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 年第三季度收益電話會議。今天，2022 年 10 月 18 日，這個電話被錄音了。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 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.

早上好。我是高盛投資者關係主管凱里·哈利奧。歡迎參加我們的第三季度收益電話會議。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。此音頻演員是 Goldman Sachs Group, Inc. 的版權材料，未經我們同意不得複制、複製或轉播。

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.

今天上午，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。

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.

謝謝你，凱莉，大家早上好。感謝您今天加入我們。讓我先說一下運行環境。

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.

全球經濟繼續面臨重大阻力。通貨膨脹率仍然很高。中央銀行以數十年來未見的速度對利率進行評級。與此同時，股市遠低於近期高點。地緣政治不穩定和能源衝擊是一個持續的問題，GDP 增長預期正在下降。

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.

其中許多趨勢在本季度末加速。例如，雖然我們自己的金融狀況指數顯示全年穩步收緊，但我們看到該指數從 8 月中旬開始急劇上升。

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，宏觀主題都占主導地位。我與 CEO 的談話中，他們告訴我他們正在重新考慮商機，並希望在承諾長期計劃之前看到更多確定性。隨著我們進入第四季度，我的感覺是前景仍將不穩定，儘管經濟表現會因地區而異。我還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.

在這種背景下，我很高興高盛在第三季度取得了可觀的業績。正如我之前所說，我們全球特許經營的廣度和實力是我們的關鍵差異化因素。客戶參與度仍然很高。

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，我們的淨收入為 120 億美元，每股收益為 8.25 美元，股本回報率為 11%，有形股本回報率為 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.

在將其交給丹尼斯詳細審查季度業績之前，我想花點時間了解一下我們的戰略演變。轉到演示文稿的第 2 頁，4 年前，我們著手加強我們的客戶參與工作，目標是進一步加強我們世界級的客戶特許經營權。我們的 One Goldman Sachs 理念誕生於這一努力，從 30 名客戶試點開始演變為現在已成為公司運營精神的東西。 One Goldman Sachs 的成功遠遠超出我們的預期，證明我們全球客戶關係的實力和廣度是我們戰略執行和持續優異表現的關鍵驅動力。這些努力帶來了領先的股票收益，特別是在我們的核心業務中，並導致自 2020 年投資者日以來每股賬面價值增長了 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.

在過去 4 年中，One Goldman Sachs 的執行增強了我們公司的兩個基本要素：首先，我們的投資銀行業務基礎的關係和諮詢心態在更廣泛的客戶參與中表現得非常好；其次，我們業務日益共生的本質創造了一個良性的生態系統，產生了顯著的乘數效應並推動了市場份額。正因為如此，我們正在第四季度進行一系列組織變革，以便在我們的戰略發展中邁出下一步。變革進一步強化了我們的核心業務，加快了我們擴展增長平台和提高效率的能力。

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 頁上看到的，我們正在將我們的資產和財富管理業務以及我們的投資銀行和全球市場業務整合到公司的兩個重要部門中。我們還將創建一個名為平台解決方案的新部門，該部門將整合我們整個公司的金融科技平台，包括交易銀行業務、消費者合作夥伴關係和 GreenSky。該部門將加強我們對構建平台的關注，為企業和機構客戶提供數字金融服務能力。鑑於財富與個人銀行業務的日益融合，我們將進一步將直接面向消費者的活動整合到財富管理中。我們將使用這三個部分報告我們的 2022 年全年收益，我們還將在 2023 年 2 月 28 日舉辦投資者日。我們期待審查我們在各個業務領域的前瞻性戰略的細節，儘管我們現在會告訴您我們的基本戰略保持不變，我們將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.

我們對資產和財富管理將在我們的未來增長計劃中發揮的作用感到興奮。在資產和財富管理領域，我們正在運營一個全面的綜合特許經營權，為公共和私人市場的機構和個人提供建議、解決方案 - 解決方案和執行。共同經營這些業務將使我們能夠全面推動 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和業績支持了強勁的勢頭，特別是在另類和財富管理方面。

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.

我們還認為，在工作場所接觸和服務員工是高盛的重要增長機會。通過我們在工作場所和個人財富方面的增強能力，我們現在可以解決我們所服務的公司的所有員工。此次擴展的產品是對高管層領導人明確推動提供更加民主化的建議和解決方案套件的直接回應。同樣清楚的是，這些客戶更喜歡綜合的財富管理和銀行服務，這為我們提供了一個巨大的機會，可以通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.

在過去的幾年中，全球市場和投資銀行業務越來越多地作為一個統一的領先世界級特許經營機構運營。我們是首選顧問，我們在併購和 ECM 方面排名第一，我們將繼續鞏固我們作為全球市場客戶的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.

隨著世界變得越來越複雜，我們客戶的需求也在不斷變化，我們看到越來越多的客戶與全球市場和投資銀行合作以滿足他們的需求。這些業務在諮詢、融資、風險分配和對沖方面的協同作用使我們能夠為客戶提供差異化的解決方案。這產生了顯著的乘數效應，並幫助我們近年來推動整個特許經營的市場份額增長。一起經營這些業務將使我們能夠最大化我們的錢包份額。

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.

轉到第 4 頁。平台解決方案是一個端到端的主要基於雲的技術平台業務，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，為他們及其客戶和客戶提供服務。近年來，我們看到了一個機會，可以利用我們卓越的企業特許經營權、世界一流的風險管理和創新文化來構建現代數字產品，並在此過程中使我們的收入和資金組合多樣化。

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.

我們已經建立並推出了一個交易銀行平台，一個數字消費銀行平台，其中最大的一塊是信用卡，我們收購了GreenSky。這些平台促成了我們與許多客戶的合作，例如 Apple、通用汽車、Stripe、美國運通和 Fiserv。通過我們與 Apple 和通用汽車公司的合作關係，我們已經能夠接觸到美國超過 1 億人。我們的品牌和 Apple 的結合是獨一無二的，這一點可以從對 Apple Card 的反應中得到證明，Apple Card 在客戶滿意度方面排名第一連續 2 年獲得 J.D. Power。

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.

我們還將合作夥伴關係擴展到新產品。就在上週，我們為 Apple Card 推出了一個新的高盛儲蓄賬戶，允許用戶在高收益儲蓄賬戶中增加獎勵，並通過關聯的銀行賬戶或直接從 Apple Cash 中添加資金。這將高盛的高收益儲蓄賬戶直接嵌入到 Apple Wallet 中的 Apple Card 體驗中。高盛和蘋果公司致力於擴大我們的關係，我們最近延長並調整了我們的合作夥伴關係，直至本世紀末，以繼續幫助消費者過上更健康的財務生活。

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.

在交易銀行業務中，我們正在提供差異化的以開發人員為中心的基於雲的產品，允許無縫集成到我們客戶的生態系統中。我們對產品的客戶反饋和採用率感到非常鼓舞。我們現在擁有大約 425 名活躍客戶，在全球擁有超過 700 億美元的存款，因為我們利用我們的企業特許經營權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方面的首要任務是繼續使高盛的收入和資金多樣化，同時提高盈利能力。我們期待在 2 月份的投資者日與您就這一部分進行更多討論。

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.

現在讓我談談我們消費者業務的一些其他細節。自 2016 年以來，我們進行了重大投資。在第 5 頁，您可以看到我們所取得的成果。我們為超過 1500 萬客戶提供服務，在過去 12 個月內創造了超過 22 億美元的收入。自推出存款業務以來的 6 年中，我們學到了很多東西，這正在塑造我們前進的執行重點。

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.

轉到第 6 頁。對於我們的直接面向消費者的戰略，我們將專注於我們已經通過工作場所和個人財富等渠道接觸到的現有存款客戶和消費者，而不是尋求大規模獲取客戶，這是有目的的改變這將使我們能夠合理化未來構建和客戶獲取成本的支出。

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.

僅在工作場所和個人財富方面，我們已經有能力覆蓋超過 900 萬人。我們的 Marcus Deposit 客戶仍然是我們更廣泛努力的核心。我們將繼續增加存款產品和已產生超過 1.1 億美元零售存款的服務水平。我們相信，我們所有產品的所有客戶都將從這種重新劃分優先級中受益。

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.

在我把它交給丹尼斯查看本季度的結果之前，我想強調以下幾點。在過去的 4 年裡，這個領導團隊一直在努力發展、多元化和加強高盛。我們的經驗形成了這一新方向，以便我們能夠更好地為客戶服務並增強我們的優勢。這是我們戰略之旅的重要且有目的的演變，使我們能夠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.

與我們的戰略一致，我們將重點放在執行上——我們將執行重點放在 3 個關鍵優先事項上，如您在第 7 頁上所見，即增加管理費、最大化錢包份額、增加融資活動和擴展平台解決方案以實現稅前盈利。我們將在二月份的投資者日上更多地討論這個問題。

I will now turn it over to Denis.

我現在將把它交給丹尼斯。

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

謝謝你，大衛，早上好。讓我們從演示文稿第 8 頁上的結果開始。

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%.

正如大衛所說，我們第三季度的每股收益為 8.25 美元。年初至今，我們實現了 12.2% 的普通股回報率和 13.1% 的有形股本回報率。

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.

從第 9 頁開始按部門劃分業績。投資銀行業務創造了 16 億美元的收入，與去年同期非常強勁的季度相比下降了 57%。財務諮詢收入為 9.72 億美元，與去年第三季度的創紀錄業績相比下降了 41%。儘管銷量較低，但我們今年迄今仍保持排名第一的位置並擴大了領先優勢。

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.

股票承銷淨收入為 2.41 億美元，反映出全行業活動有限。儘管如此，我們仍然在股票和股票相關產品中排名第一。

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.

鑑於高收益和投資級別的發行量低迷，債務承銷淨收入為 3.28 億美元。儘管本季度的活動仍然緩慢，但我們的積壓工作依然強勁，尤其是在諮詢和股票承銷方面。儘管客戶關注的是穩定性和財務狀況，但我們的諮詢對話繼續保持強勁勢頭，從而推遲了某些交易和融資相關活動的時間安排。

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.

企業貸款產生了 3500 萬美元的淨收入，因為中間市場貸款和交易銀行業務的穩健表現在很大程度上被我們投資組合中某些對沖和槓桿貸款的不利因素所抵消。

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.

轉到第 10 頁的全球市場。由於客戶參與度和活動保持強勁，本季度部門淨收入為 62 億美元，同比增長 11%。融資活動繼續呈現穩定增長，約佔該部門總收入的 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.

現在轉向第 11 頁的 FICC。第三季度收入為 35 億美元，比 2021 年第三季度增長 41%。FICC 中介產生的淨收入為 28 億美元，同比增長 40%。在中央銀行活動增加和波動性增加的推動下，客戶參與度提高，我們的利率、貨幣和大宗商品業務表現強勁。

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 FICC 融資中，由於回購和抵押貸款的機會增加，我們的收入增長了 41%。我們仍然專注於發展這項業務，以支持客戶的融資需求。我們的 FICC 貸款組合採用保守承銷和良好抵押。

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.

轉向股票。第三季度的淨收入為 27 億美元。由於更具挑戰性的做市環境和較低的客戶活動，股票中介收入同比下降 19%。在股票融資方面，我們創造了接近創紀錄的 11 億美元的收入，因為我們支持客戶融資活動，儘管主要餘額較低。

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.

轉到第 12 頁的資產管理。資產管理的淨收入為 18 億美元。管理費用和其他費用總計 10 億美元，與上一季度基本持平，同比增長 42%，這反映了 NNIP 的管理費用和貨幣市場基金費用減免的減少。

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.

股權投資在第三季度創造了 5.27 億美元的收入。更具體地說，我們的公共股票投資組合產生了大約 2.15 億美元的收入，主要由兩項投資的收益推動。在我們的私人投資組合中，我們產生了大約 3.1 億美元的淨收入。我們看到我們投資組合中不同職位的事件驅動收益超過 3.5 億美元，合併投資實體的營業收入約為 1.5 億美元。這些收入被消費和 TMT 領域的多項投資推動的大約 2 億美元所部分抵消。

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.

鑑於當前的市場狀況，我們在第三季度的資產負債表投資收穫有限，但我們仍然致力於降低資產負債表密度並將我們的另類投資業務轉移到更多第三方基金的戰略。

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.

我們繼續在籌款目標上取得進展，本季度獲得了 120 億美元的替代承諾。我們還關閉了我們的旗艦私募股權基金 West Street Capital Partners VIII，其規模為 97 億美元，遠高於其最初目標。

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

來自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.

我現在將在第 14 頁轉向消費者與財富管理。在消費者銀行業務的淨收入顯著提高的推動下，我們在第三季度創造了創紀錄的 24 億美元的淨收入，比去年同期增長了 18%。本季度，儘管存在市場逆風，但 12 億美元的管理和其他費用環比持平，因為淨市場升值在很大程度上被強勁的客戶淨流入所抵消。由於貸款和存款餘額增加，私人銀行和貸款淨收入達到創紀錄的 3.95 億美元，同比增長 35%。

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.

第三季度個人銀行業務收入為 7.44 億美元，幾乎是 2021 年第三季度的兩倍，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.

轉至第 15 頁。本季度結束時，全公司的 AUS 總額為 2.4 萬億美元。第三季度公司範圍內的綜合管理和其他費用同比增長 15% 至 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.

在第 16 頁，由於利率上升和貸款餘額增加，第三季度全公司淨利息收入總額為 20 億美元，比第二季度增長 18%。我們在季度末的總貸款組合為 1770 億美元，與第二季度相比略有上升，因為信用卡和財富管理貸款的增長被房地產貸款的減少所抵消。

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，主要是由於我們的消費貸款組合增長、淨沖銷和經濟指標惡化，尤其是在歐洲。我們的批發貸款組合的信用質量仍然保持彈性，這反映在本季度的淨減值最小。

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.

在消費者方面，雖然我們看到一些信貸惡化的跡象和沖銷增加，但我們的信貸表現仍然符合我們的預期。也就是說，鑑於宏觀經濟前景疲軟，我們正在密切關注投資組合併積極調整承保。

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.

讓我們轉向第 17 頁的費用。我們的季度總運營費用為 77 億美元。扣除撥備後，我們年初至今的薪酬比率為 32.5%。到第三季度，我們的薪酬和福利費用相對於 2021 年下降了 20% 以上。季度非薪酬費用為 41 億美元。與 NNIP 和 GreenSky 收購相關的持續整合和運營費用、1.91 億美元的訴訟準備金和更高的基於交易的費用推動了同比增長。

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.

我們仍然高度關注運營效率。正如我們之前所討論的，我們正在積極參與減少開支的努力，我們預計這些行動將隨著時間的推移更充分地反映在我們的結果中。

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.

在幻燈片 18 上轉向資本。根據標準化方法，截至第三季度末，我們的普通股一級比率為 14.3%，連續上升 10 個基點，對我們當前的資本要求提供 100 個基點的緩衝。

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 億美元的普通股股息。提醒一下，我們的 G-SIB 附加費將在 2023 年 1 月增加 50 個基點，使我們的 CET1 比率要求達到 13.8%。我們將繼續以高於此要求 50 至 100 個基點的緩衝為目標。

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，我們穩健的第三季度業績反映了我們客戶業務的多元化和實力。我們注意到市場的不確定性和波動性，在繼續為客戶服務的同時，我們將謹慎管理我們的資源並保持對風險敏感的導向。

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.

我和大衛一樣，對我們面前的機會充滿熱情。我們業務的進一步調整將幫助我們推動組織向前發展。成功執行我們的戰略重點、增加管理費用、最大化錢包份額和擴展平台解決方案將進一步加強公司並釋放股東價值。

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

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 ISI.

（操作員說明）我們將回答 Evercore ISI 的 Glenn Schorr 提出的第一個問題。

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?

感謝您的宏觀評論。我想知道，特別是在私人市場，我覺得這些市場也發生了變化，或者希望只是暫時的，但現在是成為私人信貸私人貸方的好時機。而且你在這方面很重要，但不是進入私募股權以獲得標記或籌集資金的好時機。所以我想知道你是否可以同時作為製造商和分銷商說話，也許只是一般的工會狀態，然後你是否可以將其融入你對 2250 億美元的替代籌資目標和 20 億美元管理費的想法中？

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。所以謝謝你的問題，格倫。從高層次上看，目標仍然存在。我們對目標的信心和實現這些目標的能力很高，我們非常關注它們。我們繼續在籌款方面取得進展，並在劇本的背景下強調了它。我們將在未來 18 個月內推出一系列產品。雖然我肯定會說私募股權籌資環境受到更多限制，而另類籌資環境受到更大限制，但我要強調一個事實，即我們擁有非常非常廣泛的特許經營權，非常非常多樣化的產品意識- 提供一系列產品，並且有很多機會來自這樣的環境。而且我實際上認為，從老式的角度來看，當我們向前看，然後當我們回頭看時，有機會在這種環境中投入資金，這可能是非常非常有吸引力的事情。

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.

正如我們所談到的，我們顯然正在改變宏觀環境。這將對估值造成不利影響，並且出現了很大的重置。另一方面，如果你有乾粉或者你有有趣的策略——你強調了一些。我認為在這種環境下，貸款策略可能會非常有吸引力。我認為有良好的機構資本，坦率地說，來自財富渠道的良好資本仍然可用於支持這些策略。

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，我們正在採取長期的方法來發展這些業務。業務發展良好。我們已經設定了將繼續實現的目標。而且我知道，如果我們為客戶提供良好的廣泛產品，我們將繼續在這方面取得成功。坦率地說，這是我們整合資產和財富管理的原因之一，因為我們相信通過將這些平台放在一起，我們有最好的眼光和最廣的範圍來真正了解為客戶提供服務的機會，以及哪裡有機會獲得良好的表現。

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，我可以從另一種選擇的角度補充說，我們提到本季度的新承諾增長了 120 億美元。這使年初至今的收入達到 570 億美元，略低於 600 億美元。我們現在的目標是 1640 億美元，以實現我們增加的 2250 億美元的目標。我們繼續將我們的替代品遷移到澳大利亞，目前澳大利亞的替代品價值為 2560 億美元。因此，儘管環境如此，我們仍會繼續朝著我們的籌款目標取得進展，尤其是在替代品方面。

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?

也許是 RWA 的相關後續行動。這個季度有一點點嗎？我很欣賞它佔據了份額和大量的波動性，所以它有很多活動部分。但好奇您優化 RWA 的整體方法。然後可能是與 FICC 融資相關的具體問題。它上漲了41%。真好，賺大錢了。作為中介，風險加權資產的回報率會更高還是更低？

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.

格倫，謝謝你——感謝關於 RWA 的問題。正如您所注意到的，我們的風險加權資產環比略有下降。我們一直專注於嚴格管理我們的 RWA 足跡。在這個數字中，您會看到基於市場的風險加權資產減少，信貸風險加權資產增加。我們對分配和部署 RWA 容量以提高效率和擴展特許經營增長活動的方式進行了深思熟慮。就我們的 RWA 部署而言，FICC 融資恰好代表了一個有吸引力的機會。這就是您看到 FICC 融資線增長持續關注的原因之一。

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。

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.

想從關於費用的問題開始。您談到了作為更廣泛的調整戰略的一部分的費用緩解工作。我們應該考慮的非補償通脹水平是多少？認識到我們仍在應對通貨膨脹的不利因素，您提到了更積極的措施來緩解費用增長。只是想了解目標是真正減緩非補償增長還是絕對減少費用。

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.

謝謝你的問題，史蒂文。我將從一個高層次開始，然後 Denis 將與您詳細討論我們的想法。但我確實認為有不同的因素導致費用增長，但一個是肯定存在影響業務某些方面的通脹壓力。顯然，我們正在仔細考慮這一點。

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?

我確實認為我們正在跨平台進行投資，特別是在某些技術基礎設施方面，這在中期會產生影響。我們認為這些是我們需要進行的投資。不過，與此同時，鑑於環境，我們非常專注於盡我們所能減輕任何費用增長。考慮到自然通脹的到來，現在會有逆風，但我為什麼不讓丹尼斯走一遍，分解我們一直關注的一些不同的組成部分呢？

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。因此，如果我們退後一步，看看我們年初至今的總體運營費用水平，與去年同期相比下降了 6%。它們連續增長 1%，驅動因素顯然來自 comp 和 noncomp。如果您查看過去一年中的無償增長，其中大約一半歸因於與 NNIP 和 GreenSky 的整合和運行率以及訴訟變化相關的費用。所以這代表了大約一半。

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，正如大衛所說，我們確實看到了通貨膨脹的一些影響。我們確實看到了更高水平的基於交易的費用的影響，但我們也在採取行動，盡可能減少整體非補償類別中的費用。您可能會注意到，在季度環比的基礎上，我們減少了我們的專業費用，我們在之前的收益發布中已經表明了這一點。我們將繼續非常、非常自律地思考我們部署非補償性支出的方式，以平衡提高我們的效率比率，同時進行我們認為適當的投資，以繼續加強和發展公司。

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?

那太棒了。也許只是我對股權投資組合的後續跟進的一個問題。鑑於充滿挑戰的股市背景，收入當然好於預期。其中一些私募股權投資組合也受到了更嚴格的審查和更有利的評價。鑑於更好的收入結果以及在 TMT 和房地產等領域的高度集中，這些領域面臨壓力，我希望你能談談是什麼推動了本季度的一些更好的結果，有什麼特別值得標記的嗎？

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。讓我為您詳細介紹一下。很明顯，在 5.27 億美元的股本線上，有許多組成部分。正如我們之前提到的，我們有一個公共股票投資組合，第三季度的貢獻超過了 2 億美元。然後在私人投資組合中，我們的私人股本投資組合中有很多事情正在發生。我們在第三季度獲得了大約 5 億美元的事件驅動收益，無論是籌資活動、戰略交易還是我們 CIE 的運營費用，這些積極收益都被我們的私募股權減價所抵消投資組合，尤其是在 TMT 和消費者領域。

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 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.

我想也許只是回去，大衛，你在準備好的關於合理化支出的評論中提到。細分市場的重新調整非常有意義。當我們考慮支出的合理化時，請從外部給我們一個感覺，這是否會導致您以更快的速度實現圍繞成本、ROE 的戰略目標？或者你是否有高度的信心相對於之前的計劃和理解核心原則是一樣的？但是，儘管我們展望未來的市場背景以及重組如何支持這一點，但請讓我們感受到您對實現這些目標的過度自信。

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。所以首先，我只是想放大一下，我在劇本中說過，我們將繼續致力於我們的前進目標。無論是環境還是我們經營公司的方式，都不會讓我們相信我們能夠實現我們在未來幾年設定的目標，無論是回報目標還是效率我們設定的目標。我們正在跟踪一些 KPI，並繼續非常關注這一點。

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.

公司的重組實際上是由我們為客戶服務的能力所驅動的。這是最重要的事情。我們一直非常非常關注錢包份額和客戶份額。在過去的幾年裡，我們取得了真正的進步，我們認為這進一步使這些目標和能力保持一致。

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.

現在，在這次調整中，我們正在考慮我們的直接面向消費者的業務時進行有目的的轉變。我只想強調，通過將直接面向消費者的業務與我們的財富業務和財富平台上的人員保持一致，改變的一件事是，用於獲取客戶的遠期支出顯著降低。當然，正如你所看到的，這對公司的整體回報很有幫助。但我要強調的是，無論從何種角度來看，在企業、我們的核心業務、銀行和市場、資產和財富管理的背景下，這些數字都是很小的。

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.

而且我不認為這對我們實現目標的能力或我們實現目標的速度產生重大影響。我們確實認為，這就是我們這樣做的原因，這是我們調整業務和推動業務向前發展的更好方式。這就是我們做出這種有目的的轉變的原因。但是，當您查看公司的整體業績時，我想再次強調，在我們實現目標的背景下，這些並不是很大的數字。

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。而且我想只是一個後續行動——你談到了私人貸款在市場混亂的情況下的有機增長機會。也有很多資產價值受到打擊。只需在併購方面提醒我們，您專注於並且只是有興趣執行併購。

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.

好吧，目前，我們繼續非常關注我們的業務、增長以及擺在我們面前的事情。如您所知，我們進行了幾次收購。我們正在整合這些收購。目前，這就是我們的重點所在。

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.

隨著我們未來的發展，如果有機會加速增長，特別是在資產和財富管理方面，我們會考慮。但目前，我們仍然非常專注於整合這些收購併執行我們面前的事情。

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。

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.

只是想更好地理解業務重組的意義。這種重組對企業實際上意味著什麼？他們今天能做哪些在重組之前做不到的事情？我想當我聽你的話時，除了縮減消費者獲取之外，我正在努力理解重組的更廣泛意義到底是什麼。

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，我們一直 - 這很有趣，因為我知道你密切關注我們，我們一直在談論這方面的各種事情。如果您回到今年年初的投資者更新，我們強調了銀行和市場之間的許多協同作用，以及我們如何努力使這些客戶活動更加緊密地結合在一起。我們還在年初的更新中強調了資產和財富之間的協同作用。然後，當約翰在 5 月的伯恩斯坦會議上發言時，我們非常關注我們認為將資產管理和財富管理更緊密地結合在一起的協同效應。所以這並不是說我們正在做一些截然不同的事情。多年來，我們一直在推動公司在客戶服務和 One GS 方面朝著這個方向發展。

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，我們已經這樣做了，我們已經研究過了，我們了解到，我們認為通過以這種方式組織公司，它可以讓投資者更容易理解和了解我們如何看待我們的客戶群以及如何我們正在針對該客戶端集進行操作。因此，我們認為這是一種自然的進步，可以增強我們為客戶提供服務的能力。這就是我們朝這個方向發展的原因。這與大企業、銀行和市場以及資產和財富管理有關。

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.

在平台解決方案上，我們有很多這樣的平台我們正在投資。我們認為它們非常有趣。他們正在成長。他們需要更多的關注。它們的這種排列使我們能夠在它們身上照射出更明亮、更透明的光。我們非常致力於推動他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，通過這種組織方式，它可以讓我們保持對業務的一小部分的關注，但我認為未來可以讓我們有差異化的機會為我們的企業和機構客戶提供服務。

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.

得到你。好的。也許切換到消費者。回顧過去，你們在嘗試執行這項業務方面學到了什麼？如果我想想高盛早在 2016 年就建立一個全面的數字銀行提出的論點，那是一個偉大的論點，對吧？其實已經演完了。您已經看到像 Square 和 Chime 這樣的一些小型新銀行確實在構建這一點方面做得很好。

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?

有人可能會爭辯說，高盛在消費者方面存在一些執行挑戰。你經歷了多次領導層變動。現在感覺就像我們正在拆分一些業務並將它們放在組織的不同部分。所以在這裡稍微退一步，你在消費者執行方面學到了哪些經驗教訓？那是什麼 - 你如何繼續發展這項業務？

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，我認為，克里斯蒂安，我們今天採取的步驟反映了我們所學到的東西。每當您進行創新並構建新平台和新事物時，您總是會不斷地查看和檢查您在做什麼，並說出我們學到了什麼，我們如何才能做得更好？我想說我為我們的消費者業務團隊感到非常自豪，廣泛的市場團隊。當我查看已建立的存款平台以及過去 6 年從 0 到超過 1100 億美元的存款增長時，我們在平台上有 1500 萬客戶。我認為我們有一種非常獨特的信用卡技術，它與眾不同。

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.

我們有幾個非凡的合作夥伴關係。我認為當你把所有這些放在一起時，我們有一些非常好的東西，但我認為我們學到的一件事是，擴大規模和吸引客戶的能力以及直接面向消費者的業務需要以更直接的方式集中註意力。因此，我們通過將其與我們可以接觸到數百萬人的財富業務相結合來集中精力。因此，我仍然看到了一個絕佳的機會，可以利用非常非常有趣的數字產品，並與我們的財富業務保持一致，為高盛的客戶和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很好的機會，可以為企業客戶提供非常非常有趣的數字能力，並讓他們最終為他們的最終客戶或客戶服務。所以是的，有一些顛簸。並非一切都是完美的。我認為這總是在你進行創新時發生。但我也認為我們已經建立了有意義的東西，在我們前進的過程中為公司創造了有意義的機會。特別是，我們有能力擁有更多元化的資金基礎和一個可以從這裡發展的大型存款平台，以及在我們的平台上為財富客戶提供廣泛服務的能力，我認為，在我們前進的過程中，我們處於有利地位.

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。

Can you hear me okay?

你能聽到我的聲音嗎？

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

是的，我們可以聽到你的聲音，Betsy。謝謝你。

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。偉大的。好的。偉大的。所以2個問題。首先，跟進剛才的談話。有什麼東西會因此而褪色嗎？消費者業務中是否有您不再打算做的部分？我知道你與 Apple Card 進行了重新談判。如果我做對了，我想它會到 2029 年。以及如何以增強您從中產生收入的能力的方式進行重組？因為我知道你今天早上在 CNBC 上提到，大衛，餘額沒有像預期的那樣多。

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.

所以沒有 - 對於你問題的第一部分，Betsy，我們向消費者提供的服務沒有我們不會繼續提供的方面。不過，最重要的是，我們與財富業務保持一致，這為我們提供了數以百萬計的受眾，隨著我們的增長或添加這些服務，我們可以以更低的客戶獲取成本和更低的前瞻性支出來關注這些受眾對人民來說。

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，我們擴展並修改了與 Apple 的合作夥伴關係。我剛剛強調，在這樣的合作夥伴關係中，兩個合作夥伴改變其中一個合作夥伴關係是非常不尋常的。但我認為這是因為這是一個非常非常強大的合作夥伴關係，有很多機會，但是因為我們在技術上做一些創新的事情，並將技術和蘋果的平台嵌入其中，所以結果與我們預期的不同。我的意思是，如果消費者有能力並因此更積極地更快地還清信用卡餘額，那麼其中一個積極的結果對消費者來說非常非常好。這導致了不同的建模結果，就你在平台上與特定人群的平衡而言。

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，在查看前瞻性安排時，該平台必須對我們和蘋果都有效。蘋果相信這一點。我們相信。因此，我們進行了更改，以確保這對我們雙方都有吸引力，因為我們繼續前進並繼續嘗試提供真正有價值的數字金融健康和平台上的消費者的訪問權限。

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?

然後只是一個單獨的主題，但問題是關於 G-SIB 附加費。而且我認為在過去的幾個季度中，您已經強調了您一直在尋求採取行動來降低您的 G-SIB 分數，這樣您就不會在 24 年 1 月進入下一個 50 bp 的桶。您能否告訴我們本季度的進展情況以及該目標是否仍在年底的桌面上？

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.

貝茜，是丹尼斯。謝謝你的問題。我們的立場是，我們仍然專注於 3% 的 G-SIB，這與我們在第二季度末給出的信息相同。我們距離年底還有 1 個季度。我們有望實現 3% 的 G-SIB 水平。

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.

正如我們在第二季度所指出的那樣，我現在要重申，如果與客戶一起設定的機會或市場普遍發生變化，我們可以擺脫這種情況。但從我們現在所處的位置來看，到年底，我們仍然專注於 3% 的 G-SIB。

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

我們將向富國證券的 Mike Mayo 提出下一個問題。

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 2 個簡單的問題需要重新排隊，但如果我能夠重新排隊，我現在會問更難的問題。在幻燈片 5 上，您說過去 12 個月的消費者收入為 22 億美元。消費者的收入是多少？我問這個的原因是有各種各樣的新聞文章，我不確定你們是否曾經證實過你們已經損失了很多錢。而且我只是不知道情況是否如此，或者在多大程度上，這在任何初創企業中都是有道理的.那麼，從財務角度來看，消費者如何與您最初的預期相關？

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.

所以邁克，我們並沒有完全透明地看待消費者業務的 4 面。目前不賺錢。我不會走得更遠。但我要說的是，這些存款非常有價值。而且我們確實相信，隨著平台的擴展，您會停止我們已經擁有的增長步伐，因此您不會以同樣的方式預先加載儲備，我們正在做的事情將為公司帶來增值回報。所以我們繼續對此感到非常非常有信心。

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.

並非所有報告的內容都是準確的，並且反映了創新和構建此類東西的過程，但我們仍然對我們所構建的東西感覺非常好。我們正在做出一些轉變，我們認為這些轉變可以發揮我們的優勢，並增強我們加快這些工具步伐的能力，這項活動為公司做出了貢獻。

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.

我要強調的是整體業績和公司——公司的整體業績和我們的目標保持不變。再說一次，我知道這會引起很多關注。我明白為什麼它會受到很多關注，這沒關係。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可以加強公司的事情，這就是其中之一。

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。我猜我問這個問題的原因——我的意思是，看，在過去的 5、10、20、150 年裡，對，你的優勢一直是服務於你的公司關係，投資銀行業務。看，這也是你的遺產，那裡的力量。因此，當我查看第三個部門時，平台解決方案 - 前兩個部門基於您如何根據分銷解決客戶問題，One Goldman Sachs。而第三個部門，平台解決方案，似乎是基於您如何製造解決方案。所以這似乎有點脫節。所以只是多一點顏色。我知道你會在你新宣布的投資者日談論它，但分配，這取決於你如何製造客戶。我只是想調和高盛的歷史以及你在其他地方所做的事情。

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.

好吧，我很感激，邁克。看，你能描述 150 年的歷史真是太慷慨了，但我只是強調一下，1860 年代的公司看起來與 1920 年代的樣子和 1960 年代的樣子非常不同。該公司繼續發展和變化。我於 1999 年加入高盛，那是 23 年前的合夥人，當時高盛只是今天的一小部分。所以我們是一家大企業。我們有非常大的業務。當然，我們的投資銀行和市場業務是我們的核心。它將繼續成為我們的核心。它推動了我們的收益和業績。它驅動著我們與之相關的東西。

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，我們已經建立了一個非常非常強大的資產和財富管理業務，我們今天正在整合這些業務。我們是全球第五大活躍資產管理公司，我們認為我們擁有真正的發展機會。

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，人們接受這是高盛的核心。當我們在 80 年代開始時，我認為人們不會將其視為核心。但是我們這裡也有 11,000 名工程師，我們正在做一些非常非常有趣的事情，因為世界正在發生變化，世界也在隨著技術的發展而發展。

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，監管結構來了，我們變成了銀行。很明顯，我們需要存款，我們需要分散我們的資金。因此，Platform Solutions 代表的是相對於高盛的規模而言，我們認為有能力為客戶服務的一些較小的商業機會。正如我們所概述的，我認為，我們在交易銀行業務中做了一些非常有趣的事情。我認為這種卡片合作夥伴關係非常非常有趣，它允許我們做些什麼。

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。與高盛相比，它仍然很小。它不到 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可以為我們的客戶做的事情的範圍和規模。這就是我們正在考慮的方式。

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'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 2 個問題，一個是關於消費者支點的問題，但我覺得我們需要休息一下。所以讓我先添加另一個。各位，我們應該如何考慮今年的效率比？過去 6 個月在收入方面更加艱難。所以中期——我們已經超過了你的中期目標50%——60%，抱歉。 Noncomp 費用有點棘手。你們列出了一些你們試圖在那裡做的事情。但是您是否認為——您是否完全期望今年在效率方面達到 60% 的比率目標？

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，我替你拿去。謝謝你的問題。正如大衛早些時候指出的那樣，我們仍然非常致力於實現我們公司範圍內的目標，並且我們將尋求在中期實現這些目標。效率比就是其中之一。我們不一定會每年都達到這個目標。這可能是那些年之一。它並不是性能排名前四分之一的環境。但話雖如此，我們正在拉動我們可以拉動的槓桿。您會注意到，我們年初至今的薪酬和福利下降了 21%。我們將確保根據我們的按績效付費導向以及我們的目標來衡量我們的績效。

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，請注意勞動力市場仍然緊張，我們的人才對我們的特許經營權很重要。但是你可以看到我們今年迄今為止在薪酬中所做的變動是整體效率比的一個組成部分。然後在非補償方面，這仍然是一個非常重要的焦點，我們將繼續在非補償方面取得進展，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，只是為了放大，我們致力於實現我們的效率目標。它從來都不是一個在每一年都以完全相同的方式達到的目標。因此，這顯然是一個更加艱難的運營環境，並且正在產生影響。但我們仍然致力於實現目標，並正在運營公司以實現該目標。

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.

然後對於下一個，只是回到消費者的支點。並為再次觸及它而道歉，但我認為這很重要，因為想要從戰略上理解，你們都在 2020 年初制定了，大衛，你們圍繞消費者和建立這個消費者業務制定了很多目標和願望。這種轉變似乎是對其中一些願望的淡化。此前，我們聽說你們希望推出一些普通的個人銀行業務來補充存款業務。而且 - 雖然您之前說過您不會更改當前的產品，但您是否繼續推進推出以及您所針對的所有原始願望並不完全清楚。

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.

老實說，當我與高盛的許多投資者交談時，很少有人對消費者業務感到興奮。因此，我不一定會說願望的回落必然是負面的。我只是想嘗試從戰略上理解新方向是什麼。

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，我很感激。毫無疑問，這種願望可能會以一種比我們現在選擇去的地方更廣泛的方式得到更多的傳達。我們正在明確表示我們將重新討論其中的一些問題。

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.

現在我們已經建立了一些東西。我們有一個檢查平台。我們有一個投資平台。如果您將我們與財富聯繫起來，並且您擁有財富客戶，那麼財富客戶可以使用這些東西，但是擁有這些能力並能夠在廣泛的財富平台上使用它們與直接將它們營銷給獨立消費者是非常非常不同的大量的。

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.

而且我認為過去幾年的重大收穫之一是我們可以更好地發揮自己的實力。現在我們的重點是——我認為 Gold 的技術非常非常好，我們現在可以將它與我們平台上的數百萬人聯繫起來，這肯定是焦點的縮小。這是一個有目的的轉變，試圖在劇本中說明這一點。我認為它發揮了我們所擁有的力量。

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.

但我們是一家銀行。我們需要存款。我們是一個財富平台。財富平台周圍的人希望能夠將錢留在這裡。實際上，如果您查看其他財富平台，它們具有附加的銀行功能。所以我認為我們正在加強我們作為一個廣泛的財富平台的能力。

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.

我想擴大這個工作場所財富渠道，我們可以接觸到數百萬人，這是一個非常非常有趣的地方，可以讓我們附上我們現在建立的一些東西。所以我認為我們進行了重大投資。我們正在非常清楚地縮小重點，但我仍然認為我們有機會。

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.

再一次，我想擴大我們其他業務的表現。他們推動整體結果。這在高盛的整體計劃中仍然很小，但我們認為它是附加的，這就是為什麼我們試圖集中精力並以最好的方式推動它向前發展。我很欣賞股東對此並不感到興奮的評論。這肯定會影響我們的一些決策。

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。

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。併購融資市場最近明顯變得有些複雜，最近的交易出現了一些負面影響。我只是好奇你是否覺得其中的一些摩擦只是暫時的，或者融資市場是否真的開始變得更加關注和破裂。然後是相互關聯的，這對您的併購諮詢業務前景有多大影響？聽起來積壓的訂單仍然很穩固，但您也需要正常運作的融資。

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。我想說，德文，在高層次上，我們正在非常、非常迅速地收緊經濟狀況。當你收緊經濟條件時，它會對這些事情產生影響。我認為影響有點滯後。我確實認為資本市場對 IPO 和債務融資進行了重大調整。人們必須考慮估值和資本成本。我認為重置正在發生。歷史會告訴你，無論環境如何，資本市場通常都不會保持關閉。它們不會一次關閉多年，因為人們必須向前邁進。他們必須經營他們的業務。他們必須籌集資金。所以他們適應了新的環境。

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.

話雖如此，2023 年的經濟增長前景仍不確定。所以我認為會有逆風。因此，隨著我們進入 2023 年，我預計資本市場和併購環境會更加謹慎或崎嶇不平。我認為我們需要更清楚地了解經濟軌跡和通脹軌跡，才能真正看到所有這些因素從其運營水平加速今天。

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。偉大的。這裡只是關於存款的快速跟進。我認為目前市場上的存款利率為 2.35%。與您的許多銀行同行相比，增量正在擴大。所以我很好奇你在過去幾個月裡看到了什麼，特別是隨著行業中客戶現金分類的加速，然後你是否可以從這里分享一些關於你對 Marcus 的期望的期望存款收集，就像利率可能繼續從那裡走高一樣。

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。謝謝你的問題。因此，鑑於不斷變化的環境，可能只是對整個公司存款流動的一些觀察。在等式的消費者方面，繼續表現並超出我們的預期。我們的重點是繼續吸引存款。我們故意將自己定位在競爭範圍內。因此，以我們可以吸引存款的方式，我們不打算成為價格領導者，但我們確實打算保持競爭力。這顯然是一個完全數字化的產品。我們沒有負擔很多其他成本和基礎設施。因此，我們有一定的靈活性來定位我們的定價，以便我們可以吸引存款以繼續發展公司。顯然，這將在整個週期中發生變化。但到目前為止，它的表現超出了我們自己的預期。

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，通過交易銀行的機構活動，我們觀察到，這更具競爭力。有 - 人們正在尋求通過這些渠道籌集更多的存款，更加自律。因此，相對於消費者渠道，我們確實看到通過該渠道籌集存款的競爭更加激烈。

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

我們將回答 Dan Fannon 和 Jefferies 的下一個問題。

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?

想問財富管理。你有一個強勁的季度流入，而我認為，我們在行業中看到的情況有一些連續放緩，看起來對你來說是創紀錄的流入季度。您能否談談該業務的發展勢頭以及如何從這裡考慮增長？

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.

所以謝謝你承認這一點。顯然，除此之外，我們在管理和其他費用方面的整體增長同比增長了 15%。上一季度，近 22.5 億美元。我們正朝著 100 億美元的總費用目標和 20 億美元的替代費用目標邁進。

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.

而在這段時間內吸引這些類型的流量的現實，很大程度上與以前所做的工作、績效和跟踪記錄有關。其中一些特定流程的交貨時間更長。其他，更短的交貨時間。但是看看我們在本季度能夠獲得的替代承諾，看看本季度我們的替代品 AUS 的變化，這是非常強勁的，然後看看我們通過更傳統渠道的流入，我們非常高興我們在第三季度在這方面看到的活動。我們非常專注於繼續推動這一發展。

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.

知道了。然後就消費者業務而言，消費者銀行業務和私人銀行貸款均環比增長，您給出了一些原因。但是，除了重新調整之外，還要考慮這些業務的發展軌跡，只是試圖在更短期的基礎上考慮動量。季度環比增長非常強勁。所以只是一些顏色 - 一點額外的顏色會有幫助。

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。謝謝你。我的意思是，顯然，對於公司整體而言，貸款環比增長僅為 10 億美元左右。但我們確實繼續看到良好的機會，尤其是在財富管理領域。您在該領域看到了更好的增長。這對我們來說是一個高質量的貸款機會。我們正在利用現有特許經營中的一套現有關係，這些關係非常到位。顯然，我們在為這些客戶提供服務方面的建議和以解決方案為導向的方式得到了認可，但我們發現，他們越來越多地希望我們也為他們提供融資。因此，我們確保我們非常專注於盡可能全面地支持他們。我們看到了繼續發展這類融資活動的好機會。

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

我們將回答德意志銀行的 Matt O'Connor 的下一個問題。

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?

我可以繼續呼籲固定收益交易正常化嗎？而且我認為在上個季度，你們試圖制定一個可能是一個好的中期、長期水平。但顯然，它繼續存在。我想知道，由於可能更高的通貨膨脹和更高的利率，它是否會永久重置更高的種類？通常，這確實會帶來更高的波動性。即使事情從這裡開始穩定下來，我們是否只是在尋找一個比我們不久前想像的結構更大、甚至可能更大的錢包？

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.

聽著，馬特，我認為這總是很難預測。但我認為，如果你想回到大流行之前的時期，我確實認為客戶活動的水平和不斷變化的宏觀經濟環境已經創造了一個更大的錢包。我認為我們從中受益並繼續努力擴大這一點的一件事是，自 2019 年以來，我們的錢包份額增加了 300 多個基點。因此，我們受益於可用錢包更大的事實並且在過去幾年中變得更大。但此外，錢包份額增長了 300 個基點，這也提高了我們的地位。所以我確實認為客戶很活躍。我們擁有真正的全球特許經營權。它很廣泛。它很深。我們非常非常關注我們在領先客戶中的市場份額地位。

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.

我不能告訴你未來會帶來什麼，但我只是認為我們的特許經營權非常好。無論這個機會是什麼，我們相對於這個機會為我們的客戶服務的相對定位是強大的。

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?

就份額收益而言，其中有多少——很明顯，聽起來你正在通過一些投資（包括融資）進入業務，但有多少——也許混合有利於您和一些全球同行在積累資本時也出現了一些回調，而您顯然有足夠的資金投入其中？

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，很難把它拆開。我的意思是，如果全球同行正在撤回他們分配的資本和資源，那些致力於它的人，美國的大玩家將受益。但實際上，我認為推動我們股價上漲的重要因素是公司客戶理念的根本轉變，即對高盛集團精神的投資，我認為這對我們的全球市場業務產生了重大影響。我認為這影響了我們的股票。我認為該部門的團隊已經以非常非常強大的方式執行了這一點。它改善了我們的客戶關係，顯著改善了我們在前 100 名客戶中的定位。

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.

我知道你知道我們幾年前開始說我們是 40 - 我們有前 100 名中的 44 名進入前 3 名。我們現在以超過 75 人的數量進入前 3 名。這是一項非常連貫且非常集中的努力來改善我們的客戶定位。我認為這對我們的市場份額影響最大。

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, 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，你談到了存款的需要。如果我回想起您的投資者日，增加存款的優勢之一是提高了批發基金的融資成本。隨著利率的上升，這種改善有沒有減弱？其次，我認為你的目標是通過存款和批發資金為一半的業務提供資金，達到 50-50。你對此持何立場？

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.

所以謝謝你，杰拉德。是丹尼斯。因此，我認為正如之前的一些評論中所指出的以及在最初的投資者日所概述的那樣，我們非常專注於使資金組合多樣化，同時也受益於該渠道的定價和粘性。自那段時間以來，我們開發了多種存款融資渠道。數字市場平台就是其中之一。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.

就改變組合的最初目標而言，我們已經實現了這一目標。我們繼續非常非常專注於移動這種組合。您會看到，我們的存款環比有所改善，其他無擔保資金也有所減少。所以我們仍然專注於此。這對我們來說是一個有吸引力的資金來源。它也符合我們一直在討論的整體戰略調整。

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。然後作為你展望的後續行動，大衛，對於資本市場業務中正在發生的事情，顯然，我們都看到了緊縮。就美聯儲收緊貨幣政策的改善和此後市場迅速反彈而言，這是否是直截了當的？或者，除了烏克蘭、俄羅斯和歐洲局勢之外，您還看到其他必鬚髮揮作用的因素嗎？

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.

我認為這肯定不簡單，杰拉德。我認為這仍然很不確定。我確實認為我們必須達到一個更好地了解通脹軌蹟的地步，從而了解未來經濟增長的軌跡。美聯儲正在執行，並且已經發出了一些非常非常明確的目標，說明他們將在短期內進入緊縮週期，但我認為這是否會使通脹達到政策轉變的水平還存在不確定性向前。所以我認為我們正處於一個不確定的時期。我認為這是有道理的，我們以這種方式經營公司，並在展望未來時保持謹慎。但我們必須密切關注。但我沒有一個明確的答案給你，如果我們達到美聯儲目前的軌跡，我們將處於一個經濟增長前景將改善的地方，因為我們展望 2023 年到 2024 年。我認為這仍然相對不確定。

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

我們將向法國巴黎銀行的 Jeremy Sigee 提出下一個問題。

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.

你已經涵蓋了很多領域，所以我剛剛得到了一些具體的後續行動，拜託。第一個回到成本主題和本季度的員工人數增加。我只是想知道這是否主要是新加入者的季節性，因為我認為收購影響已經在上一季度出現。所以我只是想知道是否真的只是季節性因素推動了員工人數的增加，以及你如何看待這與你已經談論了幾個季度的成本焦點相關的問題。

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。謝謝你。就季度變化而言，大部分變化歸因於基於一年中時間的校園招聘。我們新的初級專業人員課程將在第三季度出現。我們提到了減緩招聘速度的意圖。我們確實已經完成了該主題和對戰略增長計劃的引用。也就是說，放慢招聘速度並不意味著我們仍然沒有在市場上招聘。我們有很多有吸引力的機會來發展公司。高盛內部有很多人才。我們還可以將高盛以外的人才加入我們的團隊，以繼續加強我們為客戶提供服務的能力。因此，我們專注於員工人數增長的整體水平，希望減緩增長，但在戰略招聘方面也保持靈活和戰略性。

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。然後是關於財富管理的單獨後續行動——工作場所財富管理，我覺得這是一種——你以如此高調的方式談論它是一件新事物。您是否擁有成功並擴大空間所需的所有構建塊？或者你是否需要構建一些東西才能成功？

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.

所以我很欣賞這個問題，傑里米。我的意思是這實際上是我們十年前開始建造的東西。它始於收購 Ayco。我會弄錯日期，但那是在 2000 年代初期。我認為大約是 18 到 20 年前，這將允許我們基本上與企業合作夥伴建立聯繫，並為高管提供財富管理服務和財務諮詢，這些服務隨後擴展到組織中，而不僅僅是高級管理人員。但該業務發展良好，這就是我們構建它的基石。

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.

今天，我認為我們與超過一半的財富 100 強公司和財富 1000 強公司中的數百家公司打交道。正是通過這個平台，然後加入了聯合資本，這顯然是我們幾年前進行的投資，我們擁有更廣泛的高淨值足跡，這使我們能夠做更多的事情來為與我們合作的公司中的更多客戶提供服務。然後，我們添加了過去幾年一直在構建的數字解決方案，使我們能夠接觸到團隊的任何成員。因此，我們與某些公司合作，為數十萬員工提供財務健康，這些員工最終可以成為財富客戶或儲戶，或者更廣泛地進入我們的平台。

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.

因此，構建塊就位。它們已經放置了很長一段時間。在過去的幾年裡，我們已經開始更直接地執行它。你是對的。現在我們正在放大我們在那裡投資的東西，並試圖強調這一點，並確保我們建造的其他一些部分與之保持一致，這樣我們就可以加強它並發展它。但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.

我們將向富國證券的 Mike Mayo 提出下一個問題。

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?

如果我沒聽錯的話，我想這個季度的詞是彈性。到目前為止，您還沒有發生過對您或您的同齡人造成打擊的大爆炸，這真的很了不起。但是你如何保護自己免受，我猜，可能性 - 會有一些第三方問題可能會反彈到你身上？我說的是美國最大的銀行之外，現在已經報導了。然後另一件事是，面對股票和債務市場下跌的所有波動，積壓的彈性相當驚人。持續多久？

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.

所以邁克，看，欣賞這個問題，這是一個很好的問題。我剛開始的事實是，這家公司擁有非常非常強大的風險管理文化，並且始終專注於風險管理、風險緩解，並試圖環顧四周，思考即將發生的事情。所以我今天嘗試了一些問題來強調我認為事情是不確定的，我們正在保持謹慎。我認為我們在公司內部採取了一些行動，因為我們考慮了我們在各個地方的風險鏡頭，我們考慮了我們的 RWA 分配，因為我們考慮了我們正在做的事情，以嘗試讓我們成為為更艱難的環境做好準備。

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.

現在顯然，我們接觸到了這一點，因為我們是一家大型金融公司。所以你不能 100% 保護自己。但毫無疑問，我們正在努力採取行動以確保我們處於有利位置。

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.

我認為您在本季度看到我們在本季度增加了資本緩衝。我認為這反映了在這種環境下一個有意識的決定，即更加謹慎，更加保守地運行。我們一直在關注英國市場上正在發生的事情。當我們看到這樣的事情時，我們會進行反思並花費大量時間挖掘和思考可以放大這些事情的其他地方。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.

我只想說，我認為目前的世界是脆弱的，而且是不確定的。我們正在通過那個鏡頭進行操作。我們是大型金融機構。所以我們有曝光。如果有——如果有更大的波動或更大的問題，我們可能會接觸到它們。但另一方面，我認為我們擁有非常廣泛的全球深度特許經營權。我們資本充足，我們非常關注這一點。我們將繼續熱心於我們的風險管理實踐，以確保在相對基礎上，無論世界向我們投擲什麼，我們都會為我們的客戶提供良好的服務，並為我們自己和我們的股東運作良好。

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

謝謝你。此時，沒有進一步的問題。請繼續任何結束語。

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。感謝大家今天加入我們，感謝您提出的所有問題。如果您有任何其他問題，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 年第三季度財報電話會議到此結束。感謝您的參與。您現在可以斷開連接。