高盛 (GS) 2022 Q3 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 Third Quarter 2022 Earnings Conference Call. This call is being recorded today, October 18, 2022. Thank you. Ms. Halio, you may begin your conference.

早安.我是凱蒂，今天將擔任本次電話會議的主持人。歡迎各位參加高盛2022年第三季財報電話會議。本次會議將於2022年10月18日進行錄音。謝謝。哈利奧女士，您可以開始您的會議了。

Good morning. This is Carey Halio, Head of Investor Relations at Goldman Sachs. Welcome to our third 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. This audio cast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

早安.我是高盛投資者關係主管凱莉·哈利奧 (Carey Halio)。歡迎參加我們第三季財報電話會議。今天，我們將參考財報演示文稿，該簡報可在我們網站 www.gs.com 的投資者關係頁面找到。請注意，有關前瞻性陳述和非公認會計準則 (非GAAP) 財務指標的資訊均已在財報發布和簡報中列出。本次音訊內容為高盛集團有限公司的版權所有，未經許可不得複製、轉載或重新發布。

I'm joined this morning by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman. Let me pass the call to David.

今天早上與我一同出席的有我們的董事長兼首席執行官大衛·所羅門，以及首席財務官丹尼斯·科爾曼。現在我把電話交給大衛。

Thank you, Carey, and good morning, everybody. Thank you for joining us today. Let me start by saying a few words on the operating environment.

謝謝凱瑞，大家早安。感謝各位今天參加我們的節目。首先，我想簡單介紹一下運行環境。

Global economy continues to face significant headwinds. Inflation remains high. Central banks are rating interest rates at a pace not seen in decades. Meanwhile, equity markets are well off the recent highs. Geopolitical instability and energy shocks are an ongoing concern, and GDP growth expectations are declining.

全球經濟持續面臨諸多不利因素。通脹居高不下。各國央行正以數十年來未見的速度升息。同時，股市已遠低於近期高點。地緣政治不穩定和能源衝擊持續令人擔憂，GDP成長預期正在下調。

Many of these trends accelerated towards the end of the quarter. For example, while our own financial conditions index has indicated steady tightening all year, we saw a sharp increase in the index starting in mid-August.

許多此類趨勢在本季末加速發展。例如，儘管我們自身的金融狀況指數全年都顯示經濟持續收緊，但我們看到該指數從8月中旬開始出現急劇上升。

Everywhere I go, macro themes dominate. My conversations with CEOs, they tell me that they are rethinking business opportunities and would like to see more certainty before committing to longer-term plans. As we head into the fourth quarter, my sense is that the outlook will remain unsettled, though economic performance will vary by region. I also expect volatility to persist as markets continue to digest these factors.

無論我走到哪裡，宏觀經濟情勢都佔據主導地位。當我與執行長們交流時，他們告訴我，他們正在重新思考商業機會，希望在製定長期計劃之前看到更大的確定性。進入第四季度，我的感覺是前景依然不明朗，儘管不同地區的經濟表現會有所不同。我也預計，隨著市場繼續消化這些因素，波動性將持續存在。

Against this backdrop, I'm pleased that Goldman Sachs delivered solid results in the third quarter. As I've said before, the breadth and strength of our global franchise is a key differentiator for us. And client engagement remains strong.

在此背景下，我對高盛第三季取得穩健的業績感到欣慰。正如我之前所說，我們全球業務的廣度和實力是我們的關鍵競爭優勢。客戶滿意度也依然強勁。

For the quarter, we generated net revenues of $12 billion, earnings per share of $8.25, a return on equity of 11% and a return on tangible equity of 12%.

本季度，我們實現了淨收入 120 億美元，每股收益 8.25 美元，股本回報率 11%，有形股本回報率 12%。

Before handing it over to Denis to review the quarterly results in detail, I would like to spend a moment on our strategic evolution. Turning to Page 2 of the presentation, 4 years ago, we set out to enhance our client engagement efforts with the goal of further strengthening our world-class client franchise. Our One Goldman Sachs philosophy was born out of that endeavor, starting with a 30-client pilot evolving to what has now become the operating ethos of the firm. One Goldman Sachs has been successful well beyond our expectations, proving that the strength and breadth of our global client relationships are key drivers of the execution of our strategy and continued outperformance. These efforts have produced leading share gains, particularly in our core businesses, and have resulted in a 40% book value per share growth since our Investor Day in 2020.

在將季度業績報告交給丹尼斯詳細解讀之前，我想先簡單介紹一下我們的策略發展歷程。請翻到簡報第二頁，四年前，我們著手加強客戶互動，旨在進一步鞏固我們世界一流的客戶基礎。 「一個高盛」的理念正是在此基礎上誕生的，最初我們以30家客戶為試點，逐步發展成為如今公司的營運準則。 「一個高盛」的成功遠遠超出了我們的預期，這證明我們強大的全球客戶關係網絡是推動我們策略有效執行和持續超越市場表現的關鍵因素。這些努力帶來了領先的市佔率成長，尤其是在我們的核心業務領域，自2020年投資者日以來，每股帳面價值成長了40%。

The execution of One Goldman Sachs over the last 4 years has amplified 2 foundational elements of our firm: first, the relationship and advisory mindset that underlies our Investment Banking franchise translates exceptionally well across client engagement more broadly; second, the increasingly symbiotic nature of our businesses creates a virtuous ecosystem that results in a significant multiplier effect and drives market share. Because of this, we are making a series of organizational changes in the fourth quarter to take the next step in the evolution of our strategy. Changes were further strength in our core businesses, accelerate our ability to scale the growth platforms and improve efficiency.

過去四年「一個高盛」策略的實施強化了我們公司的兩大基石：首先，我們投資銀行業務中以關係和諮詢為核心的理念，在更廣泛的客戶互動中也得到了卓越的體現；其次，我們各項業務日益增強的共生關係，構建了一個良性循環的生態系統，從而產生了顯著的倍增效應，並推動了市場份額的增長。正因如此，我們將在第四季進行一系列組織架構調整，以邁出策略演進的下一步。這些調整旨在進一步增強我們的核心業務實力，加速成長平台的規模化發展，並提升營運效率。

As you can see on Page 3, we are integrating our Asset and Wealth Management businesses as well as our Investment Banking and Global Markets businesses into 2 important segments for the firm. We will also create a new segment called Platform Solutions that will consolidate our fintech platforms from across the firm, including Transaction Banking, Consumer Partnerships and GreenSky. This segment will enhance our focus on building platforms that deliver digital financial services capabilities to corporate and institutional clients. We will further integrate our direct-to-consumer activities into Wealth Management given the growing convergence of Wealth and Consumer Banking. We will report our full year 2022 earnings using these 3 segments, and we'll also host an Investor Day on February 28, 2023. We look forward to reviewing the details of our forward strategy across the businesses, although we will tell you now that our fundamental strategy remains the same, and we will be maintaining our principal financial targets.

正如您在第3頁所見，我們將資產與財富管理業務以及投資銀行和全球市場業務整合為公司的兩大重要業務部門。我們還將創建一個名為「平台解決方案」的新業務板塊，整合公司各部門的金融科技平台，包括交易銀行、消費者合作和GreenSky。該板塊將進一步強化我們為企業和機構客戶提供數位化金融服務平台的策略。鑑於財富管理與消費銀行業務日益融合，我們將進一步將直接面向消費者的業務整合到財富管理業務中。我們將使用這三個業務板塊來報告2022財年的全年收益，並於2023年2月28日舉辦投資者日活動。我們期待進一步探討各業務的未來策略細節，但現在我們可以明確地告訴您，我們的基本策略保持不變，並將繼續維持我們的主要財務目標。

We are excited about the role that Asset and Wealth Management will play in our forward growth plans. Across Asset and Wealth Management, we are operating a fully scaled and integrated franchise, providing advice, solution -- solutions and execution for institutions and individuals across both public and private markets. Running these businesses together will allow us to holistically drive towards our $10 billion and $2 billion management fee targets. Our investment selection and performance for our clients has supported strong momentum, particularly in Alternatives and Wealth Management.

我們對資產及財富管理業務在未來成長計畫中所扮演的角色感到振奮。在資產及財富管理領域，我們經營一個規模全面、整合完善的業務體系，為公共和私募市場的機構和個人客戶提供諮詢、解決方案和執行服務。這些業務的整合將使我們能夠全面實現100億美元和20億美元的管理費目標。我們為客戶選擇的投資標的和業績表現強勁，尤其是在另類投資和財富管理領域。

We also believe that reaching and serving employees in their workplace is a significant growth opportunity for Goldman Sachs. Through our strengthened capabilities in workplace and personal wealth, we can now address all the employees at the companies we serve. This expanded offering is a direct response to a clear push from C-suite leaders for a more democratized suite of advice and solutions. It's also clear that these clients prefer an integrated wealth management and banking offering, which presents us with a tremendous opportunity to connect with millions of clients through their workplace.

我們也相信，在員工的工作場所觸達並服務他們，是高盛的重大成長機會。憑藉我們在職場和個人財富管理方面不斷增強的能力，我們現在能夠服務我們所服務公司的所有員工。這項擴展服務是對企業高階主管明確提出的要求的直接回應，他們希望獲得更普惠的諮詢和解決方案。顯然，這些客戶更傾向於整合財富管理和銀行服務，這為我們提供了一個絕佳的機會，讓我們能夠透過他們的工作場所與數百萬客戶建立聯繫。

Over the past few years, Global Markets and Investment Banking have been increasingly operating as a unified leading world-class franchise. We are the adviser of choice supported by our #1 league table positions across M&A and ECM, and we continue to bolster our leading position as a market-maker and risk-intermediary for our clients in markets across the globe.

過去幾年，全球市場和投資銀行業務日益融合，成為世界一流的領先機構。我們在併購和股權資本市場領域始終保持領先地位，是客戶的首選顧問。我們不斷鞏固自身作為全球市場做市商和風險中介的領先地位。

As the world has gotten more complex and our clients' demands have evolved, we are seeing that more and more of them are partnering with both Global Markets and Investment Banking to meet their needs. Synergies across these businesses from advice, financing, risk distribution and hedging allows us to deliver differentiated solutions to our clients. This creates a significant multiplier effect and has helped us drive market share gains across the franchise in recent years. Running these businesses together will enable us to maximize our wallet share.

隨著世界日益複雜，客戶需求不斷變化，我們發現越來越多的客戶選擇與全球市場和投資銀行部門合作，以滿足自身需求。這些業務在諮詢、融資、風險分散和對沖等方面的協同效應，使我們能夠為客戶提供差異化的解決方案。這產生了顯著的倍增效應，並幫助我們在近年來提升了整個業務領域的市場份額。整合經營這些業務將有助於我們最大限度地提高客戶份額。

Turning to Page 4. Platform Solutions is an end-to-end primarily cloud-based technology platform business that embeds our best-in-class financial products and services into our clients' ecosystems to serve them and their clients and customers. In recent years, we saw an opportunity to leverage our preeminent corporate franchise, world-class risk management and innovative culture to build modern digital products and in the process to diversify our revenues and funding mix.

翻至第4頁。平台解決方案是一個端到端的、主要基於雲端的技術平台業務，它將我們一流的金融產品和服務嵌入到客戶的生態系統中，從而服務於客戶及其客戶。近年來，我們看到了一個機會，可以利用我們卓越的企業品牌、世界一流的風險管理和創新文化來建立現代化的數位產品，並在此過程中實現收入和融資結構的多元化。

We have built and launched a Transaction Banking platform, a digital consumer banking platform, the largest piece of which is credit card, and we acquired GreenSky. These platforms have led to partnerships with a number of our clients such as Apple, General Motors, Stripe, American Express and Fiserv. Through our relationships with Apple and General Motors, we already have the ability to access more than 100 million individuals in the U.S. Combination of our brand and Apple is unique as proven by the reaction to Apple Card, which has been ranked #1 in customer satisfaction for 2 consecutive years by J.D. Power.

我們已建立並推出了交易銀行平台和數位消費銀行平台（其中信用卡業務佔最大），並收購了GreenSky。這些平台促成了我們與眾多客戶的合作，例如蘋果、通用汽車、Stripe、美國運通和Fiserv。透過與蘋果和通用汽車的合作關係，我們已能夠觸及美國超過1億的用戶。我們的品牌與蘋果的強強聯合獨具優勢，蘋果信用卡（Apple Card）的成功便是最好的證明－它已連續兩年榮獲J.D. Power客戶滿意度第一名。

We have also extended our partnership to new products. Just last week, we introduced a new Goldman Sachs savings account for Apple Card that allows users to grow the rewards in a high-yield savings account and to add funds through a linked banking account or directly from Apple Cash. This embeds a high-yield savings account from Goldman Sachs directly into the Apple Card experience in Apple Wallet. Goldman Sachs and Apple are committed to expanding our relationship, and we have recently extended and adjusted our partnership through the end of the decade in order to continue to help consumers with healthier financial lives.

我們已將合作關係拓展至新產品領域。就在上週，我們為 Apple Card 推出了全新的高盛儲蓄帳戶，用戶可以透過關聯的銀行帳戶或直接從 Apple Cash 添加資金，從而提升高收益儲蓄帳戶的獎勵。這項功能將高盛的高收益儲蓄帳戶直接嵌入到 Apple Wallet 的 Apple Card 體驗中。高盛和 Apple 致力於深化合作關係，我們近期已將合作關係延長並調整至本十年末，以便繼續幫助消費者擁有更健康的財務生活。

In Transaction Banking, we are delivering a differentiated developer-centric cloud-based product that allows for seamless integration into our clients' ecosystems. We are extremely encouraged by the client feedback and adoption rate of the offering. We now have approximately 425 active clients, with greater than $70 billion in deposits globally as we leverage our corporate franchise to become the partner of choice in the payments arena.

在交易銀行領域，我們提供以開發者為中心的差異化雲端產品，可與客戶的生態系統無縫整合。客戶對產品的回饋和採用率令我們倍感鼓舞。目前，我們擁有約 425 家活躍客戶，全球存款總額超過 700 億美元。我們正利用自身的企業優勢，努力成為支付領域的首選合作夥伴。

Our priority in Platform Solutions for the next few years is to continue to diversify Goldman Sachs revenue and funding while driving profitability. We will look forward to talking to you more about this segment at our Investor Day in February.

未來幾年，我們在平台解決方案領域的首要任務是繼續實現高盛收入和資金來源的多元化，同時提升獲利能力。我們期待在二月份的投資者日上與您詳細探討這一業務板塊。

Let me now address some additional details on our Consumer business. Since 2016, we've made a significant investment. And on Page 5, you can see what we've achieved as a result. We serve over 15 million customers and generated more than $2.2 billion in revenues in the last 12 months. We've learned a lot in the 6 years since launching the Deposit business, and this is shaping our execution priorities as we move forward.

現在讓我再詳細介紹一下我們的消費者業務。自 2016 年以來，我們進行了大量投資。您可以在第 5 頁看到我們所取得的成果。我們服務了超過 1500 萬客戶，並在過去 12 個月中創造了超過 22 億美元的收入。自從推出存款業務以來的六年裡，我們累積了豐富的經驗，這些經驗正在塑造我們未來的執行重點。

Turning to Page 6. For our direct-to-consumer strategy, we will focus on existing Deposit customers and consumers that we already have access to through channels like workplace and personal wealth rather than seeking to acquire customers on a mass scale, the purposeful change that will allow us to rationalize spend on future builds and customer acquisition costs.

翻到第 6 頁。對於我們的直接面向消費者策略，我們將專注於現有的存款客戶和我們已經透過工作場所和個人財富等管道接觸到的消費者，而不是尋求大規模獲取客戶，這一有目的的改變將使我們能夠合理化未來建設和客戶獲取成本方面的支出。

In workplace and personal wealth alone, we already have the ability to reach over 9 million individuals. Our Marcus Deposit customers remain core to our broader efforts. We will continue to grow the Deposit offering and the level of service that has generated over $110 million of retail deposits. We believe that all of our customers across all products will benefit from this reprioritization.

僅在職場和個人財富管理領域，我們已擁有覆蓋超過900萬用戶的能力。我們的Marcus存款客戶仍然是我們整體策略的核心。我們將持續拓展存款業務，並提升服務水平，目前該業務已促成超過1.1億美元的零售存款。我們相信，所有產品的所有客戶都將從此次策略調整中受益。

Before I turn it over to Denis to go through the results for the quarter, I want to highlight the following. Over the last 4 years, this leadership team has been working hard to grow, diversify and strengthen Goldman Sachs. Our experience forms this new direction so that we can better serve our clients and amplify our strengths. This is an important and purposeful evolution of our strategic journey, setting us up to deliver on our targets and unlock shareholder value.

在將本季業績報告交給丹尼斯之前，我想先專注於以下幾點。過去四年，領導團隊一直致力於發展、多元化和強化高盛。我們的經驗塑造了這個新的發展方向，以便更好地服務客戶並發揮自身優勢。這是我們策略發展歷程中重要且意義深遠的演進，它將幫助我們實現目標並釋放股東價值。

Consistent with our strategy, we are focusing on the execution -- we're focusing our execution on 3 key priorities, as you can see on Page 7, which are to grow management fees, maximize wallet share and grow financing activities and scale Platform Solutions to deliver pretax profitability. We'll talk more about this at our Investor Day in February.

秉承我們的策略，我們正專注於執行——正如您在第7頁所見，我們將執行重點放在三個關鍵優先事項上：提高管理費、最大化客戶錢包份額、拓展融資活動以及擴大平台解決方案規模以實現稅前盈利。我們將在二月份的投資者日上對此進行更詳細的闡述。

I will now turn it over to Denis.

現在我把它交給丹尼斯。

Thank you, David, and good morning. Let's start with our results on Page 8 of the presentation.

謝謝你，大衛，早安。我們先來看簡報第8頁的結果。

As David mentioned, we generated earnings per share for the third quarter of $8.25. On a year-to-date basis, we delivered a return on common equity of 12.2% and a return on tangible equity of 13.1%.

正如大衛所提到的，我們第三季的每股收益為 8.25 美元。年初至今，我們的普通股股東權益報酬率為 12.2%，有形權益報酬率為 13.1%。

Turning to performance by segment, starting on Page 9. Investment Banking generated revenues of $1.6 billion, down 57% versus a very strong quarter a year ago. Financial Advisory revenues were $972 million, down 41% versus record performance in the third quarter last year. Despite lower volumes, we maintained our #1 league table position year-to-date and expanded our lead.

接下來，我們從第9頁開始分析各業務板塊的績效。投資銀行業務營收為16億美元，較去年同期強勁的業績下降57%。財務諮詢業務營收為9.72億美元，較去年第三季的創紀錄業績下降41%。儘管業務量有所下降，但我們仍保持了年初至今的行業領先地位，並進一步擴大了領先優勢。

Equity underwriting net revenues were $241 million, reflecting limited industry-wide activity. Nonetheless, we continue to rank #1 year-to-date in equity and equity-related offerings.

股權承銷淨收入為2.41億美元，反映出整個產業的活動較為有限。儘管如此，我們在股權及股權相關發行方面，今年迄今仍保持排名第一。

Debt underwriting net revenues were $328 million, given muted issuance volumes across both high yield and investment grade. While activity remained slow this quarter, our backlog is robust, particularly in Advisory and Equity underwriting. Our Advisory dialogues continue to be strong, though clients are focused on stability and financial conditions, pushing out the timing of certain deal and financing-related activity.

鑑於高收益債券和投資等級債券發行量均較低迷，本季債務承銷淨收入為3.28億美元。儘管本季業務活動依然緩慢，但我們的訂單儲備依然充足，尤其是在諮詢和股權承銷方面。我們的諮詢業務溝通仍然強勁，但客戶目前關注的是財務穩定性和財務狀況，這導致部分交易和融資相關活動的完成時間有所延遲。

Corporate lending generated net revenues of $35 million as solid performance in middle-market lending and Transaction Banking was largely offset by headwinds on certain hedges in our portfolio and marks in leverage lending.

企業貸款業務淨收入為 3,500 萬美元，其中端市場貸款和交易銀行業務的穩健表現很大程度上被我們投資組合中某些對沖的不利因素和槓桿貸款的損失所抵消。

Moving to Global Markets on Page 10. Segment net revenues were $6.2 billion in the quarter, up 11% year-on-year, as client engagement and activity remains strong. Financing activities continued to demonstrate stable growth, comprising approximately 30% of the total revenues in this segment.

請參閱第10頁的「全球市場」部分。本季該業務股淨收入為62億美元，較去年同期成長11%，客戶參與度和業務活動依然強勁。融資業務持續保持穩定成長，約佔該業務板塊總收入的30%。

Turning now with FICC on Page 11. Revenues were $3.5 billion in the third quarter, 41% higher than the third quarter of 2021. FICC intermediation produced net revenues of $2.8 billion, up 40% year-over-year. We saw strength across our rates, currencies and commodities franchises amid elevated levels of client engagement, catalyzed by increased central bank activity and volatility.

現在請翻到第11頁，了解固定收益、外匯和大宗商品（FICC）業務。第三季營收達35億美元，較2021年第三季成長41%。 FICC仲介業務淨營收達28億美元，年增40%。在央行活動增加和市場波動加劇的推動下，客戶參與度顯著提高，利率、貨幣和大宗商品業務均表現強勁。

In FICC financing, we generated a 41% increase in revenues driven by increased opportunities across repo and mortgage lending. We remain focused on growing this business in support of our clients' financing needs. Our FICC lending portfolio is conservatively underwritten and well collateralized.

在固定收益、外匯和大宗商品（FICC）融資領域，得益於回購和抵押貸款業務機會的增加，我們的收入成長了41%。我們將繼續專注於發展這項業務，以滿足客戶的融資需求。我們的FICC貸款組合承銷穩健，抵押充足。

Moving to equities. Net revenues in the third quarter were $2.7 billion. Equities intermediation revenues fell 19% year-over-year due to a more challenging market-making environment and lower client activity. In Equities Financing, we generated near-record revenues of $1.1 billion as we supported client financing activities despite lower prime balances.

接下來談談股票業務。第三季淨收入為27億美元。由於做市環境更具挑戰性以及客戶活動減少，股票中介業務收入較去年同期下降19%。在股票融資方面，儘管優質貸款餘額有所下降，但我們仍透過支持客戶融資活動，實現了接近歷史最高水準的收入，達到11億美元。

Moving to Asset Management on Page 12. Asset Management net revenues were $1.8 billion. Management and other fees totaled $1 billion, roughly flat relative to last quarter and up 42% year-over-year, reflecting management fees from NNIP and the roll-off of fee waivers on money-market funds.

翻到第 12 頁，來看資產管理部分。資產管理淨收入為 18 億美元。管理費和其他費用總計 10 億美元，與上一季基本持平，同比增長 42%，這反映了 NNIP 的管理費以及貨幣市場基金費用豁免的到期。

Equity investments generated revenues of $527 million in the third quarter. More specifically, our public equity portfolio produced approximately $215 million of revenues primarily driven by gains on 2 investments. Across our private portfolio, we generated approximately $310 million of net revenues. We saw event-driven gains of over $350 million for various positions in our portfolio and operating revenues of roughly $150 million from our consolidated investment entities. These revenues were partially offset by approximately $200 million of marks driven by several investments in the consumer and TMT sectors.

第三季度，股權投資創造了5.27億美元的收入。具體而言，我們的公開股權投資組合產生了約2.15億美元的收入，主要得益於兩項投資的收益。我們的私募股權投資組合創造了約3.1億美元的淨收入。投資組合中各項投資的事件驅動收益超過3.5億美元，合併投資實體的營運收入約1.5億美元。這些收入部分被消費和科技、媒體及電信（TMT）產業的幾項投資帶來的約2億美元的市場波動所抵銷。

Given current market conditions, our harvesting of on-balance sheet investments was limited in the third quarter, but we remain committed to our strategy to reduce balance sheet density and migrate our Alternatives business to more third-party funds.

鑑於目前的市場狀況，我們在第三季對資產負債表內投資的清算受到限制，但我們仍然致力於降低資產負債表密度並將另類投資業務轉移到更多第三方基金的策略。

We continue to make progress on our fundraising targets, securing $12 billion of Alternative commitments this quarter. We also closed West Street Capital Partners VIII, our flagship private equity fund, which at $9.7 billion was significantly above its original target.

我們在募資目標方面持續取得進展，本季已獲得120億美元的另類投資承諾。此外，我們也完成了旗艦私募股權基金－West Street Capital Partners VIII的募集，該基金規模達97億美元，遠超過原定目標。

Net revenues from lending and debt investment activities were $231 million, primarily reflecting net interest income of $267 million.

貸款和債務投資活動的淨收入為 2.31 億美元，主要反映了 2.67 億美元的淨利息收入。

I'll now turn to Consumer & Wealth Management on Page 14. We produced record net revenues of $2.4 billion in the third quarter, up 18% versus a year ago, driven by significantly higher net revenues in Consumer Banking. For the quarter, despite the market headwinds, management and other fees of $1.2 billion were relatively flat sequentially as net market appreciation was largely offset by strong client net inflows. Private banking and lending net revenues reached a record of $395 million, up 35% year-over-year due to higher lending and deposit balances.

接下來，我將翻到第14頁，介紹消費者及財富管理業務。第三季度，我們實現了創紀錄的24億美元淨收入，較去年同期成長18%，這主要得益於消費者銀行業務淨收入的顯著成長。儘管市場面臨不利因素，但本季管理費和其他費用收入為12億美元，環比基本持平，因為強勁的客戶淨流入基本上抵消了市場淨增值的影響。私人銀行和貸款業務淨收入達到創紀錄的3.95億美元，年增35%，主要得益於貸款和存款餘額的成長。

Consumer Banking revenues were $744 million in the third quarter, nearly double the third quarter of 2021, reflecting higher credit card balances and improved deposit spreads.

第三季消費者銀行業務收入為 7.44 億美元，幾乎是 2021 年第三季的兩倍，反映出信用卡餘額增加和存款利差改善。

Moving on to Page 15. Total firm-wide AUS ended the quarter at $2.4 trillion. Combined firm-wide management and other fees in the third quarter rose 15% year-over-year to $2.2 billion.

接下來是第15頁。公司整體資產管理規模（AUS）在本季末達到2.4兆美元。第三季公司整體管理費和其他費用合計年增15%，達到22億美元。

On Page 16, total firm-wide net interest income of $2 billion in the third quarter was up 18% relative to the second quarter due to higher rates and increased loan balances. Our total loan portfolio at quarter end was $177 billion, up slightly versus the second quarter as growth in credit cards and Wealth Management loans was offset by a decrease in real estate loans.

第16頁顯示，由於利率上升和貸款餘額增加，該公司第三季淨利息收入總額為20億美元，較第二季增加18%。截至季末，公司貸款總額為1,770億美元，較第二季略有成長，原因是信用卡和財富管理貸款的成長被房地產貸款的減少所抵銷。

Our provision for credit losses was $515 million, primarily driven by growth in our Consumer Lending portfolio, net charge-offs and worsening economic indicators, particularly in Europe. The credit quality of our Wholesale Lending portfolio remains resilient as reflected by minimal net impairments in the quarter.

我們的信貸損失準備金為5.15億美元，主要受消費貸款組合成長、淨沖銷以及經濟指標惡化（尤其是在歐洲）的影響。批發貸款組合的信貸品質依然穩健，本季淨減損額極低。

On the consumer side, though we are seeing some signs of credit deterioration and an increase in charge-offs, our credit performance remains in line with our expectations. That said, we're closely monitoring the portfolio and actively adjusting our underwriting in light of the softening macroeconomic outlook.

在消費者信貸方面，儘管我們看到一些信貸惡化跡象和壞帳增加，但我們的信貸表現仍然符合預期。即便如此，鑑於宏觀經濟前景趨於疲軟，我們正在密切監控貸款組合，並積極調整承保策略。

Let's turn to expenses on Page 17. Our total quarterly operating expenses were $7.7 billion. Our compensation ratio year-to-date net of provisions was 32.5%. Through the third quarter, our compensation and benefits expenses are down over 20% relative to 2021. Quarterly non-compensation expenses were $4.1 billion. Year-over-year increases were driven by ongoing integration and run rate expenses related to the NNIP and GreenSky acquisitions, $191 million in litigation reserves and higher transaction-based expenses.

讓我們來看第17頁的費用狀況。本季總營運費用為77億美元。年初至今，扣除撥備後的薪資比率為32.5%。截至第三季末，我們的薪資福利支出較2021年同期下降超過20%。本季非薪酬支出為41億美元。年比成長主要受以下因素影響：持續的整合以及與NNIP和GreenSky收購相關的營運費用、1.91億美元的訴訟準備金以及更高的交易相關費用。

We remain highly focused on operating efficiency. As we've previously discussed, we are actively engaged in expense mitigation efforts, and we expect that these actions will become more fully reflected in our results over time.

我們始終高度重視營運效率。正如我們之前所討論的，我們正在積極採取措施降低成本，並預計這些措施將隨著時間的推移在我們的業績中得到更充分的體現。

Turning to capital on Slide 18. Our common equity Tier 1 ratio was 14.3% at the end of the third quarter under the standardized approach, up 10 basis points sequentially and representing a 100 basis point buffer to our current capital requirement.

在第 18 張幻燈片中，我們談到了資本。根據標準化方法，截至第三季末，我們的普通股一級資本適足率為 14.3%，較上季上升 10 個基點，相當於我們目前資本需求的 100 個基點緩衝。

In the third quarter, we returned $1.9 billion to shareholders, including common stock repurchases of $1 billion and common stock dividends of $893 million. As a reminder, our G-SIB surcharge will increase by 50 basis points in January 2023, bringing our CET1 ratio requirement to 13.8%. We will continue to target a buffer of 50 to 100 basis points above this requirement.

第三季度，我們向股東返還了19億美元，其中包括10億美元的普通股回購和8.93億美元的普通股股利。再次提醒，我們的全球系統重要性銀行（G-SIB）附加費將於2023年1月上調50個基點，屆時我們的CET1比率要求將達到13.8%。我們將繼續保持在此要求之上50至100個基點的緩衝水準。

In conclusion, our solid third quarter results reflect the diversification and strength of our client franchise. We are mindful of the uncertainty and volatility in the markets, and we will prudently manage our resources and maintain a risk-sensitive orientation as we continue to serve our clients.

總之，我們穩健的第三季業績反映了我們客戶群的多元化和強大實力。我們深知市場的不確定性和波動性，並將繼續審慎管理資源，維持風險敏感度，竭誠為客戶提供服務。

I share David's enthusiasm of the opportunities ahead of us. The further alignment of our businesses will help us drive the organization forward. Successful execution of our strategic priorities, growing management fees, maximizing wallet share and scaling Platform Solutions will further strengthen the firm and unlock shareholder value.

我與大衛一樣，對未來的機會充滿熱情。我們業務的進一步整合將有助於推動公司向前發展。成功執行我們的策略重點、提高管理費、最大化客戶份額以及擴展平台解決方案，將進一步增強公司實力並釋放股東價值。

With that, we'll now open up the line for questions.

接下來，我們將開放提問環節。

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

（操作說明）我們先來回答來自 Evercore ISI 的 Glenn Schorr 所提出的問題。

I appreciate your macro comments. I was wondering, in private markets specifically, I feel like those markets have changed as well or hopefully only temporary, but great time to be a private lender in private credit. And you're big in that, but not as a great time to be in private equity for marks or capital raising. So I wonder if you could talk as both manufacturer and distributor, just maybe a state of the union in general and then if you could weave that into your thoughts on your gross alternative fundraising target of $225 billion and $2 billion in management fees?

感謝您對宏觀經濟的評論。我想問的是，就私募市場而言，我覺得這些市場也發生了變化，或者希望只是暫時的，但現在對於私募信貸領域的私人貸款機構來說是個好時機。而貴公司在這方面實力雄厚，但對於私募股權投資或資本募集來說，現在卻不是好時機。所以我想請您從製造商和經銷商的角度談談，先從整體上分析一下市場狀況，然後再結合您2250億美元的另類融資目標和20億美元的管理費目標來談談您的看法。

Sure. So thanks for the question, Glenn. And look, at a high level, the targets remain in place. And our confidence in the targets and our ability to deliver those targets is high, and we're very focused on them. We continue to make progress in the fundraising, and we highlighted it in the context of the script. And we have a series of offerings that are coming over the course of the next 18 months. And while certainly I'd say that private equity fundraising environment is more constrained and the alternative fundraising environment is broadly more constrained, I would highlight just the fact that we have a very, very broad franchise, a very, very diverse sense of offering at -- sets of offerings and that there's a lot of opportunity that comes out of an environment like this. And I actually think from a vintage perspective, the opportunity to put money to work in this environment when we look forward and then when we look back, it's probably something that will be very, very attractive.

當然。謝謝你的提問，格倫。總的來說，目標依然不變。我們對這些目標以及實現這些目標的能力充滿信心，我們正全力以赴地朝著這些目標努力。我們在募款方面持續取得進展，這一點我們在先前的演講稿中也重點提及了。未來18個月內，我們將推出一系列產品。雖然私募股權和另類投資的募款環境普遍受到限制，但我還是要強調，我們擁有非常廣泛的業務，提供非常多元化的產品組合，在這種環境下蘊藏著許多機會。我認為，從投資歷史的角度來看，無論是展望未來或回顧過去，在這種環境下投資都極具吸引力。

We're obviously shifting the macro environment as we've talked about. That's going to create headwinds around valuations, and there's been a big reset. On the other hand, if you have dry powder or you have interesting strategies -- you highlighted some. I think lending strategies could be quite attractive in this environment. I think there's good institutional capital and, candidly, good capital out of the wealth channel still available to support these strategies.

正如我們之前討論的，宏觀環境顯然正在改變。這將對估值帶來不利影響，市場格局也發生了重大調整。另一方面，如果您手頭上有充足的資金或擁有一些有趣的策略——您剛才也提到了一些——我認為在當前環境下，貸款策略可能相當有吸引力。我認為目前仍有充足的機構資本，坦白說，財富管理管道也擁有大量可用資金來支持這些策略。

So we're taking a long-term approach to growing these businesses. The businesses are growing nicely. We've set targets that we'll continue to meet. And I know that if we have a good broad offering for our clients, that we'll continue to have success in this. And candidly, this is one of the reasons why we're integrating Asset and Wealth Management is because we believe by putting these platforms together, we have the best eye and the best breadth to really understand where the opportunities are to serve our clients and also where the opportunities are for good performance.

因此，我們採取的是長期發展策略來推動這些業務的成長。這些業務目前發展良好。我們已經設定了目標，並且會持續達成這些目標。我知道，如果我們能為客戶提供全面且優質的服務，我們就能繼續取得成功。坦白說，這也是我們整合資產和財富管理業務的原因之一，因為我們相信，透過整合這些平台，我們能夠擁有更敏銳的洞察力和更廣闊的視野，真正了解哪些方面存在服務客戶的機會，以及哪些方面能夠帶來良好的業績。

And Glenn, I can add from an alternatives perspective, we mentioned growth of $12 billion in new commitments in the quarter. That brings year-to-date to $57 billion, just shy of $60 billion. We now sit at $164 billion towards our increased $225 billion target. We continue to migrate our alternatives into AUS that sits now at $256 billion of alternatives AUS. So despite the environment, we continue to make progress towards our fundraising goals, particularly in alternatives.

格倫，從另類投資的角度來看，我們之前提到本季新增認購承諾額達120億美元。這使得今年迄今的認購總額達到570億美元，略低於600億美元。目前，我們已籌集到1640億美元，距離2250億美元的目標僅一步之遙。我們正持續將另類投資資產轉移到澳洲另類投資平台（AUS），目前AUS平台上的另類投資資產規模已達2,560億美元。因此，儘管面臨當前的市場環境，我們仍在朝著募資目標穩步前進，尤其是在另類投資領域。

Maybe a related follow-up on RWA. Is that a little bit in the quarter? I appreciate it took share and lots of volatility, so that has a bunch of moving parts. But curious your just overall approach towards optimizing RWA. And then maybe a specific question related to FICC Financing. And it was up 41%. It's great, making good money. Does that come at staying better or worse return on risk-weighted assets as intermediation?

或許可以就RWA（風險加權資產）做個後續探討。 RWA在本季佔比多少？我知道它佔據了很大份額，而且波動性很大，所以涉及很多因素。但我很好奇您優化RWA的整體方法。另外，或許還可以問一個關於FICC（固定收益、貨幣及大宗商品）融資的具體問題。這項業務成長了41%，收益可觀，這很棒。但作為中介機構，RWA的成長是提升了還是降低了風險加權資產的報酬率呢？

Glenn, thank you -- thanks for the question on RWA. As you note, our RWAs were down slightly on a quarter-over-quarter basis. We have been focused on managing our RWA footprint tightly. Within that number, you'll see reductions in terms of market-based RWAs and increases in credit RWAs. And we're being very thoughtful about the way in which we allocate and deploy RWA capacity to drive efficiencies as well as scale franchise growth activities. And FICC financing happens to represent an attractive opportunity in terms of our RWA deployment. And so that's one of the reasons why you see the ongoing focus in the growth of the FICC financing line.

Glenn，謝謝－感謝您提出關於風險加權資產（RWA）的問題。正如您所指出的，我們的RWA環比略有下降。我們一直致力於嚴格控制RWA的規模。在這些RWA中，您會看到市場型RWA有所減少，而信貸型RWA有所增加。我們正在認真考慮如何分配和部署RWA能力，以提高效率並擴大特許經營業務的成長規模。固定收益、外匯和大宗商品（FICC）融資恰好是我們RWA部署的一個極具吸引力的機會。因此，這也是您看到我們持續關注FICC融資額度成長的原因之一。

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

接下來，我們將回答來自 Wolfe Research 的 Steven Chubak 所提出的問題。

Wanted to start with a question on expenses. You spoke of expense mitigation efforts as part of the broader realignment strategy. What's the level of noncomp inflation we should be contemplating? Recognizing we're still dealing with inflationary headwinds, you alluded to more proactive measures to mitigate expense growth. Just want to get a sense if the goal is to actually slow noncomp growth or to deliver absolute reductions in expense.

我想先問一個關於費用的問題。您提到，費用控制是整體重組策略的一部分。我們應該考慮的非競爭性支出成長水準是多少？您也承認我們仍然面臨通膨壓力，並暗示採取更積極的措施來抑制費用成長。我想了解一下，你們的目標是真正減緩非競爭性支出的成長，還是實現費用的絕對下降。

Thanks for the question, Steven. I'll start at just a high level, and then Denis will go through some details with you in terms of how we're thinking about it. But I do think there are different factors that are leading to the expense growth, but one is there is definitely an inflationary pressure that's affecting certain aspects of the business. We're obviously looking at that and thinking about that carefully.

謝謝你的提問，史蒂文。我先從宏觀層面談談，然後丹尼斯會詳細解釋我們是如何考慮這個問題的。我認為導致成本成長的因素有很多，其中之一是通膨壓力確實影響了業務的某些方面。我們顯然正在密切關注並認真思考這個問題。

I do think we're making investments across the platform, particularly in certain technology infrastructure, and that's having an impact in the medium term. We think those are investments that we need to make. At the same point, though, given the environment, we're extremely focused on trying to mitigate any expense growth to the degree we can. Now there are going to be headwinds given the natural inflation that sets in, but why don't I have Denis kind of walk through and break down some of the different components that we've been focused on?

我認為我們正在對整個平台進行投資，尤其是在某些技術基礎設施方面，這在中期內會產生影響。我們認為這些投資是必要的。但同時，鑑於當前的環境，我們非常注重盡可能地控製成本成長。當然，考慮到自然通膨的影響，這會帶來一些不利因素，不如讓丹尼斯來詳細介紹我們一直關注的各個方面吧？

Sure. So if we take a step back, we look at our overall level of operating expenses year-to-date, they're down 6% compared to the prior year-to-date period. They are up 1% sequentially, drivers obviously across both comp and noncomp. If you look at the noncompensation growth over the course of the last year, roughly half of that is attributable to expenses associated with the integration and run rate of NNIP and GreenSky together with change in litigation. So that is representing about half.

當然。如果我們回顧一下，看看我們今年迄今為止的整體營運支出水平，與去年同期相比下降了6%。環比成長了1%，這顯然是由薪酬和非薪酬兩方面因素共同驅動的。如果看過去一年非薪資支出的成長，大約一半是由於NNIP和GreenSky的整合及營運成本增加，以及訴訟費用的變化所致。所以這部分支出約佔一半。

On the balance, as David indicated, we do see some impact from inflation. We do see the impact of higher levels of transaction-based expenses, but we are also taking actions to reduce expenses within the overall noncompensation category where we can. You may note that on a quarter-over-quarter basis, we reduced our professional fees, something that we indicated in our previous earnings release. And we're going to continue to think very, very disciplined about the way in which we deploy noncompensation expenditures striking the balance of driving towards our efficiency ratio but as well as making the investments that we think are appropriate to continue to strengthen and grow the firm.

總的來說，正如David所指出的，我們確實看到了通貨膨脹的影響。我們也看到了交易相關費用上漲的影響，但我們也採取措施，盡可能降低整體非薪酬類別的支出。您可能注意到，我們環比降低了專業服務費，這一點我們在先前的獲利報告中已經提到過。我們將繼續非常謹慎地考慮非薪酬支出的運用，力求在提高效率比率的同時，進行我們認為合適的投資，以持續增強和發展公司。

That's great. And maybe just a question for my follow-up on the equity investment portfolio. Given the challenging equity market backdrop, certainly, the revenues came in better than expected. There's also been some increased scrutiny, more favorable marks on some of these private equity portfolios. And just given the better revenue outcome and a pretty heavy concentration in areas like TMT and real estate, which have come under pressure, I was hoping you could speak to what drove some of the better results this quarter, anything idiosyncratic worth flagging?

太好了。關於股權投資組合，我還有一個後續問題。鑑於當前充滿挑戰的股市環境，收入表現確實超出預期。同時，一些私募股權投資組合也受到了更嚴格的審查，評級也更加有利。考慮到收入表現良好，且投資組合高度集中在TMT和房地產等受壓力較大的領域，我想請您談談本季業績好轉的原因，以及是否有值得特別關注的特殊因素？

Sure. Thank you, Steven. Let me cover that in a bit of detail for you. So obviously, on the $527 million equity line, there's a number of components. As we mentioned previously, we have a public equity portfolio, and that contributed positively north of $200 million for the third quarter. And then also within the private portfolio, you have a number of things that are going on within our private equity portfolio. We have roughly $0.5 billion of event-driven gains that came through over the course of the third quarter, whether those be capital-raising activities, strategic transactions or the operating expenses from our CIEs, those positive gains were offset by markdowns in our private equity portfolio, particularly in TMT and Consumer.

當然。謝謝你，史蒂文。讓我詳細解釋一下。顯然，5.27億美元的股權收益包含多個部分。正如我們之前提到的，我們有一個上市股權投資組合，在第三季貢獻了超過2億美元的收益。此外，我們的私募股權投資組合也有一些變動。第三季度，我們獲得了約5億美元的事件驅動收益，這些收益可能來自融資活動、策略交易或我們CIE的營運支出。這些收益被我們私募股權投資組合的減損所抵消，尤其是在TMT和消費品領域。

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

接下來，我們將回答來自美國銀行的 Ebrahim Poonawala 提出的問題。

I guess maybe just going back, David, you mentioned in your prepared remarks about rationalize spend. The segment realignment makes a ton of sense. Just give us a sense from the outside as we think about the rationalization of the spend, does this lead to you achieving your strategic targets around costs, ROE at a faster pace? Or do you have a high degree of confidence that you get there relative to the previous plan and understanding the core tenets are the same? But just give us a sense of just your overconfidence in achieving those targets despite the market backdrop as we look forward and how does realignment supports that.

我想，或許我們可以回到之前的話題，David，你在準備好的發言稿中提到了合理化支出。業務板塊的重新調整非常有意義。請從外部視角，談談合理化支出是否能幫助你更快實現成本和淨值報酬率的策略目標？或者，你是否非常有信心，在核心原則不變的情況下，能夠比之前的計畫更快實現這些目標？展望未來，儘管市場環境充滿挑戰，但你對實現這些目標的信心究竟有多強？業務板塊的重新調整又將如何支持你的信心？

Sure. And so first, I just want to amplify, I said in the script, we continue to be committed to our forward targets. And there's nothing about the environment or the way we're running the firm that doesn't lead us to believe that we can deliver on the targets that we would set over the course of the coming years, whether the return target or also the efficiency target that we've set. And we're tracking a number of KPIs and continue to be very focused on that.

當然。首先，我想再次強調一下，正如我在稿子裡提到的，我們始終致力於實現既定目標。無論是目前的環境還是我們公司的營運方式，都讓我們堅信我們能夠實現未來幾年設定的目標，無論是回報目標還是效率目標。我們正在追蹤一系列關鍵績效指標，並將繼續密切關注這些指標。

The realignment of the firm is really driven by our ability to serve clients. That is the most important thing that's coming out of this. And we've been very, very focused on wallet share and client share broadly. We've made real improvements over the last few years, and we think this further aligns those goals and that capability.

公司重組的真正驅動力在於我們服務客戶的能力。這是此次重組最重要的意義所在。我們一直非常注重提升客戶份額和整體客戶覆蓋率。過去幾年，我們在這方面取得了顯著進步，我們認為重組將進一步強化這些目標和能力。

Now in this realignment, we are making a purposeful shift as we think about our direct-to-consumer business. And I'd just highlight that one of the things that changes by our aligning our direct-to-consumer business with our wealth business and people that are on our wealth platform is that the forward spend for customer acquisition is meaningfully lower. And so of course, as you look at that, that's helpful in the overall returns of the firm. But I would highlight that just the numbers, either way we were looking at it are small in the context of businesses, our core businesses, banking and markets, asset and wealth management.

在這次重組中，我們正在有目的地調整我們的直接面向消費者業務。我想強調的是，透過將我們的直接面向消費者業務與財富管理業務以及財富管理平台上的用戶進行整合，我們能夠大幅降低獲客成本。當然，從整體來看，這有助於提升公司的整體收益。但我要強調的是，無論從哪個角度來看，這些數字相對於我們的核心業務——銀行和市場、資產和財富管理——而言都微不足道。

And I don't think any of this was having a big impact on our ability to meet our targets or the pace at which we'll meet our targets. We do think, and this is why we're doing this, that this is a better way for us to align the business and move the business forward. And so that's why we've made this purposeful shift. But again, I'd just amplify these are not big numbers in the context of our meeting our targets when you look at the overall performance of the firm.

我認為這些都不會對我們實現目標的能力或實現目標的速度產生重大影響。我們確實認為（這也是我們這樣做的原因），這是調整業務、推動業務發展的更好方式。因此，我們做出了這項有目的的調整。但我想再次強調，從公司整體業績來看，這些數字在達成目標上並不算大。

That's helpful. And I guess just one follow-up in terms of -- you talked about organic growth opportunities in private lending given market dislocations. There are a lot of asset values that have been hit, too. Just remind us in terms of M&A, where you're focused on and just appetite to execute M&A.

這很有幫助。我還有一個後續問題——您剛才提到，鑑於市場錯位，私人貸款領域存在內生成長機會。很多資產價值也受到了衝擊。請您再補充一下，在併購方面，目前關注的重點是什麼？您對執行併購的意願如何？

Well, at the moment, we continue to be extremely focused on our businesses and the growth and the things that we have on our plate in front of us. As you know, we made a couple of acquisitions. We're in the process of integrating those acquisitions in. And at the moment, that's where our focus lies.

目前，我們仍然高度專注於自身業務、成長以及擺在我們面前的各項任務。如您所知，我們進行了幾項收購，目前正在整合這些收購項目。這就是我們目前的重心所在。

As we go forward in the future, if there are opportunities to accelerate the growth, particularly in Asset and Wealth Management, we'll consider them. But at the moment, we remain very focused on integrating these acquisitions and executing on the things that we have in front of us.

展望未來，如果出現加速成長的機會，尤其是在資產和財富管理領域，我們會予以考慮。但目前，我們仍專注於整合這些收購項目，並推動目前各項工作的發展。

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

接下來，我們將回答來自 Autonomous 公司的 Christian Bolu 提出的問題。

Just trying to better understand the point of the reorganization of the businesses. What does this reorg mean practically for the businesses? What can they do today that it couldn't be before the reorg? I guess kind of when I listen to you, other than scaling back on consumer acquisition, I'm struggling to understand what the broader point of the reorg really is.

我只是想更能理解這次業務重組的意義。這次重組對企業來說究竟意味著什麼？重組後，他們現在能做的事情有哪些是重組前做不到的？我聽你這麼說，除了縮減客戶獲取規模之外，我很難理解這次重組的更深層意義究竟是什麼。

Christian, we've been -- it's interesting because I know you follow us closely, and we've been talking about a variety of things in this. If you go back to our investor update at the beginning of the year, we highlighted a lot of the synergies between banking and markets and how we were working to get those client activities more closely aligned. We also highlighted in our update at the beginning of the year the synergies between Asset and Wealth. And then when John spoke at the Bernstein conference in May, we put a big, big spotlight on the synergies we thought bringing Asset Management and Wealth Management closer together. So it's not that by doing this that we're doing something dramatically different. We've been driving the firm in this direction with respect to client service and One GS for a number of years.

克里斯蒂安，這很有意思，因為我知道你一直很關注我們，我們一直在討論這方面的各種問題。如果你回顧年初的投資者更新報告，我們重點強調了銀行業務和市場業務之間的許多協同效應，以及我們如何努力使這些客戶活動更加緊密地結合起來。年初的更新報告中，我們也重點介紹了資產管理和財富管理之間的綜效。之後，約翰在五月的伯恩斯坦會議上發言時，我們著重強調了我們認為資產管理和財富管理更緊密結合所帶來的協同效應。所以，我們這樣做並不是在做什麼翻天覆地的事情。多年來，我們一直在推動公司朝著這個方向發展，提升客戶服務水平，並建立一個統一的高盛（One GS）策略。

And we think as we've done that and we've looked at that and we've learned, we think by organizing the firm this way, it makes it easier for investors to understand and see how we look at our client set and how we're operating against that client set. And so we view it as a natural progression that strengthens our ability to deliver for clients. And so that's why we've moved in this direction. That's with the big businesses, banking and markets and Asset and Wealth Management.

我們認為，經過我們不斷努力、審視和學習，透過這種公司架構，投資人更容易理解我們如何看待客戶群以及如何為這些客戶提供服務。因此，我們認為這是一個自然而然的發展過程，能夠增強我們為客戶提供服務的能力。這就是我們朝著這個方向發展的原因。這主要體現在大型業務、銀行和市場以及資產和財富管理方面。

On Platform Solutions, we have a bunch of these platforms where we're making investments. We think they're very interesting. They're growing. They require more focus. This alignment of them allows us to shine a brighter, more transparent light on them. And we're very committed to driving them to profitability and a meaningful contribution over time. And we think by organizing this way, it allows us to maintain that focus on what is a small piece of the business but one that I think in the future allows us a differentiated opportunity to serve our corporate and institutional clients.

在平台解決方案方面，我們投資了許多平台。我們認為這些平台非常有趣，它們正在發展壯大，需要我們投入更多精力。這種整合使我們能夠更清晰、更透明地展示它們。我們致力於推動它們實現盈利，並隨著時間的推移做出有意義的貢獻。我們認為，透過這種組織方式，我們可以專注於這部分業務，雖然它目前只占我們業務的一小部分，但我相信，未來它將為我們提供服務企業和機構客戶的獨特機會。

Got you. Okay. Maybe switching on to Consumer. Just looking back over time, what lessons have you guys learnt in terms of trying to execute in this business? If I think about the thesis that Goldman outlined as far back as 2016 in terms of building a full-scale digital bank, that was a great thesis, right? It's actually played out. You've seen a bunch of smaller new banks like Square and Chime really do a good job of building that.

明白了。好的。接下來我們聊聊消費者業務。回顧過去，你們在經營這個行業的過程中都學到了哪些經驗教訓？想想高盛早在2016年提出的建構全方位數位銀行的理念，那真是一個很棒的理念，對吧？而且它實際上已經成為現實。我們看到像Square和Chime這樣的小型新興銀行在這方面做得非常出色。

One could argue that there's been some execution challenges for Goldman on Consumer. You've had multiple leadership changes. Now it feels like we're sort of breaking up some of the businesses and putting them in different parts of the organization. So just stepping back a little bit here, kind of what lessons have you learnt in terms of execute on Consumer? And what is that -- how do you take that going forward to build that business?

有人可能會說，高盛在消費品業務方面遇到了一些執行上的挑戰。你們經歷了多次領導層變動。現在感覺我們正在拆分一些業務，並將它們放到公司不同的部門。那麼，讓我們稍微回顧一下，在消費品業務的執行方面，你們學到了哪些經驗教訓？以及，你們將如何運用這些經驗教訓來推動這項業務的未來發展？

Well, I think, Christian, what -- the steps that we've taken today are reflective of the learnings. And whenever you innovate and you build new platforms and new things, you're always going to be constantly looking and examining what you're doing and saying what have we learned, how can we do this better? I'd say I'm very proud of the team in our Consumer business, the markets team broadly. When I look at the deposit platform that's been built and the growth from 0 to over $110 billion of deposits over the last 6 years, we have 15 million customers on the platform. I think we have a very unique credit card technology that's differentiated.

嗯，克里斯蒂安，我認為——我們今天採取的措施體現了我們從中汲取的經驗教訓。無論何時，當你進行創新，建立新的平台和產品時，你都會不斷地審視和反思自己的工作，思考我們學到了什麼，以及如何做得更好。我為我們消費者業務團隊，尤其是整個市場團隊感到非常自豪。回顧我們建構的存款平台，以及過去六年間存款額從零成長到超過1,100億美元的歷程，我們平台上擁有1,500萬客戶。我認為我們擁有非常獨特且具有差異化的信用卡技術。

We have a couple of extraordinary partnerships. I think that when you look at all of that together, we have some very good things, but one of the things I think we've learned is that the ability to scale that and attract customers and the direct-to-consumer business needs to be focused in a more directed way. And so we're focusing it by aligning it with our Wealth business where we have access to millions of people. And so I still see a terrific opportunity to take what a really, really interesting digital products and in being aligned with our Wealth business, provide those products and services to clients and customers at Goldman Sachs.

我們擁有幾個非常出色的合作關係。我認為，綜合所有因素來看，我們取得了一些非常好的成果，但我們也意​​識到，要擴大規模、吸引客戶並發展直接面向消費者的業務，需要更精準地聚焦。因此，我們正在透過將其與財富管理業務結合來實現這一目標，因為我們擁有數百萬的客戶群。所以，我仍然看到一個絕佳的機會，可以將這些極具吸引力的數位產品與我們的財富管理業務相結合，為高盛的客戶提供這些產品和服務。

In addition, I think the partnerships that we've built also provide good opportunities for us to serve corporate clients with very, very interesting digital capabilities and allow them to ultimately serve their end customers or clients. And so yes, there have been bumps. Not everything has been perfect. I think that always happens when you're innovating. But I also think we've built meaningful things that create meaningful opportunities for the firm as we go forward. And in particular, our ability to have a more diversified funding base and a big deposit platform that we can grow from here and an ability to offer Wealth customers on our platform a broad array of services, I think, positions us well as we move forward.

此外，我認為我們建立的合作夥伴關係也為我們提供了絕佳的機會，讓我們能夠為企業客戶提供極具吸引力的數位化能力，並最終幫助他們更好地服務他們的終端客戶。當然，我們也遇到了一些波折，並非一切都盡如人意。我認為，創新過程中難免會遇到這種情況。但同時，我也認為我們已經取得了一些意義非凡的成就，這些成就將為公司未來的發展創造更多有意義的機會。尤其值得一提的是，我們擁有更多元化的資金來源和龐大的存款平台，並以此為基礎不斷成長。此外，我們也能為平台上的財富管理客戶提供廣泛的服務，我認為這些都使我們在未來的發展中佔據了有利地位。

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

接下來，我們將回答摩根士丹利的貝齊·格拉塞克提出的問題。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes, we can hear you, Betsy. Thank you.

是的，我們能聽到你說話，貝琪。謝謝。

Okay. Great. All right. Great. So 2 questions. First, a follow-up on the conversation just now. Is there anything that you're going to be fading as a result of this? Is there any part of the Consumer business that you're not going to do anymore? And I know you did the renegotiation with Apple Card. I guess it's through 2029, if I got it right. And how is that restructured in a way to enhance your ability to generate revenues from that? Because I know you mentioned on CNBC this morning, David, that the balances aren't being carried as much as had been expected.

好的，太好了。好的，太好了。那我有兩個問題。首先，我想就剛才的談話做個後續。這次事件之後，你們會逐步減少哪些業務？你們會停止哪些消費者事業？我知道你們和Apple Card重新談判了。如果我沒記錯的話，應該是到2029年。那麼，你們是如何調整合約結構，以增強Apple Card的獲利能力的呢？因為我知道你今天早上在CNBC上提到過，David，信用卡餘額並沒有像預期那樣累積。

So there's no -- to the first part of your question, Betsy, there's no aspect of the services that we're offering to consumers that we don't continue to offer. The big thing, though, is this alignment that we are aligned with our Wealth business, and that gives us an audience of millions of people that we can focus on with lower customer acquisition costs and their lower forward spend as we grow or add those services to people.

所以，貝琪，對於你問題的第一部分，我們向消費者提供的所有服務，我們都會繼續提供。但最重要的是，我們與財富管理業務保持著高度一致，這讓我們能夠專注於數百萬用戶，降低獲客成本，並在我們拓展業務或增加服務時降低他們的未來支出。

With respect to the Apple Card, I made a statement this morning that we extended and amended the partnership with Apple. I just highlighted that it's very unusual for 2 partners to change one of these partnerships in the middle of a partnership like this. But I think it goes to the fact that it's a very, very strong partnership where there's a lot of opportunity, but because we were doing something innovative with the technology and embedding the technology and Apple's platform, there were different results than we had expected. I mean one of the positive results was very, very good for consumers, if consumers have an ability and, therefore, are more actively paying down their credit card balances more quickly. That led to different modeled results in terms of what kind of balances you'd have with a certain population on the platform.

關於 Apple Card，我今天早上發表聲明說，我們延長並修訂了與 Apple 的合作關係。我剛才強調，兩位合作夥伴在合作進行到一半時更改其中一項合作條款是非常罕見的。但我認為這說明，這是一個非常牢固的合作關係，蘊藏著許多機會。但由於我們在技術上進行了創新，並將這項技術與 Apple 的平台結合，結果與我們預期有所不同。其中一個正面的結果對消費者來說非常有利，因為如果消費者有能力更快地償還信用卡欠款，他們就會更積極地償還欠款。這導致了我們先前對平台上特定人群的欠款餘額模型預測結果有所不同。

And so in looking at the forward arrangement, the platform has to work for both us and Apple. Apple believe that. We believe that. And so we made changes to make sure that this is attractive for both of us as we move forward and continue to try to deliver really valuable digital financial wellness and access to consumers that are on the platform.

因此，展望未來，這個平台必須對我們和蘋果雙方都有好處。蘋果相信這一點，我們也相信這一點。所以我們做了一些調整，以確保在未來的發展過程中，這個平台對我們雙方都具有吸引力，並繼續努力為平台上的消費者提供真正有價值的數位金融健康和便利服務。

And then just on a separate topic, but the question is on the G-SIB surcharge. And I think over the past couple of quarters, you've highlighted how you've been looking to take action to bring your G-SIB score down such that you don't trip into that next 50 bp bucket in Jan '24. Could you give us a sense as to the progress there this quarter and if that goal is still on the table for year-end?

另外，再談一個關於G-SIB附加費的問題。過去幾個季度，您多次強調正在採取措施降低G-SIB評分，以避免在2024年1月被劃入下一個50個基點的區間。您能否簡要介紹本季的進展情況，以及年底前是否仍能實現這一目標？

Betsy, it's Denis. Thanks for that question. Our position is we remain focused on targeting the 3% G-SIB, same message we gave at the end of the second quarter. We're 1 quarter closer to the end of the year. We are on track to achieve the 3% G-SIB level.

貝齊，我是丹尼斯。謝謝你的提問。我們的立場是，我們仍然專注於實現3%的全球系統重要性銀行（G-SIB）佔比目標，這與我們在第二季末傳達的訊息一致。距離年底還有一個季度，我們正朝著實現3%的G-SIB佔比目標穩步前進。

As we indicated in the second quarter, I would reiterate now that should the opportunity set with clients or the market generally change, we could pivot away from that. But from where we sit right now today, looking into year-end, we remain focused on the 3% G-SIB.

正如我們在第二季所指出的，我在此重申，如果客戶或市場整體情況發生變化，我們可能會調整策略。但就目前而言，展望年底，我們仍專注於3% G-SIB（全球系統重要性銀行）目標。

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

接下來，我們將回答來自富國證券的麥克梅奧提出的問題。

I have 2 easy questions that I'll requeue for, but I'll ask my harder question now, if I'm able to requeue. On Slide 5, you say that Consumer revenues were $2.2 billion for the last 12 months. What were the earnings for the Consumer? And the reason I ask that is there's all sorts of news articles, and I'm not sure if it's ever been confirmed by you guys that you've been losing a lot of money. And I just don't know if that's the case or not or to what degree, and that makes sense in any start-up that you'd be investing along the J curve and you lose money at first and you make money down the road. So how is Consumer from a financial standpoint, from an earnings standpoint panning out in relation to your original expectations?

我有兩個簡單的問題，我會重新排隊提問，但如果可以的話，我現在就問一個比較難的問題。在第五張投影片中，您提到過去12個月消費者業務的收入為22億美元。那麼消費者業務的獲利是多少呢？我問這個問題的原因是，有很多新聞報道，我不確定你們是否證實過你們一直在虧損。我不知道情況是否如此，也不知道虧損的程度。對於任何一家新創公司來說，投資初期都會經歷J型成長曲線，初期虧損，後期獲利，這很正常。那麼，從財務角度來看，從獲利角度來看，消費者業務的實際表現與你們最初的預期相比如何？

So Mike, we're not giving complete transparency on the 4-wall look at the Consumer business. It doesn't make money at the moment. I'm not going to go further than that. But what I will say, the deposits are hugely valuable. And we do believe as the platform scales and you stop the pace of growth that we've had, so you're not front-loading reserves the same way, that what we're doing will deliver accretive returns to the firm. And so we continue to feel very, very confident with that.

所以麥克，我們目前不會完全公開消費者業務的運作。它現在還沒獲利。我不會透露更多。但我可以肯定的是，存款價值龐大。我們相信，隨著平台規模的擴大，以及我們放緩目前的成長速度（不再像以前那樣大量投入資金），我們正在做的一切都將為公司帶來增值回報。因此，我們對此仍然充滿信心。

Not everything that's reported is accurate and reflects the journey of innovating and building something like this, but we continue to feel very good about what we've built. We're making some shifts that we think play to our strength and strengthen our ability to accelerate the pace of these tools, this activity contributing to the firm.

並非所有報導都準確無誤，也並非所有報導都反映了創新和建構此類產品的整個過程，但我們對已取得的成果依然感到非常滿意。我們正在進行一些調整，我們認為這些調整能夠發揮我們的優勢，並增強我們加快這些工具開發速度的能力，而這項工作也正為公司做出貢獻。

I'd highlight that the overall performance and the firm -- the firm's overall performance and our targets remain the same. And so again, I know this gets a lot of attention. I understand why it gets a lot of attention, and that's all okay. But we've set targets. We're going to deliver on those targets, and we're going to make investments in things that we think strengthen the firm, and this is one of them.

我想強調的是，公司的整體績效和目標保持不變。我知道這件事引起了很多關注，我也理解為什麼會受到這麼多關注，這都沒關係。但我們已經設定了目標，我們將實現這些目標，我們將投資於我們認為能夠增強公司實力的項目，而這正是其中之一。

All right. I guess the reason I asked the question -- I mean, look, for the last 5, 10, 20, 150 years, right, your strength has been serving your corporate relationships, investment banking. And look, that's your legacy, too, the strength there. And so when I'm looking at this third division, Platform Solutions -- the first 2 divisions are based on how you address the clients based on distribution, One Goldman Sachs. Whereas the third division, Platform Solution, seems to be based on how you manufacture solutions. So that just seems like a little disconnect. So just a little bit more color. I know you'll talk about it at your newly announced Investor Day, but distribution, and this is based on how you manufacture clients. I'm just trying to reconcile with the Goldman Sachs history and what you're doing elsewhere.

好的。我之所以問這個問題──我的意思是，你看，過去5年、10年、20年、甚至150年，你們的優勢一直在於服務企業客戶關係，也就是投資銀行業務。你看，這也是你們的傳統優勢。所以，當我看到第三個部門，平台解決方案時——前兩個部門都是基於你們如何透過分銷管道服務客戶，也就是所謂的「一個高盛」。而第三個部門，平台解決方案，似乎是基於你們如何打造解決方案。這看起來有點脫節。所以，我只是想更詳細地解釋一下。我知道你們會在新宣布的投資者日活動上談到這一點，但是分銷管道和平台解決方案是基於你們如何開發客戶。我只是想把高盛的歷史和你們在其他領域的業務連結起來。

Well, I appreciate that, Mike. And look, it's very generous of you to account 150 years of history, but I just highlight firm looked very different in the 1860s than it looked in the 1920s, than it looked in the 1960s. The firm continues to grow and change. I joined Goldman Sachs in 1999, and it was 23 years ago as a partner, it was a fraction of what Goldman Sachs is today. So we're a big business. We have very big businesses. And of course, our Investment Banking and markets business is core to who we are. It will continue to be core to who we are. It drives our earnings and performance. It drives what we're associated with.

好的，謝謝，麥克。您能回顧150年的歷史，真是非常慷慨。但我只想強調，公司在19世紀60年代、20世紀20年代和60年代的面貌截然不同。公司一直在發展和變化。我於1999年加入高盛，23年前我成為了合夥人，那時的高盛規模遠不及現在。我們是一家規模龐大的企業，旗下擁有許多業務。當然，我們的投資銀行和市場業務是我們的核心，並將繼續保持其核心地位。它驅動著我們的獲利和業績，也影響著我們的形象。

We've built over a number of decades a very, very powerful Asset and Wealth Management business, what we're bringing together today. We're the fifth largest active asset manager in the world, and we think we've got a real opportunity to grow that.

幾十年來，我們打造了一個非常強大的資產和財富管理業務，也就是我們今天匯聚於此的成果。我們是全球第五大主動資產管理公司，我們認為我們擁有真正的成長機會。

I understand now that people accept that as being core to Goldman Sachs. When we started back in the '80s, I don't think people viewed it as core. But we also have 11,000 engineers here, and we're doing some very, very interesting things as the world is changing and the world is evolving with technology.

我現在明白大家已經認同這是高盛的核心事業。上世紀80年代我們剛起步的時候，我覺得大家都不認為這是核心業務。但我們這裡也有11,000名工程師，隨著世界不斷變化，科技也在不斷發展，我們正在做一些非常非常有趣的事情。

After the financial crisis, the regulatory structure came, and we became a bank. And it was clear we needed deposits and we needed to diversify our funding. And so what Platform Solutions represents is a handful of smaller business opportunities relative to the scale of Goldman Sachs that we're investing in where we think we have a capability to serve our clients. We've, I think, done some very interesting things in Transaction Banking, as we've outlined. I think this card partnership is very, very interesting in terms of what it's allowing us to do.

金融危機之後，監理體係也隨之建立，我們轉型成為一家銀行。很明顯，我們需要存款，也需要實現資金來源多元化。因此，平台解決方案代表著相對於高盛整體規模而言，我們正在投資的一些較小的業務機會，我們認為在這些領域我們有能力為客戶提供服務。正如我們之前概述的，我們在交易銀行領域已經取得了一些非常有趣的成就。我認為，就其賦予我們的潛力而言，此次信用卡合作也十分引人注目。

And so we think it's an opportunity. It's still small relative to Goldman Sachs. It's less than 5%, but we think it's an opportunity worth investing into as we continue to broaden the scope and scale of what Goldman Sachs can do for our clients. And that's kind of the way we're thinking about it.

所以我們認為這是一個機會。雖然相對於高盛而言，它的份額仍然很小，不到5%，但我們認為這是一個值得投資的機會，因為我們將繼續擴大高盛為客戶提供的服務範圍和規模。這就是我們目前的想法。

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

接下來，我們將回答來自瑞銀集團的布倫南·霍肯提出的問題。

I've got 2 questions and one is on the Consumer pivot, but I feel like we need a break. So let me just add the other one first. You guys, how should we be thinking about the efficiency ratio this year? The last 6 months have been tougher revenue-wise. And so the medium -- we've been above your medium-term target of 50% -- 60%, sorry. Noncomp expense is a little sticky. You guys laid out some of the things that you're trying to do there. But do you think that -- do you fully expect that you'll be hitting your 60% ratio target this year on the efficiency front?

我有兩個問題，一個是關於消費者業務轉型的，但我覺得我們需要休息一下。所以，我先問另一個問題。各位，我們該如何看待今年的效率比率？過去六個月的收入情況比較艱難。因此，我們的中期效率——我們一直高於你們設定的50%到60%的中期目標，抱歉。非競爭性支出有點棘手。你們之前也提到了一些正在努力的方向。但是，你們認為──你們完全預期今年能夠達到60%的效率比率目標嗎？

Brennan, I'll take that for you. Thanks for the question. As David indicated earlier, we remain very committed to our firm-wide targets, and we're going to look to achieve them over the medium term. The efficiency ratio is one of those. We will not necessarily hit that target each and every year. This is probably one of those years. It's not been a top quartile environment for performance. But that being said, we are pulling the levers that we can pull. You'll note that our compensation and benefits on a year-to-date basis is down 21%. And we're going to make sure that we size that to account for our performance in line with our pay-per-performance orientation but also with respect to our targets.

布倫南，我來回答你的問題。謝謝你的提問。正如大衛之前提到的，我們仍然非常重視公司整體目標，並致力於在中期內實現這些目標。效率比率就是其中之一。我們未必每年都能達到這個目標。今年可能就是其中之一。今年的業績表現並非處於前25%。但即便如此，我們也在盡一切可能。你會注意到，我們今年的薪資福利總額下降了21%。我們將確保根據績效薪酬原則以及目標，對薪酬福利進行調整，以反映我們的績效。

And finally, remaining mindful that labor markets remain tight, and our talent is important to our franchise. But you can see the movement we're making in our compensation year-to-date as a component of the overall efficiency ratio. And then on the noncompensation side, that remains very much a focus, and we will look to continue to make progress on noncomp with the goal of driving towards the efficiency target.

最後，我們始終牢記勞動市場依然緊張，而人才對我們的企業至關重要。但您可以看到，我們今年迄今為止在薪酬方面取得的進展是整體效率比率的一部分。此外，非薪酬方面仍然是我們的重點，我們將繼續努力，爭取在非薪酬方面取得進展，以實現效率目標。

But Brennan, just to amplify, we're committed to our efficiency target. It was never meant to be a target that would be hit absolutely in every single year exactly the same way. And so this obviously has been a tougher operating environment, and it's having an impact. But we remain committed to the target and are operating the firm to deliver on that target.

但布倫南，我再強調一下，我們始終致力於實現效率目標。這個目標從來就不是要每年都以完全相同的方式絕對達成的。顯然，今年的經營環境更加艱難，也確實產生了影響。但我們仍然致力於實現這個目標，並會全力以赴地經營公司，以實現這一目標。

And then for the next one, just to come back to the pivot to Consumer. And apologies for hitting on it again, but I think it's important because want to understand strategically, you all laid out in early 2020, David, you laid out a lot of the goals and aspirations around Consumer and building this Consumer business. It seems like this shift is a toning down of some of those aspirations. Previously, we had heard that you were looking to launch some general consumer banking to complement the deposit business. And it's -- while you said before that you're not changing the current offering, not completely clear if you're continuing to go forward with the rollout and all of the original aspirations that you were targeting.

接下來，我們再回到向消費者業務轉型這個主題。很抱歉再次提及，但我認為這很重要，因為我想從戰略角度了解你們的情況。 David，你們在2020年初制定了很多關於消費者業務的目標和願景，以及建立消費者業務的計劃。而現在看來，這次的轉型似乎是對其中一些願景的調整。先前，我們聽說你們計劃推出一些通用的消費者銀行服務，以補充存款業務。雖然你們之前說過不會改變現有的產品，但目前還不完全清楚你們是否會繼續推進這些服務的推出，以及是否會實現之前設定的所有目標。

And just to be honest, when I speak with a lot of investors on Goldman Sachs, very few are excited about the Consumer business. So I wouldn't necessarily say that a pulling back in the aspirations would necessarily be negative. I just want to try and understand strategically what the new direction is.

坦白說，我和高盛的許多投資者交流過，他們中很少有人對消費品業務感到興奮。所以我並不認為降低預期一定是壞事。我只是想從策略角度了解新的發展方向。

Yes. No, Brennan, I appreciate that. There's no question that the aspiration is probably got more communicated in a way that they were broader than where we're now choosing to go. And we are making it clear that we're going back on some of that.

是的。不，布倫南，我明白。毫無疑問，我們先前的願景可能表達得更清楚，也更寬泛，與我們現在選擇的方向有所不同。而我們正在明確表示，我們將放棄其中的一些目標。

Now we have built some things. We have a checking platform. We have an investing platform. And if you are aligning us with wealth and you have wealth customers, wealth customers can use those things, but it's very, very different to have those capabilities and be able to use them on a broad wealth platform versus directly marketing them to independent consumers on mass.

現在我們已經開發了一些東西。我們有支票帳戶平台，也有投資平台。如果您將我們與財富管理聯繫起來，並且您擁有財富管理客戶，那麼財富管理客戶可以使用這些服務，但是，在廣泛的財富管理平台上使用這些功能，與直接向大眾獨立消費者推廣這些功能，是截然不同的兩回事。

And I think one of the big learnings over the last few years is that we're better to play to our strength. And now our focus is -- I think the technology with Gold is very, very good, and we can now connect it to millions of people that are on our platform, and that is a narrowing of the focus for sure. It is a purposeful shift, tried to make that clear in the script. And I think it plays the strength that we have.

我認為過去幾年我們學到的最重要的一點就是，我們應該發揮自身優勢。現在我們的重點是——我認為Gold的技術非常出色，我們現在可以將其連接到我們平台上的數百萬用戶，這無疑是我們關注重點的縮小。這是一個有意為之的轉變，我在文案中也力求闡明這一點。我認為這能充分發揮我們的優勢。

But we are a bank. We need deposits. We are a wealth platform. People around a wealth platform want an ability to leave money here. Actually, if you look at other wealth platforms, they have banking capabilities attached to them. And so I think we're strengthening our ability as a broad wealth platform.

但我們畢竟是一家銀行，我們需要存款。我們是一個財富平台。圍繞財富平台的用戶希望能夠把錢存放在這裡。事實上，如果你看看其他財富平台，它們都具備一定的銀行功能。所以我認為，我們正在增強自身作為綜合財富平台的能力。

And I want to amplify this workplace wealth channel where we have access to millions of people is a very, very interesting place for us to attach some of the stuff that we've now built. So I think we've made a significant investment. We are narrowing our focus very clearly, but I still think there are opportunities for us.

我想擴大這個職場財富管道，因為我們可以接觸到數百萬用戶，這對我們來說是一個非常非常有趣的地方，可以讓我們運用目前已經建立的一些資源。所以我認為我們已經進行了大量的投資。我們正在非常明確地縮小關注範圍，但我仍然認為我們有很多機會。

And again, I want to amplify our other businesses are performing. They drive the overall results. This is still small in the overall scheme of Goldman Sachs, but we think that it's additive, and that's why we're trying to focus it and drive it forward in the best way. And I appreciate the comment that shareholders haven't been excited about it. And that certainly affects some of our decision-making.

再次強調，我們其他業務的業績表現也十分出色，它們推動了整體業績的成長。雖然這部分業務在高盛整體業務規模中仍然佔比不大，但我們認為它具有增值作用，因此我們正努力集中精力，以最佳方式推進其發展。我也理解股東們對此並不看好。這無疑會影響我們的一些決策。

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

接下來，我們將回答來自 JMP Securities 的 Devin Ryan 提出的問題。

I want to ask a question just on Investment Banking. M&A financing markets have obviously become a little more complicated recently and seen some negative marks on recent deals. I'm just curious whether you feel like some of that friction is just transitory or whether financing markets are really starting to maybe become more concerning and crack a bit. And then kind of interrelated, just how much that's weighing on your outlook for M&A Advisory business? And where it sounds like backlogs are still solid, but you need functioning financing as well.

我想問一個關於投資銀行的問題。併購融資市場最近顯然變得更加複雜，一些近期的交易也出現了負面情況。我很好奇您是否認為這些摩擦只是暫時的，還是融資市場真的開始變得更加令人擔憂，甚至出現一些裂痕？另外，這與您併購顧問業務的前景有多大關係？目前看來，業務積壓依然充足，但融資管道暢通同樣至關重要。

Yes. I would say, Devin, at a high level, we're tightening economic conditions very, very quickly. And when you tighten economic conditions, it has an impact on these things. I think the impact lagged a little bit. I do think there's been a big reset in the capital markets for IPOs, for debt financing. People have to get their minds around the valuations, the cost of capital. I think that reset is occurring. History would tell you that capital markets generally don't stay close no matter what the environment. They don't stay closed for years at a time because people have to move forward. They have to operate their businesses. They have to raise capital. And so they adjust to the new environment.

是的。德文，我想說，從宏觀層面來看，我們正迅速收緊經濟環境。而經濟環境收緊會對這些方面產生影響。我認為這種影響存在一定的滯後性。我確實認為，IPO和債務融資等資本市場已經發生了重大調整。人們必須重新審視估值和資本成本。我認為這種調整正在發生。歷史經驗告訴我們，無論環境如何，資本市場通常不會一直關閉。它們不會持續關閉數年，因為人們必須繼續前進。他們必須經營業務。他們必須籌集資金。因此，他們會調整以適應新的環境。

That said, the prospects for economic growth are uncertain in 2023. And so I think there are going to be headwinds. So I expect a more cautious or a bumpier capital markets and M&A environment as we head into 2023. I think we need more clarity on the trajectory of the economy and the trajectory of inflation to really see all that stuff accelerate from the levels it's operating at today.

儘管如此，2023年的經濟成長前景仍不明朗。因此，我認為將會面臨一些不利因素。我預計，隨著2023年的到來，資本市場和併購環境將更加謹慎，波動性也會更大。我認為，我們需要更清楚地了解經濟成長軌跡和通膨走勢，才能真正看到這些因素從目前的水平加速發展。

Yes. Okay. Great. A quick follow-up here just on deposits. Deposit rate in markets right now, I think, 2.35%. The delta versus many of your bank peers is widening. And so I'm just curious what you've seen over the last couple of months, especially as customer cash sorting has been accelerating in the industry, and then whether you can just share some expectations from here around what you expect in kind of Marcus deposit gathering just as rates potentially continue to move higher from there.

是的。好的。太好了。這裡我想快速跟進存款方面的問題。目前市面上的存款利率，我認為是2.35%。與許多同行銀行相比，利率差距正在擴大。所以我很好奇您在過去幾個月中觀察到了什麼，尤其是在整個行業客戶提取現金速度加快的情況下。您能否分享一下您對Marcus存款業務未來走勢的預期，因為利率可能會持續走高？

Sure. Thank you for that question. So maybe just some observations across deposit flows across the firm given the changing environment. On the consumer side of the equation, continuing to perform and outperform our expectations. Our focus is on continuing to attract deposits. We are deliberately positioning ourselves within the competitive envelope. And so, in such a fashion that we can attract deposits, we do not intend to be the price leader, but we do intend to remain competitive. It's obviously an entirely digital offering. We're not burdened with a lot of other cost and infrastructure. And so we have some flexibility to position our pricing in such a manner that we can attract deposits to continue to grow the firm. Obviously, this is something that will change over the entirety of the cycle. But thus far, it's outperforming our own expectations.

當然。謝謝你的提問。鑑於當前環境的變化，我想就公司整體的存款流動情況談談我的一些看法。在消費者方面，我們持續保持良好表現，甚至超越了預期。我們的重點是持續吸引存款。我們有意將自身定位在競爭範圍內。因此，為了吸引存款，我們並不打算成為價格領導者，而是力求保持競爭力。顯然，我們提供的是完全數位化的服務。我們沒有太多其他成本和基礎設施的負擔。因此，我們在定價方面有一定的彈性，可以吸引存款，進而推動公司持續發展。當然，這種情況會隨著經濟週期的變化而改變。但就目前而言，我們的表現超出了預期。

On the other hand, institutional activity through Transaction Banking, we're observing that, that is more competitive. There is -- there are more deposits that people are seeking to raise through those channels, being more disciplined. And so we do see more competition for raising deposits through that channel relative to the consumer channel.

另一方面，我們觀察到，透過交易銀行管道進行的機構存款活動競爭更為激烈。人們更傾向於透過這些管道籌集存款，並且更加重視規範操作。因此，與消費者管道相比，我們看到透過該管道籌集存款的競爭更為激烈。

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

接下來，我們將回答來自傑富瑞集團的丹‧範農所提出的問題。

Wanted to ask about Wealth Management. You had a strong quarter for inflows versus, I think, what we saw in the industry has a bit of a slowdown sequentially, look to be a record inflow quarter for alts for you. Can you just talk about the momentum in that business and how to think about maybe growth from here?

我想問一下關於財富管理方面的問題。貴公司上一季資金流入強勁，而我認為整個產業整體成長放緩，貴公司另類投資業務的資金流入似乎創下了歷史新高。您能否談談這項業務的發展勢頭，以及您如何看待未來的成長前景？

So thank you for acknowledging that. Obviously, on top of that, our overall growth in management and other fees add up 15% year-over-year. In the last quarter, almost $2.25 billion. We're well on our way to both our $10 billion total and $2 billion alternative fee targets.

感謝您對此的認可。此外，我們的管理費和其他費用總額較去年同期增加15%。上個季度，這兩項收入合計接近22.5億美元。我們正朝著100億美元的總收入目標和20億美元的另類費用目標穩步邁進。

And the reality of attracting these types of flows over this period in time, a lot of that has to do with work and performance and track record that has been done previously. Some of these particular flows have longer lead times. Other, shorter lead times. But looking at both the alternative commitments that we were able to secure in the quarter, looking at the change to our alternatives AUS on the quarter, which was very strong, and then looking at our inflows across the more traditional channels, we are very pleased with the activity that we saw in that regard over the course of the third quarter. And we're very focused on continuing to drive that going forward.

在這段時期吸引此類資金流動，很大程度上取決於我們先前的工作、業績和過往記錄。有些資金流動需要較長的準備時間，有些則需要較短的時間。但縱觀我們本季獲得的替代性投資承諾，以及本季澳洲替代性投資管道的強勁成長，再加上傳統通路的資金流入，我們對第三季在這方面的表現非常滿意。我們將繼續致力於推動這一趨勢。

Got it. And then just in the Consumer business, both the consumer banking as well as the private banking lending accelerated quarter-over-quarter, and you gave a handful of reasons. But just thinking about the trajectory for those businesses even in addition of -- with the realignment, just trying to think about momentum on more of the shorter-term basis. The step-ups quarter-over-quarter were quite strong. So just some color -- a little additional color there would be helpful.

明白了。然後，就消費者業務而言，無論是零售銀行還是私人銀行貸款，環比增長都加快了，您也列舉了一些原因。但即便考慮到業務重組，我們也要考慮這些業務的未來發展軌跡，尤其是在短期內的成長動能。環比成長非常強勁。所以，如果能再補充一些細節就更好了。

Sure. Thank you. I mean, obviously, for the firm overall, loan growth was just about $1 billion quarter-over-quarter. But we do continue to see good opportunities, particularly across the Wealth Management segment. You saw better growth in that segment. It's a high-quality lending opportunity for us. And we're leveraging an existing set of relationships in existing franchise that's very much in place. We've obviously been recognized for our advice and solution-oriented way in serving those clients, but we are finding that increasingly, they're looking for us also to provide financing to them. And so we're making sure that we're very focused on supporting them as holistically as possible. And we see good opportunities on the floor to continue to grow those types of financing activities.

當然，謝謝。我的意思是，顯然，就公司整體而言，貸款環比增長約10億美元。但我們確實繼續看到良好的發展機遇，尤其是在財富管理領域。您也看到了該領域的成長更為顯著。這對我們來說是一個高品質的貸款機會。我們正在利用現有業務和現有客戶關係網絡。我們一直以來都以提供建議和以解決方案為導向的服務方式而備受認可，但我們發現，越來越多的客戶也希望我們為他們提供融資服務。因此，我們正努力確保盡可能全面地支持他們。我們看到了業務拓展的巨大機遇，可以繼續發展這類融資業務。

We'll take our next question from Matt O'Connor with Deutsche Bank.

接下來，我們將回答來自德意志銀行的馬特·奧康納提出的問題。

May I keep calling for the normalization of fixed income trading? And I think over last quarter, you guys tried to frame what might be a good kind of medium, longer-term level. But obviously, it continues to be. And I am wondering, has it reset higher kind of permanently due to likely higher inflation, higher rates? And usually, that does bring higher volatility. Even if things settle down from here, are we just looking at a structurally bigger and maybe materially bigger wallet than we thought not too long ago?

我能否繼續呼籲固定收益交易正常化？我認為上個季度你們試圖建構一個較合理的中長期水準。但顯然，目前的情況依然如此。我想知道，由於通膨和利率可能走高，固定收益市場是否已經永久重置在高位？通常情況下，這確實會帶來更高的波動性。即使情況最終穩定下來，我們是否仍然面臨著一個比不久前預想的規模更大、甚至可能更龐大的資金池？

Look, Matt, I think it's always hard to predict. But I think if you want to go back to the period before the pandemic, I do think the level of client activity and a shifting macroeconomic environment has created a larger wallet. I think one of the things that we benefited from, and we continue to try to amplify this, is we've grown our wallet share by over 300 basis points since 2019. So we're benefiting from the fact that the available wallet is larger and has been larger for the last couple of years. But in addition, with 300 basis points of wallet-share growth, that's also improved our position. So I do think clients are active. We have a truly global franchise. It's broad. It's deep. We're very, very focused on our market share position with the leading clients.

馬特，我覺得預測總是很難的。但如果你回顧疫情前的時期，我認為客戶活躍度的提升和宏觀經濟環境的變化確實增加了客戶的資金儲備。我認為我們從中受益匪淺，我們也在努力擴大這一優勢，那就是自2019年以來，我們的市佔率成長了300多個基點。所以，我們受益於客戶資金的增加，而且這種成長在過去幾年一直持續。此外，300個基點的市佔率成長也提升了我們的市場地位。所以我認為客戶確實很活躍。我們擁有真正的全球性業務，覆蓋面廣，業務深度深。我們非常注重與領先客戶的合作，並努力提升我們的市場份額。

I can't tell you what the future will bring, but I just think that our franchise is extremely well positioned. Whatever that opportunity is, our relative positioning against that opportunity to serve our clients is strong.

我無法預知未來，但我認為我們的加盟店目前處於非常有利的地位。無論未來出現什麼機遇，我們都能憑藉自身優勢更好地服務客戶。

And in terms of the share gains, how much of it -- so obviously, it sounds that is you're leaning into the business with some investments, including in financing, but how much of it is -- maybe mix has been favorable to you and there's also been some pullback by some global peers as they've been building capital and you obviously have enough to lean into it?

至於市場份額的成長，其中有多少是——顯然，聽起來你們正在透過一些投資（包括融資）來加大對業務的投入，但有多少是——也許市場組合對你們有利，而一些全球同行由於積累資本而有所收縮，而你們顯然有足夠的資金來加大投入？

Well, it's hard to pull it apart. I mean if global peers are pulling back capital and resources that they allocate, the people who are committed to it, the big U.S. players are going to benefit. But I actually think the big thing that has driven our share gains is the fundamental shift in the client philosophy of the firm, the investment in the One Goldman Sachs ethos, I think it's had a material impact on our Global Market business. And I think it's affected our shares. I think the team in that division has executed in a very, very strong way against that. It has improved our client relationships, improved our positioning materially with the top 100 clients.

嗯，這很難具體分析。我的意思是，如果全球同業都在縮減投入的資本和資源，那麼那些真正致力於此的人，也就是美國的大型機構，將會從中受益。但我認為，真正推動我們股價上漲的關鍵因素是公司客戶理念的根本性轉變，以及對「一個高盛」理念的重視。我認為這對我們的全球市場業務產生了實質的影響，也影響了我們的股價。我認為該部門的團隊在應對這一轉變方面做得非常出色。這改善了我們與客戶的關係，並顯著提升了我們在前100家客戶中的地位。

I know you know that we set out a few years ago and said we were 40 -- we had 44 of the top 100 that we were in the top 3 with. We're now in the top 3 with over 75. That's been a very coherent -- very focused effort to improve our client positioning. I think that's had the biggest impact on our market shares.

我知道您也知道，幾年前我們設定的目標是40強——當時我們與排名前100位的客戶建立了44個合作關係，其中前三名中有44個。現在，我們與超過75家客戶建立了合作關係，名列前三名。這得歸功於我們為提升客戶定位而進行的一系列非常連貫、非常專注的努力。我認為這對我們的市場份額產生了最大的影響。

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

接下來，我們將回答來自加拿大皇家銀行的傑拉德·卡西迪提出的問題。

David, you talked about the need for deposits. And if I recall back on your Investor Day, one of the advantages for growing deposits was the improvement in your funding costs from wholesale funds. With the rise in rates, has that improvement lessened at all? And second, I think you had a goal of getting to 50-50 in terms of funding half of the business with deposits and then wholesale funds. And where do you stand on that?

大衛，你談到了存款的必要性。如果我沒記錯的話，在你的投資者日上，增加存款的優勢之一是批發資金融資成本的降低。隨著利率上升，這種優勢是否有所減弱？其次，我記得你曾經設定過一個目標，一半業務資金來自存款，一半來自批發資金。你目前在這方面進展如何？

So thank you, Gerard. It's Denis. So I think as indicated in some of the previous comments and outlined at that original Investor Day, we are very focused on diversifying the funding mix, also benefiting from the pricing and the stickiness of that channel. We've developed, since that period of time, multiple deposit funding channels. The digital markets platform is one of them. Transaction Banking is another.

謝謝杰拉德。我是丹尼斯。正如之前的一些評論以及在最初的投資者日上所概述的，我們非常注重融資管道的多元化，同時也受益於該管道的定價優勢和客戶黏著度。自那時以來，我們已經開發了多種存款融資管道。數位市場平台是其中之一，交易銀行是另一個。

In terms of that original goal of changing the mix, we have achieved that. We continue to be very, very focused on moving that mix. You'll see on a quarter-over-quarter basis that we have improved our deposits, reduced our other unsecured funding. So we remain focused on that. It's an attractive source of funding for us. It also fits within the overall strategic realignment that we've been discussing.

就最初調整資產組合的目標而言，我們已經實現了。我們將持續高度重視並推動資產組合的調整。從季度環比來看，我們的存款有所增長，其他無擔保融資有所減少。因此，我們將繼續專注於此。這對我們來說是一個極具吸引力的融資來源，也符合我們一直在討論的整體策略調整。

Very good. And then as a follow-up in your outlook, David, for what's going on in the capital markets business, obviously, the tightening that we're all seeing. Is it a straightforward in terms of an improvement of the Fed finishing with its monetary tightening and markets rebound quickly after that? Or do you see other factors that have to play in aside from what's going on, of course, with Ukraine and Russia and the European situation?

很好。接下來，大衛，我想就你對資本市場前景的展望做個補充，特別是我們現在看到的貨幣緊縮。聯準會結束貨幣緊縮政策後，市場是否會迅速反彈？或者除了烏克蘭、俄羅斯和歐洲局勢之外，你認為還有其他因素需要考慮？

I don't think it's simple for sure, Gerard. I think it's still pretty uncertain. I do think we have to get to a point where we better understand the trajectory of inflation and, therefore, understand the trajectory of economic growth going forward. The Fed is executing and has sent some very, very clear goals as to where they're going to the tightening cycle in the near term, but I think there's uncertainty whether or not that will get inflation to a place where the policy will shift going forward. And so I think we're in an uncertain period. I think that this warrants, and we're operating the firm this way with a sense of caution as we look forward. But we'll have to watch closely. But I don't have a clear answer for you as to whether or not -- if we get to the Fed's current trajectory, we'll be in a place where economic growth prospects will improve as we look ahead from 2023 into 2024. I think that's still relatively uncertain.

傑拉德，我當然不認為這很簡單。我認為目前情況仍然相當不明朗。我認為我們必須更了解通膨的走勢，以便更好地了解未來的經濟成長趨勢。聯準會正在執行政策，並就近期緊縮週期的方向給出了非常明確的目標，但我認為，這些目標能否將通膨推至足以促使政策轉向的水平，仍然存在不確定性。因此，我認為我們正處於一個充滿不確定性的時期。我認為，有鑑於此，我們有必要，我們也正以謹慎的態度來經營公司，展望未來。但我們必須密切注意。至於如果我們能夠按照聯準會目前的政策方向前進，那麼從2023年到2024年，經濟成長前景是否會改善，我無法給出明確的答案。我認為這仍然相當不確定。

We'll take our next question from Jeremy Sigee with BNP Paribas.

接下來，我們將回答來自法國巴黎銀行的傑里米·西吉提出的問題。

You've covered a lot of ground, so I've just got a couple of specific follow-ups, please. The first one goes back to the cost topic and the headcount increase in this quarter. I just wondered if that's mainly seasonal with new joiners because I think the acquisition impacts were all already in the prior quarter. So I just wondered if it is just seasonality really that's driving that headcount increase and just how you think about that relative to the cost focus that you've been talking about for a couple of quarters now.

您已經談了很多內容，所以我只有幾個具體的後續問題。第一個問題是關於成本和本季員工人數增加的。我想知道這主要是季節性因素導致的，因為我認為收購的影響已經在上個季度反映出來了。所以我想知道員工人數的成長是否真的只是季節性因素造成的，以及您如何看待這與您過去幾季一直在強調的成本控制之間的關係。

Sure. Thank you for that. In terms of a quarter change, a lot of that change is attributable to campus hires based on time of year. Our new classes of starting professionals occurs during the third quarter. We mentioned an intention to slow hiring velocity. We have indeed followed through on that topic and references to strategic growth initiatives. That's to say that slowing down the velocity of hires does not mean that we're not still making hires in the market. We have a lot of attractive opportunities to grow the firm. There's a lot of talent inside of Goldman Sachs. There's also talent outside of Goldman Sachs that we can add to our team to continue to strengthen our ability to deliver for clients. So we are focused on overall levels of headcount growth, looking to slow it, but also remaining nimble and strategic with respect to strategic hires.

當然，謝謝。就季度變化而言，很大程度上是由於一年中不同時段的校園招聘造成的。我們的新一批專業人才通常在第三季入職。我們之前提到過會放緩招募速度，確實一直在落實這項計劃，同時也提到了策略成長舉措。也就是說，放緩招募速度並不代表我們停止招募。我們有很多極具吸引力的發展機會。高盛內部人才濟濟，同時我們也可以從外部招募人才，進一步提升我們為客戶提供服務的能力。因此，我們關注的是整體員工人數的成長，力求放緩成長速度，同時在策略性招募方面也保持靈活和策略性。

Very clear. And then a separate follow-up just on the Wealth Management -- workplace Wealth Management, which I feel is a sort of -- it's a new thing for you to talk about in such a high-profile way. Do you have all the building blocks that you need to be successful and to grow that space? Or are there bits that you're going to have to build to make a success of that?

非常清楚。接下來我想單獨問一下關於財富管理——特別是職場財富管理的問題，我覺得這對你來說是一個全新的領域，而且你這次的討論非常高調。你是否具備在這個領域取得成功和發展所需的所有要素？還是說你需要先建立一些基礎才能在這個領域取得成功？

So I appreciate the question, Jeremy. I mean this is actually something that we started building a decade ago. It started with the acquisition of Ayco. I'm going to get the date wrong, but it was in the early 2000s. I think it was approximately 18 to 20 years ago, which would -- which allowed us to basically affiliate with corporate partners and to provide wealth management services and financial counseling to executives that then spread into the organization more broadly than just senior executives. But that business has grown nicely, and that was the building block under which we built this.

傑里米，我很感謝你的提問。其實，我們十年前就開始著手打造這個業務了。最初是收購Ayco公司。我可能已經記不清具體日期了，但應該是在2000年代初期。我想大概是18到20年前吧。這次收購讓我們得以與企業合作夥伴建立聯繫，並為高階主管提供財富管理服務和財務諮詢，之後這項服務擴展到整個組織，而不僅限於高階管理人員。這項業務發展勢頭良好，也是我們建立這個業務的基石。

And today, I think we deal with more than half of the Fortune 100 and hundreds of companies in the Fortune 1000. It's through that platform and then with the addition of United Capital, which was investment we obviously made a few years ago, that gave us a broader high net worth footprint that's allowed us to do more to service more of the clients in the corporations we were partnered with. And then we've added digital solutions that we've been building over the last few years that allow us to reach any member of the team. So we have certain companies that we're partnered with where we're offering financial wellness to hundreds of thousands of employees, which ultimately can become wealth clients or depositors or come on to our platform more broadly.

如今，我們與財富100強企業中的半數以上以及財富1000強企業中的數百家都有業務往來。正是透過這個平台，再加上幾年前我們對聯合資本（United Capital）的投資，我們拓展了高淨值客戶群，從而能夠為更多與我們合作的企業客戶提供服務。此外，我們還開發了過去幾年一直在建立的數位化解決方案，使我們能夠觸及團隊中的每位成員。因此，我們與一些公司建立了合作關係，為數十萬名員工提供財務健康服務，這些員工最終可能成為我們的財富管理客戶、存款客戶，或更廣泛地加入我們的平台。

So the building blocks are in place. They've been put in place over a long period of time. And over the last couple of years, we've started to execute much more directly across that. And you're right. Now we're amplifying what we've invested in there and trying to highlight that and make sure that some of the other pieces that we've built are aligned with that so we can strengthen it and grow it. But we think it's a big opportunity for the firm.

所以基礎架構已經到位，這是經過長時間的累積才建立起來的。過去幾年，我們開始更直接地執行這些基礎架構。你說得對。現在，我們正在擴大我們在該領域的投資，努力突出其優勢，並確保我們構建的其他部分與之保持一致，從而加強和發展它。我們認為這對公司來說是一個巨大的機會。

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

接下來，我們將回答來自富國證券的麥克梅奧提出的問題。

I guess the word for the quarter is resiliency, if I'm hearing you correctly. And it's really remarkable that you haven't had a big blow up that's come back to hit you or your peers so far. But how are you protecting yourself against, I guess, the likelihood -- there's going to be some third-party problem that could ricocheted back on you? I'm talking about outside of, say, the largest U.S. banks, which have reported now. And then the other thing is the resiliency of the backlog is quite amazing in the face of all this volatility in stock and debt market declines. How long does that last?

如果我沒理解錯的話，本季關鍵字應該是「韌性」。你們至今為止還沒有遭遇任何可能反噬自身或同行的重大危機，這確實令人矚目。但是，你們是如何防範第三方問題可能帶來的衝擊的呢？我指的是那些已經公佈業績的美國大型銀行以外的情況。另外，在股市和債市持續下跌的動盪環境下，你們的積壓訂單依然保持著驚人的韌性。這種情況能持續多久呢？

So Mike, look, appreciate the question, and it's a good question. And I just start by the fact that this firm has a very, very strong risk management culture and is always focused on risk management, risk mitigation and trying to look around corners and think about what's coming. So I've tried in a number of questions today to highlight that I think things are uncertain, that we're being cautious. I think we've taken a number of actions inside the firm as we think about our risk lens in a variety of places and we think about our RWA allocation, as we think about things that we're doing to try to operate as let's be prepared for a more difficult environment.

麥克，感謝你的提問，這的確是個好問題。首先我想強調的是，我們公司擁有非常強大的風險管理文化，始終專注於風險管理和風險緩解，並努力預見未來可能出現的情況。今天在回答的幾個問題中，我都強調了我認為當前情況充滿不確定性，因此我們保持謹慎。公司內部已經採取了一系列措施，從各個方面審視風險，調整風險加權資產（RWA）的配置，並思考如何應對更嚴峻的市場環境。

Now obviously, we have exposure to that because we're a large financial firm. So you can't 100% protect yourself from that. But there is no question that we're trying to take actions to make sure we're well positioned.

很顯然，作為一家大型金融公司，我們面臨這種風險。所以，你不可能百分之百地規避風險。但毫無疑問，我們正在努力採取措施，確保我們處於有利地位。

I think you saw during the quarter that we grew our capital buffer during the quarter. I think that's reflective of a conscious decision in this environment to run a little bit more cautiously, a little bit more conservatively. We've been watching what's been going on in markets across the U.K. And when we see things like that, we reflect back and spend a lot of time digging in and thinking about other places where those things can be amplified. And so we're extremely focused on issues like that.

我想您在本季度已經注意到，我們的資本緩衝有所增加。我認為這反映了在當前環境下，我們有意採取更謹慎、更保守的策略。我們一直密切關注英國各地市場的動態。每當發現類似情況，我們都會進行反思，並投入大量時間深入研究，思考這些因素可能在哪些方面會放大。因此，我們非常關注此類問題。

And I would just say that I think the world is fragile at the moment, and it's uncertain. And we're operating through that lens. We're big financial institutions. So we have exposure. If there were -- if there was bigger volatility or bigger problems, we could potentially have exposure to them. But on the other hand, I think that we've got a very broad global deep franchise. And we're well capitalized, and we're very focused on this. And we're going to continue to be zealous in our risk-management practices to make sure, on a relative basis, whatever the world throws at us, we'll serve our clients well and operate well for ourselves and our shareholders.

我想說的是，我認為目前世界形勢脆弱且充滿不確定性。我們正是基於這種視角而開展業務的。我們是大型金融機構，因此有一定的風險敞口。如果出現更大的市場波動或更嚴重的問題，我們可能會受到影響。但另一方面，我認為我們擁有非常廣泛且根基深厚的全球業務網絡。我們資本充足，並且非常專注於此。我們將繼續積極推動風險管理，以確保無論世界情勢如何變化，我們都能為客戶提供優質服務，並為自身和股東創造良好的績效。

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

謝謝。目前沒有其他問題了。請繼續作總結發言。

Yes. Thanks, everybody, for joining us today, and thank you for all the questions. If you have any additional questions that come up, please don't hesitate to reach out to me. Thanks so much.

是的。謝謝大家今天參加，也謝謝大家提出的所有問題。如果還有其他問題，請隨時與我聯繫。非常感謝。

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

女士們、先生們，高盛2022年第三季財報電話會議到此結束。感謝您的參與。您可以斷開連線了。