀驅動因素的影響，股票市場持續波動，使得收穫資產變得更加困難。

Net revenues from lending and debt investment activities in Asset Management were $137 million, down 78% versus a year ago as net interest income of $275 million was partly offset by mark-to-market losses of approximately $140 million due to spread widening.

資產管理公司的貸款和債務投資活動的淨收入為 1.37 億美元，比一年前下降了 78%，因為 2.75 億美元的淨利息收入部分被由於利差擴大造成的約 1.4 億美元的按市值計價損失所抵消。

I'll turn to Consumer & Wealth Management on Page 9. We produced record net revenues of $2.2 billion in the second quarter, up 25% versus a year ago driven by higher net revenues in both Wealth Management and Consumer Banking. For the quarter, Wealth Management and other fees of $1.2 billion rose 10% versus last year, driven by higher placement fees and higher average assets under supervision.

我將在第 9 頁轉向消費者和財富管理。在財富管理和消費者銀行業務淨收入增加的推動下，我們在第二季度創造了創紀錄的 22 億美元的淨收入，與一年前相比增長了 25%。本季度，財富管理和其他費用為 12 億美元，較去年同期增長 10%，原因是配售費用增加和受監管的平均資產增加。

While private banking and lending net revenues of $320 million were down relative to record results last quarter, revenues were up 23% year-on-year due to higher lending and deposit balances. Consumer Banking revenues were $608 million in the second quarter, rising 67% versus last year and 26% versus the first quarter.

雖然私人銀行和貸款淨收入為 3.2 億美元，較上一季度創紀錄的業績有所下降，但由於貸款和存款餘額增加，收入同比增長 23%。第二季度個人銀行業務收入為 6.08 億美元，比去年同期增長 67%，比第一季度增長 26%。

Now moving to Page 10. Total firm-wide AUS ended the quarter at $2.5 trillion. Combined firm-wide management and other fees in the second quarter rose 22% year-over-year to $2.2 billion. We expect our fee revenues to continue to grow as we progress towards our fundraising and management fee targets we laid out earlier this year.

現在轉到第 10 頁。本季度結束時，全公司範圍內的 AUS 總額為 2.5 萬億美元。第二季度公司範圍內的綜合管理和其他費用同比增長 22% 至 22 億美元。隨著我們朝著今年早些時候制定的籌款和管理費目標邁進，我們預計我們的費用收入將繼續增長。

On Page 11, total firm-wide net interest income of $1.7 billion in the second quarter was down modestly relative to the first quarter due to lower net interest income in Global Markets. Our total loan portfolio at quarter end was $176 billion up $10 billion versus the first quarter primarily due to growth in corporate, wealth management and residential real estate loans.

在第 11 頁，由於全球市場的淨利息收入下降，第二季度全公司的淨利息收入總額為 17 億美元，與第一季度相比略有下降。我們在季度末的總貸款組合為 1760 億美元，比第一季度增加了 100 億美元，這主要是由於企業、財富管理和住宅房地產貸款的增長。

Our provision for credit losses in the second quarter was $667 million up from $561 million in the first quarter. Provisions in the quarter were primarily due to growth in our consumer lending portfolio and higher modeled losses due to economic indicators worsening quarter-over-quarter.

我們第二季度的信貸損失準備金從第一季度的 5.61 億美元增加到 6.67 億美元。本季度的撥備主要是由於我們的消費貸款組合的增長以及由於經濟指標環比惡化而導致的更高模型損失。

Overall, our portfolio fundamentals remain strong as reflected by minimal impairments across our wholesale lending book. On the consumer side, while we do not see signs of meaningful credit deterioration, we are closely monitoring the portfolio and are taking mitigating actions as appropriate.

總體而言，我們的投資組合基本面仍然強勁，這反映在我們的批發貸款賬簿減值最小。在消費者方面，雖然我們沒有看到明顯的信貸惡化跡象，但我們正在密切關注投資組合併採取適當的緩解措施。

Now let's turn to expenses on Page 12. Our total quarterly operating expenses were $7.7 billion, down 11% year-over-year. Our compensation ratio for the quarter net of provisions was 33%. Quarterly non-compensation expenses were $4 billion. Year-over-year increases were driven by integration and run rate expenses related to the NNIP and GreenSky acquisitions as well as continued investments, particularly in technology, and higher levels of business activity. Together, NNIP and GreenSky contributed approximately $200 million to non-compensation expenses this quarter.

現在讓我們轉向第 12 頁的費用。我們的季度總運營費用為 77 億美元，同比下降 11%。本季度扣除撥備後的薪酬比率為 33%。季度非補償費用為 40 億美元。與 NNIP 和 GreenSky 收購相關的整合和運營費用以及持續投資（尤其是在技術方面）和更高水平的業務活動推動了同比增長。本季度，NNIP 和 GreenSky 共為非補償費用貢獻了約 2 億美元。

Given the challenging operating environment, we are closely reexamining all of our forward spending and investment plans to ensure the best use of our resources. As a result, we're taking a number of actions to improve our operating efficiency.

鑑於充滿挑戰的經營環境，我們正在密切重新審視我們所有的前瞻性支出和投資計劃，以確保充分利用我們的資源。因此，我們正在採取一些措施來提高我們的運營效率。

Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward, though these actions will take some time to be reflected in our results. We are keeping in mind, however, that while we're being disciplined about our expenses, we are not doing so to the detriment of our client franchise or our growth strategy.

具體來說，我們已決定放慢招聘速度並降低未來的某些專業費用，儘管這些行動需要一些時間才能反映在我們的結果中。然而，我們牢記，雖然我們對我們的開支進行了自律，但我們這樣做並沒有損害我們的客戶特許經營權或我們的增長戰略。

Turning to capital on Slide 13. Our common equity Tier 1 ratio was 14.2% at the end of the second quarter under the standardized approach, down 20 basis points sequentially and representing an 80 basis point buffer to our current capital requirement as we enter the second half of the year. This past quarter, we returned $1.2 billion to shareholders, including common stock repurchases of $500 million and common stock dividends of over $700 million.

在幻燈片 13 上轉向資本。在第二季度末，按照標準化方法，我們的普通股一級比率為 14.2%，環比下降 20 個基點，當我們進入第二個季度時，對我們當前的資本要求提供了 80 個基點的緩衝半年。上個季度，我們向股東返還了 12 億美元，其中包括 5 億美元的普通股回購和超過 7 億美元的普通股股息。

As David noted earlier, in the third quarter, our Board of Directors increased our quarterly dividend by 25% to $2.50 per share. Looking ahead, we will remain nimble in response to both ongoing opportunities to support clients and the current operating environment. While we will continue to deploy capital in our business where returns are accretive, we are actively evaluating share repurchases in light of our current stock price.

正如大衛早些時候指出的那樣，在第三季度，我們的董事會將我們的季度股息提高了 25%，達到每股 2.50 美元。展望未來，我們將靈活應對持續為客戶提供支持的機會和當前的運營環境。雖然我們將繼續在回報增加的業務中部署資本，但我們正在根據我們當前的股價積極評估股票回購。

In conclusion, our solid second quarter results reflect our ability to navigate volatile markets while actively supporting our clients. We remain confident in our financial position, capital base and liquidity, which will help us serve clients as they navigate these challenging markets. And we are committed to executing on our growth strategy and delivering for our shareholders. With that, we'll now open up the line for questions.

總之，我們穩健的第二季度業績反映了我們在積極支持客戶的同時應對動盪市場的能力。我們對我們的財務狀況、資本基礎和流動性仍然充滿信心，這將幫助我們在客戶駕馭這些充滿挑戰的市場時為他們提供服務。我們致力於執行我們的增長戰略並為我們的股東提供服務。有了這個，我們現在將打開問題線。

(Operator Instructions) We will take our first question from Glenn Schorr with Evercore.

（操作員說明）我們將回答 Glenn Schorr 和 Evercore 的第一個問題。

I apologize if I missed it within your remarks, but can you tell us what the P&L contribution from the $1 billion-or-so in dispositions out of the private equity book was?

如果我在您的發言中遺漏了這一點，我深表歉意，但您能否告訴我們私募股權賬簿中 10 億美元左右的處置對損益的貢獻是多少？

And I want to ask that in the context of when people see the marks on the private portfolio being pretty small relative to what happened in the public markets that they want to see why you have confidence. What about the portfolio gives you such confidence that it wasn't as affected by what's going on in the public markets?

我想問的是，當人們看到私人投資組合上的標記相對於公開市場上發生的事情來說非常小時，他們想知道你為什麼有信心。投資組合如何讓您如此自信，以至於它不受公共市場上發生的事情的影響？

Thanks, Glenn, it's Denis. Let me take that for you. So we made a number of remarks with respect to the composition of our on-balance sheet equity investments. And specifically, we made note of event-driven gains of approximately $380 million during the quarter. We noted a markdown of $100 million approximately across consumer and technology sectors, and what I would say to give you some context is we do look at the portfolio on a very, very granular basis.

謝謝，格倫，我是丹尼斯。讓我替你拿那個。因此，我們就資產負債表內股權投資的構成發表了一些評論。具體來說，我們注意到本季度事件驅動的收益約為 3.8 億美元。我們注意到整個消費和技術領域的降價幅度約為 1 億美元，我想說給你一些背景信息的是，我們確實在非常非常細化的基礎上看待投資組合。

It's comprised of both corporate and real estate assets. And we look at the performance, for example, of our private equity names, their top line performance. On average, they're growing north of 20%. And if we were to take a look at some public comparable, albeit an imperfect one, those are growing in a negative fashion. And so it reflects the initial equity investment selection as well as the ongoing performance of those particular businesses.

它由公司資產和房地產資產組成。例如，我們看看我們的私募股權名稱的表現，他們的頂線表現。平均而言，它們的增長率超過 20%。如果我們看一些公眾可比的，儘管不完美，它們正在以負面的方式增長。因此，它反映了最初的股權投資選擇以及這些特定業務的持續表現。

Okay. And then one quick follow-up. Obviously, ECM and DCM pipelines are down a lot given what we've seen. But you noted that your advisory backlog is actually up. I wonder if you could expand on that a little bit because we haven't seen a lot of activity these days in M&A.

好的。然後快速跟進。顯然，鑑於我們所看到的情況，ECM 和 DCM 管道下降了很多。但是您注意到您的諮詢積壓實際上已經增加。我想知道您是否可以稍微擴展一下，因為這些天我們在併購方面沒有看到很多活動。

What I would say in terms of the overall advisory performance, you can see the headline number, which is quite significant at $1.2 billion, and we have our sustained #1 market share position across both announced and completed actually increasing our lead versus certain other competitors.

就整體諮詢業績而言，我想說的是，您可以看到標題數字，這是非常重要的 12 億美元，我們在已宣布和已完成的市場份額中保持第一的地位，實際上增加了我們與某些其他競爭對手的領先優勢.

I think this is an environment where our clients are turning to us and looking for advice on how they can execute on what's particularly strategic for them. The nature of the transactions that they may be considering could very well be different in their complexion than a year ago, but nevertheless, our robust global client base have strategic needs, and they trust us to help them navigate the market.

我認為在這種環境下，我們的客戶正在轉向我們，並就如何執行對他們來說特別具有戰略意義的事情尋求建議。他們可能正在考慮的交易性質可能與一年前大相徑庭，但儘管如此，我們強大的全球客戶群有戰略需求，他們相信我們可以幫助他們駕馭市場。

So we do continue to see high levels of strategic dialogue and client engagement. There's no question if the overall operating environment were to deteriorate further or if confidence were impaired, we could see some softening even in our advisory activities. But to date, they've been strong.

因此，我們確實繼續看到高水平的戰略對話和客戶參與。毫無疑問，如果整體經營環境進一步惡化，或者信心受損，我們甚至可以在諮詢活動中看到一些軟化。但迄今為止，他們一直很強大。

On the underwriting side, that's much more a reflection of the current capital markets' receptivity. And again, strong levels of client engagement. We like our backlog, but it is -- there will be a better market environment required in order for many of our clients to choose to access those markets and for us to deliver on certain aspects of that backlog.

在承銷方面，這更多地反映了當前資本市場的接受度。再次，客戶參與度很高。我們喜歡我們的積壓訂單，但它確實需要更好的市場環境，以便我們的許多客戶選擇進入這些市場並讓我們交付該積壓訂單的某些方面。

We'll take our next question from Christian Bolu with Autonomous.

我們將用 Autonomous 回答 Christian Bolu 的下一個問題。

So you posted pretty strong results this morning. You're continuing to take market share in trading. ROE year-to-date is 13%, just pretty good given the backdrop. Your guys' tone sounds very, very cautious. So what exactly are you worried about in the macro backdrop, maybe just more specifically? And how does that impact your thinking on time line to achieve medium-term ROE targets?

所以你今天早上發布了相當強勁的結果。您將繼續在交易中佔據市場份額。年初至今的 ROE 為 13%，在此背景下還算不錯。你們的語氣聽起來非常非常謹慎。那麼，在宏觀背景下，您究竟擔心什麼，也許更具體地說？這對您實現中期 ROE 目標的時間表有何影響？

I'll start, Christian. I don't know if Denis will add anything to it. I think our tone is cautious because the environment's uncertain. The environment is very uncertain. We don't have a crystal ball to tell you exactly how monetary policy will navigate the inflationary environment that exists, but there's no question that economic conditions are tightening to try to control inflation. And as economic conditions tighten, it will have a bigger impact on corporate confidence and also consumer activity in the economy.

我開始吧，克里斯蒂安。我不知道丹尼斯是否會添加任何東西。我認為我們的語氣是謹慎的，因為環境不確定。環境非常不確定。我們沒有水晶球可以準確地告訴你貨幣政策將如何駕馭存在的通脹環境，但毫無疑問，經濟狀況正在收緊以試圖控制通脹。隨著經濟狀況收緊，這將對企業信心以及經濟中的消費者活動產生更大的影響。

I think it's hard to gauge exactly how that will play out. And so I think it's prudent for us to be cautious. Now that said, I think one of the things you saw this quarter is we have a much broader, much more diverse, much more global, much more resilient business than we might have had 5, 7, 10 years ago, and we benefited from that in the context of the quarter. So we feel good about our ability to operate.

我認為很難準確衡量這將如何發揮作用。因此，我認為謹慎行事對我們來說是明智的。話雖如此，我認為您在本季度看到的一件事是，與 5、7、10 年前相比，我們擁有更廣泛、更多樣化、更全球化、更具彈性的業務，我們受益於在本季度的背景下。因此，我們對自己的運營能力感到滿意。

I would say that, at the moment, while there's a lot of uncertainty, clients are still relatively active. Denis was just talking about M&A activity, and our clients are active. Capital markets activity is obviously down. This is not an environment where everyone is looking to shed all risk, but it's certainly an environment where people are more cautious about risk.

我想說，目前，雖然存在很多不確定性，但客戶仍然相對活躍。丹尼斯只是在談論併購活動，我們的客戶很活躍。資本市場活動明顯下降。這不是一個每個人都希望擺脫所有風險的環境，但它肯定是一個人們對風險更加謹慎的環境。

So we continue to monitor it, but I think it's prudent and appropriate for us to be cautious. And if you go back and listen to some of the words, we said we're evaluating things with respect to resources. We're being flexible and being prepared to be nimble in case the environment gets worse. By the way, we don't know that the environment is going to get worse. The environment might get better, too.

因此，我們繼續對其進行監控，但我認為我們謹慎行事是謹慎和適當的。如果你回去聽一些話，我們說我們正在評估資源方面的事情。我們很靈活，並準備在環境變得更糟的情況下靈活應對。順便說一句，我們不知道環境會變得更糟。環境也可能會變好。

So I just think it's a time where prudence and caution makes a lot of sense. Now with respect to our targets, I want to be clear. We set medium-term targets for 2024, and we still plan on meeting those targets. And we don't see anything in this environment that will prevent us from meeting those targets. I'm not going to speculate on a quarter-by-quarter basis as to what the trajectory looks along the way.

所以我只是認為現在是審慎和謹慎非常有意義的時候。現在關於我們的目標，我想明確一點。我們設定了 2024 年的中期目標，並且我們仍計劃實現這些目標。在這種環境中，我們看不到任何會阻止我們實現這些目標的東西。我不會按季度推測沿途的軌跡。

But I would say in what's been certainly a very difficult first half of the year, if you think about the headwinds we've faced in both public equity markets, because of the war in Ukraine and the unwind of the business in Russia, et cetera, I think there have been some exogenous events in this first half of the year that certainly created bigger headwinds than we might see in other times going forward. So we remain comfortable and committed to our targets, and we'll continue to move forward expeditiously to meet them.

但我想說，今年上半年肯定是非常艱難的，如果你想想我們在兩個公開股票市場都面臨的逆風，因為烏克蘭的戰爭和俄羅斯的業務放鬆等等，我認為今年上半年發生了一些外部事件，這些事件肯定會造成比我們在未來其他時間看到的更大的逆風。因此，我們保持舒適並致力於實現我們的目標，我們將繼續快速前進以實現這些目標。

Okay. Maybe switch over to the consumer business. I wanted to get your latest thinking on that business. How is the profitability curve tracking? How are you thinking about that business going into a downturn? And then just strategically, given the pressures on fintechs out there, I'm wondering if there's any sort of opportunity here to try and grow faster, either organically or inorganically.

好的。也許切換到消費者業務。我想了解你對那項業務的最新想法。盈利曲線如何跟踪？您如何看待該業務陷入低迷？然後從戰略上講，鑑於金融科技面臨的壓力，我想知道這裡是否有任何機會嘗試以有機或無機方式更快地增長。

Sure. I appreciate the question. And I guess I'd just step back and I'd highlight that we've been building a business from scratch here. It certainly takes investment, and we've been making investment. And we've been pretty clear that we have a long-term strategy to create a leading digital platform in the consumer banking business.

當然。我很欣賞這個問題。而且我想我會退後一步，我會強調我們一直在這裡從頭開始建立業務。這當然需要投資，我們一直在投資。而且我們非常清楚，我們有一個長期戰略，即在消費者銀行業務中創建一個領先的數字平台。

Now we've been at it, as I think you know, for 5 years. We've built out a really good deposit platform. We built out an interesting cards platform with very interesting technology. We have a loans platform. We have some technology around an invest platform, and we've also added GreenSky.

正如我想你知道的那樣，現在我們已經做了 5 年了。我們已經建立了一個非常好的存款平台。我們用非常有趣的技術構建了一個有趣的卡片平台。我們有一個貸款平台。我們有一些圍繞投資平台的技術，我們還添加了 GreenSky。

With that portfolio of product offerings, we've told you at our update that we expect greater than $4 billion of revenue in 2024. You can obviously see this quarter that we're making progress on revenue in the business. And as we noted, I think when we spoke in February, at the update, we said the vast majority of the build cost associated with the products that will achieve that $4 billion target are in the ground. And so I'd remind you of that comment.

憑藉該產品組合，我們在更新中告訴您，我們預計 2024 年的收入將超過 40 億美元。您顯然可以看到本季度我們在業務收入方面取得了進展。正如我們所指出的，我認為，當我們在 2 月份發表講話時，在更新時，我們表示與將實現 40 億美元目標的產品相關的絕大多數構建成本都在地下。所以我要提醒你那個評論。

On a year-to-date basis, the vast majority of the investment relates to building credit reserves as we grow the business. And just a reminder, CECL requires very, very significant upfront reserve build. So we continue to feel good about the progress we're making, and we expect this business to generate accretive returns to Goldman Sachs over time, and we're committed to the journey that we've set out on to make sure that we do just that over time.

年初至今，絕大多數投資與我們發展業務時建立信貸儲備有關。提醒一下，CECL 需要非常非常重要的前期儲備建設。因此，我們繼續對我們正在取得的進展感到滿意，我們預計這項業務將隨著時間的推移為高盛帶來增值回報，我們致力於我們已經開始的旅程，以確保我們做到只是隨著時間的推移。

I just -- the one thing I realized, Christian, that I didn't touch on is we're very, very focused on the credit box and thinking about the credit box during the early part of the pandemic. When there was enormous uncertainty, we tightened the credit box meaningfully. As Denis highlighted in his opening remarks, we don't see significant indications of credit deterioration in the consumer. But given tightening economic conditions, we're watching that very, very carefully. And to the degree that we saw different signals in the short term, we would adjust our credit box very dynamically.

我只是 - 我意識到，克里斯蒂安，我沒有提到的一件事是我們非常非常關注信用箱，並在大流行的早期考慮信用箱。當存在巨大的不確定性時，我們有意義地收緊了信用額度。正如丹尼斯在開場白中強調的那樣，我們沒有看到消費者信用惡化的明顯跡象。但鑑於經濟狀況趨緊，我們正在非常非常仔細地觀察。如果我們在短期內看到不同的信號，我們會非常動態地調整我們的信用額度。

We'll take our next question from Steven Chubak with Wolfe Research.

我們將向 Wolfe Research 的 Steven Chubak 提出下一個問題。

So maybe just as a follow-up on the credit discussion. I was hoping you could speak to your appetite for loan growth. You noted that you could be very dynamic, but just given some of the upward pressure on provision from both growth math as well as the macro deterioration, I was hoping you could just provide some ranges as to how we should be thinking about through-the-cycle provision expectation in a more normal operating backdrop.

所以也許只是作為信用討論的後續行動。我希望你能說出你對貸款增長的興趣。你指出你可能非常有活力，但考慮到增長數學和宏觀惡化對撥備的一些上行壓力，我希望你能提供一些範圍來說明我們應該如何考慮通過- -在更正常的運營背景下的周期撥備預期。

Steven, thanks. It's Denis. Let me maybe provide a little extra color around the provisions just to help provide some context. So as we noted, with respect to the consumer portion, that's really driven by ongoing growth in the asset origination as opposed to deterioration of credit quality.

史蒂文，謝謝。是丹尼斯。讓我可能會在規定周圍提供一些額外的顏色，以幫助提供一些背景信息。正如我們所指出的，就消費者部分而言，這實際上是由資產來源的持續增長推動的，而不是信貸質量的惡化。

And on the wholesale side, we obviously model the macroeconomic outlook. And when we do our work across our various scenarios, over the course of the first quarter into the second quarter, our outlook for the forward is for a less robust set of macroeconomic variables, from GDP growth to employment levels to inflation, probability of recession, possibility of stagflation, et cetera.

在批發方面，我們顯然模擬了宏觀經濟前景。當我們在第一季度到第二季度的各種情景中進行工作時，我們對前景的展望是一組不太穩健的宏觀經濟變量，從 GDP 增長到就業水平再到通脹、衰退的可能性，滯脹的可能性等等。

And so we reweighted our scenarios, and we took a level of provisions that we thought was appropriate on our wholesale book relative to the outlook that we see. We continue to invest in our franchise. We think it's important to continue to support our portfolio of corporate clients, but we will continue to provide appropriately along the way.

因此，我們重新加權了我們的情景，並根據我們所看到的前景，在我們的批發書中採取了我們認為合適的規定水平。我們繼續投資於我們的特許經營權。我們認為繼續支持我們的企業客戶組合很重要，但我們將在此過程中繼續提供適當的服務。

Very helpful. And maybe just for my follow-up for David on capital. You did cite plans to manage to the lower G-SIB surcharge of 3%. I know that you were on a path to potentially migrating as high as 3.5%.

非常有幫助。也許只是為了我對大衛資本的跟進。您確實提到了將 G-SIB 附加費降低到 3% 的計劃。我知道您正處於潛在遷移率高達 3.5% 的道路上。

I was hoping you could speak to the specific actions you're taking to mitigate the G-SIB score, whether we should be contemplating any level of revenue attrition from those actions. And does your ability to manage to that lower G-SIB surcharge inform the more aggressive tone that we heard on buyback?

我希望你能談談你為降低 G-SIB 分數而採取的具體行動，我們是否應該考慮這些行動帶來的任何程度的收入損失。您是否有能力控制較低的 G-SIB 附加費，這是否反映了我們在回購時聽到的更激進的語氣？

I appreciate the question. And let me try to give some clarity to our thought process. As monetary and fiscal policy were extremely loose and extremely forward, the opportunity set with our clients was expanding very, very rapidly. In the context of that in 2020 and 2021, we saw opportunities to deploy resources, serve our clients and, therefore, expand meaningfully the revenue opportunity and the profit opportunity for the firm.

我很欣賞這個問題。讓我試著澄清一下我們的思考過程。由於貨幣和財政政策極其寬鬆且極其前瞻，我們與客戶共同創造的機會正在非常非常迅速地擴大。在 2020 年和 2021 年的背景下，我們看到了部署資源、為客戶服務的機會，因此，有意義地擴大了公司的收入機會和盈利機會。

That environment has certainly shifted in 2022. And while our clients are still active, they are not active to the same degree that they were in 2021. And you can obviously see that in the revenue environment, not just with us but across the street.

這種環境在 2022 年肯定發生了變化。雖然我們的客戶仍然很活躍，但他們的活躍程度不如 2021 年。你顯然可以在收入環境中看到這一點，不僅在我們這裡，而且在街對面。

In stating that we're focused on controlling that resource growth and kind of bringing it back to a 3% level, we are making a forward assumption that's consistent with what we've seen in the first half of the year. I note one of the things that I said in my comments was if there was information that would lead us to a different conclusion, we'll obviously evaluate that and change that.

在聲明我們專注於控制資源增長並將其恢復到 3% 的水平時，我們做出了與我們在上半年看到的情況一致的前瞻性假設。我注意到我在評論中所說的一件事是，如果有信息會導致我們得出不同的結論，我們顯然會評估並改變它。

But based on the experience we've had over the last 6 months and the revenue opportunity that we're capturing, we think we can continue to capture that revenue opportunity that's available based on client activity by being a little bit tougher on our resource allocation, and that should free up potentially some capital for shareholder return or potentially other investments.

但根據我們過去 6 個月的經驗和我們正在捕捉的收入機會，我們認為我們可以通過加強資源分配來繼續捕捉基於客戶活動的收入機會，這應該可以為股東回報或潛在的其他投資釋放一些資本。

But I would think at this point in time, looking at that, and Denis highlighted in his remarks, with the stock trading where it is, we're certainly thinking about that very carefully as we evaluate our capital return going forward for the rest of the year.

但我認為，在這個時間點上，考慮到這一點，丹尼斯在他的講話中強調，在股票交易的情況下，我們肯定會非常仔細地考慮這一點，因為我們會評估我們未來的資本回報那一年。

We'll take our next question from Betsy Graseck with Morgan Stanley.

我們將向摩根士丹利的 Betsy Graseck 提出我們的下一個問題。

One of the other areas for capital deployment, obviously, is in growing the consumer business. And I know you've got GreenSky under the belt, the General Motors card. Apple's doing gangbusters. So I just wanted to get a sense from you as to how you're thinking about other opportunities you might see for either new partnership opportunities, or is there balance sheet acquisition capabilities there?

顯然，資本部署的其他領域之一是發展消費者業務。而且我知道您已經獲得了通用汽車公司的 GreenSky 卡。蘋果正在大放異彩。所以我只是想從你那裡了解一下你是如何考慮其他機會的，你可能會看到新的合作機會，還是那裡有資產負債表獲取能力？

Yes. So thanks, Betsy. So look, I think what I'd say with respect to that is there are lots of partnership opportunities and lots of people coming to us, given our relationships, our technology, et cetera, that are interested in doing things with us.

是的。所以，謝謝，貝茜。所以看，我想我想說的是，鑑於我們的關係、我們的技術等，有很多合作機會和很多人來找我們，他們有興趣與我們合作。

At the same point, we've done a bunch over the course of the last 5 years to build this business, and as we've said, we put a couple of big partnerships on the ground in cards. We've started an invest platform. We're now working to integrate GreenSky. I think our intention at the moment is to be focused on integrating these successfully and making sure we execute at a very high level.

同時，在過去的 5 年裡，我們做了很多工作來建立這項業務，正如我們所說，我們在卡片上建立了幾個大型合作夥伴關係。我們已經啟動了一個投資平台。我們現在正在努力整合 GreenSky。我認為我們目前的意圖是專注於成功整合這些並確保我們在非常高的水平上執行。

Certainly, as we get out to 2023 and 2024, we'll be more open to other partnerships and other meaningful things going forward. But at the moment, we're focused on really executing on what we put forward, which included, as we had highlighted, launching checking later in the year.

當然，隨著我們到 2023 年和 2024 年，我們將對未來的其他合作夥伴關係和其他有意義的事情更加開放。但目前，我們專注於真正執行我們提出的內容，其中包括，正如我們所強調的，在今年晚些時候啟動檢查。

Yes. Okay. And then separately on Transaction Banking, you've given us a lot of good metrics along the way on how that business has been building out. Maybe you could update those a little bit for us today as well as give us a sense as to how the higher rate environment is impacting your returns there. I would think you're running ahead of plan based on that or expected to by year-end. And how do you redeploy that fully into that business line or elsewhere?

是的。好的。然後分別在交易銀行業務中，您為我們提供了許多關於該業務如何發展的良好指標。也許您今天可以為我們更新一些信息，並讓我們了解高利率環境如何影響您的回報。我認為您正在基於此或預計到年底提前計劃。您如何將其完全重新部署到該業務線或其他地方？

Betsy, it's Denis. Maybe I'll take that one. As you suggest, we feel really good about the Transaction Banking business, its progress year-to-date and the forward. We continue to improve on each of the metrics that we've been reporting on.

貝茜，是丹尼斯。也許我會拿那個。正如您所建議的，我們對交易銀行業務及其年初至今和未來的進展感覺非常好。我們將繼續改進我們一直在報告的每個指標。

So nearly 400 clients, deposits at around $65 billion, revenues year-to-date $175 million. And importantly, we continue to improve the percentage of the deposits that are operational. Operational and fully insured deposits are now north of 35% at the end of the second quarter.

因此，近 400 名客戶，存款約為 650 億美元，年初至今的收入為 1.75 億美元。重要的是，我們繼續提高可運營存款的百分比。截至第二季度末，運營存款和全保存款現在已超過 35%。

So we'll continue to focus on growing overall clients, balances and continuing to incrementally operationalize that business. It's obviously a profitable business already. And it's a business, as David highlighted, that benefits from leveraging the relationships that we have already inside the firm to grow it incrementally.

因此，我們將繼續專注於增加整體客戶、餘額並繼續逐步運營該業務。這顯然已經是一項有利可圖的業務。正如大衛強調的那樣，這是一項業務，它受益於利用我們在公司內部已有的關係來逐步發展。

We'll take our next question from Mike Mayo with Wells Fargo.

我們將向富國銀行的 Mike Mayo 提出下一個問題。

I guess I'm thinking in terms of the trade-offs that you have to make, David, in terms of both capital and expenses. On capital, I mean, you talk about a broader, diverse, resilient, more annuity-like business stream, but then we get the Fed stress test results and you guys finished in last place. Albeit better than last year, but still last place.

我想我正在考慮你必須在資本和費用方面做出的權衡。在資本方面，我的意思是，你談論的是更廣泛、多樣化、有彈性、更像年金的業務流，但隨後我們得到了美聯儲的壓力測試結果，你們排在最後。雖然比去年好，但仍然是最後一名。

So I guess the regulators don't see it the same way that you do, and the trade-off between managing for lower regulatory capital requirements versus the loss of revenues and then the other dynamic decision is managing expenses lower. As you said you're taking a closer look at that, the trade-off between ensuring good profit margins but at the risk of maybe losing revenues if things come back.

因此，我猜監管機構不會像您那樣看待它，並且在管理較低的監管資本要求與收入損失之間進行權衡，然後另一個動態決策是管理費用較低。正如您所說，您正在仔細研究這一點，確保良好的利潤率之間的權衡，但如果情況恢復，則可能會失去收入。

I'm not sure there was a question there. I think there was a fair balance of exactly what we wrestle with. I mean I would highlight, while it's a fair comment that our SCB is higher than everyone else's because of our current business mix, if that's what you refer to as last place, I would comment for the stress test we came in first place is that we were the only firm that actually saw their SCB decrease and many institutions saw their SCB increase very meaningfully.

我不確定那裡有問題。我認為我們正在努力解決的問題之間有一個公平的平衡。我的意思是我要強調，雖然由於我們目前的業務組合，我們的 SCB 比其他所有人都高，這是一個公平的評論，但如果這就是你所說的最後一位，我會評論我們排在第一位的壓力測試是我們是唯一一家真正看到他們的 SCB 下降的公司，許多機構看到他們的 SCB 非常有意義地增加了。

Now I don't take that as a victory lap. We're early in the journey of taking assets off our balance sheet, but I still do think, Mike, one of the big attributes we have, as you look ahead over the next few years, is we are going to continue to make that business much less RWA dense. And I do think, as indicated by the step forward we took in this stress test, that we will hopefully take other steps forward and future tests as we continue to change that mix.

現在我不認為這是一個勝利圈。我們正處於將資產從資產負債表中剔除的早期階段，但我仍然認為，邁克，當你展望未來幾年時，我們擁有的一大特點是，我們將繼續做到這一點業務少得多 RWA 密集。我確實認為，正如我們在這次壓力測試中所採取的步驟所表明的那樣，隨著我們繼續改變這種組合，我們希望能夠採取其他步驟和未來的測試。

I'm not satisfied with where we are on the journey of making the firm more fee-based and more resilient, but I am satisfied that we've made meaningful progress. And I think the results this quarter show the diversity of the business in a positive light in what was a really tough operating environment. And so as someone who's followed the industry and our firm for quite some time, I think the performance in this environment is reflective of the beginning of that evolution.

我對我們在使公司更加收費和更具彈性的過程中所處的位置不滿意，但我對我們取得了有意義的進展感到滿意。而且我認為本季度的結果從積極的角度顯示了業務的多樣性，這是一個非常艱難的運營環境。因此，作為一個長期關注行業和我們公司的人，我認為這種環境下的表現反映了這種演變的開始。

But you're exactly right. We have to constantly balance between investing in the future and providing resources to serve clients when they're active and driving those shareholder returns that kind of are -- is our true north of what we're trying to drive towards. So yes, it's a balance. I think we're trying to strike that balance appropriately, and we're going to continue to be laser-focused on making sure we do as good a job as we can, striking that balance effectively.

但你完全正確。我們必須在投資未來和為活躍的客戶提供資源以服務客戶和推動那些股東回報之間不斷取得平衡——這是我們努力追求的真正北端。所以，是的，這是一種平衡。我認為我們正試圖適當地達到這種平衡，我們將繼續專注於確保我們盡可能做好工作，有效地達到這種平衡。

And on the second part, as it relates to expenses, it sounds like you're going not quite plan B, but you're getting ready in case you need a plan B. How long do these deals stay alive before it's pencils down and they just say, "All right, we're going to wait for the next cycle?" I mean, it seems like with every month that passes, the chance that capital markets will rebound close to where it previously was declines. How long do you and the markets have before things just stay lower for longer?

在第二部分，因為它與費用有關，聽起來你並不完全是 B 計劃，但你已經做好了準備，以防你需要 B 計劃。這些交易在它結束之前還能維持多久他們只是說，“好吧，我們要等待下一個週期？”我的意思是，似乎隨著每個月過去，資本市場反彈至接近之前水平的機會都在下降。您和市場還有多長時間才能保持較低水平？

Well, I guess I'd say a couple of things. We always were -- I think we're very nimble allocators of resources, financial resources, human resources. We try to have a very, very flexible, nimble approach. And so of course, we've expressed earlier in the call, we think this is an uncertain environment, and we're going to be cautious. Of course, we will have plans in hand to the degree the environment gets worse.

好吧，我想我會說幾件事。我們一直是——我認為我們是資源、財務資源和人力資源的非常靈活的分配者。我們嘗試採用非常、非常靈活、靈活的方法。當然，我們在電話會議早些時候表示，我們認為這是一個不確定的環境，我們會保持謹慎。當然，我們將在環境變得更糟時制定計劃。

With respect to capital markets activity, I think I told you at the beginning of the year in our January call on January 15 that I did not expect us to see the level of capital markets activity we saw in 2021 anytime soon. And I wouldn't call that as normal. So when you talk about capital markets activity going back to what we saw in the past couple of years. I don't think we're going back to that anytime soon.

關於資本市場活動，我想我在年初於 1 月 15 日的 1 月電話會議中告訴過你，我預計不會很快看到 2021 年的資本市場活動水平。我不會把這稱為正常的。因此，當您談論資本市場活動時，可以追溯到我們在過去幾年中看到的情況。我認為我們不會很快回到那個狀態。

But I do think if you look at capital markets activity, kind of average levels over the last 7 years, take a period 5 years, 7 years and look at average levels, I'd be very surprised if we don't get back to some average level of capital markets activity sometime over the course of the next few quarters.

但我確實認為，如果你看看資本市場活動，過去 7 年的平均水平，用 5 年、7 年的時間看看平均水平，如果我們不回到過去，我會感到非常驚訝在接下來的幾個季度中，資本市場活動的某個平均水平。

And history would just tell you that, that doesn't mean that it might not take a little bit longer this time if things get increasingly uncertain, but generally speaking, one of the things that affects capital markets activity is people have to reset their mind around valuations. They have to reset their mind around capital costs.

歷史只會告訴你，這並不意味著如果事情變得越來越不確定，這次可能不會花更多時間，但一般來說，影響資本市場活動的一件事是人們必須重新調整心態圍繞估值。他們必須重新考慮資本成本。

And that happens relatively quickly because people have plans. They have commitments. They have to invest. And as soon as they get their minds around that, they adjust, which takes a few quarters, they get back into the market that's available to them. And so I'd be very surprised if we don't see, as we head into 2023, some sort of a normalization of capital markets activity.

這發生得相對較快，因為人們有計劃。他們有承諾。他們必須投資。一旦他們考慮到這一點，他們就會進行調整，這需要幾個季度，他們就會重新進入他們可以使用的市場。因此，如果我們在進入 2023 年時看不到某種程度的資本市場活動正常化，我會感到非常驚訝。

Now we might not, because the world could get worse, and it could stay more difficult longer. But it's not baked in the cake, in my opinion, that we're headed to a super negative environment, but it is uncertain. It is a little bumpy, and so we're going to proceed cautiously.

現在我們可能不會，因為世界可能會變得更糟，而且可能會更困難更長時間。但是，在我看來，我們正走向一個超級負面的環境，但這並沒有定論，但這還不確定。這有點顛簸，所以我們要謹慎行事。

We'll take our next question from Brennan Hawken with UBS.

我們將向瑞銀的布倫南霍肯提出我們的下一個問題。

I'd like to start on expenses. So you indicated that you're adjusting the investments, but it sounds more like that's about slowing the hiring outlook. So maybe the impact there has a lag, and we're more talking about year-end or even into 2023 and more on the comp side. So curious about, number one, whether that's a fair interpretation.

我想從費用開始。所以你表示你正在調整投資，但這聽起來更像是在放慢招聘前景。所以也許那裡的影響有一個滯後，我們更多地談論年底甚至到 2023 年，以及更多關於補償方面的問題。很好奇，第一，這是否是一個公平的解釋。

And then number two, the best way to think about non-comp. If we adjust for the legal charge and what -- and maybe some higher BC&E this quarter, is this the right jumping off point for non-comp? Or might some of that expense diligence that you flagged also put some downward pressure on the non-comp line?

然後是第二個，考慮非補償的最佳方式。如果我們調整法律費用以及什麼 - 本季度可能會有更高的 BC&E，這是非補償的正確起點嗎？或者您標記的一些費用盡職調查是否也會給非補償線帶來一些下行壓力？

Sure. So 2 components to your question. And obviously, we manage the firm to an efficiency ratio, looking at both the comp side and the non-comp side of the equation. As you would have seen through the first half of the year, we've taken compensation expense down significantly, $3.5 billion less comp expense in the first half versus the first half last year. And at the same time, we did see some increases on the non-compensation side of the equation.

當然。所以你的問題有兩個組成部分。顯然，我們按照效率比率管理公司，同時查看等式的補償方面和非補償方面。正如您在今年上半年所看到的那樣，我們已經大幅降低了薪酬支出，與去年上半年相比，上半年的薪酬支出減少了 35 億美元。同時，我們確實看到等式的非補償方面有所增加。

As we look forward into the second half, as we indicated, yes, slow velocity of hiring, decreased replacement of attrition, probably reinstating our annual performance review of our employee base at the end of the year, something that we suspended during the period of the pandemic for the most part, and just being much more disciplined and focused on utilization efficiency of our human capital resources, given overall environment.

正如我們所指出的那樣，我們展望下半年，是的，招聘速度緩慢，減員替代減少，可能會在年底恢復我們對員工基礎的年度績效評估，我們在大流行在很大程度上，只是在整體環境下更加自律並專注於我們人力資本資源的利用效率。

And you're right, some of that will take time to reflect itself through the P&L, so I think that's the right expectation. You are correct in anticipating that we're also looking at non-compensation expenses and taking some actions there as well to slow the rate of growth and reduce certain components of our non-compensation expense. Some of them are -- dovetail well with investments that we're making to grow the firm. And some of those activities, we'll obviously look to continue.

你是對的，其中一些需要時間才能通過損益表反映出來，所以我認為這是正確的期望。您正確地預計我們也在考慮非補償費用並在那裡採取一些行動來減緩增長率並減少我們非補償費用的某些組成部分。其中一些是 - 與我們為發展公司所做的投資非常吻合。其中一些活動，我們顯然會繼續下去。

We may slow the pace, but we'll continue to grow the activities that support the growth of the firm. And there are other items in non-compensation expense, occupancy as an example, or travel expenses, where we actually see the impact of inflation impacting the overall level of expense. And so that's just going to require us to work harder to manage towards our overall efficiency target, which is, I think the comments and references that both David and I have made with respect to our orientation on the expense front.

我們可能會放慢步伐，但我們將繼續發展支持公司發展的活動。在非補償費用、入住率或差旅費等其他項目中，我們實際上看到了通貨膨脹對總體費用水平的影響。因此，這將要求我們更加努力地管理我們的整體效率目標，即我認為大衛和我就我們在費用方面的定位所做的評論和參考。

Okay. Great. And for the second question, I'm curious. We've seen -- you talked a lot about M&A and how, obviously, your investment bank franchise is holding up really well. But just sort of a question around the environment.

好的。偉大的。對於第二個問題，我很好奇。我們已經看到 - 你談了很多關於併購以及顯然你的投資銀行特許經營權如何保持得很好。但只是一個圍繞環境的問題。

We've seen riskier debt issuance slow a lot year-to-date and started to hear chatter that availability has actually continued to become challenging. So curious whether or not that's also what you're seeing and whether or not there's any concern that, that availability, lesser availability might become a challenge and lead to some pockets of stress for some of the more levered borrowers.

今年迄今為止，我們已經看到風險較高的債務發行放緩了很多，並開始聽到有關可用性實際上繼續變得具有挑戰性的傳言。很好奇這是否也是您所看到的，以及是否有人擔心可用性、可用性較低可能會成為挑戰，並為一些槓桿率較高的借款人帶來一些壓力。

I think it's a good -- I think it's an appropriate thing to look at carefully. I'd say, at the moment, real availability issues are limited to some very, very stressed borrowers or some very, very out-of-favor sectors. But I do think sometimes people confuse availability with acceptance of the new and reset price.

我認為這是一件好事——我認為這是一件值得仔細研究的事情。我想說，目前，真正的可用性問題僅限於一些壓力非常非常大的借款人或一些非常非常不受歡迎的行業。但我確實認為有時人們會將可用性與接受新價格和重置價格混淆。

And so I would say, at the moment, the bigger thing that's slowing down capital markets activity is people accepting of the new price environment. Ultimately, companies need to raise capital. They find that new clearing price. But I do think if the environment stays very, very difficult from an economic perspective, there are certain sectors where availability is an issue.

所以我想說，目前減緩資本市場活動的更大原因是人們接受了新的價格環境。最終，公司需要籌集資金。他們找到了新的清算價格。但我確實認為，如果從經濟角度來看，環境仍然非常非常困難，那麼某些行業的可用性是一個問題。

And there are a couple of them now. I'd point to retail as one where certainly capacity and leverage levels have constrained meaningfully. And so I think we'll watch this very cautiously. But again, I would tell you that there's a mindset when you go through this in a resetting that's going on, and I think ultimately, markets find clearing prices.

現在有幾個。我會指出零售業無疑是產能和槓桿水平受到重大限制的領域。所以我認為我們會非常謹慎地觀察這一點。但是，我要再次告訴你，當你在重置過程中經歷這種情況時，會有一種心態，我認為最終，市場會找到清算價格。

And capital markets, there's certainly plenty of capital, plenty of liquidity available in markets for people who are doing reasonable deals at reasonable prices. The most levered companies will have a tougher time in this environment.

而資本市場，對於那些以合理的價格進行合理交易的人來說，市場上肯定有充足的資本和充足的流動性。在這種環境下，槓桿率最高的公司將面臨更艱難的時期。

I mean another thing I would add just the -- that very same environment also presents an opportunity. So as an example, in our FICC financing business, there are a number of clients who are looking for financing. They have important transactions to execute, attractive assets to have financed.

我的意思是我要補充的另一件事——同樣的環境也提供了機會。例如，在我們的 FICC 融資業務中，有許多客戶正在尋求融資。他們有重要的交易要執行，有吸引力的資產要融資。

And to the extent that there is less availability of financing across the street, that presents an opportunity for us given the way that we're currently positioned, our focus on financing and the franchise relationship we have with those clients that are big users.

就街道對面的融資渠道而言，鑑於我們目前的定位方式、我們對融資的關注以及我們與那些大用戶的特許經營關係，這為我們提供了一個機會。

We'll take our next question from Devin Ryan with JMP Securities.

我們將向 JMP 證券公司的 Devin Ryan 提出下一個問題。

A question on the RIA custody offering. Can you just talk a little bit about the evolution of that offering and whether we should expect a more aggressive acceleration in the marketing of that offering in the coming quarters. There's been some recent press just suggesting that you guys are better integrating that with the broader Goldman capability. So I'd love to just get an update on your thinking there.

關於 RIA 託管服務的問題。您能否簡單談談該產品的演變，以及我們是否應該期望在未來幾個季度更積極地加速該產品的營銷。最近有一些媒體只是暗示你們最好將其與更廣泛的高盛能力相結合。所以我很想了解你的想法。

Well, we obviously -- we made an acquisition in the space. It's something that we're focused on as an opportunity for the firm. But I'd say, at this point, the resources and the size and the scope of that are relatively small. But I think as we look forward over the course of the next 3 to 5 years, it will be an area that we see opportunity in and we'll turn more focus to expanding. That's why we made this acquisition, and we think it's an interesting opportunity for us.

好吧，我們顯然 - 我們在該領域進行了收購。這是我們專注於為公司提供機會的事情。但我想說，在這一點上，資源、規模和範圍都相對較小。但我認為，隨著我們對未來 3 到 5 年的展望，這將是一個我們看到機會的領域，我們將把更多的注意力轉向擴張。這就是我們進行這次收購的原因，我們認為這對我們來說是一個有趣的機會。

Okay. Great. And then a follow-up here. Denis just touched on this, but we heard a lot about trading client deleveraging through the second quarter that drove down prime brokerage and margin balances at a number of firms in the industry.

好的。偉大的。然後在這裡跟進。丹尼斯剛剛談到了這一點，但我們聽到了很多關於第二季度交易客戶去槓桿化的消息，這導致該行業許多公司的大宗經紀業務和保證金餘額下降。

It didn't seem to impact your trading or financing results, but can you give us any sense of where you think we are on deleveraging more broadly? Is there another leg that could exist here or clients now operating at lower levels of leverage relative to recent history and how that interplays with your trading outlook as well.

它似乎沒有影響您的交易或融資結果，但您能否告訴我們您認為我們在更廣泛的去槓桿化方面的進展情況？這裡是否可能存在另一條腿，或者客戶現在以相對於近期歷史較低的槓桿水平運營，以及這與您的交易前景如何相互作用。

Sure. I appreciate the question. I mean, connecting it back to some of the comments that David has made looking back over the course of the last couple of years, we've gone through an extraordinary period. We see an ongoing transition into a new type of market environment. I'm sure there are some clients that have looked to delever themselves and position for the current operating environment.

當然。我很欣賞這個問題。我的意思是，將它與大衛在過去幾年中回顧的一些評論聯繫起來，我們經歷了一個非凡的時期。我們看到正在向新型市場環境過渡。我敢肯定，有一些客戶希望自己去槓桿化，並為當前的運營環境定位。

We continue to see very high levels of client opportunity. There was a lot of engagement in the second quarter, particularly in the macro businesses. Clients approaching us to help them intermediate risk, other clients looking for financing, which is why we had record performance in FICC financing.

我們繼續看到非常高水平的客戶機會。第二季度有很多參與，特別是在宏觀業務方面。有客戶找我們幫助他們降低風險，其他客戶也在尋找融資，這就是我們在 FICC 融資中取得創紀錄業績的原因。

And I think as we look forward, we're obviously starting the quarter with a buffer to our minimum capital position. We remain very focused on the environment to deploy capital in the second half. We think there should be some good opportunities, and there may be clients that incrementally turned to us to help them navigate the opportunities. So I think we're -- we feel well set up, and we're optimistic about the opportunities with clients going into the second half.

而且我認為，展望未來，我們顯然在本季度開始時會緩沖我們的最低資本頭寸。我們仍然非常關注下半年部署資本的環境。我們認為應該有一些很好的機會，並且可能會有客戶逐漸轉向我們來幫助他們把握機會。所以我認為我們 - 我們感覺很好，我們對客戶進入下半年的機會持樂觀態度。

We'll take our next question from Ebrahim Poonawala with Bank of America.

我們將向美國銀行的 Ebrahim Poonawala 提出下一個問題。

I guess I just wanted to follow up on the strategic targets, David. So you said multiple times on the call that you don't see any reason why Goldman won't achieve, I think, your ROTE target 15% to 17% by '24.

我想我只是想跟進戰略目標，大衛。因此，您在電話會議上多次表示，您看不出有任何理由說明高盛無法實現（我認為）到 24 年您的 ROTE 目標 15% 至 17%。

When we think about that, I think where investors struggle with is just the lack of visibility on the revenue side and how quickly you can flex expenses. Just give us a sense of when we think about year-to-date ROTE about 13%, the journey from year-to-year targets, how much of that is reliant on the macro getting better versus do you think structurally the business can continue to become more profitable without any improvement in the macro?

當我們考慮到這一點時，我認為投資者苦苦掙扎的地方只是收入方面缺乏可見性以及您可以多快地彈性支出。讓我們了解一下，當我們考慮年初至今約 13% 的 ROTE 時，從年復一年目標的旅程，其中有多少取決於宏觀變得更好，而不是您認為業務可以在結構上繼續在宏觀沒有任何改善的情況下變得更有利可圖？

Well, if we stayed in a macro environment, it's -- look, it's a good question. I understand where the question comes from. If we stayed in the macro environment like the first 6 months of this year for the next 5 years, I think it would have an impact on the journey with respect to returns.

好吧，如果我們停留在宏觀環境中，那是——看，這是一個好問題。我明白問題來自哪裡。如果我們在接下來的 5 年中保持像今年前 6 個月這樣的宏觀環境，我認為這會對回報的旅程產生影響。

Although I do think that we'd be more resilient and probably do better than the base perception would be of the industry broadly, by the way, not just Goldman Sachs, if you really had that kind of environment, because the world would adapt to that kind of environment and people would make changes in their businesses on the expense side, et cetera, over time to make sure that they could deliver appropriately for shareholders.

雖然我確實認為我們會更有彈性，並且可能會比整個行業的基本看法做得更好，順便說一下，如果你真的有那種環境，不僅僅是高盛，因為世界會適應隨著時間的推移，這種環境和人們會在費用等方面改變他們的業務，以確保他們能夠為股東提供適當的服務。

I don't expect -- I think we had a very -- I think this has been a very difficult 6 months and there have been some big headwinds in the course of the 6 months. I don't expect to have the same headwinds in the next 6 months or the next 12 months. Now that doesn't mean that the environment couldn't be worse or there couldn't be different headwinds that create different issues.

我不期望 - 我認為我們有一個非常 - 我認為這是一個非常困難的 6 個月，並且在 6 個月的過程中遇到了一些很大的阻力。我預計未來 6 個月或未來 12 個月不會有同樣的逆風。現在這並不意味著環境不會更糟，或者不會有不同的逆風造成不同的問題。

But I think to kind of take what's going on with some of the exogenous impact over the course of the last 6 months and translate it as a 3- or 4-year thing forward, that's just not our base case. That's not our base case. And if that was our base case, we would be much more aggressive and forward with respect to expense changes, investments in the business, et cetera, but that's not our base case.

但我認為將過去 6 個月的一些外生影響所發生的事情轉化為未來 3 年或 4 年的事情，這不是我們的基本情況。這不是我們的基本情況。如果這是我們的基本情況，我們會在費用變化、業務投資等方面更加積極和前瞻性，但這不是我們的基本情況。

And so we continue to move forward with the base case, where we're pretty confident that we can deliver the level of revenues with an expense base and a resource allocation that we can adjust and be nimble with to deliver those returns. And I'd just highlight that, in the first half of the year, we're not that far off from what we said we need to accomplish over the next 3 years.

因此，我們繼續推進基本情況，我們非常有信心通過費用基礎和資源分配來提供收入水平，我們可以調整併靈活地提供這些回報。我要強調的是，在今年上半年，我們距離我們所說的未來 3 年需要完成的目標並不遙遠。

That's helpful. And then just -- and recognizing it's very challenging to predict trading activity, but when you think about just good volatility versus bad volatility, do you see, just given all the uncertainty on macros for central bank actions, et cetera, this -- in terms of FICC trading, things to remain strong as we think about the back half of the year, just whatever is in your crystal ball?

這很有幫助。然後只是 - 並認識到預測交易活動非常具有挑戰性，但是當你考慮好的波動性與壞的波動性時，你看到了嗎，只是考慮到中央銀行行動的所有宏觀不確定性等等，這 - 在就 FICC 交易而言，在我們考慮下半年的情況下，事情會保持強勁，你的水晶球裡有什麼？

Well, the good volatility, bad volatility has never been an expression that I've liked. I think about our business in markets as a business where we're serving our clients, and we're making sure that we're meeting their needs. That's why we've been very focused over the last 3, 4 years on really improving our approach to our clients, really improving our market share with our clients, adding financing as a capability to our clients, which is much more resilient, and therefore puts a base in the revenues that did not exist before.

好吧，好的波動性，壞的波動性從來都不是我喜歡的表達方式。我認為我們在市場上的業務是我們為客戶服務的業務，我們確保我們滿足他們的需求。這就是為什麼我們在過去 3、4 年中一直非常專注於真正改善我們對客戶的態度，真正提高我們在客戶中的市場份額，為我們的客戶增加融資能力，這更具彈性，因此為以前不存在的收入奠定了基礎。

Now that doesn't mean that there can't be volatility in the intermediation part of the business. I'm not going to make a forecast as to what looks forward, but I think the investments we've made in our client focus, in our market shares, in our financing business all give those markets businesses more ballast as we go forward.

現在這並不意味著業務的中介部分不會出現波動。我不會對未來的發展做出預測，但我認為我們在以客戶為中心、在市場份額、在融資業務方面所做的投資，都會在我們前進的過程中為這些市場業務提供更多的支撐。

There will be environments where clients are more active and we can capture that, and there will be environments where clients are a little bit more quiet, but we're prepared to serve them. And I think if we get out of quarter-to-quarter and continue to look over 3-year periods, there's a very big business that generates very accretive returns and serves our clients well.

會有客戶更活躍的環境，我們可以捕捉到這一點，也會有客戶更安靜的環境，但我們準備為他們服務。而且我認為，如果我們逐季退出並繼續查看 3 年以上的時間段，就會有一項非常大的業務可以產生非常可觀的回報並為我們的客戶提供良好的服務。

We'll take our next question from Dan Fannon with Jefferies. We'll move on to Matt O'Connor with Deutsche Bank.

我們將回答 Dan Fannon 和 Jefferies 的下一個問題。我們將繼續討論德意志銀行的 Matt O'Connor。

Good details on your loan portfolio and loan loss reserves on Slide 11. And I just wanted to ask specifically on the consumer book. You've got about 13% reserves to loans. Obviously, charge-offs are only 2% and change. But how much of that reserve is kind of factoring in growth seasoning or just a more tough macro environment? How would you frame that?

幻燈片 11 上有關您的貸款組合和貸款損失準備金的詳細信息。我只是想在消費者手冊上專門詢問一下。你有大約 13% 的貸款準備金。顯然，沖銷只有 2% 並且發生變化。但是，該儲備中有多少是在考慮增長調味料，或者只是一個更艱難的宏觀環境？你會如何構築它？

Sure. I think I would frame it actually as a combination of those factors. So your seasoning point is fair as well. It's a less-aged portfolio, if you will, than certain other broad-based consumer portfolios. There's an element of seasoning. There's an element of the overall macro environment that sort of come together to cause us conclude that that's the appropriate place to be.

當然。我想我會把它實際上作為這些因素的組合。所以你的調味點也是公平的。如果您願意的話，這是一個比某些其他基礎廣泛的消費者投資組合更年輕的投資組合。有調味的成分。整體宏觀環境中的一個元素聚集在一起使我們得出結論，那就是合適的地方。

You do make reference to charge-offs. Obviously, firm-wide, they're flat quarter-on-quarter. Wholesale, down slightly. Consumer is up a little bit. But those are some of the factors that we also take into account and look at.

你確實提到了沖銷。顯然，在整個公司範圍內，它們的季度環比持平。批發，小幅下跌。消費者略有上漲。但這些是我們也考慮和考慮的一些因素。

And I know earlier you were asked about kind of through the cycle provisioning. Anything specifically on consumer charge-offs as we think about those portfolios, what you would expect once you have the seasoning and what those levels would be, not in a recession, but just more kind of through the cycle?

而且我知道之前有人問過您有關循環配置的問題。當我們考慮這些投資組合時，有什麼特別是關於消費者沖銷的東西，一旦你有了調味料，你會期望什麼，以及這些水平會是多少，不是在經濟衰退中，而是在更多的周期中？

Yes. I mean, I think through the cycle is where we are in terms of our observation. So whether the impact presently is more a function of normalization from really quite exceptional set of conditions in the last year, the starting point -- the overall health of the consumer is very strong.

是的。我的意思是，我認為就我們的觀察而言，整個週期就是我們所處的位置。因此，目前的影響是否更多地是從去年非常特殊的一組條件開始正常化的功能，起點 - 消費者的整體健康狀況非常強勁。

The credit environment for consumers has been very, very benign. And so I think you need to take stock of sort of where you're starting from. Obviously, if the environment continues to persist more negatively, and certainly if we were to move towards recession, then we would expect an increase in that regard.

消費者的信貸環境一直非常非常好。所以我認為你需要評估一下你從哪裡開始。顯然，如果環境繼續更加消極，當然如果我們要走向衰退，那麼我們預計這方面會有所增加。

We'll take our next question from Gerard Cassidy with RBC.

我們將向 RBC 的 Gerard Cassidy 提出下一個問題。

David, in the past couple of years, you guys have focused on reducing your equity portfolio so that the volatility in earnings would be less. Can you share with us where you are in that progress? Are you at a level that you're comfortable with? Or you still got some more to go in reducing that portfolio?

大衛，在過去的幾年裡，你們一直專注於減少股票投資組合，以減少收益的波動。你能與我們分享你在這方面的進展嗎？您是否處於您感到滿意的水平？或者您在減少投資組合方面還有更多工作要做？

Sure. I'll answer at a very high level, and then I'm going to have Denis walk you through some specific details. I am pleased with the progress but not comfortable with where we are. Comfortable is probably the wrong word. I'm pleased with the progress. I'd like us to continue to accelerate to make more progress. And I think we're going to do -- we're going to make progress over the course of the coming 12, 24 months.

當然。我會以非常高的水平回答，然後我會讓 Denis 向您介紹一些具體的細節。我對進展感到滿意，但對我們所處的位置並不滿意。舒適可能是錯誤的詞。我對進展感到高興。我希望我們繼續加速以取得更多進展。我認為我們會做——我們會在接下來的 12、24 個月內取得進展。

Our progress -- we've made a lot of progress. It was slowed also by the fact that we went through a period in 2021 where the value of a lot of these assets grew very meaningfully even as we were selling things. But why don't I have Denis walk you through some high-level numbers that we've put out there?

我們的進步——我們取得了很大的進步。由於我們在 2021 年經歷了一段時期，即使我們在賣東西，許多這些資產的價值也出現了非常有意義的增長，這一事實也減慢了速度。但是我為什麼不讓丹尼斯帶你看看我們已經發布的一些高級數字呢？

Yes. So a couple of things. I think we are -- we're well on our way in terms of the journey. We remain completely committed to the progress and the direction of travel. You'll note there were no particular additions over the course of the last quarter. We continued to move down certain of the on-balance sheet equity exposures.

是的。所以有幾件事。我認為我們是——就旅程而言，我們正在順利進行。我們仍然完全致力於取得進展和前進的方向。你會注意到在上個季度沒有特別的增加。我們繼續降低某些資產負債表內的股權風險。

We have a detailed asset-by-asset plan that we are executing on, and looking at our results coming through CCAR, obviously, the Fed recognized our strong PPNR, but we also suspect that the way they concluded the ultimate decision around SCB had something to do with the nature of our on-balance sheet equity investments and the shocks that they choose to apply against that portfolio.

我們有一個正在執行的詳細的逐項資產計劃，並且看看我們通過 CCAR 得出的結果，顯然，美聯儲認可了我們強大的 PPNR，但我們也懷疑他們得出關於 SCB 的最終決定的方式有一些東西與我們的資產負債表內股權投資的性質以及他們選擇對該投資組合施加的衝擊有關。

And so that's incremental affirmation that we've selected the right strategy. And then if anything, we should continue to move forward, maybe even accelerate the rate of disposition, remaining mindful of the overall environment and the ability to execute. But I think the direction of travel for us and our commitment to reducing those exposures is completely unchanged.

因此，這是對我們選擇了正確策略的漸進式肯定。然後，如果有的話，我們應該繼續前進，甚至可能加快處置速度，注意整體環境和執行能力。但我認為我們的前進方向和我們減少這些風險的承諾完全沒有改變。

Very good. And just as a follow-up, maybe you guys can give us a little deeper color into the ECM business. Obviously, according to the Dealogic numbers, the first 6 months of this year, we all know, were very weak. And market conditions, we recognize, as being the driver.

很好。作為後續行動，也許你們可以讓我們更深入地了解 ECM 業務。顯然，根據 Dealogic 的數據，我們都知道，今年前 6 個月非常疲軟。我們承認，市場條件是驅動因素。

But David, you alluded to maybe the price expectations are coming down. Was it primarily just the volatility that pushed everybody to the sideline? Was it lower valuations that pushed them there? What did you guys see as the biggest drivers for these really weak numbers for the industry, not just for you folks?

但是大衛，你提到價格預期可能正在下降。主要是波動性將每個人都推到場邊嗎？是較低的估值將他們推到了那裡嗎？你們認為這個行業這些非常弱的數字的最大驅動因素是什麼，而不僅僅是你們這些人？

Yes. It's -- I think it's a combination, Gerard, of all those things. You had a meaningful decrease in values in the public market and in the private market. You also had real volatility. And so people go down the road. Doing an IPO, it's like a tanker. It's heading down the road. It takes months and months and months of preparation, sometimes years of preparation.

是的。它是——我認為這是所有這些東西的結合，杰拉德。你在公開市場和私人市場的價值顯著下降。你也有真正的波動。所以人們走上了這條路。做首次公開募股，就像一艘油輪。它正朝著這條路前進。這需要數月和數月的準備，有時甚至需要數年的準備。

And you get your mind and you get with all the shareholders that you're going to go public at a particular value, a particular price. And all of a sudden, the value of the price is 20% or 30% less and the whole tanker just stops. They can't turn on a dime and get everybody's mind reset. And so I think a shift in valuations and that volatility had a big impact.

你得到你的想法，你和所有的股東都知道你將以特定的價值、特定的價格上市。突然之間，價格的價值減少了 20% 或 30%，整個油輪就停了下來。他們不能打開一角錢，讓每個人的思想重新設置。所以我認為估值的轉變和波動性產生了很大的影響。

The period in terms of the anemic nature of equity capital markets issuance kind of reminds me of the period in 2002, where we obviously had enormous growth in equity capital markets activity in 1999, 2000, 2001, and then in March 2001, you started to see a real change in market and valuation. It was the beginning of a decline in the NASDAQ, where the NASDAQ ultimately went down 85%.

股權資本市場發行乏力的時期讓我想起了 2002 年，在 1999 年、2000 年、2001 年，我們的股權資本市場活動明顯出現了巨大增長，然後在 2001 年 3 月，你開始看到市場和估值的真正變化。這是納斯達克下跌的開始，納斯達克最終下跌了 85%。

I'm not saying that that's going to happen again here. But really, equity issuance shutoff in late 2001 and 2002 was a really, really anemic year for equity issuance and started picking back up again in 2003. And so there's a reset process with all of this, and I think we're on the journey of people's expectation around valuations being reset.

我並不是說這會在這裡再次發生。但實際上，在 2001 年末和 2002 年關閉股票發行對於股票發行來說是非常非常乏味的一年，並在 2003 年再次開始回升。因此，所有這一切都有一個重置過程，我認為我們正在路上人們對估值被重置的預期。

We'll take our next question from Jim Mitchell with Seaport Global.

我們將回答 Seaport Global 的 Jim Mitchell 的下一個問題。

I just want to circle back to your comment on managing to a 3% G-SIB and sort of your comments about lower client activity versus last year. But I think on the flip side, you guys are pretty optimistic around still growing the financing business. It looks like trading assets are up year-over-year -- or flat year-over-year. Loans are up. Balance sheet is up. So is this just something about balance sheet and RWA growth slowing? Or is there specific areas you think will shrink or you can cut?

我只想回到您關於管理 3% G-SIB 的評論以及您對與去年相比客戶活動減少的評論。但我認為另一方面，你們對仍在發展融資業務非常樂觀。看起來交易資產同比增長 - 或同比持平。貸款漲了。資產負債表向上。那麼這僅僅是資產負債表和風險加權資產增長放緩的問題嗎？或者是否有您認為會縮小或可以切割的特定區域？

So I think we're looking at this holistically. A lot of the questions speak to our strategic plan, our ability to execute to hit targets over time. Given the environment that we're in right now, we see an opportunity to target a 3% G-SIB. Obviously, it's for the benefit of 2024 and beyond, but the decision to be made is a current one.

所以我認為我們正在整體上看待這個問題。很多問題都與我們的戰略計劃、我們隨著時間的推移實現目標的執行能力有關。鑑於我們目前所處的環境，我們看到了以 3% G-SIB 為目標的機會。顯然，這是為了 2024 年及以後的利益，但要做出的決定是當前的決定。

And so in terms of our ability to target that level, given what we've seen in terms of various balances, levels of client activity, et cetera, we think we can do that reasonably efficiently. We've had discussions with our business leaders. They know that, that's the plan. That's what they're working on.

因此，就我們達到這一水平的能力而言，鑑於我們在各種平衡、客戶活動水平等方面所看到的情況，我們認為我們可以合理有效地做到這一點。我們已經與我們的商業領袖進行了討論。他們知道，這就是計劃。這就是他們正在做的事情。

David did make a comment that should the environment change significantly, the needs of our clients change, we would reevaluate. But the current plan is to target that level of G-SIB. And we've been obviously growing resource deployment, and that will constrain some of that resource deployment.

大衛確實發表了評論，如果環境發生重大變化，我們客戶的需求發生變化，我們會重新評估。但目前的計劃是針對該級別的 G-SIB。我們顯然一直在增加資源部署，這將限制部分資源部署。

But in addition to targeting a 3% G-SIB, we can, at the same time, deploy other financial resources to attractive client opportunities. So our expectation is that we'll be able to continue to support clients with attractive and accretive business activities while targeting a 3% G-SIB.

但除了以 3% 的 G-SIB 為目標外，我們還可以同時將其他財務資源用於吸引客戶的機會。因此，我們的期望是，我們將能夠繼續為客戶提供有吸引力和增值的業務活動，同時以 3% 的 G-SIB 為目標。

Well, can you help us a little bit with the specifics of what you're actually targeting? Or is that -- you're unwilling to disclose that?

好吧，你能幫助我們了解一下你的實際目標嗎？或者是——你不願意透露？

We are currently targeting a 3% G-SIB. We're not putting out a particular G-SIB score that we're targeting.

我們目前的目標是 3% 的 G-SIB。我們沒有給出我們所針對的特定 G-SIB 分數。

Thank you. We'll take our next question from Dan Fannon with Jefferies.

謝謝你。我們將回答 Dan Fannon 和 Jefferies 的下一個問題。

Try this again here. Just wanted to follow up on the $20 billion of commitments in (inaudible), our third-party funds that you highlighted in the quarter. Clearly, there's still strong momentum. As you think about this market backdrop and the outlook for that, is there -- are you seeing any change in behavior or signs of slowing?

在這裡再試一次。只是想跟進您在本季度強調的我們的第三方基金（聽不清）中的 200 億美元承諾。顯然，勢頭依然強勁。當您考慮這種市場背景及其前景時，您是否看到行為發生任何變化或放緩跡象？

I would say, Dan, at the moment, at a high macro level, we're not seeing significant change in behavior. When you look at the institutional capital allocators around the world, the institutional capital allocators have significant allocations. Obviously, if the overall value of the portfolio has decreased, the allocation percentage would shift, and so that will slow down capital raising.

我想說，丹，目前，在宏觀層面上，我們沒有看到行為發生重大變化。當您查看世界各地的機構資本配置者時，機構資本配置者有大量的配置。顯然，如果投資組合的整體價值下降，分配比例就會發生變化，從而減緩融資速度。

But I think for leading big global platforms that are multiproduct and global, I still think there's a secular growth trend around alternatives that's very, very attractive. Probably not at the exact same pace and ebullience that you saw in 2021, but certainly a strong secular growth trend that kind of moves forward with respect to allocations of capital by big institutional allocators into the space.

但我認為，對於多產品和全球領先的大型全球平台，我仍然認為圍繞替代品的長期增長趨勢非常非常有吸引力。可能不會以您在 2021 年看到的完全相同的速度和熱情，但肯定會出現強勁的長期增長趨勢，這種趨勢在大型機構配置者向該領域的資本分配方面向前發展。

I would say one of the places that a number of participants in the market, we have not been as big a participant, but there's been a lot of retail flow into the alternative space. And there, my insight there is that is slowing, but it's not turned off and it's still adequate.

我想說的是市場中有許多參與者的地方之一，我們沒有那麼大的參與者，但是有很多零售流入替代空間。在那裡，我的洞察力正在放緩，但它並沒有關閉，它仍然足夠。

And from what I can see in our private wealth lens that we have with a very, very high-end private wealth business, there's still significant interest in alternatives as people move forward. So something to watch. If the environment got much worse, maybe that would change. But at the moment, not seeing indications that the changes are meaningful.

從我們私人財富的角度來看，我們擁有非常非常高端的私人財富業務，隨著人們的發展，人們仍然對替代品產生了濃厚的興趣。所以有什麼要看的。如果環境變得更糟，也許情況會改變。但目前，沒有跡象表明這些變化是有意義的。

Great. And then just as a follow-up on the balance sheet outlook and the harvesting of some of the investments. You've historically given a line of sight number on these calls given, I would assume, the market backdrop in the short term, there's just less outlook or clarity around what you might be looking to sell here.

偉大的。然後只是作為資產負債表前景的後續行動和一些投資的收穫。我認為，鑑於短期內的市場背景，您在這些電話中給出了一個視線數字，您可能希望在這裡出售的東西的前景或清晰度較低。

I think that's right. So last quarter, we gave a line of sight of approximately $1 billion, which is what ended up happening. Right now, line of sight is less than $1 billion. Just given the overall environment, that's what we see it right now.

我認為這是對的。所以上個季度，我們給出了大約 10 億美元的視線，這就是最終發生的事情。目前，視線不到 10 億美元。就整體環境而言，這就是我們現在所看到的。

At this time, there are no further questions. Please continue with any closing remarks.

此時，沒有進一步的問題。請繼續任何結束語。

We just wanted to thank everyone for joining the call. Obviously, if any other questions arise, feel free to give me a call directly. Thanks so much. We'll speak to you soon.

我們只是想感謝大家加入電話會議。顯然，如果出現任何其他問題，請隨時直接給我打電話。非常感謝。我們很快就會和你說話。

Ladies and gentlemen, that concludes the Goldman Sachs Second Quarter 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect.

女士們先生們，高盛 2022 年第二季度收益電話會議到此結束。感謝您的參與。您現在可以斷開連接。