高盛 (GS) 2022 Q4 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 Fourth Quarter 2022 Earnings Conference Call. This call is being recorded today, January 17, 2023. Thank you. Ms. Halio, you may begin your conference.

早上好。我叫凱蒂，今天我將擔任你們的會議主持人。歡迎大家參加高盛 2022 年第四季度收益電話會議。今天，即 2023 年 1 月 17 日，將錄製此通話。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 and Chief Strategy Officer at Goldman Sachs. Welcome to our fourth 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.

早上好。我是高盛投資者關係主管兼首席戰略官 Carey Halio。歡迎來到我們的第四季度收益電話會議。今天，我們將參考我們的收益介紹，可以在我們網站 www.gs.com 的投資者關係頁面上找到。

Note information and forward-looking statements and non-GAAP measures appear in the earnings release and presentation. This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

注意信息和前瞻性陳述以及非 GAAP 措施出現在收益發布和演示中。此音頻廣播是 Goldman Sachs Group, Inc. 的版權材料，未經我們同意不得複制、轉載或轉播。

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

我們的董事長兼首席執行官大衛·所羅門 (David Solomon) 也加入了我的行列；以及我們的首席財務官 Denis Coleman。讓我把電話轉給大衛。

Thanks, Carey, and good morning, everyone. Thank you all for joining us today. I'll begin with a review of our financial performance. Simply said, our quarter was disappointing and our business mix proved particularly challenging. These results are not what we aspire to deliver to shareholders. We generated revenues of $10.6 billion and net earnings of $1.3 billion and earnings per share of $3.32.

謝謝，凱里，大家早上好。感謝大家今天加入我們。我將從回顧我們的財務業績開始。簡而言之，我們的季度令人失望，我們的業務組合特別具有挑戰性。這些結果不是我們渴望向股東提供的。我們創造了 106 億美元的收入和 13 億美元的淨收益以及 3.32 美元的每股收益。

After 9 straight quarters of double-digit returns, fourth quarter performance was certainly an outlier. Results were impacted by several near-term challenges given the difficult operating environment. On the revenue front, underwriting volumes remained extremely muted despite green shoots that appeared at the end of the third quarter. FICC and Equities activities -- activity levels dropped after a busy and volatile year for many of our clients, and our equity investment portfolio saw continued headwinds.

在連續 9 個季度獲得兩位數的回報後，第四季度的表現無疑是一個異常值。鑑於艱難的運營環境，結果受到了一些近期挑戰的影響。在收入方面，儘管第三季度末出現了復甦跡象，但承保量仍然非常低迷。 FICC 和股票活動——對於我們的許多客戶來說，在經歷了忙碌而動蕩的一年之後，活動水平有所下降，我們的股票投資組合也遇到了持續的不利因素。

We also saw higher loan loss provision and expenses. While compensation expenses were down 15% for the year, quarterly expenses rose modestly versus the third quarter. We always strive to maintain a pay-for-performance culture. With revenues down, compensation was lower. That said, we also recognize that we operate in a talent-driven business, and we must continue to invest in our people whose dedication is critical to our world-class franchise.

我們還看到了更高的貸款損失準備金和費用。雖然全年薪酬支出下降了 15%，但季度支出與第三季度相比略有上升。我們始終努力保持按績效付費的文化。隨著收入的下降，薪酬也隨之降低。也就是說，我們也認識到我們經營的是人才驅動的企業，我們必須繼續投資於我們的員工，他們的奉獻精神對我們的世界級特許經營權至關重要。

On our earnings call last July, we first spoke about the challenging operating environment and the proactive measures we were taking on expenses, including slowing hiring velocity and reducing certain components of our noncompensation costs. We have and continue to be incredibly focused on managing our financial resources, especially in light of the worse-than-expected backdrop in the fourth quarter.

在去年 7 月的財報電話會議上，我們首先談到了充滿挑戰的經營環境和我們在支出方面採取的積極措施，包括放慢招聘速度和減少非薪酬成本的某些組成部分。我們已經並將繼續非常專注於管理我們的財務資源，特別是考慮到第四季度的背景差於預期。

Specifically, we reduced the size of our balance sheet, further optimized and reduced our RWA footprint and manage down our G-SIB score to hit our 3% target. We have also started firm-wide expense reduction efforts to offset inflationary pressures and rightsize the firm for the current environment.

具體來說，我們縮減了資產負債表的規模，進一步優化和減少了我們的 RWA 足跡，並降低了我們的 G-SIB 分數以達到我們 3% 的目標。我們還開始了全公司範圍內的開支削減工作，以抵消通貨膨脹壓力並根據當前環境調整公司規模。

We made the difficult decision to conduct a 6% headcount reduction exercise earlier this month. As we said, we had paused our regular performance management-related reductions during the pandemic and also had a period of strong growth in headcount given the opportunity set in 2021. We feel deeply for the individuals that were impacted by these reductions. They are extremely dedicated and talented individuals, and we wish them the best.

本月早些時候，我們做出了一項艱難的決定，即裁員 6%。正如我們所說，我們在大流行期間暫停了與績效管理相關的常規裁員，並且鑑於 2021 年設定的機會，員工人數也有一段強勁增長的時期。我們對受到這些裁員影響的個人深表同情。他們是非常敬業和有才華的人，我們祝愿他們一切順利。

Additionally, we are taking a number of strategic actions to help us reach our financial targets and create shareholder value. For instance, this quarter, we completed our reorganization, which will further strengthen our core businesses, help us scale our growth platforms and improve efficiency. This is an important and purposeful evolution of our strategic journey.

此外，我們正在採取一系列戰略行動來幫助我們實現財務目標並創造股東價值。例如，本季度，我們完成了重組，這將進一步加強我們的核心業務，幫助我們擴大增長平台並提高效率。這是我們戰略旅程的重要且有目的的演變。

We also narrowed our ambitions on our Consumer strategy and made some key decisions. We started a process to cease offering new loans on the Marcus platform, We will likely allow the book to roll down naturally, although we are considering other alternatives. In addition, we have postponed the launch of our checking product. At the right time in the future, we intend to offer checking to our Wealth Management clients.

我們還縮小了對消費者戰略的雄心，並做出了一些關鍵決定。我們啟動了停止在 Marcus 平台上提供新貸款的流程，儘管我們正在考慮其他替代方案，但我們可能會允許賬簿自然滾動。此外，我們還推遲了支票產品的發布。在未來適當的時候，我們打算為我們的財富管理客戶提供支票服務。

For now, our priority is to strengthen our deposit franchise, card partnerships and GreenSky. Our narrowed approach will allow us to reduce our forward investment spend and rationalize expenses. We are very focused on developing a path toward profitability and platform solutions, and we'll provide more detail at our Investor Day next month. As you can see from our new segment reporting, we are committed to providing continued transparency for us -- for you to hold us accountable.

目前，我們的首要任務是加強我們的存款特許經營權、信用卡合作夥伴關係和 GreenSky。我們縮小的方法將使我們能夠減少遠期投資支出並使費用合理化。我們非常專注於開發通往盈利和平台解決方案的道路，我們將在下個月的投資者日提供更多細節。正如您從我們新的分部報告中看到的那樣，我們致力於為我們提供持續的透明度——讓您對我們負責。

I want to spend a moment on the broader operating environment. The backdrop over the last year has been incredibly dynamic. There were headwinds we expected, like high inflation, but some we never thought we'd see, like the ongoing land war in Ukraine. There aren't many signs of widespread distress. Balance sheets and company fundamentals are relatively healthy, but it's clear that the outlook for 2023 remains uncertain.

我想花點時間談談更廣泛的操作環境。去年的背景非常活躍。有我們預料到的逆風，比如高通脹，但也有一些我們從未想過會看到的逆風，比如烏克蘭正在進行的地面戰爭。沒有太多跡象表明普遍存在困境。資產負債表和公司基本面相對健康，但很明顯 2023 年的前景仍不明朗。

In the U.S., Central Bank rate increases have started to have an impact on inflation, but they are also lowering the growth trajectory of the economy. And the labor market remains remarkably tight, with an estimated 1.7 job openings available for every unemployed American. Our clients are thinking a lot about how to navigate this complex backdrop. CEOs and Boards tell me they are cautious, particularly for the near term. They're rethinking business opportunities and would like to see more stability before committing to longer-term plans. Many firms have started preparing for tougher times, focusing on factors within their control.

在美國，央行加息已開始對通脹產生影響，但同時也在降低經濟增長軌跡。勞動力市場仍然非常緊張，估計每個失業的美國人有 1.7 個職位空缺。我們的客戶正在思考如何駕馭這種複雜的背景。首席執行官和董事會告訴我他們很謹慎，尤其是在短期內。他們正在重新考慮商業機會，並希望在致力於長期計劃之前看到更多的穩定性。許多公司已經開始為更艱難的時期做準備，關注他們控制範圍內的因素。

Taking a step back, I am proud of the significant progress we have made in our strategic evolution since Investor Day 2020. Despite a more challenged fourth quarter performance, we delivered for shareholders in 2022. We generated double-digit returns in a year where rapid monetary tightening and ongoing macro uncertainty drove significant market disruption, with both equity and fixed income markets falling for the first time in over 50 years.

退一步說，我為自 2020 年投資者日以來我們在戰略發展方面取得的重大進展感到自豪。儘管第四季度業績更具挑戰性，但我們在 2022 年為股東實現了目標。我們在快速增長的一年中產生了兩位數的回報貨幣緊縮和持續的宏觀不確定性導致市場嚴重混亂，股票和固定收益市場在 50 多年來首次出現下跌。

We grew management and other fees by 13% year-over-year and grew net interest income by 19%. We reduced our on-balance sheet alternative investments by $9 billion. We also returned $6.7 billion of capital in the form of dividends and share repurchases, and we grew our book value by 7%. This brings our book value growth since our first Investor Day to almost 40%, roughly twice as much as our next closest competitor.

我們的管理費和其他費用同比增長 13%，淨利息收入增長 19%。我們將資產負債表內的另類投資減少了 90 億美元。我們還以股息和股票回購的形式返還了 67 億美元的資本，賬面價值增長了 7%。這使我們的賬面價值自我們的第一個投資者日以來增長了近 40%，大約是我們下一個最接近的競爭對手的兩倍。

That said, we remain focused on the work ahead of us, and we believe we have a lot to play for. As we go forward, we are executing on 3 key priorities we've laid out for the businesses: number one, growing management fees in our Asset & Wealth Management business; number two, maximizing wallet share and growing financing activities in our Global Banking & Markets business; number three, scaling platform solutions to deliver profitability.

也就是說，我們仍然專注於我們面前的工作，我們相信我們有很多事情要做。在我們前進的過程中，我們正在執行我們為業務制定的 3 個關鍵優先事項：第一，增加我們資產和財富管理業務的管理費用；第二，在我們的全球銀行和市場業務中最大化錢包份額和增加融資活動；第三，擴展平台解決方案以實現盈利。

We have a proven track record of navigating a wide range of operating environments, and we will continue to execute our long-term client-oriented strategy regardless of where we are in the cycle. We have the people in place around the world to serve our clients' broad range of needs with excellence, and we are operating from a position of strength with robust capital levels and a clear focus on the path forward.

我們在駕馭各種運營環境方面擁有良好的記錄，無論我們處於週期的哪個階段，我們都將繼續執行我們以客戶為導向的長期戰略。我們的員工遍布全球，可以卓越地滿足客戶廣泛的需求，而且我們的運營實力雄厚，資本水平雄厚，並且明確專注於前進的道路。

I remain optimistic about the future of Goldman Sachs and confident that we will continue to deliver for shareholders. We look forward to speaking more about this with all of you at our Investor Day on February 28.

我對高盛的未來保持樂觀，並相信我們將繼續為股東提供服務。我們期待在 2 月 28 日的投資者日與大家就此展開更多討論。

I'll now turn it over to Denis.

我現在將其交給 Denis。

Thank you, David. Good morning. Let's start on Page 2 of the presentation. In 2022, we generated net revenues of $47.4 billion, net earnings of $11.3 billion and earnings per share of $30.06. As David highlighted, we have implemented our organizational changes, which form the basis for our earnings presentation today.

謝謝你，大衛。早上好。讓我們從演示文稿的第 2 頁開始。 2022 年，我們的淨收入為 474 億美元，淨利潤為 113 億美元，每股收益為 30.06 美元。正如大衛強調的那樣，我們已經實施了組織變革，這些變革構成了我們今天的收益報告的基礎。

Turning to performance by business, starting on Page 3. Global Banking & Markets generated revenues of $32.5 billion for the year, down 12% as higher FICC revenues were more than offset by a steep decline in investment banking fees versus record results last year. The exceptional performance of our Global Banking & Markets business over the last 3 years, including the market share gains we have generated, has served a strong ballast for firm-wide performance.

轉向業務績效，從第 3 頁開始。全球銀行與市場業務今年的收入為 325 億美元，下降 12%，這是因為 FICC 收入的增加被投資銀行費用與去年創紀錄的業績相比大幅下降所抵消。我們的全球銀行和市場業務在過去 3 年的卓越表現，包括我們所創造的市場份額增長，為整個公司的業績提供了強大的支撐。

In the fourth quarter, investment banking fees fell 48% year-over-year, driven by a significant decline in both equity and debt underwriting as issuance volumes remain muted amid continued market uncertainty. Advisory revenues, however, were $1.4 billion, the third highest in our history, rising 45% quarter-over-quarter on higher completed deal volumes.

第四季度，投資銀行業務費用同比下降 48%，原因是股票和債務承銷量大幅下降，因為市場持續存在不確定性，發行量仍然低迷。然而，諮詢收入為 14 億美元，是我們歷史上第三高的收入，由於完成的交易量增加，環比增長 45%。

For 2022, we maintained our #1 league table position in completed M&A as we have for 23 of the last 24 years, and we rank second in equity and equity-related underwriting. We also ranked second in high-yield debt underwriting, up from #3 last year. Our backlog fell quarter-on-quarter on lower levels of activity but remain solid, particularly in advisory.

到 2022 年，我們在已完成的併購中保持了排名第一的位置，就像過去 24 年中的 23 年一樣，我們在股票和股票相關承銷方面排名第二。我們在高收益債券承銷方面也排名第二，高於去年的第三位。由於活動水平較低，我們的積壓訂單環比下降，但仍然穩固，尤其是在諮詢方面。

That being said, clients are focused on stability and financial conditions, pushing out the timing of transactional activity. While we expect investors will need more certainty before financing markets reopen more broadly, we are seeing some positive signs of activity, particularly in investment-grade markets, which have had a strong start to the year in both the United States and Europe.

話雖如此，客戶關注的是穩定性和財務狀況，從而推遲了交易活動的時間。雖然我們預計投資者在融資市場更廣泛地重新開放之前需要更多的確定性，但我們看到了一些積極的活動跡象，特別是在投資級市場，這些市場在美國和歐洲今年開局強勁。

FICC net revenues were $2.7 billion in the quarter, up 44% year-on-year. In intermediation, we saw strength in rates and commodities amid elevated levels of client engagement, catalyzed by increased Central Bank activity and rate volatility and improved market-making conditions. In FICC financing, we saw increases in secured lending driven by higher balances. Full year FICC revenues of $14.7 billion rose 38%.

本季度 FICC 淨收入為 27 億美元，同比增長 44%。在中介方面，在中央銀行活動和利率波動增加以及做市條件改善的推動下，我們看到在客戶參與度提高的情況下利率和商品走強。在 FICC 融資中，我們看到更高的餘額推動了擔保貸款的增加。全年 FICC 收入為 147 億美元，增長 38%。

Equities net revenues were $2.1 billion in the quarter, down 5% year-on-year. The year-over-year decline in intermediation revenues was driven by lower levels of client activity, particularly in derivatives, after strong engagement levels throughout the year.

本季度股票淨收入為 21 億美元，同比下降 5%。中介收入同比下降的原因是客戶活動水平較低，尤其是在衍生品領域，此前全年的參與度很高。

Financing revenues of $964 million were relatively resilient despite a decline in prime balances as clients took risk off throughout the quarter. Across FICC and Equities, financing revenues were up 20% in 2022, consistent with our strategic priority to grow client financing activities.

9.64 億美元的融資收入相對具有彈性，儘管由於客戶在整個季度都在避險，主要餘額有所下降。 FICC 和股票的融資收入在 2022 年增長了 20%，這與我們增加客戶融資活動的戰略重點一致。

Moving to Asset & Wealth Management on Page 5. For 2022, revenues of $13.4 billion were down 39% year-over-year as a steep decline in revenues from equity and debt investments offset an additional $1 billion of management and other fees and a strong increase in private banking and lending revenues.

轉到第 5 頁的資產與財富管理。到 2022 年，收入為 134 億美元，同比下降 39%，原因是股票和債務投資收入的急劇下降抵消了另外 10 億美元的管理和其他費用以及強勁的增加私人銀行業務和貸款收入。

Fourth quarter management and other fees of $2.2 billion were up 10% year-over-year. Full year management and other fees were $8.8 billion, putting us well on track to hit our $10 billion target in 2024. Fourth quarter private banking and lending net revenues reached a record $753 million, up 77% year-over-year due to higher deposit spreads and higher lending and deposit balances.

第四季度管理費和其他費用為 22 億美元，同比增長 10%。全年管理費和其他費用為 88 億美元，使我們有望在 2024 年實現 100 億美元的目標。第四季度私人銀行和貸款淨收入達到創紀錄的 7.53 億美元，由於存款增加，同比增長 77%利差和更高的貸款和存款餘額。

Equity investments produced net revenues of $287 million, driven by $270 million of gains on our $13 billion private equity portfolio and roughly $500 million in operating revenues and gains related to CIEs, partially offset by $485 million of net losses related to investments in our $2 billion public portfolio. Debt investments revenues were $234 million, including net interest income of $360 million.

股權投資產生了 2.87 億美元的淨收入，這得益於我們 130 億美元的私募股權投資組合的 2.7 億美元收益以及與 CIE 相關的大約 5 億美元的營業收入和收益，部分被與我們 20 億美元的投資相關的 4.85 億美元淨虧損所抵消公共投資組合。債務投資收入為 2.34 億美元，其中包括 3.6 億美元的淨利息收入。

Moving on to Page 6. Total firm-wide assets under supervision ended the quarter at a record $2.5 trillion, driven by market appreciation as well as strong net inflows across fixed income and liquidity products.

轉到第 6 頁。在市場升值以及固定收益和流動性產品的強勁淨流入的推動下，本季度末受監管的公司資產總額達到創紀錄的 2.5 萬億美元。

Let's now turn to Page 7, where I will review a new page in our presentation focused on our alternatives franchise. Alternative AUS totaled $263 billion at the end of the fourth quarter, driving $492 million in management and other fees for the quarter and $1.8 billion for the year. We remain on track to reach our $2 billion target in 2024.

現在讓我們轉到第 7 頁，我將在此處回顧我們演示文稿中的一個新頁面，重點介紹我們的替代品特許經營權。截至第四季度末，Alternative AUS 總計 2630 億美元，帶動了本季度 4.92 億美元的管理費和其他費用，以及 18 億美元的全年收入。我們仍有望在 2024 年實現 20 億美元的目標。

Gross third-party fundraising was $15 billion for the quarter and totaled $72 billion for the year. Third-party fundraising since Investor Day stands at $179 billion. The table on the bottom left shows our on-balance sheet alternative investment portfolio, which totaled $59 billion.

本季度第三方籌資總額為 150 億美元，全年總計 720 億美元。自投資者日以來的第三方籌資額為 1790 億美元。左下角的表格顯示了我們的資產負債表內另類投資組合，總計 590 億美元。

Despite the challenging environment, we reduced on-balance sheet investments by $9 billion in 2022, of which $2 billion was in the fourth quarter. We remain committed to our strategy to reduce balance sheet density and migrate our alternatives business to more third-party funds.

儘管環境充滿挑戰，但我們在 2022 年將資產負債表內投資減少了 90 億美元，其中 20 億美元發生在第四季度。我們仍然致力於降低資產負債表密度並將我們的另類業務轉移到更多第三方基金的戰略。

I'll turn to Platform Solutions on Page 8. Full year revenues were $1.5 billion, more than double versus 2021. Full year losses of $1.7 billion were driven by $1.7 billion of provisions as we built reserves to reflect $8 billion of loan growth across the portfolio. We also incurred $1.8 billion in expenses as we continue to build out and run these businesses.

我將轉到第 8 頁上的平台解決方案。全年收入為 15 億美元，是 2021 年的兩倍多。全年虧損 17 億美元的原因是 17 億美元的準備金，因為我們建立了儲備金以反映整個地區 80 億美元的貸款增長文件夾。隨著我們繼續建立和運營這些業務，我們還產生了 18 億美元的費用。

This included over $200 million of transaction and integration-related costs driven by the GreenSky and GM card portfolio acquisitions. We expect these costs to also impact 2023 results, though at a lower level, and decline materially over subsequent years. As David said, our #1 priority for this segment is to reach profitability, and we look forward to providing you with further details at our Investor Day next month.

這包括 GreenSky 和 GM 卡組合收購帶來的超過 2 億美元的交易和整合相關成本。我們預計這些成本也會影響 2023 年的業績，但會在較低水平上產生影響，並在隨後幾年大幅下降。正如大衛所說，我們在這一領域的首要任務是實現盈利，我們期待在下個月的投資者日為您提供更多詳細信息。

On Page 9, firm-wide net interest income of $2.1 billion in the fourth quarter was up 2% relative to the third quarter due to higher rates and increased loan balances. Our total loan portfolio at quarter end was $179 billion, modestly higher versus the third quarter, reflecting growth in collateralized lending and credit cards. Our provision for credit losses was $972 million.

在第 9 頁，由於利率上升和貸款餘額增加，第四季度全公司淨利息收入為 21 億美元，比第三季度增長 2%。我們在季度末的總貸款組合為 1790 億美元，比第三季度略高，反映了抵押貸款和信用卡的增長。我們的信貸損失準備金為 9.72 億美元。

For our wholesale portfolio, provisions were driven by impairments and portfolio growth. The overall credit quality of our wholesale lending portfolio remains resilient. In relation to our retail portfolio, provisions were driven by continued portfolio growth, net charge-offs and a worsening of our baseline scenario. We are seeing early signs of credit deterioration that are in line with our expectations. We anticipate further pressure in 2023, given the vintage and nature of our portfolio.

對於我們的批發組合，撥備是由減值和組合增長驅動的。我們的批發貸款組合的整體信用質量保持彈性。關於我們的零售投資組合，準備金是由持續的投資組合增長、淨沖銷和我們的基線情景惡化推動的。我們看到了符合我們預期的信用惡化的早期跡象。鑑於我們投資組合的年份和性質，我們預計 2023 年將面臨進一步壓力。

Let's turn to expenses on Page 10. Quarterly operating expenses were $8.1 billion. Total operating expenses for the year were $31.2 billion, down 2%. Compensation expenses fell 15% despite a 10% increase in headcount and were partially offset by higher noncompensation expenses. The increase was primarily related to acquisitions, transaction-based costs and continued investments in technology. In addition, client-driven market development costs were higher following lower levels during the pandemic.

讓我們轉到第 10 頁的費用。季度運營費用為 81 億美元。全年總運營費用為 312 億美元，下降 2%。儘管員工人數增加了 10%，但薪酬支出下降了 15%，部分被非薪酬支出增加所抵消。增長主要與收購、基於交易的成本和對技術的持續投資有關。此外，在大流行期間，客戶驅動的市場開發成本在較低水平之後更高。

As previously discussed, we are actively engaged in expense mitigation efforts. This includes targeted reductions across communications and technology spend, professional fees and advertising costs as well as the recent headcount reduction exercise. We expect that the impact of these actions will become more fully reflected in our results over time, remain highly focused on operating efficiency and are committed to our 60% efficiency ratio target as the right place to run the firm.

如前所述，我們正在積極參與減少費用的工作。這包括有針對性地削減通信和技術支出、專業費用和廣告成本，以及最近的裁員活動。我們預計，隨著時間的推移，這些行動的影響將更充分地反映在我們的業績中，我們將繼續高度關注運營效率，並致力於實現我們 60% 的效率比率目標，作為運營公司的正確地點。

Turning to capital on Slide 11. Our common equity Tier 1 ratio was 15.1% at the end of the fourth quarter under the standardized approach, up 80 basis points sequentially. This represents a 130 basis point buffer to our new capital requirement of 13.8%. In the fourth quarter, we returned $2.4 billion to shareholders, including common stock repurchases of $1.5 billion and common stock dividends of $880 million.

轉向幻燈片 11 上的資本。根據標準方法，第四季度末我們的普通股 1 級比率為 15.1%，連續上升 80 個基點。這代表我們 13.8% 的新資本要求有 130 個基點的緩衝。第四季度，我們向股東返還了 24 億美元，其中包括 15 億美元的普通股回購和 8.8 億美元的普通股股息。

Based on our capital levels at the end of the quarter, we started 2023 with a strong capital position, enabling us to support our clients and return excess capital to shareholders. As it relates to our funding plan based on current expectations, we intend for 2023 issuance to run significantly below 2022 levels, though we will remain dynamic with respect to business needs and market opportunities.

根據本季度末的資本水平，我們以強勁的資本狀況開始了 2023 年，這使我們能夠支持我們的客戶並將多餘的資本返還給股東。由於這與我們基於當前預期的融資計劃有關，我們打算 2023 年的發行量大大低於 2022 年的水平，但我們將在業務需求和市場機會方面保持動態。

In conclusion, despite the challenging operating environment in 2022, we delivered double-digit returns for shareholders, returned $6.7 billion of capital and made material progress on our strategic initiatives to better serve clients and strengthen and diversify the firm. We remain focused on executing on our strategic priorities and creating value for our shareholders, and we look forward to seeing many of you at our upcoming Investor Day in February.

總之，儘管 2022 年的經營環境充滿挑戰，但我們為股東帶來了兩位數的回報，返還了 67 億美元的資本，並在我們的戰略計劃方面取得了重大進展，以更好地為客戶服務，並加強和多元化公司。我們仍然專注於執行我們的戰略重點並為我們的股東創造價值，我們期待在 2 月即將到來的投資者日見到你們中的許多人。

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

有了這個，我們現在將打開問題熱線。

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

（操作員說明）我們將從 Evercore 的 Glenn Schorr 那裡回答我們的第一個問題。

So given the capital RWA and expense actions that you've already taken, if 2023 is a little bit better in banking but it's kind of the same atmosphere we've been in, because it feels like it's lingering, can you all get closer to your return targets this year? I know it's very difficult in this backdrop but what I'm getting at is do we need Investment Banking to be a lot better to get there? Or have the actions you've taken start closing the gap?

因此，考慮到您已經採取的資本 RWA 和費用行動，如果 2023 年銀行業稍微好一點，但它與我們一直處於的氛圍相同，因為感覺它揮之不去，你們都可以更接近你今年的回報目標？我知道在這種背景下這非常困難，但我的意思是我們是否需要投資銀行業務做得更好才能實現目標？或者您採取的行動是否開始縮小差距？

So thanks, Glenn, and I appreciate the question. Obviously, an improved capital markets environment would certainly help in that direction. We talk about our targets in a normalized environment. One thing I just want to make sure people are focused on is we have to do better in Asset Management. This certainly has been a part of our strategy over the last 3 years is to reduce our balance sheet in Asset Management.

謝謝，格倫，我很欣賞這個問題。顯然，改善資本市場環境肯定會朝這個方向有所幫助。我們在規範化的環境中談論我們的目標。我只想確保人們關注的一件事是我們必須在資產管理方面做得更好。這當然是我們過去 3 年戰略的一部分，即減少我們在資產管理方面的資產負債表。

And we've made real progress on that over the last 3 years, but we still have a very significant Asset Management balance sheet, larger than we'd like to have. We reduced it by $9 billion this past year, and we intend to move forward. But given the disruption in asset prices and the density of that balance sheet, it's not surprising when you have $32 billion of capital allocated to that segment.

在過去的 3 年裡，我們在這方面取得了真正的進展，但我們的資產管理資產負債表仍然非常重要，比我們想要的要大。去年我們減少了 90 億美元，我們打算繼續前進。但考慮到資產價格的混亂和資產負債表的密度，當你有 320 億美元的資本分配給該部門時，也就不足為奇了。

And if you look at the fourth quarter, the fourth quarter, it earned 0, even with some businesses in there that are highly profitable. I don't think that's normal. I don't think our expectation is that continues exactly the same way. And so I think a combination of some normalization in capital markets activities and a more balanced environment with respect to the Asset Management balance sheet certainly would have a big impact.

如果你看看第四季度，第四季度，它的收入為 0，即使那裡有一些利潤很高的企業。我認為這不正常。我認為我們的期望不會以完全相同的方式繼續下去。因此，我認為資本市場活動的一些正常化和資產管理資產負債表方面更加平衡的環境的結合肯定會產生重大影響。

I'd highlight last year, we way outperformed the peer average ROE by about 900 basis points because of kind of the massive outperformance of that balance sheet, given all the stimulus, and a bunch of that reversed, and we're just more sensitive to that.

我要強調去年，我們的表現比同行平均股本回報率高出約 900 個基點，因為資產負債表的表現非常出色，考慮到所有的刺激措施，以及一系列的逆轉，我們只是更加敏感到那個。

I mean things I might add, Glenn, is in addition to our business mix on the forward, I think the reason why we're taking action with respect to our headcount footprint and some of our noncompensation expenses is to drive efficiency even further.

我的意思是，格倫，我可能要補充的是，除了我們未來的業務組合之外，我認為我們對我們的員工足跡和一些非補償性支出採取行動的原因是為了進一步提高效率。

And as you point out, with the capital build that we have as at the beginning of the year, we're in a pretty flexible position in terms of how we can deploy that either in support of attractive opportunities within the business and/or returning incremental capital to shareholders.

正如您所指出的那樣，隨著我們在年初的資本積累，我們在如何部署它以支持業務中有吸引力的機會和/或回報方面處於非常靈活的位置股東的增量資本。

Okay. I appreciate that. And then maybe staying up to 50,000. Transaction Banking is good, but it's unfortunately a small revenue base. Consumer, maybe music to some investors' ears, is being deemphasized.

好的。我很感激。然後可能會保持高達 50,000。交易銀行業務不錯，但不幸的是它的收入基礎很小。消費者，也許對一些投資者來說是音樂，正在被淡化。

So I guess my question is where's -- your goal is to build a more durable firm, and I share that goal. Where do you think that comes from going forward if some of the pieces are either small or being deemphasized from the past strategy?

所以我想我的問題是——你的目標是建立一個更持久的公司，我也有同樣的目標。如果某些部分很小或在過去的戰略中不再強調，您認為前進的方向是什麼？

Well, I think, Glenn, the big thing in that, and it's always been a big part of it, is the shift from a balance sheet-intensive Asset Management business to a client-oriented fee-based business. Our organic growth across our Asset Management business on a relative basis was still good in 2022 when you look broadly across the industry. We continue to grow our management fees in the Asset Management business. We're continuing to grow our wealth business.

好吧，我認為，格倫，其中最重要的事情，而且一直是其中的重要組成部分，是從資產負債表密集型資產管理業務向以客戶為導向的收費業務的轉變。縱觀整個行業，2022 年我們資產管理業務的有機增長相對而言仍然不錯。我們繼續增加資產管理業務的管理費。我們正在繼續發展我們的財富業務。

Our wealth business overall grew nicely during the course of 2022. And so it's that mix change, less balance sheet intensity, growth in Asset & Wealth Management, continued financing growth in our core Global Banking & Markets business, which you've seen and continue to grow, and then getting these platforms that we have to operate profitably, which we believe we can do. We believe they're good businesses at scale, but they're in a different stage of their development.

我們的財富業務在 2022 年期間整體增長良好。因此，這就是組合變化、資產負債表強度降低、資產和財富管理的增長、我們核心全球銀行和市場業務的持續融資增長，您已經看到並繼續成長，然後獲得我們必須盈利的平台，我們相信我們可以做到。我們相信它們在規模上是不錯的企業，但它們處於不同的發展階段。

Those things should make the business more resilient, and that's not inconsistent with the strategy we laid out 3 years ago, and we will amplify again next month at Investor Day. What I think was an outlier for sure in this environment is the massive quick swing in asset prices and the impact that our capital markets-heavy and balance sheet-intense business had, of course, with a drag from some of the investments we're making in other things.

這些事情應該使業務更具彈性，這與我們 3 年前製定的戰略並不矛盾，我們將在下個月的投資者日再次擴大規模。在這種環境下，我認為肯定是異常值的是資產價格的大幅快速波動，以及我們的資本市場和資產負債表密集型業務所產生的影響，當然，我們正在進行的一些投資受到拖累做其他事情。

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

我們將接受來自美國銀行的 Ebrahim Poonawala 的下一個問題。

I guess maybe, David, just sticking to that, as you make the Asset Management business less dense in terms of balance sheet consumption, how do we think about the ROTE target you put out last year? Is that still achievable within the 3-year time frame that you had laid out? Or does that get pushed out given the work that needs to be done and in a world where Consumer's being deemphasized?

大衛，我想也許只是堅持這一點，因為你在資產負債表消耗方面降低了資產管理業務的密度，我們如何看待你去年提出的 ROTE 目標？在您制定的 3 年時間框架內，這是否仍然可以實現？還是考慮到需要完成的工作以及在一個不再強調消費者的世界中，這是否會被推遲？

I think, candidly, that it depends on the environment. An environment with massive swing in asset prices continues, we'll push it out. If that simply normalizes, then the overall economic picture of the firm, in addition to the work we're doing on the expense side that we've gotten focused on, will show a very, very different picture. I'm not going to guess on how that will play out. But again, I'd amplify that I don't think what we saw in 2022 was normal. And certainly, if you go back and look at 15 years of history, it wasn't.

坦率地說，我認為這取決於環境。資產價格大幅波動的環境仍在繼續，我們將把它推出去。如果這只是正常化，那麼除了我們在費用方面所做的工作之外，公司的整體經濟狀況將呈現出非常非常不同的景象。我不會猜測結果會怎樣。但我要再次強調，我認為我們在 2022 年看到的情況並不正常。當然，如果你回頭看看 15 年的歷史，事實並非如此。

Okay. And I guess just as a follow-up in terms of growth in Asset Management, Wealth Management, significant asset price dislocations. Does that create some M&A opportunities when we think about inorganic growth in those businesses? Or for the time being is the expectation that most of this is going to be organic?

好的。我想就像資產管理、財富管理、重大資產價格錯位增長方面的後續行動一樣。當我們考慮這些業務的無機增長時，這是否會創造一些併購機會？還是暫時期望其中大部分是有機的？

I think at the moment, we're extremely focused on, in 2023, executing on the decisions we made to invest in our platform. And moving forward from here, I do think that in the future, there still could be inorganic opportunities to accelerate the journey in Asset & Wealth Management. But certainly, this year, we're focused on the execution. We made an acquisition in Asset Management last year. We want to integrate NNIP. We want to move forward with that. So I think this year, we'll be focused on execution.

我認為目前，我們非常專注於在 2023 年執行我們做出的投資平台的決定。從這裡向前邁進，我確實認為在未來，仍然會有無機機會來加速資產與財富管理的旅程。但可以肯定的是，今年，我們專注於執行。我們去年收購了資產管理。我們想整合 NNIP。我們希望繼續推進。所以我認為今年，我們將專注於執行。

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

我們將接受來自 Wolfe Research 的 Steven Chubak 的下一個問題。

So David and Denis, I wanted to start off with a question just on the provision outlook. Admittedly, the loan loss provision came in higher than we had anticipated. And I was hoping you could just speak to how much of it was growth math-related versus deterioration in the macro? And given some of the planned actions you're going to take for that business, how should we think about like a normalized level of loan growth and provision expectation that we should expect going forward?

所以大衛和丹尼斯，我想從一個關於供應前景的問題開始。誠然，貸款損失準備金高於我們的預期。我希望你能談談增長數學與宏觀經濟惡化有多少相關？考慮到您將為該業務採取的一些計劃行動，我們應該如何考慮我們應該期待的正常貸款增長水平和撥備預期？

So let me help with some color as it relates to provisions, particularly in the fourth quarter. So order of magnitude, the component of that build attributable to growth was about 50%, net charge-offs about 25%, and the balance attributable to our scenario.

因此，讓我幫助提供一些與規定相關的顏色，尤其是在第四季度。因此，按數量級計算，該構建中可歸因於增長的部分約為 50%，淨沖銷約佔 25%，其餘部分歸因於我們的情景。

I think what you can see in the build of the provisions over the course of the fourth quarter, and we do expect some of this to continue over the course of 2023, is that we began the on-balance sheet originations in our point-of-sale lending platform, GreenSky. And so that obviously brings with it an upfront reserve build. So that's something that initiated over the balance of this past year and will continue through the following year.

我認為你可以在第四季度期間的準備金構建中看到，我們確實預計其中的一些將在 2023 年期間繼續，我們在我們的觀點中開始了資產負債表上的起源-銷售借貸平台，GreenSky。因此，這顯然帶來了前期儲備建設。因此，這是在過去一年的餘下時間裡發起的，並將持續到下一年。

Got it. And maybe just for a follow-up on capital. As it relates to the discussion tied to Glenn's question, I was hoping you could speak to how your scenario planning for Basel IV, Basel III end game. I recognize we don't have a proposal yet, but certainly, it has significant implications for future returns you can generate. You're running with a healthy level of cushion at the moment, but just wanted to understand how you see it impacting your various businesses. What planned actions can you take to maybe mitigate some of the pain?

知道了。也許只是為了跟進資本。由於它涉及與 Glenn 的問題相關的討論，我希望你能談談你對巴塞爾 IV、巴塞爾 III 的情景規劃如何結束遊戲。我知道我們還沒有提案，但可以肯定的是，它對您可以產生的未來回報具有重大影響。您目前的緩沖水平處於健康水平，但只是想了解您如何看待它對您的各種業務的影響。您可以採取哪些計劃的行動來減輕一些痛苦？

Sure. Fair question. It's on everybody's mind. As you note, we don't yet have the details, but we give it a lot of thought. We've taken a number of steps in terms of building out our modeling capabilities to make sure as and when we do get an actual rule that we'll be in a position to respond quickly to that. We do have a long-standing track record of responding to changes to regulatory guidance.

當然。公平的問題。每個人都在想。正如你所注意到的，我們還沒有細節，但我們已經考慮了很多。我們已經採取了許多步驟來構建我們的建模能力，以確保在我們確實獲得實際規則時能夠快速響應。我們確實有應對監管指南變化的長期記錄。

You can see over the course of the fourth quarter across a number of our financial resources that we were able to maneuver them very, very quickly to build capital and change our RWA footprint, given our view of the environment and some strategic decisions there. So we're standing by for more detail on the rule, but confident that when we get it, we'll be able to manage accordingly.

考慮到我們對環境的看法和那裡的一些戰略決策，您可以在第四季度的整個過程中看到我們能夠非常非常迅速地操縱它們來建立資本並改變我們的 RWA 足跡。因此，我們正在等待有關規則的更多細節，但相信當我們得到它時，我們將能夠進行相應的管理。

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

我們將與摩根士丹利一起接受 Betsy Graseck 的下一個問題。

Two questions. One follow-up on the Consumer business. I heard you on the Marcus pullback. You're going to see [some] originating there. Does that give you more room to lean into growth and we should expect acceleration in the partner card, GreenSky, those pieces that you're keeping? Or is this Marcus pullback going to feed either capital increase or the ability to lean in, in other business lines like the ISG business?

兩個問題。消費者業務的一項後續行動。我聽說你在馬庫斯撤退。你會看到[一些]起源於那裡。這是否為您提供了更多的增長空間，我們應該期待您保留的合作夥伴卡 GreenSky 的加速發展？還是 Marcus 的撤退會促進 ISG 業務等其他業務領域的資本增加或傾斜能力？

Sure. Betsy, it's Denis. I'll start with that. So as we indicated, we're going to cease the originations in under Marcus lending, and then furthermore, expect for that portfolio actually to roll off or we may pursue other alternatives. That should free up a bunch of financial resources. We're continued within the overall Asset & Wealth Management segment where the deposit business is resonant within the private banking and lending line. That remains a strategic priority for the firm, and we've experienced very good growth there.

當然。貝琪，是丹尼斯。我會從那個開始。因此，正如我們所指出的，我們將停止在 Marcus 貸款下的起源，然後進一步期待該投資組合真正減少，或者我們可能會尋求其他選擇。這應該釋放出大量的財政資源。我們繼續在整個資產和財富管理部門內進行，存款業務在私人銀行和貸款業務中產生共鳴。這仍然是公司的戰略重點，我們在那裡經歷了非常好的增長。

That business is achieving more and more scale, so that will remain an ongoing focus. I think once we have reduced some of the resourcing allocated to Marcus lending, we'll continue to narrow the focus of our ambitions and our investment spend. And within the Platform Solutions business, we're now down to 3 different businesses: Transaction Banking, the cards platform and our point-of-sale lending business, GreenSky. And our focus is really on just narrowing to drive those businesses across the segment to profitability.

該業務正在實現越來越大的規模，因此這將仍然是一個持續的重點。我認為，一旦我們減少了分配給 Marcus 貸款的部分資源，我們將繼續縮小我們的雄心壯志和投資支出的重點。在平台解決方案業務中，我們現在分為 3 個不同的業務：交易銀行業務、卡平台和我們的銷售點貸款業務 GreenSky。我們的重點實際上只是縮小範圍，以推動該細分市場的這些業務實現盈利。

Okay. Then separate question just on the expenses in this quarter. I know you had the action of the headcount reduction. Is there a severance embedded in this quarter that we should strip out because, obviously, it's not ongoing? Or does that hit 1Q? Maybe you could speak to how we should think about that.

好的。然後單獨提問這個季度的費用。我知道你有裁員的行動。本季度是否有我們應該剔除的遣散費，因為很明顯，它沒有進行？或者這會影響 1Q 嗎？或許你可以談談我們應該如何考慮這個問題。

Sure. Thanks, Betsy. Because we communicated the reductions in 2023, any associated severance expense associated with those reductions will be 2023 expenses.

當然。謝謝，貝琪。因為我們在 2023 年傳達了削減，所以與這些削減相關的任何相關遣散費都將是 2023 年的費用。

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

我們將接受 Mike Mayo 和 Wells Fargo 的下一個問題。

I have one. Dave, I think it's your birthday today, right? You announced that a few years ago.

我有一個。戴夫，我想今天是你的生日，對吧？你在幾年前宣布了這一點。

It is my birthday, and I couldn't be happier to be on this call with you. But thank you. Thank you for that.

今天是我的生日，很高興能和你一起通話。但是謝謝你。謝謝你。

Well, since it's your birthday, do you want the positive question or the negative question first?

那麼，既然今天是你的生日，你想先回答正面問題還是先回答負面問題？

I want -- I'm happy to take any question. Any question that you have, Mike. You know that. We're happy to take questions, both positive and tough. I mean it wasn't a great quarter, so I don't expect all the questions to be easy.

我想——我很樂意回答任何問題。邁克，你有任何問題。你知道的。我們很樂意回答問題，無論是積極的還是尖銳的。我的意思是這不是一個很好的季度，所以我不希望所有的問題都很簡單。

Well, I mean, it is concerning in terms of the reorg, I mean we'll get more at the Investor Day. And just a comment, I hope you give us more data. Here we have 3 new sectors, and you only gave us the prior 4 quarters and the prior 2 years without much detail. So I hope you give us more ahead. But the question is, you present the firm differently, but will the firm actually be run differently other than the more narrow focus on Consumer?

好吧，我的意思是，這與重組有關，我的意思是我們將在投資者日獲得更多。只是評論，我希望你能給我們更多的數據。在這裡，我們有 3 個新部門，您只給了我們前 4 個季度和前 2 年的信息，但沒有提供太多細節。所以我希望你給我們更多的進步。但問題是，您以不同的方式展示了公司，但除了更狹隘地關註消費者之外，公司的實際運營方式是否會有所不同？

Yes. And so I appreciate that. And 2 comments. First, just on the transparency and information comment, I think this management team, Mike, over the last 4.5 years has been super focused on increasing the transparency of Goldman Sachs, and we remain focused on that.

是的。所以我很感激。和 2 條評論。首先，就透明度和信息評論而言，我認為這個管理團隊 Mike 在過去 4.5 年中一直非常專注於提高高盛的透明度，我們仍然專注於此。

If you have certain feedback on things you'd like to see, et cetera, we really welcome that, and Carey will reach out to you, and we'll take that feedback. But we're focused on giving our investors more and more and creating the right kind of transparency around what we're doing.

如果您對您希望看到的內容有某些反饋，等等，我們非常歡迎，Carey 會與您聯繫，我們會接受這些反饋。但我們專注於為我們的投資者提供越來越多的東西，並圍繞我們正在做的事情創造正確的透明度。

Second, on the evolution and the move to this, what I'd say, and this has been something that's been a journey that we started a number of years ago, but the firm is now organized and presented externally the same way we run it internally. And that, candidly, is a difference than the way Goldman Sachs has been during my tenure at the firm.

其次，關於演變和向這方面的轉變，我要說的是，這是我們多年前開始的一段旅程，但公司現在的組織和對外展示方式與我們運營它的方式相同在內部。坦率地說，這與我在高盛任職期間的方式不同。

In terms of our core business of banking and markets, there are synergies that we've been driving as these businesses cooperate that we think we can now get more out of in our client orientation across our broad franchise that this organization of those businesses together really helps.

就我們的核心業務銀行和市場而言，隨著這些業務的合作，我們一直在推動協同效應，我們認為我們現在可以在我們廣泛的特許經營中以客戶為導向獲得更多收益，這些業務的組織真正結合在一起幫助。

I highlight that we feel great about the performance of those businesses since our Investor Day. It's long forgotten, but when we did our Investor Day, back in 2020, nobody believed that we could get the ROE of the markets business above 10%. That was a big question on the minds of investors. And we look now at our combined banking and markets business.

我強調，自投資者日以來，我們對這些企業的表現感到非常滿意。它早已被遺忘，但當我們在 2020 年舉辦投資者日時，沒有人相信我們可以使市場業務的 ROE 超過 10%。這是投資者心中的一個大問題。我們現在看看我們合併的銀行和市場業務。

This business, we think, is a leader. It outperforms in terms of its market share and outperforms in terms of its returns relative to competitors, and we continue to grow it and continue to stay laser-focused on the client experience and also the returns and the performance of that business. We also think there continues to be opportunity to grow our financing business there, and we're very, very focused on that.

我們認為，這項業務是領導者。它在市場份額和回報方面優於競爭對手，我們將繼續發展它，並繼續專注於客戶體驗以及該業務的回報和績效。我們還認為在那裡繼續有機會發展我們的融資業務，我們非常非常關注這一點。

In Asset & Wealth Management, we've worked hard to bring a number of businesses together into an integrated franchise so we can really have transparency and focus on our ability to grow management fees and drive performance and serve more clients in that business. And as we've said over the last few years, reduce the balance sheet intensity of that. And we're on a journey.

在資產與財富管理方面，我們努力將許多業務合併為一個綜合特許經營權，這樣我們就可以真正實現透明度並專注於我們提高管理費用和提高績效並為該業務中的更多客戶提供服務的能力。正如我們在過去幾年所說的那樣，減少資產負債表的強度。我們正在旅途中。

Would I like it to be further along? Yes. If it was further along, there would have been less volatility, particularly in the context of this year in the fourth quarter. But we continue -- that's something we laid out 3 years ago, and we continue to move at that.

我希望它走得更遠嗎？是的。如果它走得更遠，波動就會減少，特別是在今年第四季度的背景下。但我們繼續 - 這是我們 3 年前製定的計劃，我們將繼續朝著這個方向前進。

The change strategically of a narrowing of our focus on certain things in Consumer business, I think, is a change. We continue to feel very good about the deposit platform and the contribution it makes. We think our partnership with Apple will provide meaningful dividends for the firm over time. We think GreenSky is a good business that can be accretive, but the platforms are in a different stage of development than our other businesses.

我認為，縮小我們對消費者業務中某些事物的關注的戰略變化是一種變化。我們繼續對存款平台及其所做的貢獻感到非常滿意。我們認為，隨著時間的推移，我們與 Apple 的合作夥伴關係將為公司帶來可觀的紅利。我們認為 GreenSky 是一項可以增值的好業務，但這些平台與我們的其他業務處於不同的發展階段。

They're small in the overall scale of Goldman Sachs, but we think there are benefits to that for the firm. We'll communicate more as we move forward around that, but we're making progress and we'll continue to run that narrow focus in a way that we think can drive profitability. So that's a high-level response. I don't know if there's something else you want me to drill into, but that's a high-level response.

它們在高盛的整體規模中很小，但我們認為這對公司有好處。隨著我們圍繞這一點向前邁進，我們將進行更多溝通，但我們正在取得進展，我們將繼續以我們認為可以提高盈利能力的方式開展這一狹窄的重點。這是高層回應。我不知道您是否還有其他要我深入了解的內容，但這是高層回應。

Yes, the follow-up is more specific. I mean, look, you said it's a disappointing quarter. Your returns are well below where you want them to be, and variable revenues and variable costs, not so much your efficiency ratios go the other direction.

是的，後續更具體。我的意思是，看，你說這是一個令人失望的季度。你的回報遠低於你想要的水平，可變收入和可變成本，而不是你的效率比率走向另一個方向。

So I mean I think investors would appreciate some detail on some of the benefits of what you might get on the expense side. Okay, you're scaling back Consumer. As I asked you last quarter, you said you were losing money, so maybe you lose less money. The headcount reduction should allow you to save money.

所以我的意思是，我認為投資者會欣賞一些細節，了解您在費用方面可能獲得的一些好處。好的，您正在縮減 Consumer。正如我上個季度問你的那樣，你說你在賠錢，所以你可能賠得更少。裁員應該能讓你省錢。

So can you ballpark the benefits to expenses from the moves in Consumer and the headcount reductions? And along those lines, now that you've moved capital well above the regulatory and your own firm's target buyback, so cost and buyback, kind of what to think about for 2023.

那麼，您能否將消費者業務的變動和裁員帶來的費用收益歸為一類？沿著這些思路，既然你已經將資本轉移到遠高於監管和你自己公司的目標回購，那麼成本和回購，就是 2023 年要考慮的事情。

Sure, Mike, let me take that. So unpacking a couple components. So we exercised a headcount reduction earlier this year. Approximately 3,200 employees left the firm. The run rate expense associated with that group was approximately $475 million, and we expect the benefit in 2023 north of $200 million associated with that. Beyond that, we have a series of noncompensation expense initiatives.

當然，邁克，讓我接受。所以拆包幾個組件。因此，我們在今年早些時候進行了裁員。大約 3,200 名員工離開了公司。與該集團相關的運行率費用約為 4.75 億美元，我們預計 2023 年與之相關的收益將超過 2 億美元。除此之外，我們還有一系列非補償費用計劃。

We're setting out guardrails for our business leaders to drive more efficient levels of noncompensation spend. The narrowing of the focus in consumer is important. There are a number of ways in which we could have chosen to expand the offering and capabilities of that, but the focus is now narrow. And then finally, as you identify, we have more flexibility with respect to capital deployment, which we intend to take advantage of.

我們正在為我們的業務領導設置護欄，以推動更有效的非薪酬支出水平。縮小對消費者的關注很重要。我們可以選擇多種方式來擴展它的產品和功能，但現在重點縮小了。最後，正如您所指出的，我們在資本部署方面具有更大的靈活性，我們打算利用這一點。

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

我們將與瑞銀一起接受 Brennan Hawken 的下一個問題。

I just wanted to follow up on some of those questions for Mike. And just really be honest, kind of surprised to not hear that there were restructuring and severance charges in the fourth quarter, just given how elevated the expenses were. So I guess, can you provide a little bit of color on the inflexibility, revenues down 20% for the full year? And I understand that, of course, markets are competitive, but the positioning of comp in 2021 was -- it was a remarkable year.

我只是想跟進邁克的一些問題。老實說，考慮到費用的增加，第四季度沒有重組和遣散費，我感到有點驚訝。所以我想，你能否提供一些關於僵化的顏色，全年收入下降 20%？我知道，當然，市場競爭激烈，但 comp 在 2021 年的定位是——這是非凡的一年。

Some of it even identified or segregated as special, and therefore shouldn't be expected to repeat. So the -- was the discipline fully there? Are you doing enough on comp? You have reiterated the focus on efficiency, but the results here in -- I get it. Nobody is buying Goldman today for 2022 results, but still, the results seem to set up sort of a challenging entry point for the beginning of the year.

其中一些甚至被識別或隔離為特殊的，因此不應期望重複。那麼 - 紀律是否完全存在？你在比賽中做得夠多了嗎？你重申了對效率的關注，但這裡的結果——我明白了。今天沒有人會因為 2022 年的業績而購買高盛，但結果似乎仍然為今年年初設置了一個具有挑戰性的切入點。

So Brennan, a couple of questions. As for the reasons to take severance expense in 2023, that's the accounting rules with respect to timing of our communication to those employees. So that's what explains the time frame in which the expense is going to be booked. As it relates to compensation expense, variable expense flexibility in the fourth quarter, I guess I would point out a couple of things.

那麼 Brennan，有幾個問題。至於在 2023 年收取遣散費的原因，這是關於我們與這些員工溝通時間的會計規則。這就是對費用將要被登記的時間範圍的解釋。由於它與第四季度的薪酬費用、可變費用靈活性有關，我想我會指出幾件事。

One, the overall comp and benefit expense were down 15%. We had grown headcount by 10% additionally. And when you -- that's over $2.5 billion of less compensation and benefit expense, so it's a meaningful number. And if you look at the components of our employee base, we have a very large number of people that earn relatively less money, are impacted by inflation and are really important to the overall operation and delivery of our firm on behalf of our clients.

第一，整體薪酬和福利支出下降了 15%。我們還增加了 10% 的員工人數。當你——減少了超過 25 億美元的薪酬和福利支出時，這是一個有意義的數字。如果你看看我們員工基礎的組成部分，我們有很多人的收入相對較低，受到通貨膨脹的影響，並且對我們公司代表客戶的整體運營和交付非常重要。

And we have relatively fewer employees that are higher earning employees, face clients and generate revenue, and we were able to reduce the compensation substantially there in line with the performance. But ultimately, it's a balance. And we have excellent people. We depend on them to deliver for clients.

而且我們的員工收入較高，面對客戶並產生收入的員工相對較少，我們能夠根據績效大幅降低薪酬。但最終，這是一種平衡。我們有優秀的人才。我們依靠他們為客戶交付。

The market for talent remains really robust, and we had to strike the right balance between taking down that variable expense in respect of our performance while maintaining the franchise to make sure that we're in the position that we can deliver for clients and shareholders in 2023 and beyond. Certainly, we can have brighter opportunity sets on the forward, and we want to make sure that we're positioned to capture that.

人才市場仍然非常強勁，我們必須在降低與業績相關的可變費用與維持特許經營權之間取得適當的平衡，以確保我們能夠為客戶和股東提供服務2023 年及以後。當然，我們可以在前鋒上擁有更好的機會，我們希望確保我們有能力抓住這一機會。

Okay. All right. Denis, I appreciate that. This one might end up being moved, but I just don't want to confirm it. I was spending some time yesterday looking at previous disclosures of J-curve expectation and whatnot, but it seems as though exiting Marcus and the tone down, should we not even be thinking about a J-curve for the consumer business?

好的。好的。丹尼斯，我很感激。這個可能最終會被移動，但我只是不想確認它。昨天我花了一些時間查看之前披露的 J 曲線預期和諸如此類的東西，但似乎退出馬庫斯和調低，我們甚至不應該考慮消費者業務的 J 曲線嗎？

Is that not a consideration here any longer? Because it does seem as though the cross through from the breakeven even ex provision has been a lot longer than expected. So should we just forget about that chart given the pivot? Or does that still remain part of the consideration?

這不再是一個考慮因素了嗎？因為它似乎確實從盈虧平衡前準備的交叉點比預期的要長得多。那麼，我們是否應該忘記給出支點的圖表？還是這仍然是考慮的一部分？

So a couple of things I would point out. As people would have seen in the earnings release this morning, the Platform Solutions segment on a quarter-over-quarter basis actually had reduced operating expenses. So we remain really focused on continuing to drive at the expense of these platforms in aggregate, and we expect to derive a lot of benefit at scale.

所以我要指出幾件事。正如人們在今天早上發布的收益報告中所看到的那樣，平台解決方案部門的運營費用實際上比上一季度有所減少。因此，我們仍然真正專注於繼續以犧牲這些平台為代價來推動整體發展，我們希望能在規模上獲得很多好處。

But as we've discussed and you'll observe, we also continue to build provisions as we scale some of those activities. And so our focus remains singularly on driving towards profitability of this segment, but there will continue to be a period of time during which we lose money until we reach that point of ultimate profitability. And we do look forward to trying to help people understand and map out that progression across the various businesses within that segment at Investor Day.

但正如我們已經討論過並且您會觀察到的那樣，隨著我們擴大其中一些活動的規模，我們也會繼續制定規定。因此，我們的重點仍然是推動該部門的盈利能力，但在我們達到最終盈利點之前，我們將繼續虧損一段時間。我們確實期待著在投資者日幫助人們理解和規劃該細分市場中各個業務的進展。

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

我們將從 JMP 證券的 Devin Ryan 那裡回答下一個問題。

Great. I guess just first one to zero in on Transaction Banking here in platforms. $325 million for Transaction Banking and other in 2022 is up 50% year-over-year. So you guys have really had great growth from scratch just a couple of years ago, but still obviously immaterial.

偉大的。我想這只是平台交易銀行業務中的第一個零。 2022 年用於交易銀行和其他業務的 3.25 億美元同比增長 50%。所以你們幾年前真的從零開始有了很大的增長，但顯然仍然無關緊要。

So I just want to talk a little bit about how you feel like progress is going in that part of the business. Can this get to a multibillion-dollar business just doing kind of what it's already doing? I know you just launched in Europe there. Really just trying to think about kind of the execution road map for that part of the business.

所以我只想談談你覺得這部分業務正在取得進展的感覺。這能否讓一家價值數十億美元的企業僅僅做它已經在做的事情？我知道你剛剛在歐洲推出。真的只是想想想這部分業務的執行路線圖。

Sure. Thanks for that question. Now we're very pleased with the progress of the transaction banking business, and it's a business that has particular benefits as we scale activities on it. We have our tech platform up and running. We continue to grow our clients on the platform. They unanimously continue to give us the feedback that it is a very differentiated and attractive platform to be part of. And we have taken that business, as you say, from its inception to larger scale.

當然。謝謝你的問題。現在我們對交易銀行業務的進展感到非常滿意，隨著我們在其上擴展活動，它是一項具有特殊優勢的業務。我們已經啟動並運行了我們的技術平台。我們繼續在平台上發展我們的客戶。他們一致繼續給我們反饋，這是一個非常差異化和有吸引力的平台。正如你所說，我們已經把這項業務從一開始就發展到更大規模。

We think there's a lot of potential for that business on the forward. And we're very focused, at this point in time, in continuing to drive deposit balances, continue to drive our customer count, further penetrate. As you mentioned, our international expansion continues. We've opened in our fifth country. We now have increasing capabilities to serve clients across the world. There are true benefits to the network effect of a business like this with global reach, and we continue to see very, very good opportunities for this business.

我們認為該業務在未來有很大的潛力。在這個時間點，我們非常專注於繼續推動存款餘額，繼續推動我們的客戶數量，進一步滲透。正如您提到的，我們的國際擴張仍在繼續。我們已經在我們的第五個國家開業。我們現在越來越有能力為世界各地的客戶提供服務。像這樣具有全球影響力的企業的網絡效應確實有好處，我們繼續看到這項業務非常非常好的機會。

Okay. Great. A follow-up here just on the market's financing opportunity. So that's already obviously been a nice part of the story for Goldman. What do you need to do to grow financing further? Is it just a lot of the same kind of blocking and tackling? Or are there specific things you could point to that could drive kind of another step function there?

好的。偉大的。這裡只是跟進市場的融資機會。所以這顯然已經成為高盛故事的一個很好的部分。你需要做什麼來進一步增加融資？只是很多同種的攔網和搶斷嗎？或者您是否可以指出一些具體的事情可以在那裡驅動另一種步驟功能？

And then just kind of more near term, you talked about prime brokerage balances being down and declining through the quarter. Has that changed at all, just to start this year with risk appetite that's maybe a bit better today than through most of the fourth quarter?

然後就更近期而言，你談到大宗經紀業務餘額在整個季度都在下降和下降。這有沒有改變，只是今年開始時的風險偏好可能比第四季度的大部分時間好一點？

Yes. A couple of comments I would make. So I think as it relates to the FICC financing, we have a very good opportunity set in front of us. The progress that we've made with the client franchise and our market shares, and given the overall backdrop and the availability of financing in the world right now, our clients continue to come to us.

是的。我會發表一些評論。所以我認為，由於它與 FICC 融資有關，我們面臨著一個非常好的機會。我們在客戶特許經營權和我們的市場份額方面取得的進展，鑑於目前全球的總體背景和融資可用性，我們的客戶繼續來找我們。

And given the capital position that we sit with at the beginning of the year, we have capacity to fuel incremental financing activities in the FICC business. On the equity side of the equation, obviously, asset markets moved around quite severely, particularly in the end of the year, which drives prime brokerage balances. But as you know, we are also working very hard to reduce our financial resource footprint, particularly our G-SIB level.

鑑於我們年初的資本狀況，我們有能力推動 FICC 業務的增量融資活動。在等式的股票方面，顯然，資產市場波動非常劇烈，尤其是在年底，這推動了大宗經紀業務的平衡。但如您所知，我們也在非常努力地減少我們的財務資源足跡，尤其是我們的 G-SIB 水平。

That brought with it significant RWA reductions. And it was not really the environment that we were pushing on growth, certainly in the fourth quarter. I think as we turn the page on a new year, there is lots of opportunity for us to continue to drive our equity financing activities, and we have less constraints given that we've now achieved the 3% G-SIB target.

這帶來了 RWA 的顯著減少。這並不是我們真正推動增長的環境，當然是在第四季度。我認為，在我們翻開新的一年時，我們有很多機會繼續推動我們的股權融資活動，而且鑑於我們現在已經實現了 3% 的 G-SIB 目標，我們的限制也更少了。

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

我們將與 Jefferies 一起接受 Dan Fannon 的下一個問題。

I wanted to expand upon the new Slide 7. And as you look at the different buckets and asset classes, how much of these funds are evergreen and open or are going through periodic fund raises and closings? And I was hoping you could maybe provide some context on what the fundraising has been for subsequent funds, meaning the size increase that you've typically seen for second or third funds from the previous one, to give us a sense of the momentum you're seeing in that business?

我想擴展新的幻燈片 7。當您查看不同的類別和資產類別時，這些基金中有多少是常青和開放的，或者正在定期募集和關閉基金？我希望你能提供一些關於後續基金籌款情況的背景信息，這意味著你通常會看到第二或第三隻基金的規模增加，讓我們了解你的勢頭在那家公司看到了嗎？

Sure. So we always have a very, very broad portfolio of funds. And we've been in this investing business for a number of decades, and it's one of the contributors to our position as the #5 largest active asset management firm in the world. And across the portfolio of different funds, we have some extremely mature businesses.

當然。所以我們總是擁有非常非常廣泛的基金組合。我們從事這項投資業務已有數十年，它是我們成為全球第五大主動資產管理公司的貢獻者之一。在不同基金的投資組合中，我們有一些非常成熟的業務。

Our GS Capital Partners, equity investing business, our mezzanine funds, some of our loan funds. We have multiple mature businesses that are frequently deploying successfully and then going back to raise new monies and continue to support sort of the franchises that we have in that channel.

我們的 GS Capital Partners、股權投資業務、我們的夾層基金、我們的一些貸款基金。我們有多個成熟的業務，這些業務經常成功部署，然後回去籌集新資金並繼續支持我們在該渠道中擁有的特許經營權。

And we continue to diversify and expand our offering and open up new strategies in response to what we see are pockets for client demand. So as we think about the overall opportunity set, we have a global, broad and deep investing platform that has offerings for many different types of investors, many of which are very, very mature in terms of their track record and some of which are newer.

我們繼續多樣化和擴大我們的產品，並開闢新的戰略，以響應我們所看到的客戶需求的口袋。因此，當我們考慮整體機會集時，我們擁有一個全球性、廣泛而深入的投資平台，為許多不同類型的投資者提供產品，其中許多在他們的業績記錄方面非常非常成熟，其中一些是較新的.

Okay. And then just following up on the earlier question around kind of the FICC and trading backdrop. It sounds like you're through kind of the optimization of RWAs, but maybe can you talk about where you see, on the broader intermediation side, the backdrop -- maybe the backdrop today and maybe where you see market share opportunities into the rest of the year.

好的。然後只是跟進之前關於 FICC 和交易背景的問題。聽起來你正在經歷 RWA 的某種優化，但也許你能談談你在更廣泛的中介方面看到的背景——也許是今天的背景，也許你在其他方面看到了市場份額機會那一年。

Sure. So we continue to focus on market share. Market share data lags, but through the third quarter of last year, it shows that we continued to grow market share in those businesses, sales and trading. So that remains a very, very core focus of the firm. We continue to make progress, and we think we can make incremental progress.

當然。所以我們繼續關注市場份額。市場份額數據滯後，但到去年第三季度，它表明我們在這些業務、銷售和交易中的市場份額繼續增長。因此，這仍然是公司非常非常核心的重點。我們繼續取得進展，我們認為我們可以取得漸進的進展。

One of the attractive things about that business for us is that we have a number of different business lines, which have enabled us to perform across a variety of environments. The last year, given what happened with rate normalization and energy markets around the world, were a particular tailwind to the interest rate products business, the commodities business.

對我們來說，這項業務的一個吸引人的地方是我們有許多不同的業務線，這使我們能夠在各種環境中執行。考慮到全球利率正常化和能源市場的情況，去年對利率產品業務、大宗商品業務來說尤其有利。

Meanwhile, we had softer performance in credit, mortgages and some of the equity intermediation activities. Certainly, if the new issue debt underwriting markets come back online as early indications on the investment-grade side of things suggest and if the equity underwriting activities are to open up, there's a lot of activity that takes place with investors as they position in advance of and after new offerings that we should be able to capture, given the investment that we've made in the client franchise.

與此同時，我們在信貸、抵押貸款和一些股權中介活動方面表現疲軟。當然，如果新發行的債券承銷市場像投資級方面的早期跡象所暗示的那樣重新上線，並且如果股票承銷活動要開放，那麼投資者在提前定位時會發生很多活動鑑於我們在客戶特許經營權方面的投資，我們應該能夠獲得的新產品的數量和之後。

So I can't predict exactly where activity will come from 2023. Certainly, some of it may be a continuation of those areas that were active in 2022, but it's quite possible that certain activities that were softer in '22 could rotate and become more relevant in 2023.

因此，我無法準確預測 2023 年的活動將來自何處。當然，其中一些活動可能是 2022 年活躍地區的延續，但很可能某些在 22 年較為溫和的活動可能會輪換並變得更加活躍2023 年相關。

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

我們將從德意志銀行的 Matt O'Connor 那裡回答下一個問題。

You mentioned continued interest in Asset & Wealth Management deals kind of over time. It sounds more like bolt-on -- but I guess just are you more open-minded towards maybe a transformational deal as we think out, not necessarily this year, but just in the next couple of years?

你提到隨著時間的推移，人們對資產和財富管理交易的持續興趣。這聽起來更像是補強 - 但我想你是否對我們認為的轉型交易持更開放的態度，不一定是今年，但就在未來幾年？

I mean, to date, you've -- what I would characterize, I think most people had characterized, you've piecemealed some deals. You've done some organic expansion and mixed results in different areas. But just thoughts on maybe more openness to something transformational down the road.

我的意思是，到目前為止，你已經——我想描述的是大多數人所描述的，你已經零碎地完成了一些交易。你在不同領域做了一些有機擴張和混合結果。但只是想著也許對未來的變革持更開放的態度。

I think we've been asked this question. I appreciate the question. We've been asked it a bunch over time. I think in certain businesses like Asset & Wealth Management, there are significant things that could meaningfully accelerate the platform. We have the fifth largest active asset manager in the world now that we've stood up all the businesses inside Goldman Sachs.

我想我們已經被問到這個問題了。我很欣賞這個問題。隨著時間的推移，我們已經被問了很多。我認為在資產與財富管理等某些業務中，有一些重要的事情可以有意義地加速平台。我們擁有世界第五大活躍資產管理公司，現在我們已經在高盛內部建立了所有業務。

And so that scale is real, and there certainly could be opportunities to increase that scale. And certainly, there are opportunities in wealth for us to do things that are more significant. I would say that the bar to do those things is extraordinarily high. There are not a lot of opportunities out there necessarily to do it.

所以這個規模是真實的，而且肯定有機會擴大這個規模。當然，財富讓我們有機會去做更重要的事情。我會說做這些事情的門檻非常高。沒有太多的機會可以做到這一點。

Certainly, over the last 5 years, the prices have been eye-popping, maybe we're in a different environment where, well, that will normalize. But we're always open to things that we think can strengthen Goldman Sachs. But also as somebody that's been an M&A banker for a significant part of my career, I know the bar to do that, the cultural issues, the integration issues, the bar has to be very, very high.

當然，在過去的 5 年裡，價格一直令人瞠目結舌，也許我們處在一個不同的環境中，嗯，這將正常化。但我們總是對我們認為可以加強高盛的事情持開放態度。但作為一個在我職業生涯的重要部分一直擔任併購銀行家的人，我知道這樣做的門檻，文化問題，整合問題，門檻必須非常非常高。

So I'd say we're always open, but at the moment, our focus is on executing on the plate of opportunities we have in front of us, and we think we can drive good returns, good book value growth, good performance for our shareholders as we look forward in the coming few years with what we have on our plate.

所以我想說我們總是開放的，但目前，我們的重點是抓住我們面前的機會，我們認為我們可以帶來良好的回報、良好的賬面價值增長、良好的業績我們的股東，因為我們在未來幾年期待著我們的盤子。

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

我們將接受 RBC 的 Gerard Cassidy 的下一個問題。

David, in your opening comments, you gave us your 3 priorities of growing management fees in the Asset & Wealth Management business, maximizing the wallet share and growing financing activities in Global Banking & Markets and then scaling the platform. In the number two, maximizing the wallet share. Can you share with us where are you today with the wallet share, both in investment banking and markets? And how are you pursuing to grow that over the next couple of years?

大衛，在你的開場白中，你給了我們你的 3 個優先事項，即增加資產和財富管理業務的管理費用，最大化錢包份額和增加全球銀行和市場的融資活動，然後擴展平台。第二，最大化錢包份額。你能和我們分享一下你今天在投資銀行和市場的錢包份額嗎？在接下來的幾年裡，你打算如何發展它？

Yes. So we -- you can take a look at our performance in these businesses, and you can see that the performance is quite strong. A couple of things I'll point to. Even in this quarter's performance, you can look at our relative M&A revenue performance, you can look at our relative FICC performance and even our equities performance in what's been a tough quarter. The relatives look pretty good.

是的。所以我們 - 你可以看看我們在這些業務中的表現，你會發現表現非常強勁。我要指出幾件事。即使在本季度的表現中，你也可以看看我們的相對併購收入表現，你可以看看我們的相對 FICC 表現，甚至是我們在艱難季度的股票表現。親戚長得還不錯。

We set out 3 years ago, and this was a big structural change. We had never really thought about client market shares in our markets business. We had always thought about them in our investment banking business. And we really -- we brought that ethos into the markets business. And I know everyone on this call has heard us talk about how 3 years ago, we set out to say there are 100 clients that contribute meaningfully to our FICC and Equities businesses.

我們 3 年前就出發了，這是一個很大的結構性變化。我們從未真正考慮過客戶在我們市場業務中的市場份額。在我們的投資銀行業務中，我們一直在考慮它們。我們真的 - 我們將這種精神帶入了市場業務。我知道這次電話會議的每個人都聽過我們談論 3 年前，我們開始說有 100 個客戶為我們的 FICC 和股票業務做出了有意義的貢獻。

And we are top 3 with only 44 of them. We are now top 3 with 77 of those top 100. And now we have shifted the focus to really look at, okay, top 3, but why aren't we 1 and 2? What are the number of clients that we can be #1 and #2 with? And we think there's more room that we can drive on wallet share by really focusing in FICC and Equities on that #1 and #2 position.

而我們僅以 44 個排名前三。我們現在是前 3 名，前 100 名中有 77 名。現在我們已經將重點轉移到真正看，好的，前 3 名，但為什麼我們不是 1 和 2？我們可以成為#1 和#2 的客戶數量是多少？我們認為，通過真正專注於 FICC 和股票在#1 和#2 的位置，我們可以增加錢包份額的空間。

In banking, the wallet share has really come from footprint growth. That footprint grows candidly has been a little bit expensive when there's been 0 capital markets revenue, because that footprint growth does tilt toward capital markets activity, but we think that will serve us well if you take a 3- or a 5-year view looking forward.

在銀行業，錢包份額確實來自足跡增長。當資本市場收入為零時，足跡增長坦率地有點昂貴，因為足跡增長確實向資本市場活動傾斜，但我們認為，如果你從 3 年或 5 年的角度來看，這將對我們有好處向前。

So again, there's a lot of attention paid to some of the things that we're investing in. The core of the firm is very strong. Those wallet shares are strong but we still see more opportunity, and we're laser-focused on continuing to execute on it. And I don't think there's any business in investment banking and markets that is as strong and powerful as this business, so we'll continue to focus on strengthening it as we move forward.

因此，我們再次對我們正在投資的一些事情給予了很多關注。公司的核心非常強大。這些錢包份額很強，但我們仍然看到更多機會，我們非常專注於繼續執行它。而且我認為在投資銀行和市場中沒有任何業務像這項業務一樣強大和強大，因此我們將繼續專注於在我們前進的過程中加強它。

Very good. And then as a follow-up on the shift in strategy in the Consumer business, you've been very clear, obviously, on how you're positioning this going forward. I may have missed this, so I apologize. But what went wrong? When you go back to when you guys started to move into these businesses 3 years ago or so, I know Marcus deposits has been around longer than that. But when you look back on what you were hoping to do and how it turned out, what went wrong?

非常好。然後，作為消費者業務戰略轉變的後續行動，很明顯，你非常清楚你將如何定位這一未來。我可能錯過了這個，所以我道歉。但是出了什麼問題？當你回到 3 年前你們開始涉足這些業務時，我知道 Marcus 存款的存在時間比那更長。但是，當您回顧自己希望做的事情以及結果如何時，哪裡出了問題？

Well, I think there are a bunch of things that went right, and there were some things that did not go well. I think we executed well on some things that we didn't execute on others. But the simple thing that I would phrase, Gerard, and I think it's a fair question, is we tried to do too much too quickly. And of course, in the environment that we're in, it's hard to go back when we started in that strategy 6 years ago.

好吧，我認為有很多事情進展順利，也有一些事情進展不順利。我認為我們在某些事情上執行得很好，而在其他事情上我們沒有執行。但我要說的簡單的事情，杰拉德，我認為這是一個公平的問題，我們試圖做太多太快。當然，在我們所處的環境中，我們很難回到 6 年前開始實施該戰略的時候。

We obviously built the deposit business, the loan business, and we talked about a much broader platform. And I think we came to the conclusion that there were some changes. One of the big changes that's affected the pace of the ability to do this and it's different in scaling things like this is CECL is a big change. CECL changed the curve on growing these lending businesses at scale from scratch. So we've had to adjust to that. The regulatory environment has also changed over the course of the last couple of years.

我們顯然建立了存款業務、貸款業務，我們討論了一個更廣闊的平台。我認為我們得出的結論是存在一些變化。影響執行此操作的能力的步伐的重大變化之一，並且在擴展此類事情方面有所不同，CECL 是一個重大變化。 CECL 從頭開始改變了這些貸款業務規模化發展的曲線。所以我們不得不適應這一點。在過去幾年中，監管環境也發生了變化。

But I think it became clear to us early in 2022 that we were doing too much, was affecting our execution. I think we probably, in some places, haven't had all the talent that we've needed to execute the way we've wanted. We're making adjustments on that, but by narrowing down the 3 core things that we're going to focus on that we actually think are good businesses that can be accretive to the firm, I think we've got it in a place now where we can create a more cogent path forward. And so that's what we're doing.

但我認為我們在 2022 年初變得很清楚，我們做得太多了，影響了我們的執行。我認為，在某些地方，我們可能還沒有按照我們想要的方式執行所需的全部人才。我們正在對此進行調整，但通過縮小我們將關注的 3 個核心事項，我們實際上認為這些是可以為公司增值的好業務，我認為我們現在已經做到了在那裡我們可以創造一條更有說服力的前進道路。這就是我們正在做的。

And I -- the takeaway I'd like investors to understand is when we see things, we look at things and we pivot. We're not married to things. We're willing to change. I think when I go back to our 2020 Investor Day, and I look at what we laid out during that period of time, we've accomplished and have executed on the vast majority of things we've laid out. That doesn't mean there's not more work to do. But you know what? We didn't execute perfectly on some. So we've taken a hard look at those and you make adjustments. And that's kind of the ethos of the nimbleness of Goldman Sachs that I want to amplify.

我——我希望投資者理解的要點是，當我們看到事物時，我們會審視事物，然後我們就會轉向。我們沒有嫁給事物。我們願意改變。我想當我回到我們的 2020 年投資者日，看看我們在那段時間裡所做的事情時，我們已經完成並執行了我們所安排的絕大多數事情。這並不意味著沒有更多的工作要做。但你知道嗎？我們在某些方面執行得併不完美。所以我們仔細研究了這些，然後你做出了調整。這就是我想強調的高盛敏捷精神。

We're always willing to make changes. We're always going to be focused on shareholders. And even though everything has not gone perfectly, again, I'd point to our 40% book value growth since our Investor Day, and I'd map that out. Our book value per share growth, I believe it's more than double the next nearest competitor. So we're going to continue to stay focused on the medium and long term. I think we're good at nimbly making adjustments, and we'll always be very clear to (inaudible) when we get things right or we get things wrong.

我們總是願意做出改變。我們將始終關注股東。儘管一切並不完美，但我還是要指出自投資者日以來我們的賬面價值增長了 40%，我會把它畫出來。我們的每股賬面價值增長，我相信它是下一個最接近的競爭對手的兩倍多。因此，我們將繼續關注中長期。我認為我們擅長靈活地進行調整，而且我們總是非常清楚（聽不清）我們什麼時候做對或做錯。

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

我們將接受來自 Seaport Global 的 Jim Mitchell 的下一個問題。

Maybe just your thoughts on the outlook for investment banking. I appreciate Denis' comments. We've seen a big increase in debt issuance, so some improving liquidity in the debt markets, at least. Is that, in your mind, a leading indicator for beginning to monetize backlogs? And just generally, how are you thinking about the outlook for investment banking?

也許只是您對投資銀行業前景的看法。我很欣賞 Denis 的評論。我們已經看到債務發行量大幅增加，因此至少債務市場的流動性有所改善。在您看來，這是開始通過積壓獲利的領先指標嗎？總的來說，您如何看待投資銀行業的前景？

Yes. Sure. I think one of the things we're dealing with, and it's overamplified in our very capital market-centric business, is that 2021 was not normal. The second half of 2020 and 2021 were not normal. They were way inflated by the massive fiscal stimulus that created kind of, I'd call, on the spectrum of activity, excess activity, pulled a lot of activity forward.

是的。當然。我認為我們正在處理的一件事，在我們以資本市場為中心的業務中被過度放大，是 2021 年不正常。 2020年下半年和2021年不正常。它們被大規模的財政刺激措施誇大了，這種刺激措施在活動範圍內創造了某種，我稱之為過度活動，推動了大量活動向前發展。

And then because of market disruption, we've tightened monetary conditions meaningfully in 2022. It's the first year in over 50 years that both fixed income and equity markets were down. We had the S&P down 20%, the NASDAQ down 30%. You had a real change in asset values across the spectrum. And when that happens, it takes a period of time for people to adjust.

然後由於市場混亂，我們在 2022 年顯著收緊了貨幣條件。這是 50 多年來固定收益和股票市場雙雙下跌的第一年。標準普爾指數下跌 20%，納斯達克指數下跌 30%。您在整個範圍內的資產價值都發生了真正的變化。當這種情況發生時，人們需要一段時間才能適應。

My historical experience would be that period of time is kind of 4 to 6 quarters. And so if you think about it, if somebody had a stock that was trading at $100 and the stock goes down by 30%, certainly, for the next couple of quarters, they're still thinking about $100. But if it's at $70 for 4 or 5, 6 quarters, then it's $70. And suddenly, when you look ahead and you think about either an M&A transaction or financing, you have more realism about the reset of values.

我的歷史經驗是，那段時間大約是 4 到 6 個季度。因此，如果您考慮一下，如果某人的股票交易價格為 100 美元，而該股票下跌了 30%，當然，在接下來的幾個季度中，他們仍在考慮 100 美元。但如果 4 或 5、6 個季度的價格為 70 美元，那麼它就是 70 美元。突然間，當你展望未來並考慮併購交易或融資時，你對價值的重置有了更多的現實主義。

So I think we're well into that journey of a reset in expectations. I think it might have another quarter or 2 to further reset, but I think we're starting to see some additional improvements. People point to the investment-grade debt market. That would obviously be where it would come first. But my expectations would be in the back half of '23, meaningfully better.

所以我認為我們已經很好地進入了重新設定期望的旅程。我認為它可能還有一兩個季度需要進一步重置，但我認為我們開始看到一些額外的改進。人們指向投資級債券市場。這顯然是它最先出現的地方。但我的期望是在 23 年的後半段，有意義地更好。

And also, it's interesting, and I'll be heading to [Dallas] tonight with others, but I was watching some of the commentary -- the macro commentary. People are softening their view of 2023. And I'd say it's getting a little bit more [dove-ish], a little bit more of a softer landing than kind of where people were a quarter or 2 ago. And that, too, will affect capital markets opportunity because it's really tied to confidence.

而且，這很有趣，今晚我將和其他人一起前往[達拉斯]，但我正在觀看一些評論——宏觀評論。人們正在軟化他們對 2023 年的看法。我想說的是，與一兩個季度前人們的情況相比，它變得更加 [鴿派]，更加軟著陸。這也將影響資本市場機會，因為它確實與信心息息相關。

So I think we're going through that. I don't think anything has fundamentally changed. I think these capital markets businesses are still very big businesses. But you shouldn't look at 2022 as normal, just as you shouldn't look at 2021 as normal. The normal lies somewhere in the middle.

所以我認為我們正在經歷那個。我認為沒有任何根本改變。我認為這些資本市場業務仍然是非常大的業務。但你不應該正常看待 2022 年，就像你不應該正常看待 2021 年一樣。法線位於中間某處。

Right. And maybe just a follow-up on the reserve and provisioning. That's obviously been a big drag in profitability as you grow the platform business. But as you shrink Marcus, is there also any desire to kind of slow? I know you -- GreenSky is growing on balance sheet, but the rest of the business, is that slow?

正確的。也許只是對儲備和供應的後續行動。隨著平台業務的發展，這顯然是盈利能力的一大拖累。但是當你縮小 Marcus 時，是否也有想要放慢速度的願望？我知道你 - GreenSky 的資產負債表正在增長，但其他業務是否緩慢？

Do we start to see provisioning slow, and given how high your reserve levels already are? Just trying to get a better picture on how to think about that cadence and maybe where your macro assumptions are in your reserve levels.

考慮到您的儲備水平已經很高，我們是否開始看到供應緩慢？只是想更好地了解如何考慮這種節奏，以及您的宏觀假設在儲備水平中的位置。

Sure. So -- as it relates to slowing growth, we actually did slow origination activity over the course of the fourth quarter. Over the course of the year, we've implemented a number of changes to our credit underwriting, tightening some of those provisions. And so we actually did see a slowing of new originations.

當然。所以 - 因為它與增長放緩有關，我們實際上在第四季度的過程中進行了緩慢的發起活動。在這一年裡，我們對我們的信用承銷進行了一些改變，收緊了其中的一些規定。因此，我們實際上確實看到了新起源的放緩。

That being said, the vast majority of the provision build was attributable to the existing balances as opposed to the new originations. So that's also something that we're going to watch very carefully as things develop. You notice our overall coverage ratio increasing. That's a function of what we've observed in our portfolio, but as well as our macroeconomic outlook. And so we've made some adjustments, which reflect our best estimates for performance in the economy going forward.

話雖這麼說，準備金的絕大部分歸因於現有餘額，而不是新的起源。因此，隨著事情的發展，這也是我們將非常仔細地觀察的事情。您注意到我們的整體覆蓋率在增加。這是我們在投資組合中觀察到的結果以及我們的宏觀經濟前景的結果。因此，我們進行了一些調整，以反映我們對未來經濟表現的最佳估計。

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

目前，沒有進一步的問題。請繼續結束語。

Since there are no more questions, we'd like to thank everyone for joining the call. And certainly, if additional questions arise, please don't hesitate to reach out to me or others on the Investor Relations team. Otherwise, we look forward to speaking with you soon and seeing many of you at our Investor Day on February 28. Thank you.

由於沒有其他問題，我們要感謝大家加入電話會議。當然，如果出現其他問題，請隨時與我或投資者關係團隊的其他人聯繫。否則，我們期待很快與您交談，並在 2 月 28 日的投資者日見到你們中的許多人。謝謝。

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

女士們，先生們，高盛 2022 年第四季度收益電話會議到此結束。感謝您的參與。您現在可以斷開連接。