高盛 (GS) 2023 Q1 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 First Quarter 2023 Earnings Conference Call. This call is being recorded today, April 18, 2023. Thank you. Ms. Halio, you may begin your conference.

早安.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 2023 年第一季財報電話會議。本次通話將於今天（2023 年 4 月 18 日）進行錄音。 Halio 女士，您可以開始會議了。

Good morning. This is Carey Halio, Head of Investor Relations and Chief Strategy Officer at Goldman Sachs. Welcome to our first 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. No information on forward-looking statements and non-GAAP measures appear on 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.

早安.我是凱裡‧哈利奧 (Carey Halio)，高盛投資人關係主管兼首席策略長。歡迎參加我們的第一季財報電話會議。今天，我們將參考我們的收益報告，該報告可以在我們網站 www.gs.com 的投資者關係頁面上找到。收益發布和演示中沒有出現有關前瞻性陳述和非公認會計準則衡量標準的資訊。此音訊廣播是高盛集團有限公司受版權保護的資料，未經我們同意，不得複製、轉載或轉播。

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

今天我們的董事長兼執行長 David Solomon 也加入了我的行列。以及我們的財務長丹尼斯·科爾曼。讓我把電話轉給大衛。

Thanks, Carey, and good morning, everyone. Thank you for joining us. In the first quarter, we delivered solid performance in a challenging environment. We produced net revenues of $12.2 billion and generated earnings per share of $8.79 and an ROE of 11.6% and an ROTE of 12.6%.

謝謝凱裡，大家早安。感謝您加入我們。第一季度，我們在充滿挑戰的環境中取得了穩健的表現。我們的淨收入為 122 億美元，每股收益為 8.79 美元，ROE 為 11.6%，ROTE 為 12.6%。

The first quarter was certainly volatile, particularly for the banking sector after a fairly benign operating environment at the start of the year. In March, we witnessed the collapse of two regional banks in the United States. Stress quickly spread to a number of institutions across the financial sector, where we saw ratings downgrades and steep valuation declines in very short order. These stresses were not limited to the U.S. as we saw when regulators help arrange the combination of Switzerland's two largest financial institutions.

第一季無疑是不穩定的，特別是對於銀行業來說，在年初的經營環境相當良好之後。今年3月，我們目睹了美國兩家地區銀行的倒閉。壓力迅速蔓延到金融領域的許多機構，我們在很短的時間內就看到了這些機構的評級下調和估值急劇下降。正如我們在監管機構幫助安排瑞士兩家最大金融機構的合併時所看到的那樣，這些壓力並不局限於美國。

It's important to appreciate the size of the disruption. Some of the market moves during the period were staggering, particularly in interest rates.

重要的是要了解破壞的規模。在此期間，一些市場走勢令人震驚，尤其是在利率方面。

To give you a sense of the magnitude, there have been just 4 days in the past 25 years that have seen 2-year yields moved by 50 basis points or more intraday. One was in September 2008, and 3 of them occurred in mid-March this year. Monday, March 13, was the biggest 1 day move in the U.S. Treasury 2-year yields in over 35 years. As we sit here today, it appears that the worst of the volatility is behind us. Prompt action by regulators was vital in bolstering confidence and stabilizing market sentiment. The events of the first quarter acted as another real-life stress test, and they demonstrated the resilience of the country's largest financial institutions.

為了讓您了解其幅度，過去 25 年中只有 4 天 2 年期公債殖利率盤中變動 50 個基點或更多。 1次發生在2008年9月，3次發生在今年3月中旬。 3 月 13 日星期一，美國 2 年期公債殖利率出現 35 年來最大單日波動。當我們今天坐在這裡時，最嚴重的波動似乎已經過去了。監管機構迅速採取行動對於提振信心、穩定市場情緒至關重要。第一季的事件是另一個現實壓力測試，它們展示了該國最大的金融機構的韌性。

The G-SIB have been a source of strength for the financial system. We joined a consortium with 10 other large institutions and making a $30 billion uninsured term deposit into First Republic Bank to send a strong vote of confidence and in commitment to the U.S. banking sector. As for Goldman Sachs, our long-standing and deeply rooted risk management culture helped us navigate this unusual environment. In our 154-year history, we have lived and managed through many periods of disruption. And it's our rigorous processes and planning for tailored scenarios before the stress that enable us to react quickly and effectively when they do occur.

G-SIB 一直是金融體系的力量來源。我們與其他 10 家大型機構組成了一個財團，並向第一共和銀行存入了 300 億美元的無保險定期存款，以向美國銀行業投下強烈的信任票和承諾票。對於高盛來說，我們長期根深蒂固的風險管理文化幫助我們應對了這個不尋常的環境。在我們 154 年的歷史中，我們經歷並度過了許多顛覆時期。正是我們在壓力發生之前對定制場景的嚴格流程和規劃，使我們能夠在壓力發生時快速有效地做出反應。

While it's impossible to predict the exact form of market stress will take, and we won't always execute perfectly. Our risk management culture, strong liquidity and robust capital position have allowed us to navigate a complex environment while also continuing to actively support our clients. Given this backdrop, it was clear our clients needed help managing the risks and turn to us for our expertise and execution capabilities.

雖然不可能預測市場壓力的確切形式，而且我們也不會總是完美執行。我們的風險管理文化、強大的流動性和穩健的資本狀況使我們能夠應對複雜的環境，同時繼續積極支持我們的客戶。在這種背景下，很明顯，我們的客戶需要幫助管理風險，並向我們尋求專業知識和執行能力。

Both FICC and Equities had a strong quarter as we help clients with their intermediation and financing needs. Underwriting activity, however, remained extremely muted and below recent averages as capital markets were further delayed from reopening in a meaningful way given the market disruption.

由於我們幫助客戶滿足中介和融資需求，FICC 和股票都有強勁的季度表現。然而，由於市場混亂，資本市場進一步推遲以有意義的方式重新開放，承銷活動仍然極其低迷，並低於近期平均水平。

All-in, Global Banking & Markets delivered industry-leading returns of 16.6%, in line with our through-the-cycle targets even while advisory and capital markets activity remained muted. This franchise continues to show impressive resilience in a variety of market environments, given our broad and diversified set of businesses.

總體而言，儘管諮詢和資本市場活動依然低迷，但全球銀行與市場業務仍實現了 16.6% 的行業領先回報率，符合我們的整個週期目標。鑑於我們廣泛且多元化的業務，該特許經營權在各種市場環境中繼續表現出令人印象深刻的彈性。

Management fees across Asset & Wealth Management grew sequentially but segment returns when the mid-single digits as our on-balance sheet investments remain susceptible to volatility in asset prices. It is a strategic priority to continue to reduce these positions. And while we have made progress, there's still work to do.

資產和財富管理的管理費持續成長，但由於我們的表內投資仍容易受到資產價格波動的影響，因此該部門的報酬率為個位數。繼續削減這些職位是戰略重點。儘管我們取得了進展，但仍有工作要做。

In Platform Solutions, we saw positive underlying trends this quarter with revenues greater than provisions, and we remain focused on driving this business towards profitability. We also continue to explore strategic alternatives within our Consumer platform businesses.

在平台解決方案方面，我們本季看到了積極的基本趨勢，收入大於撥備，我們仍然致力於推動該業務實現盈利。我們也持續在消費者平台業務中探索策略替代方案。

In the first quarter, we sold a portion of our Marcus loan portfolio and transferred the remainder to held for sale. While this activity is now reflected in our AWM segment, it is an example of our narrowing our focus in the consumer space.

在第一季度，我們出售了馬庫斯貸款組合的一部分，並將其餘部分轉為持有待售。雖然這項活動現在已反映在我們的 AWM 細分市場中，但它是我們將重點縮小到消費者領域的一個例子。

Denis will take you through the financial impact of that momentarily. Additionally, we are now initiating a process to explore the sale of GreenSky. We believe GreenSky is a good business and is performing well with first quarter originations in our core home improvement loans, up over 25% year-over-year and a weighted FICO on total originations of over 780. Given our current strategic priorities, however, we may not be the best long-term holder of this business. We will update you on our progress if and when there are material developments.

丹尼斯將立即帶您了解這件事的財務影響。此外，我們現在正在啟動一項探索出售 GreenSky 的流程。我們相信 GreenSky 是一家優秀的企業，並且表現良好，第一季我們的核心家居裝修貸款發放額年增超過 25%，加權 FICO 發放總額超過 780 筆。不是這項業務的最佳長期持有者。如果有重大進展，我們將向您通報最新進展。

As I close, I'd like to say a few words about the forward outlook. The recent events in the banking sector are lowering growth expectations, and there is a higher risk of a credit contraction given the environment is limiting banks' appetite to extend credit. This is an acceleration of the trend in the situation we're watching closely. Businesses and consumers continue to adjust to higher interest rates. And while the forward trajectory is still unclear, we continue to be cautious about the economic outlook, and we are operating the firm such that we're well prepared in the event that the environment weakens further.

在結束發言時，我想就未來展望說幾句話。銀行業最近發生的事件正在降低成長預期，鑑於環境限制了銀行擴大信貸的意願，信貸緊縮的風險更高。這是我們正在密切關注的局勢趨勢的加速。企業和消費者繼續適應更高的利率。儘管未來的軌跡仍不明朗，但我們繼續對經濟前景持謹慎態度，我們正在經營公司，以便在環境進一步惡化的情況下做好充分準備。

Overall, I feel very confident about the state of our client franchise and the long-term opportunity set for Goldman Sachs. As the events of the past quarter is illustrated, we are operating from a position of strength, and we have the people in place around the world to continue serving the broad range of clients' needs with excellence. And while much has transpired since we held our Investor Day at the end of February, we remain focused on our strategy to strengthen our leading global banking and markets franchise and grow our Asset & Wealth Management business, and we are committed to delivering for clients and shareholders.

總的來說，我對我們的客戶特許經營狀況以及高盛的長期機會非常有信心。正如上個季度發生的事件所示，我們的營運實力雄厚，我們的人員遍布世界各地，可以繼續以卓越的方式滿足廣泛的客戶需求。儘管自二月底舉辦投資者日以來發生了很多事情，但我們仍然專注於我們的策略，以加強我們領先的全球銀行和市場特許經營權並發展我們的資產和財富管理業務，我們致力於為客戶和財富管理業務提供服務。

I will now turn it over to Denis to cover our financial results for the quarter in more detail.

我現在將其交給丹尼斯，以更詳細地介紹我們本季的財務表現。

Thank you, David. Good morning. Let's start with our results on Page 1 of the presentation. In the first quarter, we generated net revenues of $12.2 billion and net earnings of $3.2 billion, resulting in earnings per share of $8.79.

謝謝你，大衛。早安.讓我們從簡報第一頁的結果開始。第一季度，我們實現淨收入 122 億美元，淨利 32 億美元，每股收益 8.79 美元。

Turning to performance by segment, starting on Page 3. Global Banking & Markets produced revenues of $8.4 billion in the first quarter, which generated an industry-leading ROE for the segment of 16.6%. Advisory revenues of $818 million were down 27% amid lower industry completions. Underwriting revenues continue to be below recent averages and were lower year-over-year.

轉向按細分市場劃分的業績，從第 3 頁開始。由於行業竣工率下降，諮詢收入 8.18 億美元下降了 27%。承保收入持續低於近期平均水平，且年減。

Despite the difficult backdrop, we were #1 in the league tables for completed M&A and high-yield debt underwriting. We also ranked second for equity and equity-related underwriting. Our backlog fell quarter-on-quarter, primarily in advisory, but we remain cautiously optimistic on the outlook for the second half of the year and 2024, particularly for strategic M&A. We also expect investors will need more certainty before financing markets reopened broadly, but we have seen an increase in underwriting dialogues in the first 2 weeks of the second quarter.

儘管面臨困難的背景，我們在完成的併購和高收益債務承銷方面仍名列第一。我們在股票及股票相關承銷方面也排名第二。我們的積壓訂單環比下降，主要是諮詢方面的，但我們對下半年和 2024 年的前景保持謹慎樂觀，特別是策略併購方面。我們也預計，在融資市場全面重新開放之前，投資者將需要更多確定性，但我們看到第二季前兩週的承銷對話增加。

FICC net revenues were $3.9 billion in the quarter, down 17% as one of our strongest sets of results in rates was more than offset by significantly lower currencies and commodities revenues, which were very strong in the first quarter of 2022. In FICC financing, revenues rose slightly year-over-year.

本季FICC 淨收入為39 億美元，下降17%，因為我們在利率方面取得的最強勁業績之一被貨幣和大宗商品收入大幅下降所抵消，而貨幣和大宗商品收入在2022 年第一季非常強勁。

Equities net revenues were $3 billion in the quarter, down 7% year-on-year. A decline in intermediation revenues was partially offset by record financing revenues of $1.3 billion, with the sequential increase driven by higher activity and increased balances, coupled with improved customer spreads.

該季度股票淨收入為 30 億美元，年減 7%。中介收入的下降被創紀錄的 13 億美元融資收入部分抵消，而環比增長是由活動增加和餘額增加以及客戶利差改善所推動的。

Moving to Asset & Wealth Management on Page 5. Revenues of $3.2 billion rose 24% year-over-year given improved results in equity debt investments and as management and other fees increased 12% year-over-year to a record $2.3 billion. Though underlying trends in the business remain strong, private banking and lending revenues of $354 million fell year-over-year, driven by the partial sale of our Marcus unsecured loan portfolio as well as a transfer of the remaining portfolio to held for sale in line with our strategic decision to narrow our consumer ambitions.

轉向第 5 頁的資產和財富管理。儘管業務的基本趨勢仍然強勁，但私人銀行和貸款收入同比下降 3.54 億美元，原因是我們的 Marcus 無擔保貸款組合的部分出售以及剩餘投資組合的轉讓以待售我們的戰略決策旨在縮小我們的消費者野心。

The associated revenue reduction of $470 million was largely offset by a reserve release of $440 million. Additionally, we benefited from NII and incremental reserve releases associated with paydowns. All in, the Marcus loan portfolio was profitable for the quarter.

相關收入減少 4.7 億美元，在很大程度上被釋放的 4.4 億美元儲備金所抵銷。此外，我們也受惠於國家資訊基礎設施（NII）和與還款相關的增量準備金釋放。總而言之，馬庫斯貸款組合本季實現盈利。

Net revenues for equity investments were $119 million, driven by $229 million in revenues related to CIEs and $85 million of gains related to our $2 billion public portfolio, partially offset by $195 million of net losses on our $12 billion private equity portfolio, primarily within real estate. This quarter, we experienced approximately $355 million of impairments on our CIE portfolio, which are reflected in operating expenses. Debt investments revenues were $408 million, driven by net interest income of $363 million.

股權投資淨收入為1.19 億美元，主要由與CIE 相關的2.29 億美元收入和與我們20 億美元公共投資組合相關的8,500 萬美元收益推動，部分由我們120 億美元私募股權投資組合的1.95 億美元淨損失所抵消，主要是在實際損失中財產。本季度，我們的 CIE 投資組合遭受了約 3.55 億美元的減值，這反映在營運費用中。債務投資收入為 4.08 億美元，主要由淨利息收入 3.63 億美元推動。

Moving on to Page 6. Total firm-wide assets under supervision ended the quarter at a record $2.7 billion driven by $68 billion of market appreciation as well as $8 billion of long-term net inflows, representing our 21st consecutive quarter of long-term fee-based inflows. We also saw meaningful strength in liquidity products, with $49 billion of net inflows from new and existing clients amid the industry-wide flows into money market funds.

轉到第6 頁。個季度保持長期費用基於流入。我們也看到流動性產品顯著增強，在全行業資金流入貨幣市場基金的過程中，新客戶和現有客戶淨流入 490 億美元。

Turning to Page 7 on alternatives. Alternative assets under supervision totaled $268 billion at the end of the first quarter, driving $494 million in managed other fees for the quarter. Gross third-party fundraising was $14 billion, relatively solid given the current environment and bringing total third-party fundraising since our 2020 Investor Day to $193 billion. While we expect the pace of fundraising to slow for the rest of 2023, we continue to feel good about the path forward and remain confident in achieving our 2024 target of $225 billion.

請參閱第 7 頁有關替代方案的內容。截至第一季末，受監管的另類資產總額為 2,680 億美元，帶動本季管理其他費用 4.94 億美元。第三方融資總額為 140 億美元，考慮到當前環境，相對穩定，並使自 2020 年投資者日以來的第三方融資總額達到 1,930 億美元。雖然我們預計 2023 年剩餘時間內籌款步伐將放緩，但我們仍然對前進的道路感到滿意，並對實現 2024 年 2,250 億美元的目標仍然充滿信心。

On-balance sheet, alternative investments totaled approximately $57 billion, of which $27 billion was related to our historical principal investment portfolio. Despite the challenging environment, we reduced these on-balance sheet historical investments by $2.3 billion in the quarter. We are committed to our strategy to reduce balance sheet density, including reducing historical principal investment portfolio to less than $15 billion by 2024 year-end.

在資產負債表上，另類投資總額約 570 億美元，其中 270 億美元與我們的歷史主要投資組合相關。儘管環境充滿挑戰，我們本季仍將資產負債表內的歷史投資減少了 23 億美元。我們致力於實施降低資產負債表密度的策略，包括到 2024 年底將歷史本金投資組合減少至 150 億美元以下。

I'll now turn to Platform Solutions on Page 8. Revenues of $564 million more than doubled year-over-year, driven by growth in loan balances and consumer platforms. This week, we announced the launch of a savings account for Apple card users. We are excited to deepen our partnership with Apple through this additional offering and to introduce another source of deposit funding for the firm.

我現在將轉向第 8 頁的平台解決方案。本週，我們宣佈為 Apple 卡用戶推出儲蓄帳戶。我們很高興透過此次額外發行加深與蘋果的合作關係，並為該公司引入另一個存款資金來源。

In transaction banking, deposit balances ended the quarter slightly higher versus year-end. While revenues of $74 million were modestly lower quarter-over-quarter amid higher deposit costs. As we spoke about at our Investor Day in February, we're focused on further scaling this business with new clients and deepening our relationships with existing clients as we aspire to become their primary service provider. In this regard, we continue to see positive momentum on the platform as our client count grew by approximately 20% in the first quarter.

在交易銀行業務方面，本季末的存款餘額較年末略有上升。由於存款成本上升，營收為 7,400 萬美元，較上季略有下降。正如我們在二月的投資者日所談到的，我們致力於進一步擴大與新客戶的業務，並加深與現有客戶的關係，因為我們渴望成為他們的主要服務提供者。在這方面，我們繼續看到該平台的積極勢頭，第一季我們的客戶數量增加了約 20%。

On Page 9, firm-wide net interest income of $1.8 billion in the first quarter was down 14% relative to the fourth quarter, driven by increased funding costs supporting trading activities within Global Banking & Markets.

在第 9 頁，由於支持全球銀行和市場交易活動的融資成本增加，第一季全公司淨利息收入為 18 億美元，較第四季下降 14%。

Our total loan portfolio at quarter end was $178 billion, essentially unchanged versus the fourth quarter. Provision for credit losses reflected a net benefit of $171 million, including the previously mentioned reserve release associated with the Marcus unsecured lending portfolio and model updates, which were only partially offset by roughly $245 million in consumer net charge-offs.

截至季末，我們的貸款組合總額為 1,780 億美元，與第四季基本持平。信貸損失準備金反映了 1.71 億美元的淨收益，包括先前提到的與 Marcus 無擔保貸款投資組合和模型更新相關的準備金釋放，但僅被約 2.45 億美元的消費者淨沖銷部分抵消。

Spending a moment on our commercial real estate lending portfolio. As of quarter end, we had $29 billion of funded CRE loans. This portfolio is diversified by property type and includes $10 [billion] of exposure in the form of conservatively structured warehouse lending with typical LTVs of approximately 50%.

花點時間了解我們的商業房地產貸款組合。截至季末，我們擁有 290 億美元的 CRE 貸款。該投資組合按房地產類型進行多元化，包括以結構保守的倉庫貸款形式提供的 100 億美元風險敞口，典型的 LTV 約為 50%。

Turning to expenses on Page 10. Total quarterly operating expenses were $8.4 billion. Our compensation ratio for the quarter net of provisions was 33%. Quarterly non-compensation expenses were $4.3 billion, essentially unchanged versus the fourth quarter, but up versus last year. The majority of the year-over-year increase was driven by the aforementioned CIE impairments as well as expenses related to NNIP. Our effective tax rate for the quarter was 19%. For the full year, we expect the tax rate between 21% and 22%.

轉向第 10 頁的支出。我們本季扣除撥備後的薪資率為 33%。季度非薪酬支出為 43 億美元，與第四季基本持平，但與去年同期相比有所上升。同比成長的大部分是由上述 CIE 減損以及與 NNIP 相關的費用所推動的。我們本季的有效稅率為 19%。我們預計全年稅率在21%至22%之間。

Turning to capital on Slide 11. Our common equity Tier 1 ratio was 14.8% at the end of the first quarter under the standardized approach, 100 basis points above our current requirement and at the top end of our management buffer. In the quarter, we've returned $3.4 billion to shareholders including common stock repurchases of over $2.5 billion and common stock dividends of roughly $870 million.

轉向投影片 11 上的資本。本季度，我們向股東返還了 34 億美元，其中包括超過 25 億美元的普通股回購和約 8.7 億美元的普通股股息。

While we expect to continue to focus on sustainably growing our dividend, we would note that repurchases in any given quarter will vary. Though we find our stock price attractive at current levels in light of the current environment, we expect to moderate our repurchase levels in the second quarter relative to the first quarter.

雖然我們預計將繼續專注於可持續增加股息，但我們注意到任何特定季度的回購都會有所不同。儘管我們發現，鑑於當前環境，我們的股價在當前水準上具有吸引力，但我們預計第二季的回購水準將較第一季有所下降。

In conclusion, our first quarter results were solid in the context of a volatile environment. Our robust financial position allowed us to focus on serving our clients and helping them navigate this period of market disruption. Across our leading businesses in Global Banking & Markets, and Asset & Wealth Management, we remain well positioned to continue to support our clients and execute on our strategic priorities.

總之，在動盪的環境中，我們第一季的業績表現穩健。我們穩健的財務狀況使我們能夠專注於為客戶提供服務並幫助他們度過這段市場混亂的時期。在我們全球銀行和市場以及資產和財富管理領域的領先業務中，我們仍然處於有利位置，可以繼續支持我們的客戶並執行我們的策略重點。

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

現在，我們將開放提問熱線。

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

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

Curious, you mentioned being optimistic about M&A in the back half, particularly on the strategic side. I'm curious what and how you -- what you're seeing that gives you that confidence? Obviously, it must be conversations. And then what about the sponsor community?

好奇，您提到對下半年的併購持樂觀態度，特別是在策略方面。我很好奇你所看到的是什麼以及如何帶給你信心？顯然，這一定是對話。那麼贊助商社群又如何呢？

Yes. Thanks, Glenn. And so, I appreciate the question. And you're right. It has to do with dialogues and things that we can see. I'd say as we came into the new year, there's no question, dialogues have picked up. There's no question. And I always talk about this when we talk about it broadly, confidence affects the ability for people to move forward and be active in the M&A market. And certainly, what's going on over the course of the last 4 weeks has slowed down some of the dialogues.

是的。謝謝，格倫。所以，我很欣賞這個問題。你是對的。它與對話和我們能看到的東西有關。我想說，當我們進入新的一年時，毫無疑問，對話已經開始。毫無疑問。當我們廣泛地談論它時，我總是談論這一點，信心影響人們在併購市場中前進和活躍的能力。當然，過去 4 週發生的事情已經放慢了一些對話的速度。

But when you think about big strategic activity, I think most big companies continue to operate from a position where they're trying to make sure they have the scale and the strength competitively to advance their strategies. And so those strategic dialogues are quite active. And if you actually look over the course of the last week or 2 weeks, there have been a handful of deals that have been announced that highlight that.

但當你考慮大型策略活動時，我認為大多數大公司繼續在努力確保自己擁有規模和競爭實力來推進其策略的立場上運作。所以這些戰略對話非常活躍。如果你仔細觀察過去一周或兩週的情況，你會發現已經宣布的一些交易凸顯了這一點。

We're seeing more dialogue like that. And so we're hopeful that more of that will come to fruition. I just think that's a steady part of the diet the companies need to continue to execute on to improve the strategic position.

我們看到更多這樣的對話。因此，我們希望更多的努力能夠取得成果。我只是認為這是公司需要繼續執行以提高戰略地位的飲食的穩定組成部分。

Now with respect to financial sponsors, we're still going through a reset. I'm encouraged by the fact in the quarter, we saw 1 or 2 deals where, were kind of the bid offer between the value that the financial sponsor could achieve and the financing price came to meet. There was a good data point and a sell down of the legacy deal in the market. But I would say the financial sponsor activity is still muted, and there's more upside as the reset on both value and financing cost continues.

現在，關於財務贊助商，我們仍在經歷重置。我對本季的事實感到鼓舞，我們看到一兩筆交易，其中，是財務贊助商可以實現的價值與融資價格之間的出價。市場上有一個很好的數據點和舊交易的拋售。但我想說的是，金融贊助商的活動仍然很冷淡，而且隨著價值和融資成本的持續重置，還有更多的上行空間。

I think we're going to get there. I'd expect more in the second half of the year unless it was a really strong -- a much more pronounced economic disruption because it just takes time for people to reset. We've now kind of gone through 5 quarters of reset. And so generally speaking, historically, you kind of see these things turn on after 4 to 6 quarters. So I would just expect more of a base level of activity from what's been very, very muted.

我想我們會成功的。我預計下半年會出現更多情況，除非它真的很強勁——一種更明顯的經濟破壞，因為人們需要時間來重新調整。我們現在已經經歷了 5 個季度的重置。所以一般來說，從歷史上看，你會看到這些事情在 4 到 6 個季度後開始發生。因此，我只是期望從非常非常平靜的情況中獲得更多的基本水平的活動。

Appreciate that. And building on that, your comment about companies wanting to build on their strategic position. Maybe we could talk a little bit about your transaction banking platform because it's still growing. I'm just curious on the March events that we saw, did it cause any rethinking or maybe encouragement in terms of the direction of what you're doing with transaction banking and taking on those deposits? And did you notice any -- was there any noticeable behavior of how those deposits acted during the March crisis?

很欣賞這一點。在此基礎上，您對希望鞏固其策略地位的公司的評論。也許我們可以談談您的交易銀行平台，因為它仍在成長。我只是對我們看到的三月事件感到好奇，這是否引起了您對交易銀行業務和吸收這些存款的方向的重新思考或鼓勵？您是否注意到這些存款在三月危機期間的表現是否有任何明顯的行為？

Glenn, it's Denis. Thanks for the question. I'd say that our conviction around the transaction banking business remains very, very strong. I think what we were able to observe in the first quarter, I highlighted in my script and is something that we are focused on strategically is we grew the client count by about 20% in the quarter, which is a similar amount to all of last year. And we're very, very focused on continuing to improve our position with our clients, offer them more and more services and grow this business steadily over the long term to create value.

格倫，我是丹尼斯。謝謝你的提問。我想說，我們對交易銀行業務的信念仍然非常非常堅定。我認為我們在第一季能夠觀察到的情況，我在腳本中強調了這一點，也是我們戰略上重點關注的事情，即我們在本季度的客戶數量增長了約20%，這與上一季度的客戶數量類似。我們非常非常專注於繼續提高我們在客戶中的地位，為他們提供越來越多的服務，並長期穩定發展這項業務以創造價值。

I think in terms of how the deposits themselves performed over the course of the quarter, they were in line with our expectations. And as we indicated, they ended on a quarter-over-quarter basis, up just about $1 billion.

我認為就存款本身在本季的表現而言，它們符合我們的預期。正如我們所指出的，它們最終環比增長了約 10 億美元。

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

我們將回答美國銀行易卜拉欣·普納瓦拉 (Ebrahim Poonawala) 提出的下一個問題。

I guess two questions. One, David, you referred to the hyper volatility in the rates market. But would appreciate if you can address just fixed income trading, what happened there this quarter. Clearly, there was some lag performance versus peers. To the extent you can just give us a flavor of what happened in your expectations around how things evolve from here, how clients macro funds holding up in face of this volatility?

我猜有兩個問題。一，大衛，您提到了利率市場的極度波動。但如果您能僅解決本季發生的固定收益交易問題，我將不勝感激。顯然，與同行相比，其表現存在一些滯後。您能否讓我們大致了解您對事情如何演變的預期，客戶的宏觀基金在面對這種波動時如何保持穩定？

Yes. So I appreciate the question. I mean, it's been interesting -- this morning just watching what I'd highlight is, I think we had a very solid quarter in FICC. We had nearly $4 billion quarter. And just to put that in perspective, I think that's a top best FICC quarter for that. I think we've had -- I think it was the 8th best FICC quarter on record. I think we've had 96 quarters. So it was a solid performance. And just the headline number of $4 billion, the way we look at it, that's a very solid FICC quarter.

是的。所以我很欣賞這個問題。我的意思是，這很有趣——今天早上我要強調的是，我認為我們的 FICC 季度表現非常穩定。我們的季度營收接近 40 億美元。從長遠來看，我認為這是 FICC 最好的季度。我認為這是有史以​​來第八個最佳 FICC 季度。我想我們已經過了 96 個季度了。所以這是一場紮實的表演。從我們的角度來看，僅 40 億美元的總體數字就是一個非常穩定的 FICC 季度。

It was certainly a quarter there was volatility in client activity throughout the quarter. And I think we were well positioned to serve our clients and served our clients well. And some of the noise that I see just in the early morning release, our FICC business was down versus the first quarter of last year by 17%. But in the first quarter of last year, we had significant outperformance. If I remember correctly, our FICC revenues in the first quarter of last year were up year-over-year 21% when the competitor average was kind of flat or down.

整個季度客戶活動肯定存在波動。我認為我們有能力為我們的客戶提供服務，並且為我們的客戶提供了良好的服務。我在早晨發布的消息中看到，我們的 FICC 業務與去年第一季相比下降了 17%。但去年第一季度，我們的表現顯著優於其他公司。如果我沒記錯的話，去年第一季我們的 FICC 營收年增了 21%，而競爭對手的平均營收則持平或下降。

And you can go look at that from a base perspective. We had much more significant outperformance in the first quarter of 2022 because of our commodities business and the breadth of our commodities business. So if you remember back in the first quarter of 2022, the war with Ukraine started, it was more volatility in commodities and clients were very active in commodities. And so it was an outsized quarter in commodities in the first quarter of 2022.

你可以從基本的角度來看這個問題。由於我們的大宗商品業務以及大宗商品業務的廣度，我們在 2022 年第一季的業績表現更為顯著。因此，如果您還記得 2022 年第一季度，與烏克蘭的戰爭爆發，大宗商品波動更大，客戶對大宗商品非常活躍。因此，2022 年第一季大宗商品的季度規模過大。

But overall, I think FICC performance in the quarter was strong. We were there to serve our clients. And by any standards, it was a good quarter. I think given the environment that we're operating in, I would expect activity to continue to be active with our clients. It's certainly an uncertain period of time, and there's a lot of movement in positioning. And so we're finding our clients active at the moment.

但總體而言，我認為本季的 FICC 表現強勁。我們在那裡為我們的客戶提供服務。無論以何種標準衡量，這都是一個不錯的季度。我認為考慮到我們所處的營運環境，我預計我們的客戶活動將繼續活躍。這當然是一段不確定的時期，定位上也有很多變動。因此，我們發現我們的客戶目前很活躍。

Got it. And then just separately, I guess, a big focus post Investor Day was picking up based on asset sales. How does the environment over the last month influenced that? Equity markets obviously held up pretty well ex the financials. So given the sense of just asset sale pace of that, how you're thinking about that? And any change today versus Investor Day? And how does that translate into pace of buybacks maybe in the back half of the year?

知道了。然後，我想，投資者日後的一個主要焦點是基於資產銷售。上個月的環境對此有何影響？除金融市場外，股票市場顯然表現良好。因此，考慮到資產出售速度，您對此有何看法？今天與投資者日相比有什麼變化嗎？這如何轉化為今年下半年的回購步伐？

Yes. So we commented in the script about the fact that we made more progress on the disposition of our historical principal investments, and we highlighted that we reduced them from just under $30 billion to just over $27 billion during the quarter. Then it's also highlighted in the script that we feel on track to get to the $15 billion target number that we laid out over the course of the next 24 months. We feel good about that progress, and we're going to continue to move to reduce that to zero over time.

是的。因此，我們在腳本中評論了我們在歷史主要投資的處置方面取得了更多進展的事實，並強調我們在本季度將其從略低於 300 億美元減少到略高於 270 億美元。然後，劇本中也強調，我們感覺有望在未來 24 個月內實現我們所製定的 150 億美元的目標數字。我們對這一進展感到滿意，隨著時間的推移，我們將繼續努力將其減少到零。

There are a lot of positions. There's no question when there are market headwinds. Some of that might go a little bit slower, but we're on pace with what we're trying to do and are committed to it. And obviously, we see a big change in that business as we grow management fees and we take the legacy investments out the volatility in that business, we believe, will change meaningfully.

有很多職位。毫無疑問，當市場出現逆風時。其中一些可能會慢一些，但我們正在與我們正在努力做的事情保持同步並致力於它。顯然，隨著管理費用的增加，我們看到該業務發生了巨大變化，並且我們將遺留投資消除了該業務的波動性，我們相信，這將發生有意義的變化。

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

我們將回答來自自主研究公司克里斯蒂安·博盧的下一個問題。

Just to follow-up on the question on the markets business. Market did feel like a very tough month for some of your institutional clients, particularly -- so hedge fund closures, we heard of deleveraging. So how does that inform your view of the outlook for the trading businesses and your market share, particularly given, I guess, Goldman's exposure to the hedge fund community?

只是為了跟進市場業務的問題。對一些機構客戶來說，市場確實感覺是非常艱難的一個月，尤其是對沖基金關閉，我們聽說了去槓桿化。那麼，這如何影響您對交易業務前景和市場份額的看法，特別是考慮到高盛在對沖基金界的風險敞口？

So I appreciate that question. We're obviously very focused on share and our share gains. We do participate with the hedge fund community. But when you look at our big competitors, they participate very actively with the hedge fund community, too.

所以我很欣賞這個問題。顯然，我們非常關注份額和份額收益。我們確實參與對沖基金界的活動。但當你看看我們的大競爭對手時，他們也非常積極地參與對沖基金界。

We also are very significant with the broad institutional community. As I said just in the previous question, our clients are active at the moment because there's a lot going on. We're very focused on our market share. As we said in our Investor Day, we laid out more metrics and more of a focus on continuing to look at where we can advance our position with the top 100 clients that we deal with in our markets business. We continue to be optimistic about our share position, our overall ability to serve our clients. And we do think in this environment, clients will continue to be active.

我們對廣泛的機構群體也非常重要。正如我在上一個問題中所說，我們的客戶目前很活躍，因為發生了很多事情。我們非常注重我們的市場佔有率。正如我們在投資者日所說，我們制定了更多指標，並更加重視繼續尋找可以在市場業務中與我們打交道的前 100 家客戶中提升我們的地位。我們繼續對我們的股票地位以及我們服務客戶的整體能力持樂觀態度。我們確實認為在這種環境下，客戶將繼續活躍。

Great. And then maybe a question on capital return. Can you just clarify why you are slowing buybacks? Your capital ratios seem very healthy, to your point that the stock is attractive at this level. So I'm not sure that I get it. And then any comments on your appetite for strategic acquisitions here? There's been a lot of stress in the wealth management space, which is a space I know you guys are interested in. So curious here, if you're conserving capital to go on the offense.

偉大的。然後可能是關於資本回報的問題。您能否解釋為什麼要放慢回購速度？您的資本比率似乎非常健康，就您的觀點而言，該股票在這個水平上具有吸引力。所以我不確定我是否明白。那麼您對這裡的策略性收購有何評論？財富管理領域面臨很大的壓力，我知道你們對這個領域很感興趣。

Sure. Christian, it's Denis. Thank you for the question around capital. And obviously, in this case, appreciating the starting point in Q1, where we significantly increased the amount of buyback activity in Q1. We remain very committed to return of capital to shareholders, committed to sustainably growing our dividend, committing to the overall capital return profile. But we're also observing opportunities to deploy into the franchise on behalf of clients.

當然。克里斯蒂安，我是丹尼斯。謝謝你關於資本的問題。顯然，在這種情況下，我們很欣賞第一季的起點，我們在第一季大幅增加了回購活動的數量。我們仍然非常致力於向股東回報資本，致力於可持續增加我們的股息，並致力於整體資本回報狀況。但我們也在觀察代表客戶部署特許經營的機會。

And there are elements of uncertainty in the overall macroeconomic environment. And so our expectations is that buyback activity will be moderated, but we'll monitor that over the course of the quarter. As you say, we do like the stock price and remain committed to return of capital to shareholders.

整體宏觀經濟環境仍存在不確定因素。因此，我們的預期是回購活動將會放緩，但我們將在本季進行監控。正如你所說，我們確實喜歡股價，並繼續致力於向股東返還資本。

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

我們將回答 Wolfe Research 的 Steven Chubak 提出的下一個問題。

So I wanted to start off with a question on Platform Solutions. The business saw a step up in expense. I just wanted to understand how we should be thinking about the trajectory for expenses in the segment.

所以我想從一個關於平台解決方案的問題開始。該業務的費用有所增加。我只是想了解我們應該如何考慮該細分市場的支出軌跡。

And similarly, for provision going forward, just following this quarter's significant reserve release, we know you had accrued reserves pretty conservatively for that segment, but the top line momentum is good. Would just be helpful to get some perspective on how we should think about both the expense as well as the credit trajectory from here?

同樣，對於未來的準備金，就在本季度大幅準備金釋放之後，我們知道您對該細分市場的準備金積累相當保守，但營收勢頭良好。從這裡開始我們應該如何考慮費用和信用軌跡是否會有所幫助？

Sure. Thanks. In terms of the overall trajectory for the segment, I think we have to step back. Our #1 focus is driving towards profitability. We also mentioned that we look to continue to improve the efficiency ratio. That's certainly over the course of a period of time. Maybe not every given quarter, but we remain committed to what we outlined. As you say, we've seen good top line performance of the business.

當然。謝謝。就該細分市場的整體軌跡而言，我認為我們必須退後一步。我們的第一個重點是推動獲利。我們也提到我們希望繼續提高效率比。這肯定是在一段時間內發生的。也許不是每個季度，但我們仍然致力於我們所概述的內容。正如您所說，我們看到了該業務良好的營收表現。

And in the reserve release was a function of owning our point-of-sale business for some period of time, been able to observe it, take in more data and GreenSky is actually performing better than we had modeled. And so that was a contributor to the reserve release in the segment.

在儲備版本中，我們擁有銷售點業務一段時間，能夠觀察它，獲取更多數據，GreenSky 的表現實際上比我們建模的更好。因此，這是該領域儲備釋放的貢獻者。

As we think about it on a go-forward basis is obviously going to be a function of origination activities across the platform. We now have a reserve level of roughly 13% in the consumer space. So that can give you a sense of how to model provisions based on forward origination activity.

正如我們在未來的基礎上所思考的那樣，顯然這將是整個平台發起活動的函數。我們現在在消費領域的儲備水準約為 13%。這樣您就可以了解如何根據前向發起活動對條款進行建模。

That's great, Denis. And just for my follow-up on expense and maybe more like a ticky tack modeling question. The expenses were a bit higher than expectations, but I recall you noted at Investor Day the need to absorb some severance charges. You also had some pretty outsized impairments related to CIE portfolio. I was hoping you can maybe help us quantify the level of one-timers in the expense base this quarter just as we think about benchmarking versus some of your longer-term efficiency targets.

太棒了，丹尼斯。只是為了我對費用的跟進，也許更像是一個棘手的策略建模問題。費用比預期高一點，但我記得您在投資者日指出需要吸收一些遣散費。您還存在一些與 CIE 投資組合相關的相當大的減值。我希望您能幫助我們量化本季費用基礎中的一次性水平，就像我們考慮基準測試與您的一些長期效率目標一樣。

So let me take that in pieces. In terms of -- on the compensation expense, any charges associated with severance and some of the actions that we took in the first quarter are included within our overall comp accrual, which is at 30% -- 33% of our revenue is net of provisions. That's embedded inside of that number.

讓我把它分成幾個部分。就補償費用而言，與遣散費相關的任何費用以及我們在第一季採取的一些行動都包含在我們的總體應計費用中，占我們收入的 30% - 33% 是淨收入的規定。這是嵌入在該數字內的。

In terms of the change in non-compensation expenses, they were flat on a quarter-over-quarter basis, but did include, as you know, $355 million of CIE impairments. And so we thought it was important to call that out. And that also explains a bunch of the year-over-year delta between Q1 '22 and Q1 '23, that together with full quarter impacted NNIP helps explain the delta in that line for the first quarter of this year.

就非薪酬支出的變化而言，環比持平，但如您所知，確實包括 3.55 億美元的 CIE 減值。因此我們認為指出這一點很重要。這也解釋了 22 年第一季和 23 年第一季之間的一系列同比增量，再加上受整個季度影響的 NNIP 有助於解釋今年第一季該行的增量。

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

我們將回答摩根士丹利的貝特西·格拉塞克 (Betsy Graseck) 提出的下一個問題。

So just a couple of quick questions here. One, on the consumer repositioning that you talked about today with the Marcus loan sales and with your comments around GreenSky, would you say that as those are done and dusted, that would be it for the consumer repositioning?

這裡只有幾個簡單的問題。第一，關於您今天在馬庫斯貸款銷售中談到的消費者重新定位以及您對 GreenSky 的評論，您是否會說，當這些完成並除塵後，消費者重新定位就到此為止了？

I think, Betsy, what we said clearly is we're narrowing the focus. We continue to be focused on our deposit platform and our credit card platform. I do think there are opportunities for us to do other interesting things strategically and how we think about operating it. But we're going to continue to examine all the things that we can do to make that as successful as possible.

我認為，貝特西，我們明確表示我們正在縮小焦點。我們繼續專注於我們的存款平台和信用卡平台。我確實認為我們有機會策略性地做其他有趣的事情以及我們如何思考如何運作它。但我們將繼續研究我們可以做的所有事情，以使其盡可能成功。

As I just highlighted, we don't think we're necessarily the best owner of GreenSky. So we're taking action on that, and then we'll continue to move forward to bring the consumer platform -- the card platforms to profitability.

正如我剛才強調的，我們並不認為我們一定是 GreenSky 的最佳所有者。因此，我們正在對此採取行動，然後我們將繼續前進，使消費者平台——卡片平台獲利。

And so there's some nice capital release that comes from that. How should we anticipate you're going to be utilizing that as we look forward here?

因此，這會帶來一些不錯的資本釋放。當我們在這裡期待時，我們應該如何預期您將使用它？

So as we see the capital release from some of those activities, that just gives us incremental flexibility with respect to how we ultimately deploy that either back in the franchise and/or returning that capital back to shareholders.

因此，當我們看到其中一些活動釋放資本時，這給我們帶來了更大的靈活性，讓我們最終可以將其部署回特許經營權和/或將資本返還給股東。

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

我們將回答富國銀行麥克梅奧的下一個問題。

Just a little bit more on the consumer repositioning strategy. How much in the Marcus loans, I think there were $4.5 billion at year-end, did you sell? And what do you intend to do with the rest?

關於消費者重新定位策略的更多內容。馬庫斯貸款中有多少，我想年底有 45 億美元，你賣掉了多少？剩下的你打算做什麼？

So we sold about $1 billion of the Marcus loans and the balance has been moved to held for sale, and so we'll be looking at moving down that position over time.

因此，我們出售了大約 10 億美元的馬庫斯貸款，餘額已轉為持有待售，因此我們將考慮隨著時間的推移降低該地位。

And so the marks that you took on these loans, what -- and what -- how much of those marks were in the $4.5 billion was, on a subset or the entire portfolio?

那麼，您在這些貸款上所承擔的標記，在 45 億美元中，這些標記中有多少是在子集或整個投資組合中？

So we marked the entire -- we sold a portion of the portfolio, and then we marked the balance to market. And you'll see that reflected in the $470 million number moving through net revenues. And our reserve release was $440 million.

因此，我們對整個投資組合進行了標記，我們出售了投資組合的一部分，然後將餘額標記為市場。您將看到這一點反映在 4.7 億美元的淨收入中。我們的儲備金發放金額為 4.4 億美元。

If you think about the portfolio overall for the quarter, we generated incremental NII, and we had other net paydowns. So for the whole quarter, we generated revenues north of $150 million and it was profitable for the quarter. As we move forward into -- into the second quarter, we'll continue to generate net interest income on that portfolio and move down the balance to those exposures.

如果您考慮本季的整體投資組合，我們會產生增量 NII，我們還有其他淨付款。因此，整個季度我們的營收超過 1.5 億美元，並且該季度實現盈利。隨著我們進入第二季度，我們將繼續在該投資組合中產生淨利息收入，並將餘額減少到這些風險敞口。

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

我們將回答瑞銀集團 (UBS) 的布倫南‧霍肯 (Brennan Hawken) 提出的下一個問題。

I'd like to follow up first, on a question that Glenn asked about the transactional banking. In the past, in conversations, I believe that you've indicated that a lot of the competitors are the regional banks there. So I want to confirm that that's the case. And then given some of the stress that we've seen and concerns around some of those providers, how are you adjusting your strategy in order to continue to build on the momentum that you seem to have shown here in the first quarter? And if we see that continued stress, would you pursue inorganic venues to add scale or capabilities?

我想先跟進格倫提出的有關交易銀行業務的問題。在過去的談話中，我相信你已經表示很多競爭對手是那裡的區域銀行。所以我想確認一下情況確實如此。然後，考慮到我們所看到的一些壓力和對其中一些提供者的擔憂，您如何調整您的策略，以繼續鞏固您在第一季表現出的勢頭？如果我們看到持續的壓力，您會尋求無機場所來擴大規模或能力嗎？

Yes. So I appreciate the question, Brennan. We think in Transaction Banking, we have a very good platform and a very good product. And the feedback that we're getting from clients about the product offering, how it works, what it allows corporate treasuries and CFOs to do is very positive.

是的。所以我很欣賞這個問題，布倫南。我們認為在交易銀行業務方面，我們擁有非常好的平台和非常好的產品。我們從客戶那裡得到的關於產品供應、產品運作方式、企業財務部門和財務長可以做什麼的回饋都是非常正面的。

It's obviously attractive for us to take deposits. We want deposits that are stickier and as here because people are operating on our platform. And so we're working hard to make sure, as we're adding clients, we're bringing the value that attaches the technology to what they're doing in a way that grows that platform.

吸收存款對我們來說顯然很有吸引力。我們希望存款更具黏性，就像這裡一樣，因為人們在我們的平台上操作。因此，我們正在努力確保，當我們增加客戶時，我們將把技術附加到他們正在做的事情上，以發展該平台的方式帶來價值。

We are seeing positive results. But this takes time. These are long-cycle decisions. They're not day-to-day decisions on short-term trades. As Denis highlighted, we had good momentum in terms of customer count where people added themselves to our platform. And so we're going to continue to focus on that.

我們正在看到積極的成果。但這需要時間。這些都是長週期的決策。它們不是短期交易的日常決策。正如丹尼斯所強調的那樣，我們在客戶數量方面表現良好，人們將自己加入我們的平台。因此我們將繼續關注這一點。

I do think, given the size and the strength of Goldman Sachs, as a G-SIB and the way we're positioned, we're well positioned to compete with our clients for this business, coupled with the fact that we have an excellent product offering. So we are going to stay focused on that. And we expect the business to grow over time.

我確實認為，考慮到高盛作為 G-SIB 的規模和實力以及我們的定位方式，我們完全有能力在這項業務上與我們的客戶競爭，而且我們擁有出色的產品供應。所以我們將繼續關注這一點。我們預計業務會隨著時間的推移而成長。

Great. Appreciate it. And then for my follow-up, you all just announced this morning the new deposit arrangement with Apple. And the yield on that is pretty close to Marcus, a little above. How should we think about the economics of that Apple relationship and the deposits specifically? And then how do you manage potential risk for cannibalization with your own Marcus offering?

偉大的。欣賞它。我的後續行動是，你們今天早上剛宣布了與蘋果公司的新存款安排。其收益率與馬庫斯非常接近，略高一些。我們該如何考慮與蘋果的關係以及具體存款的經濟意義？那麼，您該如何管理自己的 Marcus 產品被蠶食的潛在風險呢？

So, obviously, this is something that we launched yesterday that gives us another deposit channel. It's the opportunity for somebody who's a credit cardholder to put a deposit on. We've obviously looked very closely at the overlap between who holds credit cards and who holds -- who has a Marcus deposit and that overlap is small, but we'll obviously watch closely to see whether or not there's any cannibalization. But this is a way for us to try to open up another deposit channel and it's always good for us to broaden our deposit base. And so this is small at the moment, and we'll watch it carefully, but I think it's an interesting opportunity for the firm.

因此，顯然，我們昨天推出的產品為我們提供了另一個存款管道。這是信用卡持卡人存款的機會。顯然，我們已經非常仔細地觀察了誰持有信用卡和誰擁有馬庫斯存款之間的重疊，並且重疊很小，但我們顯然會密切關注是否存在任何蠶食。但這是我們嘗試開闢另一個存款管道的一種方式，這對我們擴大存款基礎總是有好處的。所以目前這個規模很小，我們會仔細觀察，但我認為這對公司來說是一個有趣的機會。

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

我們將回答 JMP 證券的 Devin Ryan 的下一個問題。

I want to touch on the equity financing strength in the quarter. I know you kind of highlighted spreads and customer activity, but also appreciate this is an area of focus for the firm bigger picture. So just love to think about kind of where we're jumping off of into the second quarter and whether the first quarter benefited from the market stress and that maybe you do syncretic things that happened during the quarter or if this is actually a reasonable kind of jumping off point and just maybe a better outlook for that business for the rest of the year?

我想談談本季的股權融資實力。我知道您強調了點差和客戶活動，但也欣賞這是公司大局的重點領域。因此，只是喜歡思考我們從哪裡開始進入第二季度，以及第一季度是否從市場壓力中受益，也許你在本季度發生了一些融合的事情，或者這實際上是一種合理的情況起點以及今年剩餘時間該業務的前景可能會更好？

Sure. I appreciate that question. I'll give you some context to help you understand sort of the sequential activity and the direction. So our overall balances were a lot lower into the end of last year based on overall market levels and also as we reduced our footprint. And so as we came into the first quarter, we were able to re-expand the capacity, clients engage with us. We saw an increase in balances, increase in client activities, increase in customer spreads.

當然。我很欣賞這個問題。我將為您提供一些背景信息，以幫助您理解順序活動和方向。因此，根據整體市場水準以及我們減少的足跡，到去年年底，我們的整體餘額要低得多。因此，當我們進入第一季時，我們能夠重新擴大產能，客戶與我們互動。我們看到餘額增加、客戶活動增加、客戶利差增加。

We've had in place for some time, a strategy to identify new types of clients that could come on to the platform and engage with us. And so I'd say that we're working sort of full speed ahead on that. We continue to be very, very focused on this as one of the key priorities within the Global Banking & Markets business.

一段時間以來，我們一直在製定一項策略來識別可以進入該平台並與我們互動的新型客戶。所以我想說我們正在全速前進。我們將繼續非常非常關注這一點，將其作為全球銀行與市場業務的關鍵優先事項之一。

Okay. Just a bigger picture of follow-up here. So it feels like Goldman generally takes market share during periods of stress. And so we just went through a pretty extreme period of stress in banking system and maybe we're getting on the other side of it, but perhaps not. And so with Credit Suisse now forcing an acquisition and capital likely becoming tighter in the banking system more broadly, are there new areas of maybe opportunity for Goldman to take market share just in terms of where you're going to lean in with your balance sheet as you've done in the past? How should we think about maybe a couple of the top areas where you feel like you can maybe incrementally take market share just as a result of what happened over the last month or so?

好的。這裡只是後續的更大圖片。因此，感覺高盛通常會在壓力時期佔據市場。因此，我們剛剛經歷了銀行體系一段相當極端的壓力時期，也許我們正在擺脫困境，但也許不會。因此，隨著瑞士信貸現在強制進行收購，而且銀行體系的資本可能會在更廣泛的範圍內變得更加緊張，高盛是否有機會在新的領域奪取市場份額，就資產負債表的傾斜而言就像你過去所做的那樣？我們應該如何考慮一些您認為由於過去一個月左右發生的事情而可以逐步佔據市場份額的重要領域？

Well, I think our core banking and markets franchise is incredibly well positioned. You can see the performance this quarter. I certainly wouldn't call it a top quartile for investment banking, traditional capital markets, IPOs, M&A activity. But with a 16.7% ROE in our Banking & Market segment, I think it's performing well. We have the breadth, the footprint, the global franchise, I think, to continue to strengthen our share.

嗯，我認為我們的核心銀行業務和市場專營權處於非常有利的位置。你可以看到這個季度的表現。我當然不會稱之為投資銀行、傳統資本市場、首次公開募股、併購活動的前四分之一。但我們的銀行與市場部門的 ROE 為 16.7%，我認為它表現良好。我認為，我們擁有足夠的廣度、足跡和全球特許經營權，可以繼續增強我們的份額。

And as I commented a little bit earlier, we continue to be focused on looking at our performance on the top 100, now expanded to top 150 clients and making sure that we're moving up and capturing share and serving them well.

正如我之前評論的那樣，我們繼續專注於關注前 100 名客戶的表現，現在已擴展到前 150 名客戶，並確保我們不斷提升並贏得份額並為他們提供良好的服務。

I do think, given some of the things that have gone on, there are other opportunities. I think one of the interesting opportunities is the private wealth opportunity over in Europe. We see lots of customers that had, had accounts at both large Swiss institutions with a consolidation. We're certainly seeing opportunities in our private wealth business as people want to diversify the private wealth relationships we have. And so that's an area, for sure, that we're focused on.

我確實認為，考慮到已經發生的一些事情，還有其他機會。我認為有趣的機會之一是歐洲的私人財富機會。我們看到很多客戶在兩家大型瑞士機構都擁有帳戶並進行了整合。我們當然在私人財富業務中看到了機遇，因為人們希望使我們擁有的私人財富關係多樣化。所以這肯定是我們關注的領域。

So we continue to look across both Global Banking & Markets and also Asset & Wealth Management for opportunities that we can strengthen our position, and we think both franchises are very well positioned.

因此，我們繼續在全球銀行和市場以及資產和財富管理領域尋找可以加強我們地位的機會，我們認為這兩個特許經營業務都處於非常有利的位置。

We'll go next to Dan Fannon with Jefferies.

接下來我們將與傑弗里斯一起前往丹·範農 (Dan Fannon)。

I wanted to follow-up on the third-party fundraising. You have another great quarter, but certainly highlighted that's been slow this year, and I guess that's not surprising given the environment. But could you talk kind of longer term, as you think about maybe a rebound as the economic conditions pick up?

我想跟進第三方籌款的情況。你又度過了一個偉大的季度，但肯定強調了今年的成長緩慢，考慮到環境，我想這並不奇怪。但您能否談談更長期的情況，因為您認為隨著經濟狀況的好轉，經濟可能會反彈？

And also, the cycling of your vintages of funds in terms of what could be coming online this year that might result in continued strength or some pockets of slowness as you kind of go through that cycle?

此外，你的基金年份的周期是否會在今年上線，這可能會導致持續的強勢或在你經歷這個週期時出現一些緩慢的情況？

Obviously, this remains a big area of strategic focus for us. With $14 billion raised in the first quarter and now up to $193 billion, we feel very good about that. We indicated that the pace could flow over the balance of the year, but we do have about 20 offerings in market on diversified basis across asset classes where we're actively looking to raise funds. I think it's really the breadth and the diversity of our franchise that's going to enable us to continue to raise those types of assets, different strategies will play towards different types of environments and having the breadth of offering, I think, is proven to be beneficial.

顯然，這仍然是我們戰略重點的一個重要領域。第一季籌集了 140 億美元，現在已達到 1,930 億美元，我們對此感到非常滿意。我們表示，這一步伐可能會在今年剩餘的時間裡繼續進行，但我們確實在市場上有大約 20 種多元化的產品，涉及資產類別，我們正在積極尋求籌集資金。我認為，我們特許經營的廣度和多樣性確實使我們能夠繼續籌集這些類型的資產，不同的策略將針對不同類型的環境發揮作用，並且我認為，擁有廣泛的產品已被證明是有益的。

So even though we indicated it may slow later in this year, strong conviction that will be on pace for the total amount that we had indicated, just given what we see across our platform.

因此，儘管我們表示今年稍後可能會放緩，但鑑於我們在平台上看到的情況，我們堅信這一增速將達到我們所指示的總量。

And I'll just say, Dan, that one of the things that happens in this business as you scale and you have the breadth that we have in this business, we set a target for 2024, but there's a longer-term goal and target, and there's lots of room for us to grow and continue to expand our footprint and position given the offering that we have across the broad alternative spectrum, the global nature of our platform. And so this is still -- these are long-dated fundraisings, long-cycle stuff, but there's a lot of runway for us once we get past the 2024 target too.

我只想說，丹，當你擴大規模並且擁有我們在這個業務中的廣度時，就會發生這樣的事情之一，我們設定了 2024 年的目標，但有一個更長期的目標和目標，鑑於我們在廣泛的替代範圍內提供的產品以及我們平台的全球性質，我們還有很大的發展空間並繼續擴大我們的足跡和地位。所以這仍然是——這些都是長期的籌款、長週期的事情，但一旦我們超過 2024 年的目標，我們還有很多跑道。

And then just a follow-up, Denis, on the expense side. The $1 billion of savings from realization of programs that you highlighted at Investor Day, what was realized in the first quarter? Or maybe just remind us on the pacing of some of those savings as we think about the range of this year?

然後是後續行動，丹尼斯，關於費用方面。您在投資者日強調的通過實施計劃節省了 10 億美元，第一季實現了多少？或者也許只是提醒我們在考慮今年的範圍時，其中一些節省的節奏？

So at Investor Day, we outlined that over the course of the year, we'd have run rate payroll expense of about $600 million and non-comp efficiency, about $400 million. And we see about half of that reflected in this year and the balance thereafter. I'd say we're on target for those initiatives and those efficiencies. And we continue to look at it. And we continue to see other opportunities to incrementally drive efficiency across our platform.

因此，在投資者日，我們概述了在這一年中，我們的薪資支出約為 6 億美元，非公司效率約為 4 億美元。我們看到其中大約一半反映在今年以及此後的餘額中。我想說，我們已經達到了這些措施和效率的目標。我們將繼續關注它。我們繼續看到其他機會來逐步提高整個平台的效率。

One area we had focused on for quite some time, it was an overall level of professional fees. We continue to grind that down. And if you look at some of the sequential components of our overall non-compensation expense, you'll see we're making good progress against most of the line items.

我們長期以來一直關注的一個領域是專業費用的整體水準。我們將繼續努力解決這個問題。如果您查看我們整體非薪資費用的一些連續組成部分，您會發現我們在大多數專案上都取得了良好的進展。

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

我們將接受加拿大皇家銀行傑拉德·卡西迪的下一個問題。

David, in your comments about your principal investments, you mentioned obviously, market conditions will impact how quickly you get to your targeted goal of $15 billion by the end of '24. In those market conditions, is it more the IPO and ECM markets that have a bigger headwind for you in this area? Or is it just general market levels and the activity we're seeing?

David，在您對主要投資的評論中，您顯然提到，市場狀況將影響您在 24 年底實現 150 億美元目標的速度。在這些市場條件下，IPO 和 ECM 市場是否對您來說在這一領域面臨更大的阻力？或者這只是一般市場水平和我們所看到的活動？

I appreciate the question, Gerard. And I think all these things contribute. Financing availability contributes on certain assets. IPO market can contribute on certain assets. And just general valuations contribute on certain assets.

我很欣賞這個問題，傑拉德。我認為所有這些事情都有貢獻。融資可用性有助於某些資產。 IPO市場可以對某些資產做出貢獻。而且只有一般估值才能對某些資產做出貢獻。

I want to put the comments in perspective because I think that appropriately, we want to make sure people understand, obviously, that when there's a lot of volatility or there are tough markets, it might slow this down. But we laid out at our Investor Day a plan to move over the coming few years to close to zero on the historical principal investments, we continue to have a target to get to $15 billion by the end of 2024. We're confident that we're going to execute on that target.

我想正確地看待這些評論，因為我認為，我們希望確保人們明白，顯然，當波動很大或市場艱難時，這可能會減緩這一速度。但我們在投資者日制定了一項計劃，在未來幾年內將歷史本金投資接近於零，我們的目標仍然是到 2024 年底達到 150 億美元。

So I think the way to think about this is we laid out a multiyear plan to reduce this down to close to zero and we're moving along on that target. I wouldn't take the comments that on any quarter-to-quarter basis, things can slow down. I wouldn't overstate that. But I want people to be aware that if the market or the environment turns more difficult, that could potentially slow us down. But we're very focused on this, and we're going to continue to work to execute on a quarter-to-quarter basis.

因此，我認為考慮這個問題的方法是，我們制定了一項多年計劃，將其減少到接近零，並且我們正在朝著這個目標前進。我不會接受這樣的評論：在任何季度的基礎上，事情都會放緩。我不會誇大這一點。但我希望人們意識到，如果市場或環境變得更加困難，這可能會減慢我們的速度。但我們非常關注這一點，我們將繼續努力按季度執行。

Very good. And I know you guys touched on the share repurchases slowing it down a bit and here in the second quarter, you're very well capitalized. If market conditions -- I should ask, I guess, how important is that the financial markets need to stabilize for you guys to maybe get more aggressive in the second half of the year in buying back the stock?

非常好。我知道你們談到了股票回購，這稍微放慢了速度，在第二季度，你們的資本非常充足。如果市場狀況—我想，我想問一下，金融市場需要穩定下來對你們來說有多重要，以便在今年下半年更積極地回購股票？

Look, I think it just gets back to how we think about our overall capital allocation framework, and we're looking at opportunities to deploy against our client franchise where there could be opportunities for incremental deployment given some of the disruption that we're seeing in markets. We want to remain mindful of that. We want to remain committed to returning capital to shareholders. And so we're looking to strike the right balance while being mindful of the overall operating environment.

聽著，我認為這又回到了我們如何看待我們的整體資本配置框架，我們正在尋找針對我們的客戶特許經營權進行部署的機會，考慮到我們所看到的一些破壞，可能有增量部署的機會在市場上。我們希望牢記這一點。我們希望繼續致力於向股東返還資本。因此，我們希望在關注整體營運環境的同時取得適當的平衡。

Yes. I also just want to highlight, when we spoke at Investor Day, we said clearly that we are focused on accelerating buybacks. That is still in place. Quarter-to-quarter may vary, but that is still in place. And so I just want that all to kept in perspective too.

是的。我還想強調，當我們在投資者日發言時，我們明確表示我們的重點是加速回購。那仍然存在。每個季度可能會有所不同，但這仍然存在。所以我也希望大家能正確看待這一切。

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

我們將回答 Seaport Global 的吉姆·米切爾 (Jim Mitchell) 提出的下一個問題。

I think you hinted an improved dialogue levels in underwriting to start the quarter. So can you just give a little more color on what you're seeing in the market and maybe how you see the ECM and DCM environment evolving, assuming we don't have another major step back in the macro?

我認為您暗示在本季度開始時承保方面的對話水平會有所提高。那麼，假設我們在宏觀方面不會再有重大後退，您能否就您在市場上看到的情況以及您如何看待 ECM 和 DCM 環境的演變提供更多資訊？

Yes. I think there have been some greenshoots. There were certainly some greenshoots in February. Levels are still muted. There are obviously a number of things out there that would like to get done, and we're seeing some indication of some significant transactions starting to prepare to get -- to move forward, given markets seem to have settled down a little bit. But I still think we're at a below trend level.

是的。我認為已經出現了一些新芽。二月確實出現了一些新芽。電平仍然靜音。顯然有很多事情需要完成，我們看到一些跡象表明一些重大交易開始準備向前推進，因為市場似乎已經穩定了一點。但我仍然認為我們處於低於趨勢水平。

As I said earlier in the conversation, history tells you that there's plenty of capital raising that needs to get done. Generally speaking, people have to use the capital markets to execute on their strategies. But when you have these slowdowns of these windows close, they typically -- you get that rebalanced after 4 to 6 quarters. We're kind of 5 quarters in. And so my expectation or hope is we won't see improvements from what have been very muted levels.

正如我之前在談話中所說，歷史告訴你，有大量的資金籌集工作需要完成。一般來說，人們必須利用資本市場來執行他們的策略。但是，當這些視窗的放緩關閉時，通常會在 4 到 6 個季度後重新平衡。我們已經過了 5 個季度了。

But at this point, we had a very volatile March, and I'd say things are still slow, but we are starting to see some more greenshoots again. And we'll just have to watch and see how things unfold in the quarter and into the back half of the year.

但在這一點上，我們經歷了一個非常不穩定的三月，我想說事情仍然緩慢，但我們開始再次看到更多的萌芽。我們只需要觀察本季和下半年的情況如何發展。

Okay. That's helpful. And then maybe just on FICC financing. I know that's been a focus of growth as well. Outside of equity, saw a pretty strong improvement in spreads and volume, but it doesn't look like we saw that in FICC. Anything to think about it on the FICC side, on the financing space? And how you see that going forward?

好的。這很有幫助。然後也許只是 FICC 融資。我知道這也是成長的重點。在股票之外，利差和交易量出現了相當強勁的改善，但我們在固定收益國際貨幣（FICC）中似乎並沒有看到這種情況。在 FICC 方面、融資領域有什麼需要考慮的嗎？您如何看待未來的發展？

Sure. Still very, very committed to the FICC financing business, which as we indicated, was up slightly year-over-year. There continue to be good opportunities to deploy on behalf of clients. I think a lot of the market share progress and client engagement progress that we've made over the last couple of years, sets us up as one of the go-to calls for the provision of financing across the FICC space. So that combined with the equity financing remain real priorities for our Global Banking & Markets business. We feel good about it.

當然。仍然非常非常致力於 FICC 融資業務，正如我們所指出的，該業務同比略有增長。仍然有很好的機會代表客戶進行部署。我認為，過去幾年我們在市場佔有率和客戶參與方面取得的進展，使我們成為整個 FICC 領域提供融資的首選之一。因此，與股權融資相結合仍然是我們全球銀行與市場業務的真正優先事項。我們對此感覺良好。

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

我們將接受法國巴黎銀行 Jeremy Sigee 的下一個問題。

Could I get you to talk a bit more about the Credit Suisse opportunity in Wealth Management? You mentioned Europe, but could you also talk a bit about Asia and Latin America? Are those regions where you, as a firm, have sufficient strength in Wealth Management, to take more share from the Swiss banks? Is that disrupted? Or is that a bit more marginal for you?

我可以讓您多談談瑞士信貸在財富管理領域的機會嗎？你提到了歐洲，但你能談談亞洲和拉丁美洲嗎？作為一家公司，您在哪些地區的財富管理領域擁有足夠的實力，可以從瑞士銀行獲得更多份額？這被擾亂了嗎？或者這對你來說有點邊緣化？

On the second part of the question, I think when you look at Latin America, it's more marginal for us, but there is -- we really do have a global footprint, and there are opportunities for us, especially as so many very wealthy individuals dealing dollars around the world. We also have very, very strong Latin American presence that comes into our presence in Florida, obviously, where our private wealth business is focused on Latin America. So there is opportunity there.

關於問題的第二部分，我認為當你看看拉丁美洲時，它對我們來說更加邊緣化，但我們確實擁有全球足跡，而且我們有機會，特別是有這麼多非常富有的人在世界各地進行美元交易。我們在拉丁美洲也有非常非常強大的業務，顯然，我們在佛羅裡達州的業務主要集中在拉丁美洲。所以那裡有機會。

We continue to have a broad private wealth footprint in Asia. We haven't been as focused on growth and investment in Asia as we have been in Europe over the course of the last couple of years. We did launch a private wealth joint venture over in Asia over the course of the last couple of months with ICBC, which I think is a small and small opportunity, but is an opportunity for us.

我們繼續在亞洲擁有廣泛的私人財富足跡。過去幾年，我們不像歐洲那樣關注亞洲的成長和投資。過去幾個月，我們確實與中國工商銀行在亞洲成立了一家私人財富合資企業，我認為這是一個很小的機會，但對我們來說卻是一個機會。

I think the interesting thing is whenever there is consolidation as we look at very wealthy individuals that are on our private wealth platform, they tend to have multiple providers. So whenever there's consolidation, there are opportunities to talk to people as people then rethink their footprint and the diversification of their footprint. And so our private wealth teams are very focused on that and the way we serve those clients.

我認為有趣的是，每當出現整合時，當我們看到我們私人財富平台上的非常富有的個人時，他們往往有多個提供者。因此，每當整合發生時，就有機會與人們交談，然後人們重新考慮他們的足跡和足跡的多元化。因此，我們的私人財富團隊非常關注這一點以及我們為這些客戶提供服務的方式。

We'll take our next question from Andrew Lim with Societe Generale.

我們將接受法國興業銀行安德魯林 (Andrew Lim) 提出的下一個問題。

So my first question is about your focus on credit cards on the consumer side. Perhaps you can talk more specifically about what you see as your competitive advantages there. And how you think about sizing up in credit cards in this point of the cycle is perhaps arguably quite late and some would argue that credit card growth tends to be a reflection of met individuals not being able to manage expenses in a high inflationary environment?

我的第一個問題是關於消費者方面對信用卡的關注。也許您可以更具體地談談您認為自己的競爭優勢是什麼。在週期的這個階段，您如何看待信用卡的規模可能已經很晚了，有些人會認為信用卡的成長往往反映了個人在高通膨環境下無法管理支出？

Sure. Thanks. So as you know, we have our card platform business. We've been building that over the next -- over the last several years. We have partnership with General Motors, a partnership with Apple, and we've been steadily investing in those relationships and building our balances.

當然。謝謝。如您所知，我們有卡平台業務。我們在接下來的幾年裡一直在建立這一點。我們與通用汽車、蘋果都有合作關係，我們一直在穩步投資這些關係並建立我們的平衡。

As you indicate, given the overall environment, the total balances actually were down sequentially, just given seasonality and given some of our credit underwriting standards and origination volumes. But this is a business that we continue to invest in and believe it's an overall piece of the firm that is diversifying.

正如您所指出的，考慮到整體環境，總餘額實際上是連續下降的，只是考慮到季節性以及我們的一些信貸承銷標準和發放量。但這是我們繼續投資的一項業務，並相信這是公司多元化的整體組成部分。

Great. Okay. I've got a second question more broadly about the crisis that we saw in March and how you think about how it's evolved and maybe the repay situation as well. So if we think about the SVB situation, obviously, they decided to sell a lot of their assets below market value and in the process, crystallizing a lot of those losses. And I guess in retrospect, it would have been a lot easier for them to repay those assets with the Fed and avoid those mark-to-market losses. And I was just wondering if you could share your thoughts as to maybe why that didn't happen. It would have been obviously to afford a lot of the crisis of confidence advice on that situation.

偉大的。好的。我還有一個更廣泛的問題，關於我們在三月看到的危機，以及您如何看待危機的演變以及還款情況。因此，如果我們考慮一下 SVB 的情況，很明顯，他們決定以低於市場價值的價格出售大量資產，並在此過程中造成大量損失。我想現在回想起來，他們向聯準會償還這些資產並避免那些按市值計價的損失會容易得多。我只是想知道你是否可以分享你的想法，也許為什麼這沒有發生。顯然，在這種情況下，我們需要提供大量有關信任危機的建議。

I don't -- I don't really have -- I don't have a comment on that, Andrew. There are a variety of factors of the actions that they took. Ultimately, there was a bank run at SVB and that led to the situation we are. But I don't -- I'm not going to go back and recount what decisions that management and that board made around that.

我沒有——我真的沒有——我對此沒有評論，安德魯。他們採取的行動有多種因素。最終，SVB 發生了銀行擠兌，導致了我們現在的處境。但我不會——我不會回去重述管理階層和董事會圍繞這個問題所做的決定。

We'll take a follow-up from Mike Mayo with Wells Fargo.

我們將關注邁克梅奧 (Mike Mayo) 與富國銀行 (Wells Fargo) 的後續報導。

First, Goldman specific and then general. The Goldman specific is why now on the consumer repositioning GreenSky sale and Marcus loans? And then a more general question. To what degree did Silicon Valley impact the capital markets and the advisory appetite out there?

首先是高盛的具體情況，然後是一般情況。高盛具體是為什麼現在對消費者重新定位GreenSky出售和Marcus貸款？然後是一個更普遍的問題。矽谷對資本市場和諮詢興趣的影響有多大？

Yes. Thanks, Mike. So first, why now? It's actually not why now? It's like -- it's why over the last 12 months is, as you know, we made a strategic decision kind of 12 months ago at this point to really narrow our consumer focus, and we've been executing on it. And it's not narrowing that focus on making those decisions and executing on it are not things that can be done instantaneously. So we've gone through a very, very thoughtful process, and we're moving forward in the execution of that.

是的。謝謝，麥克。首先，為什麼是現在？其實實現在不是為什麼？就像——這就是為什麼在過去12 個月裡，正如你所知，我們在12 個月前的此時做出了一項戰略決策，以真正縮小我們的消費者關注範圍，並且我們一直在執行該決策。這並不意味著專注於制定這些決策並執行這些決策並不是可以立即完成的事情。因此，我們經歷了一個非常非常深思熟慮的過程，並且我們正在推進該過程的執行。

Again, I think these things also, I just told like they're small in the overall scope of Goldman Sachs. The market loan portfolio was profitable but small, it wasn't strategic. GreenSky, as we highlighted today, we think it's a good business, good platform. And actually, as we watch it perform, it's performing well. But given the way we've narrowed our focus, not strategic for us. And so we're simply executing on the decisions that we laid out, and we'll continue to execute on them to do the things that we think are right over time to deliver for our shareholders.

再說一次，我認為這些事情也是一樣，我只是說它們在高盛的整體範圍內很小。市場貸款組合雖然有利可圖，但規模較小，缺乏策略意義。 GreenSky，正如我們今天所強調的那樣，我們認為這是一個很好的業務、很好的平台。事實上，當我們觀察它的表現時，它表現得很好。但考慮到我們縮小了焦點的方式，這對我們來說不是策略性的。因此，我們只是執行我們所製定的決策，我們將繼續執行這些決策，隨著時間的推移，做我們認為正確的事情，為我們的股東帶來好處。

On the second question, which is just what happened in March, how did it affect capital markets and M&A, I think it has a effect. It was a highly, as I highlighted in my comments, it was kind of an unusual few-week period with really, really outsized volatility. It is. As you and I have discussed before, whenever you have that kind of volatility, it slows down capital markets activity. So I thought we were starting to get a little bit more capital markets activity at the end of February.

第二個問題，就是3月發生的事情，對資本市場和併購有什麼影響，我認為是有影響的。正如我在評論中強調的那樣，這是一個不尋常的幾週時期，波動性非常非常大。這是。正如你和我之前討論過的那樣，每當出現這種波動時，資本市場活動就會放緩。所以我認為我們在二月底開始出現更多的資本市場活動。

I noticed now equity markets seem to be behaving well. Debt markets are behaving reasonably well. I can't say that there won't be some other events that creates stress. There certainly are other things on the horizon that you could see that could create volatility like the negotiation around the debt ceiling, just to point to an example. But I do think when you have that kind of volatility, it slows down or it has people push out things that they were thinking about bringing into the capital markets.

我注意到現在股票市場似乎表現良好。債務市場表現相當好。我不能說不會有其他一些會造成壓力的事件。當然，您還可以看到其他可能會造成波動的事情，例如圍繞債務上限的談判，僅舉一個例子。但我確實認為，當這種波動出現時，它會放緩，或者會讓人們推出他們正在考慮引入資本市​​場的東西。

So yes, I do think it had an effect. And then you can look at the performance in our Investment Banking lines in the quarter, it was certainly a pretty muted quarter for Investment Banking activity for us and for the market as a whole.

所以是的，我確實認為它有效果。然後你可以看看我們本季投資銀行業務的表現，對於我們和整個市場來說，這無疑是一個相當平靜的投資銀行活動季度。

We'll take a follow-up from Ebrahim Poonawala with Bank of America.

我們將聽取美國銀行 Ebrahim Poonawala 的後續報導。

Just one quick question, Denis, maybe around the Apple savings deposit, how do you intend to use the funds that come in? I appreciate early days in terms of the level of inflows that you may get on that product. But is that money just going to sit in cash earning Fed funds? Just trying to figure out what the NII revenue impact could be tied to those deposits?

丹尼斯，我想問一個簡單的問題，也許是圍繞蘋果儲蓄存款，你打算如何使用你收到的資金？我很欣賞早期該產品可能獲得的資金流入水準。但這些錢只會存在於聯邦基金中賺取現金嗎？只是想弄清楚 NII 收入影響可能與這些存款有關嗎？

Sure. Thanks, Ebrahim. So across the firm, we have multiple funding channels, multiple sources that we tap in our BAU activities. We have multiple deposit channels that we also actively work with each and every day. We view this as one incremental and diversifying source deposits, enable us to deepen our relationship with Apple, tap into their ecosystem and the clients that we serve together who are cardholders and want to sort of take advantage of the ease of moving into a deposit account. And we'll take those deposits along with all the other deposits in our portfolio and deploy it into the client franchise.

當然。謝謝，易卜拉欣。因此，在整個公司範圍內，我們在 BAU 活動中擁有多種融資管道和多種來源。我們擁有多種存款管道，每天都在積極合作。我們認為這是一種增量且多樣化的存款來源，使我們能夠加深與蘋果的關係，利用他們的生態系統以及我們共同服務的客戶，這些客戶是持卡人並希望利用轉移到存款帳戶的便利性。我們將把這些存款與我們投資組合中的所有其他存款一起部署到客戶特許經營中。

That will conclude our question-and-answer session. I'd like to turn it back over to our speakers for any additional or closing remarks.

我們的問答環節就到此結束。我想將其轉回給我們的發言人以供補充或結束語。

Yes. Thank you all for calling. We appreciate the time and interest in the firm. And if you have any additional questions, certainly feel free to call me and the rest of the Investor Relations team. Otherwise, we look forward to speaking with you soon. Thank you.

是的。謝謝大家的來電。我們感謝您對公司的投入和興趣。如果您還有任何其他問題，請隨時致電我和投資者關係團隊的其他成員。否則，我們期待盡快與您交談。謝謝。

Ladies and gentlemen, this concludes the Goldman Sachs First Quarter 2023 Earnings Conference Call. Thank you for participation. You may now disconnect.

女士們、先生們，高盛 2023 年第一季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。